Morning wrap

6:43 AM January 29, 2020
  • US indices enjoyed strong gains yesterday as investors looked past virus concerns. S&P 500 finished 1.01% higher, Dow Jones added 0.66% and Nasdaq rallied 1.43%

  • Upbeat moods also can be spotted on the Asian markets where S&P/ASX 200 gained 0.53% and Nikkei closed 0.71% higher. Hong Kong index declines over 3% as it was closed during recent declines and opened just today. European stock market futures point to a green open.

  • Number of confirmed coronavirus cases in China increased to almost 6 thousand. Death toll increased to 132. Number of new cases reported today is smaller than the one reported yesterday

  • Australian dollar is the best performing G10 currency after Q4 inflation report showed headline price growth at 0.7% QoQ (expected 0.6% QoQ). Odds for RBA rate cut in February decreased

  • The US government is allegedly considering banning flights to China as an option of fighting the spread of coronavirus

  • API estimates pointed to a decline in oil inventories and gave crude price a lift. Brent and WTI are trading over 1% higher in the morning. Precious metals hold steady while base metals advance

  • Apple released a strong earnings report for Q4 2019 yesterday after US markets closed. EPS came in at $4.99 (exp. $4.57) while revenue surpassed $90 billion (+8.9% YoY) for the first time in history

CHNComp plunges today as it reopens after Lunar New Year. The index dipped towards 10600 pts handle and bulls are trying to take over. Return back above 200-session moving average (purple line, 10700 pts) would support buyers from a technical perspective. Source: xStation5

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