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Market View

Market Recap – Earnings Season

Tuesday, October 15, 2019 10:18 AM GMT

Financial markets are in a risk-on mode since last Thursday. USindex is already bellow its 50day moving average, has not convincingly rebounded from Friday’s lows and could potentially cross south its well established uptrend. EURUSD is flirting with the 50 day moving average. EURJPY and USDJPY are holding their recent gains. With the exception of UK’s FTSE100, all major equity indexes are heading north.

The 3Q19 earnings season begins today with JPMorgan, Goldman Sachs, Citigroup and Wells Fargo.

US sanctions have hit Turkey. The tariff on Turkish steel increased to 50%, and a $100bn trade deal was put on hold. The strange thing is that today the TRY, that was being crashed since last Monday, is strengthening.

Macro releases: Chinese inflation increased to 3.0%, but on the other hand the Japanese industrial spending was weak. Today’s most important macro releases is the European ZEW economic Sentiment, the German ZEW economic sentiment, the UK’s unemployment and the IMF’s projections on global GDP.

Speaking of economic sentiment in the EU: On the one hand, we should note this weekend’s Hungarian municipal elections, where the anti-European Viktor Orban’s candidates were disapproved, on the other hand, we should note the Catalans protests against the Spanish Supreme Court ruling on their leaders.

Disclaimer

The views expressed do not constitute investment or any other advice /recommendation /suggestion and are subject to change. Reliance upon information in this material is at the sole discretion of the reader. Opinions expressed in the report do not represent the opinion of ZuluTrade Social Trading Platform and do not constitute an offer or invitation to anyone to invest or trade.

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