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Daily Markets Broadcast 2019-08-28

ByMarketPulse
AuthorAndrew Robinson
Published 08/28/2019, 12:11 AM
DE30
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Wall Street slides as trade tensions simmer

A positive start on Wall Street yesterday was wiped out amid persistent concerns about the US-China trade war and an inverted US yield curve, which many view as the forerunner to a recession. Oil prices rose following a heavy inventory drawdown.

US30USD Daily Chart

US30USD Daily Chart

  • The Dow Jones 30 Futures index retreated from highs for the week to close lower as trade war and recession fears dominated

  • The index is still holding above the 200-day moving average at 25,599. That moving average has supported prices on a closing basis for two weeks

  • There are no major US data releases scheduled today. We can expect speeches from the Fed’s Barkin and Daly.

    • DE30EUR Daily Chart

    DE30EUR Daily Chart

    • The DAX Futures index looks set to climb for third straight day today after posting early gains this morning. A more positive mood on Brexit discussions is helping sentiment

  • The index has regained the 200-day moving average at 11,667. The gains made so far this week, if maintained, could result in the first up-week in five weeks

    • The first revision to Q2 German GDP held no surprises, with no change to the first reading of -0.1% q/q and 0% y/y. The main event on today’s calendar will be Germany’s Gfk consumer confidence survey for September, which is seen sliding to 9.6 from 9.7 this month.

    WTICOUSD Daily Chart

    WTICOUSD Daily Chart

    • Crude Oil jumped the most in two weeks after the American Petroleum Institute announced the biggest weekly drawdown of inventories since January 2018. Inventories were cut by 11.1 million barrels

  • The index is rising toward the 200-day moving average at $55.99 and the 55-day moving average at $56.17. The 55-day moving average moved above the 200-day moving average last week

  • Tonight we see the weekly stockpiles data from the Energy Information Administration. Analysts’ estimates suggest a drawdown of 2.13 million barrels after a 2.73 million barrel decrease last week.

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