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Daily Markets Broadcast 2018-11-28

Daily Markets Broadcast

2018-11-28

Wall Street pushes higher on trade talk

US equities extended gains yesterday on hopes for progress in US-China trade talks at the G-20 meeting this weekend. However, reports circulated that Trump could impose tariffs on German carmakers as early as next week. That pressured European exchanges.

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index rallied for a second straight day, reaching a one-week high as Trump’s chief economic adviser Larry Kudlow announced that the two leaders will have dinner together this coming Saturday
  • The index is rising toward the 200-day moving average at 25,084. The index has traded below this average since November 19
  • October’s US trade balance is due today and is expected to show a widening of the deficit to $76.7 billion from $76.04 billion in September. That would be unwelcome news for Mr Trump, and could stem the index’s recent rise.

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index failed to maintain upward momentum yesterday after German press reported that US President Trump may impose a 25% tax on European carmakers next week after the G-20 meeting
  • The 55-day moving average is at 11,708 and has capped prices on a closing basis since August 29
  • Euro-zone October M3 money supply data is due today. The EU budget standoff with Italy appears less confrontational, at least for the time being.

HK33HKD Daily Chart

Source: OANDA fxTrade

  • The HongKong33 index consolidated Monday’s move, and close, above the 55-day moving average yesterday
  • On Monday, the index closed above the 55-day moving average at 26,187 for the first time since September 27
  • China’s ambassador to the US said he doubts Beijing would pull back from the US Treasury debt market if the trade dispute worsens.

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