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Q3 Earnings Kicks into High Gear, Relief Rally for Italian Assets

Q3 Earnings Kicks into High Gear, Relief Rally for Italian Assets

Justin McQueen,
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Equity Analysis and News

  • S&P 500 | Earnings May Keep Risk Sentiment Intact
  • FTSE MIB | Relief Rally, However, Risks Remain

See our Q4 forecasts to learn what will drive price action through the quarter

Price200DMARSIOpen InterestIG Sentiment
FTSE 1007081745818606,188Mixed
DAX 11629125132596,407Mixed
CAC 405103537618270,235Bearish
S&P 50027672767282,709,549Bullish
Nasdaq 1007129713140237,839-

S&P 500 | Earnings May Keep Risk Sentiment Intact

S&P 500 futures are modestly firmer to begin the week, following the surge in Chinese assets overnight where the Shanghai Composite saw gains of 4.1%. Over the course of the week, 158 S&P 500 companies are due to report their latest corporate results, which includes heavyweights, Amazon, Alphabet, Microsoft and McDonalds. While sentiment remains fragile given the recent sell-off in equity markets with US consumer staples ETF outperforming the industrials ETF, a slew of upside surprises may be needed in order to keep risk sentiment buoyed for US equity markets. As it stands, 17% of index have beaten analyst earnings estimates.

S&P 500 Price Chart: Daily Time Frame (Jan-Oct 18)

FTSE MIB | Relief Rally, However, Risks Remain

Relief rally for Italian assets despite a downgrade by Moody’s by Italian sovereign credit. The outlook had been revised to stable from negative reducing the likelihood of a further downgrade in the near term, which would have taken Italian bonds to junk status. However, risks remain for Italian assets with the EU set to reject the Italian budget proposal, while S&P is due to announce their credit rating on Friday with question marks as to whether they will follow in Moody’s footsteps.

FTSE MIB Price Chart: Daily Time Frame (Sep 2016 – Oct 2018)


--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at

Follow Justin on Twitter @JMcQueenFX

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