Wall Street Slides On Dimmed Trade Expectations

Wall Street Slides On Dimmed Trade Expectations

U.S. indices traded in narrow ranges yesterday, eventually succumbing to pressure after China had said they may be prepared to agree to a partial trade deal, but would not alter its intellectual property laws. Onshore China markets re-open after a week-long break.

US30USD Daily Chart

The US30 index declined for the first day in three yesterday amid scaled back expectations for the high-level U.S.-China trade talks later this week

The index retreated from the 55-day moving average, which is at 26,505 today. That moving average has capped prices on a closing basis so far this month

U.S. producer prices are expected to rise 1.8% y/y in September, the same pace as August. We can anticipate speeches from Fed’s Evans and Powell.

DE30EUR Daily Chart

The Germany30 index looks set for a fourth daily gain today amid hopes for some positive news in the Brexit deal-or-no-deal front

The index tested the 100-day moving average yesterday but failed to close above it

German factory orders came in worse than expected yesterday and this could have a negative impact on today’s release of industrial production numbers for August. Surveys suggest IP fell 0.3% m/m, which would be the third month in a row it has been below zero.

CN50USD Daily Chart

Onshore China markets are due to open after a week-long break. During the week, futures markets have traded in a narrow range, posting declines for the past two sessions

The index is currently sandwiched between the 55-day moving average at 13,516 and the 100-day moving average at 13,387. The 100-day average has supported prices on a closing basis since August 16

Caixin’s China services PMI is seen improving to 52.9 in September from 52.1 the previous month. That would be the second monthly improvement in a row.

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Wall Street Slides On Dimmed Trade Expectations

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