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Daily Markets Broadcast

Wall Street slides on growth concerns

US indices edged lower on Friday as concerns about slowing global growth superseded strong earnings reports. British MPs vote on Boris Johnson’s latest Brexit deal was cancelled as an amendment to the Benn Act was passed, which implies a Brexit extension may be coming.

US30USD Daily Chart

The US30 index fell the most in 10 days on Friday despite strong banks’ reports. It’s the turn of the tech sector this week

The index has retreated from the 78.6% Fibonacci retracement of the drop from September 12 to October 3 at 26,974. The 100-day moving average is at 26,568 today

Fed Vice Chair Clarida (moderate, voter) said the Fed will act appropriately to sustain expansion as the economy faces “evident risks”, adding that monetary policy is not on a preset course. There are no data releases scheduled for today.

DE30EUR Daily Chart

The Germany30 index has opened steady this morning despite the developments in the UK Brexit deal

The index closed flat on Friday, consolidating below the 14-1/2 month high from Thursday

German producer prices are expected to fall 0.1% m/m in September, according to the latest survey of economists. That’s a slower pace of decline from August’s -0.5%.

JP225USD Daily Chart

The Japan 225 index is consolidating last week’s move to 10-1/2 month highs and has started in the black this morning

The index is consolidating above the 61.8% Fibonacci retracement of the October 2018 to December 2018 drop at 22,469. That level was breached to the upside last Tuesday

The index opened higher this morning despite disappointing trade data for September. Exports fell 5.2% y/y, a bigger drop than the -4.0% analysts had expected, while imports fell less, -1.8% y/y. As a result, the trade deficit narrowed to ¥123.0b, the least in three months.

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