Wall Street is expected to be cautious upon its opening today. Investor sentiment is being shaken by the tax reform debate which is growing in Washington.
Wall Street is expected to be cautious upon its opening today. Investor sentiment is being shaken by the tax reform debate which is growing in Washington. Inflation data will come from China tomorrow, today Trade Balance figures from the nation missed their estimate.
U.S. equities will open with cautious trading per early calls from the Future Markets. Economic data will be light from the U.S today, but investors will continue to listen attentively to the political debate raging in Washington regarding tax reform. If no clear answer is delivered to investors in the near term regarding tax reforms, investors may grow restless and their mid-term outlooks may become less optimistic. Crude Oil Inventories will come from the States today.
Asian equities turned negative today. The Nikkei Index produced a slight decline and the Hang Seng reversed off early gains and were negative too. Trade Balance figures from China published earlier today came in below their forecasted results, but it was not a large miss. Selling among some equity Indexes likely has more to do with profit taking. China will release important inflation data on Thursday.
French Trade Balance numbers met their estimates, but the outcome had very little effect on European markets. The Euro is range trading against the U.S Dollar and continuing to display signs of weakness as it trades under the 1.16 level. Tomorrow the European Union will release its Economic Forecasts report and Germany will issue Trade Balance figures. The Pound has also faced early headwinds against the U.S Dollar this morning.
Crude Oil Inventories data will come from the States today. The commodity dropped slightly in value, but U.S Crude Oil remains above 57.00 U.S Dollars a barrel and needs to be monitored as speculative buying continues and has helped the commodity sustain a solid trend.
Housing Sector Numbers from Canada, U.S Crude Oil Supply Figures
Canadian housing sector data will be released today, among the reports will be Building Permits at 13:30 GMT.
Yaron Mazor is a senior analyst at SuperTraderTV.
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Yaron has been involved with the capital markets since 1998. During the past 16 years, Yaron has been a day and swing stocks trader in the American market. Yaron has founded and made successful investments into businesses spanning exciting industries – from apparel to restaurants and bars, to high tech, medical technology, and education.