US markets opened down fractionally as weak earnings reports from Walt Disney, Macy's and Fossil reverberated across the consumer sector, but have stayed the course trading sideways during the late morning session. The afternoon session is looking weak and the short-term indicators are neutral to slightly bearish. WTI crude has peaked at the 46 level after crude jumped about 3 percent and has become quiet - consolidation?
Here is the current market situation from CNN Money
North and South American markets are mixed. The Bovespa is higher by 0.40%, while the S&P 500 is leading the IPC lower. They are down 0.50% and 0.14% respectively.
BRUSSELS (Reuters) - The European Union's competition regulator blocked on Wednesday CK Hutchison Holdings' plan to become Britain's biggest mobile telecoms network operator, in a decision which also cast doubts on whether it can still win approval for another deal in Italy.
FRANKFURT (Reuters) - Europe's biggest software company, SAP , is the subject of a U.S. security alert over a vulnerability the firm disabled six years ago that can still give outside attackers remote control over older SAP systems if the software is not properly patched.
NEW YORK (Reuters) - Oil prices jumped about 3 percent on Wednesday after the U.S. government reported crude inventories fell unexpectedly for the first time since March, adding to concerns over supply disruptions in Canada and Nigeria.
HANOI/WASHINGTON (Reuters) - Vietnam hosts a defense symposium this week attended by top American arms manufacturers, ahead of a visit by U.S. President Barack Obama and as Washington weighs whether to lift an arms embargo on its former enemy.
The STOXX Europe 600 is trending below declining and bearishly positioned 26 and 40-week moving averages, and as BofAML's Stephen Suttmeier warns, ECB quantitative easing has not reversed this bearish trend.
The 2016 set-up is similar to early 2001 and early 2008 with important resistance at 350 and important support at 300. Both 2001 and 2008 saw rebounds into bearishly positioned and falling 26/40-week MAs that formed important lower tops in May.
This pattern could repeat or at least rhyme moving into May 2016, and the bearish wedge is a warning that Europe could follow this pattern.
The breaks below 300 in September 2011 and June 2008 led to much deeper weakness and a similar break in 2016 could see the SXXP trend down toward 200.
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