2:51 PM · 13 December 2019

Wall St. set for record open; Trade press conference could be key

Summary:

  • US indices to open at highest ever level

  • Retail sales miss forecasts 

  • US30 above 28200; MOFCOM press conference at 9:30 ET

 

This week was expected to be a case of do or die for stock markets with the impending 15th December deadline for additional tariffs meaning that one way or another we would be in for a major news event. Yesterday’s tweet from Trump before further confirmation from the US that the president had signed a deal boosted equities on Wall Street to their highest ever levels. However, there were some concerning noises from Beijing overnight and their failure to ratify the deal. The announcement that a MOFCOM press conference in China will be held at 9:30AM ET (2:30PM GMT) has attracted a lot of interest and the timing of this to coincide with the cash open for US stocks has ratcheted up the excitement further.

Trade developments continue to be the main driving force for US indices with the US30 showing at least 3 clear moves on trade headlines in the past 24 hours. Soon we could have another. Source: xStation

On the economic data front the last release of note for the week has come in a little on the soft side with a miss on consumer spending. For November the advance retail sales Y/Y came in at 3.3% with the core at 3.0%. Source: XTB Macrobond  

The US30 remains close to its highest ever level at 28298 and is on track for both a record daily and closing print. Source: xStation 

 

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