Wall Street firmer on trade talk leeway
Most U.S. indices extended recent gains following positive comments of trade war developments. U.S. President Trump said talks were going well and the March 1 deadline in not a “magical date”. PM May meets with EU’s Juncker today in what has been deemed a ‘significant” meeting.
US30USD Daily Chart
Source: OANDA fxTrade
- The US30 index touched a 2-1/2 month high yesterday before retreating to close lower on the day. Walmart (NYSE:WMT) led other indices higher after posting the best holiday quarter earnings in a decade
- The index touched the highest since December 3, though struggled to cross above the psychological 26,000 mark. The December high was 26,082
- Minutes of the January FOMC meeting will be released later today, with investors hoping for more details on the Fed’s recent turnaround on rate hikes.
DE30EUR Daily Chart
Source: OANDA fxTrade
- The Germany30 index closed barely changed for a second day as the threat of U.S. tariffs on imports of German automobiles hurt sentiment. The U.S. Commerce Dept has presented President Trump with their report. EU’s Juncker doesn’t think he will impose tariffs while the trade talks are ongoing
- The index remains above the 100-day moving average at 11,261, The next resistance level could be the high from earlier this month at 11,392
- The ZEW expectations index came in higher than expected at -13.4 from -15.0 in January, but failed to give stocks a lift.
UK100GBP Daily Chart
Source: OANDA fxTrade
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- The UK100 index fell for a second straight day yesterday as Brexit issues remain unresolved. The index failed to benefit from EU’s Juncker’s comments that a Brexit delay beyond the EU election is possible. It’s up to the U.K. to request
- Prices are shying away from the 200-day moving average resistance at 7,302
- CBI industrial trends survey for February is expected to show the orders index slumping to -3 from -1 in January. PM May meets with EU’s Juncker at 1730GMT today. Markets could get volatile in the aftermath.