US index futures are suggesting the week will start on the back foot as disappointing trade data from China overnight served to reignite fears of a global economic slowdown. That said, losses are currently forecast as being limited, with a weakening dollar making US equities that bit more attractive to overseas buyers.
Economic data is looking incredibly limited for the day ahead, although earnings season continues to gain momentum so this could provide some fresh insight as to the health of corporate America. Citigroup headlines before the opening bell today, but with a string of companies already cautioning over performance, expectations in general will be weighted to the downside. Beyond this is the ongoing shut down of the US government owing to the stand off regarding Trump's ambition to build a wall between the US and Mexico. With the closure now the longest on record and Federal employees having gone without receiving paycheques on Friday, this will be starting to bite into the economy. Some estimates suggest the shut down is costing around $1.2 billion a week, so the total so far is already closing in on the cost of building the wall. Any hopes of a resolution here would likely be widely applauded, with equities and the dollar alike both having the potential to see gains as a result.
Ahead of the open we're calling the DOW down 184 at 23812 and the S&P down 11 at 2575
The information provided here has been produced by third parties and does not reflect the opinion of AxiTrader. AxiTrader has reproduced the information without alteration or verification and does not represent that this material is accurate, current, or complete and it should not be relied upon as such. The Information is not to be construed as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any particular trading strategy. Readers should seek their own advice. Reproduction or redistribution of this information is not permitted.
Recommended Content
Editors’ Picks
EUR/USD holds steady near 1.0650 amid risk reset
EUR/USD is holding onto its recovery mode near 1.0650 in European trading on Friday. A recovery in risk sentiment is helping the pair, as the safe-haven US Dollar pares gains. Earlier today, reports of an Israeli strike inside Iran spooked markets.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD is rebounding toward 1.2450 in early Europe on Friday, having tested 1.2400 after the UK Retail Sales volumes stagnated again in March, The pair recovers in tandem with risk sentiment, as traders take account of the likely Israel's missile strikes on Iran.
Gold: Middle East war fears spark fresh XAU/USD rally, will it sustain?
Gold price is trading close to $2,400 early Friday, reversing from a fresh five-day high reached at $2,418 earlier in the Asian session. Despite the pullback, Gold price remains on track to book the fifth weekly gain in a row.
Bitcoin Price Outlook: All eyes on BTC as CNN calls halving the ‘World Cup for Bitcoin’
Bitcoin price remains the focus of traders and investors ahead of the halving, which is an important event expected to kick off the next bull market. Amid conflicting forecasts from analysts, an international media site has lauded the halving and what it means for the industry.
Geopolitics once again take centre stage, as UK Retail Sales wither
Nearly a week to the day when Iran sent drones and missiles into Israel, Israel has retaliated and sent a missile into Iran. The initial reports caused a large uptick in the oil price.