General Market Comment 30.10.18
US indices pushed higher on Tuesday led by shares in the Semiconductors & Semiconductor Equipment (+4.72%), Consumer Durables & Apparel (+3.42%) and Transportation (+3.05%) sectors. On the economic data front, U.S. consumer confidence reached an 18 year high coming in at 137.9 for Oct (135.9 estimate) compared to a revised 135.3 in Sept. The S&P 500 (2,682.63) remains at levels below both its 20d moving average (2,775.30 – negative slope) and 50d moving average (2,849.00 – negative slope).
European markets are expected to start on a positive note.
Foreign Exchange
The US dollar pushed higher against all its major pairs on Tuesday with the exception of the NZD and AUZ. On the economic data front, U.S. consumer confidence reached an 18 year high coming in at 137.9 for Oct (135.9 estimate) compared to a revised 135.3 in Sept.
The Euro was under pressure against most of its major pairs with the exception of the GBP and JPY. Euro zone GDP growth was 0.2% in 3Q in first reading vs +0.4% in 2Q and 0.4% expected. Separately, euro-zone consumer confidence index was -2.7 in October in final estimation, as anticipated and vs -2.9 in September. Germany unemployment rate was flat at 5.1% in October, as expected. Separately, German CPI index was up by 0.2% in October in first reading vs +0.1% anticipated and +0.4% a month earlier.
The Australian dollar was higher against all of its major pairs.
Commodities
After the close of Wall Street, WTI Crude Future (DEC 18) was down $0.6 to $66.42. The contract was below its 20D MA (@ $70.54) and below its 50D MA (@ $69.94).
Gold was down $6.4 to $1223. The precious metal was above its 20D MA (@ $1217) and above its 50D MA (@ $1207).
Copper Future (DEC 18) on Comex was down 6.9c to 267.15c/lb. The contract was below its 20D MA (@ 277.06c) and below its 50D MA (@ 273.87c). In Europe, the London Metal Exchange reported its copper inventories decreased 3875 tons to 139250 tons.