Archives of “December 17, 2019” day

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European shares end the day with mixed results

  
Analysis, Global Indices

German DAX -0.9%. UK’s FTSE near unchanged. Italy’s FTSE MIB +0.4%
The major European shares are ending the day with mixed results:

The provisional closes are showing:
German DAX, -0.9%
France CAC, -0.4%
UK’s FTSE 100, unchanged
Spain’s Ibex, -1.1%
Italy’s FTSE MIB, +0.4%
In the European 10 year note sector, the benchmark yields are lower with the UK 10 year leading the way to the downside at -5.8 basis points. France’s 10 year is trading just above the 0.0% level.

German DAX -0.9%. UK’s FTSE near unchanged. Italy’s FTSE MIB +0.4%_
In other markets:

Spot gold is little changed at $1476.40, plus $0.22
WTI crude oil futures are up $0.74 or 1.23% at $60.95
In the US stock market the Dow has turned back positive as Boeing has recovered from earlier losses and is trading up on the day.

Boeing has the largest weighting in the Dow at 7.85%. As a result, it can have a material impact on the fortunes of the index. Boeing shares are up 0.78% currently. Although Boeing shares are higher the European supplier shares are sharply lower in trading today.

S&P index is up 1.32 points or 0.04% at 3192.84
NASDAQ index trading down -2.7 points or -0.03% at 8811.34
The Dow is up 38 points or 0.13% at 28274.
In the US debt market, the yields are mixed with the shorter and lower and the longer and higher (the yield curve steepening)

US yields are mixed with the yield curve steepening
In the forex market, the CHF is the strongest of the majors, while the GBP remains the weakest. The GBP has extended its decline to the downside against the major currencies since the start of the New York session.

EUR/USD and the importance of 1.12

  
Analysis, Forex

A technical analysis note via Bank of America / Merrill Lynch on the euro against the US dollar

Commentary on the weekly chart.
A technical analysis note via Bank of America / Merrill Lynch on the euro against the US dollar
  • The downtrend in EUR/USD since the head and shoulders top pattern formed in 2018 remains the path of least resistance. 
  • So too does the bearish channel and resistance lines that have guided it lower. 
  • While price remains within this bearish channel we think the bottom of the channel and/or gap from the April 2017 French Election can be tested/filled. It is also possible the full head and shoulders target of 1.0596 is reached 
More:
  • A rally a weekly close through resistances at about 1.12 would be viewed as a trend changing technical break out for a rally to the 200wk SMA at 1.1358 and 1.1520 (38.2% retracement of 2018s decline)

Moody’s says global manufacturing outlook for 2020 is negative

  
Analysis, Economy
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Moody’s on the manufacturing outlook

  • Most manufacturign sectors will likely experience only modest profit growth or even slight declines in 2020
  • Agricultural, transportation and utilities end markets exhibit weak growth prospects
  • Aerospace and defense segment has strong growth prospects
  • Key drivers for global manufacturing include weak earnings growth expectations and deteriorating sentiment

If Moody’s track record is any indication, then now is the time to buy the stocks of manufacturers relating to agricultural, transportation and utilities industries.

Bitcoin slumps below $7000 in crypto selloff

  
Analysis, BITCOIN

Bitcoin under pressure

Bitcoin under pressure
Bitcoin has come under increasing pressure in the past few minutes in a quick fall to $6908 from $7100. The move hit over about five minutes and was likely technical. The December low of $7091 was broken and that set of a cascade of selling through $7000.
Bloomberg is out with a story about the continuing weight of the PlusToken scam but that’s nothing new.
The big level to watch from here is the November low of $6530 but there is a fair amount of breathing room before we get there.
One date to circle is December 27. That’s the expiration of the on-the-run futures contract.

Trump tweets about the stock market at a record high

  
Analysis, US Market

Strong day for stocks

All the gains in the S&P 500 were essentially at the open. Since then the index has remainded around current levels. The index is up 28 points to 3196.
New Stock Market high! I will never get bored of telling you that – and we will never get tired of winning!
You may remember that just 13 days ago, Trump said:
“If the stock market goes up or down ― I don’t watch the stock market,”
Trump said in London, where he is attending a NATO summit. “I watch jobs. Jobs are what I watch.”
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