- Germany may extended lockdown until mid-March
- Wall Street retreats from records
- US crude inventories drop for 3rd week
All major European stock indexes finished today's session lower as investors expect that Germany will extend current lockdown until March 14th due to concerns regarding the spread of new more contagious strain of COVID-19. On the corporate front, Societe Generale posted better than expected quarterly figures and while Heineken announced a target of 8000 job cuts due to decreasing sales. Elsewhere, shipping giant Maersk stock fell despite upbeat Q4 figures and pharmaceutical company Galapagos also fell after halting a phase three trial of a lung-disease treatment. DAX 30 fell to 0.6%, CAC 40 lost 0.4% and FTSE100 finished 0.11% lower.
US indices erased early gains and are trading lower as traders from Reddit forum turned their attention towards cannabis stocks while investors looking forward to a speech by Federal Reserve Chair Jerome Powell at the Economic Club of New York webinar. Meanwhile fresh data showed the inflation rose less than expected, raising concerns over the pace of economic recovery. On the corporate front, Cisco, Lyft, Mattel, Twitter, Coca-Cola, Under Armour and General Motors posted better-than-expected quarterly results. Uber will provide its Q4 figures after the market close.
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Create account Try a demo Download mobile app Download mobile appWTI crude Brent prices both rose more than 0.5% after the EIA and API reported an unexpected draw in US crude stockpiles. Elsewhere, gold futures fell 0.3% to $ 1,842.00 / oz, while silver is trading 0.5% lower slightly above $ 27.00 / oz.
AUDUSD pair is testing the upper limit of the descending channel. If the daily candlestick closes above it, an upward move towards the next resistance area at 0.7827 could be triggered. On the other hand, if sellers will manage to halt advances here, then another downward impulse towards support at 0.7567 could be launched. Source: xStation5
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