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Daily Markets Broadcast: Wall Street Retreats Despite Strong Jobs Data

Published 02/10/2020, 12:22 AM
Updated 03/05/2019, 07:15 AM

Wall Street retreats despite strong jobs data

The virus effect appears to be exerting a stronger influence on equity indices than a stellar jobs report, as reported deaths from the virus top SARS totals.

US30USD Daily Chart

US30USD Daily Chart

  • The US30 index snapped a four-day winning streak despite reports showing a healthy labour market.
  • The 55-day moving average has risen to at 28,555 while the 100-day moving average is at 27,884.
  • The US economy added 225,000 jobs in January, beating estimates of just 160,000. The unemployment rate edged up to 3.6% from 3.5%, partly due to a higher participation rate. There are no major US data releases scheduled for today but Fed’s Bowman is due to speak.
  • DE30EUR Daily Chart

    DE30EUR Daily Chart

  • The Germany30 index looks set to decline for a second consecutive day today as the coronavirus impacts risk appetite.
  • The index is above the 55-day moving average at 13,293 while the 100-day provides longer-term support below at 13,010.
  • Euro-zone Sentix investor confidence probably dipped to 4.0 this month from 7.6 in January, according to the latest survey of economists, mostly due to the virus effect.
  • WTICOUSD Monthly Chart

    WTICOUSD Monthly Chart

  • The attempted rebound in oil markets last week appears to be short-lived with prices looking poised to slide for a third straight day
  • Oil prices opened below the 55-month moving average this month for the first time in a year. That moving average is at $53.12 today. The 100-month moving average has crossed below the 200-month moving average
  • Tomorrow sees the release of weekly crude oil stockpiles data from the American Petroleum Institute (API). Last week saw an addition to inventories of 4.2 million barrels.
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