Investing.com - Financial Markets Worldwide

Wall Street Drops On Brexit Drag

ByMarketPulse
AuthorAndrew Robinson
Published 10/23/2019, 12:25 AM
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MCD
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Boris Johnson failed to get his Brexit bill timetable passed in Parliament yesterday and this acted as a drag on Wall Street. It also raised expectations that a General Election may be called before the end of the year. Earnings reports were mixed, with McDonald’s (NYSE:MCD) disappointing, while rumours circulated that Hong Kong’s Carrie Lam might be replaced.

US30USD Daily Chart

US30USD Daily Chart

  • The US30 index is facing a second day of declines with further losses posted early this morning.

  • The index is edging toward the 100-day moving average at 26,593, which has supported prices for almost two weeks.

  • There are no major US data releases scheduled for today. The house price index is expected to show a gain of 0.3% m/m in August following a 1.7% advance in July.

    • DE30EUR Daily Chart

    DE30EUR Daily Chart

  • The Germany30 index fell yesterday amid Brexit developments, with it becoming more likely the UK will request an extension to the October 31 deadline. EU’s Tusk has recommended the EU accept such a request.

  • The index facing its second daily decline in a row as a result of the Brexit hangover. The 100-day moving average has risen to 12,188.

  • Euro-zone consumer confidence is seen slipping to -6.7 in October from -6.5 last month. There are no German data releases scheduled for today.

    • WTICOUSD Daily Chart

    WTICOUSD Daily Chart

    West Texas Intermediate rallied for the first time in three days yesterday after weekly inventory data showed a smaller build.

    WTI is rising toward the 55-day moving average at $55.295, which has capped prices since September 30.

    Weekly stockpiles data from the American Petroleum Institute showed inventories rose 4.45 million barrels as at October 18, a smaller gain than the previous week’s 10.5 million barrels.

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