Share markets from Tokyo to London traded significantly lower on Friday with most benchmarks around the world flirting with their weekly lows. Market sentiment continues to be strongly weighed down as the spread of coronavirus gained momentum outside China. More than any monetary, fiscal or any other type of financial stimulus from central banks, investors now seem to be more hoping for a peak in virus cases in order to reduce the current lack of trust in stock markets. It is very likely that any other important economic data, like today’s US Non-Farm Payroll or Unemployment releases, will be eclipsed by the current state of panic due to the spread of the deadly virus.
In Europe the Stoxx-50 Index has been driven below the strong technical level of 3,300pts with all sectors in the red. However, the industrial sector remains the most affected with companies like Airbus and Schneider Electric currently among the worst performers of the eurozone. More broadly, although the DAX-30 from Frankfurt, the French CAC-40 and the IBEX-35 of Madrid have similar bearish technical configurations, the steepest decline is on the FTSE-MIB from Milan. The market is now challenging the support at 21,000pts where a break-out could lead prices significantly lower, towards 20,740pts, 20,365pts and 19,755pts by extension.
While a student, Pierre Veyret had a passion for the financial markets. At the time, he studied International Trade through the setting up of import / export operations and it was the techniques of hedging against exchange rate risks that helped him to make the link with the financial markets, and all especially that of Forex. It is therefore with the aim of anticipating the price of currencies several months in advance that Pierre quickly turned to different methods of analysis by drawing inspiration and surrounding himself with experts in the field. Shortly after, Pierre decided to specialize in Technical Analysis, a discipline he had the opportunity to practice with real market professionals, thanks to AFATE / IFTA, an association of which he has been an active member for several years. Pierre Veyret is passionate about the field of the financial industry with a particular interest in the various techniques of stock market forecasting. Currently, Pierre is based in the City of London where he works as Chief Analyst. He performs regular interventions on a multitude of asset classes through various media (television, internet and print media).
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© 2019 High Leverage FX - All Rights Reserved.