Turnover in German services sectors (excl. finance and insurance) weakened in November, coming in at -0.2% M/M (vs -0.6% prior) and +1.2% Y/Y.
MNI, Destatis
Find more articles and bullets on these widgets:
The primary trend direction in Eurostoxx 50 futures remains up and the recent move lower appears to be a correction. MA studies are in a bull-mode position, signalling a rising trend cycle. Key short-term support to watch lies at 4439.30, the 50-day EMA. A break of this level would signal scope for a deeper retracement and open 4370.00, the Nov 28 low. For bulls, a reversal higher would refocus attention on 4634.00, the Dec 14 high and bull trigger. The pullback in S&P E-Minis from recent highs has now cracked first material support at the 20-day EMA of 4745.34. This strengthens a short-term bearish threat and exposes 4696.72, the lower band of a MA envelope. A move through this support would expose the 50-day EMA, at 4650.64. The recent move lower is considered corrective and the primary uptrend remains intact. Key resistance and the bull trigger is 4841.50, the Dec 28 high.
Goldman Sachs write “over the winter break, data has continued to point to a faster disinflation profile in the UK. Our economists have pulled forward their expectation of the first BoE cut to May (from June previously).”
TYH4 is -0-02 at 111-21, 0-02 off the high of a contained 0-07+ range, with volumes picking up after a Japanese holiday limited activity and kept cash Tsys closed in Asia-Pac hours).