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Global Indices Lookahead: FTSE MIB Eyes Italian Budget, Amazon Earnings in Focus

Global Indices Lookahead: FTSE MIB Eyes Italian Budget, Amazon Earnings in Focus

2018-10-19 15:29:00
Justin McQueen, Analyst
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Equity Analysis and News

  • FTSE MIB | Italian Budget and Sovereign Ratings
  • CAC 40 | Heavyweight Companies announce corporate results
  • Nasdaq 100 | FAANG Stocks

Price

200DMA

RSI

IG Sentiment

Europe

FTSE 100

7044

7462

14

Mixed

DAX

11569

12522

23

Mixed

CAC 40

5080

5379

20

Mixed

FTSE MIB

18939

22159

25

-

US

S&P 500

2768

2768

30

Mixed

DJIA

25379

25147

34

Mixed

Nasdaq 100

7155

7129

40

-

FTSE MIB | Italian Budget and Sovereign Ratings

Much like this week, market participants will be placing a keen eye on the latest developments surrounding the Italian budget. As it stands, the budget has been met with criticism from the EU who stated that the budget is in serious breach of EU rules, which in turn has set the EU and Italy on a collision course. Consequently, bond spreads between Italy and Germany are at the widest since the Eurozone debt crisis and thus weighing on Italian banks (index lowest since 2016), while sovereign rating agencies S&P (Oct 26th) and Moody’s who are due to announce their view on Italy may further exacerbate the widening spread if Italy’s sovereign debt is downgraded.

FTSE MIB Price Chart: Daily Time Frame (November 2016-October 2018)

Global Indices Lookahead: FTSE MIB Eyes Italian Budget, Amazon Earnings in Focus

CAC 40 | Heavyweight Companies announce corporate results

Q3 earning season is in full swing for the CAC 40 with 37% of the index due to report (Total, BNP, Sanofi) over the course of next week. Given the slew of profit warnings from various French companies (Michelin & Bouyues) which has provided a drag on the index. Investors would be looking for strong round of results to keep the index above the psychological 5000 level.

CAC 40 Price Chart: Daily Time Frame (January-October 2018)

Global Indices Lookahead: FTSE MIB Eyes Italian Budget, Amazon Earnings in Focus

Nasdaq 100 | FAANG Stocks

The recent sell-off in equity markets had seen tech names and Nasdaq 100 come under heavy selling pressure amid growing concerns that the Federal Reserve could take interest rates into the restrictive zone (above neutral rates). Nonetheless, the Nasdaq 100 is showing signs of a slight recovery as US earnings provide support, most notably Netflix which saw a 10% surge after beating estimates. Focus will be on the next FAANG stock to report, Amazon, whereby a strong performance could help aid the recovery in tech names.

Nasdaq 100 Price Chart: Daily Time Frame (April-October 2018)

Global Indices Lookahead: FTSE MIB Eyes Italian Budget, Amazon Earnings in Focus

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--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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