News & Analysis

Overnight on Wall Street: Wednesday 11/09/19

September 11, 2019

By Deepta Bolaky
 @DeeptaGOMarkets

Equity Markets

Wall Street ended mixed on Tuesday. The South China Morning Post reported that China is ready to buy American goods in exchange for a delay in a series of US tariffs and easing of a supply ban against telecoms giant Huawei.

  • Dow Jones Industrial Average ended 74 points higher at 26,909.
  • S&P 500 ended flat.
  • Nasdaq Composite fell by 3 points to 8,084.

Apple stood out yesterday with the launch of the new iPhones and Apple’s accessories. Its share price rose by around 1% overnight to US$217.

Currency Markets

In the FX market, major currencies remain mixed against the US dollar. It was a relatively muted trading session ahead of the main event of the week – the ECB Rate Decision and Statement.

On the economic front, the UK employment data helped the Sterling to hold on to the recent gains. The Unemployment rate dropped from 3.9% to 3.8% and Average Earnings came better than expected at 4%. The jobs report prevent the GBPUSD pair to drop below the 1.23 level. The pair is currently trading in a tight range around the 1.2350 level.

GBPUSD (Monthly Chart)


Source: GO MT4

The Euro is consolidating in a tight range ahead of the highly anticipated ECB meeting. Germany’s new budget and pledge for a fiscal boost helped the pair to hold gains at the 1.10 level.

EURUSD (H4 Chart)


Source: GO MT4

Commodities

Oil prices failed to push higher despite larger-than-expected draw reported by the American Petroleum Institute (API) and tensions in the Middle East. As of writing, WTI and Brent Crude is trading in the vicinity of $57 and $62.

UKOUSD and USOUSD (Hourly Chart)


Source: GO MT4

Even though the improvement in risk appetite is fragile, the Gold is trading on the downside at $1,488.

Key upcoming events

Westpac Consumer Confidence (Australia)
Producer Price Index (US)

Thursday, 12 September 2019
Indicative Index Dividends
Dividends are in Points
ASX200 WS30 US500 US2000 NDX100 CAC40 STOXX50
1.446 0 0.46 0.333 1.292 0 0
ESP35 ITA40 FTSE100 DAX30 HK50 JP225 INDIA50
0 0 0.326 0 24.159 0 0


Disclaimer: Articles and videos from GO Markets analysts are based on their independent analysis. Views expressed are of their own and of a ‘general’ nature. Advice (if any) are not based on the reader’s personal objectives, financial situation or needs.  Readers should, therefore, consider how appropriate the advice (if any) is to their objectives, financial situation and needs, before acting on the advice.

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