ZuluTrade Blog

Market Recap – All time highs

Market View | Friday, January 17, 2020 10:43 AM GMT

The US equities rally continues, with all major indexes (SP500, Dow Jones 30, Nasdaq) recording all-time highs. With the exception of Goldman Sachs and Wells Fargo, major US banks beat expectations. On Tuesday, it was the JP Morgan turn, on Wednesday it was the Bank of America and BlackRock turn. Yesterday it was Morgan Stanley turn to report +46% profits, sending its stock price 8% higher.

A second attempt to end the civil war in Libya, will take place in Berlin on the weekend. The first attempt made on Monday, in Moscow. That meeting, was attended by delegates from Russia, Turkey, the UN recognized government of Libya and its rival, Khalifa Haftar. This time, the Berlin summit, will be attended by delegates from Germany, France, USA, Russia, Turkey, China, UAE and UK. Greece was not invited to participate. Greece intents to veto at the EU summit level, any political solution that would not cancel the recently signed memorandum between the Libyan government and Turkey. The memorandum is questioning the Greek maritime borders.

Macro releases:  Today’s Chinese readings were positive, with industrial production increasing and the Chinese GDP growth anchoring at 6.0%.  Later today, the economic calendar includes a health check of US housing market and the US capacity utilization rate.


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