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Daily Markets: 03-02-2020

By MarketPulse (Andrew Robinson)ETFsMar 02, 2020 12:21AM ET
Daily Markets: 03-02-2020
By MarketPulse (Andrew Robinson)   |  Mar 02, 2020 12:21AM ET
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The Rout Continues After A Brief Reprieve

Friday’s Wall Street rebound was wiped out, and more, in early trading this morning as virus cases continue to increase and China released very weak PMI data at the weekend.

Daily US 30
Daily US 30

The US 30 index has hit the lowest since June last year since the open, falling for the seventh day out of eight

The next possible technical support level is the June 2019 low of 24,604

The US PMI data for February are due today and surveys suggest a slight weakening to 50.5 from 50.9 for the manufacturing sector. It’s unlikely to collapse like the China version since the impact of CoVid-19 has not been so great.

Daily DE 30
Daily DE 30

The Germany 30 index looks set to extend the recent losing streak to an eighth day today amid virus and global growth fears

The index touched the lowest since August 29 on Friday and posted the biggest weekly loss since the October 2008 crash

The final Markit manufacturing PMI readings for Germany and the Euro-zone are due today. Provisional estimates were 47.8 and 49.1, respectively.

Daily CN 50
Daily CN 50

The China 50 index slumped to the lowest level since February 4 on Friday and it would be prudent to assume it could trade weaker today after very poor PMI data was released at the weekend

The index tested below the 61.8% Fibonacci retracement of the February 3-20 rally at 13,239 on Friday, but failed to close below it

China’s manufacturing PMI slumped to 35.7 in February, the height of the CoVid-19 outbreak, from 50.0 in January and well below forecasts of a 46.0 print. The non-manufacturing PMI fell to 29.6 from 54.1. The Caixin manufacturing version is due this morning and is likely to show the same trend.

Original Post

Daily Markets: 03-02-2020

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Daily Markets: 03-02-2020

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