Wall Street edges higher on containment hopes
Investors focused on the global measures put in place to control the spread of the coronavirus, pushing US indices slightly higher yesterday. That may change as the number of confirmed cases has hit the 20,000 mark. The RBA is widely expected to leave rates unchanged at today’s policy meeting.
US30USD Daily Chart
The US30 eked out small gains yesterday but only managed to recoup a small part of Friday’s hefty losses
The index closed on the 55-day moving average 28,442 while the 100-day moving average sits below at 27,796
US factory orders probably rose 1.1% m/m in December, according to the latest survey of economists, a strong rebound from November’s -0.7%.
DE30EUR Daily Chart
The Germany30 index rose modestly yesterday after manufacturing PMI readings suggested stability is returning to the region
The index regained the 100-day moving average at 12,964, closing at 13,028. The 200-day moving average is at 12,536
Germany’s Markit manufacturing PMI rose to 45.3 in January, better than estimates of a 45.2 print. The Euro-zone number rose to 47.9. There are no major economic releases scheduled today for both Germany and the Euro-zone.
WTICOUSD Daily Chart
Crude oil prices continue to be crushed by global growth fears stemming from the spread of the Wuhan virus
West Texas Intermediate (WTI) touched the lowest in more than a year in early trading this morning but has managed a slight rebound from the low. The 200-day moving average is at $57.03
The American Petroleum Institute (API) releases weekly stockpiles data to January 31 today. Last week saw a drawdown of 4.27 million barrels.
