Stocks pressured as Wuhan virus spreads

US indices came under pressure yesterday after the first case of the corona virus in the US was reported. News of delays to the un-grounding of Boeing’s 737MAX jet hurt the US30 index. The Bank of Canada is expected to leave rates unchanged at its rate meeting later today.

US30USD Daily Chart

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The US30 index snapped a six-day winning streak yesterday amid combined pressures of the spreading corona virus and a weak Boeing performance

The 55-day moving average, which has supported prices since October 10, has moved up to 28,282

US existing home sales probably rose 1.2% m/m in December, according to the latest survey of economists, almost recouping all of November’s 1.7% decline.

DE30EUR Daily Chart

The Germany30 index retreated from two-year highs yesterday as Trump said on the sidelines of the Davos forum that he was fully prepared to slap tariffs on EU car exports

The index is above the 55-day moving average at 13,255, which has supported prices on a closing basis since October 8

The German ZEW economic sentiment survey for January jumped to 26.7, much higher than the 15.0 anticipated and the highest reading since 2015.

UK100GBP Daily Chart

The UK100 index touched the lowest in two weeks yesterday, echoing sentiments elsewhere. The index rebounded slightly into the close after UK data out-performed

The 55-day moving average has moved up to 7,445, and has supported prices since December 13

UK average earnings (including bonus) jumped 3.2% In November from a year earlier, more than the 3.1% economists had expected and the same pace as in October.


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