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Home / Analytics / Forex analysis & forecasts / Market Overview / Morning Call. Market Overview for 28.10.2016
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Morning Call. Market Overview for 28.10.2016

28.10.2016

The Big Picture

Around a third of Corporations in the DAX have reported their quarterly results. Most of these reporting have beaten analyst expectations. Most CEOs also gave positive outlooks. As such, SAP´s cloud business grew very well. Although reporting weaker numbers, BASF beat analyst expectations. Despite BASF operating in a difficult environment, this led its stock rising, BASF will also profit from rising oil prices. Deutsche also surprised by announcing a profit, yet after opening strongly, prices fell. Deutsche´s existing issues still weighing heavily. Volkswagen is making progress in dealing with its emissions-scandal.

DAX

The DAX is in a sideways trend.  Resistance is at 10820, support at 10250.




Euro / USD

The Euro is in a large sideways trend against the Dollar. Support is at 1.0822, resistance at 1.1429.




USD / JPY

The USD is in an upward trend.




Gold

Gold is in an upward trend




WTI Oil

WTI Oil is in a downward trend




Overnight:

German stocks only partially profited from good company results. After a firm open weakness came back in to play, leaving the market to close at +0.07%. Largest gaining stock in the DAX was Fresenius SE % CO KGaG rising 2.11%. The company reported solid results and is growing in all sectors. Wall Street trades weaker, The S&P loses 0.30% and the Nasdaq 0.5%.The Tech heavyweight Amazon reported after the market close. Turnover was within analysts’ expectation, yet profit and outlook disappointed. The outlook for Christmas was particularly timid. The Stock lost 5% after the close. The Nikkei 225 rises 0.58% on the back of a weaker Yen. The Euro trades slightly higher to the USD. Gold and WTO Oil are firm.

Economic Data:

  • 14:00 Germany: Consumer Prices
  • 14:30 USA: GDP
  • 16:00 USA: University of Michigan

Quarterly Results:

  • Germany: Linde
  • USA: Chevron, Exxon Mobile

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Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.