· President Donald Trump’s stock market stacks up well against the majority of his presidential predecessors.
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The S&P 500 has returned more than 50% since Trump was elected, more than double the 23% average market return of presidents three years into their term, according to data from Bespoke Investment Group dating to 1928.
The bellwether index gained more than 28% this year, well above the average 12.8% return of year three for past U.S. presidents.
· Asian shares scaled an 18-month high on Friday while oil prices stayed buoyant in a holiday-shortened week, as investor optimism improved on hopes a U.S.-China trade deal would soon be signed.
Traders returned from their Christmas and Boxing Day break to digest comments from Beijing that it was in close contact with Washington about an initial trade agreement, shortly after U.S. President Donald Trump talked up a signing ceremony for the recently struck Phase 1 trade deal.
MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS jumped 0.7% to 555.42, a level not seen since mid-2018. It is up more than 16% so far this year.
· Japan’s Nikkei dipped but the broader market firmed on Friday, and is on course to wrap up the quarter with the biggest gains since 2017 on the back of easing U.S.-China trade tensions.
The Nikkei share average shed 0.36% to 23,837.72, though about a half of the loss came from Fast Retailing, which has a disproportionately big weighting of about 10% in the index.
The Nikkei is still not far from a 14-month top of 24,901 touched in early December, and with only one trading day left for the year, it could log its best quarter in two years.
· China stocks gave up early gains to close lower on Friday as losses in tech firms offset optimism due to the rebound in November industrial profits, though major indexes posted a fourth straight weekly gain.
The blue-chip CSI300 index closed 0.1% lower at 4,022.03, while the Shanghai Composite Index shed 0.1% to 3,005.04. Both indexes rose as much as 1% during the session.
For the week, CSI300 rose 0.1%, while SSEC was slightly up.
· European stocks opened mixed on Friday, following the rally in stocks stateside.
The FTSE 100 points to a higher open of 11 points while the German DAX looks to open 58 points higher. Meanwhile, France’s CAC 40 looks set to open 14 points higher.
Market focus is largely attuned to the U.S.-China trade development. Investors are running back into traditional assets ever since the announced they have reached a phase one trade agreement earlier this month. The two countries are in the process of translating the deal, aiming to sign it in early January.
· The rally in global equities was quite impressive – driven largely by dovish monetary policy action and hopes that the painful trade war between Beijing and Washington will not deepen – and the US stock market certainly stood out as a top performer. The Dow staged a monumental 22% return in the year-to-date, albeit the bumpy ride along the way.
Take a look at these strategies, tips and trading signals for Day Trading the Dow Jones
The Dow is currently trading around all-time highs with the blue-chip benchmark on pace to record a 4% rally during December. Although the Dow Jones is riding the upper channel of its 2-standard deviation Bollinger Band, the possibility of higher US stock prices seems more likely than not (barring no destabilizing volatility event). One encouraging technical development is the expanding width of the Bollinger Band, which, statistically speaking, could help facilitate further upside potential.
Also, the Dow recently surmounted the 141.4% Fibonacci extension of its bearish leg etched out from July 16 to August 15, which opens up the door for equity bulls to target the 161.8% Fib. This level of confluence is also highlighted approximately by the upward-sloping trendline, which could pose as an area of technical resistance.
Reference: Reuters, CNBC, Daily FX
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