nasdaq
Cash markets in Wall Street set for a positive opening as the Nasdaq, S&P 500 and Dow Jones futures trading higher after White Houses advisor Kudlow said that a trade deal is coming soon. Encouraging macro data might further boost the sentiment in Wall Street. US Retail Sales report for October will be out at 1330 GMT and is expected to rebound from disappointing figures in September.
Analysts expect US retail sales to register a 0.3% gain in October, the September reading came in at -0.3% below the market consensus of 0.2%. Weak auto sales will keep sales subdued for October despite solid consumer spending.
The Empire Manufacturing index may hit a six-month high in November, despite a slower industrial production in October, and higher business inventories.
Even worse macro data wouldn’t hurt sentiment, as stock investors know that the Fed has got their back either way.
Earlier this week, U.S. Fed Chair J. Powell noted 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.
Violent protests in Hong Kong continues to weigh on Hang Seng, while the Asian indices and Nikkei 225 finished mostly higher. European major benchmarks are also trading higher but off the daily highs. FTSE 100 gives up 0.60% at 7,249 on stronger GBP. DAX is 0.07% higher at 13,189 supported by stronger than expected GDP data from Germany that showed that Europe’s largest economy avoids falling into a technical recession.
In forex markets, AUDUSD trading in narrow trading range, ahead of US Retail Sales, while EURUSD trades back above 1.1000 On dollar weakness. The GBPUSD has formed a bullish flag at neckline.
Cryptocurrencies trading lower for one more today, Bitcoin tests the critical 50-day MA support, while Ethereum is 0.55% lower at 183,49.
In commodities, gold Gold slides in Asia as risk appetite picks up after the conflicting comments from President Trump on trade negotiations. Crude Oil prices trapped between the 100 and 200-Day MA.