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Daily Markets Broadcast: Wall Street Tops Record Levels

By MarketPulse (Andrew Robinson)Stock MarketsJul 15, 2019 12:30AM ET
www.investing.com/analysis/daily-markets-broadcast-20190715-200439570
Daily Markets Broadcast: Wall Street Tops Record Levels
By MarketPulse (Andrew Robinson)   |  Jul 15, 2019 12:30AM ET
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U.S. indices powered ahead on Friday, reaching new record highs in most cases, with expectations for a Fed rate cut this month still high despite hotter inflation data last week. China releases Q2 GDP data today. Japan markets are closed for a public holiday.

US30USD Daily Chart

US30USD Daily Chart
US30USD Daily Chart

  • The US30 index advanced for a third straight day Friday, posting the biggest daily gain in three weeks
  • The 100-day moving average at 26,095 and the 55-day average at 26,149 are gradually converging and could crossover by the end of the month
  • U.S. producer prices rose more than expected in June, posting a 0.1% m/m and 1.7% y/y increase, which echoed the slightly firmer consumer price indices that were released earlier in the week. There are no major data releases scheduled for today.

DE30EUR Daily Chart

DE30EUR Daily Chart
DE30EUR Daily Chart

  • The Germany30 index fell for a seventh straight day yesterday, equaling the longest losing streak since October last year, despite better-than-expected economic data
  • The index touched the lowest in two weeks and is gravitating toward the 55-day moving average at 12,201
  • Euro-zone industrial production rose 0.9% m/m in May, beating estimates of a 0.2% gain. There are no major economic data releases scheduled for today.

CN50USD Daily Chart

CN50USD Daily Chart
CN50USD Daily Chart

  • The China50 index rebounded from two-week lows on Friday, buoyed by the positive sentiment on Wall Street
  • The 55-day moving average at 13,142 moved below the 100-day moving average at 13,146 for the first time since February 26. This is often interpreted as a medium-term bearish signal
  • The Chinese economy probably grew 6.2% y/y in the second quarter, according to the latest survey of economists, slower than Q1’s 6.4% expansion. An even lower number would increase pressure on the authorities to introduce larger stimulus measures for the economy to combat the weakening impact of the trade war with the US.

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Daily Markets Broadcast: Wall Street Tops Record Levels
 

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Daily Markets Broadcast: Wall Street Tops Record Levels

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