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Daily Markets Broadcast 2019-05-28

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Daily Markets Broadcast


Wall Street steadies in holiday-subdued activity

Wall Street index futures traded marginally higher during the US Memorial Day holiday, ignoring comments from US President Trump that he was not yet ready to do a trade deal with China. Alibaba weighs a second listing in Hong Kong.


US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index has edged higher for a third straight day in early trading this morning, despite negative comments from Trump about a China trade deal
  • The 200-day moving average at 25,419 is still acting as a support level. Prices are currently tracking the 100-day moving average higher, which is at 25,612 today
  • It’s another slow day on the data front with the Dallas Fed manufacturing index for May the only item of note.


DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index looks set to advance for a third straight day today as the market digests EU election results that were less anti-EU than feared
  • Support at the 55-day moving average at 11,941 remains intact and has supported prices on a closing basis since February 8
  • Euro-zone industrial confidence is expected to decline to -4.3 in May from -4.1 in April. That would be the lowest reading since August 2016.


CN50USD Daily Chart

Source: OANDA fxTrade

  • The China50 index staged a modest rebound yesterday but may come under pressure today after Trump’s overnight comments regarding the trade talks. However, news that Alibaba is considering a $20b share listing in Hong Kong may lend support
  • The index is above the 100-day moving average at 12,481. This average has supported prices on a closing basis since January 23
  • China’s industry ministry has acknowledged that US tariff increases will lead to higher enterprise costs, lower competitiveness and fewer orders, but the impact on the manufacturing sector is manageable.


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