Wall Street advances ahead of trade deal signing
US equities have rebounded strongly from Friday’s sell-off and look set to climb for a second straight day. US drops China’s label as a currency manipulator ahead of tomorrow’s deal sign-off.
US30USD Daily Chart
The US30 index is hovering just below record highs after two days of gains
The 55-day moving average, which has supported prices since October 10, has moved up to 28,052
US consumer prices probably rose 2.3% y/y in December, according to the latest survey. That’s an acceleration from November’s +2.1%. Fed’s Williams is scheduled to speak.
The Germany30 touched the highest since January 2018 yesterday before reversing direction and closing lower
The index is still above the 55-day moving average at 13,175, which has supported prices on a closing basis since October 8
There are no major data releases scheduled for either Germany or the Euro-zone today. ECB’s Mersch is scheduled to speak.
The China50 index jumped the most in 11 days yesterday, reaching levels not seen since January 2018, after the US removed China’s label as a currency manipulator.
The 55-day moving average is at 14,060 and has supported prices since December 12
China’s trade data for December are due today, with exports seen rising 3.2% y/y and imports soaring 9.6% y/y, according to the latest survey of economists. The trade surplus is expected to rise to $48 billion from $37.9 billion in November.