Daily Markets Broadcast 2019-11-15

Daily Markets Broadcast

2019-11-15

Wall Street mixed on lack of trade deal progress

US indices were mixed at yesterday’s close, lacking any follow through at, or near, record levels. Hong Kong unrest worsens with rumours circulating a weekend curfew may be imposed.

US30USD Daily Chart

Source: OANDA fxTrade

• The US30 index hit a record high yesterday but closed in the red as negotiators struggled to complete the Phase 1 trade deal
• The 55-day moving average has risen to 26,949 while trendline support could be found near the 27,250 level
• US retail sales are expected to grow 0.2% m/m, the latest survey of economists suggests. That’s a smart turnaround from September’s -0.3% reading.

DE30EUR Daily Chart

Source: OANDA fxTrade

• The Germany30 index fell for a second consecutive day yesterday despite a better-than-expected reading for Germany’s Q3 GDP growth
• The 55-day moving average has risen to 12,540
• The German economy expanded 0.1% q/q in Q3, up from -0.1% in Q2 and better than the -0.1% expected by analysts. ECB’s Mersch is scheduled to speak today. There are no major data releases scheduled for today.

HK33HKD Daily Chart

Source: OANDA fxTrade

• The HongKong33 index fell for fifth consecutive day yesterday, bringing total losses for this stretch to almost 6%
• The index has breached 55-day moving average support at 26,575 convincingly as the SAR descends further into chaos. Educational establishments remain closed through the weekend
• The final reading for Hong Kong’s Q3 GDP growth is due today. While no change is expected to the prior -3.2% q/q estimate, there is a slight risk it may be downgraded. Q4 is certainly looking poor.

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