Trade optimism after tariff delay and ECB massive bond buying program to boost the market
The stock market futures traded on the positive zone as positivism brewed after President Trump decided to delay tariff to 15th October as goodwill before trade negotiation. China, on the other hand, exempts 16 products from tariff implementation this month.
Today, ECB cut deposit rates by 10 bps and announced a massive bond-buying program to incite growth. Euro falls across the global board after the announcement.
Asian & European Stock market
Asian stock market is mostly higher on tariff delay. Japan’s stock market up 161.85 (+0.75%) to 21,759.61, China stock market up 22.42 (+0.75%) to 3,031.24, and Australia ASX 200 up 16.90 points (+0.25%) to 6,654.90. European stock market also traded higher. DAX Germany up 0.39%, UK FTSE up 0.01%, Euro STOXX600 up 0.39%
Dow Jones Industrial Average (INDU)
DJIA breakout above 27,000 and significantly close above the resistance level. No reversal sign which means the index might continue upward to test the all-time high 27,398.68. Traders could stick to long positions in equity and waiting for further development in the global political situation.
American Tower Corp (AMT)
AMT share prices worth to watch after it suffered a setback from $242 high. The share prices bearish momentum has not receded yet and it will test daily SMA 100 soon. We have a bullish channel on the chart too. If the share prices will bounce from the support level, it might happen at the current level.
However, if the bearish pressure continues, daily SMA 200 is a reasonable place to watch for long positions.