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Equity markets under pressure, weekly close in gold and euro eyed

On Friday, global equity markets continue low-profile trading. Yesterday, during a volatile trading session, US markets were able to close in the green, but today futures for US indices switched to negative territory again. The focus is still on the strategic history of the US-China trade dispute. It is clear that this story is more than long-term; it has a ten-year horizon, but the markets seem to have focused on short-term news , which in our opinion are no different from news noise. Just in the last trading day , several opposing statements by officials appeared.

Yesterday, US Commerce Secretary Ross announced that the United States still plans to increase import duties from China worth $ 200 billion from 10% to 25% from January, and the meeting of the leaders of the United States and China at the G-20 summit would not bring an expected agreement, it will be enough if the meeting will create the basis for further negotiations. Recall that over the course of several days, the market received the opposite information that the parties are allegedly preparing the G20 meeting and have already achieved some success and the agreement is not at all far away.

Of course, this topic will be the focus of attention of the markets next week, however, however it is not worth expecting any clarification of the situation before the G-20 summit. At the same time, it is positive that the negotiations between the parties continue.

For European news, the news broke that Italian Prime Minister Conte is again ready to sit at the negotiating table with the EU to solve problems related to the formation of the country's budget for 2019, which was previously rejected by the European Commission. The solution to this problem may return quotes of the European currency above the level of 1.1500.

Today in US markets will focus on industrial data. However, yesterday's statistics block again showed the strength of the American economy. The consumer price index in annual terms did not change and remained at the level of 2.2%, however, the consumer price index m / m decreased from 0.5% to 0.2%, as experts had expected. The basic consumer price index also did not change compared with the previous month and remained at the level of 1.1%.


In the FOREX market, an interesting picture is taking shape with the American dollar by the end of the week. On the one hand, the dollar remains strong and is close to annual highs. On the other hand, the US dollar index is trading in a narrow range around 96.60-97.20. European currency is very close to the strategic resistance level of 1.1360 and a breakthrough and consolidation above this mark will mark the surrender of bears; shorts close will send quotes higher. The pressure on the British currency remains, the pound is near the level of 1.2800.

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