Cash markets in Wall Street set for a weak opening as the Nasdaq, S&P 500 and Dow Jones futures trading lower as investors turn cautious as trade negotiatianons between China and USA falter.
InvestingCube's S&R Levels
Waiting for a Breakout
Yesterday, U.S. Fed Chair Jerome Powell pointed out that the impact of the recent interest rate cut is yet to be seen. He also noted that they expect a sustained expansion ahead for the U.S. economy which might increase the demand for oil.
Traders await the US PPI at 13:30GMT with expectations at 0.3% to indicate that prices of raw materials used by producers picked up in October.
Violent protests in Hong Kong continues to weigh on investors sentiment, the Asian indices and Nikkei 225 finished lower. European major indices are also trading lower but off the daily lows. FTSE 100 gives up 0.28% at 7,330 after weak UK Retail Sales (month over month) which came in at -0.1% below forecasts of 0.2% in October; the yearly reading came in at 3.1%, also below expectations of 3.7% in October. The Retail Sales ex-Fuel (month over month) came in at -0.3% below forecasts of 0.2% in October. DAX is 0.30% lower at 13,189 despite stronger than expected GDP data from Germany that showed that Europe’s largest economy avoids falling into technical recession.