Wall Street mixed on tariff uncertainty
US indices gave back early gains into the close yesterday with the question whether the US will impose the next set of tariffs on Sunday, or not, the major talking point. The Fed is not expected to make any changes to its benchmark interest rate today, especially after last week’s stellar US jobs report.
US30USD Daily Chart
The US30 index was little changed at the close yesterday with investors largely shrugging off US House Democrats’ introduction of two articles of impeachment against President Trump
The index remains above the convergence area of the 55-day moving average at 27,287 and trendline support around the 27,215 level
US consumer prices are expected to rise 0.2% m/m in November, according to the latest survey. That’s slower than October’s +0.4%.
The Germany30 index recovered from losses to six-week lows to finish little changed
The index is still above the 55-day moving average at 12,854, and has been since October 10
ZEW surveys for December for both Germany and the Euro-zone showed some improvement in December. There are no major data releases scheduled for both Germany and the Euro-zone today.
West Texas Intermediate (WTI) is holding near three-month highs in the aftermath of the OPEC+ production cuts announced last week
WTI has been above the 200-day moving average, which is at 57.55 today, for a week
Weekly stockpiles data from the Energy Information Administration are expected to show a smaller drawdown of inventories in the week to December 6. Latest surveys suggest a 3.05 million barrel shortfall compared with 4.86 million barrels the previous week.