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Daily Markets Broadcast: Wall Street Overcomes Virus Threat

ByMarketPulse
AuthorAndrew Robinson
Published 02/11/2020, 03:33 AM
Updated 03/05/2019, 07:15 AM

US indices soared to record highs yesterday, ignoring the rising coronavirus cases and death toll. There’s a public holiday in Japan today.

US30USD Daily Chart

US30USD Daily Chart

  • The US30 index recovered from a lower open to close higher amid hopes the containment measures for the coronavirus are having an impact.

  • The 55-day moving average has risen to at 28,587 while the 100-day moving average is at 27,911.

  • There are no major data releases scheduled for today but Fed Chairman Powell testifies in his semi-annual meeting. No doubt the drag effect of the coronavirus will be mentioned, even though the US economy appears to be firing on all cylinders.

    • DE30EUR Daily Chart

    DE30EUR Daily Chart

  • The Germany30 index looks set to advance for a second consecutive day today and is nearing the January 22 high.

  • The index remains above the 55-day moving average at 13,301 while the 100-day provides longer-term support below at 13,022.

  • There are no major data releases for both Germany and the Euro-zone today. The European Commission is due to release its economic forecasts for the region.

    • CN50USD Daily Chart

    CN50USD Daily Chart

  • The China50 index has opened marginally higher this morning, building on yesterday’s gains as the industrial sector returned to work after an extended Lunar New Year break.

  • The index is approaching the 200-day moving average at 13,592.

  • China’s new loans data for January are due any time, with expectations of a total of three trillion yuan. That’s an increase from December’s 1.14 trillion yuan.
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