Market Commentary February 9

The Trading Daily Market Commentary features a summary of selected market segments as well as economic matters. Its content of interest is made available to all traders and investors at large

The market has been memorable this week, with some economic numbers, celebrated corporate earnings, responses to a lower forecast for European Union economy, President Trump’s SOTU (State of the Union), and so on - with everything being connected like a big puzzle.

Yesterday we saw the American stock market under stress for most of the day, although ending in a relatively in a good position. The DJI dropped minus 0.25 percent, though that is well off the day's lows we have witnessed on Thursday where it was endangering closure below 25,000 level. 

Although down in trading session, the Nasdaq 100 and S&P500 closed the session slightly positive at plus 0.12 percent and positive 0.07 percent respectively. The Russell 2000 index also finished in plus territory, being up plus 0.05 percent.

The futures market and commodities sector fared much better yesterday with crude oil (see chart below) advancing 0.17 percent and natural gas with an additional 2.31 percent both up from the prior trading day. 

Precious metals also experienced an up-tick this Friday, as Gold moved higher almost $4.5 while Silver advanced 0.65 percent on the day. As we have discussed previously, the upcoming week lines up to be an important one.

Other Market(s)

In the Asia-Pacific market, the topic so far this year has undoubtedly been the America-China trade discussions. Yesterday symbolized the subject is far from being resolved. Talks are still ongoing with 21 days till the March 1st deadline. 

Furthermore, like Germany, President Trump wants to ban all Chinese Telecommunications business within the USA as geopolitics are surely heating up lately.

China market will resume on Monday, while Hong Kong reopened yesterday following being closed for four days due to the New Year celebration. There was no considerable bounce in Asia as the largest of the significant markets sank due to the trade negotiations news. 

The Japan Nikkei 225 index decreased by 2 percent, while the H.K. Hang Seng and South Korea Kospi fell small.

Elsewhere in Pacific zone, the Aussie ASX200 index declined after its big run yesterday with 0.3 percent. Stocks fell in Singapore, Indonesia, and the Philippines. It was capital flows moving out of the region as only Aussie Dollar and Kiwi Dollar strengthened against the Greenback on Friday.

Eurozone market followed Asia-Pacific markets as it seems like it was a global risk tone for yesterday session following the news on the USA-China deal. The German DAX30, the U.K. FTSE100, and French CAC40 indices all fall, concluding specifically a lousy week for the German Index.

Some further economic numbers came out of Eurozone; the most unexpected was that German exports climbing by 1.5 percent when it was anticipated to grow by only 0.2 percent. But that was no messiah for the DAX30 index as it fell on the session.   

The Euro Dollar, British Pound, and Swiss Franc all declined against the US Dollar as it was evident that capital outflows were unquestionably exiting the common nations on Friday.


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