Dow Jones Premarket: Futures Lower Ahead of Trade Deal

Summary:
• Dow Jones poised for a negative start as the correction from all-time highs might continue today. Investors are awaiting the signing of the phase one

Dow Jones poised for a negative start as the correction from all-time highs might continue today. Investors are awaiting the signing of the phase one deal and the details for the second phase of the negotiations. Yesterday reports from the USA revealed that existing tariffs on Chinese products would remain in place until the US Presidential election in November 2020. China on the other side has committed to purchase an additional US$200 billion of Chinese products.

The earnings season continues today with the earnings releases from Bank of America, Goldman Sachs and BlackRock. The profit reports will drive the markets in the upcoming weeks as Wall Street hovering close to all-time highs.

The Dow Jones futures are 0.08% lower at 28,910. S&P 500 futures are 0.04% lower at 3,28, while the Nasdaq futures are 0.03% lower at 9,060.

NY Fed Empire State Manufacturing on Focus

In our economic calendar today we have the NY Fed Empire State Manufacturing Index due at 13:30GMT with analysts consensus at 3.1  below the previous reading of 3.5. Also the Fed Beige Book will be released at 19:00GMT.

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European indices are mixed midday. FTSE 100 is 0.11% higher at 7,631 after the weaker CPI data released earlier today. Now the focus will be on the BOE policy meeting later in January.  The DAX Index is 0.08% lower at 13,446. The CAC 40 is 0.12% lower at 6,033 while the FTSE MIB is 0.43% lower at 23,825.

Asian indices ended lower. The Nikkei 225 closed down 0.45% lower at 23,9165. The Hang Seng ended 0.39% lower at 28,773, the Shanghai Composite finished 0.54% lower at 3,090. In Singapore the FTSE Straits Times Index ended 0.41% lower at 3,256. In Australia the ASX 200 hit fresh all-time highs  at 6,994.

Cryptocurrencies Retreat  

Cryptocurrencies started the day lower, Bitcoin retreat on profit taking at 8,764.  Ripple XRP USD is 1.55% at 0.2115. Ethereum is 0.03% higher at 165.98. Ripple price is 0.50% higher at0.2362. Litecoin is 0.07% lower at 58.41.

In commodities markets, the crude oil price is 0.12% higher at 58.3 while the brent is 0.05% higher at 64.52. Gold price rebounds today adding 0.37% at 1,552.