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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

2018-10-22 09:45:00
Justin McQueen, Analyst
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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

Price

200DMA

RSI

Open Interest

IG Sentiment

Europe

FTSE 100

7081

7458

18

606,188

Mixed

DAX

11629

12513

25

96,407

Mixed

CAC 40

5103

5376

18

270,235

Bearish

US

S&P 500

2767

2767

28

2,709,549

Bullish

DJIA

25444

25145

32

88,552

Mixed

Nasdaq 100

7129

7131

40

237,839

-

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)

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

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)

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

KEY TRADING RESOURCES:

--- Written by Justin McQueen, Market Analyst

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

Follow Justin on Twitter @JMcQueenFX

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