{"id":96695,"date":"2016-10-12T06:34:48","date_gmt":"2016-10-12T10:34:48","guid":{"rendered":"http:\/\/countingpips.com\/?p=96695"},"modified":"2016-10-12T06:34:48","modified_gmt":"2016-10-12T10:34:48","slug":"morning-call-market-overview-for-12-10-2016","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/10\/morning-call-market-overview-for-12-10-2016\/","title":{"rendered":"Morning Call. Market Overview for 12.10.2016"},"content":{"rendered":"
October 12, 2016<\/div>
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Article By RoboForex.com<\/u><\/a><\/strong><\/p>\n

The Big Picture<\/h2>\n

Yesterday the US Earnings season got underway. The aluminum producer Alcoa announced its quarterly numbers, which came in lower than expected. Turnover fell by 6% to 5.21 billion USD last quarter. Earnings per share were stated at 0.32 Cents, against analyst expectations of 35 Cents. Investors were disappointed by the results leading to the stock dropping 11.42%, this being the largest drop in 5 years. Alcoa is a supplier to the aeronautical business, these numbers show that there are problems in this sector. The Chinese and Russian market for business planes is sluggish, additionally Boeing is reporting that sales of commercial are also weaker. Air carriers from oil producing sites and emerging nations are suffering problems. These countries were responsible for the boom in the aeronautical business in recent years.<\/p>\n

DAX<\/h2>\n

The DAX is in a sideways trend.\u00a0 Resistance is at 10820, support at 10250.<\/p>\n

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Euro \/ USD<\/h2>\n

The Euro is in a large sideways trend against the Dollar. Support is at 1.0822, resistance at 1.1429.<\/p>\n

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USD \/ JPY<\/h2>\n

The USD is in an upward trend.<\/p>\n

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Gold<\/h2>\n

Gold is in a downward trend.<\/p>

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WTI Oil<\/h2>\n

WTI Oil is in an upward trend<\/p>\n

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Overnight:<\/h2>\n

The German stock market was not able to hold on to its gains, after trading in positive territory by lunchtime. BASF reported better than expected results and confirmed its yearly target. The DAX and BASF initially rose, yet dropped after Alcoa announced its results, the DAX closing at -0.44%.<\/p>\n

Alcoa\u00b4s\u00a0 weak numbers lead to heavy losses on Wall Street. the S&P 500 losing 1.24% and the tech sector\u00b4s Nasdaq losing 1.47%. Weakest stock of the day was Illumina, losing 24.81% after announcing bad numbers. Asian stocks are trading lower. The USD is unchanged, Gold and WTO Oil trade up.<\/p>\n

Economic Data:<\/h2>\n