US indices suffered back-to-back losses of more than 1% after more disappointing data rekindled talk of a possible recession. Hong Kong government said to be considering imposing a curfew to contain violent protests. US says it is to impose retaliatory tariffs on EU goods. There’s a public holiday in Germany today.
US30USD Daily Chart
- The US30 index fell the most since August 23 yesterday, dragging it to the lowest level in five weeks, after the private ADP employment report came in below expectations.
- The index closed below the 100-day moving average for the first time since September 3. The 200-day moving average is at 25,913.
- The private ADP employment showed only 135k jobs were added in September, below the 140k expected and August’s +157k. Today we see services PMIs from both Markit and the ISM for September. The ISM reading is seen slipping to 55.1 from 56.4.
DE30EUR Daily Chart
- The Germany30 index slumped the most since August 14 yesterday, pressured by Wall Street’s direction and US reports that it is to impose tariffs on EU aircraft and agricultural and industrial goods effective October 18.
- The index closed below the 55-day moving average at 12,052 for the first time since September 4. The 200-day moving average is at 11,807.
- The final September services PMI readings from Markit are due today. Also, we see Eurozone retail sales data for August, which are expected to show a rebound to +0.3% m/m from -0.6% in July.
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JP225USD Daily Chart
- The Japan225 index tumbled the most in 5-1/2 weeks yesterday amid rising global recession fears.
- The index hit the lowest level since September 10 and is nearing the 38.2% Fibonacci retracement of the August 26 to September 19 rally at 21,334. The 200-, 100- and 55-day moving averages are all converging in the 21,190 to 21,243 window
- Japan’s Jibun Bank services PMI slid to 52.8 in September from 53.3 the previous month. Bank of Japan’s Funo speaks today.