US indices slumped dramatically yesterday as the virus spread outside of China continued. Meanwhile, the WHO has confirmed that China’s data on virus cases are genuine as some provinces report a reduction in totals. The organization also said the spread is not a pandemic yet, but has the potential to be one.
US30USD Daily Chart
The US30 index fell more than 3% yesterday, the biggest one-day decline since August 5 last year. All gains made so far this year have now been wiped out
The index closed below the 100-day moving average at 28,136 for the first time since October 9. The 200-day moving average is at 27,290
The US house price index probably rose 0.3% in December, up from +0.2% the previous month. Fed’s Clarida is scheduled to speak late in the day.
DE30EUR Daily Chart
The Germany30 slump continued into a third day yesterday as the number of CoVid-19 cases in Italy spiked
The index closed below the 100-day average at 13,138 for the first time this month. The 200-day moving average is at 12,638 and has supported prices since August 29
The revisions to Germany’s Q4 GDP growth are due today. Preliminary estimates were 0% q/q and +0.3% y/y.
WTICOUSD Daily Chart
West Texas Intermediate (WTI) fell the most since January 8, extending the fall from the recent peak to a third day, amid concerns that the CoVid-19 spread might hurt demand for oil.
The 55-, 100- and 200-day moving averages are all trending lower at $56.52, $56.27 and $56.24, respectively
The American Petroleum Institute (API) releases weekly crude oil stockpiles data to February 21 today. Last week saw in increase in inventories of 4.2 million barrels, the third weekly increase in a row.