European equities and DAX Index started higher today as President Trump refuels the optimism on trade talks ahead of the December 15th deadline when the next set of tariffs in China’s imports will kick in.
Investors will focus on U.S. Nonfarm Payrolls report, the forecasts are for 168K, the previous reading came at 128K. Unemployment Rate is expected at 3.5 below the last reading at 3.6%. Michigan Consumer Sentiment will be released at 15:00GMT with projections at 96.5.
Germany Industrial Production Data Disappoints
After some positive economic data out from Germany earlier this week, today we return to disappointments, as the Germany Industrial Production s.a. (month over month) came in at -1.7% below analysts expectation of 0.1% in October the previous reading was at -0.6%. Germany Industrial Production n.s.a. w.d.a. (year over year) came in at -5.3% also below expectations of -2.8%. The figures cancelled the recent positive outlook for the German economy.
Yesterday, the Services PMI in Germany came in at 51.7 topping analysts consensus of 51.3 in November, the Composite PMI came in at 49.4 also beating expectations of 49.2 in November. German Manufacturing PMI registered at 44.10 topping market consensus of 43.8 for November.
Wall Street Indices Finished Higher
In New York the stock indices ended slightly higher after a negative start and despite the disappointment from Non-Manufacturing PMI. Dow Jones index finished 0.10% higher at 27,677; the S&P 500 was up 0.15% at 3,117 and the Nasdaq ended 0.05% higher at 8,570.
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Dax Index Bulls in Control
Dax 30 index adds 0.25% at 13,086 in an attempt to reenter the upward trendline that drives the index since the beginning of the year. Dax index ignores the negative economic data from Germany and follows the positive news from the US-China trade talks front.
On the upside Dax first resistance stands at 13,105 the daily high, while a break above might question the 13,332 top from December 2nd before an attempt to the year-today highs at 13,375.
On the other hand Dax index intraday support will be met at 13,063 the daily low, next target to the downside is the 50-day moving average at 12,862. In case of a break lower more sellers might join the action for a move down to 100-day moving average at 12,452.
Asian indices ended higher the trading day, Nikkei finished 0.23% higher, Hang Seng added 1.07% at 26,498 and the Singapore Strait Times index ended 0.65% higher at 3,194.More content
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