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European Daily Market Review
2021-09-24 08:07UTC
The leading European stocks lost some ground this morning as investors react to central bank policy decisions and monitor developments surrounding China Evergrande Group.The pan-European Stoxx-600  fell 2% shortly after the opening bell.The German DAX slipped 0.64%, the French CAC-40 lost 0.78% and the British FTSE-100 declined 0.24%.The GBP partly retreated versus the USD, trading at around $1.3710 at 8:20 a.m. London time.The biggest Greek electricity company called Public Power Corp dropped around  13.5% this morning. This is the largest tumble since March 2020.The German 10-year yield marked its biggest rally since February on Thursday, after Norway’s central bank became the first central bank to introduce tougher policy following the COVID-19 crisis.German sportswear giants of Adidas and Puma retreated 3.7% and 2.5%, respectively. This comes after Nike reduced its fiscal 2022 sales forecasts.
Gold Prices Advanced
2021-09-24 07:27UTC
Gold prices rallied this morning during the Asian hours, recovering around 1%.Now, gold trades at $1753.73, which is another rise of $11.69 or 0.67% from the previous close of 1742.04.The daily trading range is from $1742.04 to 1756.48, while the trading volume is 76.759K.The USD is into a negative relationship to the precious metals. The greenback added some ground but it is still just around a one-week bottom, which boosted the yellow metal, although the U.S. Federal Reserve’s plans to begin asset tapering sooner than expected.The Fed reported that it would likely begin asset tapering within 2021 and hike interest next year.Silver added 0.5% to $22.61 per ounce and soared 1% for the week so far. Palladium rose 0.5% to $1,992.67 but was set for a third consecutive week of losses.  
Asian Daily Market Review
2021-09-24 01:59UTC
Asian markets are trading mostly higher on Friday following a second consecutive strong winning session on Wall Street. Investors seem to be ignoring reports that Evergrande Group has failed to pay the interest due on its offshore bonds on Thursday. It was also reported that Beijing has warned local officials to prepare for the potential failure of the real estate developer. In Japan investors are returning from a mid-week public holiday and are sending the Nikkei 1.7% higher on the back of a weaker Yen. Shares of Softbank Group are trading 2.9% higher, and Sony shares are surging 3.7% higher. Among the major exporters Toyota is adding 2%, Panasonic trades 2% higher as well, and Canon has a 3.2% gain. Australia’s S&P/ASX 200 is edging lower by 0.2%, although the big four banks are making gains. NAB trades 0.6% higher, Commonwealth Bank is advancing 0.5%, and Westpac is 0.5% higher as well, while ANZ shares are flat. The major miners are mixed however, with BHP falling 1.7%, but Rio Tinto adding 0.4%. Mainland Chinese markets have opened lower after their gains yesterday, with the benchmark Shanghai Composite falling 0.3%, while the smaller cap Shenzhen Composite has a loss of 0.5%. Over in Hong Kong the Hang Seng is edging lower by 0.2%. In South Korea the Kospi is advancing 0.3%, while the Taiex in Taiwan has a 0.9% gain. Southeast Asian markets have a mixed open however, with Singapore’s Straits Times Index advancing 0.4%, while the KLCI in Malaysia is edging lower by less than 0.1%, and the Jakarta Composite in Indonesia is flat at the open.
U.S. Daily Market Review
2021-09-23 13:03UTC
Wall Street is about to advance after investors largely resulted in higher issues over the Federal Reserve's plans for tapering.Moreover, China’s property market eased somewhat and as the Federal Reserve preserved the present monetary stimulus.The Dow Jones Industrial Average added 238 points, or 0.6%. The S&P-500 added 0.6% and Nasdaq-100 also secured 0.6%.The number of Americans filing for first-time jobless benefits unexpectedly jumped last week. The Labor Department reported 351,000 Americans filed for first-time unemployment benefits in the week ended Sept. 18.The USD dropped off one-month peak on Thursday.Canadian retail sales soared 2.1% in August after losing 0.6% in July as restrictions linked to the COVID-19 pandemic were removed. The downfall in July, marked the largest decrease over the course of the last four months.
The USD Is Into A Lower Side
2021-09-23 12:51UTC
The USD lost some territory during the European trading hours.In fact, the greenback fell from a one-month high as traders digested the previous session’s Federal Reserve meeting.Presently, the USD versus the Euro trades at 0.852 EUR, which is a decline of 0.0027 Euro or 0.32% from the previous close of 0.8550.The daily trading range is from 0.8523 to 0.8557. The USD Index, which tracks the greenback against a basket of six other currencies, slipped at 93.332.The Fed preserved the policy settings unchanged on Wednesday as it was predicted.USD/TRY gained 0.3% to 8.6693, with the Turkish central bank meeting later today. The Turkish consumer price index jumped to 19.25% last month. Turkey’s central bank is very expected to preserve interest rates at high levels despite serious opposition from the country’s president, Recep Tayyip Erdogan. 
European Daily Market Review
2021-09-23 07:30UTC
European stocks rallied this morning as global markets reacted to the latest statements from the U.S. Federal Reserve.This represents a surge for third session as the mood improved amid easing concerns about cash-strapped developer China Evergrande.The German DAX added 0.62%, the French CAC-40 inclined 0.46% and the British FTSE-100 advanced 0.17%. The pan-European Stoxx 600 index inclined with all sectors into a higher side.Market analyst are focused on the Bank of England’s meeting later today for inflation outlook and taper timelines.Royal Mail Plc soared 1.5% after it forecast a surge in first-half operating profit.French car parts company Faurecia secured 3.2% even as it lowered its main 2021 financial targets due to a a massive loss in worldwide automotive production. Rival Valeo also advanced 3%.
Crude Oil Prices Advanced
2021-09-23 06:29UTC
Oil prices added further ground this morning.In hand, demand is largely surging more than predicted draw in U.S. crude inventories.Now, oil trades at $72.323, which is a further rise of $0.354 or 0.49% form the previous close of 71.969.The daily trading range is from $71.890 to 72.521, while the trading volume is 8.769K.The market mode was also sstimulated by a broad plunge back into risk assets, amid worries over a potential default by huge property developer China Evergrande.The rally oil prices took place as the USD preserved its grounds around a one-month high after the U.S. Federal Reserve indicated in rate rises could happen sooner than expected.
Asian Daily Market Review
2021-09-23 02:03UTC
Asian markets are off to a mixed start on Thursday as investors across the region react to the overnight results of the latest Federal Reserve monetary policy meeting. The Fed announced they will begin tapering their bond purchases “soon”’ and will finish by the end of 2022. The U.S. dollar is rallying strongly in response to the Fed, and the yield curve has flattened as well. Most markets have reopened after the mid-Autumn Festival, however markets are closed in Japan today for another public holiday. Traders are also continuing to monitor the developments is the debt crisis at the China Evergrande Group, although concerns have eased after the developer issued a vague statement regarding a local bond interest payment. In Australia the S&P/ASX 200 is rallying 1% higher in response to the overnight Fed statement. The big four banks are helping lift the index today, with ANZ adding 0.8%, NAB trading 1% higher, Commonwealth Bank advancing 1.2%, and Westpac posting a 0.6% gain. The major miners are mixed however, as BHP shares are falling 0.2%, but Rio Tinto shares are 0.6% higher. In mainland China the benchmark Shanghai Composite has jumped 1.1% higher at the open and the smaller cap Shenzhen Composite has a 0.9% gain. Over in Hong Kong the Hang Seng is surging higher by 2.2%, with shares of China Evergrande Group trading up more than 25%. South Korea’s Kospi is falling 0.8%, but in Taiwan the Taiex has a gain of 1%. Southeast Asian markets are advancing, with Singapore’s Straits Times adding 0.7%, the KLCI in Malaysia advancing 0.3%, and Indonesia’s Jakarta Composite is adding 0.2% in early trade.
Crypto Daily Market Review
2021-09-22 20:42UTC
After a painful two-day slide the cryptocurrency markets finally stabilized and began climbing higher on Wednesday, but only after Bitcoin (BTC) made a brief stop below the $40,000 level in early trade. However by the end of the day Bitcoin was back above $43,000 with a 3.7% gain on the day. Ethereum (ETH), the second largest cryptocurrency by market cap, was also recovering after trading below the $3,000 level early on. Late Wednesday Ethereum was back above $3,000 as it added 4.6% on the session. The other altcoins in the top ten also made solid gains for the day, with the best gains in the top ten coming from Polkadot (DOT) as it added 10.7%. Solana (SOL) also made a strong recovery with a daily gain of 9.4%. Others in the top ten also performed better than Bitcoin and Ethereum. Ripple (XRP) was up by 6.3% and was flirting once more with the $1 level. And Cardano (ADA) added 6.6% on the day to reach $2.20 a token. Binance Coin (BNB) was an underperformer however, adding just 3% on the day. The best gain in the top 100 altcoins came from Axie Infinity (AXS), with the blockchain game related token rising 18.7%. That took the token value back above $60, although the token is still 35% off its all-time high notched on September 4, 2021. In a very unusual occurrence there were no tokens in the top 100 to suffer a loss. That almost never occurs and is serves to highlight the strength of the rebound in the crypto market.
Facebook Shares See More Downside
2021-09-22 20:28UTC
Facebook shares got hit again on Wednesday, falling 4% on the day even as the broader market was rallying strongly in reaction to the latest Federal Reserve monetary policy statement. This time the issue for Facebook shares was a warning from the company that Apple’s privacy changes have had a greater impact on Facebook’s third quarter ad sales than previously thought. While this isn’t new news, the company already highlighted the negative impact of Apple’s privacy changes at its second quarter earnings call, Facebook shared this time that it had underreported iOS web conversions by roughly 15%, making advertisers think the impact was even greater than it actually was. The news comes on the heels of what’s been a week-long attack by the Wall Street Journal against Facebook. The Journal has already published a five-part series of scathing investigative journalism uncovering a number of negative practices by Facebook. Plus, this isn’t the first time that Facebook has been found to be misleading advertisers with its metrics. In the past it was found that Facebook had inflated video ad metrics, and failed to act quickly to fix the problem. Facebook claims it is working to improve its metrics and reporting, but advertisers are understandably hesitant after being burned a number of times by Facebook’s deceptions and failure to quickly address known issues with its ad platform and metrics. To be fair, Facebook has long been warning that the new privacy changes for Apple users would negatively impact the way its ad targeting business works. That’s been validated by Apple’s own data showing very few iOS users are opting into iOS tracking.
U.S. Daily Market Review
2021-09-22 18:36UTC
U.S. markets headed into the afternoon session on Wednesday with solid gains that held after the Federal Reserve concluded its latest monetary policy meeting. The Fed concluded the meeting with a statement that they would soon begin tapering their bond buying. Additionally, some members of the Fed now see the first interest rate hikes in the U.S. coming in 2022 rather than 2023 as previously projected. Halfway through the afternoon on Wall Street the Dow Industrials are trading 1.4% higher, while the S&P 500 is adding 1.3% and the Nasdaq is 1.2% higher. The S&P 500 is showing all eleven of its subsectors in positive territory, with the best gain coming from the energy sector with a gain of 4.3%. The financial sector is trading 2.2% higher as well as the banks will certainly benefit from rising interest rates in 2022. Also making solid gains are the materials and industrials, up by 1.9% and 1.6% respectively as the Fed decision indicates they have confidence in the U.S. economic recovery. Boeing is leading gains for the Dow, advancing 4.4%. Just behind is Chevron with a gain of 4.1%. Following that are two banking giants, Goldman Sachs and JPMorgan, with gains of 2.8% and 2.7% respectively. At the bottom of the Dow is Facebook, whose shares are falling 3.8% after warning that Apple’s privacy policy changes will have a greater than expected impact on the third quarter results. Facebook didn’t take the lowest spot in the Nasdaq however. That distinction went to Peloton, whose shares are trading 7.8% lower, although there seems to be no specific news causing the plunge in shares.
European Daily Market Review
2021-09-22 15:16UTC
European investors have shed their fears of an Evergrande real estate crisis, sending markets all across the European Union higher on Wednesday. Investors are also awaiting the results of the latest Federal Reserve meeting in the U.S., which is apparently having no negative impact on sentiment, even though the central bank is expected to announce the start of tapering in its bond buying program. Heading into the final hour of trading the pan-European Stoxx Europe 600 is trading 1% higher, while the CAC 40 in France has a 1.2% advance, and the DAX 30 in Germany is adding 0.9%. Over in Spain the IBEX 35 is up by 0.6% and in Italy the FTSE MiB has a gain of 1.3%. In the German DAX 30 the auto manufacturers are climbing, with shares of Daimler leading the way higher with an advance of 4.1%, while shares of BMW are adding 3.3%. Deutsche Bank is also making good gains, with shares up 3.6%. At the bottom of the index is food delivery company HelloFresh, with a loss of 3%. In France’s CAC 40 shares of Vivendi are soaring 150% higher after announcing the sale of Universal Music, which is being valued at $39 billion. Also gaining 4.2% today are shares of ArcelorMittal. While there are only a handful of shares in the red, the worst loss is a 1.2% drop in shares of Dassault Systemes. Over in the U.K. the FTSE 100 is outperforming with a gain of 1.4%. There are less than ten company shares in the red, and the best gainer in the index is Antofagasta with a gain of 7.8%.
Asian Daily Market Review
2021-09-22 01:58UTC
Asian markets are mostly lower on Wednesday morning as Chinese investors return from a two-day holiday and the region watches to see what the fallout from the China Evergrande crisis might be. Worries of global contagion in the real estate sector have surrounded the crackdown by China on real estate firms. Japan’s Nikkei is falling for a second consecutive session, with the index trading 0.8% lower. Shares of Softbank are down slightly by 0.2%, and Sony is losing 1% in early trade. Among the major exporters Toyota is 1.2% lower, while Panasonic shares are flat, and Canon trades down by 1.1%. In Australia the S&P/ASX 200 is modestly lower by 0.2% as the big four banks continue falling. Shares of ANZ are lower by 0.3%, NAB has a 1% loss, Commonwealth Bank is losing 0.5%, and Westpac is 1% lower. Meanwhile the major miners are supporting the broader index as both BHP and Rio Tinto trade 0.6% higher. In mainland China markets have opened lower, with the benchmark Shanghai Composite 0.7% lower, and the smaller cap Shenzhen Composite 0.7% lower as well as investors worry over the Evergrande crisis. Over in Hong Kong the Hang Seng is rebounding off an eleven month low and trading 0.5% higher to lead gains for the region. South Korea’s markets are closed for a third consecutive session, but investors will return tomorrow. In Taiwan the Taiex has dropped 1.9% to lead losses across the region. Southeast Asian markets are falling today as well, with the Straits Times in Singapore losing 0.4%, and the KLCI in Malaysia matching that with its own 0.4% loss.
Markets Ready For FOMC Meeting
2021-09-21 22:24UTC
The Federal Reserve meeting is always a highly anticipated event, but tomorrow’s meeting is particularly important to market participants as the Fed is widely expected to signal the start of its bond tapering program. They could also update their dot plot, and it’s expected that they’ll announce more interest rate hikes than previously expected. Of course the Fed faces some challenges in reassuring markets while also telegraphing the changes coming after more than a year of massive monetary stimulus that was put in place to fight the economic fallout from the pandemic. At this point economists are expecting the Fed to announce that it will begin tapering its massive bond buying program in November, which is a bit earlier than was previously expected. A drop in stimulus would be negative for equity markets, but could provide a boost to the U.S. dollar. Also possible from this meeting is an update to the Fed’s dot plot, which is its future expectations for interest rate hikes. Currently the dot plot shows just three interest rate hikes through 2023, however it’s widely expected that the Fed will be increasing that to as many as six interest rate hikes through 2023, bringing the Fed funds rate to 1.6%. Of course it’s also possible that the Fed could delay tapering plans given the recent weak labor data and stronger than expected consumer inflation data. If that’s the case then equity markets could finally break out of their slump as investors will almost certainly be enthused by continued stimulus. Whatever the outcome of the meeting, tapering or no, it’s likely to drive market action in the coming days.
U.S. Daily Market Review
2021-09-21 11:00UTC
U.S. stocks are into recovery today following the S&P 500′s lowest session of the last quarter.The Dow Jones Industrial average added 42 points, or 0.1%. The S&P-500 inclined 0.1% and the Nasdaq Composite is into a higher side. The rising path is taking place, while the markets are focused on the end of the Federal Reserve’s two-day meeting.U.S. single-family homebuilding dropped for a second straight month in August.The USD preserved the same grounds, just around one-month peak as global markets bounced somewhat on Tuesday after a risk-off mood dominated in the prior session.The USD index secured 0.012% after rallying to 93.455, while the euro slipped 0.01% to $1.1724.Leading congressional Democrats stated yesterday that they will call for a  measure to suspend the federal borrowing limit through the end of 2022, in order to preserve the government funded through early December.
The USD Is Into A Falling Side
2021-09-21 10:42UTC
The USD retreated some territory from a one-month peak tested overnight as equity market futures moved higher on Tuesday.Currently, the USD versus the Euro trades at 0.851 EUR, which is a loss of $0.0007 or 0.08% from the previous close of 0.8526.The daily trading range is from $0.8518 to 0.8531.The USD steadied at 93.190 after reaching its peak since Aug. 23.As markets stabilised after Monday's selloff, investors remained broadly cautious. Just before Evergrande's debt crisis, the USD has been stimualted ahead of a Federal Reserve meeting this week.Defying the risk-averse mood, the Australian dollar advanced around 0.4% to $0.7276.
European Daily Market Review
2021-09-21 07:23UTC
European stocks are partly higher and recovering some lost ground. This comes after their largest downfall over the largest two months.The German DAX surged 0.53%, the French CAC-40 added 1.05% and the British FTSE-100 secured 0.67%.The pan-European Stoxx-600 gained 0.4% in all sectors entering into a higher side.Euro zone bond yields preserved their ground this morning as markets appeared to calm from a sell-off a day earlier driven by worries over Chinese property developer Evergrande’s debt woes.Royal Dutch Shell advanced 3.3% after it said it would sell its Permian Basin assets to ConocoPhillips for $9.5 billion in cash.British transport company Stagecoach Group jumped almost 20% after announcing it is negotiating with National Express about a likely all-share merger.
Gold Prices Declined
2021-09-21 06:14UTC
Gold prices dropped this morning during the Asian hours. The weekly data indicated in a massive level in the coming sessions.As a matter of fact, the price of gold has retreated over the last 2 weeks and once again oscillated around the $1800/oz psychological mark.Now, gold trades at $1761.66, which is a loss of $1.91 or 0.11% from the previous close of 1763.57.The daily trading range is from $1760.63 to 1765.96, while the trading volume is 47.369K.The market are still focused on the Fed’s timetable to begin asset tapering and hike interest rates.The Bank of Japan and Bank of England will report on Thursday this week.In the meantime, silver added 0.1% after rallying to a more-than-nine-month bottom of $22.01 during the previous session.
Asian Daily Market Review
2021-09-21 02:03UTC
Asian markets are following the sharp overnight losses on Wall Street, where the S&P 500 posted its worst daily loss since May on severe risk aversion from investors. Cryptocurrency markets are also continuing lower in response to the rising risk aversion. Across Asia investors are worried that a Chinese crackdown on the real estate sector could spark a global real estate crisis. Japanese investors returned from a holiday extended three-day weekend to send the Nikkei lower by 1.9% in early trade. The Yen strengthened versus the U.S. dollar as investors chose the Japanese currency as a haven from uncertainty and fears. Shares of Softbank Group plunged 5.1% and Sony trades 1.1% lower. Among the major exporters Toyota is down 1.2%, Panasonic shares have fallen 2.2%, and Canon is losing 2.1%. Australia’s S&P/ASX 200 is also showing some weakness, but has recovered off its lowest levels of the day to trade slightly lower by less than 0.1%. The big four banks are contributing to weakness for the index, with ANZ down 0.4%, NAB falling 1.1%, Commonwealth Bank dropping 0.8%, and Westpac trading 1.2% lower. Meanwhile the major miners are recovering from yesterday’s losses and supporting the broader index. Shares of BHP trade 1.4% higher, and Rio Tinto is adding 1.8%. Mainland Chinese markets are closed for a second consecutive session for the Mid-Autumn festival. Over in Hong Kong markets are open for trade, and the Hang Seng is adding 0.4% despite the worries over China’s crackdown on the real estate sector. Markets are also closed today in South Korea and in Taiwan. Singapore’s Straits Times is adding 0.4% and Malaysia’s KLCI is 0.1% higher.
U.S. Daily Market Review
2021-09-20 13:03UTC
U.S. stock futures started the new week into a lower side as most traders and are still not betting on any big positions.Futures on the Dow Jones Industrial average slipped 650 points, or 1.9%. The S&P-500 futures dropped 1.7. Nasdaq-100 futures fell 1.7%. Ford and Carrier Global tumbled more than 3%. General Motors and Boeing retreated about 2% each. Oil giants of Chevron and Exxon Mobil led the falling path ion pretrading.The hitech leaders of Microsoft Corp, Google-owner Alphabet Inc, Amazon.com Inc lost between 1.4% and 3.7%.United Airlines, American Airlines and Delta Airlines retreated 2.9% amid rising COVID cases,  which resulted in higher concerns over the future of the travel sector and the economy as a whole.
European Daily Market Review
2021-09-20 08:15UTC
European stocks are partly lower today  as global markets are still worries over the timing of the U.S. Federal Reserve’s tapering.The German DAX slipped 2.12%, the French CAC-40 dropped 2.35% and the British FTSE-100 lost 1.47%. The pan-European Stoxx-600 index fell 1.5%.German shares tumbled almost 2% to their bottom, sinking as the numbers suggested in a greater than predicted rally in producer prices last month.The euro zone bond yields are looking for a direction at the start of a busy week.The Fed is still likely to lay the groundwork for a slowdown of its bond purchases.French cloud computing services provider OVHcloud reported earlier today that it was hoping for a revenue growth rate in the mid-twenties by 2025.OVHcloud said it was hoping to raise 400 million euros ($468.64 million) through public stock selling.
Crude Oil Prices Dropped
2021-09-20 06:20UTC
Oil prices retreated today, extending the falling path from Friday after the USD rallied to a three week peak.Now, oil trades at $70.928, which is a further loss of $0.966 or 1.34% from the previous close of 71.894.The daily trading range is from $70.925 to 72.056, while the trading volume is 11.853K.In the meantime, around 25% U.S. Gulf of Mexico output is still shut down in the wake of two hurricanes. U.S. West Texas Intermediate (WTI) crude futures dropped 55 cents.The USD advanced to a three-week high following a surge at the end of last week, amid higher forecasts of the U.S. retail sales data.  
Asian Daily Market Review
2021-09-20 01:33UTC
Markets are heading broadly lower across the Asian region on Monday morning, with Australia leading the charge lower, while major markets in Japan, China, and South Korea are all closed for a public holiday. Japanese traders will return tomorrow, but China’s markets are closed until Wednesday, and South Korean traders aren’t due to return until Thursday. Considering most of the region’s major markets are closed today trading volumes are expected to be low, but that could lead to volatility. In Australia the S&P/ASX 200 is trading 1.2% lower, with the mining sector dragging the index down, although the big four banks are also trading lower today. Shares of ANZ are down 0.4%, NAB has a loss of 0.5%, Commonwealth Bank has fallen 0.8%, and Westpac is losing 0.7%. Meanwhile the major miners are suffering far greater losses, with BHP falling 3.6%, Rio Tinto dropping 2.6%, and iron giant Fortescue Metals suffering a loss of 4.7%. Shares of Australia’s energy producers are also underperforming the broader index, with Santos losing 2.3%, Beach Energy falling 0.7%, and Woodside Petroleum dropping 1.5%. Those losses are coming as crude oil prices are under pressure today, mostly due to a surge higher in the U.S. dollar versus rivals. Markets in Taiwan are also closed today for the Mid-Autumn festival, and will remain closed tomorrow, reopening on Wednesday. In Southeast Asia markets are trading lower as well, with the KLCI in Malaysia losing 0.4% in early trade, while the Straits Times in Singapore is edging lower by less than 0.1%, while Indonesia’s Jakarta Composite has opened to a slight loss as well.
September Is Living Up To Its Reputation
2021-09-17 20:13UTC
The September slump continued on Friday in the U.S., with markets notching broad based losses as investors worry over COVID infection rates, the Federal Reserve meeting next week, and the historical tendency for September to be the worst month of the year for equities. Whether or not it’s a self fulfilling prophecy, markets certainly have been taking it on the chin this September. At the close Friday the Dow Jones Industrial Average was 0.6% lower, the S&P 500 shed 0.9% and the Nasdaq Composite lost more than 0.9% as well. The only good news was from the small cap Russell 2000, which finished the day flat. The S&P 500 has already lost more than 2% in September, which is far greater than the historical average of a 0.4% loss for the index in September. Even worse news is that the bulk of historical losses have come in the second half of September, meaning markets could be looking forward to a good deal of pain in the coming two weeks. Some of Friday’s losses can be attributed to the quadruple-witching day, which is the expiration of stock index futures, stock index options, stock options, and single-stock futures. However there’s plenty to worry about in the coming weeks. That includes next week’s Federal Reserve meeting, and the possibility that the global economic recovery is floundering. Of course the COVID pandemic will also continue to weigh on sentiment. On a weekly basis the Dow Industrials fell 0.2%, the S&P 500 lost 0.6%, and the Nasdaq fell 0.5%. This is the second consecutive weekly loss for U.S. indices.
U.S. Daily Market Review
2021-09-17 10:29UTC
The main indexes dropped today as the market is still cautious due to a resurgent Covid cases.The Dow Jones Industrial Average slipped about 170 points or 0.5%. The S&P-500 tumbled 0.7% and the Nasdaq Composite declined 0.8%.United Airlines and Carnival Corp. both secured more than 1%. American Airlines and Delta also rose surged 1.5%.Norwegian Cruise Line advanced 3%.The USD appreciated to three-week highs today. The marked mode is still stimulated by the higher U.S. retail sales data released on Thursday that backed forecasts. The USD index registered 93.094, its highest since late August. It was last up 0.2% at 93.062.U.S. consumer sentiment entered into a steady pattern in early September, which is the weakest mark of the last decade. As a matter of fact, the University of Michigan stated that the consumer sentiment index rallied to 71 in the first half of September from 70.3 in August.
European Daily Market Review
2021-09-17 10:29UTC
European markets are still without a clear direction today as global investors continued to weigh the prospect of falling economic growth.The German DAX slipped 0.08%, the French CAC-40 lost 0.05% and the British FTSE-100 incline 0.02%.The pan-European Stoxx-600 was roughly flat by late morning, having earlier gained around 0.7%.U.K. retail sales tumbled in August, falling 0.9% month on month against a Reuters average estimate for a 0.5% rise. Euro zone inflation jumped to 10-year high in August, according to official data published Friday. Euro zone government bond yields rallied to two-month peak today after a report implied in that the European Central Bank is very likely to mark its inflation target by 2025.The GBP is preserving its ground below a recent one-month peak versus the USD on Friday as UK retail sales undershot expectations.British retail sales volumes unexpectedly lost some side last month in their longest streak of losses.
Gold Prices Advanced
2021-09-17 06:35UTC
Gold prices rallied this morning during the Asian hours but still advanced towards a second weekly retreat.Now, gold trades at $1764.90, which is a rise of $11.93 or 0.68% from the previous close of 1752.97. The daily trading range is from $1752.44 to 1765.10, while the volume is 43.82K. In the main market scope is the U.S. Federal Reserve policy decision that could provide give signals about asset tapering.The USD which is into a negative relationship to the precious metals, dropped this morning but is still around three-week peaks.The USD was stimulated by data reported yesterday that the U.S. core retail sales secured 1.8% on monthly basis and retail sales soared 0.7% month-on-month in August.Some predictions indicated in that the asset tapering could be launched as early as in November.
Asian Daily Market Review
2021-09-17 02:24UTC
Asian markets are trading mostly higher today after Wall Street recovered from sharp early losses overnight to close mixed as well. The same worries continue to drag on sentiment, both in the U.S. and in Asia. Japan’s Nikkei is trading 0.6% higher to lead gains across the region as the U.S. dollar has reversed the Yen strength. A weaker Yen is beneficial to Japanese exporters as they receive more Yen when they repatriate revenues from overseas. Shares of Softbank Group are trading 0.2% higher today, and Sony also has a 0.2% advance. Among the major exporters Toyota is also adding 0.2%, but Panasonic shares are 0.6% lower, while Canon is edging up by 0.1%. In Australia the S&P/ASX 200 is leading losses for the region as it trades 0.9% lower. After a single day of gains the big four banks have turned lower once more to weigh on the broader index. Shares of ANZ are 0.6% lower, NAB is falling 1.2%, Commonwealth Bank is down 0.3%, and Westpac has an 0.8% loss. The major miners are falling far more sharply however, with BHP losing 3.1% and Rio Tinto 3.4% lower. Chinese markets have opened to gains for the first time this week, with the benchmark Shanghai Composite trading 0.3% higher, while the smaller cap Shenzhen Composite is inching up by 0.1%. Over in Hong Kong the Hang Seng is also on the mend, adding 0.4% in early trade. South Korea’s Kospi trades 0.1% lower today, while the Taiex in Taiwan trades 0.1% higher. Southeast Asian markets are broadly lower, with Malaysia’s KLCI down 0.5%, while both the Jakarta Composite in Indonesia and the Straits Times in Singapore trade slightly lower by 0.1%.
Gold Slides On Strong Retail Sales Data
2021-09-16 20:27UTC
The slide lower in gold intensified yesterday as the U.S. dollar rallied following much stronger than expected U.S. retail sales data for August. U.S. gold futures fell to a one-month low, settling 2.1% lower at $1,756.70 an ounce. August retail sales in the U.S. increased by 0.7% versus expectations for a decrease of 0.8%. The growth indicated that the U.S. consumer remains resilient, and that gives the Fed more ammunition to begin tapering bond purchases before the end of the year. At this point it seems that gold bulls are running for the exits, and without some catalyst to halt the slide gold could continue heading lower in the coming weeks. Potential catalysts include some geopolitical event, or some news from the Fed, which is unlikely ahead of next Wednesday’s meeting of the central bank. Currently there are expectations for the Fed to come out as even more hawkish at next week’s meeting. Analysts are now expecting the Fed to modify its dot plot, or the future forecast for interest rate hikes, to indicate as many as six rate hikes through 2024. Currently the Fed is only forecasting three rate hikes through 2024. An increase in expectations for rate hikes will benefit the U.S. dollar, and gold has a strong negative correlation with the USD. There are many Fed members pushing for tapering by the end of this year, and strong calls for interest rate hikes in the coming year. That could spell disaster for gold over the coming weeks and months. However if the Fed disappoints and doesn’t meet current expectations we could get a rebound that takes gold back to the $1,800 level.
U.S. Daily Market Review
2021-09-16 12:39UTC
The main indexes are into a falling mode.The Dow Jones Industrial Average fell despite higher than estimated August retail sales.The S&P-500 slipped 0.6%. The Nasdaq Composite slipped 0.6%.The Commerce Department's August retail sales announced overall sales surge 0.7% on the month after a downwardly revised 1.8% loss in July.U.S. business inventory accumulation slowed in July as motor vehicle retailers struggled to restock amid an ongoing global semiconductor shortage, which is forcing automobile manufacturers to scale back production.Business inventories secured 0.5% after adding 0.9% in June, as reported by the Commerce Department.Furthermore, inventories gained little more than 7% on annual basis in July. 
European Daily Market Review
2021-09-16 08:01UTC
European stocks jumped today. This is the result of recovery in travel stocks and overnight strength in Wall Street.The German DAX added 0.60%, the French CAC-40 inclined 0.64% and the British FTSE-100 advanced 0.44%.The pan-European Stoxx-600 also surged 0.6% in early trade, with travel and leisure stocks adding 1.8% to lead the advancing path.British online trading company IG Group gained more than 4.1% to lead the Stoxx 600.Germany’s 10-year yield advanced to a new two-month peak as issuance was set to pick up again.Austria started the sale of a new 15-year bond in a syndication.Moreover, Spain is expected to raise around 5.5 billion euros from bonds due 2024, 2026 and 2031.
Crude Oil Prices Into A Higher Ground
2021-09-16 06:44UTC
Oil prices advanced this morning, extending the previous day's solid rallies. This comes after a greater than predicted drawdown in crude oil stocks in the United States.Now, oil trades at $72.65, which is a further gain of $0.04 or 0.06% from the previous close of 72.61. The daily trading range is from $72.39 to 72.99, while the trading volume is 28.499K. U.S. West Texas Intermediate (WTI) crude soared 18 cents, or 0.3%, to $72.78.U.S. crude oil and fuel stockpiles fell largely last week, as reported by the Energy Information Administration (EIA) said on Wednesday.Crude inventories dropped by 6.4 million barrels in the week to Sept. 10 to 417.4 million barrels, according by the EIA.
Asian Daily Market Review
2021-09-16 02:09UTC
Asian markets are trading mostly lower on Thursday morning, despite a solid rebound overnight for Wall Street. Investors in the region remain worried over slowing growth across the region, and the continued spread of the delta COVID variant. Japan’s Nikkei has a 0.1% loss as the Yen continues strengthening versus the U.S. dollar for a third consecutive session. Shares of Softbank Group are trading 1.3% lower, while Sony shares are rising modestly by 0.3%. Among the major exporters Toyota is trading 1% higher, but Panasonic shares are falling 0.9%, while Canon has a slight gain of 0.2%. In Australia the S&P/ASX 200 is leading gains for the region as it rises 0.7% after employment data for the country came in mixed, while the number of jobs fell by twice as much as expected, the unemployment rate also dropped to 4.5% versus 5% expected. Shares of the big four banks are rallying on the news, with ANZ trading 0.8% higher, NAB adding 0.6%, Commonwealth Bank advancing 0.7%, and Westpac also sporting a 0.7% gain. Mainland Chinese markets are mixed, with the benchmark Shanghai Composite rising 0.3% while the smaller cap Shenzhen Composite has a 0.4% loss. Over in Hong Kong the Hang Seng is 0.6% lower to lead losses for the region once again. South Korea’s Kospi is down 0.5%, and in Taiwan the Taiex is flat with a slight loss of less than 0.1%. Southeast Asian markets are little changed, with the Straits Times in Singapore adding 0.2%, while the KLCI in Malaysia and the Jakarta Composite in Indonesia are trading slightly lower by less than 0.1%.
Electronic Arts For A Holiday Boost
2021-09-15 20:44UTC
Shares of video game maker Electronic Arts fell 5.7% yesterday after reports on social media hinted at a possible delay in the release of the highly anticipated Battlefield 2042. That’s the largest daily drop in EA shares since November 2020, when the stock plunged 7.1% lower. That could make for a good buying opportunity if you believe that EA will outperform over the coming holiday season. Even with a shortage of chips for the Xbox and Playstation consoles, analysts believe that the video game makers can have great success over the coming holiday season. The 2020 holiday season was great for Electronic Arts, as was all of 2020 as the pandemic lockdowns caused more people to take up video gaming. However in 2021 the video gaming stocks have lagged the broader market as a number of factors have hit the industry, including hardware shortages, reopening trends that cut into gaming time for players, and the crackdowns on gaming from Chinese regulators. One upside for EA is that even as the video game makers have underperformed the broader market EA has been one of the best performers in the major game makers. Analysts are expecting some pressures due to the shortage of hardware consoles, however that could be offset by higher games prices as well as the fact that these are next generation consoles. And while gaming time is expected to decline, the biggest hit will be to real-time online games. That leaves EA in a good position relative to some other competitors such as Activision Blizzard. Overall EA has a very strong release schedule for the holiday season, and revenues should benefit.
The USD Retreated Some Territory
2021-09-15 13:13UTC
The USD retreated some side versus the main pairs after lower than predicted U.S. inflation data.The USD versus the Euro trades at 0.846 EUR, which is a decline of 0.0007 Euro or 0.08% from the previous close of 0.8468.The daily trading range is from 0.8453 to 0.8472.The USD index marked 92.441, a loss of about 0.3% on the daily basis.Moreover, the USD registered some tumbles after import prices dropped more than estimated in August.This comes as many Fed officials implied in that the Fed could reduce its buying of debt securities by the end of 2021.In the meantime, rising inflation data has preserved the pressure on the Fed.  Moreover, the USD slipped to a four-week bottom of 109.14 yen.
U.S. Daily Market Review
2021-09-15 11:02UTC
The main U.S. stock indexes are without a clear market direction at the start of the session. As a matter of fact, higher taxes created a burden on the economic recovery.Dow futures traded close to the flatline. The S&P-500 futures traded added 0.1% and Nasdaq 100 futures gained 0.2%.U.S. import prices tumbled for the first time in 10 months in August.In reality, import prices dropped 0.3% last month after increasing 0.4% in July, as reported by the Labor Department.The USD depreciated versus the mains pairs after lower than predicted U.S. inflation data released on Tuesday eased short-term forecasts.Manufacturing output secured 0.2% last month, according to the Federal Reserve.Goldman Sachs Group Inc. announced that will buy the lender GreenSky Inc. for $2.2 billion.In fact, Goldman will pay roughly $12 a share in stock for GreenSky.
European Daily Market Review
2021-09-15 11:02UTC
European markets are partly into a lower side after low Chinese economic data.The German DAX fell 0.16%, the French CAC-40 dropped 0.50% and the British FTSE-100 added 0.11%.The pan-European Stoxx-600 tumbled 0.2% below the flatline by mid-morning.The markets are focused on the German federal election on September 26, with polls indicating in the pattern is still too close to predict a clear winner.Ukraine is about to finally secure almost $1.5 billion of financing. The European Union gave a green light o9f aid and the International Monetary Fund prepares a review that could unfreeze a $5 billion loan.Moreover, the President of the European Commission, Ursula von der Leyen reported an additional €4 billion ($4.7 billion) in climate finance to transfer to developing nations.Euro zone government bond yields jumped today. Additionally, CPI numbers implied in that the Federal Reserve might be more dovish at next week’s policy meeting.
Gold Prices Dropped
2021-09-15 06:23UTC
Gold prices retreated this morning during the Asian hours, but are still above the $1,800.Now, gold trades at $1801.20, which is another loss of $2.59 or 0.14% from the previous close of 1803.79.The daily trading range is from $1800.69 to 1804.52, while the trading volume is 53.949K.The markets had to digest the lower numbers than predicted coming from the U.S. inflation that added to uncertainty over the timing of the Federal Reserve’s asset tapering.U.S. data released on Tuesday indicated in that the core consumer price index (CPI) advanced 4% year-on-year and 0.1% month-on-month in August.Meanwhile, silver declined 0.1% and platinum dropped 0.4% after marking over nine-month bottom of $930.83.
Asian Daily Market Review
2021-09-15 01:50UTC
Asian markets are headed mostly lower on Wednesday morning after U.S. consumer inflation came in weaker than expected, leaving the Federal Reserve some wiggle room in the timing of tapering their bond purchase program. Japan’s Nikkei is leading losses for the region, falling 0.8% as the Yen has also strengthened versus the U.S. dollar for the past two sessions. Shares of Softbank Group are falling 3.6% and Sony trades 0.8% lower. Among the major exporters Toyota is dropping 0.8%, Panasonic is down 1%, and Canon has a 0.7% loss. Australia’s S&P/ASX 200 is trading 0.7% lower, with more weakness from the big four banks contributing to the fall. Shares of ANZ are 0.9% lower, NAB trades 1.1% lower, Commonwealth Bank is falling 1%, and Westpac has pulled back by 0.9%. The major miners are are very weak as well, with BHP down 2.5% and Rio Tinto losing 1.4%. Mainland Chinese markets have opened lower once again, with the benchmark Shanghai Composite losing 0.3% at the open, while the smaller cap Shenzhen Composite has a loss of 0.6%. Over in Hong Kong the Hang Seng is trading lower by 0.8% as worries over further regulations against Chinese tech and gaming companies continues weighing on sentiment. In South Korea the Kospi is bucking the falling trend with a small gain of 0.2%, while the Taiex in Taiwan is edging lower by less than 0.1%. Southeast Asian markets are a mixed bag, with the Straits Times in Singapore falling 0.4%, while the KLCI in Malaysia adds 0.3%, and Indonesia’s Jakarta Composite is trading flat at the open.
Is It Time To Look To Small Cap Shares?
2021-09-14 20:23UTC
The S&P 500 has now traded down in six of the past seven sessions, as it posted a 0.6% loss yesterday, despite a cooler than expected reading on U.S. consumer inflation. That has some investors wondering where to move their capital if the S&P is likely to continue falling. There could be a good opportunity in the small cap sector, according to some analysts. As a clue they point to the discrepancies between the S&P 500, which was up 4% in August, and the small cap Russell 2000, which was down 4% in August. That vast underperformance leaves small cap shares undervalued, and it could mean a rebound is coming. “The underperformance of small caps against large has now brought the group to its cheapest valuation on a forward price-earnings basis relative to the S&P 500 in the last 20 years,” according to Jeff Mills, chief investment officer at Bryn Mawr Trust. Another sign that it might be time to move into small cap names comes from the start of 2021. At that time money was flowing into cyclical shares and small cap names in anticipation of the coming economic recovery. While the delta variant of COVID has caused some slowing in that recovery, it seems the recovery will pick up steam later in the year and heading into 2022. That means the cyclical and small cap groups should be in play once again. In fact, large cap names are a very crowded trade right now, with many trading at all-time highs. That could make a strategy of looking for value where others aren’t could pay off soon.
U.S. Daily Market Review
2021-09-14 11:50UTC
The leading U.S. stock indexes retreated earlier rallies after dropping back into their September lows.The Dow Jones Industrial Average slipped about 150 points, or 0.4%. The S&P-500 tumbled 0.1% and the Nasdaq Composite added 0.2%.August CPI advanced 0.3% month-to-month, or 5.3% versus last year. This came below the surge of 0.4% and 5.4% annual rise.Oracle stock price fell more than 3% after Oracle’s first-quarter revenue, came below estimates. The tech giant announced sales of $9.73 billion, which was short of the $9.77 billion forecasts. U.S. consumer prices jumped at their slowest rate of the last six months in August as used motor vehicle prices  lost some side.The USD declined today after data showed a lower than predicted rally of U.S. inflation last month.The USD index lost 0.1% to 92.498. This resulted in additional losses from more than a two-week peak from the beginning of the week.
The USD Is Into A Lower Side
2021-09-14 09:02UTC
The USD lost some ground this morning, with traders waiting for the release of the latest U.S. inflation data.Presently, the USD versus the Euro trades at 0.845 EUR, which is another retreat of 0.0008 or 0.09% from the previous close of 0.8465.Moreover, USD/JPY added 0.1% to 110.09, EUR/USD was flat at 1.1808, after recovering from Monday's bottom of 1.1770.The USD Index that tracks the greenback against versus the main pairs, slipped 0.06% to 92.597 by 10:21 PM ET (2:21 AM GMT).The main focus today is on the release of the U.S. consumer price data, at 8:30 AM ET (1230 GMT). Annual consumer price inflation could sunk to 5.3% from 5.4% in July, while core CPI.
European Daily Market Review
2021-09-14 07:39UTC
European markets are without a clear direction this morning as the markets are focused on the inflation data from the U.S.The German DAX slipped only slightly 0.08%, the French CAC-40 declined 0.79% and the British FTSE-100 dropped 0.37%.The pan-European Stoxx-600 moved around the flatline in early trade, with travel and leisure stocks securing around 0.5%.Euro zone bond yields surged close to peak marks on Tuesday, with the focus on a U.S. inflation print due later in the day.The data, due at 1230 GMT, will be watched closely before next week’s U.S. Federal Reserve meeting. British business hired a record 241,000. In fact, it is reported more than 1 million vacancies in August, which is the highest mark ever.
Crude Oil Prices Into A Solid Advance
2021-09-14 07:05UTC
AOil prices jumped to a six-week peak this morning amid issues over another storm.This is very likely to damage the supply coming from the state of Texas this week even as the U.S. industry has very hard time to return to normal production levels after Hurricane Ida.Now, oil trades at $70.908, which is a further rise of $0.272 or 0.39% from the previous close of 70.636.The daily trading range is from 70.489 to 71.120, while the trading volume is 9.481K.Oil prices rallied for a third straight session, with Brent crude reached to th peak since the beginning of August.U.S. West Texas Intermediate (WTI) crude also climbed 45 cents, or 0.6%, to $70.90 per barrel.The U.S. government agreed to sell crude oil from the nation's emergency reserve to eight companies including Exxon Mobil and Chevron.The Organization of the Petroleum Exporting Countries (OPEC), meanwhile, trimmed its world oil demand forecast for the last quarter of 2021 due to the Delta coronavirus variant. 
Asian Daily Market Review
2021-09-14 02:06UTC
Asian markets are mixed on Tuesday morning after Wall Street snapped a five session losing streak overnight. Concerns over inflation came back to light after Japan reported August wholesale prices at their highest levels in thirteen years. Growth concerns also remain high as global economic data has been less than stellar recently. Japan’s Nikkei is leading gains for the region with a gain of 0.8% despite the inflationary data. Shares of Softbank Group are flat, trading back and forth over unchanged levels, and Sony shares are 0.3% higher heading into the lunch break. Among the major exporters Toyota is 1.2% higher, Panasonic is flat with a slight loss, and Canon trades 0.4% higher. In Australia the S&P/ASX 200 is sliding lower by 0.3% as the big four banks are also mostly lower. Shares of NAB are losing 0.2%, Commonwealth is falling 0.3%, and Westpac is edging lower by less than 0.1%. Meanwhile ANZ shares are 0.1% higher as they buck the falling trend. The major miners are also bucking the falling trend, with BHP slightly higher by less than 0.1% and Rio Tinto rising 0.5%. Mainland Chinese markets are leading losses for the region as the benchmark Shanghai Composite is down 0.6% in early trade, while the smaller cap Shenzhen Composite is unchanged. In Hong Kong the Hang Seng is trading 0.4% lower. South Korea’s Kospi is trading 0.8% higher, and in Taiwan the Taiex has a 0.3% gain. Southeast Asian markets are making modest gains as the Straits Times in Singapore rises o.3%, while the KLCI in Malaysia and the Jakarta Composite in Indonesia are up less than 0.1%.
Crypto Daily Market Review
2021-09-13 21:24UTC
Cryptocurrency markets picked up this week in much the same way they ended last week, under pressure. Leading cryptocurrency Bitcoin (BTC) was flirting with the $44,000 level for the entire day, but never broke below that level, which is considered a major area of support. By the end of the day Bitcoin was down another 2.8%, with market dominance hovering around 41%. Ethereum (ETH), the second largest cryptocurrency by market cap, was down 4.5% to trade below the $3,300 level. Analysts are now predicting that we could see $3,000 before support is found. The only positive results in the top ten altcoins came from Polkadot (DOT), which traded higher by 3.5%. Otherwise it was a sea of red. Cardano (ADA) was the biggest loser in the group as its coin tumbled 9.7%, and even Solana (SOL) was unable to avoid losses as it fell 6.9%. Smaller losses were seen from Binance Coin (BNB), Ripple (XRP), and Dogecoin (DOGE), which fell 4.6%, 4.7%, and 3.7% respectively. The best gain in the top 100 came from the Mina Protocol (MINA), as its coin jumped 13.5% higher. Mina has been described as the world’s lightest blockchain, and it attempts to minimize computational requirements to run dApps more efficiently. Gains have been coming for Minda over the past four sessions after they announced their integration with Polygon to enable privacy-preserving applications on Polygon. Surprisingly given the broad based losses only one coin in the top 100 had a double digit percentage loss, and that was Revain (REV). There seemed to be no news as a catalyst for the drop.
Crude Rallies On Supply Concerns
2021-09-13 19:36UTC
Crude oil hit a six week high yesterday as U.S. supply concerns dominated trader sentiment, and an OPEC report forecast significantly higher crude demand in 2022. Adding to worries is tropical storm Nicholas, which is currently in the Gulf of Mexico and is anticipated to hit the Texas coast, which would further impact the refineries and producers along the Texas Gulf coast. Roughly 40% of all Gulf production remains out of commission two weeks following hurricane Ida, and now Nicholas could shut-in production even further if it hits the Texas coast as a hurricane. The global benchmark Brent crude futures rose $0.59, or 0.8%, to settle at $73.51 a barrel, while U.S. benchmark West Texas Intermediate (WTI) crude rose $0.73, or 1.1%, to settle at $70.45 a barrel. That was Brent's highest close since July 30 and WTI's highest close since August 3. Royal Dutch Shell reportedly evacuated personnel from one of its Gulf oil platforms ahead of the landfall of Nicholas, and other producers are preparing for hurricane force winds all along the Texas Gulf coast. Nicholas is expected to make landfall near Corpus Christi sometime late Monday night or early Tuesday morning. Early on Monday OPEC reported that it expects demand to remain muted in the fourth quarter, but also expects demand to rebound sharply in 2022, reaching levels greater than before the pandemic. At the same time OPEC and its allies are still increasing their own production into the fourth quarter of 2021. Some other bearish factors weighed on Monday's oil price gains, including rising U.S. shale output, potential supply increases from planned releases of oil from strategic reserves in the United States.
U.S. Daily Market Review
2021-09-13 17:30UTC
Wall Street indices are heading into the afternoon session looking as if they will snap a five session losing streak. A rally in crude has helped lift shares of energy companies, and that’s helping to power market indices higher. As the afternoon kicks off on Wall Street the benchmark S&P 500 is trading up by less than 0.1%, while the Dow Industrials are outperforming with a gain of 0.3%. Meanwhile the tech heavy Nasdaq is flat, trading back and forth over unchanged levels. The small cap Russell 2000 is outperforming with a gain of 0.7%. Last week saw the S&P 500 put in its worst performance since June, so the rebound today is welcome to investors. However, worries over rising inflation and continued high levels of delta COVID infections have capped upside potential for markets. In the S&P 500 subsectors energy is outperforming with a 2.7% advance. The financials are also trading 0.7% higher today in anticipation of the Fed tapering their bond purchase program. And the beaten down real estate sector has a 0.5% gain. At the other side of the leader board is the health care sector, which is trading 0.6% lower today. The materials and utilities sectors are each trading 0.4% lower. Reports of additional COVID boosters being unnecessary at this time has sent shares of Moderna falling 4%, while Pfizer and BioNTech are down 2% and 5.5% respectively. Shares of Twitter also fell 3.2% after Goldman Sachs initiated coverage on the stock with a sell rating. Meanwhile shares of Dell gained 3.7% after Goldman Sachs added the stock to its conviction buy list.
European Daily Market Review
2021-09-13 15:25UTC
European markets have gotten off to a strong start this week, making broad based gains as investors continue to weigh the European Central Bank decision to slow down its bond buying. Energy stocks are leading the charge higher today in response to a rally in crude, while retailers are underperforming. The pan-European Stoxx Europe 600 is trading 0.4% higher today, with Germany’s DAX 30 adding 0.8%. In France the CAC 40 has a more modest 0.3% advance. In Spain the IBEX 35 is leading gains for the region as it’s jumped 1.5% higher, while the FTSE MiB in Italy is trading up by 1.1%. Among the DAX 30 components in Germany the automotive sector is clearly leading. Daimler is at the top of the leader board with a 4% gain, while Continental AG has a 3.6% advance, and BMW is adding 3.3%. The worst performance in the DAX 30 is from Delivery Hero, with shares of the food delivery company falling 1.8%. In France the CAC 40 is led by Total Energies, with shares trading 2.9% higher. Aerospace and defense company Safran is seeing its shares trade 2.6% higher, while auto maker Renault is up by 2.4%. The French luxury retailers are all a the bottom of the leader board, with Kering losing 2.7%, Hermes International 1.6% lower, and Louis Vuitton falling 1%. In the U.K. the FTSE 100 trades 0.6% higher, with shares of Royal mail leading the way as it trades 0.6% higher. At the bottom of the index is Auto Trader Group, with shares trading down by 3.1%.
Asian Daily Market Review
2021-09-13 02:03UTC
Asian markets got off to a cautious start to the week, but soon fell back and moved mostly into negative territory as investors remained worried over the Chinese regulatory atmosphere and the potential for the U.S. to raise taxes on corporations and the wealthy. In Japan the Nikkei hit a 30-year high in early trade before pulling back to trade 0.2% lower heading into the lunch break. Shares of Softbank Group are trading 1.4% lower today, and Sony has a loss of 0.8%. Among the major exporters Toyota is trading lower by 2.4%, while Canon is edging higher by 0.2% and Panasonic shares are flat. Australia’s S&P/ASX 200 is one of the few rising markets as it trades modestly higher by 0.2%. Shares of the big four banks are mostly lower however, with NAB losing 0.6%, Commonwealth Bank falling 0.6%, and Westpac losing 0.3%, while ANZ is edging slightly higher by less than 0.1%. The major miners are helping to support the broader market however, with BHP adding 1.3% and Rio Tinto rising 1.7%. In mainland China markets have gotten off to a mixed start as the benchmark Shanghai Composite adds 0.3%, but the smaller cap Shenzhen Composite inches lower by less than 0.1%. In Hong Kong the Hang Seng is plunging 1.6% lower to lead losses in the region as investors worry that Chinese regulators will crack down further on tech companies. South Korea’s Kospi is trading modestly lower by 0.2%, and in Taiwan the Taiex is losing 0.3%. Southeast Asian markets are also falling, with Singapore’s Straits Times 0.9% lower and the KLCI in Malaysia falling 0.4%.
Crypto Daily Market Review
2021-09-10 20:24UTC
Cryptocurrency markets remain largely under pressure Friday, with Bitcoin (BTC) pulling back another 2.4% to the $45,500 area, while Ethereum (ETH) is trading 4.6% lower and testing the $3,300 level for support. In the top 10 cryptocurrencies Cardano (ADA) is having the largest loss, falling 5.1% just two days before it launches smart contract functionality on its blockchain. That event could spark a recovery for ADA if one hasn’t already begun by then. The rest of the top 10 are a sea of red as well. Binance Coin (BNB) is trading 3.3% lower, and Solana is trading down by 3.9%. However Solana also remains the only top 10 coin that remains positive on a weekly basis, with a 26.8% gain over the past 7 sessions. Ripple (XRP) is the best performer in the top 10 as it trades just 1.7% lower, although Polkadot (DOT is very close with its 1.8% decline. Dogecoin (DOGE) has a loss of 3.8%. Other than Solana all the top ten cryptos are looking at losses greater than 10% over the past 7 days. There are a handful of tokens rising today, mostly tied to the NFT space. The best gain however, is coming from Terra (LUNA), which is up 33.8% on the day. Interestingly, one of the supposed features of the LUNA token is price stability, although that stability is in its fiat-pegged stablecoins. Surprisingly given the broad based losses being seen there aren’t many tokens with double digit losses. One of those that does have a double digit loss is Algorand (ALGO), with a drop of 18.9%. Of course that drop follows yesterday’s roughly 50% gain.
Apple Loses Key Lawsuit
2021-09-10 18:23UTC
Shares of tech giant Apple fell 2.6% on Friday after a judge ruled against the company in a lawsuit brought by gaming company Epic Games. US District Judge Yvonne Gonzalez Rogers said Friday that Apple must stop restricting developers from directing users away from in-app purchasing, a move that could let developers avoid the company’s 15-30% cut it takes on some sales. The judge did stop short of calling Apple a monopoly, but noted that the company “is engaging in anti-competitive conduct under California’s competition laws.” The injunction order by the judge doesn’t take effect until 90 days from now, meaning Apple is very likely to appeal the decision before that time. Apple has not replied to the injunction as of late Friday. Needless to say the injunction is a major setback for Apple since it applies across the board to all the apps listed in its App Store. The company could potentially see the loss of billions of dollars in revenues garnered through the 15-30% commission it levies on in-app sales. Plus, the injunction could also have an impact on other companies that operate app stores. For example, Epic Games has a similar lawsuit pending against Alphabet in regard to apps in its Google Play store. Shares of Alphabet were down 2% on Friday as a result. Apple shares have struggled in the first half of 2021, but have made gains since that time and are up 13% since the start of the year. That’s still underperforming both the Nasdaq and the S&P 500, with those indices up 18.3% and 19.6% respectively since the start of 2021.
U.S. Daily Market Review
2021-09-10 16:54UTC
U.S. markets have managed to reverse early losses caused by strong inflation data, and major indices are trading modestly higher heading into the afternoon session on Wall Street. The small cap Russell 2000 is leading gains as it trades 0.2% higher, while the technology heavy Nasdaq has a gain of 0.1%. That indicates risk appetite is returning to the markets for the afternoon. Meanwhile, both the benchmark S&P 500 and the Dow Industrials trade up by less than 0.1%. The S&P 500 subsectors are mixed, with six of the eleven sectors trading in positive territory. The materials sector has a commanding lead as it trades 1.1% higher, followed by a 0.6% gain for the energy sector. The energy sector is getting a boost today from rising crude prices as traders worry over supply concerns as U.S. production struggles to recover following last week’s hurricane IDA. Among the losers the utilities sectors is down the most with a loss of 1%. The defensive real estate sector is also trading 0.6% lower as the uptick in risk appetite weighs on the defensive stocks in the index. In the Nasdaq 100 shares of Peloton are leading the way higher with a gain of 9% after announcing the launch of its own apparel brand that will go head-to-head with Lululemon. Following that is Match Group with a gain of 5.4% as investors are bidding the dating company’s stock higher on news of inclusion in the S&P 500. Meanwhile the biggest Nasdaq loser today is financial services firm Fiserv, with shares trading 3% lower. Following them is Apple, whose shares are down 2.3%.
European Daily Market Review
2021-09-10 16:39UTC
European markets reversed early gain on Friday to finish the session broadly lower as traders weighed the latest European Central Bank monetary policy decision, and reacted to blazing hot producer inflation data in the U.S. The pan-European Stoxx Europe 600, the broadest measure of European equities, finished the session 0.3% lower, with Germany’s DAX 30 edging lower by less than 0.1% and the CAC 40 in France losing 0.3% as well. Meanwhile the IBEX 35 in Spain plummeted 1.2% to lead losses across the region, and Italy’s FTSE MiB finished 0.9% lower. Among the DAX 30 components shares of semiconductor manufacturer Infineon led the gains as it tacked on 1.9%, and was closely followed by a 1.8% gain from Siemens AG. Meanwhile shares of kidney dialysis services provider Fresenius Medical Services plunged 4.5% lower after JPMorgan analysts downgraded the stock from Neutral to Underweight. The CAC 40 components were led by tech shares, with information technology services provider Atos leading the way with a 5.8% gain after being recognized as a 2021 Gartner Peer Insights Customers’ Choice for Data and Analytics Service Providers. STMicroelectronics also added 1.7%. At the bottom of the leader board was rail giant Alstom, with a loss of 2.7%. In the U.K. the FTSE 100 inched up by less than 0.1% as it outperformed the rest of the region. Shares of Antofagasta led the index with a gain of 3.5% after the mining firm issued an interim dividend of $0.236. Rio Tinto also gained on the news, adding 2%. The biggest loser in the index was British Airways parent company IAG, with its shares falling 4.1%.
European Daily Market Review
2021-09-10 10:58UTC
European markets surged only partly today, in hand with the mode of the global markets.The German DAX inclined 0.35%, the French CAC-40 gained 0.29% and the British FTSE-100 secured 0.39%.The pan-European Stoxx 600 advanced 0.3% higher in early trade, but is still on track to end the week into a fallins side. The European Central Bank’s annoucned that will moved to a lower gear its bond buying under its pandemic emergency purchase programme (PEPP) in response to higher inflation and stronger GDP growth across the union.The British  economy added only 0.1% in July, according to the official statistics showed on Friday, as the spread of the delta variant of Covid-19 slowed economic activity.Russia’s central bank raised its key interest rate to 6.75% on Friday. This is the fifth hike in 2021 alone.The central bank reported that inflation was at 6.73% in the first week of Sept. 6 and on track to return to 4.0-4.5% in 2022.
Crude Oil Prices Advanced
2021-09-10 06:17UTC
Oil prices jumped this morning during the Asian hours but are about to mark some weekly drops of nearly 2%. Now, oil trades at $68.715, which is a rise of $0.826 or 1.22% from the previous close of 67.889.The daily trading range is from $67.669 to 68.859, while the trading volume is 12.534K.China released crude from its strategic reserve supply and warnings of falling sales from some U.S. airlines.In fact, both Brent and WTI futures retreated to their bottom mark since Aug. 26.Shell was forced to cancel some export cargoes as the recovery from Hurricane Ida remains slow. Meanwhile, yesterday’s U.S. crude oil supply data from the U.S. Energy Information Administration indicated in a draw of 1.529 million barrels. Crude oil supply data from the American Petroleum Institute the day before demonstrated draw of 2.882 million barrels.
Asian Daily Market Review
2021-09-10 01:58UTC
Asian markets are edging mostly higher on Friday morning following a losing session on Wall Street, and after the European Central Bank said yesterday that it will begin slowing the pace of bond purchases under its emergency asset purchase program. Concerns over regulations in China continue to weigh on sentiment as investors are cautious over the impact, particularly to tech and gaming related companies. Japan’s Nikkei is trading 0.3% higher, although the Yen has gained ground on the U.S. dollar overnight. Shares of Softbank Group are edging up by less than 0.1%, while Sony shares are adding 0.7%. Among the major Japanese exporters Toyota are 0.2% higher, while Panasonic adds 1.5% and Canon is up by 0.5%. In Australia the S&P/ASX 200 is snapping a three session losing streak with a gain of 0.4% as the big four banks pace the gains for the broader market. Shares of ANZ are 0.4% higher, NAB is adding 0.2%, Commonwealth Bank is advancing 0.6%, and Westpac is 0.2% higher. The major miners are outperforming today, with BHP gaining 0.9% and Rio Tinto trades 0.8% higher. Mainland Chinese markets have opened mixed, with the benchmark Shanghai Composite up 0.3%, while the smaller cap Shenzhen Composite, which also contains most tech names, is trading 0.2% lower. Meanwhile Hong Kong’s Hang Seng is rebounding from losses earlier in the week and is leading gains for the region with a 1.1% advance. South Korea’s Kopsi is one of the few losers in the region today, but it’s a slight loss of less than 0.1%. In Taiwan the Taiex trades up slightly by 0.1%.
Moderna Shares Jump On Two-In-One Vaccine News
2021-09-09 17:08UTC
Shares of Moderna jumped higher by 6.8% yesterday after the pharmaceutical company announced it is developing a two-for-one vaccine that combines its current COVID-19 vaccine with a seasonal flu shot. The vaccine would be a yearly booster for both the novel cornavirus mutations, as well as the seasonal flu mutations. If successfully developed it could ensure that Moderna is able to continue producing and selling potentially billions of vaccine doses annually. Already in 2021 Moderna has booked nearly $20 billion in revenue, with expectations for delivery of 1 billion doses of the COVID-19 vaccine. The company has already stated that it expects to deliver another 2-3 billion doses in 2022. If it develops a two-for-one booster vaccine that combines COVID-19 protection with protection from the seasonal flu it could see similar sales numbers in each year following 2022. Moderna has been leading development in mRNA vaccine technology, but the COVID-19 vaccine has been the first vaccine using this new technology to be approved by the U.S. Food and Drug Administration. Obviously this gives Moderna a solid first mover advantage, but investors should also consider the possibility of coming competition. Already Pfizer’s vaccine is very serious competition, and Moderna could face pricing pressures in coming months as other pharmaceutical companies develop and release their own COVID-19 vaccines. Moderna does have a number of other products in the pipeline, but there’s no telling when those could be released. If the demand for the COVID-19 vaccine declines, or strong competition emerges, before Moderna is able to release other therapeutics it could have a significant negative impact on the company’s revenues.
U.S. Daily Market Review
2021-09-09 11:52UTC
The major stock markets are still without a clear market direction as as the 30-stock Dow attempted its first day of gains.The main indexes soared after data showed weekly jobless claims sunk close to a near 18-month bottom.The Dow Jones Industrial average secured 20 points. The S&P-500 is around the same marks, while the Nasdaq Composite inclined 0.2%.Moderna shares gained 6% after the company reported that is developing one single dose combines boosters against Covid and the flu. Some of the big tech stock of Apple, Facebook and Amazon advanced amid the economic uncertainty, stimulating the Nasdaq a bit.The number of Americans filing new claims for jobless benefits dropped to the lowest level in nearly 18 months last week.In reality, the weekly unemployment numbers coming from the Labor Department indicated that the number of officially workers declined to levels last seen in mid-March 2020.
European Daily Market Review
2021-09-09 11:15UTC
European stocks into a falling side as mot the market is focused on the report from the European Central Bank.The German DAX fell 0.30%, the French CAC-40 lost 0.25% and the British FTSE-100 declined 1.16%.The pan-European Stoxx-600 lost 0.4% in early trade, with travel and leisure stocks tumbling 1.5% to lead the declining mode.The Ukrainian central bank raised its main interest to 8.5% from 8.0% this morning. In fact, this is the fourth rate hike this year, trying to fight against rising inflation figures.EasyJet has refused a takeover offer from the Hungarian Wizz Air. This could have resulted in a low-cost airline to rival Ryanair, opting instead to raise $1.7 billion from shareholders and, trying to regain its ground from the pandemic.The euro currency advanced just before the likely reduction in the pace of the European Central Bank's bond buying program.
Gold Prices Into A Dropping Pattern
2021-09-09 07:13UTC
Gold prices declined this morning during the Asian hours but are still around two-week bottoms.Now, gold trades at $1791.53, which is a small recovery of $2.94 or 0.16% from the previous close of 1788.59.The daily trading range is from $1786.49 to 1791.70, while the trading volume is 83.086K. The rising rate of the USD  Index Futures added to the precious metal’s retreats.Meanwhile, the market is focused on the European Central Bank (ECB)’s latest policy decision.Moreover, the ECB will report its policy decision later today.Meanwhile, the Bank of Canada preserved its interest steady at 0.25%.Many market analysts are now focused whether the U.S. Federal Reserve will begin asset tapering within 2021.Meanwhile, the global platinum market will be in surplus this year.In other precious metals, platinum slipped 0.4% and silver dropped 0.1%.
Asian Daily Market Review
2021-09-09 02:17UTC
Asian markets started out Thursday morning trading lower in response to the overnight losses on Wall Street. Investors have become increasingly worried over global growth prospects, the spread of COVID-19, supply chain problems, and the possibility of a market correction due to stretched valuations. In Japan the Nikkei is trading 0.5% lower, with the weaker Yen helping keep the index from larger losses. Shares of Softbank Group are trading 1.9% lower after a two-day rally that added more than 10% to the value of the shares. Meanwhile Sony shares are flat. Among the major exporters Toyota is edging lower by 0.2%, while Panasonic is falling 1.2% and Canon is flat. Australia’s S&P/ASX 200 is falling 1% to lead losses across the region. The big four banks are pacing the loss for the broader index, with ANZ trading 1.1% lower, NAB down 0.9%, and both Commonwealth Bank and Westpac falling 1%. The major miners are performing even worse, with BHP down 1.5% and Rio Tinto dropping 2.1%. Mainland Chinese indices have opened modestly lower, with the benchmark Shanghai Composite losing a slight 0.1%, while the smaller cap Shenzhen Composite is 0.2% lower. Over in Hong Kong the Hang Seng is underperforming with a loss of 0.9%. In South Korea the Kospi is 0.7% lower, and in Taiwan the Taiex has a 0.4% loss. Southeast Asian markets are mostly lower today as well, with Singapore’s Straits Times index losing 0.2%, the KLCI in Malaysia falling 0.5%, while the Jakarta Composite in Indonesia is one of the only rising markets with a gain of 0.3% at the open.
U.S. Daily Market Review
2021-09-08 16:20UTC
The major stocks and indexes are into a lower side today. The Dow Jones Industrial Average slipped for a third session.The Dow retreated about 100 points. The S&P-500 declined 0.35%. The Nasdaq Composite lost more than 0.8% after closing at a record on Tuesday. Treasury Secretary Janet Yellen once again pressured the Congress to stimulate or suspend the nation's debt ceiling.Coinbase tumbled more than 3% after the crypto exchange revealed it received a notice of possible enforcement action from the Securities and Exchange Commission.U.S. bank profits tumbled 8.3% to $70.4 billion in the second quarter of 2021 as firms slowed their reductions in credit loss provisions, as reported by the Federal Deposit Insurance Corporation.The number of new jobs jumped to a record peak for a fifth straight month in July as employers are still having hard time to employ additional workers. In fact, the total number of job openings rallied by 749,000 to a seasonally adjusted 10.934 million at the end of July, announced by the Labor Department.
European Daily Market Review
2021-09-08 09:30UTC
The major European stocks dropped today, indicating in cautious trade in global markets.The German DAX slipped 1.41%, the French CAC-40 dropped 1.16% and the British FTSE-100 lost 1.10%.The pan-European Stoxx-600 also declined 1.3% by mid-morning.Siemens Gamesa tumbled more than 7% to the bottom of the Stoxx 600.B&M European Value Retail shares rallied 4% after a promising trading update.Swedish investment company EQT lost almost 6%, while Stellantis slipped 2.5%.French drugmaker Sanofi retreated 1.4% after decided to buy U.S. biopharmaceutical company Kadmon Holdings Inc for a massive deal of $1.9 billion.British industrial technology company Smiths Group surged almost 4% after reporting will sell its medical unit to U.S.-based ICU Medical Inc for $2.4 billion.
Oil Prices Are Into A Steady Path
2021-09-08 06:29UTC
Oil prices only partly moved this morning following overnight losses from a rising USD.Additionally, there are worries over demand levels amid worries over rising COVID-19 cases across the globe.Now, oil trades at $68.748, which is a rise of $0.381 or 0.56% from the previous close of 68.367.The daily trading range is from $68.299 to 68.838, while the trading volume is 8.431K.U.S. West Texas Intermediate (WTI) crude futures secured 11 cents, or 0.2%, to $68.46 per barrel.Supply from the U.S. Gulf of Mexico is still having hard time to restart operations nine days after Hurricane Ida swept through the region.Almost 80% of U.S. Gulf production was still shut down yesterday, with 79 production platforms still unoccupied. The markets are focused on data from the American Petroleum Institute industry group coming later today and the U.S. Energy Information Administration.
Asian Daily Market Review
2021-09-08 01:44UTC
Asian markets are trading mostly lower on Wednesday morning after a fairly negative session on Wall Street as investors are worried that the continued spread of the delta variant of the COVID-19 virus is going to slow the economic recovery. Japan’s Nikkei is rising 0.2% in early trade as a weaker Yen versus the U.S. dollar is helping to support Japan’s exporters. Shares of Softbank are rallying for a second consecutive session adding 5.1% after adding more than 5% yesterday. Meanwhile shares of Sony are trading 1% lower. Among the major exporters Toyota is edging lower by less than 0.1%, but Panasonic is trading 1% higher and Canon has a modest 0.2% gain. In Australia the S&P/ASX 200 has dropped 0.4%, with the big four banks providing some support for the broader index. Shares of ANZ are trading slightly lower by 0.1%, NAB is gaining 0.2%, Commonwealth Bank is 0.3% higher, and Westpac is edging up by 0.1%. Meanwhile the major miners are dropping, with BHP falling 1% and Rio Tinto losing 0.3%. Mainland Chinese markets have opened little changed and mixed as the benchmark Shanghai Composite trades lower by less than 0.1%, while the smaller cap Shenzhen Composite trades less than 0.1% higher. Over in Hong Kong the Hang Seng is advancing 0.2%. South Korea’s Kospi is edging lower by less than 0.1%, and in Taiwan the Taiex is 0.1% lower. Southeast Asian markets are also falling, with the Straits Times in Singapore leading losses for the region with a loss of 0.8%, while Malaysia’s KLCI is inching lower by less than 0.1%, and the Jakarta Composite in Indonesia
Netflix May Be The Best FAANG
2021-09-07 19:47UTC
With the FAANG stocks regaining their mojo over the past month traders are honing in on which of these mega-cap tech names might make the best opportunity as we head into the holiday season. At least one analyst believes that stock is Netflix, and shares of the streaming video service added 3.1% yesterday to highlight just how accurate that prediction might be. You see, while Amazon, Apple, Alphabet, Facebook, and Netflix have all outperformed the S&P 500 over the past month, there are reasons to believe Netflix is the strongest play out of the five as we head into the major holiday season. With macro headwinds, labor shortages and supply chain constraints weighing the markets are looking vulnerable, but Netflix may have a secret weapon to counter any negative impacts from these forces. For example, Netflix hardly faces the type of supply chain issues that could really hurt Apple and Amazon during the holiday season. In fact, if consumers can’t put hands on the gifts they were planning on getting, perhaps they’ll find a Netflix subscription to be a suitable alternative. Netflix shares have also recently broken out from a long consolidation period, and that breakout seems to have enough momentum to push the stock up by another 18% according to analysts. That said, Netflix, like the other FAANG stocks, is quite overvalued at current levels. That could raise a warning flag for investors who want to didge a potential selloff if the market cools. Naturally all the FAANG names are very high quality companies, but at current levels they may not be appropriate fodder for short-term traders.
U.S. Daily Market Review
2021-09-07 12:35UTC
The main U.S. stocks are partly into a lower side today with Wall Street indices hovering just around last week's record peak marks. The Dow declined 205 points, dragged down by a 2% decline in Boeing’s stock. The Nasdaq Composite gained 0.2%, notching a new intraday record. Conglomerates of Amazon.com Inc (AMZN.O), Facebook Inc (FB.O), Apple Inc (AAPL.O), Google-owner Alphabet Inc (GOOGL.O) assisted the offset and the effect of higher yields.Apple Inc. AAPL, secured 1.68% after announcing that it expects Sept. 14, when the giant is would report its new line of iPhones. The tech giant stated that the event will launch at 10 a.m. Pacific time and can be viewed at apple.com or on the Apple TV app. U.S. government bond yields advanced and added to the rise from Friday in the wake of the jobs report and ahead of a fairly busy week.
European Daily Market Review
2021-09-07 08:19UTC
European stocks are still without a solid direction today but into registering some minor losses. This is implying in similar trade in their Asia-Pacific counterparts overnight.The German DAX slipped 0.18%, the French CAC-40 lost 0.05% and the British FTSE-100 declined 0.24%. The pan-European Stoxx-600 dropped 0.1% lower in early trade.British housebuilder Vistry added 5% to lead the Stoxx 600 after its first-half earnings report.Spain is about to introduce its first ever green bond on Tuesday.The 20-year bond sale will raise 5 billion euros, according to IFR.The USD moved around a one-month low on Tuesday as softer Treasury returns.Deutsche Telekom dedicated more than $7 billion to raise its stake in its U.S. unit T-Mobile.Deutsche Telekom share advanced more than an average price of $109 per share for the T-Mobile shares.
The USD Is Into A Falling Side
2021-09-07 08:05UTC
The USD lose some ground today during the Asian hours but is still close to recent bottom marks.Now, the markets are focused on the central bank policy decision from Australia.Presently, the USD versus the Euro trades at 0.842 EUR.The USD Index that tracks the greenback versus the main pairs slipped 0.11% to 92.112 by 10:33 PM ET (2:33 AM GMT).The Federal could delay beginning asset tapering after the latest U.S. jobs report. The Reserve Bank of Australia (RBA) will report its later today.Moreover, the Bank of Canada, which will hand down its decision tomorrow.In addition, the European Central Bank’s policy decision will round up the week on Thursday.
Gold Prices Fell
2021-09-07 05:44UTC
Gold price retreated this morning during the Asian hours but are still above the $1,800 mark. The USD depreciated and there are higher estimates that the Fed will delay beginning asset tapering.Now, gold trades at $1818.25, which is a loss of $4.77 or 0.26% from the previous close of 1823.02.The daily trading range is from $1818.10 to 1827.14, while the trading volume is 37.294K.The USD is into a negative relationship to the precious markets, dropped today. Moreover, the European Central Bank handing down its policy decision later this week on Thursday. The Reserve Bank of Australia will report its policy decision later in the day.The U.S. Federal Reserve is expected to delay beginning asset tapering after the jobs report came out last Friday showed in lower than predicted non-farm payrolls. In the meantime, silver firmed is around 0.4% to $24.76 per ounce and palladium is around its values of $2,410.51.
Asian Daily Market Review
2021-09-07 02:10UTC
Asian markets are mixed on Tuesday as investors are taking a break following Monday’s solid gains, and as they’ve received little guidance with U.S. markets closed overnight. Strong overnight gains in Europe are doing little to help Asian markets, gold is little changed around the $1,825 level, and crude oil is erasing overnight losses with a gain of 0.6%. Japan’s Nikkei is leading gains for a second consecutive session, rising 0.7% on Tuesday. Shares of Softbank are surging 5.3% higher, but Sony shares are edging lower by 0.1%. Among the major exporters Toyota is adding 0.4%, while Panasonic is 2.4% higher and Canon is inching higher by 0.2%. In Australia the S&P/ASX 200 is trading 0.4% lower as the big four banks are weighing on the broader market. Shares of ANZ are falling 0.5%, NAB has a 1% loss, Commonwealth Bank is down 0.4%, and Westpac is falling 0.6%. Meanwhile the major miners are performing even worse as BHP loses 1.4% and Rio Tinto drops 1.7%. Mainland Chinese markets have opening little changed, with the benchmark Shanghai Composite flat, while the smaller cap Shenzhen Composite is gaining 0.2%. Investors are worried that the Chinese crackdown on tech will hurt growth in the country. Over in Hong Kong the Hang Seng is edging higher by 0.1%. South Korea’s Kospi is falling 0.6% to lead losses across the region, and in Taiwan the Taiex trades 0.4% lower. Southeast Asian markets ate mixed, with the KLCI in Malaysia rising 0.2%, the Jakarta Composite in Indonesia flat, and the Straits Times Index in Singapore losing 0.3%.
Daily Crypto Market Review
2021-09-06 20:36UTC
Crypto markets extended the gains made over the weekend on Monday, with leading cryptocurrency Bitcoin (BTC) advancing another 2.5% to test the waters at the $52,000 level. Ethereum (ETH), the second largest cryptocurrency by market cap, edged up by 0.5%, but remained unable to get above the $4,000 level. Among the top ten cryptocurrencies the best performance of the day came from Solana (SOL). The rival to Ethereum has been on a rocket ship to the moon and that continued Monday as it added another 17.7%. Solana is now up roughly 450% over the past month. Ripple (XRP) was another solid gainer, with its token adding 7.9% to $1.39. While the ongoing SEC lawsuit continues to be a headwind for Ripple analysts are now calling for the global payments solution protocol to see its token hit $3 by the end of the year. Rounding out the gains for the top ten was Polkadot (DOT), whose token added a modest 1%. As for the losers, number three coin Cardano (ADA) lost 3.9% to lead losses for the group, while Dogecoin (DOGE) fell 1.2%, and Binance Coin (BNB) edged lower by 0.4%. There were a number of coins in the top 100 adding double digit percentage gains on Monday, but the best gain came from OMG Network (OMG), whose token rose 21.2%. The project, which was once a top twenty token, looks to be coming back to life after a long hiatus from the spotlight. The worst performer is Filecoin (FIL), with its token falling 8.7%. It had previously been one of the best performing tokens, so today’s loss could be profit-taking.
The Coming Week In Markets
2021-09-06 19:41UTC
While U.S. stock markets were closed on Monday the shortened trading week still features some highlights that will keep investor interest piqued. In terms of individual stocks there are a handful of interesting earnings reports and investor days. Meme stock Gamestop will release its quarterly results on Wednesday, as will athletic wear maker Lulumon. Those interested in the industrial space will be looking forward to International Paper’s earnings on Thursday, while grocery chain Kroger has a Friday earnings release. In addition to the earnings reports there’s also a number of investor days or meetings, starting with Analog Devices on Wednesday. The company just completed a $21 billion acquisition of Maxim Integrated Products, which will make the meeting quite interesting. On Thursday investors will hear from Moderna, Home Depot, and Danaher. The Moderna meeting will be particularly important as it discusses vaccines in the pipeline. In terms of economic data the highlight of the week comes on Friday when the U.S. releases its August Producer Price Index. Economists are expecting a 0.6% rise in the headline index, with a 0.5% jump in the core index that strips out volatile energy and food prices. Both headline and core indices rose 1% in July, so a lower rate will help allay fears of growing inflation. Wednesday sees the Federal Reserve release its latest Beige Book, which is chock full of data regarding business, labor, and economic condition in each of the Fed’s dozen central bank districts. The European Central Bank will also meet to set monetary policy, although there’s no change expected from the current negative 0.5% interest rate.
U.S. Daily Market Review
2021-09-06 15:57UTC
Despite the disappointing jobs report released last week in the U.S., or perhaps because of it, markets headed to new record heights to close out the week ahead of a holiday weekend. U.S. markets are closed today in observance of the Labor Day holiday, but we can still have a look at what’s been driving markets higher, and whether the rally can hold. Markets have been relentless in their climb higher throughout the summer, despite the rising number of COVID-19 cases, and the prospect of the Federal Reserve removing some of its monetary stimulus. Now as we head into the fall and the final few months of 2021 it looks as if markets may be experiencing the type of froth that can often lead to a correction. In fact, some analysts have pointed to several factors that make markets now look very similar to the tops experienced in 1999-2000 and 2007-2008 just before crashes occurred. For example, during the 1999-2000 dot-com bubble many stocks shot higher regardless of their fundamentals, much as we’ve seen from the likes of AMC Theaters and Gamestop this year. In addition, it’s quite easy to see that we have a market that’s very expensive, and one that has many stocks currently looking overbought. Take a look at the Nasdaq 100 for example. Currently the Nasdaq QQQ ETF trades 70% above its 200-week moving average. That’s considerably higher than its been prior to past market corrections. That said, the market is not likely to see a correction without some type of catalyst. And the technicals could improve without a large correction. For example, a sideways market would also rein in the technicals.
European Daily Market Review
2021-09-06 14:59UTC
European markets are trading broadly higher on Monday morning after last Friday’s non-farm payrolls data indicated that the Federal Reserve will likely hold off on tapering of their bond purchases, keeping monetary stimulus going for longer than previously thought. In Germany the DAX is leading gains for the region as it’s advancing 1.1%. France’s CAC 40 is also having a strong day, adding 0.9%. In Italy the FTSE MiB is 0.9% higher as well, while the IBEX 35 in Spain is trading up by 0.4%. In the German DAX 30 Siemens AG and Deutsche Bank are leading the charge higher, with both gaining 2.7% on the day. Meanwhile automotive parts conglomerate Continental AG is at the bottom of the leader board with a loss of 1.1%. In France the leading stock on the CAC 40 is luxury goods maker Louis Vuitton, trading higher by 2.1%. That’s followed by grocery chain Carrefour with an advance of 1.9%. The luxury group is outperforming and Hermes International and Kering both trade higher by 1.7%. As in Germany the industrial sector is underperforming, and Alstom has the largest loss in the CAC 40 as it trades 1.1% lower. Over in the U.K. the FTSE 100 is adding 0.8%. Television operator ITV is leading gains today as it rises 2.4%. Bank VTB and BT Group are each adding 2%, and the London Stock Exchange is trading 1.8% higher. At the other end of the leader board energy conglomerate Centrica has a loss of 1.5%, while mining giant Rio Tinto trades 1.1% lower. Gold is edging lower by 0.3% in light trade as U.S. exchanges are closed today.
Asian Daily Market Review
2021-09-06 02:07UTC
Asian markets are trading mixed to start the week after a disappointing U.S. jobs report last Friday. The U.S. dollar is recovering from the losses suffered in the wake of that jobs report. Japan’s Nikkei is leading the way higher with a gain of 1.7% however, as the Yen has gapped lower versus the U.S. dollar at the open and continues to weaken. A weaker Yen is good for Japan’s exporters. Shares of Softbank are trading up by 1.7% to mirror the broader index, while Sony shares are trading 0.8% higher. Among the major exporters shares of Toyota have added 1.5%, Panasonic is advancing 2%, while Canon is edging higher by 0.1%. Down in Australia the S&P/ASX 200 has dropped 0.7%, but is off its worst levels of the day as Sydney heads into the final hours of trading. The big four banks are performing slightly better than the broader index, with ANZ losing 0.4%, NAB down 0.3%, Commonwealth Bank dropping 0.8%, and Westpac losing 0.9%. Meanwhile the major miners are mixed as BHP sheds 0.2%, but Rio Tinto trades 0.3% higher. In mainland China markets have opened to good gains, with the benchmark Shanghai Composite rising 0.5%, while the smaller cap Shenzhen Composite advances 0.9%. Over in Hong Kong the Hang Seng is pacing the gains on the mainland as it adds 0.6%. South Korea’s Kospi is flat in early morning trade, while Taiwan’s Taiex is gaining 0.2%. Southeast Asian markets are modestly higher, with Singapore’s Straits Times adding 0.3%, Malaysia’s KLCI edging up by less than 0.1%, and the Jakarta Composite in Indonesia flat at the open.
Gold And Silver Rally Following Non-Farm Payrolls
2021-09-04 13:50UTC
Friday’s U.S. non-farm payrolls came in far weaker than expected, with the Labor Department reporting just 235,000 new jobs added to the U.S. economy in August, versus expectations for 750,000 jobs. It was the slowest pace of growth in the labor market since January, and markets responded by selling the U.S. dollar, while silver and gold advanced. By the close silver had managed to get above the resistance at the $24.50 level to close at $24.68 an ounce. Meanwhile gold also advanced, finishing the session at $1,826.57. Gold still has a major resistance hurdle at the $1,830 level, so it’s uncertain if the rally will continue when markets reopen on Monday, particularly since U.S. and Canadian markets will be closed for a public holiday. Silver’s close was just below the 50-day exponential moving average at the $24.70 level, and if it can top this level the next major resistance sits at the $25.00 level. Beyond that resistance levels sit at the $25.30 and $25.60 levels. As for gold, the major resistance at the $1,830 level is based on a double top created back in July, and could be quite difficult to surmount. If gold can get through that resistance there’s nothing technical to stop it until it reaches the $1,870 level. On the support side the $24.50 level has now switched to support for silver. A drop below this support will likely see silver trade down to $24.00 an ounce. For gold the $1,805 level is support based on the bottom of the trading range over the past week. The movement in the U.S. dollar is going to be key for gold.
The USD Into A Higher Side
2021-09-03 16:53UTC
The USD partly declined today versus the mains pairs after lower than predicted U.S. payrolls report came out. This could result in a delay for the Fed to hold for now its massive stimulus measures.Presently, the USD versus the Euro trades at 0.841 EUR, which is a retreat of 0.0007 EUR or 0.08% from the previous close of 0.8418.The daily trading range is from 0.8400 to 0.8425.Moreover, Nonfarm payrolls soared by 235,000 in August.This came short of the estimate of 728,000 estimate.The USD index retreated to a bottom of 91.940, its weakest value since the beginning of August.Fed chair Jerome Powell reported last Friday that while tapering of its stimulus could begin this year in case job creation further extends.Higher number of COVID-19 cases in recent weeks have resulted in issues about the economic recovery.The euro currency rallied. In fact, the common currency has been stimulated by data earlier this week that showed regional inflation at a decade high.
U.S. Daily Market Review
2021-09-03 16:07UTC
Stocks are into a falling side today after the August jobs report came in short of initial estimates.The Dow Jones Industrial Average retreated 100 points, or 0.3%. The S&P-500 partly fell, while the tech-heavy Nasdaq Composite advanced about 0.1%. U.S. government bond yields surged Friday after Labor Department data indicated in U.S. employers pulled back on hiring from last month. President Biden today blamed rising COVID-19 cases nationwide for the lackluster August jobs report. U.S. services industry activity jumped at a moderate pattern last month.The Institute for Supply Management announced today that its non-manufacturing activity index sunk to 61.7 last month after rallying to 64.1 in July.
European Daily Market Review
2021-09-03 07:24UTC
European markets lost just slightly some side this morning as the markets are focused on the key economic indicators out of the euro zone and the U.S.The German DAX fell 0.18%, the French CAC-40 lost 0.43% and the British FTSE-100 declined 0.03%.The pan-European Stoxx-600 dropped 0.2% in early trade, with banks tumbling 0.4% to lead the declining mode.Euro zone business activity is still into solid marks last month, despite concerns over the spread of the Delta variant of the coronavirus.IHS Markit’s final composite Purchasing Managers’ Index (PMI), sunk to 59.0 last month from July’s 15-year high of 60.2.The GBP moved just below a three-week high on Friday morning as markets braced for a jobs report in the United States.The GBP trades around the $1.38 level.The highly efficiency of U.K.’s COVID-19 vaccination programme had added to the sterling becoming the best performer among G10 currencies this year.
Gold Prices Adanvced
2021-09-03 06:32UTC
Gold prices rallied this morning during the Asian hours, marking some small gains as the USD depreciated.Now, the yellow metal trades at $1812.92, which is a surge of $3.72 or 0.21% from the previous close of 1809.20.The daily trading range is from $1808.02 to 1814.71, while the trading volume is 41.201K.The markets are focused on latest U.S. jobs report to give an idea about the Federal Reserve’s timeline on asset purchases and interest rate rises.The jobs report, including non-farm payrolls, are coming later today. In reality, the recovery of the labor market is one of the Fed’s requirements before it launches asset tapering and interest rate hikes.In the meantime, SPDR Gold Trust (P:GLD) announced that its holdings slipped 0.2% to 998.52 tons on Thursday, its bottom since April 2020. Russia also stated that its international gold and foreign currency reserves jumped to a record $615.6 billion after getting a tranche from the International Monetary Fund.
Asian Daily Market Review
2021-09-03 02:46UTC
Asian markets are trading higher following overnight gains on Wall Street and as investors await a private survey on the state of the Chinese services sector. Also in investor’s minds today is the upcoming U.S. non-farm payrolls report, which could sway the Federal Reserve’s decision on when to begin tapering bond purchases. Japan’s Nikkei is trading 0.4% higher, even though the Yen is continuing to firm against the U.S. dollar for a second consecutive session. Shares of Softbank are nearly unchanged with a slight loss of less than 0.1%, while shares of Sony are advancing 0.3%. Among the major exporters Toyota is trading 0.2%, Panasonic is adding 0.3%, but Canon is losing 0.5%. In Australia the S&P/ASX 200 trading 0.3% higher, with the big four banks trading mixed. ANZ shares are 0.5% lower, which is being offset by a 0.5% gain from NAB. Meanwhile Commonwealth Bank is trading 0.3% higher, but Westpac is edging lower by 0.1%. The major miners are helping to support the broader index however, with BHP rising 1.4% and Rio Tinto adding 2.4%. Mainland Chinese markets have opened mixed, with the benchmark Shanghai Composite adding 0.1%, while the smaller cap Shenzhen Composite is trading 0.3% lower. Over in Hong Kong the Hang Seng is underperforming as it falls 0.5%. South Korea’s Kospi trades 0.5% higher, and in Taiwan the Taiex also has a gain of 0.5%. Southeast Asian markets are mixed however, with the KLCI in Malaysia adding 0.1%, while the Straits Times in Singapore is inching lower by less than 0.1%, and the Jakarta Composite in Indonesia drops 0.2%.
Non-Farm Payrolls Are More Important Than Ever
2021-09-02 22:44UTC
The U.S. releases its closely watched non-farm payrolls report tomorrow, and according to analysts at Dow Jones the results will be a solid 720,000 new jobs created for the U.S. economy in August. That’s below the 943,000 jobs reported in July, but it is still far greater than the jobs counts before the pandemic. This month’s report could be even more important than usual as it has the potential to influence the timing of the Federal Reserve’s tapering on bond purchases. A strong result will reinforce the belief among Fed members that the economy has recovered enough to withstand the withdrawal of stimulus, while a weak result could see the Fed hold off on tapering until 2022. The impact of either decision could be significant for equities, for the U.S. dollar, and for commodities like gold and oil. A stronger than expected reading will have market participants betting on the Fed tapering sooner rather than later. That’s likely to strengthen the U.S. dollar and send Treasury yields higher, but will also cause gold and oil to retreat in response to the stronger U.S. dollar. It could also cause equities, which have put in seven consecutive months of gains, to drop off record levels as investors react to the drop in stimulus. However if the jobs report is weaker than expected it could cause the Fed to hold off on tapering. That would be negative for the U.S. dollar and Treasuries. Oil isn’t likely to see a large impact, but gold could rally if the weakness in the U.S. dollar is pronounced. And equities could rally as investors cheer continued stimulus.
U.S. Daily Market Review
2021-09-02 12:59UTC
U.S. stock futures gained some side today after weekly jobless claims came better than estimated.The Dow Jones Industrial Average futures added 80 points. The S&P-500 futures soared 0.2% and Nasdaq-100 futures advanced 0.3%.Russell 2000 index secured 0.6% on Wednesday following a 2.1% gain in August. The number of officially unemployed Americans dropped last week, while layoffs sunk to their lowest level in more than 24 years in August.Initial claims for state unemployment benefits tumbled by 14,000 to a seasonally adjusted 340,000 for the week ended Aug. 28, as reported by the Labor Department.The Labor Department declared today that 340,000 Americans filed for first-time jobless benefits in the last week of August, which is a loss of 14,000 from the prior week.
European Daily Market Review
2021-09-02 08:11UTC
European stocks are still without a clear direction as the markets are focused on the next reading of U.S. nonfarm payrolls, coming out on Friday.The pan-European Stoxx-600 moves around the flatline in early trade. The German DAX added 0.21%, the French CAC-40 gained 0.18% and the British FTSE-100 inclined 0.08%.The Swedish Orphan Biovitrum rose 24.2% after U.S. venture capital firm Advent International and Aurora Investment offered to buy the drugmaker in a deal of 69.4 billion Swedish crowns ($8 billion).Miner BHP Group dropped 5% on ex-dividend trading, weighing on the UK’s blue-chip FTSE 100.BNP Paribas is negotiating with Agricultural Bank of China (AgBank) to form a wealth management venture.
Crude Oil Prices Fell
2021-09-02 06:14UTC
Oil prices retreated today after OPEC+ decided to preserve its policy of gradually returning output levels at a time when coronavirus cases around the world are rapidly rising.In addition, many U.S. refiners are still shut down.Now, oil trades at $68.461, which is a rise of $0.253 or 0.37% from the previous close of 68.208.The daily trading range is from $67.830 to 68.490, while the trading volume is 10.534K.The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia, together known as OPEC+, decided to extend a policy of phasing out record production reductions by adding 400,000 barrels per day (bpd) each month to the market.On the other side, OPEC+ boosted its demand forecast for 2022 while also there are call to grow production increases from the White House.The U.S., oil refineries in Louisiana could need several weeks to restart after the caused damages from Hurricane Ida.U.S. crude inventories fell by 7.2 million barrels despite the surge of the new coronavirus infections cases across America.
Asian Daily Market Review
2021-09-02 02:16UTC
Asian markets are mostly higher on Thursday morning, despite a flat session overnight on Wall Street. With the U.S. labor report incoming later in the week it’s surprising to see such strength ahead of what could be a surprise to investors. In Japan the Nikkei is trading flat, with a loss of less than 0.1% as a stronger Yen is weighing on shares today. Softbank Group is edging higher by less than 0.1%, while Sony has a gain of 0.7% on the day so far. Among the major exporters Toyota is falling 0.5%, Panasonic is underperforming with a loss of 1.7%, and Canon is trading lower by 1.1%. Australia’s S&P/ASX 200 is also trading lower today, falling 1% to lead losses across the Asian region. Shares of the big four banks are lower, but performing better than the broader market. ANZ has a 0.3% loss, NAB is falling 0.5%, Commonwealth Bank is edging lower by 0.2%, and Westpac is dropping 0.5%. The major miners are performing far worse, with BHP losing 1.2%, and Rio Tinto dropping 1.7%. Mainland Chinese markets have opened the day with gains as the benchmark Shanghai Composite trades 0.4% higher and the smaller cap Shenzhen Composite is inching up by just 0.1%. Meanwhile over in Hong Kong the Hang Seng is leading gains for the region as it’s rising 1%. South Korea’s Kospi trades 0.7% lower, while the Taiex in Taiwan is edging lower by less than 0.1%. Southeast Asian markets are mixed and little changed, with the Straits Times in Singapore less than 0.1% lower, while the Jakarta Composite in Indonesia is less than 0.1% higher.
September Could Be A Danger To Equity Markets
2021-09-02 02:03UTC
U.S. markets were little changed to kick off September, with the benchmark S&P 500 edging slightly lower by less than 0.1%. September is historically the worst month of the year for markets, which is a concern to some analysts and traders given the current fundamental picture. Also of concern is the fact that markets have now strung together seven consecutive months of gains, which makes a pullback more likely at this time. The rise in COVID cases has been negatively impacting on economic conditions as well, and while markets haven’t reacted to this yet, investor sentiment could begin to weaken if conditions continue to deteriorate. This Friday’s non-farm payrolls could be the first test of that theory. Economists are expecting new jobs in the U.S. to increase by 750,000 for August. While that would have been a stellar month before the COVID pandemic, it pales in comparison with the 943,000 jobs reported in July. Even worse, some analysts have suggested that the rise in COVID cases could mean that the jobs report comes in even weaker than this. That would be a dual edged sword for equity markets. On the one hand, weakness from the labor market could be a signal that the economic recovery is stalling, which could send shares tumbling. On the other hand a weak jobs report could also spark speculation that the Fed will delay tapering, leading to a rally for stocks. Risk appetite remains high in markets currently, with small cap and technology names outperforming the broader market. That could also spell disaster for the market in the event of risk appetite being dulled.
U.S. Daily Market Review
2021-09-01 14:12UTC
U.S. stocks rallied partly led by technology shares after the S&P 500 jumped to a seven-month peak.The Dow Jones Industrial Average added 26.82 points, or 0.08%, at the open to 35,387.55. The S&P-500 secured 6.12 points, or 0.14%, at 4,528.798, while the Nasdaq Composite gained 49.72 points, or 0.33%, to 15,308.98 at the start of the session.Zoom Video shares recovered close to 3% 2.8% a 16% loss Tuesday after Cathie Wood revealed she bought nearly 200,000 shares on the dip.U.S. manufacturing activity entered into solid recovery in August amid strong order growth.Moreover, the Institute for Supply Management (ISM) announced that its index of national factory activity soared to 59.9 in August from a reading of 59.5 in July.
The Euro Is Into A Solid Rising Path
2021-09-01 09:53UTC
The euro currency entered into a higher path channel just below a near one-month peak today.Presently, the Euro versus the USD trades $1.1815, which is another rise of $0.00076 or 0.06% from the previous close of 1.18081.The daily trading range is from $1.1793 to 1.1818, while the trading volume is 60.829K.Data from yesterday indicated in that the euro zone inflation jumped by 3% year-on-year in August.This is the peak mark of the last decade, coming above the European Central Bank's 2% target and a 2.7%.Still however, the common currency failed to register a large progress above the $1.18 level. Meanwhile, the USD Index registered some marginally higher values versus its main pairs.The USD index, which measures the greenback against six rivals, rallied to to 92.775 from yesterday.
European Daily Market Review
2021-09-01 09:39UTC
European stocks gained some ground this morning after euro zone inflation data on Tuesday gave in some positive signals to the markets.The German DAX added 0.47%, the French CAC-40 inclined 1.12% and the British FTSE-100 advanced 0.85%.The pan-European Stoxx-600 surged around 0.8% in early trade, with retail stocks climbing 1.5% to lead the rising path.The Caixin/Markit manufacturing Purchasing Managers’ Index for August marked 49.2 on Wednesday, below the 50 mark.Swedish airline company SAS reported 1.36 billion Swedish krone ($160 million) net loss for the third quarter as travel restrictions are still hurting air travel. Pernod Ricard came above full-year 2020/21 operating profit expectations and stated the restart of a 500 million euro ($590 million) share buyback program. Ukrainian President Volodymyr Zelensky will meet with President Joe Biden in Washington today.This well waited meeting, which could have high-stakes implications for Zelensky, who has vied for American support since he was elected back in 2019.
Gold Prices Slipped
2021-09-01 06:38UTC
Gold prices retreated this morning during the Asian hours. The markets are still into a cautious mode for the latest U.S. jobs report, which could provide signals whether the Fed could launch its asset tapering and interest rate increases.Now, gold trades at $1815.77, which is a small recovery of $3.74 or 0.21% from the previous close of 1812.03.The daily trading range is from $1810.15 to 1816.88, while the trading volume is 66.389K.Moreover, the U.S. Conference Board (CB) consumer confidence index marked 113.8, a half a year bottom.In addition, the European Central Bank (ECB) is also considering whether to begin asset tapering, with Tuesday’s Eurozone consumer price index (CPI) grew a higher-than-expected 3%.In Asia Pacific, China’s Caixin manufacturing purchasing managers index (PMI), announced today, came to lower levels than the estimates of 49.2 and less than the 50-mark indicating growth.
Asian Daily Market Review
2021-09-01 02:12UTC
Asian markets are trading mixed as investors await the release of the Caixin/Markit manufacturing Purchasing Managers Index. This private measure of manufacturing comes out just one day after the official Chinese manufacturing data came in weaker than expected yesterday. Also awaiting release is Australia’s second quarter preliminary GDP data. In Japan the Nikkei is 0.8% higher as the Yen continues slipping lower versus the U.S. dollar. Shares of Softbank are modestly higher by 0.2%, while Sony shares are trading up by 0.4%. Among the major exporters Toyota is adding 0.6%, Panasonic has a gain of 0.7%, and Canon is rising 1%. Australia’s S&P/ASX 200 is 0.8% lower as investors have turned cautious ahead of the GDP data. The big four banks are mostly lower, with ANZ falling 1.2%, Commonwealth Bank losing 0.6%, Westpac dropping 0.5%, and NAB edging higher by 0.1%. The major miners are also weighing on results as BHP is down 0.9% and Rio Tinto is losing 1.7%. In mainland China the benchmark Shanghai Composite has opened with a modest 0.2% loss, but the smaller cap Shenzhen Composite is down 1% as investors worry about the potential regulation of video game time for those under 18. In Hong Kong the Hang Seng is trading 0.5% lower as the potential video game regulation also hits shares listed there. South Korea’s Kospi is edging lower by 0.1%, and the Taiex in Taiwan is matching that with its own 0.1% loss. In Southeast Asia Singapore’s Straits Times Index is 0.3% higher, Malaysia’s KLCI is 0.3% lower, and the Jakarta Composite in Indonesia is gaining 0.2%.
Robinhood's Revenue Model Potentially At Risk
2021-08-31 23:42UTC
Shares of online broker Robinhood plunged 6.9% on Monday, but recovered 1.6% on Tuesday as investors took the drop as an opportunity to get into the stock at a lower level. Whether or not that turns out to be a smart move will take time to see. The initial drop on Monday came after the SEC chairman told Barron’s that there is a possibility for the SEC to ban payments for order flow, which is Robinhood’s primary source of revenue. Part of the reason investors were willing to step in and buy Robinhood despite the potentially disastrous news is that Robinhood responded to the possibility by saying that they could adapt if payment for order flow was removed as a source of revenue. Shares did continue falling Tuesday morning, reaching as low as $41.51 a share before rebounding to close the session at $44.32 a share. While the SEC could institute a complete ban on the practice of payment for order flow, it’s more likely they would take a more measured approach initially. SEC chairman Gary Gensler refused to comment further on the potential change. Another potential negative for Robinhood comes in the form of competition. On Monday it was reported that the leading digital payments platform Paypal is investigating adding stock trading for its customers. Paypal has already added cryptocurrency trading over a year ago. Robinhood’s IPO was just over a month ago, but the stock has had a wild ride as it first doubled in price, only to later see half its value wiped out in short order. Shares gained 24% in August.
The USD Dropped To A Bottom Mark
2021-08-31 14:22UTC
The USD sunk around three-week bottoms versus a basket of currencies on Tuesday.Presently, the USD versus the Euro trades at 0.845 EUR, which is a further loss of $0.0021 or 0.25% from the previous close of 0.8474.The daily trading range is from 0.8442 to 0.8476.Moreover, the USD has been into a falling side since Federal Reserve Chair Jerome Powell's comments at the Jackson Hole conference on Friday.U.S. payrolls reports are coming out on Friday this week.In addition, the USD index retreated to a quarter of a percent to 92.456, its lowest level since Aug. 6.Furthermore, the GBP surged to a two-week peak of $1.38010, before losing ground to $1.38.
U.S. Daily Market Review
2021-08-31 14:09UTC
Stocks retreated from a record levels.The S&P-500 looks to wrap up its seventh straight month of advances.The Dow Jones Industrial Average dropped 83 points, or 0.2%. The Nasdaq Composite declined 0.2%.The USD depreciated versus most of its Group-of-10 peers.U.S. single-family home prices in 20 key urban markets soared more in June versus last year. Shares of Zoom fell more than 11% in premarket trading after the company signaled a faster-than-expected drop in demand.Zoom predicted the current-quarter revenue between $1.015 billion and $1.020 billion on Monday, indicating a rise of about 31%.Microsoft Corp, Google-owner Alphabet Inc , Apple and Amazon tumbled between 0.2% and 0.5% in premarket trading.
European Daily Market Review
2021-08-31 08:09UTC
European leading stocks opened slightly higher today with investors digesting the latest economic data from the E.U.The German DAX added 0.51%, the French CAC-40 inclined 0.05% and the British FTSE-100 slipped 0.16%.The pan-European Stoxx 600 gained 0.1% higher, with most sectors in positive territory apart from banks, insurance, utilities, travel and leisure and oil and gas. Danish medical company Ambu, its shares soared over 7%. On the other side, Danske Bank dropped almost 4.0%.Shares of airlines Easyjet and Wizz Air tumbled 3.4% and 2.8%, accordingly.Germany’s centre-left Social Democrats (SPD) further added to their lead over Chancellor Angela Merkel’s conservative party, according to a latest poll reported yesterday.Dutch technology investor Prosus NV soared 2% after declaring that it had decided to buy Indian payments platform BillDesk for $4.7 billion.
Crude Oil Prices Fell
2021-08-31 06:31UTC
Oil prices retreated this morning amid issues over that power outages and flooding in Louisiana after Hurricane Ida will seriously hurt crude demand from refineries.Now, oil trades at $69.119, which is a very minor incline of $0.010 or 0.01% from the previous close of 69.109.The daily trading range is from $68.704 to 69.268, while the trading volume is 8.262K.The prices entered into a negative mode amid weaker manufacturing data coming from China.U.S. West Texas Intermediate (WTI) crude futures were down 5 cents, or 0.07%, to $69.16 a barrel at 0555 GMT.The loss of power could last for several weeks, according to official statements.Furthermore, more than 1.72 million bpd of oil production and 2.01 million cubic feet per day of natural gas output remained offline in the U.S. side of the Gulf of Mexico.Furthermore, the Organization of the Petroleum Exporting Countries (OPEC) and allies are likely to agree to carry out the plan to add another 400,000 bpd of supply each month through December.
Asian Daily Market Review
2021-08-31 02:13UTC
Markets are trading broadly lower across Asia Tuesday morning after data shows that Chinese factory activity grew at a slower pace in August versus July. In Japan the Nikkei is easing lower by 0.1%, with a slightly stronger Yen exerting a bit of downward pressure. Shares of Softbank are 1% lower, while Sony is falling 0.4%. Among the major exporters shares of Toyota are lower by 0.6%, Panasonic is adding 0.2%, and Canon has a 0.4% advance. Australia’s S&P/ASX 200 is bucking the falling trend across the region with a gain of 0.2% heading into the final hours of trading in Sydney. Shares of the big four banks are weighing on the index however, with ANZ trading 0.5% lower, Commonwealth Bank losing 0.3%, and Westpac also dropping 0.3%. Shares of NAB are slightly higher by less than 0.1%. Meanwhile the major miners are also falling, with BHP losing 0.6% and Rio Tinto down by 0.3%. Mainland Chinese markets are trading modestly lower too, with the benchmark Shanghai Composite falling slightly by 0.1%, while the smaller cap Shenzhen Composite is 0.4% lower. Over in Hong Kong the Hang Seng is falling 0.7% in response to potential regulations in China that will limit the number of hours those under 18 can play video games to just 3. Shares of Tencent are down 2.5% in response, while Netease shares are falling 3.6%. In South Korea the Kospi has a 0.3% loss, while Taiwan’s Taiex has fallen 0.8% in early trade. Southeast Asian markets are mixed with Singapore’s Straits Times dropping 1.3%, the Jakarta Composite in Indonesia 0.1% lower, but the KLCI in Malaysia adding 0.7%.
Paypal Shares Pop On Stock Trading Speculation
2021-08-30 20:36UTC
Shares of Paypal popped 3.6% higher yesterday as rumors emerged that the digital payments giant is planning on adding stock trading to its platform. With the rise in retail trading that’s exploded revenues for brokers in the past year and a half it comes as no surprise that Paypal might be considering such a move. The rumors emerged after it became known that Paypal has hired former Ally Invest president Rich Hagen as the CEO of a previously unknown division. Hagen was the founder of TradeKing, which was acquired by Ally Invest. The Paypal division is called Invest at Paypal, and the company has not previously reported its existence. Paypal has already rolled out the ability to trade cryptocurrencies in the past year on its platform, but the addition of stock trading could be extremely lucrative for the San Jose, California based digital payments platform. The revelation of Invest at Paypal came from Hagen’s LinkedIn profile, which shows him as CEO of Invest in Paypal and describes his job function as “exploring opportunities” in the retail investing space. During the last quarterly earnings call Paypal’s CEO Dan Schulman said that Paypal’s long term vision included more financial services, which includes “investment capabilities”. Data shows that over the first half of 2021 more than 10 million new investors entered the market. That’s nearly as many as entered the market in all of 2020, which was a record breaking year itself. Interest in the stock markets is booming, thanks to the stay at home pandemic orders, government stimulus, and the popularity of viral trading in meme stocks like Gamestop and AMC Theaters.
U.S. Daily Market Review
2021-08-30 09:57UTC
The S&P-500 marked a further peak mark today as the market continued to gain ground.The broad market index added 0.5% to set a new intraday record high. The Nasdaq Composite secured 0.8% for its own all-time high. The Dow Jones Industrial Average is still a clear market direction.The National Association of Realtors (NAR) announced that its Pending Home Sales Index, based on contracts signed last month, dropped 1.8%.PayPal is could enter into a stock-trading platform.Meanwhile, the share prices of Paypal, broke that trend and rallied more than 3%.The USD stabilized after reaching two-week bottom today, as the dollar tried to recover from Friday's retreat on comments from U.S. Federal Reserve Chair Jerome Powell.Moderna fell more than 2.1% after Japan temporarily suspended another one million doses of the COVID-19 vaccine.
European Daily Market Review
2021-08-30 07:47UTC
European stocks partly inclined this morning, indicating in broadly positive trade across the market.The German DAX added 0.08%, the French CAC-40 gained 0.09% and the British FTSE-100 soared 0.32%.The pan-European Stoxx-600 added 0.1% higher with most sectors rising apart from banks, healthcare, insurance, telecoms and travel and leisure.Euro zone bond yields are around one-month peak just ahead of the release of German inflation data.Bond yields partly shifted on both sides of the Atlantic in the aftermath of U.S. Federal Reserve Chairman Jerome Powell’s speech on Friday.The German inflation data due at 1200 GMT, ahead of a euro area reading tomorrow.
Gold Prices Are Up
2021-08-30 07:04UTC
Gold prices advanced this morning during the Asian hours, adding to ride a rebound resulted from the comments Friday by U.S. Federal Reserve Chairman Jerome Powell.After his remarks the Treasury yields and and the USD entered into a losing mode.Now, gold trades at $1814.47, which is very minor loss of $2.39 or 0.13% from the previous close of 1816.86.The daily trading range is from $1812.62 to 1823.06, while the trading volume is 88.956K.Powell indicated in that the Fed could start tapering off from the large levels of support for the economy by the end of 2021.Powell also stated that the labor data had improved.Gold traders are focused on the possibility that the Fed is not planning to raise rates quickly.Gold prices managed to partly recover from losses Friday following Powell’s comments.
Asian Daily Market Review
2021-08-30 02:29UTC
Asian markets are moving broadly higher to start the week, with investor sentiment rising after the head of the U.S. central bank struck a more dovish tone that expected at last Friday’s Jackson Hole Symposium. Japan’s Nikkei is up a modest 0.2%, despite the Yen gaining on the U.S. dollar since last Friday’s news. Shares of Softbank Group are trading 0.5% lower, and Sony has a loss of 0.2%. Among the major exporters Toyota is adding 0.5% and Panasonic is 1.2% higher, while shares of Canon trade up by 0.8%. In Australia the S&P/ASX 200 is slightly higher by 0.1%, with weakness from the big four banks weighing on the broader market. Shares of ANZ are down 1.1%, NAB has a 0.5% loss, Commonwealth Bank shares are falling 1.2%, and Westpac trades 0.9% lower. However the major miners are giving support to the market, with BHP adding 3% and Rio Tinto advancing 3.1%. Mainland Chinese markets have also opened to gains, with the benchmark Shanghai Composite rising 0.3%, while the smaller cap Shenzhen Composite is advancing 0.5%. However Hong Kong’s Hang Seng is taking its own direction and trades 0.4% lower to lead losses around the region. South Korea’s Kospi is edging higher by 0.1%, and in Taiwan the Taiex has a gain of 0.5%. Increased risk appetite is benefitting the emerging markets and Southeast Asian markets are broadly higher as a result, with Indonesia’s Jakarta Composite leading gains around the region as it rises 0.7%, while the Straits Times in Singapore has a 0.6% gain, and Malaysia’s KLCI is trading 0.5% higher.
Gold Rallies On Fed Chairman Dovishness
2021-08-27 18:54UTC
Gold initially pulled back ahead of the Jackson Hole Symposium, but recovered rapidly as Federal Reserve chairman Jerome Powell struck a dovish tone that sent the U.S. dollar lower across the board, providing the support needed for gold to make a strong move above the $1,800 level. During a virtual speech at the symposium Powell acknowledged that both the labor and inflation data indicates that the Fed targets are near being met, but that more time would be needed to tell if this will be sustained. The Fed chair also expressed concerns over the number of COVID cases in the U.S. and its potential impact on the economy. While he also said that tapering will likely begin in 2021, he was more cautious when discussing interest rates, indicating that the Fed is not anywhere close to raising rates. Taken all together markets saw the speech as dovish, mostly because it didn’t provide any news not already known. Market participants had been hoping for some new information, but were disappointed when it didn’t emerge. The move in gold took it as high as $1,818.68 on an intraday basis, and it remained just slightly below that high at the close. While the $1,818 level is a minor resistance level, the real test for gold will be at the $1,830 level, where the precious metal printed a double top back in July. A breakout move above that level would leave a clear path to $1,900. However, some analysts said that while the chairman’s speech was dovish, it wasn’t dovish enough to kick off a strong rally in gold.
U.S. Daily Market Review
2021-08-27 10:36UTC
U.S. stock index futures partly soared today just ahead of Federal Reserve Chair Jerome Powell’s speech that could provide clear market direction.The Dow Jones Industrial Average secured 86 points, or 0.2%. The S&P-500 futures inclined 0.3% and Nasdaq 100 futures gained 0.3%.The Fed meeting will be online this year, with Chair Jerome Powell’s speech taking center stage Friday morning at 10:00 a.m. ET. Oil giants of Exxon Mobil, Chevron Corp and Schlumberger NV rallied between 0.6% and 1.4%.The stock price of Gap advanced 8% per share in premarket trading after the company’s quarterly earnings report beat on top and bottom lines.The technology leaders of Apple Inc, Facebook Inc, Amazon.com, Google-owner Alphabet Inc, and Tesla Inc also surged in pre trading hours.
European Daily Market Review
2021-08-27 08:25UTC
European markets are still without a clear market direction just ahead of U.S. Federal Reserve Chairman Jerome Powell’s remarks at the annual Jackson Hole symposium.The German DAX added 0.07%, the French CAC-40 slipped 0.01% and the British FTSE-100 gained 0.16%.The pan-European Stoxx-600 only partly declined 0.1% in early trade, with travel and leisure stocks falling 0.8%.The markets are largely concentrated on today’s largely expected speech from Fed chairman Jerome Powell at Jackson Hole, Wyoming. French consumer confidence eased marginally in August despite an increase in coronavirus cases and new requirements of a health pass to enter many retail outlets.The INSEE official stats agency announced its monthly consumer confidence index retreated to 99 from 100 in July.
Crude Oil Prices Are Into A Massive Surge
2021-08-27 07:00UTC
Oil prices rallied this morning, are into a large rising pattern on weekly basis.This comes amid surging concerns over supply worries as many companies began shutting in production in the Gulf of Mexico ahead of a potential hurricane estimates this weekend.Now, oil trades at $68.619, which is a rise of $0.874 or 1.29% from the previous close of $67.745.The daily trading range is from $67.507 to 68.700, while the trading volume is 11.907K.Moreover, U.S. West Texas Intermediate (WTI) crude futures advanced 93 cents $68.34 per barrel.For the week, Brent is on track for a rise of almost 11% on weekly basis.This represents the largest weekly rally since June 2020. Moreover, WTI is about to register of nearly 10%, which serves as the peak since August 2020.In fact, many conglomerates started airlifting workers from Gulf of Mexico oil production platforms such as BHP as a storm is coming in the Caribbean Sea.Presently, the markets are focused on the speech by Fed Chair Jerome Powell later on Friday.
Asian Daily Market Review
2021-08-27 02:14UTC
Asian markets were off to a rocky start on Friday as investors chose to turn cautious ahead of the Jackson Hole Symposium taking place later in the day. Investors are uncertain what might come out of the meeting of global central bankers, causing markets to open broadly lower. However most of the losses didn’t hold, as investor sentiment turned more positive, and markets erased losses to turn higher. Japan’s Nikkei is trading 0.4% lower, despite a fifth consecutive session of Yen weakness versus the U.S. dollar. Shares of Softbank are trading 0.3% lower, while Sony shares are dropping 0.8%. Among the major exporters Toyota is losing 0.6%, Panasonic has a 1% advance, and Canon trades down by 1%. In Australia the S&P/ASX 200 is modestly lower by 0.2%, with the big four banks . Shares of ANZ trade 0.3% lower, while NAB is 0.3% higher. Commonwealth Bank has a slight gain of less than 0.1%, and Westpac is trading 0.1% lower. The major miners are mixed, with BHP falling 0.2% while Rio Tinto is adding 0.4%. Mainland Chinese markets have opened lower as well, with the benchmark Shanghai Composite down less than 0.1%, while the smaller cap Shenzhen Composite is losing 0.3%. Meanwhile Hong Kong is tracking the losses on the mainland, with the Hang Seng trading 0.3% lower. In South Korea the Kospi is trading 0.1% higher, while Taiwan’s Taiex has a 0.3% gain. Southeast Asian markets are trading mixed, with Singapore’s Straits Times Index dropping 0.7%, and Indonesia’s Jakarta Composite 0.3% lower, while the KLCI in Malaysia is advancing 0.4%.
Peloton Shares Fall Sharply On Earnings Disappointment
2021-08-26 21:41UTC
Shares of Peloton were down nearly 7% in after-hours trade following a drop of 1.9% after the exercise equipment maker posted worse than expected quarterly sales and earnings, and also offered up a poor forecast for the coming quarter. Peloton management warned that revenue will slip even further in the coming quarter as they are cutting the price of their original exercise bikes by 20%. It is also shifting its business back to focus more on treadmills, which are less profitable than the cycles. The company cited increased commodity costs and freight prices as part of the reason for weak expectations in the coming quarter. It also plans on increasing its marketing spend in the coming quarter, in the hopes it can generate increased sales volumes. Revenue came in at $936.9 million versus $927.2 million expected, while earnings were a steep loss of $1.05 a share versus $0.45 expected. That compared with net income of $0.27 a share in the same quarter last year. The drop in revenue growth was also due to the recall of Peloton’s Tread and Tread+ treadmill products back in May. Part of the recall also involved the temporary halt in sales of the two types of treadmills. The Tread model is expected to go back on sale next week, but there’s been no indication for when the Trend+ might go back on sale. At the same time the company is facing much steeper competition in the home fitness space, with the likes of Hydrow, Tonal, and Mirror eating into its sales. At the same time the lifting of COVID-19 restrictions is seeing more people head back to in-person gyms.
U.S. Daily Market Review
2021-08-26 10:37UTC
The S&P-500 came off from a record high today as most traders and investors await more details on the Federal Reserve’s future actions.The markets are also focused on the new developments in Afghanistan, which added to the risk-off sentiment.The Dow Jones Industrial Average slipped 58.96 points, or 0.17%, at 35,346.54.The S&P-500 dropped 17.12 points, or 0.38%, at 4,479.07, and the Nasdaq Composite fell 56.33 points, or 0.37%, at 14,985.53. Economic growth marked 6.6% in the second quarter, according to the Commerce Department’s data.The USD surged from one-week bottom level after a regional Federal Reserve president indicated in a faster pace of reducing the Fed’s asset purchases.The USD index gained around 0.06%  just before the statements by James Bullard, the president of the St. Louis Fed.
The Rate of The USD Advanced
2021-08-26 09:49UTC
The USD partly gained versus the euro edged during the early European trading hours this morning.However, the greenback is still around a one-week bottom amid solid levels of risk appetite just ahead of the Federal Reserve’s key Jackson Hole symposium.Now, the USD versus the Euro trades at 0.849 EUR, which is very minor decline of 0.0001 or 0.01% from the previous close of 0.8493.The daily trading range is from 0.8491 to 0.8503.Earlier today, the USD Index added 0.1% higher at 92.930, after dropping to 92.800.Risk appetite has advanced this week by the decision of the U.S. Food and Drug Administration.Moreover, a massive increase for U.S durable goods.
European Daily Market Review
2021-08-26 08:37UTC
European stock markets lost some ground in today's session.The German DAX fell 0.21%, the French CAC-40 lost 0.10% and the British FTSE-100 declined 0.31%.The pan-European Stoxx-600 tumbled around 0.3% in early trade, with travel and leisure stocks falling around 1%. European Central Bank Chief Economist Philip Lane stated yesterday that economic impact from the spread of the delta Covid-19 variant is likely to be limited across the euro zone.French media giant Vivendi soared 3% to lead the Stoxx 600.Euro zone government bonds are into a  steady path in early trading on Thursday.German and Italian 10-year yields marked their largest advance of the last six months.European travel company Tui, airlines Wizz Air, Lufthansa and British Airways-owner IAG all retreated around 1.4% and 2.5%.
Crude Oil Prices Dropped
2021-08-26 06:10UTC
Oil prices retreated this morning for the first session this week amid  higher concerns over demand recovery amid rising COVID-19 infections.Now, oil trades at $67.672, which is another loss of $0.301 or 0.44% from the previous close of 67.973.The daily trading range is from $67.640 to 68.123, while the trading volume is 11.218K.In addition, U.S. oil slipped 50 cents, or 0.7%, at $67.86 a barrel, after securing little more than 1%.The U.S. Energy Information Administration (EIA) announced that American crude inventories tumbled  last week for a third consecutive week.Mexico’s supply is back on track again after a fire on Sunday on an offshore platform killed at least five workers
Asian Daily Market Review
2021-08-26 02:24UTC
Asian markets are showing pockets of weakness Thursday morning despite the overnight records set on Wall Street. The caution is coming as traders worry over the potential regulatory changes coming in China, and await news later today from the Jackson Hole symposium of central bankers. Japan’s Nikkei is trading slightly higher by 0.1%, buoyed by continued weakness in the Yen versus the U.S. dollar. Shares of Softbank are edging lower by less than 0.1%, but Sony shares have dropped 1.8% in  early trade. Among the major exporters Toyota is also edging lower by less than 0.1%, while Panasonic shares fall 0.6%, and Canon has a slight loss f less than 0.1%. In Australia the S&P/ASX 200 is trading down 0.4% as the big four banks have a mixed performance. Shares of Commonwealth Bank are trading 0.1% higher, but Westpac shares are falling 0.6%, NAB is 0.5% lower, and ANZ has a slight 0.1% loss. Meanwhile the major miners are also putting pressure on the broader index, with BHP losing 0.7%, while Rio Tinto trades 1.3% lower. Mainland Chinese markets have opened to losses, with the benchmark Shanghai Composite losing 0.4%, while the smaller cap Shenzhen Composite drops 0.8%. Hong Kong’s Hang Seng is following the lead of the mainland for the first time this week, with a loss of 0.4%. In South Korea the Kospi has given back an early lead and trades lower by less than 0.1% after Korea’s central bank moved to raise interest rates. Taiwan’s Taiex is inching up by less than 0.1%. Southeast Asian markets are mixed, but Malaysia’s KLCI is leading gains for the region as it’s rising 1%.
Recovery In Crude Prices Continues
2021-08-25 20:16UTC
Crude oil continued in its recovery, rising for a third consecutive session Wednesday after U.S. inventory data showed a weekly drop of 3 million barrels in inventory levels. So far this week the recovery in crude has the commodity up nearly 10%, erasing the losses suffered during the seven day slide in prices caused by worries over slowing demand. At the end of the session the global benchmark Brent crude was 1.7% higher as it added $1.20 to $72.25 a barrel. The U.S. benchmark West Texas Intermediate crude advanced 1.2%, adding $0.82 to $68.36 a barrel. In addition to showing a drop of 3 million barrels in U.S. crude inventories, which puts the inventories at their lowest since January 2021, the Energy Information Administration data also showed demand in the U.S. has rebounded to its highest level since March 2020, when the government pandemic restrictions began. Adding to the bullish picture gasoline inventories also fell by 2.2 million barrels, indicating refiners are having trouble keeping up with demand as consumers have taken to the roads for a last summer hurrah. Also helping to support the gains in crude is the loss of roughly 400,000 barrels per day of Mexican crude deliveries following a fire on Monday that’s shut down one of the offshore platforms operated by Mexico’s state oil firm. While the organization said production will resume by August 30, analysts have suggested that full production could take weeks to bring back online. The recovery in crude began Monday on a weak U.S. dollar and news that new COVID cases in China, the largest oil consumer, had fallen to zero.
Crypto Daily Market Review
2021-08-25 20:02UTC
Cryptocurrencies edged higher on Wednesday, but gains were muted for the top ten cryptocurrencies. Bitcoin (BTC) set the tone with a modest gain of 1.5% on the day, but remained trapped below the resistance found at the $50,000 level. Ethereum (ETH), the second largest cryptocurrency by market cap, put in a similar performance as it added 1.1% on the day. The enthusiasm over the London hard fork seems to have passed, and now investors are waiting for the switch from proof of work to proof of stake consensus, which will allow users to collect “interest” on their ETH holdings. The best gain in the top 10 came from Binance Coin (BNB), with the native crypto for the Binance exchange rising 5.3% after rumors emerged of the exchange lloking for as much as $200 billion in government funds. Polkadot (DOT) was the next best performer as it rose 4.1% on renewed bullishness for the NFT and DeFi spaces. There was some disappointment in the space too. Cardano (ADA) fell 1.5%, though to be fair it is still up more than 30% over the past seven days. Also falling were Dogecoin (DOGE), Solana (SOL), and Ripple (XRP), with losses of 2% for DOGE and SOL, while XRP finished the day 0.9% lower. The best gain of the day came from Revain (REV), an online platform for Ethereum blockchain-based tokens reviews. The token was up 32%, but there was no news indicating why it was pumping. The worst performance of the day is from Avalanche (AVAX), as it fell 7.5%, probably on profit taking as it was the best performer in the top 100 yesterday.
U.S. Daily Market Review
2021-08-25 17:29UTC
U.S. markets are on their way to another record close as the afternoon session kicks off Wednesday on Wall Street. Shares of banks are outperforming as the U.S. ten-year Treasury yield has climbed to its highest level in August. Shares of companies tied to the U.S. reopening are also outperforming, with travel and leisure names leading the way. As the afternoon begins in New York the S&P 500 is up 0.3% and trying to close above 4,500 for the first time ever. The Nasdaq has a more modest 0.1% advance, while the Dow Industrials are trading 0.3% higher. With the return of risk appetite, the small cap Russell 2000 is leading the way with a gain of 0.8%. On a per sector basis the financials are leading today with a gain of 1.6%. Energy shares continue putting in a strong showing however, with the sector up 1%. With their own ties to the reopening, the industrials are trading 0.8% higher, while the material sector is up 0.7%. The rally is quite broad based, with only three sectors in the red, and that barely so. The health care sector is trading 0.1% lower, while the technology and consumer staples sectors are each lower by less than 0.1%. As the reopening trade takes control shares of Range Resources are at the top of today’s leader board, adding 5.2%. That’s followed by Albemarle with a gain of 4.7%. The bottom of the leader board is controlled by Nordstrom, with shares plunging 16.5% even though the company beat second quarter earnings estimates and delivered an upbeat forecast for the coming quarters.
European Daily Market Review
2021-08-25 15:10UTC
European markets are mixed and somewhat subdued as investors across the region are taking a more cautious approach to the markets ahead of the Jackson Hole summit, which will take place virtually tomorrow. The pan-European STOXX Europe 600 is basically unchanged, with a very slight loss of less than 0.1%. Germany’s DAX is giving back the gains made in the prior session as it trades 0.3% lower. At the same time France’s CAC 40 is paring losses from the prior session with a 0.2% advance. In Italy the FTSE MiB trades slightly higher by less than 0.1%, and in Spain the IBEX 35 is leading gainers as it adds 0.5%. The biggest gainer in the DAX today is Deutsche Bank, with shares trading 1.5% higher. On the other side of the fence is Delivery Hero, with shares falling 2.3% today to lead losers in the index as investors take profits following the 5.5% gain of the previous session. Among the CAC 40 companies Societe Generale is leading gains as it’s trading 2.6% higher. On the other side of the tape both utility company Engie and food services company Danone are seeing their shares fall by 1.3%. In the U.K. the FTSE 100 has a 0.3% gain, with Standard Chartered bank leading the way with a gain of 3.2%. Other stocks with gains of more than 3% include Flutter Entertainment, Ocado, and Melrose Industries. At the bottom of the index is Russian energy company Rosneft, with shares falling 1.6%. Outside the FTSE 100 shares of Wm Morrison Supermarkets are edging lower by 0.1% following news of its potential inclusion in the FTSE 100.
Asian Daily Market Review
2021-08-25 01:44UTC
Asian markets are moving higher on Wednesday morning, taking their lead from the overnight gains on Wall Street that saw the S&P 500 and Nasdaq both closing at record levels. Investor risk appetite continues to grow in the wake of the full approval of the Pfizer COVID-19 vaccine in the U.S. on Monday. Japan’s Nikkei is trading 0.3% higher, with the USD/JPY trading in a tight range just below the 110.00 level. Shares of Softbank Group are 2.6% higher and Sony is adding 1.1%. Among the major exporters Toyota is advancing 2.3%, Panasonic is trading 2.1% higher, and Canon is edging higher by 0.2%. Australia’s S&P/ASX 200 has a 0.5% gain, with shares of the big four banks pacing the gains for the broader market. Shares of ANZ and NAB are each up 0.4%, Commonwealth Bank is advancing 0.8%, and Westpac is also trading 0.4% higher. The major miners are providing even better support, with BHP rising 1.6% and Rio Tinto gaining 3.2%, while Fortescue Metals is trading 4.2% higher. In mainland China markets have opened little changed and mixed, with the benchmark Shanghai Composite reading 0.1% higher, while the smaller cap Shenzhen Composite is edging lower by less than 0.1%. Meanwhile the Hang Seng in Hong Kong is trading 0.8% higher as it extends the rally that began on Monday. South Korea’s Kospi has a slight gain of 0.2%, while the Taiex in Taiwan is trading 0.4% higher. Southeast Asian markets are advancing as well, with the KLCI in Malaysia leading gains for the region as it adds 0.7%, while Singapore’s Straits Times Index trades 0.5% higher.
Crypto Daily Market Review
2021-08-24 19:16UTC
Cryptocurrency markets took a breather on Tuesday, sliding lower after several consecutive days’ worth of gains. The drop comes just one day after Bitcoin moved above the $50,000 psychological resistance level, only to be rejected. Today Bitcoin (BTC) is trading 2.5% lower, making it one of the best performing top ten cryptocurrencies. Only Solana (SOL) is doing better, although not by much as it is down 2.3% on the day. The second largest cryptocurrency, Ethereum (ETH), is 4% lower, although it remains well above the $3,000 level. Cardano (ADA) has also slipped 4% lower, and has lost its grip on the $3 level. Binance Coin (BNB), which was yesterday’s best performing top ten coin, has dropped 5.2% today, and has been unable to remain above the $500 level. Number six coin Ripple (XRP) is also trading 5.2% lower on the day. Dogecoin (DOGE) has dropped beneath $0.30 with a loss of 6.9%, but the number nine coin Polkadot (DOT) has the largest loss of the day in the top ten as it trades 7.3% lower. Today’s best gainer in the top 100 cryptocurrencies is Avalanche (AVAX), with a 12.6% advance.  Avalanche is an umbrella platform for launching decentralized finance (DeFi) applications, financial assets, trading and other services. Its aim is to be a global assets exchange, allowing anyone to trade or even launch any form of asset in a decentralized manner using smart contracts. At the other side of the spectrum is Helium, which is trading 9% lower on the day. The Helium blockchain was created to power Internet of Things devices and to facilitate communication between them.
U.S. Daily Market Review
2021-08-24 17:27UTC
The S&P 500 is on track to set a new record close as markets head into Tuesday’s afternoon session on Wall Street. Investor confidence and risk appetite remain high following yesterday’s full approval by the U.S. Food and Drug Administration of the Pfizer-BioNTech vaccine for COVID-19. As the afternoon is getting underway the S&P 500 is trading 0.2% higher, as is the Dow Industrials. Even greater gains are coming from the technology sector, sending the Nasdaq 0.4% higher. That also has the Nasdaq on track for a new record close as it is trading above the 15,000 level for the first time ever. On a sector basis the markets are mixed, with seven of the 11 major subsectors posting gains. The best gains are coming from the energy sector for a second consecutive day, with the sector up 1.4%. The financials, consumer discretionary, and materials sectors are also all up 0.8%. On the other side of the tape the defensive sectors are showing weakness in the face of rising risk appetite. Both the consumer staples and real estate sectors are falling 0.7%, while the utilities are 0.5% lower. In the S&P 500 Best Buy has the best performance, with shares trading 9.1% higher after the company reported stronger than expected earnings, and said that the consumer is strong, upgrading their home technology as the work from home shift continues. Many travel related stocks are also rising in response to the Pfizer vaccine full approval yesterday. In the Nasdaq the best performers are Chinese companies, with investors now more clear on the regulatory landscape in China.
European Daily Market Review
2021-08-24 14:32UTC
European markets are trading mostly lower on Tuesday heading into the final hours of trade across the region, although Germany’s DAX is bucking the falling trend after data showed the country’s economy is growing faster than expected. The pan-European Stoxx Europe 600, the broadest measure of European equities, trades 0.1% lower, with weakness from the health care sector weighing. At the same time Germany’s DAX is 0.3% higher, but the CAC 40 in France is 0.3% lower. Italy’s FTSE MiB has a loss of 0.1%, and the IBEX 35 in Spain is leading losses around the region as it’s falling 0.5%. In Germany the DAX is nearly evenly mixed between winners and losers. The top performing stock is Delivery Hero, with shares trading 5.5% higher. Next up is Covestro, with a gain of 2.5%. The increased risk appetite is weighing on defensive names, and E.ON is falling 1.8%, while Deutsche Telecom has a loss of 1.1%. In France the CAC 40 is also nearly evenly mixed between winners and losers, with the top performing stocks falling into the industrial category. Arcelor Mittal shares trade 3% higher, while Alstom has a 1.5% advance. Tire manufacturer Michelin is the biggest loser in the index, falling 1.8%. Luxury brand Hermes International is matching that with its own 1.8% loss. In the U.K. the FTSE 100 is trading 0.3% lower as well, with yesterday’s biggest winner becoming today’s biggest loser. Shares of J. Sainsbury are down nearly 5% as investors take profits after yesterday’s epic rise of over 15%. The biggest winners today are travel stocks Carnival and EasyJet, with shares adding 5% and 4.5% respectively.
Asian Daily Market Review
2021-08-24 01:44UTC
Asian markets have opened higher for the second consecutive session, following strong overnight gains on Wall Street. There’s also optimism from investors in response to the U.S. Food and Drug Administration giving full approval to the Pfizer-BioNTech vaccine. Pundits believe this will usher in mandates for vaccines from a number of corporate giants. Japan’s Nikkei is trading 1% higher, with a weaker Yen helping to provide support for shares of Japanese exporters. Shares of Softbank are surging today, adding 2.9%, while Sony shares are doing even better with a 4% gain. Among the major exporters Toyota is 0.5% higher, Panasonic is advancing 1.6%, and Canon has a 0.7% gain. In Australia the S&P/ASX 200 is making a 0.3% gain, with the big four banks mixed. Shares of ANZ are edging up by less than 0.1%, while shares of NAB are inching lower by less than 0.1%. Meanwhile Commonwealth Bank is adding 0.2%, and Westpac is outperforming with a gain of 0.4%. The major miners are adding their support, with BHP 0.9% higher, and Rio Tinto up by 0.8%. In mainland China markets have opened to modest gains, with the benchmark Shanghai Composite rising 0.2% and the smaller cap Shenzhen Composite matching that with its own 0.2% advance. Over in Hong Kong the Hang Seng is trading 1.3% higher. South Korea’s Kospi is leading gains for the region as it’s rising 1.7%, and in Taiwan the Taiex has a 0.7% gain as well. Southeast Asian markets are trading higher with the Straits Times in Singapore adding 0.6%, while the KLCI in Malaysia inches up by less than 0.1%.
Crypto Daily Market Review
2021-08-23 22:37UTC
Cryptocurrency markets continued their rally on Monday, with Bitcoin (BTC) hitting a three month high as it traded above the psychologically important $50,000 level early in the session. Analysts note that this is a bullish signal, but the real resistance for Bitcoin is higher, at the $51,000 level. A move beyond that resistance could open up a quick move to $54,000 as there’s a volume gap between those two levels. The move higher was broad based, and Ethereum (ETH) also tacked on 4.5% on the day as it climbed above the $3,300 level. Traders remain bullish over the prospects for Ethereum when it switches to a Proof-of-stake consensus mechanism, possibly before the end of 2021. The best gain in the top ten came from Binance Coin (BNB) as it jumped 12.7% to land right at the $500 level. Cardano (ADA) also continued its strong gains, rising 11.2% on the day as traders remain enthusiastic for that blockchain transitioning to a smart contract enabled blockchain that could take on Ethereum. Others in the top ten had more modest gains that ranged from 1% for Dogecoin (DOGE) to 3.5% for Polkadot (DOT). Ripple (XRP) was also modestly higher by 1.8%. The best gain in the top 100 cryptocurrencies was a 19.2% climb in the value of Enjin Coin (ENJ). Enjin is a platform that allows the development of NFTs and with the resumption of bullish sentiment for NFTs Enjin Coin is also benefitting. There were only a handful of coins that posted a loss, and those were small. The largest loss came from Celcius (CEL), which is a banking protocol.
USD Drops As Risk Appetite Snuffs Haven Demand
2021-08-23 18:05UTC
Weakness in the U.S. dollar on Monday helped gold push back above the $1,800 level, while crude snapped a seven session losing streak in a rally that had the commodity up more than 5% on the day. The U.S. dollar has seen substantial strength recently on expectations for the Federal Reserve beginning to taper its bond purchases by the end of 2021. However, on Monday those fears eased in response to the Dallas Fed president expressing the possibly of keeping tapering on hold in light of the potential for the rising number of COVID cases to dent the economic recovery in the U.S. The comments, made last Friday, also snuffed out expectations for Federal Reserve chairman Jerome Powell to lay out a timeline for Fed tapering at the Jackson Hole Summit later this week. The U.S. Dollar Index, which was at a nine and a half month high at the close last Friday, fell nearly 0.5% on the day as the USD retreated against most major rivals. Expectations from market participants now lean towards U.S. tapering to begin in 2022, which is bearish for the USD. The pullback in the U.S. dollar is being seen as healthy by a number of analysts who felt that the rise in the currency had been too fast and too steep. Yet this pullback could be temporary in nature, as the U.S. dollar remains the top choice for traders and investors when it comes to a safe haven asset. The continuing COVID issues almost ensure that investors will continue to seek out safe havens, and over the past year that’s been the U.S. dollar.
U.S. Daily Market Review
2021-08-23 17:53UTC
U.S. markets got off to a strong start Monday morning, beginning a recovery from the dismal performance of the prior week. The rally followed similar moves higher overnight for Asian and European markets, but gained steam after the U.S. Food and Drug Administration announced it was giving full approval for the Pfizer-BioNTech COVID-19 vaccine. As the afternoon gets off to a start the Nasdaq Composite is leading major indices with a gain of 1.5%, while the S&P 500 is 0.9% higher and the Dow Industrials are 0.7% higher. Highlighting the increase in risk appetite on Wall Street, the small cap Russell 2000 is also trading up by 1.8%. In response to the FDA approval shares of Pfizer are 2.6% higher, while BioNTech shares are rallying 9.5% higher. Moderna is also benefitting from the positive news on the vaccine front, with its shares gaining 6.6%. Also making strong gains on the news is the energy sector, as investors speculate that the vaccine approval will help break the rise in delta COVID cases, and lead to an increase in economic growth and travel that will spur demand for oil. The jump in energy shares comes as crude snaps a seven session losing streak, thanks to weakness in the U.S. dollar, and geopolitical risks in the Middle East. Defensive sectors are underperforming however, with the utilities sector losing 1.3% and the real estate sector down 0.4%. Both the material and industrial sectors are rising 1% today, with investors optimistic that the $1 trillion infrastructure bill will soon pass, giving a huge boost to construction, construction materials, and industrial companies.
European Daily Market Review
2021-08-23 15:20UTC
European markets are rebounding modestly on Monday after finishing Friday with the largest weekly loss since February. Gains are extending the positive Asian session, although upside is being muted by continued concerns over global growth, the COVID-19 delta variant, and China’s crackdown on the technology sector. Heading into the closing hour across much of Europe the pan-European STOXX Europe 600 is trading 0.6% higher, with Germany’s DAX edging up by 0.2%, while the CAC 40 in France rallies 1% higher. In Italy the FTSE MiB is advancing 0.3%, and in Spain the IBEX 35 has a 0.4% gain. Despite the modest gain, Germany’s DAX is seeing roughly 70% of its components advancing, led by Adidas with a gain of 2.1%. Delivery Hero shares are also doing well today with a gain of 1.7%, and Volkswagen is trading 1.3% higher. On the other side of the board real estate firm Vonovia is leading losses as it’s fallen 2%. Among the CAC 40 components the luxury retailers are outperforming, as Kering leads with a 3.5% advance, followed closely by Louis Vuitton with a gain of 3.3% and Hermes International with a 3.2% jump. At the bottom of the leader board is pharmaceutical giant Sanofi with a loss of 1.3%. In the U.K. the FTSE 100 is trading 0.3% higher, as investors have put aside Brexit worries for the day. Shares of J. Sainsbury are soaring, up by 15.4% on reports of a potential private equity firm takeover. Luxury retailer Burberry is also trading 3.4% higher in the second spot. The largest loser is telecommunications firm BT Group, with shares trading 3.3% lower.
Asian Daily Market Review
2021-08-23 02:11UTC
Asian markets are climbing early Monday morning as investors take advantage of lower stock prices following last week’s selloff across the region. However there are still concerns over the spread of the delta variant of COVID-19 and the slowing of global growth it appears to be causing. In Japan the Nikkei has jumped 1.2% higher in early trade. A weaker Yen versus the U.S. dollar is helping to spur gains. Shares of Softbank are trading 1.7% lower despite the broader market gains, but Sony shares are soaring 2.7% higher. Among the major exporters Toyota is advancing 2.4%, while Panasonic is adding 1.6% and Canon has a 0.9% gain. Australia’s S&P/ASX 200 is edging up by 0.2%, although the big four banks are mixed. Commonwealth Bank is rising 0.6% and Westpac is inching up by less than 0.1%, but ANZ and NAB are each trading 0.2% lower. The major miners are also helping to support the broader market as BHP is adding 0.7% and Rio Tinto has gained 0.4%. Mainland Chinese markets have opened higher as well, with the benchmark Shanghai Composite rising 0.6%, while the smaller cap Shenzhen Composite has a 0.8% gain. Over in Hong Kong the Hang Seng is rebounding and trying to climb out of bear territory with a 1.7% advance. In South Korea the Kospi is trading 0.7% higher, while Taiwan’s Taiex is surging higher by 1.8% at the open to lead gains for the region. Southeast Asian markets are looking to move higher as well, with the Straits Times Index in Singapore and the KLCI in Malaysia adding 0.2%, while Indonesia’s Jakarta Composite is 0.5% higher.
Moderna Is Best Performing S&P 500 Stock
2021-08-20 22:50UTC
Moderna shares rose 2% on Friday, regaining some of the 5.8% lost on Thursday. It’s been quite the roller coaster week for the stock, which also notched a better than 7% gain on Tuesday. What’s causing all this volatility? It’s the U.S. discussions over the possibility of offering a third booster COVID vaccine. With all this volatility there’s been plenty of attention on Moderna, but another reason to look at the stock is Friday’s gains put it at the top of the leader board for the S&P 500 for the year. That’s right, Moderna is the best performing S&P 500 stock, rising 266.6% since the start of the year. It’s the COVID vaccine that’s driving these gains. Moderna has said it will deliver 1 billion doses of the vaccine this year, and that in 2022 it could deliver 2-3 billion doses. In addition, all these vaccine deliveries have given the company cash reserves of $12.2 billion. That’s pretty good for a pharmaceutical company that was bleeding cash less than 2 years ago. However all isn’t perfect. In fact perfection is part of the problem. Some analysts have said Moderna shares could fall as much as 70% in the coming year because the stock is priced for perfection. The contention is there are simply too many things that could go wrong, too much uncertainty and no way for Moderna to continue delivering perfect results. Case in point. On Thursday shares plunged 5.8% lower on analyst warnings, and last week shares fell 15.6% in a single session after Europe's drug regulator provided a COVID-19 vaccine-safety update. Seems Moderna is at dangerous levels.
U.S. Daily Market Review
2021-08-20 15:21UTC
The leading U.S. stocks are into recovery, while the markets are into a falling side this week stimulated by concerns over the Federal Reserve pulling back its stimulus.The Dow Jones Industrial Average secured around 220 points, or 0.6%. The S&P 500 added 0.6%. The tech-heavy Nasdaq Composite inclined 0.7%.Major U.S. stock averages rebounded Friday while markets remained on a losing track week driven by concerns of the Federal Reserve pulling back its stimulus.Nearly 61% of Americans paid no federal income taxes in 2020, a temporary spike attributed to a sudden decline in income.The USD retreated to a fresh 9-1/2-month peak today.
European Daily Market Review
2021-08-20 07:17UTC
European stocks are still a without a solid direction today amid issues over over monetary policy.The German DAX fell 0.38%, the French CAC-40 lost 0.28% and the British FTSE-100 dropped 0.14%.Germany’s finance minister reported that the economy is into a pattern for a lasting and solid recovery in the third quarter. Euro zone bond yields were are into a static mode, preserving the recent multi-month lows.British retail sales unexpectedly tumbled largely last month.Retail sales volumes retreated around 2.5% in July from June, according to the Office for National Statistics.UK supermarket Morrisons rallied 4.5% to the top of the STOXX 600 decided for takeover offer worth 7.0 billion pounds.
Crude Oil Prices Advacned
2021-08-20 06:28UTC
Oil prices rallied this morning, coming off from three-month bottoms.However, oil is still into a trend of weekly retreat of over 5% as new lockdowns in countries being affected from the jumping new cases of the Delta variant.Now, oil trades at $63.669, which is a further loss of $0.205 or 0.32% from the previous close of 63.874.The daily trading range is from 63.488 to 64.010, while the trading volume is 11.433K.Meanwhile, the USD rallied to a nine-month high on signs the U.S. Federal Reserve is about to limit the stimulus package this year.U.S. West Texas Intermediate (WTI) crude futures for September, expiring today, soared 40 cents or 0.6% to $64.09 a barrel at 0458 GMT.China has introduced new restrictions with no tolerance on the coronavirus policy, affecting shipping and global supply chains.Meanwhile Delta variant outbreaks in Australia and New Zealand have launched strict lockdowns.
Asian Daily Market Review
2021-08-20 02:20UTC
Asian markets are putting in a mixed performance early Friday morning following a choppy overnight session on Wall Street. The U.S. dollar climbed to a nine-month high overnight and commodities are showing weakness as worries over slowing economic growth and the spread of the delta variant of COVID continue to impact global markets. In Japan the Nikkei is trading 0.7% lower, despite the Yen remaining weaker versus the U.S. dollar. Shares of Softbank Group are continuing to slide, trading 1.9% lower, but Sony is rising 1.1% today. Among the major exporters Toyota is falling 1.7%, Panasonic is down 0.8%, and Canon has a 0.4% loss. Australia’s S&P/ASX 200 is rising 0.2%, with the big four banks providing support. Shares of ANZ are up 0.5%, NAB is edging higher by 0.1%, Commonwealth Bank has added 1%, and Westpac has a modest 0.2% gain. The major miners have stabilized after yesterday’s slide and BHP is just 0.2% lower, while rio Tinto shares are rising 0.7%. Mainland Chinese markets have opened lower, but are off their worst levels of the day. The benchmark Shanghai Composite trades 0.5% lower, while the smaller cap Shenzhen Composite is matching that with its own 0.5% drop. Over in Hong Kong the Hang Seng is leading losses for the region as it’s trading 0.8% lower. South Korea’s Kospi is inching lower by 0.1% today, and in Taiwan the Taiex has dropped 0.4%. Southeast Asian markets are mostly higher, with the Straits Times in Singapore adding 0.5%, the KLCI in Malaysia advancing 0.2%, while Indonesia’s Jakarta Composite is edging lower by 0.1%.
Silver Sees No Benefit From Safe Haven Demand
2021-08-19 18:58UTC
Even though investors have been favoring haven assets due to the rise in COVID cases, which has been supporting gold, its sister metal silver hasn’t seen the same enthusiasm in recent sessions. Yesterday was the third consecutive losing session for silver, with prices moving lower for another test of the $23 support level. Silver is seeing this slump primarily due to the belief that the global economy is far from recovering to pre-pandemic levels. Silver is not only a haven, but also has a number of industrial uses, and that is weighing on prices as investors see industrial demand for silver remaining weak in the coming months. Silver has been sliding lower since June, with a clearly defined downward sloping channel, and several clear bearish rising flags defining the channel. In addition, the 50 day moving average has recently dropped below the 200 day moving average, triggering a death cross and indicating that the fall in prices could be far from over. The $23 level is currently offering support, with yesterday’s test being the second such in the past two weeks. If the support continues to hold it could put a floor under silver at least. However, a drop beneath this level could signal a further drop to the $22 level last seen in December. To the upside the $24 level is resistance, and a solid break above that level could signal at least a short term rally. However, that’s not looking likely, and perhaps the best that traders can hope for is a continued sideways move at current levels in the tight range between $23 and $24.
The USD Advanced
2021-08-19 12:12UTC
The USD rallied today during the Asian hours.In addition, the USD gained overnight as the FOMC Minutes outlined an increasingly possibility of tapering.Presently, the USD versus the Euro trades at 0.854 EUR, which is an addition of $0.0012 or 0.14% from the previous close of 0.8536.That comes after the Fed stated a hawkish tone over the past two weeks. The USD index has inclined 0.30% to 93.43, with the catalyst appearing to be stop-loss selling in EUR/USD.The USD and US bonds hardly reacted to the Fed minutes. Additiaonlly, the USD index is now just shy of resistance at 95.50.
U.S. Daily Market Review
2021-08-19 12:07UTC
The S&P-500 lost some ground today in the face of issues over the Federal Reserve removing stimulus.The Nasdaq Composite gained 0.1% to 14,541.79. The Dow Jones Industrial Average retreated 66.57 points, or nearly 0.2%, to 34,894.12.The USD jumped to a nine-month peak amid concerns over widespread coronavirus infections.A recovery in the U.S. economy included stellar second-quarter corporate earnings season on top of accommodative monetary policy has underpinned higher mode for equities.U.S. economic advance for the second quarter could be revised following a recent raft of greater than initially thought data.
European Daily Market Review
2021-08-19 10:39UTC
European markets retreated today as most traders and investors digested the latest Federal Reserve minutes.The pan-European Stoxx-600 declined as much as 2% in mid-morning deals, with all sectors are into a falling side.The German DAX slipped 1.54%, the French CAC-40 lost 2.38% and the British FTSE-100 dropped 1.83%.ECB President Christine Lagarde will not be present at the conference, according to the ECB spokesperson.Norway’s central bank is likely to boost its key policy interest rate as early in September. Norges Bank’s monetary policy committee preserved the rate on hold at a record bottom of 0.0%.Euro zone government bond yields declined across the board, after minutes from a U.S. Federal Reserve meeting indicated in that the bank is not yet ready to slow down its asset purchases.
Gold Prices Dropped
2021-08-19 06:16UTC
Gold prices retreated this morning during the Asian hours.In the meantime the USD is gaining from ground as the USD advanced after the U.S. Federal Reserve indicated in that it could begin asset tapering as soon as 2021.Now, the yellow prices trades at $1776.46, which is another decline of $10.28 or 0.58% from the previous close of 1786.74.The daily trading range is from $1774.29 to 1788.76, while the trading volume is 89.744K.In fact, the USD came above a nine-month peak.Meanwhile, Bank Indonesia will report its policy decision later today.The markets are now focused on the Fed’s Jackson Hole symposium, which is scheduled for Aug. 26 to 28.
Asian Daily Market Review
2021-08-19 02:49UTC
Asian markets are seeing large broad based losses on Thursday morning following the sharp losses seen on Wall Street overnight. Traders are reacting to the latest Federal Reserve meeting minutes, which have confirmed that the Fed is on course to begin tapering its bond purchases before the end of 2021. In Japan the Nikkei is trading 0.7% lower, despite the Yen softening significantly against the U.S. dollar in reaction to the Fed tapering news. Shares of Softbank are edging up by less than 0.1% in opposition with the market losses, but Sony shares trade 1.8% lower. Among the major exporters Toyota is 1% lower, Panasonic is plunging 4.2% lower, and Canon has a loss of 2.6%. Australia’s S&P/ASX 200 is also trading 0.7% lower, with the big four banks mixed. Shares of NAB are 0.8% lower and Commonwealth Bank is 0.2% lower, but ANZ is 0.1% higher, and Westpac is edging up by less than 0.1%. Meanwhile the major miners are plunging lower, with BHP dropping 7.1% and Rio Tinto falling 5.1%. Mainland Chinese markets have also opened to significant losses, as the benchmark Shanghai Composite trades down by 1.1% and the smaller cap Shenzhen Composite has a 0.6% loss. Meanwhile over in Hong Kong the Hang Seng is leading losses for the region as it falls 1.6% lower. South Korea’s Kospi is trading 1% lower, and in Taiwan the Taiex has a substantial 1.5% loss. Southeast Asian markets are broadly lower as well, with the Straits Times in Singapore paring 1.1%, while Indonesia’s Jakarta Composite has a 0.9% loss, and Malaysia’s KLCI is trading 0.3% lower.
Crude Lower For Five Consecutive Sessions
2021-08-18 23:57UTC
Crude oil continued lower yesterday, notching its fifth consecutive losing session as trader worries over potential demand issues put pressure on the commodity. The close was at a three month low for crude, and analysts feel more downside could be in the cards. The drop is coming for several reasons. Rising COVID-19 cases are one, while the drop in economic activity in China is another. As China is the world’s largest consumer of crude it’s thought that a drop in economic activity could have a significant impact on crude demand. The rising COVID cases globally have also worried traders who fear another round of lockdowns that would further dent crude demand. On the other hand there have been some positive developments that could support crude and put a floor underneath its price. One of those is the announcement from OPEC regarding their production plans. At this time there are no plans to increase supplies from OPEC, which should help support prices. The other positive development comes from the U.S., where falling crude inventory levels and rising gasoline reserves indicates that there’s been no drop in demand from the U.S. yet. Of course that drop could soon develop if COVID cases continue spreading across the U.S. Overall, COVID is considered the most unpredictable element in the consideration of crude prices. While continued pandemic will provide downside pressures on crude, any relief on that front could soon spark a renewed rally as traders see it as a chance for demand to return to normal. This pullback could also be healthy for crude as prices did get somewhat extended during the recent demand optimism.
U.S. Daily Market Review
2021-08-18 16:58UTC
U.S. stock indexes are into a static mode today as investors are worried about making big forecasts ahead of minutes from the Federal Reserve's last meeting .The S&P-500 slipped slightly today as most traders and investors are focused on the release of the Federal Reserve’s latest meeting minutes for insights.Estimates predict the Fed to report its initiative “taper” of its asset purchases as early as its Sept. 21-22 meeting.The Dow Jones Industrial Average lost 80 points. The S&P-500 slipped 0.2% and the Nasdaq Composite traded close to the flatline.The USD advanced versus most pairs nagging concerns about the global economy forced investors to turn to safe heavens such as the greenback ahead of the release of the Federal Reserve’s July meeting minutes later today.The USD index partly declined 93.084, just below an early April peak of 93.20, seen last week.
European Daily Market Review
2021-08-18 11:27UTC
European markets partly inclined today as the markets are focused on the inflation data. The pan-European added 0.1% in early deals.The German DAX fell 0.07%, the French CAC-40 dropped 0.36% and the British FTSE-100 lost 0.27%.Carlsberg shares secured 2% after the Danish brewer raised its full-year earnings guidance on Wednesday.The leading nations of the European Union and the United States and other nations reported today in a joint statement they seriously concerned over about Afghan women.U.K. inflation data for July implied in a loss of 2% this morning. Many market analysts estimated that it was likely a blip with data projected to preserve trending higher in the coming months.
Crude Oil Prices Rallied
2021-08-18 05:14UTC
Oil prices surged this morning during the Asian hours, even after marking fifth sessions of losses.Presently, oil trades at $66.877, which is a gain of $0.326 or 0.49% from the previous close of 66.551.The daily trading range is from 66.392 to 66.888, while the trading volume is 6.447K.The oil demand outlook is still very unclear as restrictive measures to curb the uptick in COVID-19 cases globally, which limits the transport levels.Oil data  from the American Petroleum Institute indicated in a draw of 1.163 million barrels for the week ending Aug. 13. The U.S. Energy Information Administration (EIA) will report later today.The EIA’s monthly output report also announced that U.S. shale oil production could jump to 8.1 million barrels per day (bpd) in September, the largest of the last two years.
Asian Daily Market Review
2021-08-18 02:04UTC
Despite broad based losses overnight on Wall Street, and the concerns over rising COVID cases and slowing global growth, Asian markets are trading mostly higher on Wednesday morning. In Japan the Nikkei is trading 0.4% higher, helped by overnight weakness in the Yen versus the U.S. dollar. Shares of Softbank Group are 0.7% higher, and Sony is gaining 1.6%. Among the major exporters Toyota is flat, Panasonic is edging lower by less than 0.1%, and Canon is outperforming with a 0.5% advance. Australia’s S&P/ASX 200 is adding 0.2% following yesterday’s Reserve Bank of Australia statement which said second quarter growth in the nation is going to be unpredictable. The big four banks are supporting gains for the broader market however, with ANZ gaining 0.6%, NAB adding 1%, Commonwealth Bank also adding 1%, and Westpac trading 1.7% higher. Meanwhile the major miners are weighing heavily on the broader market as BHP plunges 4.6% lower and Rio Tinto falls 0.7%. In mainland China markets have opened lower, with the benchmark Shanghai Composite and the smaller cap Shenzhen Composite each trading lower by 0.2%. Over in Hong Kong the Hang Seng is taking its own course and trading 0.4% higher in opposition to the mainland’s losses. South Korea’s Kospi has a gain of 0.4%, but Taiwan’s Taiex is one of the few falling markets as it is down 0.7% in early trade. Southeast Asian markets are with the Straits Times in Singapore advancing 0.7% and the KLCI in Malaysia inching upwards by less than 0.1%, while the Jakarta Composite in Indonesia is flat in early trade.
Will Nvidia Meet Expected Earnings?
2021-08-17 22:07UTC
GPU maker Nvidia is set to release second quarter financial results tomorrow and there are mixed feeling as analysts have projected revenues will increase by over 605< but earnings will increase by less than 50%. While that is a healthy increase, it might not be enough to justify the nearly 50% increase in the price of the stock so far this year. Plus, there have been some questions regarding whether or not Nvidia can even hit the projected revenue and earnings numbers. While the company has beaten earnings estimates quite handily in all four of the past four quarters, it faced a number of challenges in the second quarter that may lead to weaker than expected results. For example, there’s an ongoing shortage of semiconductor chips, and Nvidia is just one of many companies that’s been negatively impacted by this. We know that they’ve been unable to meet customer demand for their products, yet they’ve also been able to post record revenues and earnings anyway. The question is how hard were they hit in the second quarter by supply chain issues. Unlike other semiconductor companies Nvidia does not manufacture their own chips. This reliance on third party sources could have led to greater shortfalls this past quarter. Another potential concern is the crackdown on cryptocurrency mining in China. Because many miners use Nvidia GPUs to mine,  when the crackdown came there was an abundance of Nvidia’s GPUs on the secondary market, and that may have eaten into new sales. Still, Nvidia has historically been very good at hitting sales and earnings numbers, so any worries may be much ado about nothing.
U.S. Daily Market Review
2021-08-17 13:31UTC
U.S. stock retreated some ground as July retail sales fell. This is a further signal that the economy moved to a lower gear.The Dow fell around 330 points, or 0.9%. The S&P 500 shed 0.8% and the Nasdaq Composite lost 1%.U.S. production factories surged in July, boosted by a rise in motor vehicle output as auto makers either pared or canceled annual retooling shutdowns to work around a global semiconductor shortage.U.S. business inventories jumped strongly in June.Business inventories secured 0.8% after advancing 0.6% in May, as reported by the Commerce Department.U.S. homebuilder sentiment sunk to a 13-month bottom in August amid high prices and costs.A serious rise of builder sentiment decreased for a third month to 75 from a July reading of 80, the largest loss since April 2020, according to the National Association of Home Builders/Wells Fargo data.
The USD Into A Rising Pattern
2021-08-17 08:47UTC
The USD advanced this morning during the Asian hours. Presently, the USD versus the Euro trades at 0.849 EUR, which is a minor incline of $0.0001 or 0.01% from the previous close of 0.8490 from the previous close.The daily trading range is from 0.8489 to 0.8501.Falling economic data from China and the rising spread of COVID-19's Delta variant, and the turmoil in Afghanistan all contributed to the rate of the safe-havens such as the greenback.The USD Index that tracks the greenback against a basket of other currencies added 0.05% to 92.668 by 10:43 PM ET (2:43 AM GMT).The euro sunk to as low as 128.50 yen, its lowest level since late March 2021. The U.S. Federal Reserve Chairman Jerome Powell will report at a town hall for educators later in the day. Moreover, the Fed will also report the minutes from its latest meeting tomorrow.
European Daily Market Review
2021-08-17 08:22UTC
European markets dropped some ground today, as the main indexes are into a falling path.This takes places amid rally in COVID-19 cases in Asia and elsewhere raised issues over a dropping economic growth.The German DAX tumbled 0.43%, the British FTSE-100 lost 0.15% and the French CAC-40 retreated 0.51%.The pan-European Stoxx-600 declined 0.3% during morning deals.U.K. jobs data indicated in a number of employees on British company payrolls rose month-on-month by 182,000 in July. The U.K.’s Office for National Statistics reported that the unemployment rate for the second quarter came in at 4.7%.BHP Group announced that Tuesday it would sell its petroleum assets to Woodside Petroleum in an all-stock deal.German bond yields fell alongside those of U.S. Treasuries to their bottom mark of the last week.
Gold Price Fell
2021-08-17 07:26UTC
Gold prices slipped this morning during the Asian hours. However, the price of the precious metal remained close to an over one-week peak as ever-jumping cases of COVID-19 cases on a global scale.Now, gold trades at $1794.52, which is a rise of $7.49 or 0.42% from the previous close of $1787.03.The daily trading range is from $1784.32 to 1795.20, while the trading volume is 94.419K.Moreover, the USD which is into a reverse relationship, appreciated this morning.The markets are now focused on the minutes from the U.S. Federal Reserve’s latest meeting, due to be released later today.In addition, the Reserve Bank of Australia stated the minutes from its latest meeting earlier in the day. The Industrial and Commercial Bank of China also announced transactions of precious metals for some accounts.In the meantime, silver added 0.3% and platinum gained 0.1%.
Asian Daily Market Review
2021-08-17 02:54UTC
Asian markets are mostly lower Tuesday morning as investors continue to monitor COVID outbreaks around the globe, and sentiment remains somewhat dented from the weaker than expected Chinese economic data released yesterday. Also adding to risk aversion today are events in Afghanistan, where the takeover by the Taliban is expected to have global repercussions. Japan’s Nikkei is one of the region’s rising markets, posting a modest gain of 0.2% as investors there are slightly upbeat over the halted gain in the Yen versus the U.S. dollar. Shares of Softbank Group are slightly lower by 0.2%, while shares of Sony are dropping 1.1%. Among the major exporters Toyota is 0.3% lower, Panasonic has a 0.5% loss, while Canon is rising 0.8% to support the broader index. In Australia the S&P/ASX 200 is 0.8% lower after the Reserve Bank of Australia expressed uncertainty over the economic growth in the second half of the year. The big four banks are sliding lower in line with losses for the index, with ANZ and NAB trading 0.8% lower, Commonwealth Bank losing 1%, and Westpac dropping 1.7%. Mainland Chinese markets have opened to slight gains, with the benchmark Shanghai Composite up less than 0.1%, while the smaller cap Shenzhen Composite is adding 0.1%. Over in Hong Kong the Hang Seng is slipping lower by 0.2%. South Korea’s Kospi is trading 0.8% lower, and in Taiwan the Taiex has a 0.3% loss. In Southeast Asia markets are mixed too, with the KLCI in Malaysia adding 0.8%, but the Jakarta Composite in Indonesia falling 0.8% and the Straits Times in Singapore losing 0.6%.
Tesla Shares Tumble
2021-08-16 23:06UTC
Tesla shares tumbled as much as 5% intraday Monday before settling with a loss of 4.3% after U.S. regulators announced an investigation into the company’s Autopilot system for its electric vehicles. The loss also put Tesla shares underwater for the year. Shares are now down 2.8% since the start of 2021 versus a gain of roughly 19% for the S&P 500. The investigation is being launched by the U.S. National Highway Safety Traffic Administration (NHSTA) into 11 crashes that resulted in 17 injuries and one death. All the incidents occurred in vehicles where Autopilot was engaged, and where the vehicles “encountered first responder scenes and subsequently struck one or more vehicles” according to the NHSTA. The report covers roughly 765,000 vehicles manufactured since 2014 by Tesla. There have been a number of probes into Tesla’s Autopilot over the past few months. Initial finding indicate that most of the crashes occurred after dark, and where there were clear first responder sings such as flares, flashing lights, cones, or an illuminated arrow board. Tesla officials declined to comment on the investigation on Monday. Investors are obviously concerned over the investigation, which could result in fines, recalls or both. In addition, it could seriously delay the launch of self-driving cars, something that Tesla’s CEO Elon Musk has been promoting for some time. It’s certain that the rollout of self-driving cars is priced into Tesla shares, but uncertain to what extent the current price reflects expectations for Tesla to release such vehicles and when. Tesla bulls claim this is simply a distraction, and that the company remains on track for autonomous cars in the near future.
U.S. Daily Market Review
2021-08-16 14:20UTC
The leading U.S. stock indexes retreated today amid issues of slowing global growth.The Dow fell 110 points, or roughly 0.3%. The S&P-500 slipped 0.5% and the Nasdaq Composite dropped about 1%.The USD appreciated today versus the main pairs such as the Australian and Canadian dollars, amid dropping economic data from China and the geopolitical issues in Afghanistan.The Biden administration reported a historic growth to the nation’s food stamp program, a decision that granted around 40 million Americans about 30% more to spend on groceries.Tesla’s stock tumbled this morning, as the National Highway Traffic Safety Administration reported a formal probe into the electric vehicle maker’s Autopilot partially automated driving system.Shares prices of Moderna advanced around 230% this year, but now fell  more than 9%.Coronavirus cases in the United States jumped by around 37,024 over the week-end to a total of 36.85 million, as reported by Reuters.
European Daily Market Review
2021-08-16 10:22UTC
European stocks dropped some ground, tracking Asian markets as investors react to lower than predicted economic data.The German DAX slipped 0.54%, the French CAC-40 fell 0.89% and the British FTSE-100 lost 0.89%.The pan-European Stoxx-600 declined 0.5% during mid-morning deals, with all sectors and major bourses in a falling side.The German carrier Lufthansa sunk toward the bottom of the index. BHP said it is in talks with Australian oil-and-natural-gas company Woodside Petroleum Ltd. on a potential deal to combine BHP’s petroleum unit with Woodside.BHP is also could follow the division as part of a strategic review. Israel Discount Bank announced a larger-than-estimated surge in quarterly profit as the country’s economy continued to recover from the coronavirus crisis.Borrowing costs in Germany tumbled to its weakest mark in over a week.The Taliban’s recapture of Afghanistan also boosted bond markets, regarded as a safe haven at times of geopolitical crisis.
Crude Oil Prices Dropped
2021-08-16 06:47UTC
Oil prices retreated more than 1% this morning, falling for a third session.This comes after official data indicated in that refining throughput and economic activity slowed in China.Now, oil trades at $67.461, which is a loss of $0.473 or 0.70% from the previous close of 67.934.The daily trading range is from 67.204 to 68.248, while the trading volume is 11.117K.Factory output and retail sales growth came lower  in July in China, amid missed predictions.China's crude oil processing last month also  sunk to its bottom on a daily basis since May 2020.In Japan a modest economic growth is expected in the current quarter.The International Energy Agency on Thursday reported that rising demand for crude oil reversed course in July. This is because of a slower rate over the rest of 2021 because of the advancing new COVID-19 cases.Many analysts also reduced their futures and options positions in New York and London by 21,777 contracts to 283,601 for the period.
Asian Daily Market Review
2021-08-16 01:40UTC
Asian markets are off to a weak start on Monday morning as investors are increasingly worried over the negative impact of rising COVID cases globally. The losses are coming ahead of a raft of Chinese data being released later today that could confirm the slowdown in the massive economy. Japan’s Nikkei is leading losses for the region as it’s fallen 1.4% in early trade. A stronger Yen is weighing on shares of Japan’s exporters, leading to a broad based drop in the market. Shares of Softbank are 1.9% lower today, and Sony shares have lost 2.1%. Among the major exporters Toyota shares are down 1.6%, Panasonic is losing 2.1%, and Canon has a loss of 1.3%. Australia’s S&P/ASX 200 is also falling today, trading lower by 0.4% as the big four banks are weighing heavily on the broader index. Shares of ANZ are down 2.2%, NAB has fallen 0.7%, Commonwealth Bank is down 1%, and Westpac shares have dropped 0.9%. Meanwhile the major miners are mixed, with BHP shares advancing 1.4%, while Rio Tinto is trading 0.3% lower. In mainland China markets have opened flat ahead of the flood of data, with both the benchmark Shanghai Composite and the smaller cap Shenzhen Composite edging lower by less than 0.1%. Meanwhile Hong Kong’s Hang Seng is following the mainland’s lead with a decline of 0.1%. South Korea’s Kospi is falling 1.2%, and in Taiwan the Taiex is just slightly lower by less than 0.1%. Southeast Asian markets are lower as well, with both the Straits Times Index in Singapore and the KLCI in Malaysia trading down by 0.7%.
Cannabis Stocks Are Heating Up
2021-08-14 16:19UTC
After a dismal few quarters things look to be heating up for the producers in the cannabis space. So far earnings season has shown promise for a number of Canadian and U.S. cultivators as many are growing nicely. It also looks like the legislative backdrop for cannabis is improving. As the market heats up there are a number of things investors should be watching. First of these is of course profitability, but also how well companies are using those profits. For example, last week Tilray not only delivered solid profits, it also showed it is becoming increasingly profitable. It’s recent merger with Aphria have already yielded cost savings thanks to synergies and Tilray has its eye on more growth. Canopy Growth is also worth watching due to its partnership with Constellation Brands, which gives Canopy an excellent distribution network and access to Constellations strong branding experience and knowledge. U.S. producers also look strong, and are boosting production and profits consistently. The U.S. producer stocks look very affordable at current levels, meaning investors could be buying significant growth at a discount. Another potential positive for the industry is the bill introduced in July that would make cannabis legal in the U.S. at the Federal level. That would open up massive opportunity for cannabis stocks as many institutions are currently unable to purchase shares due to the illegal Federal status of cannabis. Those who are investing in cannabis stocks now are still well ahead of the curve. The industry remains very young, and the growth potential, particularly in the U.S., is massive as roughly half of all states have yet to legalize.
U.S. Daily Market Review
2021-08-13 13:07UTC
The major indexes of S&P-500 and Dow Jones Industrial Average soared today.The Dow inclined 70 points, while S&P 500 futures added 0.1%. On the other side, Nasdaq-100 dropped less than 0.1%.Shares of Disney secured more than 5% in premarket trading. This comes after the company announced blowout fiscal third-quarter earnings, coming above forecasts.Pfizer stock prices advanced around 0.2% after the Food and Drug Administration authorized booster shots for certain people with weakened immune systems.U.S. import prices gained less than estimates in JulyImport prices added 0.3% last month after jumping 1.1% in June, as reported by the Labor Department.The ninth straight monthly of surges resulted the year-on-year rise at 10.2% versus to11.3%, seen in June.
European Daily Market Review
2021-08-13 08:43UTC
The major European markets аre without a clear direction today, as most traders and investors are focused on the global economic indicators and rising Covid-19 cases.The German DAX gained 0.27%, the French CAC-40 inclined 0.21% and the British FTSE-100 secured 0.31%.The pan-European Stoxx 600 inclined 0.1% above the flatline in early trade, with retail stocks secured 0.6%.Мeanwhile, markets in Asia-Pacific retreated in Friday’s trade, with South Korea’s Kospi leading the falling path.London’s FTSE-100 advanced, led by heavyweight miners and retailers.The blue-chip FTSE-100 added 0.3%, heading for a fourth straight weekly surge. The GBP depreciated to two-week bottom against the USD. This is creatin a path for a second week of losses as investors looked for fresh catalysts after a surging economy.
Gold Prices Advacned
2021-08-13 06:56UTC
Gold prices rallied this morning during the Asian hours, but was set for a second consecutive weekly retreat.Now, gold trades at $1756.89, which is an addition of $4.55 or 0.26% from the previous close of 1752.34.The daily trading range is from $1751.51 to 1759.22, while the trading volume is 48.681K. The markets are focused on the U.S. Federal Reserve’s next monetary policy move.The USD moves into an inversely relationship to the precious metals, retreated but it is close to a four-month peak market earlier in the week.The latest U.S. economic data, released on Thursday, stated that the producer price index secured 1% month-on-month in July.The consumer price index released the day before suggested that inflationary pressures are peaking, soaring less than initial estimates of 0.3%.In the meantime, the U.S. data also reported that 375,000 initial jobless claims were filed throughout the week.Meanwhile, silver gained 0.2%, while platinum edged dropped 0.2%. 
Asian Daily Market Review
2021-08-13 02:34UTC
Asian markets are mixed Friday morning, with several trading right near unchanged levels after Wall Street indices traded to new record levels overnight. However the continued rise in COVID cases, and shutdown of Chinese ports is placing a good deal of negative sentiment heading into the weekend. Japan’s Nikkei is one of those flat markets, trading slightly lower by less than 0.1%. One extra weight on the Nikkei is overnight strength in the Yen versus the U.S. dollar. Shares of Softbank are also slightly lower by less than 0.1%, while Sony is showing its strength with a gain of 0.9%. Among the major exporters Toyota is trading 0.3% higher, Panasonic has a 0.5% gain, and Canon is adding 0.2%. In Australia the S&P/ASX 200 is trading 0.5% higher, with the big four banks providing underlying strength. Shares of ANZ are up 0.4%, NAB is trading 1.1% higher, and Westpac is up by 1.2%. However Commonwealth Bank has a loss of 0.9% as it’s falling for a second consecutive day. In mainland China markets are headed higher at the open, with the benchmark Shanghai Composite rising 0.1%, while the smaller cap Shenzhen Composite is adding 0.4%. Meanwhile Hong Kong’s Hang Seng is taking its own direction as it trades slightly lower by less than 0.1%. South Korea’s Kospi is leading losses for the region with a drop of 1.8%, and in Taiwan the Taiex is trading 0.9% lower. Markets are mixed in Southeast Asia, with the Jakarta Composite up 0.1% and the KLCI in Malaysia edging up less than 0.1%, while the Straits Times in Singapore is losing 0.6%.
GBP/USD Testing Psychological Support
2021-08-12 22:58UTC
The GBP/USD fell through the psychological support at the 1.3800 level briefly on Thursday as the U.S. dollar caught a bid on inflation data, while the Pound suffered from worries growth in the U.K. has peaked. The pair did recover to back above the 1.3800 level by the close, but could see additional pressure tomorrow. The U.S. dollar gained strength mid-day on Thursday after the Producer Price Index came in stronger than expected, easing recent worries that have sprung up in reaction to the weakness in Wednesday’s Consumer Price Index release. The PPI racked up its largest annual increase in a decade, reaffirming expectations for early tapering from the Federal Reserve. The PPI was up 1% in July after also posting a 1% increase in June. On an annual basis through July the PPI jumped 7.8%, showing that inflation remains strong in the U.S. Adding to pressure on the pair was the release of the U.K.’s growth figures earlier in the day, which indicated that growth may have peaked. Second quarter growth in the U.K. was 4.8%, which was inline with expectations. This has undermined the hawkish stance of the Bank of England to some extent, and dried up buying interest for the Pound. GBP/USD fell as far as 1.3794 during the session, which wasn’t quite to the July 23 low of 1.3780. While we could get a second test of that level on Friday, it’s more probable the pair will settle into a consolidation range from 1.3780 to 1.3830 heading into the weekend. Meanwhile, the US dollar could have topped ahead of the Jackson Hole Symposium later this month.
U.S. Daily Market Review
2021-08-12 12:07UTC
U.S. stocks are still without a solid direction but the Dow Jones Industrial Average managed to notch a new intraday record.However, the main indexes partly tumbled as investors weighed data showing a steady new hirings recovery against a rise in producer prices.The Dow dropped 50 points after rallying to new all-time high at the open. The S&P-500 added 0.1% and the Nasdaq Composite secured 0.2%.Micron shares retreated 5% after Morgan Stanley estimated a slowdown in the memory chip market.The USD partly advanced versus the main pairs, after data showed producer prices posted their largest surge on annual basis of the last 10 years in the 12 months through July.
The USD Is Into A Falling Side
2021-08-12 09:49UTC
The USD lost some ground this morning during the Asian hours. In fact, the USD preserved its positions around a four-month peak as the U.S.’ latest inflation data came higher than estimates.Presently, the USD versus the Euro trades at 0.851 EUR, which is a minor loss of $0.0002 or 0.02% from the previous close of 0.8517.The USD Index that tracks the greenback against a basket of other slipped 0.02% to 92.898.Data released in the U.S. on Wednesday said the core consumer price index (CPI) added 0.3% month-on-month in July.Richmond Fed President Thomas Barkin told Reuters it could take a few more months before the U.S. job market is sufficiently recovered.However, some investors still expect the Fed to report a tapering of stimulus in the year. 
European Daily Market Review
2021-08-12 09:32UTC
European stocks are still without a clear market direction amid rising issues over global Covid-19 cases.The German DAX added 0.22%, the French CAC-40 inclined 0.12% and the British FTSE-100 slipped 0.13%.The pan-European Stoxx-600 hovered around the flatline in early trade, with basic resources falling 1.4%.Euro zone factory output dropped in June as Germany, as the economy is facing serious supply bottlenecks.The EU’s statistics office Eurostat reported industrial output in the 19 countries in the euro zone retreated 0.3% month-on-month.The GBP only slightly moved today as most market specialists predict the Bank of England to make no moves in its monetary policy.The Office for National Statistics reported that the economy secured aorund 4.8% in the second quarter.
Crude Oil Prices Into A Steady Path
2021-08-12 06:31UTC
Oil prices are into a steady pattern today following two sessions of rallies after a call from the United States, the world's top oil consumer.Now, oil trades at $69.100, which is a loss of $0.253 or 0.36% from the previous close of 69.353.The daily trading range is from $68.948 to 69.481, while the trading volume is 10.013K.The U.S. Senate on Tuesday approved a $1 trillion infrastructure bill that will expand transporation systems.The White House urged the Organization of the Petroleum Exporting Countries (OPEC) and its allies to boost supply output in order to compensate the rising gasoline prices.However, there are still issues over the advance will not be adequate to satisfy demand as the U.S. and Europe ease their coronavirus-induced movement restrictions. Moreover, the White House announced its outreach to OPEC+ is ongoing and aimed at long-term engagement.In addition, the EIA report weighed on prices. U.S. crude oil stockpiles dropped last week.
Asian Daily Market Review
2021-08-12 02:19UTC
Asian markets are mixed again on Thursday morning, with some markets giving back early gains. Overnight saw Wall Street indices strike new records following a weaker than expected reading of inflation in the U.S. The U.S. dollar also fell in response to the inflation readings, and continues to soften versus Asian counterparts. Japan’s Nikkei is trading 0.3% higher, although the stronger Yen versus the U.S. dollar is weighing on the index. Shares of Softbank are trading 0.4% higher today, but Sony shares have fallen 0.6%. Among the major exporters Toyota is trading 0.1% higher, and Panasonic is gaining 0.4%, while Canon is outpacing them both with a gain of 0.9%. In Australia the S&P/ASX 200 is edging up by less than 0.1%, with the big four banks mostly flat. Shares of ANZ, NAB, and Westpac are all trading slightly higher by less than 0.1%, but Commonwealth Bank shares are falling 1.9% despite unveiling a record $4.4 billion share buyback plan yesterday. Meanwhile the major miners are mixed, with BHP rising 0.2%, but Rio Tinto shares falling 1.1% as Chinese ore purchases are weaker. In mainland China markets have again opened to losses, but they are modest as the benchmark Shanghai Composite trades just 0.1% lower, while the smaller cap Shenzhen Composite is trading 0.2% lower. Meanwhile in Hong Kong the Hang Seng is outpacing the losses from the mainland for a second consecutive session and trades 0.3% lower. South Korea’s Kospi is inching up by less than 0.1%, and in Taiwan the Taiex has a 0.3% loss. In Singapore the Straits Times Index leads the region with a 0.4% advance.
U.S. Daily Market Review
2021-08-11 12:42UTC
The U.S. leading shares advanced today after inflation surged.In the meantime, shares on a global scale reached to peak marks today after data showed U.S. consumer price jumped less last month.The Dow Jones Industrial Average added around 160 points, or 0.5%. The 30-stock Dow was boosted by names like Caterpillar and Home Depot. The technology-heavy Nasdaq Composite slipped 0.5%. The 10-year Treasury yield is partly static after the CPI report, providing in earlier surge and trading around 1.344%. The USD depreciated today after U.S. inflation data showed consumer price increases.The consumer price index secured 0.5% last month after adding 0.9% in June, according to the Labor Department.
European Daily Market Review
2021-08-11 12:06UTC
European stocks are still without a clear market direction, as traders and investors are still concerned over remained cautious with investors monitoring Covid-19 developments.The German DAX slipped 0.03%, the French CAC-40 gained 0.27% and the British FTSE-100 inclined 0.45%.The pan-European Stoxx 600 inched 0.2% above the flatline by early afternoon.ABN AMRO shares surged 4.7% to lead the Stoxx-600.Euro zone bond yields rallied today, tracking U.S. Treasury yields higher ahead of crucial U.S. inflation data.French company Carrefour is very likely to sale its Taiwan business, which is valued at around 1.6 billion euros ($1.9 billion) in the next month.
Gold Prices Surged
2021-08-11 06:27UTC
Gold prices advanced this morning during the Asian hours but a rising USD and rising bond yields.Now, gold trades at $ 1731.60, which is a surge of $2.90 or 0.17% from the previous close of 1728.70.The daily trading range is from 1723.96 to 1735.07, while the trading volume is 61.38K.The USD, which in general is into negative relationship to the precious metal, appreciated today and the greenback is close to a three-week peak.The U.S. Senate аpproved a massive infrastructure plan yesterday, which will now be on by the House of Representatives.The markets are now focused on the U.S. core consumer price index, due to be released later today. The Fed could start launch asset tapering or hike interest rates prematurely.Meanwhile, silver secured 0.1% to $23.29 per ounce. Platinum also soared around 0.7%.
Asian Daily Market Review
2021-08-11 01:46UTC
Asian markets are having another mixed day on Wednesday following the same overnight on Wall Street. Investors continue to struggle with the conflicts of apparent strong economic recovery and rising COVID cases, which could put a quick end to those recoveries. It’s a conundrum that’s had markets seesawing back and forth for some time. Japan’s Nikkei is trading 0.4% higher, continuing to get a boost from the strength in the U.S. dollar versus the Yen. In contrast with the gains for the broader market, shares of Softbank are trading 1.8% lower and Sony shares are edging down by less than 0.1%. Among the major exporters Toyota is adding 0.7%, Panasonic has a gain of 0.8%, and Canon is edging lower by 0.2%. In Australia the S&P/ASX 200 is trading 0.5% higher as the big four banks are supporting the broader market with a strong upward push. Shares of ANZ are trading 1.5% higher, NAB is advancing 1.7%, Commonwealth Bank is adding 1.6%, and Westpac has a 1.1% gain. Meanwhile the major miners are also supporting the broader market as BHP adds 2.1% and Rio Tinto advances 1.9%. Mainland Chinese markets have opened just slightly lower, with both the benchmark Shanghai Composite and the smaller cap Shenzhen Composite edging lower by less than 0.1%. Over in Hong Kong the Hang Seng is outpacing the losses on the mainland with a drop of 0.4%. South Korea’s Kospi trades 0.4% lower, and in Taiwan the Taiex is falling 0.6%. Southeast Asian markets are mixed, with the Straits Times in Singapore losing 0.5% and the Jakarta Composite in Indonesia falling 0.6%, while Malaysia’s KLCI adds 0.6%.
Coinbase Shares Fall Despite Solid Earnings
2021-08-10 21:35UTC
Global crypt exchange Coinbase saw its shares fall 3.9% ahead of its first earnings report as a publically traded company. Shares are also down 1% following the earnings report, which was released after the close of U.S. markets on Tuesday. Coinbase reported second quarter revenues of $2 billion, which exceeded expectations of $1.88 billion. Earnings more than doubled expectations, with the exchange reporting $1.6 billion in earnings versus expectations for $683.3 million. Despite the positive results shares were trading lower after hours as the company, which doesn’t provide forward financial guidance, warned of lower transaction volumes and transacting users in the current third quarter. More good news from the company is that its trading volumes grew by 38% in the second quarter, despite the drop in Bitcoin and other cryptocurrencies during the period. Institutional trading volume led that as it rose 47%, while retail trading volumes rose 21%. Because retail traders pay significantly higher fees versus institutions, the retail trading side of the business accounted for roughly 95% of Coinbase’s transaction revenues in the second quarter. Coinbase says it added roughly 1,000 new institutional users during the quarter, which highlights the growing adoption of cryptocurrencies by traditional finance companies. Also highlighting this fact is Coinbase’s statement that roughly 10% of the largest hedge funds are currently using its services. Coinbase also said it is providing services to Elon Musk, and his companies SpaceX and Tesla. Investors might find that as a positive considering Musk’s positive impact on the cryptocurrency markets. Also positive is the rate at which Coinbase is adding new products, which helps to drive additional transactional revenues.
U.S. Daily Market Review
2021-08-10 14:31UTC
Stocks are into a higher side, stimulating the Dow and S&P-500 to another record.At 9:58 a.m. ET, the Dow Jones Industrial Average added 70.53 points.The S&P-500 inclined 8.41 points, or 0.19%, at 4,440.76, and the Nasdaq Composite surged 23.54 points, or 0.16%, at 14,883.72.Exxon Mobil and Chevron soared more than 1% today.U.S. worker productivity growth dropped in the second quarter and labor costs came lower than previously predicted.Nonfarm productivity rallied at a 2.3% annualized rate last quarter. Kansas City Southern (KSU.N) advanced 7.8% after Canadian Pacific Railway Ltd (CP.TO) raised its offer for the U.S. railroad operator by about $2 billion to $27.29 billion. The new chairman of Wells Fargo & Co will be Steven Black succeeding Charles Noski who will retire at the end of September.Black has served as co-chief executive officer of private equity firm Bregal Investments since 2012.
The USD Into A Msssive Rise
2021-08-10 10:13UTC
The USD surged to a four-month high against the Euro today.This comes after solid U.S. jobs data bolstered estimates that the Federal Reserve could soon launch tapering its massive bond-buying programme.Currently, the USD against the common currency trades at 0.853 EUR, which is another incline of 0.0015 or 0.18% from the previous close of 0.8518. The daily trading range is from 0.8517 to 0.8537.Тhe greenback was getting a boost from advancing U.S. bond yields.U.S. job openings jumped to a record high in June while hiring also soared, as reported by the Labor Department. This comes after Friday's non-farm payroll report indicating in jobs increased by 943,000 in July, above the estimate of 870,000 The USD index SURGED on Friday and Monday, and marked an 18-day high of 93.02 during Asian trading hours from today.Tomorrow is due the U.S. consumer inflation data, which is expected to provide in some signals on the timing of the Fed's bond-purchase taper.
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European Daily Market Review
2021-09-24 08:07UTC
The leading European stocks lost some ground this morning as investors react to central bank policy decisions and monitor developments surrounding China Evergrande Group.The pan-European Stoxx-600  fell 2% shortly after the opening bell.The German DAX slipped 0.64%, the French CAC-40 lost 0.78% and the British FTSE-100 declined 0.24%.The GBP partly retreated versus the USD, trading at around $1.3710 at 8:20 a.m. London time.The biggest Greek electricity company called Public Power Corp dropped around  13.5% this morning. This is the largest tumble since March 2020.The German 10-year yield marked its biggest rally since February on Thursday, after Norway’s central bank became the first central bank to introduce tougher policy following the COVID-19 crisis.German sportswear giants of Adidas and Puma retreated 3.7% and 2.5%, respectively. This comes after Nike reduced its fiscal 2022 sales forecasts.
Gold Prices Advanced
2021-09-24 07:27UTC
Gold prices rallied this morning during the Asian hours, recovering around 1%.Now, gold trades at $1753.73, which is another rise of $11.69 or 0.67% from the previous close of 1742.04.The daily trading range is from $1742.04 to 1756.48, while the trading volume is 76.759K.The USD is into a negative relationship to the precious metals. The greenback added some ground but it is still just around a one-week bottom, which boosted the yellow metal, although the U.S. Federal Reserve’s plans to begin asset tapering sooner than expected.The Fed reported that it would likely begin asset tapering within 2021 and hike interest next year.Silver added 0.5% to $22.61 per ounce and soared 1% for the week so far. Palladium rose 0.5% to $1,992.67 but was set for a third consecutive week of losses.  
Asian Daily Market Review
2021-09-24 01:59UTC
Asian markets are trading mostly higher on Friday following a second consecutive strong winning session on Wall Street. Investors seem to be ignoring reports that Evergrande Group has failed to pay the interest due on its offshore bonds on Thursday. It was also reported that Beijing has warned local officials to prepare for the potential failure of the real estate developer. In Japan investors are returning from a mid-week public holiday and are sending the Nikkei 1.7% higher on the back of a weaker Yen. Shares of Softbank Group are trading 2.9% higher, and Sony shares are surging 3.7% higher. Among the major exporters Toyota is adding 2%, Panasonic trades 2% higher as well, and Canon has a 3.2% gain. Australia’s S&P/ASX 200 is edging lower by 0.2%, although the big four banks are making gains. NAB trades 0.6% higher, Commonwealth Bank is advancing 0.5%, and Westpac is 0.5% higher as well, while ANZ shares are flat. The major miners are mixed however, with BHP falling 1.7%, but Rio Tinto adding 0.4%. Mainland Chinese markets have opened lower after their gains yesterday, with the benchmark Shanghai Composite falling 0.3%, while the smaller cap Shenzhen Composite has a loss of 0.5%. Over in Hong Kong the Hang Seng is edging lower by 0.2%. In South Korea the Kospi is advancing 0.3%, while the Taiex in Taiwan has a 0.9% gain. Southeast Asian markets have a mixed open however, with Singapore’s Straits Times Index advancing 0.4%, while the KLCI in Malaysia is edging lower by less than 0.1%, and the Jakarta Composite in Indonesia is flat at the open.
U.S. Daily Market Review
2021-09-23 13:03UTC
Wall Street is about to advance after investors largely resulted in higher issues over the Federal Reserve's plans for tapering.Moreover, China’s property market eased somewhat and as the Federal Reserve preserved the present monetary stimulus.The Dow Jones Industrial Average added 238 points, or 0.6%. The S&P-500 added 0.6% and Nasdaq-100 also secured 0.6%.The number of Americans filing for first-time jobless benefits unexpectedly jumped last week. The Labor Department reported 351,000 Americans filed for first-time unemployment benefits in the week ended Sept. 18.The USD dropped off one-month peak on Thursday.Canadian retail sales soared 2.1% in August after losing 0.6% in July as restrictions linked to the COVID-19 pandemic were removed. The downfall in July, marked the largest decrease over the course of the last four months.
The USD Is Into A Lower Side
2021-09-23 12:51UTC
The USD lost some territory during the European trading hours.In fact, the greenback fell from a one-month high as traders digested the previous session’s Federal Reserve meeting.Presently, the USD versus the Euro trades at 0.852 EUR, which is a decline of 0.0027 Euro or 0.32% from the previous close of 0.8550.The daily trading range is from 0.8523 to 0.8557. The USD Index, which tracks the greenback against a basket of six other currencies, slipped at 93.332.The Fed preserved the policy settings unchanged on Wednesday as it was predicted.USD/TRY gained 0.3% to 8.6693, with the Turkish central bank meeting later today. The Turkish consumer price index jumped to 19.25% last month. Turkey’s central bank is very expected to preserve interest rates at high levels despite serious opposition from the country’s president, Recep Tayyip Erdogan. 
European Daily Market Review
2021-09-23 07:30UTC
European stocks rallied this morning as global markets reacted to the latest statements from the U.S. Federal Reserve.This represents a surge for third session as the mood improved amid easing concerns about cash-strapped developer China Evergrande.The German DAX added 0.62%, the French CAC-40 inclined 0.46% and the British FTSE-100 advanced 0.17%. The pan-European Stoxx 600 index inclined with all sectors into a higher side.Market analyst are focused on the Bank of England’s meeting later today for inflation outlook and taper timelines.Royal Mail Plc soared 1.5% after it forecast a surge in first-half operating profit.French car parts company Faurecia secured 3.2% even as it lowered its main 2021 financial targets due to a a massive loss in worldwide automotive production. Rival Valeo also advanced 3%.
Crude Oil Prices Advanced
2021-09-23 06:29UTC
Oil prices added further ground this morning.In hand, demand is largely surging more than predicted draw in U.S. crude inventories.Now, oil trades at $72.323, which is a further rise of $0.354 or 0.49% form the previous close of 71.969.The daily trading range is from $71.890 to 72.521, while the trading volume is 8.769K.The market mode was also sstimulated by a broad plunge back into risk assets, amid worries over a potential default by huge property developer China Evergrande.The rally oil prices took place as the USD preserved its grounds around a one-month high after the U.S. Federal Reserve indicated in rate rises could happen sooner than expected.
Asian Daily Market Review
2021-09-23 02:03UTC
Asian markets are off to a mixed start on Thursday as investors across the region react to the overnight results of the latest Federal Reserve monetary policy meeting. The Fed announced they will begin tapering their bond purchases “soon”’ and will finish by the end of 2022. The U.S. dollar is rallying strongly in response to the Fed, and the yield curve has flattened as well. Most markets have reopened after the mid-Autumn Festival, however markets are closed in Japan today for another public holiday. Traders are also continuing to monitor the developments is the debt crisis at the China Evergrande Group, although concerns have eased after the developer issued a vague statement regarding a local bond interest payment. In Australia the S&P/ASX 200 is rallying 1% higher in response to the overnight Fed statement. The big four banks are helping lift the index today, with ANZ adding 0.8%, NAB trading 1% higher, Commonwealth Bank advancing 1.2%, and Westpac posting a 0.6% gain. The major miners are mixed however, as BHP shares are falling 0.2%, but Rio Tinto shares are 0.6% higher. In mainland China the benchmark Shanghai Composite has jumped 1.1% higher at the open and the smaller cap Shenzhen Composite has a 0.9% gain. Over in Hong Kong the Hang Seng is surging higher by 2.2%, with shares of China Evergrande Group trading up more than 25%. South Korea’s Kospi is falling 0.8%, but in Taiwan the Taiex has a gain of 1%. Southeast Asian markets are advancing, with Singapore’s Straits Times adding 0.7%, the KLCI in Malaysia advancing 0.3%, and Indonesia’s Jakarta Composite is adding 0.2% in early trade.
Crypto Daily Market Review
2021-09-22 20:42UTC
After a painful two-day slide the cryptocurrency markets finally stabilized and began climbing higher on Wednesday, but only after Bitcoin (BTC) made a brief stop below the $40,000 level in early trade. However by the end of the day Bitcoin was back above $43,000 with a 3.7% gain on the day. Ethereum (ETH), the second largest cryptocurrency by market cap, was also recovering after trading below the $3,000 level early on. Late Wednesday Ethereum was back above $3,000 as it added 4.6% on the session. The other altcoins in the top ten also made solid gains for the day, with the best gains in the top ten coming from Polkadot (DOT) as it added 10.7%. Solana (SOL) also made a strong recovery with a daily gain of 9.4%. Others in the top ten also performed better than Bitcoin and Ethereum. Ripple (XRP) was up by 6.3% and was flirting once more with the $1 level. And Cardano (ADA) added 6.6% on the day to reach $2.20 a token. Binance Coin (BNB) was an underperformer however, adding just 3% on the day. The best gain in the top 100 altcoins came from Axie Infinity (AXS), with the blockchain game related token rising 18.7%. That took the token value back above $60, although the token is still 35% off its all-time high notched on September 4, 2021. In a very unusual occurrence there were no tokens in the top 100 to suffer a loss. That almost never occurs and is serves to highlight the strength of the rebound in the crypto market.
Facebook Shares See More Downside
2021-09-22 20:28UTC
Facebook shares got hit again on Wednesday, falling 4% on the day even as the broader market was rallying strongly in reaction to the latest Federal Reserve monetary policy statement. This time the issue for Facebook shares was a warning from the company that Apple’s privacy changes have had a greater impact on Facebook’s third quarter ad sales than previously thought. While this isn’t new news, the company already highlighted the negative impact of Apple’s privacy changes at its second quarter earnings call, Facebook shared this time that it had underreported iOS web conversions by roughly 15%, making advertisers think the impact was even greater than it actually was. The news comes on the heels of what’s been a week-long attack by the Wall Street Journal against Facebook. The Journal has already published a five-part series of scathing investigative journalism uncovering a number of negative practices by Facebook. Plus, this isn’t the first time that Facebook has been found to be misleading advertisers with its metrics. In the past it was found that Facebook had inflated video ad metrics, and failed to act quickly to fix the problem. Facebook claims it is working to improve its metrics and reporting, but advertisers are understandably hesitant after being burned a number of times by Facebook’s deceptions and failure to quickly address known issues with its ad platform and metrics. To be fair, Facebook has long been warning that the new privacy changes for Apple users would negatively impact the way its ad targeting business works. That’s been validated by Apple’s own data showing very few iOS users are opting into iOS tracking.
U.S. Daily Market Review
2021-09-22 18:36UTC
U.S. markets headed into the afternoon session on Wednesday with solid gains that held after the Federal Reserve concluded its latest monetary policy meeting. The Fed concluded the meeting with a statement that they would soon begin tapering their bond buying. Additionally, some members of the Fed now see the first interest rate hikes in the U.S. coming in 2022 rather than 2023 as previously projected. Halfway through the afternoon on Wall Street the Dow Industrials are trading 1.4% higher, while the S&P 500 is adding 1.3% and the Nasdaq is 1.2% higher. The S&P 500 is showing all eleven of its subsectors in positive territory, with the best gain coming from the energy sector with a gain of 4.3%. The financial sector is trading 2.2% higher as well as the banks will certainly benefit from rising interest rates in 2022. Also making solid gains are the materials and industrials, up by 1.9% and 1.6% respectively as the Fed decision indicates they have confidence in the U.S. economic recovery. Boeing is leading gains for the Dow, advancing 4.4%. Just behind is Chevron with a gain of 4.1%. Following that are two banking giants, Goldman Sachs and JPMorgan, with gains of 2.8% and 2.7% respectively. At the bottom of the Dow is Facebook, whose shares are falling 3.8% after warning that Apple’s privacy policy changes will have a greater than expected impact on the third quarter results. Facebook didn’t take the lowest spot in the Nasdaq however. That distinction went to Peloton, whose shares are trading 7.8% lower, although there seems to be no specific news causing the plunge in shares.
European Daily Market Review
2021-09-22 15:16UTC
European investors have shed their fears of an Evergrande real estate crisis, sending markets all across the European Union higher on Wednesday. Investors are also awaiting the results of the latest Federal Reserve meeting in the U.S., which is apparently having no negative impact on sentiment, even though the central bank is expected to announce the start of tapering in its bond buying program. Heading into the final hour of trading the pan-European Stoxx Europe 600 is trading 1% higher, while the CAC 40 in France has a 1.2% advance, and the DAX 30 in Germany is adding 0.9%. Over in Spain the IBEX 35 is up by 0.6% and in Italy the FTSE MiB has a gain of 1.3%. In the German DAX 30 the auto manufacturers are climbing, with shares of Daimler leading the way higher with an advance of 4.1%, while shares of BMW are adding 3.3%. Deutsche Bank is also making good gains, with shares up 3.6%. At the bottom of the index is food delivery company HelloFresh, with a loss of 3%. In France’s CAC 40 shares of Vivendi are soaring 150% higher after announcing the sale of Universal Music, which is being valued at $39 billion. Also gaining 4.2% today are shares of ArcelorMittal. While there are only a handful of shares in the red, the worst loss is a 1.2% drop in shares of Dassault Systemes. Over in the U.K. the FTSE 100 is outperforming with a gain of 1.4%. There are less than ten company shares in the red, and the best gainer in the index is Antofagasta with a gain of 7.8%.
Asian Daily Market Review
2021-09-22 01:58UTC
Asian markets are mostly lower on Wednesday morning as Chinese investors return from a two-day holiday and the region watches to see what the fallout from the China Evergrande crisis might be. Worries of global contagion in the real estate sector have surrounded the crackdown by China on real estate firms. Japan’s Nikkei is falling for a second consecutive session, with the index trading 0.8% lower. Shares of Softbank are down slightly by 0.2%, and Sony is losing 1% in early trade. Among the major exporters Toyota is 1.2% lower, while Panasonic shares are flat, and Canon trades down by 1.1%. In Australia the S&P/ASX 200 is modestly lower by 0.2% as the big four banks continue falling. Shares of ANZ are lower by 0.3%, NAB has a 1% loss, Commonwealth Bank is losing 0.5%, and Westpac is 1% lower. Meanwhile the major miners are supporting the broader index as both BHP and Rio Tinto trade 0.6% higher. In mainland China markets have opened lower, with the benchmark Shanghai Composite 0.7% lower, and the smaller cap Shenzhen Composite 0.7% lower as well as investors worry over the Evergrande crisis. Over in Hong Kong the Hang Seng is rebounding off an eleven month low and trading 0.5% higher to lead gains for the region. South Korea’s markets are closed for a third consecutive session, but investors will return tomorrow. In Taiwan the Taiex has dropped 1.9% to lead losses across the region. Southeast Asian markets are falling today as well, with the Straits Times in Singapore losing 0.4%, and the KLCI in Malaysia matching that with its own 0.4% loss.
Markets Ready For FOMC Meeting
2021-09-21 22:24UTC
The Federal Reserve meeting is always a highly anticipated event, but tomorrow’s meeting is particularly important to market participants as the Fed is widely expected to signal the start of its bond tapering program. They could also update their dot plot, and it’s expected that they’ll announce more interest rate hikes than previously expected. Of course the Fed faces some challenges in reassuring markets while also telegraphing the changes coming after more than a year of massive monetary stimulus that was put in place to fight the economic fallout from the pandemic. At this point economists are expecting the Fed to announce that it will begin tapering its massive bond buying program in November, which is a bit earlier than was previously expected. A drop in stimulus would be negative for equity markets, but could provide a boost to the U.S. dollar. Also possible from this meeting is an update to the Fed’s dot plot, which is its future expectations for interest rate hikes. Currently the dot plot shows just three interest rate hikes through 2023, however it’s widely expected that the Fed will be increasing that to as many as six interest rate hikes through 2023, bringing the Fed funds rate to 1.6%. Of course it’s also possible that the Fed could delay tapering plans given the recent weak labor data and stronger than expected consumer inflation data. If that’s the case then equity markets could finally break out of their slump as investors will almost certainly be enthused by continued stimulus. Whatever the outcome of the meeting, tapering or no, it’s likely to drive market action in the coming days.
U.S. Daily Market Review
2021-09-21 11:00UTC
U.S. stocks are into recovery today following the S&P 500′s lowest session of the last quarter.The Dow Jones Industrial average added 42 points, or 0.1%. The S&P-500 inclined 0.1% and the Nasdaq Composite is into a higher side. The rising path is taking place, while the markets are focused on the end of the Federal Reserve’s two-day meeting.U.S. single-family homebuilding dropped for a second straight month in August.The USD preserved the same grounds, just around one-month peak as global markets bounced somewhat on Tuesday after a risk-off mood dominated in the prior session.The USD index secured 0.012% after rallying to 93.455, while the euro slipped 0.01% to $1.1724.Leading congressional Democrats stated yesterday that they will call for a  measure to suspend the federal borrowing limit through the end of 2022, in order to preserve the government funded through early December.
The USD Is Into A Falling Side
2021-09-21 10:42UTC
The USD retreated some territory from a one-month peak tested overnight as equity market futures moved higher on Tuesday.Currently, the USD versus the Euro trades at 0.851 EUR, which is a loss of $0.0007 or 0.08% from the previous close of 0.8526.The daily trading range is from $0.8518 to 0.8531.The USD steadied at 93.190 after reaching its peak since Aug. 23.As markets stabilised after Monday's selloff, investors remained broadly cautious. Just before Evergrande's debt crisis, the USD has been stimualted ahead of a Federal Reserve meeting this week.Defying the risk-averse mood, the Australian dollar advanced around 0.4% to $0.7276.
European Daily Market Review
2021-09-21 07:23UTC
European stocks are partly higher and recovering some lost ground. This comes after their largest downfall over the largest two months.The German DAX surged 0.53%, the French CAC-40 added 1.05% and the British FTSE-100 secured 0.67%.The pan-European Stoxx-600 gained 0.4% in all sectors entering into a higher side.Euro zone bond yields preserved their ground this morning as markets appeared to calm from a sell-off a day earlier driven by worries over Chinese property developer Evergrande’s debt woes.Royal Dutch Shell advanced 3.3% after it said it would sell its Permian Basin assets to ConocoPhillips for $9.5 billion in cash.British transport company Stagecoach Group jumped almost 20% after announcing it is negotiating with National Express about a likely all-share merger.
Gold Prices Declined
2021-09-21 06:14UTC
Gold prices dropped this morning during the Asian hours. The weekly data indicated in a massive level in the coming sessions.As a matter of fact, the price of gold has retreated over the last 2 weeks and once again oscillated around the $1800/oz psychological mark.Now, gold trades at $1761.66, which is a loss of $1.91 or 0.11% from the previous close of 1763.57.The daily trading range is from $1760.63 to 1765.96, while the trading volume is 47.369K.The market are still focused on the Fed’s timetable to begin asset tapering and hike interest rates.The Bank of Japan and Bank of England will report on Thursday this week.In the meantime, silver added 0.1% after rallying to a more-than-nine-month bottom of $22.01 during the previous session.
Asian Daily Market Review
2021-09-21 02:03UTC
Asian markets are following the sharp overnight losses on Wall Street, where the S&P 500 posted its worst daily loss since May on severe risk aversion from investors. Cryptocurrency markets are also continuing lower in response to the rising risk aversion. Across Asia investors are worried that a Chinese crackdown on the real estate sector could spark a global real estate crisis. Japanese investors returned from a holiday extended three-day weekend to send the Nikkei lower by 1.9% in early trade. The Yen strengthened versus the U.S. dollar as investors chose the Japanese currency as a haven from uncertainty and fears. Shares of Softbank Group plunged 5.1% and Sony trades 1.1% lower. Among the major exporters Toyota is down 1.2%, Panasonic shares have fallen 2.2%, and Canon is losing 2.1%. Australia’s S&P/ASX 200 is also showing some weakness, but has recovered off its lowest levels of the day to trade slightly lower by less than 0.1%. The big four banks are contributing to weakness for the index, with ANZ down 0.4%, NAB falling 1.1%, Commonwealth Bank dropping 0.8%, and Westpac trading 1.2% lower. Meanwhile the major miners are recovering from yesterday’s losses and supporting the broader index. Shares of BHP trade 1.4% higher, and Rio Tinto is adding 1.8%. Mainland Chinese markets are closed for a second consecutive session for the Mid-Autumn festival. Over in Hong Kong markets are open for trade, and the Hang Seng is adding 0.4% despite the worries over China’s crackdown on the real estate sector. Markets are also closed today in South Korea and in Taiwan. Singapore’s Straits Times is adding 0.4% and Malaysia’s KLCI is 0.1% higher.
U.S. Daily Market Review
2021-09-20 13:03UTC
U.S. stock futures started the new week into a lower side as most traders and are still not betting on any big positions.Futures on the Dow Jones Industrial average slipped 650 points, or 1.9%. The S&P-500 futures dropped 1.7. Nasdaq-100 futures fell 1.7%. Ford and Carrier Global tumbled more than 3%. General Motors and Boeing retreated about 2% each. Oil giants of Chevron and Exxon Mobil led the falling path ion pretrading.The hitech leaders of Microsoft Corp, Google-owner Alphabet Inc, Amazon.com Inc lost between 1.4% and 3.7%.United Airlines, American Airlines and Delta Airlines retreated 2.9% amid rising COVID cases,  which resulted in higher concerns over the future of the travel sector and the economy as a whole.
European Daily Market Review
2021-09-20 08:15UTC
European stocks are partly lower today  as global markets are still worries over the timing of the U.S. Federal Reserve’s tapering.The German DAX slipped 2.12%, the French CAC-40 dropped 2.35% and the British FTSE-100 lost 1.47%. The pan-European Stoxx-600 index fell 1.5%.German shares tumbled almost 2% to their bottom, sinking as the numbers suggested in a greater than predicted rally in producer prices last month.The euro zone bond yields are looking for a direction at the start of a busy week.The Fed is still likely to lay the groundwork for a slowdown of its bond purchases.French cloud computing services provider OVHcloud reported earlier today that it was hoping for a revenue growth rate in the mid-twenties by 2025.OVHcloud said it was hoping to raise 400 million euros ($468.64 million) through public stock selling.
Crude Oil Prices Dropped
2021-09-20 06:20UTC
Oil prices retreated today, extending the falling path from Friday after the USD rallied to a three week peak.Now, oil trades at $70.928, which is a further loss of $0.966 or 1.34% from the previous close of 71.894.The daily trading range is from $70.925 to 72.056, while the trading volume is 11.853K.In the meantime, around 25% U.S. Gulf of Mexico output is still shut down in the wake of two hurricanes. U.S. West Texas Intermediate (WTI) crude futures dropped 55 cents.The USD advanced to a three-week high following a surge at the end of last week, amid higher forecasts of the U.S. retail sales data.  
Asian Daily Market Review
2021-09-20 01:33UTC
Markets are heading broadly lower across the Asian region on Monday morning, with Australia leading the charge lower, while major markets in Japan, China, and South Korea are all closed for a public holiday. Japanese traders will return tomorrow, but China’s markets are closed until Wednesday, and South Korean traders aren’t due to return until Thursday. Considering most of the region’s major markets are closed today trading volumes are expected to be low, but that could lead to volatility. In Australia the S&P/ASX 200 is trading 1.2% lower, with the mining sector dragging the index down, although the big four banks are also trading lower today. Shares of ANZ are down 0.4%, NAB has a loss of 0.5%, Commonwealth Bank has fallen 0.8%, and Westpac is losing 0.7%. Meanwhile the major miners are suffering far greater losses, with BHP falling 3.6%, Rio Tinto dropping 2.6%, and iron giant Fortescue Metals suffering a loss of 4.7%. Shares of Australia’s energy producers are also underperforming the broader index, with Santos losing 2.3%, Beach Energy falling 0.7%, and Woodside Petroleum dropping 1.5%. Those losses are coming as crude oil prices are under pressure today, mostly due to a surge higher in the U.S. dollar versus rivals. Markets in Taiwan are also closed today for the Mid-Autumn festival, and will remain closed tomorrow, reopening on Wednesday. In Southeast Asia markets are trading lower as well, with the KLCI in Malaysia losing 0.4% in early trade, while the Straits Times in Singapore is edging lower by less than 0.1%, while Indonesia’s Jakarta Composite has opened to a slight loss as well.
September Is Living Up To Its Reputation
2021-09-17 20:13UTC
The September slump continued on Friday in the U.S., with markets notching broad based losses as investors worry over COVID infection rates, the Federal Reserve meeting next week, and the historical tendency for September to be the worst month of the year for equities. Whether or not it’s a self fulfilling prophecy, markets certainly have been taking it on the chin this September. At the close Friday the Dow Jones Industrial Average was 0.6% lower, the S&P 500 shed 0.9% and the Nasdaq Composite lost more than 0.9% as well. The only good news was from the small cap Russell 2000, which finished the day flat. The S&P 500 has already lost more than 2% in September, which is far greater than the historical average of a 0.4% loss for the index in September. Even worse news is that the bulk of historical losses have come in the second half of September, meaning markets could be looking forward to a good deal of pain in the coming two weeks. Some of Friday’s losses can be attributed to the quadruple-witching day, which is the expiration of stock index futures, stock index options, stock options, and single-stock futures. However there’s plenty to worry about in the coming weeks. That includes next week’s Federal Reserve meeting, and the possibility that the global economic recovery is floundering. Of course the COVID pandemic will also continue to weigh on sentiment. On a weekly basis the Dow Industrials fell 0.2%, the S&P 500 lost 0.6%, and the Nasdaq fell 0.5%. This is the second consecutive weekly loss for U.S. indices.
U.S. Daily Market Review
2021-09-17 10:29UTC
The main indexes dropped today as the market is still cautious due to a resurgent Covid cases.The Dow Jones Industrial Average slipped about 170 points or 0.5%. The S&P-500 tumbled 0.7% and the Nasdaq Composite declined 0.8%.United Airlines and Carnival Corp. both secured more than 1%. American Airlines and Delta also rose surged 1.5%.Norwegian Cruise Line advanced 3%.The USD appreciated to three-week highs today. The marked mode is still stimulated by the higher U.S. retail sales data released on Thursday that backed forecasts. The USD index registered 93.094, its highest since late August. It was last up 0.2% at 93.062.U.S. consumer sentiment entered into a steady pattern in early September, which is the weakest mark of the last decade. As a matter of fact, the University of Michigan stated that the consumer sentiment index rallied to 71 in the first half of September from 70.3 in August.
European Daily Market Review
2021-09-17 10:29UTC
European markets are still without a clear direction today as global investors continued to weigh the prospect of falling economic growth.The German DAX slipped 0.08%, the French CAC-40 lost 0.05% and the British FTSE-100 incline 0.02%.The pan-European Stoxx-600 was roughly flat by late morning, having earlier gained around 0.7%.U.K. retail sales tumbled in August, falling 0.9% month on month against a Reuters average estimate for a 0.5% rise. Euro zone inflation jumped to 10-year high in August, according to official data published Friday. Euro zone government bond yields rallied to two-month peak today after a report implied in that the European Central Bank is very likely to mark its inflation target by 2025.The GBP is preserving its ground below a recent one-month peak versus the USD on Friday as UK retail sales undershot expectations.British retail sales volumes unexpectedly lost some side last month in their longest streak of losses.
Gold Prices Advanced
2021-09-17 06:35UTC
Gold prices rallied this morning during the Asian hours but still advanced towards a second weekly retreat.Now, gold trades at $1764.90, which is a rise of $11.93 or 0.68% from the previous close of 1752.97. The daily trading range is from $1752.44 to 1765.10, while the volume is 43.82K. In the main market scope is the U.S. Federal Reserve policy decision that could provide give signals about asset tapering.The USD which is into a negative relationship to the precious metals, dropped this morning but is still around three-week peaks.The USD was stimulated by data reported yesterday that the U.S. core retail sales secured 1.8% on monthly basis and retail sales soared 0.7% month-on-month in August.Some predictions indicated in that the asset tapering could be launched as early as in November.
Asian Daily Market Review
2021-09-17 02:24UTC
Asian markets are trading mostly higher today after Wall Street recovered from sharp early losses overnight to close mixed as well. The same worries continue to drag on sentiment, both in the U.S. and in Asia. Japan’s Nikkei is trading 0.6% higher to lead gains across the region as the U.S. dollar has reversed the Yen strength. A weaker Yen is beneficial to Japanese exporters as they receive more Yen when they repatriate revenues from overseas. Shares of Softbank Group are trading 0.2% higher today, and Sony also has a 0.2% advance. Among the major exporters Toyota is also adding 0.2%, but Panasonic shares are 0.6% lower, while Canon is edging up by 0.1%. In Australia the S&P/ASX 200 is leading losses for the region as it trades 0.9% lower. After a single day of gains the big four banks have turned lower once more to weigh on the broader index. Shares of ANZ are 0.6% lower, NAB is falling 1.2%, Commonwealth Bank is down 0.3%, and Westpac has an 0.8% loss. The major miners are falling far more sharply however, with BHP losing 3.1% and Rio Tinto 3.4% lower. Chinese markets have opened to gains for the first time this week, with the benchmark Shanghai Composite trading 0.3% higher, while the smaller cap Shenzhen Composite is inching up by 0.1%. Over in Hong Kong the Hang Seng is also on the mend, adding 0.4% in early trade. South Korea’s Kospi trades 0.1% lower today, while the Taiex in Taiwan trades 0.1% higher. Southeast Asian markets are broadly lower, with Malaysia’s KLCI down 0.5%, while both the Jakarta Composite in Indonesia and the Straits Times in Singapore trade slightly lower by 0.1%.
Gold Slides On Strong Retail Sales Data
2021-09-16 20:27UTC
The slide lower in gold intensified yesterday as the U.S. dollar rallied following much stronger than expected U.S. retail sales data for August. U.S. gold futures fell to a one-month low, settling 2.1% lower at $1,756.70 an ounce. August retail sales in the U.S. increased by 0.7% versus expectations for a decrease of 0.8%. The growth indicated that the U.S. consumer remains resilient, and that gives the Fed more ammunition to begin tapering bond purchases before the end of the year. At this point it seems that gold bulls are running for the exits, and without some catalyst to halt the slide gold could continue heading lower in the coming weeks. Potential catalysts include some geopolitical event, or some news from the Fed, which is unlikely ahead of next Wednesday’s meeting of the central bank. Currently there are expectations for the Fed to come out as even more hawkish at next week’s meeting. Analysts are now expecting the Fed to modify its dot plot, or the future forecast for interest rate hikes, to indicate as many as six rate hikes through 2024. Currently the Fed is only forecasting three rate hikes through 2024. An increase in expectations for rate hikes will benefit the U.S. dollar, and gold has a strong negative correlation with the USD. There are many Fed members pushing for tapering by the end of this year, and strong calls for interest rate hikes in the coming year. That could spell disaster for gold over the coming weeks and months. However if the Fed disappoints and doesn’t meet current expectations we could get a rebound that takes gold back to the $1,800 level.
U.S. Daily Market Review
2021-09-16 12:39UTC
The main indexes are into a falling mode.The Dow Jones Industrial Average fell despite higher than estimated August retail sales.The S&P-500 slipped 0.6%. The Nasdaq Composite slipped 0.6%.The Commerce Department's August retail sales announced overall sales surge 0.7% on the month after a downwardly revised 1.8% loss in July.U.S. business inventory accumulation slowed in July as motor vehicle retailers struggled to restock amid an ongoing global semiconductor shortage, which is forcing automobile manufacturers to scale back production.Business inventories secured 0.5% after adding 0.9% in June, as reported by the Commerce Department.Furthermore, inventories gained little more than 7% on annual basis in July. 
European Daily Market Review
2021-09-16 08:01UTC
European stocks jumped today. This is the result of recovery in travel stocks and overnight strength in Wall Street.The German DAX added 0.60%, the French CAC-40 inclined 0.64% and the British FTSE-100 advanced 0.44%.The pan-European Stoxx-600 also surged 0.6% in early trade, with travel and leisure stocks adding 1.8% to lead the advancing path.British online trading company IG Group gained more than 4.1% to lead the Stoxx 600.Germany’s 10-year yield advanced to a new two-month peak as issuance was set to pick up again.Austria started the sale of a new 15-year bond in a syndication.Moreover, Spain is expected to raise around 5.5 billion euros from bonds due 2024, 2026 and 2031.
Crude Oil Prices Into A Higher Ground
2021-09-16 06:44UTC
Oil prices advanced this morning, extending the previous day's solid rallies. This comes after a greater than predicted drawdown in crude oil stocks in the United States.Now, oil trades at $72.65, which is a further gain of $0.04 or 0.06% from the previous close of 72.61. The daily trading range is from $72.39 to 72.99, while the trading volume is 28.499K. U.S. West Texas Intermediate (WTI) crude soared 18 cents, or 0.3%, to $72.78.U.S. crude oil and fuel stockpiles fell largely last week, as reported by the Energy Information Administration (EIA) said on Wednesday.Crude inventories dropped by 6.4 million barrels in the week to Sept. 10 to 417.4 million barrels, according by the EIA.
Asian Daily Market Review
2021-09-16 02:09UTC
Asian markets are trading mostly lower on Thursday morning, despite a solid rebound overnight for Wall Street. Investors in the region remain worried over slowing growth across the region, and the continued spread of the delta COVID variant. Japan’s Nikkei has a 0.1% loss as the Yen continues strengthening versus the U.S. dollar for a third consecutive session. Shares of Softbank Group are trading 1.3% lower, while Sony shares are rising modestly by 0.3%. Among the major exporters Toyota is trading 1% higher, but Panasonic shares are falling 0.9%, while Canon has a slight gain of 0.2%. In Australia the S&P/ASX 200 is leading gains for the region as it rises 0.7% after employment data for the country came in mixed, while the number of jobs fell by twice as much as expected, the unemployment rate also dropped to 4.5% versus 5% expected. Shares of the big four banks are rallying on the news, with ANZ trading 0.8% higher, NAB adding 0.6%, Commonwealth Bank advancing 0.7%, and Westpac also sporting a 0.7% gain. Mainland Chinese markets are mixed, with the benchmark Shanghai Composite rising 0.3% while the smaller cap Shenzhen Composite has a 0.4% loss. Over in Hong Kong the Hang Seng is 0.6% lower to lead losses for the region once again. South Korea’s Kospi is down 0.5%, and in Taiwan the Taiex is flat with a slight loss of less than 0.1%. Southeast Asian markets are little changed, with the Straits Times in Singapore adding 0.2%, while the KLCI in Malaysia and the Jakarta Composite in Indonesia are trading slightly lower by less than 0.1%.
Electronic Arts For A Holiday Boost
2021-09-15 20:44UTC
Shares of video game maker Electronic Arts fell 5.7% yesterday after reports on social media hinted at a possible delay in the release of the highly anticipated Battlefield 2042. That’s the largest daily drop in EA shares since November 2020, when the stock plunged 7.1% lower. That could make for a good buying opportunity if you believe that EA will outperform over the coming holiday season. Even with a shortage of chips for the Xbox and Playstation consoles, analysts believe that the video game makers can have great success over the coming holiday season. The 2020 holiday season was great for Electronic Arts, as was all of 2020 as the pandemic lockdowns caused more people to take up video gaming. However in 2021 the video gaming stocks have lagged the broader market as a number of factors have hit the industry, including hardware shortages, reopening trends that cut into gaming time for players, and the crackdowns on gaming from Chinese regulators. One upside for EA is that even as the video game makers have underperformed the broader market EA has been one of the best performers in the major game makers. Analysts are expecting some pressures due to the shortage of hardware consoles, however that could be offset by higher games prices as well as the fact that these are next generation consoles. And while gaming time is expected to decline, the biggest hit will be to real-time online games. That leaves EA in a good position relative to some other competitors such as Activision Blizzard. Overall EA has a very strong release schedule for the holiday season, and revenues should benefit.
The USD Retreated Some Territory
2021-09-15 13:13UTC
The USD retreated some side versus the main pairs after lower than predicted U.S. inflation data.The USD versus the Euro trades at 0.846 EUR, which is a decline of 0.0007 Euro or 0.08% from the previous close of 0.8468.The daily trading range is from 0.8453 to 0.8472.The USD index marked 92.441, a loss of about 0.3% on the daily basis.Moreover, the USD registered some tumbles after import prices dropped more than estimated in August.This comes as many Fed officials implied in that the Fed could reduce its buying of debt securities by the end of 2021.In the meantime, rising inflation data has preserved the pressure on the Fed.  Moreover, the USD slipped to a four-week bottom of 109.14 yen.
U.S. Daily Market Review
2021-09-15 11:02UTC
The main U.S. stock indexes are without a clear market direction at the start of the session. As a matter of fact, higher taxes created a burden on the economic recovery.Dow futures traded close to the flatline. The S&P-500 futures traded added 0.1% and Nasdaq 100 futures gained 0.2%.U.S. import prices tumbled for the first time in 10 months in August.In reality, import prices dropped 0.3% last month after increasing 0.4% in July, as reported by the Labor Department.The USD depreciated versus the mains pairs after lower than predicted U.S. inflation data released on Tuesday eased short-term forecasts.Manufacturing output secured 0.2% last month, according to the Federal Reserve.Goldman Sachs Group Inc. announced that will buy the lender GreenSky Inc. for $2.2 billion.In fact, Goldman will pay roughly $12 a share in stock for GreenSky.
European Daily Market Review
2021-09-15 11:02UTC
European markets are partly into a lower side after low Chinese economic data.The German DAX fell 0.16%, the French CAC-40 dropped 0.50% and the British FTSE-100 added 0.11%.The pan-European Stoxx-600 tumbled 0.2% below the flatline by mid-morning.The markets are focused on the German federal election on September 26, with polls indicating in the pattern is still too close to predict a clear winner.Ukraine is about to finally secure almost $1.5 billion of financing. The European Union gave a green light o9f aid and the International Monetary Fund prepares a review that could unfreeze a $5 billion loan.Moreover, the President of the European Commission, Ursula von der Leyen reported an additional €4 billion ($4.7 billion) in climate finance to transfer to developing nations.Euro zone government bond yields jumped today. Additionally, CPI numbers implied in that the Federal Reserve might be more dovish at next week’s policy meeting.
Gold Prices Dropped
2021-09-15 06:23UTC
Gold prices retreated this morning during the Asian hours, but are still above the $1,800.Now, gold trades at $1801.20, which is another loss of $2.59 or 0.14% from the previous close of 1803.79.The daily trading range is from $1800.69 to 1804.52, while the trading volume is 53.949K.The markets had to digest the lower numbers than predicted coming from the U.S. inflation that added to uncertainty over the timing of the Federal Reserve’s asset tapering.U.S. data released on Tuesday indicated in that the core consumer price index (CPI) advanced 4% year-on-year and 0.1% month-on-month in August.Meanwhile, silver declined 0.1% and platinum dropped 0.4% after marking over nine-month bottom of $930.83.
Asian Daily Market Review
2021-09-15 01:50UTC
Asian markets are headed mostly lower on Wednesday morning after U.S. consumer inflation came in weaker than expected, leaving the Federal Reserve some wiggle room in the timing of tapering their bond purchase program. Japan’s Nikkei is leading losses for the region, falling 0.8% as the Yen has also strengthened versus the U.S. dollar for the past two sessions. Shares of Softbank Group are falling 3.6% and Sony trades 0.8% lower. Among the major exporters Toyota is dropping 0.8%, Panasonic is down 1%, and Canon has a 0.7% loss. Australia’s S&P/ASX 200 is trading 0.7% lower, with more weakness from the big four banks contributing to the fall. Shares of ANZ are 0.9% lower, NAB trades 1.1% lower, Commonwealth Bank is falling 1%, and Westpac has pulled back by 0.9%. The major miners are are very weak as well, with BHP down 2.5% and Rio Tinto losing 1.4%. Mainland Chinese markets have opened lower once again, with the benchmark Shanghai Composite losing 0.3% at the open, while the smaller cap Shenzhen Composite has a loss of 0.6%. Over in Hong Kong the Hang Seng is trading lower by 0.8% as worries over further regulations against Chinese tech and gaming companies continues weighing on sentiment. In South Korea the Kospi is bucking the falling trend with a small gain of 0.2%, while the Taiex in Taiwan is edging lower by less than 0.1%. Southeast Asian markets are a mixed bag, with the Straits Times in Singapore falling 0.4%, while the KLCI in Malaysia adds 0.3%, and Indonesia’s Jakarta Composite is trading flat at the open.
Is It Time To Look To Small Cap Shares?
2021-09-14 20:23UTC
The S&P 500 has now traded down in six of the past seven sessions, as it posted a 0.6% loss yesterday, despite a cooler than expected reading on U.S. consumer inflation. That has some investors wondering where to move their capital if the S&P is likely to continue falling. There could be a good opportunity in the small cap sector, according to some analysts. As a clue they point to the discrepancies between the S&P 500, which was up 4% in August, and the small cap Russell 2000, which was down 4% in August. That vast underperformance leaves small cap shares undervalued, and it could mean a rebound is coming. “The underperformance of small caps against large has now brought the group to its cheapest valuation on a forward price-earnings basis relative to the S&P 500 in the last 20 years,” according to Jeff Mills, chief investment officer at Bryn Mawr Trust. Another sign that it might be time to move into small cap names comes from the start of 2021. At that time money was flowing into cyclical shares and small cap names in anticipation of the coming economic recovery. While the delta variant of COVID has caused some slowing in that recovery, it seems the recovery will pick up steam later in the year and heading into 2022. That means the cyclical and small cap groups should be in play once again. In fact, large cap names are a very crowded trade right now, with many trading at all-time highs. That could make a strategy of looking for value where others aren’t could pay off soon.
U.S. Daily Market Review
2021-09-14 11:50UTC
The leading U.S. stock indexes retreated earlier rallies after dropping back into their September lows.The Dow Jones Industrial Average slipped about 150 points, or 0.4%. The S&P-500 tumbled 0.1% and the Nasdaq Composite added 0.2%.August CPI advanced 0.3% month-to-month, or 5.3% versus last year. This came below the surge of 0.4% and 5.4% annual rise.Oracle stock price fell more than 3% after Oracle’s first-quarter revenue, came below estimates. The tech giant announced sales of $9.73 billion, which was short of the $9.77 billion forecasts. U.S. consumer prices jumped at their slowest rate of the last six months in August as used motor vehicle prices  lost some side.The USD declined today after data showed a lower than predicted rally of U.S. inflation last month.The USD index lost 0.1% to 92.498. This resulted in additional losses from more than a two-week peak from the beginning of the week.
The USD Is Into A Lower Side
2021-09-14 09:02UTC
The USD lost some ground this morning, with traders waiting for the release of the latest U.S. inflation data.Presently, the USD versus the Euro trades at 0.845 EUR, which is another retreat of 0.0008 or 0.09% from the previous close of 0.8465.Moreover, USD/JPY added 0.1% to 110.09, EUR/USD was flat at 1.1808, after recovering from Monday's bottom of 1.1770.The USD Index that tracks the greenback against versus the main pairs, slipped 0.06% to 92.597 by 10:21 PM ET (2:21 AM GMT).The main focus today is on the release of the U.S. consumer price data, at 8:30 AM ET (1230 GMT). Annual consumer price inflation could sunk to 5.3% from 5.4% in July, while core CPI.
European Daily Market Review
2021-09-14 07:39UTC
European markets are without a clear direction this morning as the markets are focused on the inflation data from the U.S.The German DAX slipped only slightly 0.08%, the French CAC-40 declined 0.79% and the British FTSE-100 dropped 0.37%.The pan-European Stoxx-600 moved around the flatline in early trade, with travel and leisure stocks securing around 0.5%.Euro zone bond yields surged close to peak marks on Tuesday, with the focus on a U.S. inflation print due later in the day.The data, due at 1230 GMT, will be watched closely before next week’s U.S. Federal Reserve meeting. British business hired a record 241,000. In fact, it is reported more than 1 million vacancies in August, which is the highest mark ever.
Crude Oil Prices Into A Solid Advance
2021-09-14 07:05UTC
AOil prices jumped to a six-week peak this morning amid issues over another storm.This is very likely to damage the supply coming from the state of Texas this week even as the U.S. industry has very hard time to return to normal production levels after Hurricane Ida.Now, oil trades at $70.908, which is a further rise of $0.272 or 0.39% from the previous close of 70.636.The daily trading range is from 70.489 to 71.120, while the trading volume is 9.481K.Oil prices rallied for a third straight session, with Brent crude reached to th peak since the beginning of August.U.S. West Texas Intermediate (WTI) crude also climbed 45 cents, or 0.6%, to $70.90 per barrel.The U.S. government agreed to sell crude oil from the nation's emergency reserve to eight companies including Exxon Mobil and Chevron.The Organization of the Petroleum Exporting Countries (OPEC), meanwhile, trimmed its world oil demand forecast for the last quarter of 2021 due to the Delta coronavirus variant. 
Asian Daily Market Review
2021-09-14 02:06UTC
Asian markets are mixed on Tuesday morning after Wall Street snapped a five session losing streak overnight. Concerns over inflation came back to light after Japan reported August wholesale prices at their highest levels in thirteen years. Growth concerns also remain high as global economic data has been less than stellar recently. Japan’s Nikkei is leading gains for the region with a gain of 0.8% despite the inflationary data. Shares of Softbank Group are flat, trading back and forth over unchanged levels, and Sony shares are 0.3% higher heading into the lunch break. Among the major exporters Toyota is 1.2% higher, Panasonic is flat with a slight loss, and Canon trades 0.4% higher. In Australia the S&P/ASX 200 is sliding lower by 0.3% as the big four banks are also mostly lower. Shares of NAB are losing 0.2%, Commonwealth is falling 0.3%, and Westpac is edging lower by less than 0.1%. Meanwhile ANZ shares are 0.1% higher as they buck the falling trend. The major miners are also bucking the falling trend, with BHP slightly higher by less than 0.1% and Rio Tinto rising 0.5%. Mainland Chinese markets are leading losses for the region as the benchmark Shanghai Composite is down 0.6% in early trade, while the smaller cap Shenzhen Composite is unchanged. In Hong Kong the Hang Seng is trading 0.4% lower. South Korea’s Kospi is trading 0.8% higher, and in Taiwan the Taiex has a 0.3% gain. Southeast Asian markets are making modest gains as the Straits Times in Singapore rises o.3%, while the KLCI in Malaysia and the Jakarta Composite in Indonesia are up less than 0.1%.
Crypto Daily Market Review
2021-09-13 21:24UTC
Cryptocurrency markets picked up this week in much the same way they ended last week, under pressure. Leading cryptocurrency Bitcoin (BTC) was flirting with the $44,000 level for the entire day, but never broke below that level, which is considered a major area of support. By the end of the day Bitcoin was down another 2.8%, with market dominance hovering around 41%. Ethereum (ETH), the second largest cryptocurrency by market cap, was down 4.5% to trade below the $3,300 level. Analysts are now predicting that we could see $3,000 before support is found. The only positive results in the top ten altcoins came from Polkadot (DOT), which traded higher by 3.5%. Otherwise it was a sea of red. Cardano (ADA) was the biggest loser in the group as its coin tumbled 9.7%, and even Solana (SOL) was unable to avoid losses as it fell 6.9%. Smaller losses were seen from Binance Coin (BNB), Ripple (XRP), and Dogecoin (DOGE), which fell 4.6%, 4.7%, and 3.7% respectively. The best gain in the top 100 came from the Mina Protocol (MINA), as its coin jumped 13.5% higher. Mina has been described as the world’s lightest blockchain, and it attempts to minimize computational requirements to run dApps more efficiently. Gains have been coming for Minda over the past four sessions after they announced their integration with Polygon to enable privacy-preserving applications on Polygon. Surprisingly given the broad based losses only one coin in the top 100 had a double digit percentage loss, and that was Revain (REV). There seemed to be no news as a catalyst for the drop.
Crude Rallies On Supply Concerns
2021-09-13 19:36UTC
Crude oil hit a six week high yesterday as U.S. supply concerns dominated trader sentiment, and an OPEC report forecast significantly higher crude demand in 2022. Adding to worries is tropical storm Nicholas, which is currently in the Gulf of Mexico and is anticipated to hit the Texas coast, which would further impact the refineries and producers along the Texas Gulf coast. Roughly 40% of all Gulf production remains out of commission two weeks following hurricane Ida, and now Nicholas could shut-in production even further if it hits the Texas coast as a hurricane. The global benchmark Brent crude futures rose $0.59, or 0.8%, to settle at $73.51 a barrel, while U.S. benchmark West Texas Intermediate (WTI) crude rose $0.73, or 1.1%, to settle at $70.45 a barrel. That was Brent's highest close since July 30 and WTI's highest close since August 3. Royal Dutch Shell reportedly evacuated personnel from one of its Gulf oil platforms ahead of the landfall of Nicholas, and other producers are preparing for hurricane force winds all along the Texas Gulf coast. Nicholas is expected to make landfall near Corpus Christi sometime late Monday night or early Tuesday morning. Early on Monday OPEC reported that it expects demand to remain muted in the fourth quarter, but also expects demand to rebound sharply in 2022, reaching levels greater than before the pandemic. At the same time OPEC and its allies are still increasing their own production into the fourth quarter of 2021. Some other bearish factors weighed on Monday's oil price gains, including rising U.S. shale output, potential supply increases from planned releases of oil from strategic reserves in the United States.
U.S. Daily Market Review
2021-09-13 17:30UTC
Wall Street indices are heading into the afternoon session looking as if they will snap a five session losing streak. A rally in crude has helped lift shares of energy companies, and that’s helping to power market indices higher. As the afternoon kicks off on Wall Street the benchmark S&P 500 is trading up by less than 0.1%, while the Dow Industrials are outperforming with a gain of 0.3%. Meanwhile the tech heavy Nasdaq is flat, trading back and forth over unchanged levels. The small cap Russell 2000 is outperforming with a gain of 0.7%. Last week saw the S&P 500 put in its worst performance since June, so the rebound today is welcome to investors. However, worries over rising inflation and continued high levels of delta COVID infections have capped upside potential for markets. In the S&P 500 subsectors energy is outperforming with a 2.7% advance. The financials are also trading 0.7% higher today in anticipation of the Fed tapering their bond purchase program. And the beaten down real estate sector has a 0.5% gain. At the other side of the leader board is the health care sector, which is trading 0.6% lower today. The materials and utilities sectors are each trading 0.4% lower. Reports of additional COVID boosters being unnecessary at this time has sent shares of Moderna falling 4%, while Pfizer and BioNTech are down 2% and 5.5% respectively. Shares of Twitter also fell 3.2% after Goldman Sachs initiated coverage on the stock with a sell rating. Meanwhile shares of Dell gained 3.7% after Goldman Sachs added the stock to its conviction buy list.
European Daily Market Review
2021-09-13 15:25UTC
European markets have gotten off to a strong start this week, making broad based gains as investors continue to weigh the European Central Bank decision to slow down its bond buying. Energy stocks are leading the charge higher today in response to a rally in crude, while retailers are underperforming. The pan-European Stoxx Europe 600 is trading 0.4% higher today, with Germany’s DAX 30 adding 0.8%. In France the CAC 40 has a more modest 0.3% advance. In Spain the IBEX 35 is leading gains for the region as it’s jumped 1.5% higher, while the FTSE MiB in Italy is trading up by 1.1%. Among the DAX 30 components in Germany the automotive sector is clearly leading. Daimler is at the top of the leader board with a 4% gain, while Continental AG has a 3.6% advance, and BMW is adding 3.3%. The worst performance in the DAX 30 is from Delivery Hero, with shares of the food delivery company falling 1.8%. In France the CAC 40 is led by Total Energies, with shares trading 2.9% higher. Aerospace and defense company Safran is seeing its shares trade 2.6% higher, while auto maker Renault is up by 2.4%. The French luxury retailers are all a the bottom of the leader board, with Kering losing 2.7%, Hermes International 1.6% lower, and Louis Vuitton falling 1%. In the U.K. the FTSE 100 trades 0.6% higher, with shares of Royal mail leading the way as it trades 0.6% higher. At the bottom of the index is Auto Trader Group, with shares trading down by 3.1%.
Asian Daily Market Review
2021-09-13 02:03UTC
Asian markets got off to a cautious start to the week, but soon fell back and moved mostly into negative territory as investors remained worried over the Chinese regulatory atmosphere and the potential for the U.S. to raise taxes on corporations and the wealthy. In Japan the Nikkei hit a 30-year high in early trade before pulling back to trade 0.2% lower heading into the lunch break. Shares of Softbank Group are trading 1.4% lower today, and Sony has a loss of 0.8%. Among the major exporters Toyota is trading lower by 2.4%, while Canon is edging higher by 0.2% and Panasonic shares are flat. Australia’s S&P/ASX 200 is one of the few rising markets as it trades modestly higher by 0.2%. Shares of the big four banks are mostly lower however, with NAB losing 0.6%, Commonwealth Bank falling 0.6%, and Westpac losing 0.3%, while ANZ is edging slightly higher by less than 0.1%. The major miners are helping to support the broader market however, with BHP adding 1.3% and Rio Tinto rising 1.7%. In mainland China markets have gotten off to a mixed start as the benchmark Shanghai Composite adds 0.3%, but the smaller cap Shenzhen Composite inches lower by less than 0.1%. In Hong Kong the Hang Seng is plunging 1.6% lower to lead losses in the region as investors worry that Chinese regulators will crack down further on tech companies. South Korea’s Kospi is trading modestly lower by 0.2%, and in Taiwan the Taiex is losing 0.3%. Southeast Asian markets are also falling, with Singapore’s Straits Times 0.9% lower and the KLCI in Malaysia falling 0.4%.
Crypto Daily Market Review
2021-09-10 20:24UTC
Cryptocurrency markets remain largely under pressure Friday, with Bitcoin (BTC) pulling back another 2.4% to the $45,500 area, while Ethereum (ETH) is trading 4.6% lower and testing the $3,300 level for support. In the top 10 cryptocurrencies Cardano (ADA) is having the largest loss, falling 5.1% just two days before it launches smart contract functionality on its blockchain. That event could spark a recovery for ADA if one hasn’t already begun by then. The rest of the top 10 are a sea of red as well. Binance Coin (BNB) is trading 3.3% lower, and Solana is trading down by 3.9%. However Solana also remains the only top 10 coin that remains positive on a weekly basis, with a 26.8% gain over the past 7 sessions. Ripple (XRP) is the best performer in the top 10 as it trades just 1.7% lower, although Polkadot (DOT is very close with its 1.8% decline. Dogecoin (DOGE) has a loss of 3.8%. Other than Solana all the top ten cryptos are looking at losses greater than 10% over the past 7 days. There are a handful of tokens rising today, mostly tied to the NFT space. The best gain however, is coming from Terra (LUNA), which is up 33.8% on the day. Interestingly, one of the supposed features of the LUNA token is price stability, although that stability is in its fiat-pegged stablecoins. Surprisingly given the broad based losses being seen there aren’t many tokens with double digit losses. One of those that does have a double digit loss is Algorand (ALGO), with a drop of 18.9%. Of course that drop follows yesterday’s roughly 50% gain.
Apple Loses Key Lawsuit
2021-09-10 18:23UTC
Shares of tech giant Apple fell 2.6% on Friday after a judge ruled against the company in a lawsuit brought by gaming company Epic Games. US District Judge Yvonne Gonzalez Rogers said Friday that Apple must stop restricting developers from directing users away from in-app purchasing, a move that could let developers avoid the company’s 15-30% cut it takes on some sales. The judge did stop short of calling Apple a monopoly, but noted that the company “is engaging in anti-competitive conduct under California’s competition laws.” The injunction order by the judge doesn’t take effect until 90 days from now, meaning Apple is very likely to appeal the decision before that time. Apple has not replied to the injunction as of late Friday. Needless to say the injunction is a major setback for Apple since it applies across the board to all the apps listed in its App Store. The company could potentially see the loss of billions of dollars in revenues garnered through the 15-30% commission it levies on in-app sales. Plus, the injunction could also have an impact on other companies that operate app stores. For example, Epic Games has a similar lawsuit pending against Alphabet in regard to apps in its Google Play store. Shares of Alphabet were down 2% on Friday as a result. Apple shares have struggled in the first half of 2021, but have made gains since that time and are up 13% since the start of the year. That’s still underperforming both the Nasdaq and the S&P 500, with those indices up 18.3% and 19.6% respectively since the start of 2021.
U.S. Daily Market Review
2021-09-10 16:54UTC
U.S. markets have managed to reverse early losses caused by strong inflation data, and major indices are trading modestly higher heading into the afternoon session on Wall Street. The small cap Russell 2000 is leading gains as it trades 0.2% higher, while the technology heavy Nasdaq has a gain of 0.1%. That indicates risk appetite is returning to the markets for the afternoon. Meanwhile, both the benchmark S&P 500 and the Dow Industrials trade up by less than 0.1%. The S&P 500 subsectors are mixed, with six of the eleven sectors trading in positive territory. The materials sector has a commanding lead as it trades 1.1% higher, followed by a 0.6% gain for the energy sector. The energy sector is getting a boost today from rising crude prices as traders worry over supply concerns as U.S. production struggles to recover following last week’s hurricane IDA. Among the losers the utilities sectors is down the most with a loss of 1%. The defensive real estate sector is also trading 0.6% lower as the uptick in risk appetite weighs on the defensive stocks in the index. In the Nasdaq 100 shares of Peloton are leading the way higher with a gain of 9% after announcing the launch of its own apparel brand that will go head-to-head with Lululemon. Following that is Match Group with a gain of 5.4% as investors are bidding the dating company’s stock higher on news of inclusion in the S&P 500. Meanwhile the biggest Nasdaq loser today is financial services firm Fiserv, with shares trading 3% lower. Following them is Apple, whose shares are down 2.3%.
European Daily Market Review
2021-09-10 16:39UTC
European markets reversed early gain on Friday to finish the session broadly lower as traders weighed the latest European Central Bank monetary policy decision, and reacted to blazing hot producer inflation data in the U.S. The pan-European Stoxx Europe 600, the broadest measure of European equities, finished the session 0.3% lower, with Germany’s DAX 30 edging lower by less than 0.1% and the CAC 40 in France losing 0.3% as well. Meanwhile the IBEX 35 in Spain plummeted 1.2% to lead losses across the region, and Italy’s FTSE MiB finished 0.9% lower. Among the DAX 30 components shares of semiconductor manufacturer Infineon led the gains as it tacked on 1.9%, and was closely followed by a 1.8% gain from Siemens AG. Meanwhile shares of kidney dialysis services provider Fresenius Medical Services plunged 4.5% lower after JPMorgan analysts downgraded the stock from Neutral to Underweight. The CAC 40 components were led by tech shares, with information technology services provider Atos leading the way with a 5.8% gain after being recognized as a 2021 Gartner Peer Insights Customers’ Choice for Data and Analytics Service Providers. STMicroelectronics also added 1.7%. At the bottom of the leader board was rail giant Alstom, with a loss of 2.7%. In the U.K. the FTSE 100 inched up by less than 0.1% as it outperformed the rest of the region. Shares of Antofagasta led the index with a gain of 3.5% after the mining firm issued an interim dividend of $0.236. Rio Tinto also gained on the news, adding 2%. The biggest loser in the index was British Airways parent company IAG, with its shares falling 4.1%.
European Daily Market Review
2021-09-10 10:58UTC
European markets surged only partly today, in hand with the mode of the global markets.The German DAX inclined 0.35%, the French CAC-40 gained 0.29% and the British FTSE-100 secured 0.39%.The pan-European Stoxx 600 advanced 0.3% higher in early trade, but is still on track to end the week into a fallins side. The European Central Bank’s annoucned that will moved to a lower gear its bond buying under its pandemic emergency purchase programme (PEPP) in response to higher inflation and stronger GDP growth across the union.The British  economy added only 0.1% in July, according to the official statistics showed on Friday, as the spread of the delta variant of Covid-19 slowed economic activity.Russia’s central bank raised its key interest rate to 6.75% on Friday. This is the fifth hike in 2021 alone.The central bank reported that inflation was at 6.73% in the first week of Sept. 6 and on track to return to 4.0-4.5% in 2022.
Crude Oil Prices Advanced
2021-09-10 06:17UTC
Oil prices jumped this morning during the Asian hours but are about to mark some weekly drops of nearly 2%. Now, oil trades at $68.715, which is a rise of $0.826 or 1.22% from the previous close of 67.889.The daily trading range is from $67.669 to 68.859, while the trading volume is 12.534K.China released crude from its strategic reserve supply and warnings of falling sales from some U.S. airlines.In fact, both Brent and WTI futures retreated to their bottom mark since Aug. 26.Shell was forced to cancel some export cargoes as the recovery from Hurricane Ida remains slow. Meanwhile, yesterday’s U.S. crude oil supply data from the U.S. Energy Information Administration indicated in a draw of 1.529 million barrels. Crude oil supply data from the American Petroleum Institute the day before demonstrated draw of 2.882 million barrels.
Asian Daily Market Review
2021-09-10 01:58UTC
Asian markets are edging mostly higher on Friday morning following a losing session on Wall Street, and after the European Central Bank said yesterday that it will begin slowing the pace of bond purchases under its emergency asset purchase program. Concerns over regulations in China continue to weigh on sentiment as investors are cautious over the impact, particularly to tech and gaming related companies. Japan’s Nikkei is trading 0.3% higher, although the Yen has gained ground on the U.S. dollar overnight. Shares of Softbank Group are edging up by less than 0.1%, while Sony shares are adding 0.7%. Among the major Japanese exporters Toyota are 0.2% higher, while Panasonic adds 1.5% and Canon is up by 0.5%. In Australia the S&P/ASX 200 is snapping a three session losing streak with a gain of 0.4% as the big four banks pace the gains for the broader market. Shares of ANZ are 0.4% higher, NAB is adding 0.2%, Commonwealth Bank is advancing 0.6%, and Westpac is 0.2% higher. The major miners are outperforming today, with BHP gaining 0.9% and Rio Tinto trades 0.8% higher. Mainland Chinese markets have opened mixed, with the benchmark Shanghai Composite up 0.3%, while the smaller cap Shenzhen Composite, which also contains most tech names, is trading 0.2% lower. Meanwhile Hong Kong’s Hang Seng is rebounding from losses earlier in the week and is leading gains for the region with a 1.1% advance. South Korea’s Kopsi is one of the few losers in the region today, but it’s a slight loss of less than 0.1%. In Taiwan the Taiex trades up slightly by 0.1%.
Moderna Shares Jump On Two-In-One Vaccine News
2021-09-09 17:08UTC
Shares of Moderna jumped higher by 6.8% yesterday after the pharmaceutical company announced it is developing a two-for-one vaccine that combines its current COVID-19 vaccine with a seasonal flu shot. The vaccine would be a yearly booster for both the novel cornavirus mutations, as well as the seasonal flu mutations. If successfully developed it could ensure that Moderna is able to continue producing and selling potentially billions of vaccine doses annually. Already in 2021 Moderna has booked nearly $20 billion in revenue, with expectations for delivery of 1 billion doses of the COVID-19 vaccine. The company has already stated that it expects to deliver another 2-3 billion doses in 2022. If it develops a two-for-one booster vaccine that combines COVID-19 protection with protection from the seasonal flu it could see similar sales numbers in each year following 2022. Moderna has been leading development in mRNA vaccine technology, but the COVID-19 vaccine has been the first vaccine using this new technology to be approved by the U.S. Food and Drug Administration. Obviously this gives Moderna a solid first mover advantage, but investors should also consider the possibility of coming competition. Already Pfizer’s vaccine is very serious competition, and Moderna could face pricing pressures in coming months as other pharmaceutical companies develop and release their own COVID-19 vaccines. Moderna does have a number of other products in the pipeline, but there’s no telling when those could be released. If the demand for the COVID-19 vaccine declines, or strong competition emerges, before Moderna is able to release other therapeutics it could have a significant negative impact on the company’s revenues.
U.S. Daily Market Review
2021-09-09 11:52UTC
The major stock markets are still without a clear market direction as as the 30-stock Dow attempted its first day of gains.The main indexes soared after data showed weekly jobless claims sunk close to a near 18-month bottom.The Dow Jones Industrial average secured 20 points. The S&P-500 is around the same marks, while the Nasdaq Composite inclined 0.2%.Moderna shares gained 6% after the company reported that is developing one single dose combines boosters against Covid and the flu. Some of the big tech stock of Apple, Facebook and Amazon advanced amid the economic uncertainty, stimulating the Nasdaq a bit.The number of Americans filing new claims for jobless benefits dropped to the lowest level in nearly 18 months last week.In reality, the weekly unemployment numbers coming from the Labor Department indicated that the number of officially workers declined to levels last seen in mid-March 2020.
European Daily Market Review
2021-09-09 11:15UTC
European stocks into a falling side as mot the market is focused on the report from the European Central Bank.The German DAX fell 0.30%, the French CAC-40 lost 0.25% and the British FTSE-100 declined 1.16%.The pan-European Stoxx-600 lost 0.4% in early trade, with travel and leisure stocks tumbling 1.5% to lead the declining mode.The Ukrainian central bank raised its main interest to 8.5% from 8.0% this morning. In fact, this is the fourth rate hike this year, trying to fight against rising inflation figures.EasyJet has refused a takeover offer from the Hungarian Wizz Air. This could have resulted in a low-cost airline to rival Ryanair, opting instead to raise $1.7 billion from shareholders and, trying to regain its ground from the pandemic.The euro currency advanced just before the likely reduction in the pace of the European Central Bank's bond buying program.
Gold Prices Into A Dropping Pattern
2021-09-09 07:13UTC
Gold prices declined this morning during the Asian hours but are still around two-week bottoms.Now, gold trades at $1791.53, which is a small recovery of $2.94 or 0.16% from the previous close of 1788.59.The daily trading range is from $1786.49 to 1791.70, while the trading volume is 83.086K. The rising rate of the USD  Index Futures added to the precious metal’s retreats.Meanwhile, the market is focused on the European Central Bank (ECB)’s latest policy decision.Moreover, the ECB will report its policy decision later today.Meanwhile, the Bank of Canada preserved its interest steady at 0.25%.Many market analysts are now focused whether the U.S. Federal Reserve will begin asset tapering within 2021.Meanwhile, the global platinum market will be in surplus this year.In other precious metals, platinum slipped 0.4% and silver dropped 0.1%.
Asian Daily Market Review
2021-09-09 02:17UTC
Asian markets started out Thursday morning trading lower in response to the overnight losses on Wall Street. Investors have become increasingly worried over global growth prospects, the spread of COVID-19, supply chain problems, and the possibility of a market correction due to stretched valuations. In Japan the Nikkei is trading 0.5% lower, with the weaker Yen helping keep the index from larger losses. Shares of Softbank Group are trading 1.9% lower after a two-day rally that added more than 10% to the value of the shares. Meanwhile Sony shares are flat. Among the major exporters Toyota is edging lower by 0.2%, while Panasonic is falling 1.2% and Canon is flat. Australia’s S&P/ASX 200 is falling 1% to lead losses across the region. The big four banks are pacing the loss for the broader index, with ANZ trading 1.1% lower, NAB down 0.9%, and both Commonwealth Bank and Westpac falling 1%. The major miners are performing even worse, with BHP down 1.5% and Rio Tinto dropping 2.1%. Mainland Chinese indices have opened modestly lower, with the benchmark Shanghai Composite losing a slight 0.1%, while the smaller cap Shenzhen Composite is 0.2% lower. Over in Hong Kong the Hang Seng is underperforming with a loss of 0.9%. In South Korea the Kospi is 0.7% lower, and in Taiwan the Taiex has a 0.4% loss. Southeast Asian markets are mostly lower today as well, with Singapore’s Straits Times index losing 0.2%, the KLCI in Malaysia falling 0.5%, while the Jakarta Composite in Indonesia is one of the only rising markets with a gain of 0.3% at the open.
U.S. Daily Market Review
2021-09-08 16:20UTC
The major stocks and indexes are into a lower side today. The Dow Jones Industrial Average slipped for a third session.The Dow retreated about 100 points. The S&P-500 declined 0.35%. The Nasdaq Composite lost more than 0.8% after closing at a record on Tuesday. Treasury Secretary Janet Yellen once again pressured the Congress to stimulate or suspend the nation's debt ceiling.Coinbase tumbled more than 3% after the crypto exchange revealed it received a notice of possible enforcement action from the Securities and Exchange Commission.U.S. bank profits tumbled 8.3% to $70.4 billion in the second quarter of 2021 as firms slowed their reductions in credit loss provisions, as reported by the Federal Deposit Insurance Corporation.The number of new jobs jumped to a record peak for a fifth straight month in July as employers are still having hard time to employ additional workers. In fact, the total number of job openings rallied by 749,000 to a seasonally adjusted 10.934 million at the end of July, announced by the Labor Department.
European Daily Market Review
2021-09-08 09:30UTC
The major European stocks dropped today, indicating in cautious trade in global markets.The German DAX slipped 1.41%, the French CAC-40 dropped 1.16% and the British FTSE-100 lost 1.10%.The pan-European Stoxx-600 also declined 1.3% by mid-morning.Siemens Gamesa tumbled more than 7% to the bottom of the Stoxx 600.B&M European Value Retail shares rallied 4% after a promising trading update.Swedish investment company EQT lost almost 6%, while Stellantis slipped 2.5%.French drugmaker Sanofi retreated 1.4% after decided to buy U.S. biopharmaceutical company Kadmon Holdings Inc for a massive deal of $1.9 billion.British industrial technology company Smiths Group surged almost 4% after reporting will sell its medical unit to U.S.-based ICU Medical Inc for $2.4 billion.
Oil Prices Are Into A Steady Path
2021-09-08 06:29UTC
Oil prices only partly moved this morning following overnight losses from a rising USD.Additionally, there are worries over demand levels amid worries over rising COVID-19 cases across the globe.Now, oil trades at $68.748, which is a rise of $0.381 or 0.56% from the previous close of 68.367.The daily trading range is from $68.299 to 68.838, while the trading volume is 8.431K.U.S. West Texas Intermediate (WTI) crude futures secured 11 cents, or 0.2%, to $68.46 per barrel.Supply from the U.S. Gulf of Mexico is still having hard time to restart operations nine days after Hurricane Ida swept through the region.Almost 80% of U.S. Gulf production was still shut down yesterday, with 79 production platforms still unoccupied. The markets are focused on data from the American Petroleum Institute industry group coming later today and the U.S. Energy Information Administration.
Asian Daily Market Review
2021-09-08 01:44UTC
Asian markets are trading mostly lower on Wednesday morning after a fairly negative session on Wall Street as investors are worried that the continued spread of the delta variant of the COVID-19 virus is going to slow the economic recovery. Japan’s Nikkei is rising 0.2% in early trade as a weaker Yen versus the U.S. dollar is helping to support Japan’s exporters. Shares of Softbank are rallying for a second consecutive session adding 5.1% after adding more than 5% yesterday. Meanwhile shares of Sony are trading 1% lower. Among the major exporters Toyota is edging lower by less than 0.1%, but Panasonic is trading 1% higher and Canon has a modest 0.2% gain. In Australia the S&P/ASX 200 has dropped 0.4%, with the big four banks providing some support for the broader index. Shares of ANZ are trading slightly lower by 0.1%, NAB is gaining 0.2%, Commonwealth Bank is 0.3% higher, and Westpac is edging up by 0.1%. Meanwhile the major miners are dropping, with BHP falling 1% and Rio Tinto losing 0.3%. Mainland Chinese markets have opened little changed and mixed as the benchmark Shanghai Composite trades lower by less than 0.1%, while the smaller cap Shenzhen Composite trades less than 0.1% higher. Over in Hong Kong the Hang Seng is advancing 0.2%. South Korea’s Kospi is edging lower by less than 0.1%, and in Taiwan the Taiex is 0.1% lower. Southeast Asian markets are also falling, with the Straits Times in Singapore leading losses for the region with a loss of 0.8%, while Malaysia’s KLCI is inching lower by less than 0.1%, and the Jakarta Composite in Indonesia
Netflix May Be The Best FAANG
2021-09-07 19:47UTC
With the FAANG stocks regaining their mojo over the past month traders are honing in on which of these mega-cap tech names might make the best opportunity as we head into the holiday season. At least one analyst believes that stock is Netflix, and shares of the streaming video service added 3.1% yesterday to highlight just how accurate that prediction might be. You see, while Amazon, Apple, Alphabet, Facebook, and Netflix have all outperformed the S&P 500 over the past month, there are reasons to believe Netflix is the strongest play out of the five as we head into the major holiday season. With macro headwinds, labor shortages and supply chain constraints weighing the markets are looking vulnerable, but Netflix may have a secret weapon to counter any negative impacts from these forces. For example, Netflix hardly faces the type of supply chain issues that could really hurt Apple and Amazon during the holiday season. In fact, if consumers can’t put hands on the gifts they were planning on getting, perhaps they’ll find a Netflix subscription to be a suitable alternative. Netflix shares have also recently broken out from a long consolidation period, and that breakout seems to have enough momentum to push the stock up by another 18% according to analysts. That said, Netflix, like the other FAANG stocks, is quite overvalued at current levels. That could raise a warning flag for investors who want to didge a potential selloff if the market cools. Naturally all the FAANG names are very high quality companies, but at current levels they may not be appropriate fodder for short-term traders.
U.S. Daily Market Review
2021-09-07 12:35UTC
The main U.S. stocks are partly into a lower side today with Wall Street indices hovering just around last week's record peak marks. The Dow declined 205 points, dragged down by a 2% decline in Boeing’s stock. The Nasdaq Composite gained 0.2%, notching a new intraday record. Conglomerates of Amazon.com Inc (AMZN.O), Facebook Inc (FB.O), Apple Inc (AAPL.O), Google-owner Alphabet Inc (GOOGL.O) assisted the offset and the effect of higher yields.Apple Inc. AAPL, secured 1.68% after announcing that it expects Sept. 14, when the giant is would report its new line of iPhones. The tech giant stated that the event will launch at 10 a.m. Pacific time and can be viewed at apple.com or on the Apple TV app. U.S. government bond yields advanced and added to the rise from Friday in the wake of the jobs report and ahead of a fairly busy week.
European Daily Market Review
2021-09-07 08:19UTC
European stocks are still without a solid direction today but into registering some minor losses. This is implying in similar trade in their Asia-Pacific counterparts overnight.The German DAX slipped 0.18%, the French CAC-40 lost 0.05% and the British FTSE-100 declined 0.24%. The pan-European Stoxx-600 dropped 0.1% lower in early trade.British housebuilder Vistry added 5% to lead the Stoxx 600 after its first-half earnings report.Spain is about to introduce its first ever green bond on Tuesday.The 20-year bond sale will raise 5 billion euros, according to IFR.The USD moved around a one-month low on Tuesday as softer Treasury returns.Deutsche Telekom dedicated more than $7 billion to raise its stake in its U.S. unit T-Mobile.Deutsche Telekom share advanced more than an average price of $109 per share for the T-Mobile shares.
The USD Is Into A Falling Side
2021-09-07 08:05UTC
The USD lose some ground today during the Asian hours but is still close to recent bottom marks.Now, the markets are focused on the central bank policy decision from Australia.Presently, the USD versus the Euro trades at 0.842 EUR.The USD Index that tracks the greenback versus the main pairs slipped 0.11% to 92.112 by 10:33 PM ET (2:33 AM GMT).The Federal could delay beginning asset tapering after the latest U.S. jobs report. The Reserve Bank of Australia (RBA) will report its later today.Moreover, the Bank of Canada, which will hand down its decision tomorrow.In addition, the European Central Bank’s policy decision will round up the week on Thursday.
Gold Prices Fell
2021-09-07 05:44UTC
Gold price retreated this morning during the Asian hours but are still above the $1,800 mark. The USD depreciated and there are higher estimates that the Fed will delay beginning asset tapering.Now, gold trades at $1818.25, which is a loss of $4.77 or 0.26% from the previous close of 1823.02.The daily trading range is from $1818.10 to 1827.14, while the trading volume is 37.294K.The USD is into a negative relationship to the precious markets, dropped today. Moreover, the European Central Bank handing down its policy decision later this week on Thursday. The Reserve Bank of Australia will report its policy decision later in the day.The U.S. Federal Reserve is expected to delay beginning asset tapering after the jobs report came out last Friday showed in lower than predicted non-farm payrolls. In the meantime, silver firmed is around 0.4% to $24.76 per ounce and palladium is around its values of $2,410.51.
Asian Daily Market Review
2021-09-07 02:10UTC
Asian markets are mixed on Tuesday as investors are taking a break following Monday’s solid gains, and as they’ve received little guidance with U.S. markets closed overnight. Strong overnight gains in Europe are doing little to help Asian markets, gold is little changed around the $1,825 level, and crude oil is erasing overnight losses with a gain of 0.6%. Japan’s Nikkei is leading gains for a second consecutive session, rising 0.7% on Tuesday. Shares of Softbank are surging 5.3% higher, but Sony shares are edging lower by 0.1%. Among the major exporters Toyota is adding 0.4%, while Panasonic is 2.4% higher and Canon is inching higher by 0.2%. In Australia the S&P/ASX 200 is trading 0.4% lower as the big four banks are weighing on the broader market. Shares of ANZ are falling 0.5%, NAB has a 1% loss, Commonwealth Bank is down 0.4%, and Westpac is falling 0.6%. Meanwhile the major miners are performing even worse as BHP loses 1.4% and Rio Tinto drops 1.7%. Mainland Chinese markets have opening little changed, with the benchmark Shanghai Composite flat, while the smaller cap Shenzhen Composite is gaining 0.2%. Investors are worried that the Chinese crackdown on tech will hurt growth in the country. Over in Hong Kong the Hang Seng is edging higher by 0.1%. South Korea’s Kospi is falling 0.6% to lead losses across the region, and in Taiwan the Taiex trades 0.4% lower. Southeast Asian markets ate mixed, with the KLCI in Malaysia rising 0.2%, the Jakarta Composite in Indonesia flat, and the Straits Times Index in Singapore losing 0.3%.
Daily Crypto Market Review
2021-09-06 20:36UTC
Crypto markets extended the gains made over the weekend on Monday, with leading cryptocurrency Bitcoin (BTC) advancing another 2.5% to test the waters at the $52,000 level. Ethereum (ETH), the second largest cryptocurrency by market cap, edged up by 0.5%, but remained unable to get above the $4,000 level. Among the top ten cryptocurrencies the best performance of the day came from Solana (SOL). The rival to Ethereum has been on a rocket ship to the moon and that continued Monday as it added another 17.7%. Solana is now up roughly 450% over the past month. Ripple (XRP) was another solid gainer, with its token adding 7.9% to $1.39. While the ongoing SEC lawsuit continues to be a headwind for Ripple analysts are now calling for the global payments solution protocol to see its token hit $3 by the end of the year. Rounding out the gains for the top ten was Polkadot (DOT), whose token added a modest 1%. As for the losers, number three coin Cardano (ADA) lost 3.9% to lead losses for the group, while Dogecoin (DOGE) fell 1.2%, and Binance Coin (BNB) edged lower by 0.4%. There were a number of coins in the top 100 adding double digit percentage gains on Monday, but the best gain came from OMG Network (OMG), whose token rose 21.2%. The project, which was once a top twenty token, looks to be coming back to life after a long hiatus from the spotlight. The worst performer is Filecoin (FIL), with its token falling 8.7%. It had previously been one of the best performing tokens, so today’s loss could be profit-taking.
The Coming Week In Markets
2021-09-06 19:41UTC
While U.S. stock markets were closed on Monday the shortened trading week still features some highlights that will keep investor interest piqued. In terms of individual stocks there are a handful of interesting earnings reports and investor days. Meme stock Gamestop will release its quarterly results on Wednesday, as will athletic wear maker Lulumon. Those interested in the industrial space will be looking forward to International Paper’s earnings on Thursday, while grocery chain Kroger has a Friday earnings release. In addition to the earnings reports there’s also a number of investor days or meetings, starting with Analog Devices on Wednesday. The company just completed a $21 billion acquisition of Maxim Integrated Products, which will make the meeting quite interesting. On Thursday investors will hear from Moderna, Home Depot, and Danaher. The Moderna meeting will be particularly important as it discusses vaccines in the pipeline. In terms of economic data the highlight of the week comes on Friday when the U.S. releases its August Producer Price Index. Economists are expecting a 0.6% rise in the headline index, with a 0.5% jump in the core index that strips out volatile energy and food prices. Both headline and core indices rose 1% in July, so a lower rate will help allay fears of growing inflation. Wednesday sees the Federal Reserve release its latest Beige Book, which is chock full of data regarding business, labor, and economic condition in each of the Fed’s dozen central bank districts. The European Central Bank will also meet to set monetary policy, although there’s no change expected from the current negative 0.5% interest rate.
U.S. Daily Market Review
2021-09-06 15:57UTC
Despite the disappointing jobs report released last week in the U.S., or perhaps because of it, markets headed to new record heights to close out the week ahead of a holiday weekend. U.S. markets are closed today in observance of the Labor Day holiday, but we can still have a look at what’s been driving markets higher, and whether the rally can hold. Markets have been relentless in their climb higher throughout the summer, despite the rising number of COVID-19 cases, and the prospect of the Federal Reserve removing some of its monetary stimulus. Now as we head into the fall and the final few months of 2021 it looks as if markets may be experiencing the type of froth that can often lead to a correction. In fact, some analysts have pointed to several factors that make markets now look very similar to the tops experienced in 1999-2000 and 2007-2008 just before crashes occurred. For example, during the 1999-2000 dot-com bubble many stocks shot higher regardless of their fundamentals, much as we’ve seen from the likes of AMC Theaters and Gamestop this year. In addition, it’s quite easy to see that we have a market that’s very expensive, and one that has many stocks currently looking overbought. Take a look at the Nasdaq 100 for example. Currently the Nasdaq QQQ ETF trades 70% above its 200-week moving average. That’s considerably higher than its been prior to past market corrections. That said, the market is not likely to see a correction without some type of catalyst. And the technicals could improve without a large correction. For example, a sideways market would also rein in the technicals.
European Daily Market Review
2021-09-06 14:59UTC
European markets are trading broadly higher on Monday morning after last Friday’s non-farm payrolls data indicated that the Federal Reserve will likely hold off on tapering of their bond purchases, keeping monetary stimulus going for longer than previously thought. In Germany the DAX is leading gains for the region as it’s advancing 1.1%. France’s CAC 40 is also having a strong day, adding 0.9%. In Italy the FTSE MiB is 0.9% higher as well, while the IBEX 35 in Spain is trading up by 0.4%. In the German DAX 30 Siemens AG and Deutsche Bank are leading the charge higher, with both gaining 2.7% on the day. Meanwhile automotive parts conglomerate Continental AG is at the bottom of the leader board with a loss of 1.1%. In France the leading stock on the CAC 40 is luxury goods maker Louis Vuitton, trading higher by 2.1%. That’s followed by grocery chain Carrefour with an advance of 1.9%. The luxury group is outperforming and Hermes International and Kering both trade higher by 1.7%. As in Germany the industrial sector is underperforming, and Alstom has the largest loss in the CAC 40 as it trades 1.1% lower. Over in the U.K. the FTSE 100 is adding 0.8%. Television operator ITV is leading gains today as it rises 2.4%. Bank VTB and BT Group are each adding 2%, and the London Stock Exchange is trading 1.8% higher. At the other end of the leader board energy conglomerate Centrica has a loss of 1.5%, while mining giant Rio Tinto trades 1.1% lower. Gold is edging lower by 0.3% in light trade as U.S. exchanges are closed today.
Asian Daily Market Review
2021-09-06 02:07UTC
Asian markets are trading mixed to start the week after a disappointing U.S. jobs report last Friday. The U.S. dollar is recovering from the losses suffered in the wake of that jobs report. Japan’s Nikkei is leading the way higher with a gain of 1.7% however, as the Yen has gapped lower versus the U.S. dollar at the open and continues to weaken. A weaker Yen is good for Japan’s exporters. Shares of Softbank are trading up by 1.7% to mirror the broader index, while Sony shares are trading 0.8% higher. Among the major exporters shares of Toyota have added 1.5%, Panasonic is advancing 2%, while Canon is edging higher by 0.1%. Down in Australia the S&P/ASX 200 has dropped 0.7%, but is off its worst levels of the day as Sydney heads into the final hours of trading. The big four banks are performing slightly better than the broader index, with ANZ losing 0.4%, NAB down 0.3%, Commonwealth Bank dropping 0.8%, and Westpac losing 0.9%. Meanwhile the major miners are mixed as BHP sheds 0.2%, but Rio Tinto trades 0.3% higher. In mainland China markets have opened to good gains, with the benchmark Shanghai Composite rising 0.5%, while the smaller cap Shenzhen Composite advances 0.9%. Over in Hong Kong the Hang Seng is pacing the gains on the mainland as it adds 0.6%. South Korea’s Kospi is flat in early morning trade, while Taiwan’s Taiex is gaining 0.2%. Southeast Asian markets are modestly higher, with Singapore’s Straits Times adding 0.3%, Malaysia’s KLCI edging up by less than 0.1%, and the Jakarta Composite in Indonesia flat at the open.
Gold And Silver Rally Following Non-Farm Payrolls
2021-09-04 13:50UTC
Friday’s U.S. non-farm payrolls came in far weaker than expected, with the Labor Department reporting just 235,000 new jobs added to the U.S. economy in August, versus expectations for 750,000 jobs. It was the slowest pace of growth in the labor market since January, and markets responded by selling the U.S. dollar, while silver and gold advanced. By the close silver had managed to get above the resistance at the $24.50 level to close at $24.68 an ounce. Meanwhile gold also advanced, finishing the session at $1,826.57. Gold still has a major resistance hurdle at the $1,830 level, so it’s uncertain if the rally will continue when markets reopen on Monday, particularly since U.S. and Canadian markets will be closed for a public holiday. Silver’s close was just below the 50-day exponential moving average at the $24.70 level, and if it can top this level the next major resistance sits at the $25.00 level. Beyond that resistance levels sit at the $25.30 and $25.60 levels. As for gold, the major resistance at the $1,830 level is based on a double top created back in July, and could be quite difficult to surmount. If gold can get through that resistance there’s nothing technical to stop it until it reaches the $1,870 level. On the support side the $24.50 level has now switched to support for silver. A drop below this support will likely see silver trade down to $24.00 an ounce. For gold the $1,805 level is support based on the bottom of the trading range over the past week. The movement in the U.S. dollar is going to be key for gold.
The USD Into A Higher Side
2021-09-03 16:53UTC
The USD partly declined today versus the mains pairs after lower than predicted U.S. payrolls report came out. This could result in a delay for the Fed to hold for now its massive stimulus measures.Presently, the USD versus the Euro trades at 0.841 EUR, which is a retreat of 0.0007 EUR or 0.08% from the previous close of 0.8418.The daily trading range is from 0.8400 to 0.8425.Moreover, Nonfarm payrolls soared by 235,000 in August.This came short of the estimate of 728,000 estimate.The USD index retreated to a bottom of 91.940, its weakest value since the beginning of August.Fed chair Jerome Powell reported last Friday that while tapering of its stimulus could begin this year in case job creation further extends.Higher number of COVID-19 cases in recent weeks have resulted in issues about the economic recovery.The euro currency rallied. In fact, the common currency has been stimulated by data earlier this week that showed regional inflation at a decade high.
U.S. Daily Market Review
2021-09-03 16:07UTC
Stocks are into a falling side today after the August jobs report came in short of initial estimates.The Dow Jones Industrial Average retreated 100 points, or 0.3%. The S&P-500 partly fell, while the tech-heavy Nasdaq Composite advanced about 0.1%. U.S. government bond yields surged Friday after Labor Department data indicated in U.S. employers pulled back on hiring from last month. President Biden today blamed rising COVID-19 cases nationwide for the lackluster August jobs report. U.S. services industry activity jumped at a moderate pattern last month.The Institute for Supply Management announced today that its non-manufacturing activity index sunk to 61.7 last month after rallying to 64.1 in July.
European Daily Market Review
2021-09-03 07:24UTC
European markets lost just slightly some side this morning as the markets are focused on the key economic indicators out of the euro zone and the U.S.The German DAX fell 0.18%, the French CAC-40 lost 0.43% and the British FTSE-100 declined 0.03%.The pan-European Stoxx-600 dropped 0.2% in early trade, with banks tumbling 0.4% to lead the declining mode.Euro zone business activity is still into solid marks last month, despite concerns over the spread of the Delta variant of the coronavirus.IHS Markit’s final composite Purchasing Managers’ Index (PMI), sunk to 59.0 last month from July’s 15-year high of 60.2.The GBP moved just below a three-week high on Friday morning as markets braced for a jobs report in the United States.The GBP trades around the $1.38 level.The highly efficiency of U.K.’s COVID-19 vaccination programme had added to the sterling becoming the best performer among G10 currencies this year.
Gold Prices Adanvced
2021-09-03 06:32UTC
Gold prices rallied this morning during the Asian hours, marking some small gains as the USD depreciated.Now, the yellow metal trades at $1812.92, which is a surge of $3.72 or 0.21% from the previous close of 1809.20.The daily trading range is from $1808.02 to 1814.71, while the trading volume is 41.201K.The markets are focused on latest U.S. jobs report to give an idea about the Federal Reserve’s timeline on asset purchases and interest rate rises.The jobs report, including non-farm payrolls, are coming later today. In reality, the recovery of the labor market is one of the Fed’s requirements before it launches asset tapering and interest rate hikes.In the meantime, SPDR Gold Trust (P:GLD) announced that its holdings slipped 0.2% to 998.52 tons on Thursday, its bottom since April 2020. Russia also stated that its international gold and foreign currency reserves jumped to a record $615.6 billion after getting a tranche from the International Monetary Fund.
Asian Daily Market Review
2021-09-03 02:46UTC
Asian markets are trading higher following overnight gains on Wall Street and as investors await a private survey on the state of the Chinese services sector. Also in investor’s minds today is the upcoming U.S. non-farm payrolls report, which could sway the Federal Reserve’s decision on when to begin tapering bond purchases. Japan’s Nikkei is trading 0.4% higher, even though the Yen is continuing to firm against the U.S. dollar for a second consecutive session. Shares of Softbank are nearly unchanged with a slight loss of less than 0.1%, while shares of Sony are advancing 0.3%. Among the major exporters Toyota is trading 0.2%, Panasonic is adding 0.3%, but Canon is losing 0.5%. In Australia the S&P/ASX 200 trading 0.3% higher, with the big four banks trading mixed. ANZ shares are 0.5% lower, which is being offset by a 0.5% gain from NAB. Meanwhile Commonwealth Bank is trading 0.3% higher, but Westpac is edging lower by 0.1%. The major miners are helping to support the broader index however, with BHP rising 1.4% and Rio Tinto adding 2.4%. Mainland Chinese markets have opened mixed, with the benchmark Shanghai Composite adding 0.1%, while the smaller cap Shenzhen Composite is trading 0.3% lower. Over in Hong Kong the Hang Seng is underperforming as it falls 0.5%. South Korea’s Kospi trades 0.5% higher, and in Taiwan the Taiex also has a gain of 0.5%. Southeast Asian markets are mixed however, with the KLCI in Malaysia adding 0.1%, while the Straits Times in Singapore is inching lower by less than 0.1%, and the Jakarta Composite in Indonesia drops 0.2%.
Non-Farm Payrolls Are More Important Than Ever
2021-09-02 22:44UTC
The U.S. releases its closely watched non-farm payrolls report tomorrow, and according to analysts at Dow Jones the results will be a solid 720,000 new jobs created for the U.S. economy in August. That’s below the 943,000 jobs reported in July, but it is still far greater than the jobs counts before the pandemic. This month’s report could be even more important than usual as it has the potential to influence the timing of the Federal Reserve’s tapering on bond purchases. A strong result will reinforce the belief among Fed members that the economy has recovered enough to withstand the withdrawal of stimulus, while a weak result could see the Fed hold off on tapering until 2022. The impact of either decision could be significant for equities, for the U.S. dollar, and for commodities like gold and oil. A stronger than expected reading will have market participants betting on the Fed tapering sooner rather than later. That’s likely to strengthen the U.S. dollar and send Treasury yields higher, but will also cause gold and oil to retreat in response to the stronger U.S. dollar. It could also cause equities, which have put in seven consecutive months of gains, to drop off record levels as investors react to the drop in stimulus. However if the jobs report is weaker than expected it could cause the Fed to hold off on tapering. That would be negative for the U.S. dollar and Treasuries. Oil isn’t likely to see a large impact, but gold could rally if the weakness in the U.S. dollar is pronounced. And equities could rally as investors cheer continued stimulus.
U.S. Daily Market Review
2021-09-02 12:59UTC
U.S. stock futures gained some side today after weekly jobless claims came better than estimated.The Dow Jones Industrial Average futures added 80 points. The S&P-500 futures soared 0.2% and Nasdaq-100 futures advanced 0.3%.Russell 2000 index secured 0.6% on Wednesday following a 2.1% gain in August. The number of officially unemployed Americans dropped last week, while layoffs sunk to their lowest level in more than 24 years in August.Initial claims for state unemployment benefits tumbled by 14,000 to a seasonally adjusted 340,000 for the week ended Aug. 28, as reported by the Labor Department.The Labor Department declared today that 340,000 Americans filed for first-time jobless benefits in the last week of August, which is a loss of 14,000 from the prior week.
European Daily Market Review
2021-09-02 08:11UTC
European stocks are still without a clear direction as the markets are focused on the next reading of U.S. nonfarm payrolls, coming out on Friday.The pan-European Stoxx-600 moves around the flatline in early trade. The German DAX added 0.21%, the French CAC-40 gained 0.18% and the British FTSE-100 inclined 0.08%.The Swedish Orphan Biovitrum rose 24.2% after U.S. venture capital firm Advent International and Aurora Investment offered to buy the drugmaker in a deal of 69.4 billion Swedish crowns ($8 billion).Miner BHP Group dropped 5% on ex-dividend trading, weighing on the UK’s blue-chip FTSE 100.BNP Paribas is negotiating with Agricultural Bank of China (AgBank) to form a wealth management venture.
Crude Oil Prices Fell
2021-09-02 06:14UTC
Oil prices retreated today after OPEC+ decided to preserve its policy of gradually returning output levels at a time when coronavirus cases around the world are rapidly rising.In addition, many U.S. refiners are still shut down.Now, oil trades at $68.461, which is a rise of $0.253 or 0.37% from the previous close of 68.208.The daily trading range is from $67.830 to 68.490, while the trading volume is 10.534K.The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia, together known as OPEC+, decided to extend a policy of phasing out record production reductions by adding 400,000 barrels per day (bpd) each month to the market.On the other side, OPEC+ boosted its demand forecast for 2022 while also there are call to grow production increases from the White House.The U.S., oil refineries in Louisiana could need several weeks to restart after the caused damages from Hurricane Ida.U.S. crude inventories fell by 7.2 million barrels despite the surge of the new coronavirus infections cases across America.
Asian Daily Market Review
2021-09-02 02:16UTC
Asian markets are mostly higher on Thursday morning, despite a flat session overnight on Wall Street. With the U.S. labor report incoming later in the week it’s surprising to see such strength ahead of what could be a surprise to investors. In Japan the Nikkei is trading flat, with a loss of less than 0.1% as a stronger Yen is weighing on shares today. Softbank Group is edging higher by less than 0.1%, while Sony has a gain of 0.7% on the day so far. Among the major exporters Toyota is falling 0.5%, Panasonic is underperforming with a loss of 1.7%, and Canon is trading lower by 1.1%. Australia’s S&P/ASX 200 is also trading lower today, falling 1% to lead losses across the Asian region. Shares of the big four banks are lower, but performing better than the broader market. ANZ has a 0.3% loss, NAB is falling 0.5%, Commonwealth Bank is edging lower by 0.2%, and Westpac is dropping 0.5%. The major miners are performing far worse, with BHP losing 1.2%, and Rio Tinto dropping 1.7%. Mainland Chinese markets have opened the day with gains as the benchmark Shanghai Composite trades 0.4% higher and the smaller cap Shenzhen Composite is inching up by just 0.1%. Meanwhile over in Hong Kong the Hang Seng is leading gains for the region as it’s rising 1%. South Korea’s Kospi trades 0.7% lower, while the Taiex in Taiwan is edging lower by less than 0.1%. Southeast Asian markets are mixed and little changed, with the Straits Times in Singapore less than 0.1% lower, while the Jakarta Composite in Indonesia is less than 0.1% higher.
September Could Be A Danger To Equity Markets
2021-09-02 02:03UTC
U.S. markets were little changed to kick off September, with the benchmark S&P 500 edging slightly lower by less than 0.1%. September is historically the worst month of the year for markets, which is a concern to some analysts and traders given the current fundamental picture. Also of concern is the fact that markets have now strung together seven consecutive months of gains, which makes a pullback more likely at this time. The rise in COVID cases has been negatively impacting on economic conditions as well, and while markets haven’t reacted to this yet, investor sentiment could begin to weaken if conditions continue to deteriorate. This Friday’s non-farm payrolls could be the first test of that theory. Economists are expecting new jobs in the U.S. to increase by 750,000 for August. While that would have been a stellar month before the COVID pandemic, it pales in comparison with the 943,000 jobs reported in July. Even worse, some analysts have suggested that the rise in COVID cases could mean that the jobs report comes in even weaker than this. That would be a dual edged sword for equity markets. On the one hand, weakness from the labor market could be a signal that the economic recovery is stalling, which could send shares tumbling. On the other hand a weak jobs report could also spark speculation that the Fed will delay tapering, leading to a rally for stocks. Risk appetite remains high in markets currently, with small cap and technology names outperforming the broader market. That could also spell disaster for the market in the event of risk appetite being dulled.
U.S. Daily Market Review
2021-09-01 14:12UTC
U.S. stocks rallied partly led by technology shares after the S&P 500 jumped to a seven-month peak.The Dow Jones Industrial Average added 26.82 points, or 0.08%, at the open to 35,387.55. The S&P-500 secured 6.12 points, or 0.14%, at 4,528.798, while the Nasdaq Composite gained 49.72 points, or 0.33%, to 15,308.98 at the start of the session.Zoom Video shares recovered close to 3% 2.8% a 16% loss Tuesday after Cathie Wood revealed she bought nearly 200,000 shares on the dip.U.S. manufacturing activity entered into solid recovery in August amid strong order growth.Moreover, the Institute for Supply Management (ISM) announced that its index of national factory activity soared to 59.9 in August from a reading of 59.5 in July.
The Euro Is Into A Solid Rising Path
2021-09-01 09:53UTC
The euro currency entered into a higher path channel just below a near one-month peak today.Presently, the Euro versus the USD trades $1.1815, which is another rise of $0.00076 or 0.06% from the previous close of 1.18081.The daily trading range is from $1.1793 to 1.1818, while the trading volume is 60.829K.Data from yesterday indicated in that the euro zone inflation jumped by 3% year-on-year in August.This is the peak mark of the last decade, coming above the European Central Bank's 2% target and a 2.7%.Still however, the common currency failed to register a large progress above the $1.18 level. Meanwhile, the USD Index registered some marginally higher values versus its main pairs.The USD index, which measures the greenback against six rivals, rallied to to 92.775 from yesterday.
European Daily Market Review
2021-09-01 09:39UTC
European stocks gained some ground this morning after euro zone inflation data on Tuesday gave in some positive signals to the markets.The German DAX added 0.47%, the French CAC-40 inclined 1.12% and the British FTSE-100 advanced 0.85%.The pan-European Stoxx-600 surged around 0.8% in early trade, with retail stocks climbing 1.5% to lead the rising path.The Caixin/Markit manufacturing Purchasing Managers’ Index for August marked 49.2 on Wednesday, below the 50 mark.Swedish airline company SAS reported 1.36 billion Swedish krone ($160 million) net loss for the third quarter as travel restrictions are still hurting air travel. Pernod Ricard came above full-year 2020/21 operating profit expectations and stated the restart of a 500 million euro ($590 million) share buyback program. Ukrainian President Volodymyr Zelensky will meet with President Joe Biden in Washington today.This well waited meeting, which could have high-stakes implications for Zelensky, who has vied for American support since he was elected back in 2019.
Gold Prices Slipped
2021-09-01 06:38UTC
Gold prices retreated this morning during the Asian hours. The markets are still into a cautious mode for the latest U.S. jobs report, which could provide signals whether the Fed could launch its asset tapering and interest rate increases.Now, gold trades at $1815.77, which is a small recovery of $3.74 or 0.21% from the previous close of 1812.03.The daily trading range is from $1810.15 to 1816.88, while the trading volume is 66.389K.Moreover, the U.S. Conference Board (CB) consumer confidence index marked 113.8, a half a year bottom.In addition, the European Central Bank (ECB) is also considering whether to begin asset tapering, with Tuesday’s Eurozone consumer price index (CPI) grew a higher-than-expected 3%.In Asia Pacific, China’s Caixin manufacturing purchasing managers index (PMI), announced today, came to lower levels than the estimates of 49.2 and less than the 50-mark indicating growth.
Asian Daily Market Review
2021-09-01 02:12UTC
Asian markets are trading mixed as investors await the release of the Caixin/Markit manufacturing Purchasing Managers Index. This private measure of manufacturing comes out just one day after the official Chinese manufacturing data came in weaker than expected yesterday. Also awaiting release is Australia’s second quarter preliminary GDP data. In Japan the Nikkei is 0.8% higher as the Yen continues slipping lower versus the U.S. dollar. Shares of Softbank are modestly higher by 0.2%, while Sony shares are trading up by 0.4%. Among the major exporters Toyota is adding 0.6%, Panasonic has a gain of 0.7%, and Canon is rising 1%. Australia’s S&P/ASX 200 is 0.8% lower as investors have turned cautious ahead of the GDP data. The big four banks are mostly lower, with ANZ falling 1.2%, Commonwealth Bank losing 0.6%, Westpac dropping 0.5%, and NAB edging higher by 0.1%. The major miners are also weighing on results as BHP is down 0.9% and Rio Tinto is losing 1.7%. In mainland China the benchmark Shanghai Composite has opened with a modest 0.2% loss, but the smaller cap Shenzhen Composite is down 1% as investors worry about the potential regulation of video game time for those under 18. In Hong Kong the Hang Seng is trading 0.5% lower as the potential video game regulation also hits shares listed there. South Korea’s Kospi is edging lower by 0.1%, and the Taiex in Taiwan is matching that with its own 0.1% loss. In Southeast Asia Singapore’s Straits Times Index is 0.3% higher, Malaysia’s KLCI is 0.3% lower, and the Jakarta Composite in Indonesia is gaining 0.2%.
Robinhood's Revenue Model Potentially At Risk
2021-08-31 23:42UTC
Shares of online broker Robinhood plunged 6.9% on Monday, but recovered 1.6% on Tuesday as investors took the drop as an opportunity to get into the stock at a lower level. Whether or not that turns out to be a smart move will take time to see. The initial drop on Monday came after the SEC chairman told Barron’s that there is a possibility for the SEC to ban payments for order flow, which is Robinhood’s primary source of revenue. Part of the reason investors were willing to step in and buy Robinhood despite the potentially disastrous news is that Robinhood responded to the possibility by saying that they could adapt if payment for order flow was removed as a source of revenue. Shares did continue falling Tuesday morning, reaching as low as $41.51 a share before rebounding to close the session at $44.32 a share. While the SEC could institute a complete ban on the practice of payment for order flow, it’s more likely they would take a more measured approach initially. SEC chairman Gary Gensler refused to comment further on the potential change. Another potential negative for Robinhood comes in the form of competition. On Monday it was reported that the leading digital payments platform Paypal is investigating adding stock trading for its customers. Paypal has already added cryptocurrency trading over a year ago. Robinhood’s IPO was just over a month ago, but the stock has had a wild ride as it first doubled in price, only to later see half its value wiped out in short order. Shares gained 24% in August.
The USD Dropped To A Bottom Mark
2021-08-31 14:22UTC
The USD sunk around three-week bottoms versus a basket of currencies on Tuesday.Presently, the USD versus the Euro trades at 0.845 EUR, which is a further loss of $0.0021 or 0.25% from the previous close of 0.8474.The daily trading range is from 0.8442 to 0.8476.Moreover, the USD has been into a falling side since Federal Reserve Chair Jerome Powell's comments at the Jackson Hole conference on Friday.U.S. payrolls reports are coming out on Friday this week.In addition, the USD index retreated to a quarter of a percent to 92.456, its lowest level since Aug. 6.Furthermore, the GBP surged to a two-week peak of $1.38010, before losing ground to $1.38.
U.S. Daily Market Review
2021-08-31 14:09UTC
Stocks retreated from a record levels.The S&P-500 looks to wrap up its seventh straight month of advances.The Dow Jones Industrial Average dropped 83 points, or 0.2%. The Nasdaq Composite declined 0.2%.The USD depreciated versus most of its Group-of-10 peers.U.S. single-family home prices in 20 key urban markets soared more in June versus last year. Shares of Zoom fell more than 11% in premarket trading after the company signaled a faster-than-expected drop in demand.Zoom predicted the current-quarter revenue between $1.015 billion and $1.020 billion on Monday, indicating a rise of about 31%.Microsoft Corp, Google-owner Alphabet Inc , Apple and Amazon tumbled between 0.2% and 0.5% in premarket trading.
European Daily Market Review
2021-08-31 08:09UTC
European leading stocks opened slightly higher today with investors digesting the latest economic data from the E.U.The German DAX added 0.51%, the French CAC-40 inclined 0.05% and the British FTSE-100 slipped 0.16%.The pan-European Stoxx 600 gained 0.1% higher, with most sectors in positive territory apart from banks, insurance, utilities, travel and leisure and oil and gas. Danish medical company Ambu, its shares soared over 7%. On the other side, Danske Bank dropped almost 4.0%.Shares of airlines Easyjet and Wizz Air tumbled 3.4% and 2.8%, accordingly.Germany’s centre-left Social Democrats (SPD) further added to their lead over Chancellor Angela Merkel’s conservative party, according to a latest poll reported yesterday.Dutch technology investor Prosus NV soared 2% after declaring that it had decided to buy Indian payments platform BillDesk for $4.7 billion.
Crude Oil Prices Fell
2021-08-31 06:31UTC
Oil prices retreated this morning amid issues over that power outages and flooding in Louisiana after Hurricane Ida will seriously hurt crude demand from refineries.Now, oil trades at $69.119, which is a very minor incline of $0.010 or 0.01% from the previous close of 69.109.The daily trading range is from $68.704 to 69.268, while the trading volume is 8.262K.The prices entered into a negative mode amid weaker manufacturing data coming from China.U.S. West Texas Intermediate (WTI) crude futures were down 5 cents, or 0.07%, to $69.16 a barrel at 0555 GMT.The loss of power could last for several weeks, according to official statements.Furthermore, more than 1.72 million bpd of oil production and 2.01 million cubic feet per day of natural gas output remained offline in the U.S. side of the Gulf of Mexico.Furthermore, the Organization of the Petroleum Exporting Countries (OPEC) and allies are likely to agree to carry out the plan to add another 400,000 bpd of supply each month through December.
Asian Daily Market Review
2021-08-31 02:13UTC
Markets are trading broadly lower across Asia Tuesday morning after data shows that Chinese factory activity grew at a slower pace in August versus July. In Japan the Nikkei is easing lower by 0.1%, with a slightly stronger Yen exerting a bit of downward pressure. Shares of Softbank are 1% lower, while Sony is falling 0.4%. Among the major exporters shares of Toyota are lower by 0.6%, Panasonic is adding 0.2%, and Canon has a 0.4% advance. Australia’s S&P/ASX 200 is bucking the falling trend across the region with a gain of 0.2% heading into the final hours of trading in Sydney. Shares of the big four banks are weighing on the index however, with ANZ trading 0.5% lower, Commonwealth Bank losing 0.3%, and Westpac also dropping 0.3%. Shares of NAB are slightly higher by less than 0.1%. Meanwhile the major miners are also falling, with BHP losing 0.6% and Rio Tinto down by 0.3%. Mainland Chinese markets are trading modestly lower too, with the benchmark Shanghai Composite falling slightly by 0.1%, while the smaller cap Shenzhen Composite is 0.4% lower. Over in Hong Kong the Hang Seng is falling 0.7% in response to potential regulations in China that will limit the number of hours those under 18 can play video games to just 3. Shares of Tencent are down 2.5% in response, while Netease shares are falling 3.6%. In South Korea the Kospi has a 0.3% loss, while Taiwan’s Taiex has fallen 0.8% in early trade. Southeast Asian markets are mixed with Singapore’s Straits Times dropping 1.3%, the Jakarta Composite in Indonesia 0.1% lower, but the KLCI in Malaysia adding 0.7%.
Paypal Shares Pop On Stock Trading Speculation
2021-08-30 20:36UTC
Shares of Paypal popped 3.6% higher yesterday as rumors emerged that the digital payments giant is planning on adding stock trading to its platform. With the rise in retail trading that’s exploded revenues for brokers in the past year and a half it comes as no surprise that Paypal might be considering such a move. The rumors emerged after it became known that Paypal has hired former Ally Invest president Rich Hagen as the CEO of a previously unknown division. Hagen was the founder of TradeKing, which was acquired by Ally Invest. The Paypal division is called Invest at Paypal, and the company has not previously reported its existence. Paypal has already rolled out the ability to trade cryptocurrencies in the past year on its platform, but the addition of stock trading could be extremely lucrative for the San Jose, California based digital payments platform. The revelation of Invest at Paypal came from Hagen’s LinkedIn profile, which shows him as CEO of Invest in Paypal and describes his job function as “exploring opportunities” in the retail investing space. During the last quarterly earnings call Paypal’s CEO Dan Schulman said that Paypal’s long term vision included more financial services, which includes “investment capabilities”. Data shows that over the first half of 2021 more than 10 million new investors entered the market. That’s nearly as many as entered the market in all of 2020, which was a record breaking year itself. Interest in the stock markets is booming, thanks to the stay at home pandemic orders, government stimulus, and the popularity of viral trading in meme stocks like Gamestop and AMC Theaters.
U.S. Daily Market Review
2021-08-30 09:57UTC
The S&P-500 marked a further peak mark today as the market continued to gain ground.The broad market index added 0.5% to set a new intraday record high. The Nasdaq Composite secured 0.8% for its own all-time high. The Dow Jones Industrial Average is still a clear market direction.The National Association of Realtors (NAR) announced that its Pending Home Sales Index, based on contracts signed last month, dropped 1.8%.PayPal is could enter into a stock-trading platform.Meanwhile, the share prices of Paypal, broke that trend and rallied more than 3%.The USD stabilized after reaching two-week bottom today, as the dollar tried to recover from Friday's retreat on comments from U.S. Federal Reserve Chair Jerome Powell.Moderna fell more than 2.1% after Japan temporarily suspended another one million doses of the COVID-19 vaccine.
European Daily Market Review
2021-08-30 07:47UTC
European stocks partly inclined this morning, indicating in broadly positive trade across the market.The German DAX added 0.08%, the French CAC-40 gained 0.09% and the British FTSE-100 soared 0.32%.The pan-European Stoxx-600 added 0.1% higher with most sectors rising apart from banks, healthcare, insurance, telecoms and travel and leisure.Euro zone bond yields are around one-month peak just ahead of the release of German inflation data.Bond yields partly shifted on both sides of the Atlantic in the aftermath of U.S. Federal Reserve Chairman Jerome Powell’s speech on Friday.The German inflation data due at 1200 GMT, ahead of a euro area reading tomorrow.
Gold Prices Are Up
2021-08-30 07:04UTC
Gold prices advanced this morning during the Asian hours, adding to ride a rebound resulted from the comments Friday by U.S. Federal Reserve Chairman Jerome Powell.After his remarks the Treasury yields and and the USD entered into a losing mode.Now, gold trades at $1814.47, which is very minor loss of $2.39 or 0.13% from the previous close of 1816.86.The daily trading range is from $1812.62 to 1823.06, while the trading volume is 88.956K.Powell indicated in that the Fed could start tapering off from the large levels of support for the economy by the end of 2021.Powell also stated that the labor data had improved.Gold traders are focused on the possibility that the Fed is not planning to raise rates quickly.Gold prices managed to partly recover from losses Friday following Powell’s comments.
Asian Daily Market Review
2021-08-30 02:29UTC
Asian markets are moving broadly higher to start the week, with investor sentiment rising after the head of the U.S. central bank struck a more dovish tone that expected at last Friday’s Jackson Hole Symposium. Japan’s Nikkei is up a modest 0.2%, despite the Yen gaining on the U.S. dollar since last Friday’s news. Shares of Softbank Group are trading 0.5% lower, and Sony has a loss of 0.2%. Among the major exporters Toyota is adding 0.5% and Panasonic is 1.2% higher, while shares of Canon trade up by 0.8%. In Australia the S&P/ASX 200 is slightly higher by 0.1%, with weakness from the big four banks weighing on the broader market. Shares of ANZ are down 1.1%, NAB has a 0.5% loss, Commonwealth Bank shares are falling 1.2%, and Westpac trades 0.9% lower. However the major miners are giving support to the market, with BHP adding 3% and Rio Tinto advancing 3.1%. Mainland Chinese markets have also opened to gains, with the benchmark Shanghai Composite rising 0.3%, while the smaller cap Shenzhen Composite is advancing 0.5%. However Hong Kong’s Hang Seng is taking its own direction and trades 0.4% lower to lead losses around the region. South Korea’s Kospi is edging higher by 0.1%, and in Taiwan the Taiex has a gain of 0.5%. Increased risk appetite is benefitting the emerging markets and Southeast Asian markets are broadly higher as a result, with Indonesia’s Jakarta Composite leading gains around the region as it rises 0.7%, while the Straits Times in Singapore has a 0.6% gain, and Malaysia’s KLCI is trading 0.5% higher.
Gold Rallies On Fed Chairman Dovishness
2021-08-27 18:54UTC
Gold initially pulled back ahead of the Jackson Hole Symposium, but recovered rapidly as Federal Reserve chairman Jerome Powell struck a dovish tone that sent the U.S. dollar lower across the board, providing the support needed for gold to make a strong move above the $1,800 level. During a virtual speech at the symposium Powell acknowledged that both the labor and inflation data indicates that the Fed targets are near being met, but that more time would be needed to tell if this will be sustained. The Fed chair also expressed concerns over the number of COVID cases in the U.S. and its potential impact on the economy. While he also said that tapering will likely begin in 2021, he was more cautious when discussing interest rates, indicating that the Fed is not anywhere close to raising rates. Taken all together markets saw the speech as dovish, mostly because it didn’t provide any news not already known. Market participants had been hoping for some new information, but were disappointed when it didn’t emerge. The move in gold took it as high as $1,818.68 on an intraday basis, and it remained just slightly below that high at the close. While the $1,818 level is a minor resistance level, the real test for gold will be at the $1,830 level, where the precious metal printed a double top back in July. A breakout move above that level would leave a clear path to $1,900. However, some analysts said that while the chairman’s speech was dovish, it wasn’t dovish enough to kick off a strong rally in gold.
U.S. Daily Market Review
2021-08-27 10:36UTC
U.S. stock index futures partly soared today just ahead of Federal Reserve Chair Jerome Powell’s speech that could provide clear market direction.The Dow Jones Industrial Average secured 86 points, or 0.2%. The S&P-500 futures inclined 0.3% and Nasdaq 100 futures gained 0.3%.The Fed meeting will be online this year, with Chair Jerome Powell’s speech taking center stage Friday morning at 10:00 a.m. ET. Oil giants of Exxon Mobil, Chevron Corp and Schlumberger NV rallied between 0.6% and 1.4%.The stock price of Gap advanced 8% per share in premarket trading after the company’s quarterly earnings report beat on top and bottom lines.The technology leaders of Apple Inc, Facebook Inc, Amazon.com, Google-owner Alphabet Inc, and Tesla Inc also surged in pre trading hours.
European Daily Market Review
2021-08-27 08:25UTC
European markets are still without a clear market direction just ahead of U.S. Federal Reserve Chairman Jerome Powell’s remarks at the annual Jackson Hole symposium.The German DAX added 0.07%, the French CAC-40 slipped 0.01% and the British FTSE-100 gained 0.16%.The pan-European Stoxx-600 only partly declined 0.1% in early trade, with travel and leisure stocks falling 0.8%.The markets are largely concentrated on today’s largely expected speech from Fed chairman Jerome Powell at Jackson Hole, Wyoming. French consumer confidence eased marginally in August despite an increase in coronavirus cases and new requirements of a health pass to enter many retail outlets.The INSEE official stats agency announced its monthly consumer confidence index retreated to 99 from 100 in July.
Crude Oil Prices Are Into A Massive Surge
2021-08-27 07:00UTC
Oil prices rallied this morning, are into a large rising pattern on weekly basis.This comes amid surging concerns over supply worries as many companies began shutting in production in the Gulf of Mexico ahead of a potential hurricane estimates this weekend.Now, oil trades at $68.619, which is a rise of $0.874 or 1.29% from the previous close of $67.745.The daily trading range is from $67.507 to 68.700, while the trading volume is 11.907K.Moreover, U.S. West Texas Intermediate (WTI) crude futures advanced 93 cents $68.34 per barrel.For the week, Brent is on track for a rise of almost 11% on weekly basis.This represents the largest weekly rally since June 2020. Moreover, WTI is about to register of nearly 10%, which serves as the peak since August 2020.In fact, many conglomerates started airlifting workers from Gulf of Mexico oil production platforms such as BHP as a storm is coming in the Caribbean Sea.Presently, the markets are focused on the speech by Fed Chair Jerome Powell later on Friday.
Asian Daily Market Review
2021-08-27 02:14UTC
Asian markets were off to a rocky start on Friday as investors chose to turn cautious ahead of the Jackson Hole Symposium taking place later in the day. Investors are uncertain what might come out of the meeting of global central bankers, causing markets to open broadly lower. However most of the losses didn’t hold, as investor sentiment turned more positive, and markets erased losses to turn higher. Japan’s Nikkei is trading 0.4% lower, despite a fifth consecutive session of Yen weakness versus the U.S. dollar. Shares of Softbank are trading 0.3% lower, while Sony shares are dropping 0.8%. Among the major exporters Toyota is losing 0.6%, Panasonic has a 1% advance, and Canon trades down by 1%. In Australia the S&P/ASX 200 is modestly lower by 0.2%, with the big four banks . Shares of ANZ trade 0.3% lower, while NAB is 0.3% higher. Commonwealth Bank has a slight gain of less than 0.1%, and Westpac is trading 0.1% lower. The major miners are mixed, with BHP falling 0.2% while Rio Tinto is adding 0.4%. Mainland Chinese markets have opened lower as well, with the benchmark Shanghai Composite down less than 0.1%, while the smaller cap Shenzhen Composite is losing 0.3%. Meanwhile Hong Kong is tracking the losses on the mainland, with the Hang Seng trading 0.3% lower. In South Korea the Kospi is trading 0.1% higher, while Taiwan’s Taiex has a 0.3% gain. Southeast Asian markets are trading mixed, with Singapore’s Straits Times Index dropping 0.7%, and Indonesia’s Jakarta Composite 0.3% lower, while the KLCI in Malaysia is advancing 0.4%.
Peloton Shares Fall Sharply On Earnings Disappointment
2021-08-26 21:41UTC
Shares of Peloton were down nearly 7% in after-hours trade following a drop of 1.9% after the exercise equipment maker posted worse than expected quarterly sales and earnings, and also offered up a poor forecast for the coming quarter. Peloton management warned that revenue will slip even further in the coming quarter as they are cutting the price of their original exercise bikes by 20%. It is also shifting its business back to focus more on treadmills, which are less profitable than the cycles. The company cited increased commodity costs and freight prices as part of the reason for weak expectations in the coming quarter. It also plans on increasing its marketing spend in the coming quarter, in the hopes it can generate increased sales volumes. Revenue came in at $936.9 million versus $927.2 million expected, while earnings were a steep loss of $1.05 a share versus $0.45 expected. That compared with net income of $0.27 a share in the same quarter last year. The drop in revenue growth was also due to the recall of Peloton’s Tread and Tread+ treadmill products back in May. Part of the recall also involved the temporary halt in sales of the two types of treadmills. The Tread model is expected to go back on sale next week, but there’s been no indication for when the Trend+ might go back on sale. At the same time the company is facing much steeper competition in the home fitness space, with the likes of Hydrow, Tonal, and Mirror eating into its sales. At the same time the lifting of COVID-19 restrictions is seeing more people head back to in-person gyms.
U.S. Daily Market Review
2021-08-26 10:37UTC
The S&P-500 came off from a record high today as most traders and investors await more details on the Federal Reserve’s future actions.The markets are also focused on the new developments in Afghanistan, which added to the risk-off sentiment.The Dow Jones Industrial Average slipped 58.96 points, or 0.17%, at 35,346.54.The S&P-500 dropped 17.12 points, or 0.38%, at 4,479.07, and the Nasdaq Composite fell 56.33 points, or 0.37%, at 14,985.53. Economic growth marked 6.6% in the second quarter, according to the Commerce Department’s data.The USD surged from one-week bottom level after a regional Federal Reserve president indicated in a faster pace of reducing the Fed’s asset purchases.The USD index gained around 0.06%  just before the statements by James Bullard, the president of the St. Louis Fed.
The Rate of The USD Advanced
2021-08-26 09:49UTC
The USD partly gained versus the euro edged during the early European trading hours this morning.However, the greenback is still around a one-week bottom amid solid levels of risk appetite just ahead of the Federal Reserve’s key Jackson Hole symposium.Now, the USD versus the Euro trades at 0.849 EUR, which is very minor decline of 0.0001 or 0.01% from the previous close of 0.8493.The daily trading range is from 0.8491 to 0.8503.Earlier today, the USD Index added 0.1% higher at 92.930, after dropping to 92.800.Risk appetite has advanced this week by the decision of the U.S. Food and Drug Administration.Moreover, a massive increase for U.S durable goods.
European Daily Market Review
2021-08-26 08:37UTC
European stock markets lost some ground in today's session.The German DAX fell 0.21%, the French CAC-40 lost 0.10% and the British FTSE-100 declined 0.31%.The pan-European Stoxx-600 tumbled around 0.3% in early trade, with travel and leisure stocks falling around 1%. European Central Bank Chief Economist Philip Lane stated yesterday that economic impact from the spread of the delta Covid-19 variant is likely to be limited across the euro zone.French media giant Vivendi soared 3% to lead the Stoxx 600.Euro zone government bonds are into a  steady path in early trading on Thursday.German and Italian 10-year yields marked their largest advance of the last six months.European travel company Tui, airlines Wizz Air, Lufthansa and British Airways-owner IAG all retreated around 1.4% and 2.5%.
Crude Oil Prices Dropped
2021-08-26 06:10UTC
Oil prices retreated this morning for the first session this week amid  higher concerns over demand recovery amid rising COVID-19 infections.Now, oil trades at $67.672, which is another loss of $0.301 or 0.44% from the previous close of 67.973.The daily trading range is from $67.640 to 68.123, while the trading volume is 11.218K.In addition, U.S. oil slipped 50 cents, or 0.7%, at $67.86 a barrel, after securing little more than 1%.The U.S. Energy Information Administration (EIA) announced that American crude inventories tumbled  last week for a third consecutive week.Mexico’s supply is back on track again after a fire on Sunday on an offshore platform killed at least five workers
Asian Daily Market Review
2021-08-26 02:24UTC
Asian markets are showing pockets of weakness Thursday morning despite the overnight records set on Wall Street. The caution is coming as traders worry over the potential regulatory changes coming in China, and await news later today from the Jackson Hole symposium of central bankers. Japan’s Nikkei is trading slightly higher by 0.1%, buoyed by continued weakness in the Yen versus the U.S. dollar. Shares of Softbank are edging lower by less than 0.1%, but Sony shares have dropped 1.8% in  early trade. Among the major exporters Toyota is also edging lower by less than 0.1%, while Panasonic shares fall 0.6%, and Canon has a slight loss f less than 0.1%. In Australia the S&P/ASX 200 is trading down 0.4% as the big four banks have a mixed performance. Shares of Commonwealth Bank are trading 0.1% higher, but Westpac shares are falling 0.6%, NAB is 0.5% lower, and ANZ has a slight 0.1% loss. Meanwhile the major miners are also putting pressure on the broader index, with BHP losing 0.7%, while Rio Tinto trades 1.3% lower. Mainland Chinese markets have opened to losses, with the benchmark Shanghai Composite losing 0.4%, while the smaller cap Shenzhen Composite drops 0.8%. Hong Kong’s Hang Seng is following the lead of the mainland for the first time this week, with a loss of 0.4%. In South Korea the Kospi has given back an early lead and trades lower by less than 0.1% after Korea’s central bank moved to raise interest rates. Taiwan’s Taiex is inching up by less than 0.1%. Southeast Asian markets are mixed, but Malaysia’s KLCI is leading gains for the region as it’s rising 1%.
Recovery In Crude Prices Continues
2021-08-25 20:16UTC
Crude oil continued in its recovery, rising for a third consecutive session Wednesday after U.S. inventory data showed a weekly drop of 3 million barrels in inventory levels. So far this week the recovery in crude has the commodity up nearly 10%, erasing the losses suffered during the seven day slide in prices caused by worries over slowing demand. At the end of the session the global benchmark Brent crude was 1.7% higher as it added $1.20 to $72.25 a barrel. The U.S. benchmark West Texas Intermediate crude advanced 1.2%, adding $0.82 to $68.36 a barrel. In addition to showing a drop of 3 million barrels in U.S. crude inventories, which puts the inventories at their lowest since January 2021, the Energy Information Administration data also showed demand in the U.S. has rebounded to its highest level since March 2020, when the government pandemic restrictions began. Adding to the bullish picture gasoline inventories also fell by 2.2 million barrels, indicating refiners are having trouble keeping up with demand as consumers have taken to the roads for a last summer hurrah. Also helping to support the gains in crude is the loss of roughly 400,000 barrels per day of Mexican crude deliveries following a fire on Monday that’s shut down one of the offshore platforms operated by Mexico’s state oil firm. While the organization said production will resume by August 30, analysts have suggested that full production could take weeks to bring back online. The recovery in crude began Monday on a weak U.S. dollar and news that new COVID cases in China, the largest oil consumer, had fallen to zero.
Crypto Daily Market Review
2021-08-25 20:02UTC
Cryptocurrencies edged higher on Wednesday, but gains were muted for the top ten cryptocurrencies. Bitcoin (BTC) set the tone with a modest gain of 1.5% on the day, but remained trapped below the resistance found at the $50,000 level. Ethereum (ETH), the second largest cryptocurrency by market cap, put in a similar performance as it added 1.1% on the day. The enthusiasm over the London hard fork seems to have passed, and now investors are waiting for the switch from proof of work to proof of stake consensus, which will allow users to collect “interest” on their ETH holdings. The best gain in the top 10 came from Binance Coin (BNB), with the native crypto for the Binance exchange rising 5.3% after rumors emerged of the exchange lloking for as much as $200 billion in government funds. Polkadot (DOT) was the next best performer as it rose 4.1% on renewed bullishness for the NFT and DeFi spaces. There was some disappointment in the space too. Cardano (ADA) fell 1.5%, though to be fair it is still up more than 30% over the past seven days. Also falling were Dogecoin (DOGE), Solana (SOL), and Ripple (XRP), with losses of 2% for DOGE and SOL, while XRP finished the day 0.9% lower. The best gain of the day came from Revain (REV), an online platform for Ethereum blockchain-based tokens reviews. The token was up 32%, but there was no news indicating why it was pumping. The worst performance of the day is from Avalanche (AVAX), as it fell 7.5%, probably on profit taking as it was the best performer in the top 100 yesterday.
U.S. Daily Market Review
2021-08-25 17:29UTC
U.S. markets are on their way to another record close as the afternoon session kicks off Wednesday on Wall Street. Shares of banks are outperforming as the U.S. ten-year Treasury yield has climbed to its highest level in August. Shares of companies tied to the U.S. reopening are also outperforming, with travel and leisure names leading the way. As the afternoon begins in New York the S&P 500 is up 0.3% and trying to close above 4,500 for the first time ever. The Nasdaq has a more modest 0.1% advance, while the Dow Industrials are trading 0.3% higher. With the return of risk appetite, the small cap Russell 2000 is leading the way with a gain of 0.8%. On a per sector basis the financials are leading today with a gain of 1.6%. Energy shares continue putting in a strong showing however, with the sector up 1%. With their own ties to the reopening, the industrials are trading 0.8% higher, while the material sector is up 0.7%. The rally is quite broad based, with only three sectors in the red, and that barely so. The health care sector is trading 0.1% lower, while the technology and consumer staples sectors are each lower by less than 0.1%. As the reopening trade takes control shares of Range Resources are at the top of today’s leader board, adding 5.2%. That’s followed by Albemarle with a gain of 4.7%. The bottom of the leader board is controlled by Nordstrom, with shares plunging 16.5% even though the company beat second quarter earnings estimates and delivered an upbeat forecast for the coming quarters.
European Daily Market Review
2021-08-25 15:10UTC
European markets are mixed and somewhat subdued as investors across the region are taking a more cautious approach to the markets ahead of the Jackson Hole summit, which will take place virtually tomorrow. The pan-European STOXX Europe 600 is basically unchanged, with a very slight loss of less than 0.1%. Germany’s DAX is giving back the gains made in the prior session as it trades 0.3% lower. At the same time France’s CAC 40 is paring losses from the prior session with a 0.2% advance. In Italy the FTSE MiB trades slightly higher by less than 0.1%, and in Spain the IBEX 35 is leading gainers as it adds 0.5%. The biggest gainer in the DAX today is Deutsche Bank, with shares trading 1.5% higher. On the other side of the fence is Delivery Hero, with shares falling 2.3% today to lead losers in the index as investors take profits following the 5.5% gain of the previous session. Among the CAC 40 companies Societe Generale is leading gains as it’s trading 2.6% higher. On the other side of the tape both utility company Engie and food services company Danone are seeing their shares fall by 1.3%. In the U.K. the FTSE 100 has a 0.3% gain, with Standard Chartered bank leading the way with a gain of 3.2%. Other stocks with gains of more than 3% include Flutter Entertainment, Ocado, and Melrose Industries. At the bottom of the index is Russian energy company Rosneft, with shares falling 1.6%. Outside the FTSE 100 shares of Wm Morrison Supermarkets are edging lower by 0.1% following news of its potential inclusion in the FTSE 100.
Asian Daily Market Review
2021-08-25 01:44UTC
Asian markets are moving higher on Wednesday morning, taking their lead from the overnight gains on Wall Street that saw the S&P 500 and Nasdaq both closing at record levels. Investor risk appetite continues to grow in the wake of the full approval of the Pfizer COVID-19 vaccine in the U.S. on Monday. Japan’s Nikkei is trading 0.3% higher, with the USD/JPY trading in a tight range just below the 110.00 level. Shares of Softbank Group are 2.6% higher and Sony is adding 1.1%. Among the major exporters Toyota is advancing 2.3%, Panasonic is trading 2.1% higher, and Canon is edging higher by 0.2%. Australia’s S&P/ASX 200 has a 0.5% gain, with shares of the big four banks pacing the gains for the broader market. Shares of ANZ and NAB are each up 0.4%, Commonwealth Bank is advancing 0.8%, and Westpac is also trading 0.4% higher. The major miners are providing even better support, with BHP rising 1.6% and Rio Tinto gaining 3.2%, while Fortescue Metals is trading 4.2% higher. In mainland China markets have opened little changed and mixed, with the benchmark Shanghai Composite reading 0.1% higher, while the smaller cap Shenzhen Composite is edging lower by less than 0.1%. Meanwhile the Hang Seng in Hong Kong is trading 0.8% higher as it extends the rally that began on Monday. South Korea’s Kospi has a slight gain of 0.2%, while the Taiex in Taiwan is trading 0.4% higher. Southeast Asian markets are advancing as well, with the KLCI in Malaysia leading gains for the region as it adds 0.7%, while Singapore’s Straits Times Index trades 0.5% higher.
Crypto Daily Market Review
2021-08-24 19:16UTC
Cryptocurrency markets took a breather on Tuesday, sliding lower after several consecutive days’ worth of gains. The drop comes just one day after Bitcoin moved above the $50,000 psychological resistance level, only to be rejected. Today Bitcoin (BTC) is trading 2.5% lower, making it one of the best performing top ten cryptocurrencies. Only Solana (SOL) is doing better, although not by much as it is down 2.3% on the day. The second largest cryptocurrency, Ethereum (ETH), is 4% lower, although it remains well above the $3,000 level. Cardano (ADA) has also slipped 4% lower, and has lost its grip on the $3 level. Binance Coin (BNB), which was yesterday’s best performing top ten coin, has dropped 5.2% today, and has been unable to remain above the $500 level. Number six coin Ripple (XRP) is also trading 5.2% lower on the day. Dogecoin (DOGE) has dropped beneath $0.30 with a loss of 6.9%, but the number nine coin Polkadot (DOT) has the largest loss of the day in the top ten as it trades 7.3% lower. Today’s best gainer in the top 100 cryptocurrencies is Avalanche (AVAX), with a 12.6% advance.  Avalanche is an umbrella platform for launching decentralized finance (DeFi) applications, financial assets, trading and other services. Its aim is to be a global assets exchange, allowing anyone to trade or even launch any form of asset in a decentralized manner using smart contracts. At the other side of the spectrum is Helium, which is trading 9% lower on the day. The Helium blockchain was created to power Internet of Things devices and to facilitate communication between them.
U.S. Daily Market Review
2021-08-24 17:27UTC
The S&P 500 is on track to set a new record close as markets head into Tuesday’s afternoon session on Wall Street. Investor confidence and risk appetite remain high following yesterday’s full approval by the U.S. Food and Drug Administration of the Pfizer-BioNTech vaccine for COVID-19. As the afternoon is getting underway the S&P 500 is trading 0.2% higher, as is the Dow Industrials. Even greater gains are coming from the technology sector, sending the Nasdaq 0.4% higher. That also has the Nasdaq on track for a new record close as it is trading above the 15,000 level for the first time ever. On a sector basis the markets are mixed, with seven of the 11 major subsectors posting gains. The best gains are coming from the energy sector for a second consecutive day, with the sector up 1.4%. The financials, consumer discretionary, and materials sectors are also all up 0.8%. On the other side of the tape the defensive sectors are showing weakness in the face of rising risk appetite. Both the consumer staples and real estate sectors are falling 0.7%, while the utilities are 0.5% lower. In the S&P 500 Best Buy has the best performance, with shares trading 9.1% higher after the company reported stronger than expected earnings, and said that the consumer is strong, upgrading their home technology as the work from home shift continues. Many travel related stocks are also rising in response to the Pfizer vaccine full approval yesterday. In the Nasdaq the best performers are Chinese companies, with investors now more clear on the regulatory landscape in China.
European Daily Market Review
2021-08-24 14:32UTC
European markets are trading mostly lower on Tuesday heading into the final hours of trade across the region, although Germany’s DAX is bucking the falling trend after data showed the country’s economy is growing faster than expected. The pan-European Stoxx Europe 600, the broadest measure of European equities, trades 0.1% lower, with weakness from the health care sector weighing. At the same time Germany’s DAX is 0.3% higher, but the CAC 40 in France is 0.3% lower. Italy’s FTSE MiB has a loss of 0.1%, and the IBEX 35 in Spain is leading losses around the region as it’s falling 0.5%. In Germany the DAX is nearly evenly mixed between winners and losers. The top performing stock is Delivery Hero, with shares trading 5.5% higher. Next up is Covestro, with a gain of 2.5%. The increased risk appetite is weighing on defensive names, and E.ON is falling 1.8%, while Deutsche Telecom has a loss of 1.1%. In France the CAC 40 is also nearly evenly mixed between winners and losers, with the top performing stocks falling into the industrial category. Arcelor Mittal shares trade 3% higher, while Alstom has a 1.5% advance. Tire manufacturer Michelin is the biggest loser in the index, falling 1.8%. Luxury brand Hermes International is matching that with its own 1.8% loss. In the U.K. the FTSE 100 is trading 0.3% lower as well, with yesterday’s biggest winner becoming today’s biggest loser. Shares of J. Sainsbury are down nearly 5% as investors take profits after yesterday’s epic rise of over 15%. The biggest winners today are travel stocks Carnival and EasyJet, with shares adding 5% and 4.5% respectively.
Asian Daily Market Review
2021-08-24 01:44UTC
Asian markets have opened higher for the second consecutive session, following strong overnight gains on Wall Street. There’s also optimism from investors in response to the U.S. Food and Drug Administration giving full approval to the Pfizer-BioNTech vaccine. Pundits believe this will usher in mandates for vaccines from a number of corporate giants. Japan’s Nikkei is trading 1% higher, with a weaker Yen helping to provide support for shares of Japanese exporters. Shares of Softbank are surging today, adding 2.9%, while Sony shares are doing even better with a 4% gain. Among the major exporters Toyota is 0.5% higher, Panasonic is advancing 1.6%, and Canon has a 0.7% gain. In Australia the S&P/ASX 200 is making a 0.3% gain, with the big four banks mixed. Shares of ANZ are edging up by less than 0.1%, while shares of NAB are inching lower by less than 0.1%. Meanwhile Commonwealth Bank is adding 0.2%, and Westpac is outperforming with a gain of 0.4%. The major miners are adding their support, with BHP 0.9% higher, and Rio Tinto up by 0.8%. In mainland China markets have opened to modest gains, with the benchmark Shanghai Composite rising 0.2% and the smaller cap Shenzhen Composite matching that with its own 0.2% advance. Over in Hong Kong the Hang Seng is trading 1.3% higher. South Korea’s Kospi is leading gains for the region as it’s rising 1.7%, and in Taiwan the Taiex has a 0.7% gain as well. Southeast Asian markets are trading higher with the Straits Times in Singapore adding 0.6%, while the KLCI in Malaysia inches up by less than 0.1%.
Crypto Daily Market Review
2021-08-23 22:37UTC
Cryptocurrency markets continued their rally on Monday, with Bitcoin (BTC) hitting a three month high as it traded above the psychologically important $50,000 level early in the session. Analysts note that this is a bullish signal, but the real resistance for Bitcoin is higher, at the $51,000 level. A move beyond that resistance could open up a quick move to $54,000 as there’s a volume gap between those two levels. The move higher was broad based, and Ethereum (ETH) also tacked on 4.5% on the day as it climbed above the $3,300 level. Traders remain bullish over the prospects for Ethereum when it switches to a Proof-of-stake consensus mechanism, possibly before the end of 2021. The best gain in the top ten came from Binance Coin (BNB) as it jumped 12.7% to land right at the $500 level. Cardano (ADA) also continued its strong gains, rising 11.2% on the day as traders remain enthusiastic for that blockchain transitioning to a smart contract enabled blockchain that could take on Ethereum. Others in the top ten had more modest gains that ranged from 1% for Dogecoin (DOGE) to 3.5% for Polkadot (DOT). Ripple (XRP) was also modestly higher by 1.8%. The best gain in the top 100 cryptocurrencies was a 19.2% climb in the value of Enjin Coin (ENJ). Enjin is a platform that allows the development of NFTs and with the resumption of bullish sentiment for NFTs Enjin Coin is also benefitting. There were only a handful of coins that posted a loss, and those were small. The largest loss came from Celcius (CEL), which is a banking protocol.
USD Drops As Risk Appetite Snuffs Haven Demand
2021-08-23 18:05UTC
Weakness in the U.S. dollar on Monday helped gold push back above the $1,800 level, while crude snapped a seven session losing streak in a rally that had the commodity up more than 5% on the day. The U.S. dollar has seen substantial strength recently on expectations for the Federal Reserve beginning to taper its bond purchases by the end of 2021. However, on Monday those fears eased in response to the Dallas Fed president expressing the possibly of keeping tapering on hold in light of the potential for the rising number of COVID cases to dent the economic recovery in the U.S. The comments, made last Friday, also snuffed out expectations for Federal Reserve chairman Jerome Powell to lay out a timeline for Fed tapering at the Jackson Hole Summit later this week. The U.S. Dollar Index, which was at a nine and a half month high at the close last Friday, fell nearly 0.5% on the day as the USD retreated against most major rivals. Expectations from market participants now lean towards U.S. tapering to begin in 2022, which is bearish for the USD. The pullback in the U.S. dollar is being seen as healthy by a number of analysts who felt that the rise in the currency had been too fast and too steep. Yet this pullback could be temporary in nature, as the U.S. dollar remains the top choice for traders and investors when it comes to a safe haven asset. The continuing COVID issues almost ensure that investors will continue to seek out safe havens, and over the past year that’s been the U.S. dollar.
U.S. Daily Market Review
2021-08-23 17:53UTC
U.S. markets got off to a strong start Monday morning, beginning a recovery from the dismal performance of the prior week. The rally followed similar moves higher overnight for Asian and European markets, but gained steam after the U.S. Food and Drug Administration announced it was giving full approval for the Pfizer-BioNTech COVID-19 vaccine. As the afternoon gets off to a start the Nasdaq Composite is leading major indices with a gain of 1.5%, while the S&P 500 is 0.9% higher and the Dow Industrials are 0.7% higher. Highlighting the increase in risk appetite on Wall Street, the small cap Russell 2000 is also trading up by 1.8%. In response to the FDA approval shares of Pfizer are 2.6% higher, while BioNTech shares are rallying 9.5% higher. Moderna is also benefitting from the positive news on the vaccine front, with its shares gaining 6.6%. Also making strong gains on the news is the energy sector, as investors speculate that the vaccine approval will help break the rise in delta COVID cases, and lead to an increase in economic growth and travel that will spur demand for oil. The jump in energy shares comes as crude snaps a seven session losing streak, thanks to weakness in the U.S. dollar, and geopolitical risks in the Middle East. Defensive sectors are underperforming however, with the utilities sector losing 1.3% and the real estate sector down 0.4%. Both the material and industrial sectors are rising 1% today, with investors optimistic that the $1 trillion infrastructure bill will soon pass, giving a huge boost to construction, construction materials, and industrial companies.
European Daily Market Review
2021-08-23 15:20UTC
European markets are rebounding modestly on Monday after finishing Friday with the largest weekly loss since February. Gains are extending the positive Asian session, although upside is being muted by continued concerns over global growth, the COVID-19 delta variant, and China’s crackdown on the technology sector. Heading into the closing hour across much of Europe the pan-European STOXX Europe 600 is trading 0.6% higher, with Germany’s DAX edging up by 0.2%, while the CAC 40 in France rallies 1% higher. In Italy the FTSE MiB is advancing 0.3%, and in Spain the IBEX 35 has a 0.4% gain. Despite the modest gain, Germany’s DAX is seeing roughly 70% of its components advancing, led by Adidas with a gain of 2.1%. Delivery Hero shares are also doing well today with a gain of 1.7%, and Volkswagen is trading 1.3% higher. On the other side of the board real estate firm Vonovia is leading losses as it’s fallen 2%. Among the CAC 40 components the luxury retailers are outperforming, as Kering leads with a 3.5% advance, followed closely by Louis Vuitton with a gain of 3.3% and Hermes International with a 3.2% jump. At the bottom of the leader board is pharmaceutical giant Sanofi with a loss of 1.3%. In the U.K. the FTSE 100 is trading 0.3% higher, as investors have put aside Brexit worries for the day. Shares of J. Sainsbury are soaring, up by 15.4% on reports of a potential private equity firm takeover. Luxury retailer Burberry is also trading 3.4% higher in the second spot. The largest loser is telecommunications firm BT Group, with shares trading 3.3% lower.
Asian Daily Market Review
2021-08-23 02:11UTC
Asian markets are climbing early Monday morning as investors take advantage of lower stock prices following last week’s selloff across the region. However there are still concerns over the spread of the delta variant of COVID-19 and the slowing of global growth it appears to be causing. In Japan the Nikkei has jumped 1.2% higher in early trade. A weaker Yen versus the U.S. dollar is helping to spur gains. Shares of Softbank are trading 1.7% lower despite the broader market gains, but Sony shares are soaring 2.7% higher. Among the major exporters Toyota is advancing 2.4%, while Panasonic is adding 1.6% and Canon has a 0.9% gain. Australia’s S&P/ASX 200 is edging up by 0.2%, although the big four banks are mixed. Commonwealth Bank is rising 0.6% and Westpac is inching up by less than 0.1%, but ANZ and NAB are each trading 0.2% lower. The major miners are also helping to support the broader market as BHP is adding 0.7% and Rio Tinto has gained 0.4%. Mainland Chinese markets have opened higher as well, with the benchmark Shanghai Composite rising 0.6%, while the smaller cap Shenzhen Composite has a 0.8% gain. Over in Hong Kong the Hang Seng is rebounding and trying to climb out of bear territory with a 1.7% advance. In South Korea the Kospi is trading 0.7% higher, while Taiwan’s Taiex is surging higher by 1.8% at the open to lead gains for the region. Southeast Asian markets are looking to move higher as well, with the Straits Times Index in Singapore and the KLCI in Malaysia adding 0.2%, while Indonesia’s Jakarta Composite is 0.5% higher.
Moderna Is Best Performing S&P 500 Stock
2021-08-20 22:50UTC
Moderna shares rose 2% on Friday, regaining some of the 5.8% lost on Thursday. It’s been quite the roller coaster week for the stock, which also notched a better than 7% gain on Tuesday. What’s causing all this volatility? It’s the U.S. discussions over the possibility of offering a third booster COVID vaccine. With all this volatility there’s been plenty of attention on Moderna, but another reason to look at the stock is Friday’s gains put it at the top of the leader board for the S&P 500 for the year. That’s right, Moderna is the best performing S&P 500 stock, rising 266.6% since the start of the year. It’s the COVID vaccine that’s driving these gains. Moderna has said it will deliver 1 billion doses of the vaccine this year, and that in 2022 it could deliver 2-3 billion doses. In addition, all these vaccine deliveries have given the company cash reserves of $12.2 billion. That’s pretty good for a pharmaceutical company that was bleeding cash less than 2 years ago. However all isn’t perfect. In fact perfection is part of the problem. Some analysts have said Moderna shares could fall as much as 70% in the coming year because the stock is priced for perfection. The contention is there are simply too many things that could go wrong, too much uncertainty and no way for Moderna to continue delivering perfect results. Case in point. On Thursday shares plunged 5.8% lower on analyst warnings, and last week shares fell 15.6% in a single session after Europe's drug regulator provided a COVID-19 vaccine-safety update. Seems Moderna is at dangerous levels.
U.S. Daily Market Review
2021-08-20 15:21UTC
The leading U.S. stocks are into recovery, while the markets are into a falling side this week stimulated by concerns over the Federal Reserve pulling back its stimulus.The Dow Jones Industrial Average secured around 220 points, or 0.6%. The S&P 500 added 0.6%. The tech-heavy Nasdaq Composite inclined 0.7%.Major U.S. stock averages rebounded Friday while markets remained on a losing track week driven by concerns of the Federal Reserve pulling back its stimulus.Nearly 61% of Americans paid no federal income taxes in 2020, a temporary spike attributed to a sudden decline in income.The USD retreated to a fresh 9-1/2-month peak today.
European Daily Market Review
2021-08-20 07:17UTC
European stocks are still a without a solid direction today amid issues over over monetary policy.The German DAX fell 0.38%, the French CAC-40 lost 0.28% and the British FTSE-100 dropped 0.14%.Germany’s finance minister reported that the economy is into a pattern for a lasting and solid recovery in the third quarter. Euro zone bond yields were are into a static mode, preserving the recent multi-month lows.British retail sales unexpectedly tumbled largely last month.Retail sales volumes retreated around 2.5% in July from June, according to the Office for National Statistics.UK supermarket Morrisons rallied 4.5% to the top of the STOXX 600 decided for takeover offer worth 7.0 billion pounds.
Crude Oil Prices Advacned
2021-08-20 06:28UTC
Oil prices rallied this morning, coming off from three-month bottoms.However, oil is still into a trend of weekly retreat of over 5% as new lockdowns in countries being affected from the jumping new cases of the Delta variant.Now, oil trades at $63.669, which is a further loss of $0.205 or 0.32% from the previous close of 63.874.The daily trading range is from 63.488 to 64.010, while the trading volume is 11.433K.Meanwhile, the USD rallied to a nine-month high on signs the U.S. Federal Reserve is about to limit the stimulus package this year.U.S. West Texas Intermediate (WTI) crude futures for September, expiring today, soared 40 cents or 0.6% to $64.09 a barrel at 0458 GMT.China has introduced new restrictions with no tolerance on the coronavirus policy, affecting shipping and global supply chains.Meanwhile Delta variant outbreaks in Australia and New Zealand have launched strict lockdowns.
Asian Daily Market Review
2021-08-20 02:20UTC
Asian markets are putting in a mixed performance early Friday morning following a choppy overnight session on Wall Street. The U.S. dollar climbed to a nine-month high overnight and commodities are showing weakness as worries over slowing economic growth and the spread of the delta variant of COVID continue to impact global markets. In Japan the Nikkei is trading 0.7% lower, despite the Yen remaining weaker versus the U.S. dollar. Shares of Softbank Group are continuing to slide, trading 1.9% lower, but Sony is rising 1.1% today. Among the major exporters Toyota is falling 1.7%, Panasonic is down 0.8%, and Canon has a 0.4% loss. Australia’s S&P/ASX 200 is rising 0.2%, with the big four banks providing support. Shares of ANZ are up 0.5%, NAB is edging higher by 0.1%, Commonwealth Bank has added 1%, and Westpac has a modest 0.2% gain. The major miners have stabilized after yesterday’s slide and BHP is just 0.2% lower, while rio Tinto shares are rising 0.7%. Mainland Chinese markets have opened lower, but are off their worst levels of the day. The benchmark Shanghai Composite trades 0.5% lower, while the smaller cap Shenzhen Composite is matching that with its own 0.5% drop. Over in Hong Kong the Hang Seng is leading losses for the region as it’s trading 0.8% lower. South Korea’s Kospi is inching lower by 0.1% today, and in Taiwan the Taiex has dropped 0.4%. Southeast Asian markets are mostly higher, with the Straits Times in Singapore adding 0.5%, the KLCI in Malaysia advancing 0.2%, while Indonesia’s Jakarta Composite is edging lower by 0.1%.
Silver Sees No Benefit From Safe Haven Demand
2021-08-19 18:58UTC
Even though investors have been favoring haven assets due to the rise in COVID cases, which has been supporting gold, its sister metal silver hasn’t seen the same enthusiasm in recent sessions. Yesterday was the third consecutive losing session for silver, with prices moving lower for another test of the $23 support level. Silver is seeing this slump primarily due to the belief that the global economy is far from recovering to pre-pandemic levels. Silver is not only a haven, but also has a number of industrial uses, and that is weighing on prices as investors see industrial demand for silver remaining weak in the coming months. Silver has been sliding lower since June, with a clearly defined downward sloping channel, and several clear bearish rising flags defining the channel. In addition, the 50 day moving average has recently dropped below the 200 day moving average, triggering a death cross and indicating that the fall in prices could be far from over. The $23 level is currently offering support, with yesterday’s test being the second such in the past two weeks. If the support continues to hold it could put a floor under silver at least. However, a drop beneath this level could signal a further drop to the $22 level last seen in December. To the upside the $24 level is resistance, and a solid break above that level could signal at least a short term rally. However, that’s not looking likely, and perhaps the best that traders can hope for is a continued sideways move at current levels in the tight range between $23 and $24.
The USD Advanced
2021-08-19 12:12UTC
The USD rallied today during the Asian hours.In addition, the USD gained overnight as the FOMC Minutes outlined an increasingly possibility of tapering.Presently, the USD versus the Euro trades at 0.854 EUR, which is an addition of $0.0012 or 0.14% from the previous close of 0.8536.That comes after the Fed stated a hawkish tone over the past two weeks. The USD index has inclined 0.30% to 93.43, with the catalyst appearing to be stop-loss selling in EUR/USD.The USD and US bonds hardly reacted to the Fed minutes. Additiaonlly, the USD index is now just shy of resistance at 95.50.
U.S. Daily Market Review
2021-08-19 12:07UTC
The S&P-500 lost some ground today in the face of issues over the Federal Reserve removing stimulus.The Nasdaq Composite gained 0.1% to 14,541.79. The Dow Jones Industrial Average retreated 66.57 points, or nearly 0.2%, to 34,894.12.The USD jumped to a nine-month peak amid concerns over widespread coronavirus infections.A recovery in the U.S. economy included stellar second-quarter corporate earnings season on top of accommodative monetary policy has underpinned higher mode for equities.U.S. economic advance for the second quarter could be revised following a recent raft of greater than initially thought data.
European Daily Market Review
2021-08-19 10:39UTC
European markets retreated today as most traders and investors digested the latest Federal Reserve minutes.The pan-European Stoxx-600 declined as much as 2% in mid-morning deals, with all sectors are into a falling side.The German DAX slipped 1.54%, the French CAC-40 lost 2.38% and the British FTSE-100 dropped 1.83%.ECB President Christine Lagarde will not be present at the conference, according to the ECB spokesperson.Norway’s central bank is likely to boost its key policy interest rate as early in September. Norges Bank’s monetary policy committee preserved the rate on hold at a record bottom of 0.0%.Euro zone government bond yields declined across the board, after minutes from a U.S. Federal Reserve meeting indicated in that the bank is not yet ready to slow down its asset purchases.
Gold Prices Dropped
2021-08-19 06:16UTC
Gold prices retreated this morning during the Asian hours.In the meantime the USD is gaining from ground as the USD advanced after the U.S. Federal Reserve indicated in that it could begin asset tapering as soon as 2021.Now, the yellow prices trades at $1776.46, which is another decline of $10.28 or 0.58% from the previous close of 1786.74.The daily trading range is from $1774.29 to 1788.76, while the trading volume is 89.744K.In fact, the USD came above a nine-month peak.Meanwhile, Bank Indonesia will report its policy decision later today.The markets are now focused on the Fed’s Jackson Hole symposium, which is scheduled for Aug. 26 to 28.
Asian Daily Market Review
2021-08-19 02:49UTC
Asian markets are seeing large broad based losses on Thursday morning following the sharp losses seen on Wall Street overnight. Traders are reacting to the latest Federal Reserve meeting minutes, which have confirmed that the Fed is on course to begin tapering its bond purchases before the end of 2021. In Japan the Nikkei is trading 0.7% lower, despite the Yen softening significantly against the U.S. dollar in reaction to the Fed tapering news. Shares of Softbank are edging up by less than 0.1% in opposition with the market losses, but Sony shares trade 1.8% lower. Among the major exporters Toyota is 1% lower, Panasonic is plunging 4.2% lower, and Canon has a loss of 2.6%. Australia’s S&P/ASX 200 is also trading 0.7% lower, with the big four banks mixed. Shares of NAB are 0.8% lower and Commonwealth Bank is 0.2% lower, but ANZ is 0.1% higher, and Westpac is edging up by less than 0.1%. Meanwhile the major miners are plunging lower, with BHP dropping 7.1% and Rio Tinto falling 5.1%. Mainland Chinese markets have also opened to significant losses, as the benchmark Shanghai Composite trades down by 1.1% and the smaller cap Shenzhen Composite has a 0.6% loss. Meanwhile over in Hong Kong the Hang Seng is leading losses for the region as it falls 1.6% lower. South Korea’s Kospi is trading 1% lower, and in Taiwan the Taiex has a substantial 1.5% loss. Southeast Asian markets are broadly lower as well, with the Straits Times in Singapore paring 1.1%, while Indonesia’s Jakarta Composite has a 0.9% loss, and Malaysia’s KLCI is trading 0.3% lower.
Crude Lower For Five Consecutive Sessions
2021-08-18 23:57UTC
Crude oil continued lower yesterday, notching its fifth consecutive losing session as trader worries over potential demand issues put pressure on the commodity. The close was at a three month low for crude, and analysts feel more downside could be in the cards. The drop is coming for several reasons. Rising COVID-19 cases are one, while the drop in economic activity in China is another. As China is the world’s largest consumer of crude it’s thought that a drop in economic activity could have a significant impact on crude demand. The rising COVID cases globally have also worried traders who fear another round of lockdowns that would further dent crude demand. On the other hand there have been some positive developments that could support crude and put a floor underneath its price. One of those is the announcement from OPEC regarding their production plans. At this time there are no plans to increase supplies from OPEC, which should help support prices. The other positive development comes from the U.S., where falling crude inventory levels and rising gasoline reserves indicates that there’s been no drop in demand from the U.S. yet. Of course that drop could soon develop if COVID cases continue spreading across the U.S. Overall, COVID is considered the most unpredictable element in the consideration of crude prices. While continued pandemic will provide downside pressures on crude, any relief on that front could soon spark a renewed rally as traders see it as a chance for demand to return to normal. This pullback could also be healthy for crude as prices did get somewhat extended during the recent demand optimism.
U.S. Daily Market Review
2021-08-18 16:58UTC
U.S. stock indexes are into a static mode today as investors are worried about making big forecasts ahead of minutes from the Federal Reserve's last meeting .The S&P-500 slipped slightly today as most traders and investors are focused on the release of the Federal Reserve’s latest meeting minutes for insights.Estimates predict the Fed to report its initiative “taper” of its asset purchases as early as its Sept. 21-22 meeting.The Dow Jones Industrial Average lost 80 points. The S&P-500 slipped 0.2% and the Nasdaq Composite traded close to the flatline.The USD advanced versus most pairs nagging concerns about the global economy forced investors to turn to safe heavens such as the greenback ahead of the release of the Federal Reserve’s July meeting minutes later today.The USD index partly declined 93.084, just below an early April peak of 93.20, seen last week.
European Daily Market Review
2021-08-18 11:27UTC
European markets partly inclined today as the markets are focused on the inflation data. The pan-European added 0.1% in early deals.The German DAX fell 0.07%, the French CAC-40 dropped 0.36% and the British FTSE-100 lost 0.27%.Carlsberg shares secured 2% after the Danish brewer raised its full-year earnings guidance on Wednesday.The leading nations of the European Union and the United States and other nations reported today in a joint statement they seriously concerned over about Afghan women.U.K. inflation data for July implied in a loss of 2% this morning. Many market analysts estimated that it was likely a blip with data projected to preserve trending higher in the coming months.
Crude Oil Prices Rallied
2021-08-18 05:14UTC
Oil prices surged this morning during the Asian hours, even after marking fifth sessions of losses.Presently, oil trades at $66.877, which is a gain of $0.326 or 0.49% from the previous close of 66.551.The daily trading range is from 66.392 to 66.888, while the trading volume is 6.447K.The oil demand outlook is still very unclear as restrictive measures to curb the uptick in COVID-19 cases globally, which limits the transport levels.Oil data  from the American Petroleum Institute indicated in a draw of 1.163 million barrels for the week ending Aug. 13. The U.S. Energy Information Administration (EIA) will report later today.The EIA’s monthly output report also announced that U.S. shale oil production could jump to 8.1 million barrels per day (bpd) in September, the largest of the last two years.
Asian Daily Market Review
2021-08-18 02:04UTC
Despite broad based losses overnight on Wall Street, and the concerns over rising COVID cases and slowing global growth, Asian markets are trading mostly higher on Wednesday morning. In Japan the Nikkei is trading 0.4% higher, helped by overnight weakness in the Yen versus the U.S. dollar. Shares of Softbank Group are 0.7% higher, and Sony is gaining 1.6%. Among the major exporters Toyota is flat, Panasonic is edging lower by less than 0.1%, and Canon is outperforming with a 0.5% advance. Australia’s S&P/ASX 200 is adding 0.2% following yesterday’s Reserve Bank of Australia statement which said second quarter growth in the nation is going to be unpredictable. The big four banks are supporting gains for the broader market however, with ANZ gaining 0.6%, NAB adding 1%, Commonwealth Bank also adding 1%, and Westpac trading 1.7% higher. Meanwhile the major miners are weighing heavily on the broader market as BHP plunges 4.6% lower and Rio Tinto falls 0.7%. In mainland China markets have opened lower, with the benchmark Shanghai Composite and the smaller cap Shenzhen Composite each trading lower by 0.2%. Over in Hong Kong the Hang Seng is taking its own course and trading 0.4% higher in opposition to the mainland’s losses. South Korea’s Kospi has a gain of 0.4%, but Taiwan’s Taiex is one of the few falling markets as it is down 0.7% in early trade. Southeast Asian markets are with the Straits Times in Singapore advancing 0.7% and the KLCI in Malaysia inching upwards by less than 0.1%, while the Jakarta Composite in Indonesia is flat in early trade.
Will Nvidia Meet Expected Earnings?
2021-08-17 22:07UTC
GPU maker Nvidia is set to release second quarter financial results tomorrow and there are mixed feeling as analysts have projected revenues will increase by over 605< but earnings will increase by less than 50%. While that is a healthy increase, it might not be enough to justify the nearly 50% increase in the price of the stock so far this year. Plus, there have been some questions regarding whether or not Nvidia can even hit the projected revenue and earnings numbers. While the company has beaten earnings estimates quite handily in all four of the past four quarters, it faced a number of challenges in the second quarter that may lead to weaker than expected results. For example, there’s an ongoing shortage of semiconductor chips, and Nvidia is just one of many companies that’s been negatively impacted by this. We know that they’ve been unable to meet customer demand for their products, yet they’ve also been able to post record revenues and earnings anyway. The question is how hard were they hit in the second quarter by supply chain issues. Unlike other semiconductor companies Nvidia does not manufacture their own chips. This reliance on third party sources could have led to greater shortfalls this past quarter. Another potential concern is the crackdown on cryptocurrency mining in China. Because many miners use Nvidia GPUs to mine,  when the crackdown came there was an abundance of Nvidia’s GPUs on the secondary market, and that may have eaten into new sales. Still, Nvidia has historically been very good at hitting sales and earnings numbers, so any worries may be much ado about nothing.
U.S. Daily Market Review
2021-08-17 13:31UTC
U.S. stock retreated some ground as July retail sales fell. This is a further signal that the economy moved to a lower gear.The Dow fell around 330 points, or 0.9%. The S&P 500 shed 0.8% and the Nasdaq Composite lost 1%.U.S. production factories surged in July, boosted by a rise in motor vehicle output as auto makers either pared or canceled annual retooling shutdowns to work around a global semiconductor shortage.U.S. business inventories jumped strongly in June.Business inventories secured 0.8% after advancing 0.6% in May, as reported by the Commerce Department.U.S. homebuilder sentiment sunk to a 13-month bottom in August amid high prices and costs.A serious rise of builder sentiment decreased for a third month to 75 from a July reading of 80, the largest loss since April 2020, according to the National Association of Home Builders/Wells Fargo data.
The USD Into A Rising Pattern
2021-08-17 08:47UTC
The USD advanced this morning during the Asian hours. Presently, the USD versus the Euro trades at 0.849 EUR, which is a minor incline of $0.0001 or 0.01% from the previous close of 0.8490 from the previous close.The daily trading range is from 0.8489 to 0.8501.Falling economic data from China and the rising spread of COVID-19's Delta variant, and the turmoil in Afghanistan all contributed to the rate of the safe-havens such as the greenback.The USD Index that tracks the greenback against a basket of other currencies added 0.05% to 92.668 by 10:43 PM ET (2:43 AM GMT).The euro sunk to as low as 128.50 yen, its lowest level since late March 2021. The U.S. Federal Reserve Chairman Jerome Powell will report at a town hall for educators later in the day. Moreover, the Fed will also report the minutes from its latest meeting tomorrow.
European Daily Market Review
2021-08-17 08:22UTC
European markets dropped some ground today, as the main indexes are into a falling path.This takes places amid rally in COVID-19 cases in Asia and elsewhere raised issues over a dropping economic growth.The German DAX tumbled 0.43%, the British FTSE-100 lost 0.15% and the French CAC-40 retreated 0.51%.The pan-European Stoxx-600 declined 0.3% during morning deals.U.K. jobs data indicated in a number of employees on British company payrolls rose month-on-month by 182,000 in July. The U.K.’s Office for National Statistics reported that the unemployment rate for the second quarter came in at 4.7%.BHP Group announced that Tuesday it would sell its petroleum assets to Woodside Petroleum in an all-stock deal.German bond yields fell alongside those of U.S. Treasuries to their bottom mark of the last week.
Gold Price Fell
2021-08-17 07:26UTC
Gold prices slipped this morning during the Asian hours. However, the price of the precious metal remained close to an over one-week peak as ever-jumping cases of COVID-19 cases on a global scale.Now, gold trades at $1794.52, which is a rise of $7.49 or 0.42% from the previous close of $1787.03.The daily trading range is from $1784.32 to 1795.20, while the trading volume is 94.419K.Moreover, the USD which is into a reverse relationship, appreciated this morning.The markets are now focused on the minutes from the U.S. Federal Reserve’s latest meeting, due to be released later today.In addition, the Reserve Bank of Australia stated the minutes from its latest meeting earlier in the day. The Industrial and Commercial Bank of China also announced transactions of precious metals for some accounts.In the meantime, silver added 0.3% and platinum gained 0.1%.
Asian Daily Market Review
2021-08-17 02:54UTC
Asian markets are mostly lower Tuesday morning as investors continue to monitor COVID outbreaks around the globe, and sentiment remains somewhat dented from the weaker than expected Chinese economic data released yesterday. Also adding to risk aversion today are events in Afghanistan, where the takeover by the Taliban is expected to have global repercussions. Japan’s Nikkei is one of the region’s rising markets, posting a modest gain of 0.2% as investors there are slightly upbeat over the halted gain in the Yen versus the U.S. dollar. Shares of Softbank Group are slightly lower by 0.2%, while shares of Sony are dropping 1.1%. Among the major exporters Toyota is 0.3% lower, Panasonic has a 0.5% loss, while Canon is rising 0.8% to support the broader index. In Australia the S&P/ASX 200 is 0.8% lower after the Reserve Bank of Australia expressed uncertainty over the economic growth in the second half of the year. The big four banks are sliding lower in line with losses for the index, with ANZ and NAB trading 0.8% lower, Commonwealth Bank losing 1%, and Westpac dropping 1.7%. Mainland Chinese markets have opened to slight gains, with the benchmark Shanghai Composite up less than 0.1%, while the smaller cap Shenzhen Composite is adding 0.1%. Over in Hong Kong the Hang Seng is slipping lower by 0.2%. South Korea’s Kospi is trading 0.8% lower, and in Taiwan the Taiex has a 0.3% loss. In Southeast Asia markets are mixed too, with the KLCI in Malaysia adding 0.8%, but the Jakarta Composite in Indonesia falling 0.8% and the Straits Times in Singapore losing 0.6%.
Tesla Shares Tumble
2021-08-16 23:06UTC
Tesla shares tumbled as much as 5% intraday Monday before settling with a loss of 4.3% after U.S. regulators announced an investigation into the company’s Autopilot system for its electric vehicles. The loss also put Tesla shares underwater for the year. Shares are now down 2.8% since the start of 2021 versus a gain of roughly 19% for the S&P 500. The investigation is being launched by the U.S. National Highway Safety Traffic Administration (NHSTA) into 11 crashes that resulted in 17 injuries and one death. All the incidents occurred in vehicles where Autopilot was engaged, and where the vehicles “encountered first responder scenes and subsequently struck one or more vehicles” according to the NHSTA. The report covers roughly 765,000 vehicles manufactured since 2014 by Tesla. There have been a number of probes into Tesla’s Autopilot over the past few months. Initial finding indicate that most of the crashes occurred after dark, and where there were clear first responder sings such as flares, flashing lights, cones, or an illuminated arrow board. Tesla officials declined to comment on the investigation on Monday. Investors are obviously concerned over the investigation, which could result in fines, recalls or both. In addition, it could seriously delay the launch of self-driving cars, something that Tesla’s CEO Elon Musk has been promoting for some time. It’s certain that the rollout of self-driving cars is priced into Tesla shares, but uncertain to what extent the current price reflects expectations for Tesla to release such vehicles and when. Tesla bulls claim this is simply a distraction, and that the company remains on track for autonomous cars in the near future.
U.S. Daily Market Review
2021-08-16 14:20UTC
The leading U.S. stock indexes retreated today amid issues of slowing global growth.The Dow fell 110 points, or roughly 0.3%. The S&P-500 slipped 0.5% and the Nasdaq Composite dropped about 1%.The USD appreciated today versus the main pairs such as the Australian and Canadian dollars, amid dropping economic data from China and the geopolitical issues in Afghanistan.The Biden administration reported a historic growth to the nation’s food stamp program, a decision that granted around 40 million Americans about 30% more to spend on groceries.Tesla’s stock tumbled this morning, as the National Highway Traffic Safety Administration reported a formal probe into the electric vehicle maker’s Autopilot partially automated driving system.Shares prices of Moderna advanced around 230% this year, but now fell  more than 9%.Coronavirus cases in the United States jumped by around 37,024 over the week-end to a total of 36.85 million, as reported by Reuters.
European Daily Market Review
2021-08-16 10:22UTC
European stocks dropped some ground, tracking Asian markets as investors react to lower than predicted economic data.The German DAX slipped 0.54%, the French CAC-40 fell 0.89% and the British FTSE-100 lost 0.89%.The pan-European Stoxx-600 declined 0.5% during mid-morning deals, with all sectors and major bourses in a falling side.The German carrier Lufthansa sunk toward the bottom of the index. BHP said it is in talks with Australian oil-and-natural-gas company Woodside Petroleum Ltd. on a potential deal to combine BHP’s petroleum unit with Woodside.BHP is also could follow the division as part of a strategic review. Israel Discount Bank announced a larger-than-estimated surge in quarterly profit as the country’s economy continued to recover from the coronavirus crisis.Borrowing costs in Germany tumbled to its weakest mark in over a week.The Taliban’s recapture of Afghanistan also boosted bond markets, regarded as a safe haven at times of geopolitical crisis.
Crude Oil Prices Dropped
2021-08-16 06:47UTC
Oil prices retreated more than 1% this morning, falling for a third session.This comes after official data indicated in that refining throughput and economic activity slowed in China.Now, oil trades at $67.461, which is a loss of $0.473 or 0.70% from the previous close of 67.934.The daily trading range is from 67.204 to 68.248, while the trading volume is 11.117K.Factory output and retail sales growth came lower  in July in China, amid missed predictions.China's crude oil processing last month also  sunk to its bottom on a daily basis since May 2020.In Japan a modest economic growth is expected in the current quarter.The International Energy Agency on Thursday reported that rising demand for crude oil reversed course in July. This is because of a slower rate over the rest of 2021 because of the advancing new COVID-19 cases.Many analysts also reduced their futures and options positions in New York and London by 21,777 contracts to 283,601 for the period.
Asian Daily Market Review
2021-08-16 01:40UTC
Asian markets are off to a weak start on Monday morning as investors are increasingly worried over the negative impact of rising COVID cases globally. The losses are coming ahead of a raft of Chinese data being released later today that could confirm the slowdown in the massive economy. Japan’s Nikkei is leading losses for the region as it’s fallen 1.4% in early trade. A stronger Yen is weighing on shares of Japan’s exporters, leading to a broad based drop in the market. Shares of Softbank are 1.9% lower today, and Sony shares have lost 2.1%. Among the major exporters Toyota shares are down 1.6%, Panasonic is losing 2.1%, and Canon has a loss of 1.3%. Australia’s S&P/ASX 200 is also falling today, trading lower by 0.4% as the big four banks are weighing heavily on the broader index. Shares of ANZ are down 2.2%, NAB has fallen 0.7%, Commonwealth Bank is down 1%, and Westpac shares have dropped 0.9%. Meanwhile the major miners are mixed, with BHP shares advancing 1.4%, while Rio Tinto is trading 0.3% lower. In mainland China markets have opened flat ahead of the flood of data, with both the benchmark Shanghai Composite and the smaller cap Shenzhen Composite edging lower by less than 0.1%. Meanwhile Hong Kong’s Hang Seng is following the mainland’s lead with a decline of 0.1%. South Korea’s Kospi is falling 1.2%, and in Taiwan the Taiex is just slightly lower by less than 0.1%. Southeast Asian markets are lower as well, with both the Straits Times Index in Singapore and the KLCI in Malaysia trading down by 0.7%.
Cannabis Stocks Are Heating Up
2021-08-14 16:19UTC
After a dismal few quarters things look to be heating up for the producers in the cannabis space. So far earnings season has shown promise for a number of Canadian and U.S. cultivators as many are growing nicely. It also looks like the legislative backdrop for cannabis is improving. As the market heats up there are a number of things investors should be watching. First of these is of course profitability, but also how well companies are using those profits. For example, last week Tilray not only delivered solid profits, it also showed it is becoming increasingly profitable. It’s recent merger with Aphria have already yielded cost savings thanks to synergies and Tilray has its eye on more growth. Canopy Growth is also worth watching due to its partnership with Constellation Brands, which gives Canopy an excellent distribution network and access to Constellations strong branding experience and knowledge. U.S. producers also look strong, and are boosting production and profits consistently. The U.S. producer stocks look very affordable at current levels, meaning investors could be buying significant growth at a discount. Another potential positive for the industry is the bill introduced in July that would make cannabis legal in the U.S. at the Federal level. That would open up massive opportunity for cannabis stocks as many institutions are currently unable to purchase shares due to the illegal Federal status of cannabis. Those who are investing in cannabis stocks now are still well ahead of the curve. The industry remains very young, and the growth potential, particularly in the U.S., is massive as roughly half of all states have yet to legalize.
U.S. Daily Market Review
2021-08-13 13:07UTC
The major indexes of S&P-500 and Dow Jones Industrial Average soared today.The Dow inclined 70 points, while S&P 500 futures added 0.1%. On the other side, Nasdaq-100 dropped less than 0.1%.Shares of Disney secured more than 5% in premarket trading. This comes after the company announced blowout fiscal third-quarter earnings, coming above forecasts.Pfizer stock prices advanced around 0.2% after the Food and Drug Administration authorized booster shots for certain people with weakened immune systems.U.S. import prices gained less than estimates in JulyImport prices added 0.3% last month after jumping 1.1% in June, as reported by the Labor Department.The ninth straight monthly of surges resulted the year-on-year rise at 10.2% versus to11.3%, seen in June.
European Daily Market Review
2021-08-13 08:43UTC
The major European markets аre without a clear direction today, as most traders and investors are focused on the global economic indicators and rising Covid-19 cases.The German DAX gained 0.27%, the French CAC-40 inclined 0.21% and the British FTSE-100 secured 0.31%.The pan-European Stoxx 600 inclined 0.1% above the flatline in early trade, with retail stocks secured 0.6%.Мeanwhile, markets in Asia-Pacific retreated in Friday’s trade, with South Korea’s Kospi leading the falling path.London’s FTSE-100 advanced, led by heavyweight miners and retailers.The blue-chip FTSE-100 added 0.3%, heading for a fourth straight weekly surge. The GBP depreciated to two-week bottom against the USD. This is creatin a path for a second week of losses as investors looked for fresh catalysts after a surging economy.
Gold Prices Advacned
2021-08-13 06:56UTC
Gold prices rallied this morning during the Asian hours, but was set for a second consecutive weekly retreat.Now, gold trades at $1756.89, which is an addition of $4.55 or 0.26% from the previous close of 1752.34.The daily trading range is from $1751.51 to 1759.22, while the trading volume is 48.681K. The markets are focused on the U.S. Federal Reserve’s next monetary policy move.The USD moves into an inversely relationship to the precious metals, retreated but it is close to a four-month peak market earlier in the week.The latest U.S. economic data, released on Thursday, stated that the producer price index secured 1% month-on-month in July.The consumer price index released the day before suggested that inflationary pressures are peaking, soaring less than initial estimates of 0.3%.In the meantime, the U.S. data also reported that 375,000 initial jobless claims were filed throughout the week.Meanwhile, silver gained 0.2%, while platinum edged dropped 0.2%. 
Asian Daily Market Review
2021-08-13 02:34UTC
Asian markets are mixed Friday morning, with several trading right near unchanged levels after Wall Street indices traded to new record levels overnight. However the continued rise in COVID cases, and shutdown of Chinese ports is placing a good deal of negative sentiment heading into the weekend. Japan’s Nikkei is one of those flat markets, trading slightly lower by less than 0.1%. One extra weight on the Nikkei is overnight strength in the Yen versus the U.S. dollar. Shares of Softbank are also slightly lower by less than 0.1%, while Sony is showing its strength with a gain of 0.9%. Among the major exporters Toyota is trading 0.3% higher, Panasonic has a 0.5% gain, and Canon is adding 0.2%. In Australia the S&P/ASX 200 is trading 0.5% higher, with the big four banks providing underlying strength. Shares of ANZ are up 0.4%, NAB is trading 1.1% higher, and Westpac is up by 1.2%. However Commonwealth Bank has a loss of 0.9% as it’s falling for a second consecutive day. In mainland China markets are headed higher at the open, with the benchmark Shanghai Composite rising 0.1%, while the smaller cap Shenzhen Composite is adding 0.4%. Meanwhile Hong Kong’s Hang Seng is taking its own direction as it trades slightly lower by less than 0.1%. South Korea’s Kospi is leading losses for the region with a drop of 1.8%, and in Taiwan the Taiex is trading 0.9% lower. Markets are mixed in Southeast Asia, with the Jakarta Composite up 0.1% and the KLCI in Malaysia edging up less than 0.1%, while the Straits Times in Singapore is losing 0.6%.
GBP/USD Testing Psychological Support
2021-08-12 22:58UTC
The GBP/USD fell through the psychological support at the 1.3800 level briefly on Thursday as the U.S. dollar caught a bid on inflation data, while the Pound suffered from worries growth in the U.K. has peaked. The pair did recover to back above the 1.3800 level by the close, but could see additional pressure tomorrow. The U.S. dollar gained strength mid-day on Thursday after the Producer Price Index came in stronger than expected, easing recent worries that have sprung up in reaction to the weakness in Wednesday’s Consumer Price Index release. The PPI racked up its largest annual increase in a decade, reaffirming expectations for early tapering from the Federal Reserve. The PPI was up 1% in July after also posting a 1% increase in June. On an annual basis through July the PPI jumped 7.8%, showing that inflation remains strong in the U.S. Adding to pressure on the pair was the release of the U.K.’s growth figures earlier in the day, which indicated that growth may have peaked. Second quarter growth in the U.K. was 4.8%, which was inline with expectations. This has undermined the hawkish stance of the Bank of England to some extent, and dried up buying interest for the Pound. GBP/USD fell as far as 1.3794 during the session, which wasn’t quite to the July 23 low of 1.3780. While we could get a second test of that level on Friday, it’s more probable the pair will settle into a consolidation range from 1.3780 to 1.3830 heading into the weekend. Meanwhile, the US dollar could have topped ahead of the Jackson Hole Symposium later this month.
U.S. Daily Market Review
2021-08-12 12:07UTC
U.S. stocks are still without a solid direction but the Dow Jones Industrial Average managed to notch a new intraday record.However, the main indexes partly tumbled as investors weighed data showing a steady new hirings recovery against a rise in producer prices.The Dow dropped 50 points after rallying to new all-time high at the open. The S&P-500 added 0.1% and the Nasdaq Composite secured 0.2%.Micron shares retreated 5% after Morgan Stanley estimated a slowdown in the memory chip market.The USD partly advanced versus the main pairs, after data showed producer prices posted their largest surge on annual basis of the last 10 years in the 12 months through July.
The USD Is Into A Falling Side
2021-08-12 09:49UTC
The USD lost some ground this morning during the Asian hours. In fact, the USD preserved its positions around a four-month peak as the U.S.’ latest inflation data came higher than estimates.Presently, the USD versus the Euro trades at 0.851 EUR, which is a minor loss of $0.0002 or 0.02% from the previous close of 0.8517.The USD Index that tracks the greenback against a basket of other slipped 0.02% to 92.898.Data released in the U.S. on Wednesday said the core consumer price index (CPI) added 0.3% month-on-month in July.Richmond Fed President Thomas Barkin told Reuters it could take a few more months before the U.S. job market is sufficiently recovered.However, some investors still expect the Fed to report a tapering of stimulus in the year. 
European Daily Market Review
2021-08-12 09:32UTC
European stocks are still without a clear market direction amid rising issues over global Covid-19 cases.The German DAX added 0.22%, the French CAC-40 inclined 0.12% and the British FTSE-100 slipped 0.13%.The pan-European Stoxx-600 hovered around the flatline in early trade, with basic resources falling 1.4%.Euro zone factory output dropped in June as Germany, as the economy is facing serious supply bottlenecks.The EU’s statistics office Eurostat reported industrial output in the 19 countries in the euro zone retreated 0.3% month-on-month.The GBP only slightly moved today as most market specialists predict the Bank of England to make no moves in its monetary policy.The Office for National Statistics reported that the economy secured aorund 4.8% in the second quarter.
Crude Oil Prices Into A Steady Path
2021-08-12 06:31UTC
Oil prices are into a steady pattern today following two sessions of rallies after a call from the United States, the world's top oil consumer.Now, oil trades at $69.100, which is a loss of $0.253 or 0.36% from the previous close of 69.353.The daily trading range is from $68.948 to 69.481, while the trading volume is 10.013K.The U.S. Senate on Tuesday approved a $1 trillion infrastructure bill that will expand transporation systems.The White House urged the Organization of the Petroleum Exporting Countries (OPEC) and its allies to boost supply output in order to compensate the rising gasoline prices.However, there are still issues over the advance will not be adequate to satisfy demand as the U.S. and Europe ease their coronavirus-induced movement restrictions. Moreover, the White House announced its outreach to OPEC+ is ongoing and aimed at long-term engagement.In addition, the EIA report weighed on prices. U.S. crude oil stockpiles dropped last week.
Asian Daily Market Review
2021-08-12 02:19UTC
Asian markets are mixed again on Thursday morning, with some markets giving back early gains. Overnight saw Wall Street indices strike new records following a weaker than expected reading of inflation in the U.S. The U.S. dollar also fell in response to the inflation readings, and continues to soften versus Asian counterparts. Japan’s Nikkei is trading 0.3% higher, although the stronger Yen versus the U.S. dollar is weighing on the index. Shares of Softbank are trading 0.4% higher today, but Sony shares have fallen 0.6%. Among the major exporters Toyota is trading 0.1% higher, and Panasonic is gaining 0.4%, while Canon is outpacing them both with a gain of 0.9%. In Australia the S&P/ASX 200 is edging up by less than 0.1%, with the big four banks mostly flat. Shares of ANZ, NAB, and Westpac are all trading slightly higher by less than 0.1%, but Commonwealth Bank shares are falling 1.9% despite unveiling a record $4.4 billion share buyback plan yesterday. Meanwhile the major miners are mixed, with BHP rising 0.2%, but Rio Tinto shares falling 1.1% as Chinese ore purchases are weaker. In mainland China markets have again opened to losses, but they are modest as the benchmark Shanghai Composite trades just 0.1% lower, while the smaller cap Shenzhen Composite is trading 0.2% lower. Meanwhile in Hong Kong the Hang Seng is outpacing the losses from the mainland for a second consecutive session and trades 0.3% lower. South Korea’s Kospi is inching up by less than 0.1%, and in Taiwan the Taiex has a 0.3% loss. In Singapore the Straits Times Index leads the region with a 0.4% advance.
U.S. Daily Market Review
2021-08-11 12:42UTC
The U.S. leading shares advanced today after inflation surged.In the meantime, shares on a global scale reached to peak marks today after data showed U.S. consumer price jumped less last month.The Dow Jones Industrial Average added around 160 points, or 0.5%. The 30-stock Dow was boosted by names like Caterpillar and Home Depot. The technology-heavy Nasdaq Composite slipped 0.5%. The 10-year Treasury yield is partly static after the CPI report, providing in earlier surge and trading around 1.344%. The USD depreciated today after U.S. inflation data showed consumer price increases.The consumer price index secured 0.5% last month after adding 0.9% in June, according to the Labor Department.
European Daily Market Review
2021-08-11 12:06UTC
European stocks are still without a clear market direction, as traders and investors are still concerned over remained cautious with investors monitoring Covid-19 developments.The German DAX slipped 0.03%, the French CAC-40 gained 0.27% and the British FTSE-100 inclined 0.45%.The pan-European Stoxx 600 inched 0.2% above the flatline by early afternoon.ABN AMRO shares surged 4.7% to lead the Stoxx-600.Euro zone bond yields rallied today, tracking U.S. Treasury yields higher ahead of crucial U.S. inflation data.French company Carrefour is very likely to sale its Taiwan business, which is valued at around 1.6 billion euros ($1.9 billion) in the next month.
Gold Prices Surged
2021-08-11 06:27UTC
Gold prices advanced this morning during the Asian hours but a rising USD and rising bond yields.Now, gold trades at $ 1731.60, which is a surge of $2.90 or 0.17% from the previous close of 1728.70.The daily trading range is from 1723.96 to 1735.07, while the trading volume is 61.38K.The USD, which in general is into negative relationship to the precious metal, appreciated today and the greenback is close to a three-week peak.The U.S. Senate аpproved a massive infrastructure plan yesterday, which will now be on by the House of Representatives.The markets are now focused on the U.S. core consumer price index, due to be released later today. The Fed could start launch asset tapering or hike interest rates prematurely.Meanwhile, silver secured 0.1% to $23.29 per ounce. Platinum also soared around 0.7%.
Asian Daily Market Review
2021-08-11 01:46UTC
Asian markets are having another mixed day on Wednesday following the same overnight on Wall Street. Investors continue to struggle with the conflicts of apparent strong economic recovery and rising COVID cases, which could put a quick end to those recoveries. It’s a conundrum that’s had markets seesawing back and forth for some time. Japan’s Nikkei is trading 0.4% higher, continuing to get a boost from the strength in the U.S. dollar versus the Yen. In contrast with the gains for the broader market, shares of Softbank are trading 1.8% lower and Sony shares are edging down by less than 0.1%. Among the major exporters Toyota is adding 0.7%, Panasonic has a gain of 0.8%, and Canon is edging lower by 0.2%. In Australia the S&P/ASX 200 is trading 0.5% higher as the big four banks are supporting the broader market with a strong upward push. Shares of ANZ are trading 1.5% higher, NAB is advancing 1.7%, Commonwealth Bank is adding 1.6%, and Westpac has a 1.1% gain. Meanwhile the major miners are also supporting the broader market as BHP adds 2.1% and Rio Tinto advances 1.9%. Mainland Chinese markets have opened just slightly lower, with both the benchmark Shanghai Composite and the smaller cap Shenzhen Composite edging lower by less than 0.1%. Over in Hong Kong the Hang Seng is outpacing the losses on the mainland with a drop of 0.4%. South Korea’s Kospi trades 0.4% lower, and in Taiwan the Taiex is falling 0.6%. Southeast Asian markets are mixed, with the Straits Times in Singapore losing 0.5% and the Jakarta Composite in Indonesia falling 0.6%, while Malaysia’s KLCI adds 0.6%.
Coinbase Shares Fall Despite Solid Earnings
2021-08-10 21:35UTC
Global crypt exchange Coinbase saw its shares fall 3.9% ahead of its first earnings report as a publically traded company. Shares are also down 1% following the earnings report, which was released after the close of U.S. markets on Tuesday. Coinbase reported second quarter revenues of $2 billion, which exceeded expectations of $1.88 billion. Earnings more than doubled expectations, with the exchange reporting $1.6 billion in earnings versus expectations for $683.3 million. Despite the positive results shares were trading lower after hours as the company, which doesn’t provide forward financial guidance, warned of lower transaction volumes and transacting users in the current third quarter. More good news from the company is that its trading volumes grew by 38% in the second quarter, despite the drop in Bitcoin and other cryptocurrencies during the period. Institutional trading volume led that as it rose 47%, while retail trading volumes rose 21%. Because retail traders pay significantly higher fees versus institutions, the retail trading side of the business accounted for roughly 95% of Coinbase’s transaction revenues in the second quarter. Coinbase says it added roughly 1,000 new institutional users during the quarter, which highlights the growing adoption of cryptocurrencies by traditional finance companies. Also highlighting this fact is Coinbase’s statement that roughly 10% of the largest hedge funds are currently using its services. Coinbase also said it is providing services to Elon Musk, and his companies SpaceX and Tesla. Investors might find that as a positive considering Musk’s positive impact on the cryptocurrency markets. Also positive is the rate at which Coinbase is adding new products, which helps to drive additional transactional revenues.
U.S. Daily Market Review
2021-08-10 14:31UTC
Stocks are into a higher side, stimulating the Dow and S&P-500 to another record.At 9:58 a.m. ET, the Dow Jones Industrial Average added 70.53 points.The S&P-500 inclined 8.41 points, or 0.19%, at 4,440.76, and the Nasdaq Composite surged 23.54 points, or 0.16%, at 14,883.72.Exxon Mobil and Chevron soared more than 1% today.U.S. worker productivity growth dropped in the second quarter and labor costs came lower than previously predicted.Nonfarm productivity rallied at a 2.3% annualized rate last quarter. Kansas City Southern (KSU.N) advanced 7.8% after Canadian Pacific Railway Ltd (CP.TO) raised its offer for the U.S. railroad operator by about $2 billion to $27.29 billion. The new chairman of Wells Fargo & Co will be Steven Black succeeding Charles Noski who will retire at the end of September.Black has served as co-chief executive officer of private equity firm Bregal Investments since 2012.
The USD Into A Msssive Rise
2021-08-10 10:13UTC
The USD surged to a four-month high against the Euro today.This comes after solid U.S. jobs data bolstered estimates that the Federal Reserve could soon launch tapering its massive bond-buying programme.Currently, the USD against the common currency trades at 0.853 EUR, which is another incline of 0.0015 or 0.18% from the previous close of 0.8518. The daily trading range is from 0.8517 to 0.8537.Тhe greenback was getting a boost from advancing U.S. bond yields.U.S. job openings jumped to a record high in June while hiring also soared, as reported by the Labor Department. This comes after Friday's non-farm payroll report indicating in jobs increased by 943,000 in July, above the estimate of 870,000 The USD index SURGED on Friday and Monday, and marked an 18-day high of 93.02 during Asian trading hours from today.Tomorrow is due the U.S. consumer inflation data, which is expected to provide in some signals on the timing of the Fed's bond-purchase taper.
European Daily Market Review
2021-08-10 08:59UTC
European stocks advanced today, hoping to break out from a cautious approach. European stocks jumped to peak marks, extending rallies to a seventh straight session.The German DAX gained 0.09%, the French CAC-40 inclined 0.01% and the British FTSE-100 slipped 0.11%.The pan-European Stoxx-600 soared 0.3% in early trade, with travel and leisure stocks adding 1.8% to lead the rising pattern.Investor mode in Germany deteriorated for the third month in a row in August amid issues over that rising COVID-19 infections.The ZEW economic research institute reported its survey of investors’ economic sentiment sunk to 40.4 from 63.3 points.Air France KLM and French hotels company Accor dropped after the United States issued a travel warning due to high levels of the COVID-19 virus in France.Swiss duty free retailer Dufry fell 1.0%.
Crude Oil Prices Into Recovery
2021-08-10 06:44UTC
Crude oil prices jumped more than 1% today, recovering some of the retreats in the previous session when prices dropped to three-week bottom.Now, oil prices trades at $67.630, which is a rise of $0.819 or 1.23% from the previous close of 66.811.The daily trading range is from 66.547 to $68.021, while the trading volume is 15.997K.However, price surges could be limited on worries that advancing COVID-19 cases and restrictions in China will dent fuel demand.China today announced greater COVID-19 infections in the latest outbreak. In fact, the country is the biggest oil consumer of the world.In the United States, the Senate is very likely to pass $1 trilon infrastructure bill later today. In case, this is approved this would stimulate the economy and demand for oil as a result. But surging cases of COVID-19 are blighting the outlook for economic growth and overall consumption.Moreover, crude oil inventories are very likely to retreat around 1.1 barrels in the week to Aug. 6, according to initial forecasts.
Asian Daily Market Review
2021-08-10 02:26UTC
Markets were mixed across Asia on Tuesday as investors continued to worry over the rise in regional and global COVID-19 cases, and talk of ending stimulus measures. In Japan investors are returning from a three day holiday extended weekend and have sent the Nikkei 0.6% higher to lead gains across the region. The strength is partially due to weakness in the Yen versus the U.S. dollar, which is supporting shares of Japan’s exporters. Softbank Group is trading 1.1% higher, but Sony is falling 1.9%. Among the major exporters Toyota is adding 0.7% today, Panasonic is edging higher by less than 0.1%, but Canon shares are trading 0.4% lower. Australia’s S&P/ASX 200 is holding to a slight gain of less than 0.1%, with the big four banks posting a mixed performance. Shares of Commonwealth Bank are trading 0.6% higher and Westpac is adding 0.3%, but ANZ has a loss of 0.4%, while NAB inches lower by less than 0.1%. Among the major miners BHP is advancing 0.1%, but Rio Tinto shares are falling 0.5%. Mainland China’s markets have opened to losses once again, with the benchmark Shanghai Composite losing 0.5% and the smaller cap Shenzhen Composite falling 0.3%. Meanwhile over in Hong Kong the Hang Seng is following the mainland’s lead with its own drop of 0.4%. South Korea’s Kospi is trading 0.7% lower, but the Taiex in Taiwan has the largest loss in the region as it trades down by 0.8%. Southeast Asian markets are mixed as Singapore’s Straits Times adds 0.6% and the KLCI in Malaysia is 0.5% higher, but in Indonesia the Jakarta Composite is losing 0.5%.
Flash Crash Sends Gold Plummeting
2021-08-09 21:40UTC
Gold suffered a sharp flash crash of nearly $90 an ounce early Monday on the strength of the U.S. dollar and subdued trading volumes in the Asian session. While price rebounded later in the session gold remained 1.7% lower at the close. There are a number of things weighing on gold right now, with the stronger U.S. dollar being just one. Traders are also watching Treasury yields climb higher, and are expecting tapering and interest rate hikes to come from the Fed sooner rather than later. All three factors have combined in a perfect storm to push gold lower. Prices finished the session at the $1,729 level, which is a support level for gold. That means prices could see a recovery in the coming sessions if we get a bounce off this support level. However if prices continue lower then we should look for the $1,680 level, which is where the flash crash ended today, as the next major support level. That’s actually a double bottom from March, with another double bottom at the same level from April and May of 2020, and it should provide significant support. If that support level breaks the next significant support level isn’t until the $1,460 area, which could mean gold I sin for a prolonged slide. On the other hand if a bounce off support at either the $1,730 or $1,680 level occurs we would look for gold to target the resistance seen at the $1,830 handle. However, worries over rising delta COVID cases could create enough risk aversion to spark some safe haven buying in gold in the coming weeks.
U.S. Daily Market Review
2021-08-09 20:23UTC
U.S. markets struggled on Monday as a bout of profit taking, fears over the delta COVID variant, and a downgrade on Chinese growth by Goldman Sachs all worked to dent investor sentiment. Also pressuring equity markets was a rout in commodity markets, with both gold and oil falling sharply on the day, although for different reasons. By the end of the session the S&P 500 was 0.1% lower and the Dow Industrials lost 0.3%, while the tech heavy Nasdaq squeezed out a 0.2% gain. That left all three indices near record levels. Of course investors remain quite optimistic over the strength of the U.S. economic recovery, however that’s being tempered recently by the growing number of COVID cases as the highly contagious delta variant spreads, particularly in the southern U.S. states. That’s led to concerns regarding companies that were planning on having employees return to the workplace in the fall, and for the start of the school season as kids under the age of 12 aren’t able to receive the vaccine yet. Seven of the eleven S&P subsectors finished the day in the red, with the 1.5% loss in the energy sector the worst. The industrial and technology sectors each fell 0.4%, but other sector losses were more modest. On the other side of the market the financial and health care sectors rose 0.4% each. The biggest winner in the S&P 500 was Tyson Foods, with shares rallying 8.7% higher after the company reported better than expected earnings, while also lifting future guidance. The biggest loser was Air Products, with shares falling 5.2% after the company missed earnings estimates.
European Daily Market Review
2021-08-09 17:08UTC
European markets closed on Monday mixed and little changed to start the week as declines in gold and oil spooked investors. The U.S. dollar also continued its advance on most European currencies as investors believe the Federal Reserve will soon begin tapering its bond buying program. At the close the DAX in Germany was 0.1% lower, while the CAC 40 in France edged slightly lower by less than 0.1%. Italy’s FTSE MiB led gains for the region with a 0.5% advance, while the IBEX 35 in Spain declined 0.2%. In the DAX 30 pharmaceutical company Merck led gainers as it added 2.1%, while Siemens Energy climbed 1.2% higher. At the bottom of the leader board was Delivery Hero with a 3.2% loss. Meanwhile in the French CAC 40 multinational information technology service and consulting company Atos SE led gains as it jumped 3% higher, followed by a 1.6% gain for chip maker ST Microelectronics. Engine and auto makers crowded the bottom of the index as Safran fell 2.2%, Renault lost 2%, and Airbus Group was 1.8% lower. Over in the U.K. the FTSE 100 finished the session 0.1% higher. Scottish energy firm SSE led the list with a gain of 5%. Financials also showed strength as Scottish Mortgage shares rose 2.7% and Sber Bank advanced 1.8%. A financial services company was also at the bottom of the list as shares of Hargreaves Lansdown plummeted 11.3% after warning that the pandemic inspired boom in trading would soon come to an end. Shares of Rolls Royce were also 3% lower, and EasyJet shares fell 2.6% on the day.
Asian Daily Market Review
2021-08-09 02:10UTC
Markets are mixed across Asian and struggling to make gains as investor attention has turned to the worsening COVID situation across the region. The USD is strengthening versus regional currencies as traders react to the strong employment data released last Friday in the U.S. Markets are closed today in Japan and Singapore for public holidays. In Australia the S&P/ASX 200 is trading 0.3% higher, helped by the strength of the U.S. dollar versus the Australian dollar. The big four banks are helping support the main index with strong gains today. Shares of ANZ are trading 1.4% higher, NAB has a 1.3% gain, Commonwealth Bank is adding 1.4%, and Westpac trades 1.5% higher. At the same time major miners are trading mixed as losses for gold in response to the stronger USD are weighing. Shares of BHP are edging up by 0.1%, but Rio Tinto is trading 0.7% lower. In mainland China markets have opened mixed, with the benchmark Shanghai Composite rising modestly by 0.1%, but the smaller cap Shenzhen Composite trading 0.2% lower. In Hong Kong investor sentiment is higher, giving the Hang Seng a gain of 0.3%. South Korea’s Kospi trades slightly lower by 0.1%, while the Taiex in Taiwan is leading losses for the region with a drop of 0.9%. Southeast Asian markets are making gains, with the KLCI in Malaysia advancing 0.3% and the Jakarta Composite in Indonesia has opened to a gain of 0.4%. Gold is 1.4% lower in response to the rising U.S. dollar, and crude is falling 1.7% as traders worry about demand crashing in response to rising COVID cases.
Lowest Weekly Close For EUR/USD Since October
2021-08-06 23:42UTC
The EUR/USD fell to its lowest closing level since April 4, ending the session at the 1.1757 level. The drop of 76 pips came following the release of the U.S. non-farm payrolls, which was stronger than markets were expecting. The non-farm payrolls showed the U.S. economy added 943,000 jobs in July, while the unemployment rate fell to 5.4%. That is likely strong enough to classify as “substantial further progress” for the labor market in the Fed’s eyes, although they’ll likely want at least one more month of similar data before committing to bond tapering. The drop in the pair was almost solely due to U.S. dollar strength as rising Treasury yields helped to support the greenback. In fact, the 10-year Treasury soared 5% higher to a 1.29% yield as investors were clearly actively dumping bonds in a belief that Fed tightening will now be coming sooner rather than later. While it wasn’t quite the lowest daily close of 2021, it was the lowest weekly close. You have to go back to October to see a weekly close lower than that experienced in the past week. The question now is whether the pair will bust down through the support at the 1.1750 level, or rebound on Monday if traders come to think that the selling on Friday was overdone. Either course is possible, so traders will need to be on their toes when markets reopen. If the pair were to fall through the support at the 1.1750 level then the next logical level of support will be the 1.1625 level, which was tested several times on the weekly chart last September and October.
U.S. Daily Market Review
2021-08-06 11:37UTC
The major U.S. stocks hoped to enter into recovery after a higher than predicted jobs report on today.The Dow Jones Industrial Average gained 135 points, or 0.4%, and hit an intraday record high. The S&P-500 inclined 0.1% and reached its own intraday all-time peak. The Nasdaq Composite slipped 0.4%.Amazon and Apple partly retreated, while Zoom Video tumbled more than 3%..U.S. wholesale inventories advanced more than initially estimated in June.The Commerce Department reported today that wholesale inventories secured 1.1%, instead of 0.8% as estimated last month. Nonfarm payrolls jumped 943,000 jobs last month, as reported by the Labor Department. Initial forecasts included 870,000 new job creations.
European Daily Market Review
2021-08-06 10:20UTC
European markets are still without a solid direction as the markets are focused on thefresh round of corporate earnings and the global rally of the delta Covid-19 variant.The German DAX gained 0.17%, the French CAC-40 inclined 0.04% and the British FTSE-100 surged 0.06%.The GBP is into a steady path, preserving its ground to the four-month high against the common currency.This comes after the Bank of England set out plans for how it would follow a stricter monetary policy.The pan-European Stoxx-600 hovered just below the flatline in early trade, with insurance stocks adding only 1%.Maersk, the world’s largest container shipping firm, reported a massive advance of its second-quarter earnings. The company announced earnings before interest, tax, depreciation and amortization (EBITDA) of $5.1 billion, a 200% surge from the $1.7 billion last year.
Crude Oil Prices Could Soon Fall
2021-08-06 07:04UTC
Oil prices rallied this morning during the Asian hours but are expected to retreat in the coming few sessions.  There are some serious fears as many governments introduced again restrictive measures to curb their latest COVID-19 outbreaks continue to cloud the fuel demand outlook. However, the present tensions in the Middle East between Iran and Israel are adding to the downside pressures of oil prices.Now, oil trades at $69.511, which is another minor gain of $0.422 or 0.61% form the previous close of 69.089.The daily trading range is from 68.856 to 69.692, while the trading volume is 8.777K.Japan extended its state of emergency earlier in the week to more prefectures outside Tokyo, while China, the largest oil consumer imposed restrictive measures.
Asian Daily Market Review
2021-08-06 02:12UTC
Asian markets are mixed and little changed Friday morning as investors are awaiting the release of the non-farm payrolls report in the U.S. later today. In Japan the Nikkei is fluctuating back and forth, but holding onto a slight gain of 0.1% headed into the lunch break. Shares of Softbank are 0.4% lower, while Sony is adding 0.6%, and Nintendo is weighing heavily on the broader index with a loss of 8.3% after missing earnings expectations. Among the major exporters Toyota is 1.1% lower, Panasonic is falling 0.5%, and Canon has a 0.4% loss. Australia’s S&P/ASX 200 is also trading back and forth over unchanged levels today, and heading into the final hours of trade is sitting just slightly lower by less than 0.1%. Shares of the big four banks are providing support, with ANZ trading 0.5% higher, NAB advancing 0.2%, Westpac up by 0.3%, and Commonwealth Bank edging up by less than 0.1%. The major miners are a drag however, with BHP trading 2.5% lower, while Rio Tinto has a loss of 1.8%. Mainland Chinese markets have opened to losses, with the benchmark Shanghai Composite falling 0.5%, and the smaller cap Shenzhen Composite losing 0.6%. Meanwhile in Hong Kong the Hang Seng is pacing the mainland losses with a drop of 0.4%. South Korea’s Kospi is trading 0.3% lower, and in Taiwan the Taiex is down by 0.6%. Southeast Asian markets are putting in a mixed performance however, with the Straits Times in Singapore and the KLCI in Malaysia inching lower by less than 0.1%, while Indonesia’s Jakarta Composite is leading gains for the region as it adds 0.8%.
U.S. Daily Market Review
2021-08-05 18:43UTC
The leading U.S. equity indexes advanced today as energy and travel stocks entered into recovery.The Dow Jones Industrial Average gained 185 points, or 0.5%. The S&P-500 secured 0.4%, while the Nasdaq Composite inclined 0.7%. The moves in the stocks came after a mostly lower regular session on Wednesday, which saw the Dow drop 300 points.Weekly initial jobless claims jumped to 385,000 today in hand with estimates.The claims data was the last reading before the key July jobs report, which will be released on Friday morning. Initial claims for state unemployment benefits fell by 14,000 to 385,000 in the week ended July 31, while layoffs sunk to its bottom of the last 21 years, as reported by the Labor Department.The Biden administration dedicated more than $3 billion in additional funding for local governments to boost their resilience to climate change.
European Daily Market Review
2021-08-05 07:30UTC
European markets are into a mixed pattern this morning as the market is focused on corporate earnings and await a key monetary policy decision from the Bank of England.The pan-European Stoxx-600 moved just above the flatline in early trade, with tech stocks adding 0.6% while retail tumbled 1.1%.The French CAC-40 added 0.24% and the British FTSE-100 slipped 0.09%.The Bank of England for its monetary policy decision Thursday. The bank is likely to preserve its massive stimulus program despite continued recovery from the pandemic bottoms.German industrial orders advanced more than forecasts in June, boosted by bookings for large industrial items mainly from domestic clients.The Federal Statistics Office indicated in orders for goods from Germany soared 4.1% on monthly basis.
Gold Prices Fell
2021-08-05 06:47UTC
Gold price dropped this morning during the Asian hours, as the market is focused on remarks from a top U.S. Federal Reserve official that suggested that the central bank could begin asset tapering sooner than initial forecasts.Now, gold trades at $1809.83, which is a decline of $1.45 or 0.08% from the previous close of 1811.28.The daily trading range is from 1808.29 to 1812.42, while the trading volume is 45.604K.Gold managed to recover around 1% during the previous session as the U.S. released some economic data that indicated in ADP non-farm employment change was at 330,000 in July, less than the estiamtes.The precious metal retreated some of the overnight gains, however, after Fed Vice Chair Richard Clarida suggested that conditions for interest rates hikes could be met by the end of 2022. The market now awaits the Bank of England’s policy decision, coming later today.Meanwhile, the number of COVID-19 on a global scaled jumped above the 200 million mark as of Aug. 5.Meanwhile, platinum sunk to an over seven-month low of $1,005.50.
Asian Daily Market Review
2021-08-05 01:45UTC
Asian markets are mixed and little changed on Thursday morning following a similar session on Wall Street as the continued rise in COVID cases and weaker economic data from the U.S. and China have created some risk aversion among investors. Japan’s Nikkei is trading 0.3% higher today, getting a boost from a weaker Yen overnight that’s continued into the Asian session. Shares of Softbank are trading 0.7% lower, but Sony is adding 1.6% after reporting solid earnings late yesterday. Among the major exporters Toyota is 0.4% lower, but Panasonic is adding 1.9% and Canon is edging slightly lower by 0.1%. In Australia the S&P/ASX 200 is basically unchanged with a slight gain of less than 0.1%. Shares of the big four banks are mostly higher, with NAB adding 0.3%, Commonwealth Bank gaining 0.4%, Westpac inching up less than 0.1%, while ANZ is underperforming with a slight loss of less than 0.1%. The major miners are weighing on the broader index however, as BHP is trading 1.1% lower and Rio Tinto is losing 0.2%. In mainland China the benchmark Shanghai Composite has opened to a 0.5% loss, and the smaller cap Shenzhen Composite is leading losses for the region as it’s fallen 0.6%. In Hong Kong the Hang Seng  is slightly lower by 0.1%. South Korea’s Kospi is edging higher by less than 0.1%, and Taiwan’s Taiex is equally little changed, but with a slight loss of less than 0.1%. Southeast Asian markets are mixed as Malaysia’s KLCI is leading gains for the region with a 0.4% advance, while the Straits Times in Singapore is inching lower by less than 0.1%.
Crude Notches Three Consecutive Losing Sessions
2021-08-04 19:43UTC
After finishing July with a fourth consecutive monthly gain crude has gotten August off to a far different start, with crude prices dropping for three consecutive sessions. By Wednesday crude futures were trading at a two-week low as traders have concerns over demand in the coming months due to several factors. Kicking off the drop in crude prices was Chinese economic data released early Monday. The Caixin Manufacturing Survey in China showed factory activity in the country was at a 17-month low in July. Adding to the negative economic news is the U.S., with several measures of economic growth coming in weaker than expected. China and the U.S. are two of the world’s largest crude consumers, and with both economies apparently slowing traders are worried that demand for crude will also slow in the coming months. Also weighing on demand expectations has been the spread of the delta COVID variant, which threatens to cause another round of global lockdowns and economic mayhem. At the same time the U.S. reported a surprise rise in crude inventory levels on Wednesday. Crude inventories in the U.S. rose by 3.6 million barrels in the past week, despite increased refinery activity. Rising inventory levels are bearish for crude prices. The U.S. benchmark West Texas Intermediate (WTI) crude fell $2.41, or 3.4%, to close at $68.15 a barrel. Meanwhile global benchmark Brent crude lost $2.03 per barrel, or 2.8%, to settle at $70.38 a barrel. It was the lowest close for both contracts since July 20, and the first close below $70 a barrel for WTI crude since the same date.
U.S. Daily Market Review
2021-08-04 12:00UTC
U.S. stocks are into a tumble this morning after the earnings of a major automaker and a private sector jobs report came weaker than the forecasts.The Dow Jones Industrial Average dropped 280 points, or 0.8%. The S&P-500 fell 0.4% while the Nasdaq Composite was flat. General Motors retreated around 7% in early trading, after the car maker came below estimates in Q2. The USD was able to regain some ground from a decline.In fact, the USD index versus the main pairs declined around 0.2% on the report before turning back up. The Institute for Supply Management reported that its non-manufacturing activity index reached to 64.1 last month.
European Daily Market Review
2021-08-04 08:01UTC
European markets soared today amid rising U.S. corporate earnings boosted global sentiment.The German DAX added 0.75%, the French CAC-40 gained 0.56% and the British FTSE-100 inclined 0.43%.The pan-European Stoxx-600 secured 0.5% in early trade, with travel and leisure stocks climbing 1.2% to lead the rising path.London’s FTSE-100 came higher, boosted by greater earnings and heavyweight miners.BMW and Stellantis warned that production and sales will be hampered throughout the remainder of 2021 and beyond.UK homebuilder Taylor Wimpey Plc soared 4.0% as it raised its full-year earnings outlook.German fashion house Hugo Boss advanced 1.3% after it expectations.Swiss drugmaker Roche surged 0.5% after Bloomberg reported that SoftBank has built a $5 billion stake in the company.
Gold Prices Rallied
2021-08-04 07:22UTC
Gold prices rallied this morning during the Asian hours. The falling rate of the USD stimulated the precious markets. However, the yellow metal is into a narrow range as the markets await the latest U.S. jobs data.Now, gold trades at $1814.32, which is a rise of $4.17 or 0.23% from the previous close of 1810.15.The daily trading range is from $1808.81 to 1814.99, while the trading volume is 56.327K.Most traders and investors await the ADP non-farm employment change for July, alongside the Markit composite manufacturing purchasing managers' index (PMI).In other precious metals, silver added 0.4% and platinum surged 0.1%. Palladium edged up 0.2% to $2,652.99.  
Asian Daily Market Review
2021-08-04 02:05UTC
Asian markets are mixed on Wednesday morning despite a record close on Wall Street as investors remain concerned over the spread of COVID cases globally. In Japan the Nikkei is trading 0.3% lower as investors there are also being negatively impacted by a stronger Yen versus the U.S. dollar. Shares of Softbank are trading 0.3% lower, while Sony shares are plunging 3.2% ahead of their earnings report due out after markets close in Japan. Meanwhile among the major exporters gains are being made despite the stronger Yen. Toyota is trading 0.3% higher, Panasonic is modestly lower by 0.2%, and Canon is adding 1.5%. Australia’s S&P/ASX 200 is edging up by 0.1%, with the big four banks mixed. Shares of ANZ and NAB are both trading 0.5% lower, Westpac is falling a more modest 0.2%, and Commonwealth Bank is trading up by 0.5%. The major miners are supporting the broader index however, with BHP adding 1.7% and Rio Tinto advancing 1.3%. Mainland Chinese markets are trading nearly flat today, with the benchmark Shanghai Composite and the smaller cap Shenzhen Composite each edging up by less than 0.1%. Meanwhile over in Hong Kong the Hang Seng is ignoring the small mainland gains and trades 0.4% lower. South Korea’s Kospi is 0.3% higher to lead gains for the region, and in Taiwan the Taiex is adding a slight 0.1%. Southeast Asian markets are mixed today, with the Straits Times Index in Singapore climbing 0.2% higher, while Malaysia’s KLCI is leading losses for the region with a drop of 0.6%, and in Indonesia the Jakarta Composite is flat at the open.
Robinhood Shares Finally Come To Life
2021-08-03 23:21UTC
Robinhood went public last Thursday at $38 a share and investors were seemingly underwhelmed as the stock fell 8% on its first day of trading and continued to trade below its IPO price in the following sessions. That all changed yesterday however, as shares of the Menlo Park, CA online broker surged higher by 24% in a single session. With Robinhood selling 25% of its IPO shares to its own customers it’s been suggested that the initial days for the stock were primarily dominated by short-term traders cashing in on their shares, while Tuesday was more indicative of long-term investors beginning to accumulate shares. Tuesday saw the stock as one of the top traded equities at Fidelity, and also one of the most mentioned stocks on the Reddit board WallStreetBets. That’s the same Reddit board that’s been responsible for the meme stock craze that sent shares of Game Stop and AMC Theaters surging higher earlier this year. Robinhood bulls love the stock for its immense growth potential. The platform, which allows trading in equities, cryptocurrencies, and options, has grown from 7.2 million clients in 2020 to over 18 million clients as of March 2021. The company estimates the current number of accounts at 22.5 million. Robinhood could become increasingly powerful in the space if it decides to branch out into other financial services products, such as credit cards. It’s also possible the company could acquire another fintech firm to expand more into the payments space. Prior to the IPO Atlantic Equities gave the firm a 12-month price target of $65 a share, indicating roughly 40% upside from Tuesday’s close.
The USD Into A Dropping Pattern
2021-08-03 11:46UTC
The USD into a falling side, with most investors and traders not willing to bet on strong positions ahead of the release of key U.S. employment data towards the end of the week.Presently, the USD versus the Euro trades at 0.841, which is another loss of $0.0010 or 0.12% from the previous close of 0.8421. The daily trading range is from 0.8408 to 0.8423.The Dollar Index, only minorly dropped at 92.028.Moreover, the USD has tumbled since Federal Reserve Chairman Jerome Powell indicated last week that interest rate increases were still a long way away.The market is now focused on Friday’s official jobs report which will provide some indications of how sustained the U.S. recovery has been in July. Inflation is could rally to an annual 18.6% in July, a surge from 17.5% in June. 
U.S. Daily Market Review
2021-08-03 11:45UTC
U.S. stocks gained some ground and the S&P 500 set a new record high. In fact, the S&P-500 index closed at record high on Tuesday on gains in Apple and healthcare stocks.Nasdaq Composite secured around 0.6% to settle at 14,761.29. PepsiCo Inc. is about to sell the Tropicana orange juice brand to a private-equity firm, called PAI Partners. PepsiCo will receive pretax proceeds of $3.3 billion and retain a 39% stake in the new joint venture in a deal valued at roughly $4.5 billion.The 10-year Treasury yield are into a solid path after dropping back to near five-month lows yesterday.Apple Inc advanced after falling last week. Other leaders such as Netflix Inc, Tesla Inc and Facebook Inc continued to tumble some territory.
European Daily Market Review
2021-08-03 10:16UTC
European stocks only partly moved today as global markets searched for direction amid after increasing Covid-19 cases.The pan-European Stoxx-600 moved around around the same marks in early trade, with oil and gas stocks jumping 1%.Second-quarter earnings have been into a solid path with 66% of the more than half of the STOXX 600 companies that have reported coming above initial forecasts.The German DAX added 0.13%, the French CAC-40 gained 0.87% and the British FTSE-100 inclined 0.50%.Giants such as BP, Standard Chartered, BMW and Societe Generale will be reporting their results. Turkish inflation data advanced to 18.95% in July, more than initial estimates.Higher inflation numbers boosted the Turkish lira to seven-week peak.The GBP appreciated earlier today, stimulated helped by recent falls in COVID-19 infections in the country. The sterling against the euro, it was also 0.2% higher at 0.85365.
Crude Oil Prices Tumbled
2021-08-03 06:48UTC
Oil prices are into a retreat this  morning during the Asian hours, as COVID-19 worries over the new wave are affecting the markets alongside slowing manufacturing activity in the U.S. Now, oil trades at $71.068, which is a decline of $0.404 or 0.57% from the previous close of 71.472.The daily trading range is from 70.958 to 71.701, while the trading volume is 9.741K.China, the world’s largest oil importer, is having hard time to curb its latest COVID-19 development.Moreover, the U.S. manufacturing purchasing managers index (PMI) was 63.4 in July, while the Institute of Supply Management (ISM) manufacturing PMI was 59.5. On the supply side, the Organization of the Petroleum Exporting Countries and allies (OPEC+) implemented its plan to boost their supply by 400,000 barrels a day each month starting from August. OPEC members Saudi Arabia, Kuwait and the United Arab Emirates, boosted crude shipments to multi-month highs in July.U.S. crude oil supply data from the American Petroleum Institute, is coming later today.
Asian Daily Market Review
2021-08-03 02:11UTC
Asian markets are trading broadly lower on Tuesday morning following a mixed session on Wall Street. There’s some negative sentiment in response to the weaker than expected Chinese manufacturing data released yesterday, and some caution as traders are anticipating the U.S. jobs figures out later this week. In Japan the Nikkei is down 0.9%, leading losses for the region as the Yen is stronger versus the U.S. dollar today. Shares of Softbank are 0.8% lower, while Sony is losing 1.2% ahead of its second quarter earnings due tomorrow. Among the major exporters Toyota is edging 0.1% higher, while Panasonic is down 0.7%, and Canon is adding 1%. Australia’s S&P/ASX 200 is trading 0.2% lower, with the big four banks contributing to the broader market weakness. Shares of ANZ are trading down 0.4%, NAB is falling 0.8%, Commonwealth bank is inching lower by 0.1%, and Westpac is losing 0.8%. The major miners are also contributing to market weakness as BHP trades 1.5% lower and Rio Tinto is dropping 0.9%. In mainland China markets have also opened to weakness, with the benchmark Shanghai Composite losing 0.6%, while the smaller cap Shenzhen Composite falls 0.4%. Over in Hong Kong the Hang Seng is even weaker, dropping 0.9% in early trade. South Korea’s Kospi is edging down by less than 0.1%, while the Taiex in Taiwan is looking to buck the falling trend across the region as it creeps higher by less than 0.1%. Southeast Asian markets are mixed as the Straits Times in Singapore falls 0.6%, the Jakarta Composite in Indonesia adds 0.3%, and the KLCI in Malaysia is flat and unchanged.
Disney Earnings And More August Excitement
2021-08-02 20:26UTC
Disney will report on its second quarter earnings after markets close on Thursday August 12, but earnings isn’t the only exciting development in August at the House of Mouse. Other developments include the release of Cruella on Disney+ before the end of the month, and the Halloween event at Disney parks. The Disney Boo Bash kicks off on August 10, even before earnings. While it’s true that this is a Halloween event, Disney decided to get started early this year so that as many guests as possible would be able to enjoy the festivities. The event replaces the Not-so-Scary Halloween Party, and Disney is charging more for the event this year, gambling that demand will be strong for Disney-style festivities. Watch out for potential park closures however, as Florida is now facing a record number of COVID-19 cases and hospitalizations. Just last week Disney reinstituted mask requirements, and if things continue to deteriorate park closures are not out of the question. Then on August 12 Disney will release second quarter financial results, with analysts expecting a 43% year-over-year increase in revenue. While the bottom line results will be interesting, investors will likely be just as focused on other metrics such as park attendance and Disney+ subscriber growth. Finally, Disney fans will get access to Cruella on Disney+ on August 27. Since many people failed to see the film in theaters when it was released over the Memorial Day weekend this could be a big deal for Disney+. Disney shares need help as they’ve been slowing sinking since March and are now 3.1% lower since the start of 2021.
U.S. Daily Market Review
2021-08-02 12:16UTC
U.S. stocks are into a rising path as the market is focused on the first trading day of August.The Dow Jones Industrial Average inclined 179 points, or about 0.5%.The S&P-500 secured 0.6% and Nasdaq Composite added 0.5%. Shares of Carnival Corp. soared almost 2% in early trading. Leading banks such as Morgan Stanley and Bank of America are into a higher side.U.S. manufacturing are still into a gaining mode in July.A reading above 50 implied in a surge in manufacturing, which accounts for 11.9% of the U.S. economy. General Electric Co. shares will begin trading Monday at a reverse split-adjusted price of $103.60. General Electric last week reported earnings and revenue that came above initial forecasts.Bank of America Corp jumped between 0.6% and 1.2%, tracking a slight uptick in the benchmark 10-year Treasury yield.
European Daily Market Review
2021-08-02 07:32UTC
European stocks partly inclined today, being into a rising path, following the global sentiment.The German DAX added 0.92%, the French CAC-40 gained 0.91% and the British FTSE-100 inclined 0.99%.Automakers’ lobby CCFA-PFA announced that the global semiconductor shortage and surging infections are hindering rebound prospects for the French auto market. German retail sales advanced more than the forecasts in June following an easing of COVID-19 restrictions.The Federal Statistics Office reported that retail sales surged 4.2% on the month in real terms after an upwardly revised rally of 4.6% in May. Euro zone government bond yields jumped in early trading on Monday as optimism about more fiscal stimulus in the United States.Germany’s 10-year government bond yield slipped 25 basis points in July, the largest monthly loss since January 2020.
Gold Prices Fell
2021-08-02 06:12UTC
AGold prices retreated this morning during the Asian hours.This comes as the USD moves around one-month low. Now, the yellow metal trades at $1807.76, which is a loss of $5.87 or 0.32% from the previous close of $1813.63. The daily trading range is from $1807.38 to 1816.80, while the trading volume is 97.402K.The USD in general is into a reverse relationship the precious metals. The greenback fell 0.8% during the previous week.The U.S. jobs report for July, including non-farm payrolls, will be released on Friday.The Reserve Bank of Australia and Bank of England will report this week on Tuesday and Thursday.Meanwhile, silver was flat at $25.46, palladium rallied 0.5% and platinum gained 0.9%.
Asian Daily Market Review
2021-08-02 01:58UTC
Asian markets are trading broadly higher to start the week on Monday morning, as investors across the region are awaiting the release of the Caixin Manufacturing PMI data later this morning. Over the weekend the official Chinese reading on manufacturing PMI showed a slowdown to 50.4 versus the 50.9 expected. A reading over 50 still indicates expansion, but the results may have been impacted by the rising number of COVID-19 delta variant cases around Asia. Japan’s Nikkei is trading 1.7% higher to lead gains in the region as the Yen is retreating versus the U.S. dollar to start the week. Shares of Softbank are trading 2% higher to erase some of last week’s losses, and Sony has a 0.4% gain. Among the major exporters Toyota are 1.5% higher, while Panasonic and Canon are surging higher, with advances of 3% and 3.3% respectively. In Australia the S&P/ASX 200 is gaining 1.3% as the big four banks are rallying. Shares of ANZ are 1.2% higher, NAB is adding 2.1%, Commonwealth Bank is 1.7% higher, and Westpac is advancing 1.6%. Among the major miners BHP and Rio Tinto are 0.4% lower each in response to the weaker than expected Chinese manufacturing data. In mainland China markets have opened to losses, with the benchmark Shanghai Composite trading 0.5% lower, and the smaller cap Shenzhen Composite falling 0.2%. Meanwhile in Hong Kong the Hang Seng has a modest 0.2% gain. South Korea’s Kospi is adding 0.4%, and Taiwan’s Taiex is matching that with its own 0.4% gain. Southeast Asian markets are mixed however, with Malaysia’s KLCI advancing 0.2%, but Singapore’s Straits Times Index falling 0.3%.
Uber Suffering China's Tech Crackdown
2021-07-30 23:01UTC
Uber has been under pressure since the start of the pandemic as people have avoided ride sharing in general. Even as the pandemic was waning the company struggled to find drivers, and now the delta variant of COVID threatens Uber’s business once again. And at the same time the company is getting hammered lower due to Chinese authorities crackdown on the tech sector. No, Uber doesn’t operate in China, however they do own a substantial amount of shares in the Chinese ride-hailing service Didi. That company has been under fire from Chinese authorities over its June 30 listing on U.S. exchanges. Didi shares are down some 40% since its June 30 IPO, which has led to a loss of $2 billion for Uber. It gets worse for Uber though. Softbank in Japan is also heavily invested in Didi and is looking at a loss of $4 billion. To offset that loss Softbank said it will sell roughly one-third of its Uber holdings, which is 45 million shares. While that may be a small fraction of the nearly 1.9 billion Uber shares outstanding, it was also enough to spark a selloff in Uber shares. Over the past two sessions Uber shares have lost nearly 8%, and since the start of 2021 shares are down nearly 15%. As mentioned earlier, Uber’s business model is particularly vulnerable to the COVID-19 pandemic, and the rise of a new variant wave is not helping matters in the slightest. Just last week Uber shares looked like they might make some gains after announcing the acquisition of shipping software company Transplace from TPG Capital for around $2.25 billion.
U.S. Daily Market Review
2021-07-30 13:22UTC
The major U.S. markets are in red following a retreat quarterly earnings report from Amazon.com, while data showing a solid rally in June consumer spending.Dow Jones Industrial Average futures slipped 80 points. The Nasdaq-100 futures dropped 1.2% amid a soft earnings report from Amazon.Amazon tumbled 6.4% in premarket trading after it reported its first quarterly revenue coming weaker than expected of the last three years.Data on Friday showed U.S. consumer spending advanced more than estimates in June.U.S. labor costs jumped largely in the second quarter as companies raised wages and benefits competing for workers.The Employment Cost Index gained 0.7% last quarter after inclining 0.9% in the January-March period, as reported by the Labor Department.
European Daily Market Review
2021-07-30 09:55UTC
European stocks are into a red zone today after closing the previous session at all-time highs.The German DAX fell 0.97%, the French CAC-40 dropped 0.34% and the British FTSE-100 declined 0.98%.The pan-European Stoxx-600 index lost 0.7% in early deals, with mining stocks shedding 2.3% to lead the falling path.Back in Europe, earnings continued to take center stage with BNP Paribas, Renault, Air France-KLM and IAG are due later today.BNP Paribas announced a growth of 26% in net profit for the second quarter to 2.9 billion euros ($3.44 billion).Portugal’s economy rallied almost 5% in the second quarter from the preceding three months.GDP jumped 15.5% between April and June versus last year, when the country implemented the first major lockdown, impacting all industries, according to INE.
Crude Oil Prices Retreated
2021-07-30 07:15UTC
Oil prices tumbled this morning during the Asian hours.Demand moved to a higher rate than supply, while vaccination rates dampened the impact of a resurgence of another wave of COVID-19.Now, oil trades at $73.280, which is a loss of $0.109 or 0.15% from the previous close of 73.389.The daily trading range is from 72.920 to 73.470, while the trading volume is 10.951K.Both Brent and WTI futures surged around 2% on weekly basis. In fact, both the American Petroleum Institute and the U.S. Energy Information Administration reported a draw in U.S. crude oil supplies.However, many analysts suggested that rising COVID-19 vaccination rates could limit the need for harsh restrictive measures from the new variant of the virus.The Organization of the Petroleum Exporting Countries and allies (OPEC+) are expected to boost monthly supplies by 400,000 barrels a day beginning in August.
Asian Daily Market Review
2021-07-30 02:54UTC
Asian markets are trading mostly lower Friday morning as traders weigh Amazon’s earnings miss overnight as some worry it could be a signal of slowing consumer spending in the second half of 2021. Also causing worries again is the potential for more tech losses in the face of China’s regulatory crackdown on the sector. Japan’s Nikkei is falling 1.4% and leading losses for the region as the Yen has strengthened against the U.S. dollar overnight. Shares of Softbank are trading 1.9% lower, and Sony has a loss of 1.4%. Among the major exporters Toyota is edging lower by just 0.1%, but Panasonic shares are tumbling 2.7%, and Canon is bucking the falling trend with a gain of 0.3%. Australia is bucking the falling trend across the region, but not by much as the S&P/ASX 200 is inching up by less than 0.1%. The big four banks are helping to support the broader index as ANZ trades 0.3% higher, NAB is adding 0.7%, Commonwealth Bank advances 0.4%, and Westpac is gaining 0.5% higher. The major miners are also supporting the broader market as BHP and Rio Tinto each trade 1.8% higher. Mainland Chinese markets are slumping at the open, with the benchmark Shanghai Composite falling 0.5% and the smaller cap Shenzhen Composite losing 0.6%. Meanwhile in Hong Kong the Hang Seng is trading 0.9% lower. In South Korea the Kospi is losing 0.8%, and Taiwan’s Taiex has a modest 0.3% loss. Southeast Asian markets are mixed as the KLCI in Malaysia falls 0.3%, but the Jakarta Composite in Indonesia is 0.3% higher, and Singapore’s Straits Times is edging up by less than 0.1%.
The USD Into A Retreat
2021-07-29 14:42UTC
The USD slipped to a one-month low on Thursday, just a day after the U.S. Federal Reserve's reassurance that interest rate hikes remain distant for now.The Euro versus the greenback trades  at 1.1887, which is a gain of 0.00428 or 0.36% from the previous close of 1.18427.The daily trading range is from 1.1838 to 1.1889, while the trading volume is 122.492K.The USD index fell 0.3%.The USD index soared 1.6% since the Fed's June meeting.Gross domestic product advanced a 6.5% annualised rate last quarter, according to the Commerce Department.U.S. Treasury yields trended lower after Wednesday's Fed statement.The USD's weaker pattern and a fall in coronavirus cases in Britain, boosted the GBP to its highest level of the last month.
U.S. Daily Market Review
2021-07-29 11:11UTC
U.S. stocks markets advanced to peak values as most traders and investors are having hard time in regards to economic indicators.The Dow Jones Industrial Average secured 150 points to mark an intraday record. The S&P-500 added 0.4%, also reaching a fresh high. The Nasdaq Composite slipped  0.2%.PayPal and Facebook 5% and 3%, accordingly.Share prices of Ford soared around 4% after it raised its 2021 outlook.Contracts to purchase previously owned U.S. homes sunk in June.The National Association of Realtors (NAR) reported that its Pending Home Sales Index, based on contracts signed last month, tumbled almost 2% to 112.8.The USD slipped to a one-month bottom today just a day after the U.S. Federal Reserve’s reassurance that interest rate hikes are still not likely.The USD index declined 0.3% to 92.005, its weakest mark since June 29.
European Daily Market Review
2021-07-29 08:41UTC
European stocks soared today as the market is focused on a fresh round of major corporate earnings.The German DAX added 0.09%, the French CAC-40 inclined 0.69% and the British FTSE-100 surged 0.59%.The pan-European Stoxx-600 secured 0.3% in early trade, with oil and gas stocks jumping 1.8% after solid earnings from energy majors.British mortgage lending surged by a record amount in June as home-buyers rushed to take advantage of a tax break.The GBP advanced to its peak in over a month versus the USD.The sterling has soared for five consecutive sessions.German unemployment sunk in July as companies hired more staff in light of a recovery in Europe’s largest economy, official figures showed on Thursday.The Labour Office reported that the number of people out of work fell by 91,000 in seasonally adjusted terms to 2.598 million. Euro zone bond yields preserved around bottoms as a dovish tone from the U.S. Federal Reserve.Germany’s 10-year yield tumbled to its weakest level since February retreated 0.458%.
Gold Prices Rallied
2021-07-29 07:51UTC
Gold advanced today during the Asian hours to its peak mark of the last week.Now, gold trades at $1816.82, which is another rise of $10.79 or 0.60% from the previous close of 1806.03. The daily trading range is from $1805.88 to 1819.70, while the trading volume is 106.837K.Gold Futures rose 0.81% to $1,814.20 by 12:16 AM ET (4:16 AM GMT).The USD in general moves inversely to gold, retreated after sinking a two-week bottom.The Fed handed down its decision on Wednesday, with asset tapering making it onto the agenda of the two-day Federal Open Market Committee meeting.However, Fed Chairman Jerome Powell alarmed that the U.S. job market still had “some ground to cover.The Reserve Bank of Australia (RBA) could follow asset tapering as it hands down its policy decision in the following week. In other precious metals, silver soared 0.9%.
Asian Daily Market Review
2021-07-29 02:00UTC
Asian markets are making good gains on Thursday morning after receiving reassurances from the U.S. Federal Reserve that tapering is still some way off, as the central bank still sees the need for more recovery from the U.S. economy. Chinese markets are also making headway as it appears the Chinese government could provide support to halt the rout in equity markets there. Japan’s Nikkei is 0.6% higher as the Yen is holding steady versus the U.S. dollar. Shares of Softbank are 2.6% higher and Sony is rallying 3.1% higher ahead of its earnings report next week. Among the major exporters Toyota is modestly higher by 0.3%, while Panasonic is adding 0.6%, and Canon is falling 2.2% in opposition to the uptrend in the broader market. In Australia the S&P/ASX 200 is adding 0.4% despite weakness from the big four banks. Shares of ANZ are edging lower by less than 0.1%, NAB has a 0.5% loss, and both Commonwealth Bank and Westpac are modestly lower by 0.2%. Meanwhile the major miners are providing strong support as BHP rises 1.8% and Rio Tinto advances 2.7%. In mainland China markets are strongly higher at the open, with the benchmark Shanghai Composite adding 1.1% and the smaller cap Shenzhen Composite rallying 1.9% higher. In Hong Kong the Hang Seng is leading gains for the region as it rises 2%. South Korea’s Kospi is edging up by less than 0.1%, while the Taiex in Taiwan adds 0.5%. Southeast Asian markets are mixed however, with Singapore’s Straits Times up 0.5%, while the KLCI in Malaysia is inching lower by less than 0.1%.
Robinhood IPO Hits Wall Street Thursday
2021-07-28 23:20UTC
Robinhood shares will hit Wall Street tomorrow in one of the most highly anticipated IPO’s of the year. The stock trading app has been in the spotlight a number of times over the past year for its role in the trading of meme stocks, so investors are hoping it won’t become one itself. Shares will trade under the symbol HOOD and are expected to be priced from $38-42 a share. If the stock opened at the top end of that range Robinhood would have a fully diluted market cap of $35 billion. Compare that with Coinbase, which went public in April and has a fully diluted market cap of $65 billion. Both Robinhood and Coinbase are two of the favorite places for newer investors to buy cryptocurrencies. Robinhood is extremely popular among young investors due to its mission to democratize investing, which has resonated strongly in the under-30 crowd. As retail stock and cryptocurrency trading has exploded in recent years, so too has Robinhood seen its own growth explode. Currently the company estimates that it had 22.5 million clients with a combined $100 billion in assets in the second quarter of 2021. That’s up from 18 million clients and $80 billion in assets in the first quarter of 2021. Incredibly, Robinhood has grown to become the third largest broker, behind Fidelity (36.4 million accounts) and Charles Schwab (31.9 million accounts). It is also well ahead of eTrade (7.2 million). It has been able to grow so rapidly by being the pioneer of free trading, and was the catalyst for the entire brokerage industry to drop commissions back in 2019.
U.S. Daily Market Review
2021-07-28 16:36UTC
The S&P-500 only partly moved today as the market is focused on a slew of corporate results while expecting the Federal Reserve. Nasdaq Composite added 0.7%. The Dow Jones Industrial Average fell 80 points. Boeing shares advanced around 5% after the manufacturer posted its first profit since the third quarter of 2019. Pfizer shares soared 2% after the company announced greater than expected results  and raised its 2021 sales forecast for the Covid vaccine.The USD index rallied around 0.09%, and the common  currency was 0.07% at $1.1806. The yield on 10-year Treasury notes inclined 2.5 basis points to 1.259%, and the yield on 10-year Treasury Inflation-Protected Securities stood at declined 1.104%.
European Daily Market Review
2021-07-28 07:56UTC
European stocks are into a steady path amid higher earnings data from some of Europe’s biggest banks and companies added to the investor sentiment.The German DAX added 0.24%, the French CAC-40 soared 0.73% and the British FTSE-100 inclined 0.25%.The pan-European STOXX-600 secured 0.1% by 0716 GMT.Wizz Air rallied 4.4% after it forecast capacity to ramp up to between 90% and 100% of pre-pandemic levels in July and August.British bank Barclays advanced over 4%, after first-half profit nearly quadrupled. British house prices soared 10.5% in July compared with the same month last year, sinking to a weaker mark from June’s leap of 13.4%.In monthly terms, house prices dropped 0.5% from June, according to the Nationwide.
Crude Oil Prices Advanced
2021-07-28 07:07UTC
Oil prices rallied this morning during the Asian hours, boosted by a draw in U.S. crude supplies.However, jumping numbers of COVID-19 cases globally created in a negative pressure on oil prices.Now, oil trades at $71.901, which is a rise of $0.025 or 0.03% from the previous close of 71.876. The daily trading range is from 71.797 to 72.211, while the trading volume is 10.765K.Brent oil futures gained 0.65% to $74 by 11:26 PM ET (3:26 AM GMT) after shedding 2 cents during the previous session.U.S. crude oil supply data reported from the American Petroleum Institute indicated in a draw of 4.728 million barrels for the previous week.The numbers from the U.S. Energy Information Administration (EIA) is due later today.
Daily Asian Market Review
2021-07-28 02:39UTC
Asian markets are following the overnight losses on Wall Street, where indices fell off their record highs, and large cap technology earnings were met with muted sentiment. Also weighing on the markets are investor worries over how far Chinese regulators might go to keep Chinese tech companies in check. Japan’s Nikkei has dropped 1.3% heading into the lunch break, with a stronger Yen holding back the Japanese exporters. Shares of Softbank are plunging 3.7% lower, but Sony is bucking the falling trend with a 0.6% advance. Among the major exporters Toyota is 0.6% lower, Panasonic is down 0.3%, and Canon shares have fallen 1.4%. In Australia the S&P/ASX 200 has a loss of 0.6% late in the afternoon in Sydney as the big four banks track the losses for the broader index. Shares of ANZ are trading 0.6% lower, NAB has a loss of 0.4%, Westpac is also falling 0.4%, and Commonwealth Bank is outpacing the losers with a drop of 1.2%. Meanwhile the major miners are also contributing to losses, with BHP down 1.6%, and Rio Tinto dropping 0.8%. Mainland Chinese markets are on the way lower as the benchmark Shanghai Composite is trading 0.7% lower, while the smaller cap Shenzhen Composite has a 0.4% loss. Meanwhile the Hang Seng in Hong Kong is bucking the losing trend across the region with a surprising gain of 0.5%. South Korea’s Kospi is edging lower by 0.1%, and in Taiwan the Taiex is leading losses for the region as it falls 1.4%. Southeast Asian markets are alos lower, with the Straits Times in Singapore and KLCI in Malaysia both losing 0.2%.
Is Amazon Planning A Stock Split?
2021-07-27 22:22UTC
With Amazon on the verge of reporting its second quarter earnings there have been some suggestions that the time may be right for the ecommerce giant to announce a stock split. There have been several compelling reasons given for such a move. For one thing, most companies do announce stock splits during their earnings calls. If Amazon is planning a split now would be the optimal time to announce that. With shares of Amazon near a record high at just above $3,600, Amazon is the second most valuable stock in the S&P 500. Some analysts believe that this means the company, which hasn’t split its stock since 1999, is ripe for a split. In addition, with Jeff Bezos making an exit and Andy Jassy coming in as the new CEO it could be a good move for Jassy to start his tenure as CEO with an impressive move like a stock split. It would certainly set the tone, and could help in his vision for the future of the company. It’s also worth noting that Amazon may have designs on joining the venerable Dow Jones Industrial Average. It can’t do this with its current high stock price, due to the price weighted nature of the DJIA. A stock split would make Amazon eminently eligible to join the hallowed ranks of legendary DJIA members. There have been several recent notable stock splits in the tech sector, including Apple last August, and Nvidia last week. In both cases shares rallied strongly ahead of the stock split, and maybe Amazon hopes to see such a dynamic following their own announcement of a stock split.
Asian Daily Market Review
2021-07-27 01:57UTC
Asian markets are moving higher on Tuesday morning following another record close overnight on Wall Street. More solid corporate earnings helped push U.S. indices higher, with the S&P 500 just edging to a new record close by less than 0.1%. In Japan the Nikkei is trading 0.5% higher, adding to gains from the prior session even as the Yen continues edging higher versus the U.S. dollar, putting pressure on Japan’s export sector. Shares of Softbank are falling for a second consecutive session, losing 0.9%, while shares of Sony are rising for a second consecutive session to add 0.6%. Among the major exporters Toyota is adding 0.3%, Panasonic shares are flat, and Canon has a 0.4% gain. Australia’s S&P/ASX 200 is 0.3% higher, with the big four banks mixed today. Shares of ANZ are slightly higher by 0.1%, and Commonwealth Bank is adding 0.7%, but NAB is trading 0.3% lower and Westpac is edging lower by less than 0.1%. The major miners are helping to lift the broader index for a second session in a row, with BHP gaining 2.5%, while Rio Tinto advances 1.5%, and Fortescue Metals trades 1.2% higher. In mainland China markets have opened higher today after a sharp loss in the prior session. The benchmark Shanghai Composite is trading 0.3% higher, and the smaller cap Shenzhen Composite has a 0.5% advance. Meanwhile Hong Kong’s Hang Seng is modestly higher by 0.2%. South Korea’s Kospi is adding 0.5% today, but in Taiwan the Taiex is inching lower by less than 0.1%. Southeast Asian markets are higher today, with the Straits Times in Singapore and the KLCI in Malaysia each gaining 0.3%.
Alphabet Set To Deliver Second Quarter Earnings
2021-07-26 20:06UTC
The FAANG stocks are considered the cream of the crop when it comes to technology, and in 2021 search giant Alphabet has been the top performing FAANG stock by far. Shares are up nearly 60% since the start of the year, and finished Monday at a new record higher. With second quarter earnings due on Tuesday will this rally in Alphabet be extended, or is it possible the company could disappoint investors, kicking off profit taking and a slide in shares? The outperformance in the stock has been driven by strong earnings, with Google beating analyst expectations significantly in each of the past four quarters. In this quarter Alphabet is expected to deliver an impressive $90.17 per share, which would represent an increase of 53.9% over the same quarter last year. Alphabet receives a majority of its revenue from online advertising, which has seen a strong rebound in 2021 as advertisers try to take advantage of consumer spending trends and the end of global lockdown measures. In addition, Alphabet is also a leader in the cloud computing space, and the 46% increase in cloud computing revenues in the first quarter indicates the firm is not only growing, but is also taking market share. Advertising revenue growth is expected to continue in the second quarter, which will help revenues continue to grow. The cloud computing platform is also expected to see continued growth as companies are still transitioning increasingly to cloud based solutions. If Alphabet is able to meet expectations there’s no reason to think that the rally will continue, however an earnings miss could be the start of a serious slide in shares.
U.S. Daily Market Review
2021-07-26 13:27UTC
The major stock futures lost some ground this morning ahead of a busy week of earnings reports.Giants such as Alphabet Inc, Apple Inc and Microsoft Corp, are about to announce their earnings later this week.Dow Jones Industrial Average futures fell 86 points after dropping by more than 200 earlier.S&P-500 and Nasdaq 100 futures also both traded in negative territory.The Dow Jones Industrial Average tumbled 5.69 points, or 0.02%, at the open to 35,055.86.Sales of new single-family homes last month retreated 6.5% to a seasonally adjusted annual rate of 676,000, as reported by the U.S. Census Bureau and Department of Housing and Urban Development. New home sales, which account for about 10% of the housing market, have declined every month in 2021.
European Daily Market Review
2021-07-26 13:00UTC
European stocks are still without a clear market direction today, tracking lackluster global mood as the markets are focused on the corporate earnings results.The German DAX slipped 0.38%, the French CAC-40 lost 0.02% and the British FTSE-100 fell 0.08%.The pan-European Stoxx-600 recouped some of its earlier losses to trade 0.1% lower by mid-afternoon, with basic resources jumping 2.1% while health care stocks fell 1.4%.Ryanair this morning raised its estimates for full-year traffic on strong summer bookings, according to the Group Chief Executive Michael O’Leary.Today the companies of Michelin, Faurecia, and Philips are all dure their reports.
Gold Prices Rallied
2021-07-26 06:24UTC
Gold prices advanced this morning during the Asian hours.Moreover, the USD stands firm looking ahead to the U.S. Federal Reserve’s policy decision. In general, the greenback is into a negative relationship to the precious metals.Now, gold trades at $1805.58, which is a rise of $3.62 or 0.20% from the previous close of $1801.96. The daily trading range is from $1798.26 to 1809.14, while the trading volume is 80.764K.The FOMC could mark a few changes to the Fed monetary policy during tomorrow’s meeting.On the data front, data from the U.S., released on Friday announced the manufacturing purchasing managers’ index (PMI) came greater than estimated 63.1.Meanwhile, in Europe, a larger number of countries took on defenses measures versus higher cases of COVID-19 involving the Delta variant.
Asian Daily Market Review
2021-07-26 01:59UTC
Asian markets are mostly struggling on Monday morning following another strong session on Wall Street last Friday. Japan’s Nikkei is bouncing strongly off a seven month low as investors there return from a holiday extended three day weekend, but other indices are seeing problems as investor funds continue flowing into the U.S., where markets continue reaching new record heights on strong corporate earnings and an impressive recovery in the U.S. economy. In Japan the Nikkei is trading 1.6% higher despite the Yen edging slightly higher versus the U.S. dollar. Shares of Softbank are slightly higher by 0.1%, while Sony shares are rallying 2.1% higher. Among the major exporters Toyota and Panasonic are each rising 1.2%, and Canon is trading 0.6% higher. Australia’s S&P/ASX 200 is 0.3% higher and gaining strength, despite weakness from the big four banks. Shares of ANZ and NAB are each falling 0.3%, Commonwealth Bank is edging lower by less than 0.1%, and Westpac shares are also 0.3% lower. Meanwhile the major miners are supporting the broader index as BHP and Rio Tinto each add 1.3%. Mainland Chinese markets have opened sharply lower, with the benchmark Shanghai Composite losing 1% while the smaller cap Shenzhen Composite is down 0.8%. Meanwhile over in Hong Kong the hang Seng is leading losses for the region as it is plunging 2.5% at the open. In South Korea the Kospi is retreating 0.3%, and in Taiwan the Taiex is 0.3% higher. Southeast Asian markets are also lower to start the day, with the Straits Times in Singapore retreating 0.3% and the KLCI in Malaysia 0.4% lower.
Tesla's Earnings Only Part Of The Story
2021-07-24 14:33UTC
Investors are looking forward to this coming Monday for a number of huge tech companies second quarter reportings, including one from the leading electric vehicle manufacturer Tesla. The company has already reported second quarter vehicle deliveries, which were at a record-breaking level of 201,250. However shares slumped in response to that number as some analysts were expecting more. Now Tesla has the chance to redeem itself with its quarterly earnings, and related press release information. Whether or not it will do so is another question entirely. Analysts are expecting Tesla to report earnings of $0.96 a share, which would match the previous quarter, but would be more than double the $0.44 a share reported in the same quarter last year. Likewise, revenues are expected to more than double from the same period last year to $11.47 billion. Options traders are currently pricing in a move of 5% in either direction for Tesla shares post-earnings. Any movement in shares is likely to be capped by support at the $570 level or resistance at the $740 level. These are the bottom and top of the range seen in Tesla shares since this past March. In addition, shares are 8.5% lower since the start of 2021, which is quite disappointing when you consider that the S&P 500 is 14% higher since the start of the year. In addition to earnings investors will also have a number of other concerns to focus on. These include the timeline for opening the Berlin and Austin plants, the rising competition in the electric vehicle space, the supply chain and labor shortages, and Tesla’s views on Bitcoin.
U.S. Daily Market Review
2021-07-23 09:12UTC
The leading U.S. indexes rallied, as are trying to mark their fourth straight session of inclines.The Dow Jones Industrial Average added 150 points, or 0.5%. The S&P-500 soared 0.4%. The Nasdaq Composite secured around 0.3%. The S&P-500 is about to close high set on July 12.The 10-year Treasury yield jumped today to 1.3%, easing concerns about the economy.Facebook surged 3% on the results from its social media competitors. Alphabet Google advanced about 1%. American Express announced higher than predicted quarterly results Friday morning, giving a boost to its shares of about 3.5%. After a record high as the company predicted greater forecasts for second-quarter profit.Twitter Inc is 4.9% higher in premarket trading after it reported upbeat revenue incline.
European Daily Market Review
2021-07-23 09:00UTC
European stocks partly inclined today as the market is focused on a weaker a economic growth.The German DAX added 0.06%, while the CAC-40 slipped 0.43% and the  FTSE0100 dropped 0.07%.The pan-European Stoxx-600 advanced 0.5% in early trade, with autos and basic resources adding 1.3% to lead the rising path.Britain’s rapid recovery from the coronavirus pandemic slowed sharply in July as a new wave of cases forced hundreds of thousands of people. Even supermarkets reported that this week that staff shortages were making it hard to operate its business.The GBP depreciated today despite higher-than-predicted retail sales data as investors weighed up the risk of a further rise in COVID-19 cases.Euro zone business activity rallied to a stronger rate in the last 10 years in July as the loosening of more COVID-19 restrictions gave a boost to services.
Crude Oil Prices Advanced
2021-07-23 06:50UTC
Oil prices are still into a rising mode, preserving three session rise to values over $70.Presently, oil trades at $71.599, which is a minor loss of $0.100 or 0.14% from the previous close of 71.699.The daily trading range is from $71.448 to 71.911, while the trading volume is 9.78K.West Texas Intermediate slipped 0.3% during the Asian trading hours after rallying more than 8% in the recent few days.Crude has rallied this year as the rollout of vaccines permits economies started to remove restrictions mode.Moreover, the Organization of Petroleum Exporting Countries and its allies are expected to provide 400,000 additional barrels per day to the market in August and the following quarter.
Asian Daily Market Review
2021-07-23 01:51UTC
Asian markets are steady and little changed Friday morning as investors weigh mixed overnight economic data, rising delta variant cases, and more good corporate earnings. Also playing into markets today are falling U.S. Treasury yields, and more Chinese tech concerns as regulators are considering unprecedented penalties for Didi Corp after its IPO last month. Also, Japanese markets are closed today for a public holiday. In Australia the S&P/ASX 200 is trading flat, with a slight gain of less than 0.1%, with the big four banks trading broadly lower and pressuring the broader market. Shares of ANZ are 0.8% lower, NAB has a 0.5% loss, and both Commonwealth Bank and Westpac are down by 0.7% each. Among the major miners BHP is trading 0.4% lower and Rio Tinto has a 0.7% loss, putting more pressure on the broader index. Mainland Chinese markets have also opened to modest losses, with the benchmark Shanghai Composite losing 0.2% and the smaller cap Shenzhen Composite falling 0.3%. Meanwhile in Hong Kong the Hang Seng is also losing 0.2% in-line with losses on the mainland. Shares of Didi Global fell 11.3% overnight on reports of China considering unprecedented penalties against the tech company, including suspension of certain operations, delisting or withdrawal of Didi’s U.S. shares. There are also rumors of fines in excess of $2.8 billion. In South Korea the Kospi is bucking the losing trend and trading 0.2% higher, while Taiwan’s Taiex also has a gain of 0.4%. Southeast Asian markets are mixed as the Straits Times in Singapore is edging up by 0.1%, but the KLCI in Malaysia is inching lower by less than 0.1%.
Nvidia Shares Continue To Outperform
2021-07-22 20:50UTC
Earlier this week Nvidia shares began trading on a 4:1 split adjusted basis. The split was announced back in May, kicking off a rally in Nvidia shares. Shares have been making solid gains, but fell in the immediate aftermath of the split, losing 1% on July 20. Since then a recovery has been afoot, and shares are once again marching higher, adding 1% yesterday. Since the beginning of 2021 shares are up 50%. While the shortage of semiconductor chips has likely hurt sales to some extent, and the company has warned about troubles in the second half of the year, it’s likely that the pent-up demand for Nvidia processors and hardware will allow the company to continue posting strong financial results. Nvidia processors are used in both gaming and cryptocurrency mining, which definitely helped the company during the pandemic and then during the crypto rally in the first quarter of 2021. The company also serves the data center and artificial intelligence markets, both of which are expected to continue to see strong growth in the second half of 2021 after spending came to a halt in 2020. Both analysts and investors remain very bullish on the stock, as the Nvidia GPUs are seen as the industry standard, and are highly sought after. Continuing pent-up demand due to supply constraints should ensure that Nvidia remains a strong performer in the second half of the year, despite the warnings from management. The most recent highs for the stock were at the $208 level, and with the stock roughly 8% lower now those highs are certainly within reach before Nvidia reports earnings on August 18.
U.S. Daily Market Review
2021-07-22 12:27UTC
U.S. stocks lost some ground amid unexpected surge in jobless claims which resulted in a more cautious investment mode.The Dow Jones Industrial Average dropped 70 points. The S&P-500 slipped 0.1%. The tech-heavy Nasdaq Composite is around the same levels.Second-quarter earnings are likely to secure 75% for S&P 500 companies, according to Refinitiv IBES predictions.Jobless claims unexpectedly advanced to 419,000 last week, more than the 350,000 economists polled by Dow Jones estimated and greater than the upwardly revised 368,000 from the previous period, according to the Labor Department.American Airlines marked a profit for the second-quarter, thanks to the regaining mode of the travel demand and government aid. AT&T Inc (T.N) today boosted raised its full-year financial forecasts as the business is coming from the pandemic.
European Daily Market Review
2021-07-22 08:26UTC
European stocks advanced today, indicating in reflecting positive global momentum.ECB’s policy decision is coming out later today, when it is all but certain to promise an even longer period of stimulus measures to stimulate inflation. The German DAX added 0.84%, the CAC-40 gained 0.63% and the British FTSE-100 lost 0.07%.The pan-European Stoxx-600 inclined 0.7% in early trade, with travel and leisure stocks jumping 2.3% to lead the rising path.The GBP appreciated versus the USD for a second session amid recovering risk sentiment in global markets.Swiss company ABB surged 2.3% to hit its highest level since November 2007 after it doubled its full-year sales outlook.
Gold Prices Retreated
2021-07-22 06:12UTC
Gold price dropped this morning during the Asian hours, which is still around the weakest marks of the week.The rising rate of the USD and higher risk appetite as issues over surging COVID-19 cases abated, both created in a negative pressure on the yellow metal.Presently, gold trades at $1799.22, which is a loss of $3.30 or 0.18% from the previous close of 1802.52.The daily trading range is from 1797.15 to 1803.82, while the trading volume is 85.451.The USD which usually moves inversely to gold, advanced today to just below three-and-a-half-month highs.The market is now focused on the European Central Bank (ECB) policy decision due today.In the meantime, silver slipped 0.1%, palladium gained 0.4%.   
Asian Daily Market Review
2021-07-22 02:22UTC
Asian markets are trending broadly higher on Thursday morning, taking their cue from the second consecutive winning session on Wall Street overnight. While the delta variant of the COVID-19 virus continues to spread, weighing on investor sentiment, today markets were able to look past those concerns. Japan’s Nikkei is lagging the broader region, but is still trading 0.6% higher, with the Yen easing against the U.S. dollar. Shares of Softbank are 0.5% higher, and Sony is jumping by 2.1%. Among the major exporters Toyota has a gain of 1.2%, Panasonic is up by 2.6%, but Canon shares are falling 2.9%. In Australia the S&P/ASX 200 is trading 0.9% higher, with the big four banks pacing the broader index. Shares of ANZ are 0.8% higher, NAB has a 0.5% gain, Commonwealth Bank is advancing 1%, and Westpac is edging up by 0.2%. Meanwhile the major miners are rallying strongly, with BHP adding 2.8%, Rio Tinto trading 1.9% higher, and Fortescue Metals is adding 0.6%. Mainland Chinese markets are lagging other areas, but still trade higher. The benchmark Shanghai Composite is slightly higher by 0.1%, and the smaller cap Shenzhen Composite is up by 0.3%. However, over in Hong Kong the Hang Seng is leading gains for the region as it trades up by 1.6%. South Korea’s Kospi is trading 1% higher today, with the index heavy weight Samsung advancing 1.4%, and in Taiwan the Taiex has a 1.1% gain. Southeast Asian markets are also broadly higher today, with the Straits Times in Singapore 1% higher, the Indonesian Jakarta Composite adding 1.1%, and the KLCI in Malaysia gaining 0.4%.
Intel Earnings On Tap
2021-07-21 21:00UTC
Semiconductor firm Intel is set to release its second quarter results tomorrow, with consensus expectations for $1.07 a share in earnings on $17.81 billion in revenues. That’s down from earnings of $1.23 a share on revenues of $19.73 billion in the same quarter last year. Intel has been facing numerous internal issues that have led to product delays, and the handling of those will almost certainly be one of the top concerns from investors. Other concerns include the ongoing chip shortage, which is expected to extend into 2022, as well as Intel’s loss of market share to rival AMD in the past quarters. In the first quarter Intel reported a drop of 20% in data center sales, while AMD said its sales to data centers more than doubled. Obviously that’s a concern by itself, but it’s intensified by the recent announcement from Intel of a delay in the Sapphire Rapids chipset. That could present problems for data center sales, stalling demand right through the 2022 launch. In the meantime, data center demand, which has been soft in 2020 as business cut back on spending, has been growing in 2021, and the year is expected to be quite strong for this market segment. Shares of Intel have remained range bound between $53.75 and $58.00 SINCE May, but this earnings report could be the catalyst that creates a breakout move in the stock. And given the expectations and probable reality that breakout could be in either direction. Note that Intel shares fell 9.3% after the first quarter earnings report, and are down 12.3% in the second quarter already.
U.S. Daily Market Review
2021-07-21 14:51UTC
U.S. stocks are into a higher side as equities continue their recovery from a one-day rout to start the week.The Dow Jones Industrial Average inclined around 286 points, or 0.8%, to finish near 34,798, according to preliminary figures.The S&P-500 surged 36 points, or 0.8%, to end near 4,359.The Nasdaq Composite added 133 points, or 0.9%, to finish close to 14,632.Higher than estimated reports from Dow members Coca-Cola and Johnson & Johnson added to the bullish sentiment.By 1120 GMT, the USD Index gained 0.1% at 93.055, having sunk 93.194 in early trading, its peak since April 1.Shares of Chipotle soared 9% as the Mexican fast-food chain reported greater quarterly revenues.Netflix reported lower than third quarter subscriber at the start of the session. Netflix shares fell 4%.Coca-Cola Co inclined 1.4% after soaring its full-year sales predictions.
European Daily Market Review
2021-07-21 14:39UTC
European stocks rallied today, as most traders and investors are focused on the earnings reports and the rising momentum coming from the U.S.The pan-European Stoxx-600 inclined 1% by early afternoon deals, with travel and leisure stocks adding 2.2% to lead the rising path.The German DAX added 1.38%, the French CAC-40 gained 1.87% and the British FTSE-100 inclined 1.71%.Upbeat mode from Europe is the result of the major comeback on Wall Street on Tuesday, with stocks are into large recovery from Monday’s sell-off. SAP shares retreated 3.5% by early afternoon despite boosting its outlook for the second time in 2021.
Crude Oil Prices Fell
2021-07-21 06:18UTC
Oil prices dropped this morning during the Asian hours, with investors digesting a surprise build in U.S. crude oil supplies.Now, oil trades at $66.872, which is a rise of $0.478 or 0.72% from the previous close of 66.394.The daily trading volume is from 66.394 to 67.032, while the trading volume is 11.18K.U.S. crude oil supply data from the American Petroleum Institute reported yesterday indicated in a build of 806,000 barrels for the week ended Jul. 16. Oil has been into a falling side since marking its peak since 2014 earlier in the month. The number of new COVID-19 cases of the Delta variant has jumped on a global scale.Moreover, the Organization of Petroleum Exporting Countries and allies (OPEC+) produced in greater production from August 2021 onwards.
Asian Daily Market Review
2021-07-21 06:08UTC
Shares in Asia-Pacific are still without a clear direction today. In Japan, the Nikkei 225 added 0.66% while the Topix index secured 1.05%.Australia’s retail sales dropped 1.8% in June as compared with the previous month.MSCI’s broadest index of Asia-Pacific shares outside Japan reversed early gains to slip 0.14%, extending the retreating path. China stocks rallied, led by technology and resource. In Hong Kong, the Hang Seng index dropped 0.4%, to 27,159.11 points.Japan’s exports soared 48.6% in June as compared with a year earlier, according to data announced by the Ministry of Finance. Mainland Chinese stocks are into a higher side as the Shanghai composite gained 0.6% while the Shenzhen component surged 1.13%.
U.S. Daily Market Review
2021-07-20 15:35UTC
The leading U.S. indexes are into a recovery as the market mode stepped in to buy the dip from the Dow Jones Industrial average’s worst day of the last 2 quarters.The Dow Jones Industrial Average added 510 points Tuesday, or 1.5% following its 725 point-decline Monday. The S&P-500 inclined 1.38% and the Nasdaq Composite soared 1.13%. The small-cap benchmark Russell 2000 index secured 2.5%.The USD advanced to a three-month peak in a flight-to-safety bid.U.S. homebuilding rallied more than predicted last month, but permits for future home construction sunk to the weakest level of the last eight-month bottom. International Business Machines Corp soared 3.3% in premarket trading as estimates were raised their price targets on the stock.
Gold Prices Advance
2021-07-20 10:45UTC
Gold was up on Tuesday morning in Asia as concerns over the recent COVID-19 outbreaks involving the Delta variant in several countries also gave the safe-haven yellow metal a boost.Presently, gold trades at $1816.75, which is a surge of $5.44 or 0.30% from the previous close of 1811.31. The daily trading range is form 1810.57 to 1819.00, while the trading volume is 164.575K.The USD in general is into a reverse relationship to the precious metals slipped today but is still close to a three-and-a-half-monthly high.Moreover, the People's Bank of China preserved its July loan prime rate (LPR) the same for more than an year.In the meantime, silver fell 0.1%, palladium was steady at $2,597.23, and platinum rallied 0.3% to $1,077.98.
European Daily Market Review
2021-07-20 08:42UTC
European stock markets rallied this morning, expected a recovery after global markets retreated on concerns of a Covid-19 resurgence.The pan-European Stoxx-600 gained 1% in early trade, with basic resources adding 1.7% to lead the rising path.Swiss banking giant UBS came higher off the second-quarter earnings expectations, reporting net profit attributable to shareholders of $2 billion. Swiss bank UBS created 4.6% after it posted a 63% jump in second-quarter net profit.Germany’s 10-year yield sunk its lowest since February.Germany’s 10-year yield, the benchmark for the bloc fell to 0.403%.The GBP retreated to a five-month bottom versus the USD and traded close to a five-week bottom versus the common currency.By 0756 GMT on Tuesday, sterling was 0.2% lower versus the USD at $1.3642.
Asian Daily Market Review
2021-07-20 06:40UTC
Shares in Asia-Pacific are into a weaker side following an overnight tumble for stocks on Wall Street.The Japanese Nikkei-225 fell 0.99% while the Topix index dropped 1.01%. South Korea’s Kospi slipped 0.8%.The S&P/ASX 200 in Australia retreated 0.71%.Indian shares are into a downfall after a global selloff sparked by a surge in Delta variant infections.India’s HDFC Bank lost close to 2%, the largest decline on the Nifty Bank Index.MSCI’s broadest index of Asia-Pacific shares outside Japan tumbled 0.97%. China shares fell as investors adopted risk-off mode after Beijing preserved its rate the same, despite solid forecasts for a reduction of 5%.
U.S. Daily Market Review
2021-07-19 12:13UTC
U.S. stocks large fell today amid worries over another wave of Covid cases would slow global economic growth.The Dow slipped 725.81 points, or 2.1%, to 33,962.04. The Nasdaq and S&P-500 also marked their largest decline of the last two months.The 10-year Treasury yield sunk to a five-month bottom of 1.17%, exacerbating fears about the slowing economy. Higher concerns about inflation and the resurgence of COVID-19 infections among the unvaccinated walloped Wall Street on Monday.The stock prices of Delta and American retreated around 4% each, while United dropped 5%.
European Daily Market Review
2021-07-19 08:40UTC
European stocks largely fell as markets digested the latest OPEC + announcement regarding oil production.The pan-European Stoxx-600 dropped 1.2% in early trade, with travel and leisure stocks dropping 2.5% to lead the slipping pattern.The German DAX slipped 1.11%, the French CAC-40 lost 1.30% and the British FTSE-100 fell 1.13%. European markets followed their counterparts in Asia Pacific lower at the start of the session.Euro zone government bond yields retreated today ahead of Thursday’s policy meeting of the European Central Bank (ECB).The Russian rouble depreciated, coming off from the 74 threshold versus the USD.At 0751 GMT, the rouble dropped 0.3% declined versus the USD  at 74.31.
Crude Oil Prices Fell
2021-07-19 06:58UTC
Oil prices managed to regain some of the earlier falls this morning but were still down after OPEC+ overcame internal divisions and agreed to boost supply levels.Now, oil trades at $70.701, which is a decline of $0.727 or 1.02% from the previous close of 71.428. The daily trading range is from 70.601 to 71.656, while the trading volume is 17.769K.OPEC+ ministers over the week-end decided to stimulate oil production from August to cool prices that earlier this month jumped to its peak of the last 2-1/2 years.The U.S. investment bank announced it remained bullish. To overcome internal divisions, OPEC+ agreed new production quotas for several members from May 2022.The group last year reduced supply by a record 10 million barrels per day (bpd) amid an evaporation in demand the pandemic developed.
Asian Daily Market Review
2021-07-19 06:40UTC
The major stock indexes in Asia-Pacific retreated today, as oil prices dropped after OPEC and its allies reached a deal.The Japanese Nikkei-225 tumbled 1.46% in afternoon trade while the Topix index lost 1.39%. South Korea’s Kospi declined 0.90%The Hang Seng index retreated 1.59% by the afternoon. Mainland Chinese stocks also declined, with the Shanghai composite down about 0.3%.Indian shares are into red, dropped down by HDFC Bank as it missed quarterly profit forecasts.Japanese shares are into a weaker side for a fourth session, as concerns over over the spread of the highly contagious Delta variant and that the Tokyo 2020 Olympics could even make the situation more dangerious.
U.S. Daily Market Review
2021-07-16 17:13UTC
AWall Street’s leading indexes dropped today, with a surge and value stocks falling as investors turned towards less risky investments.At 12:18 p.m. ET, the Dow Jones Industrial Average fell 56.65 points, or 0.16%, at 34,930.35.The S&P-500 retreated 4.83 points, or 0.11%, at 4,355.20 and the Nasdaq Composite tumbled 12.88 points, or 0.09%, at 14,530.25.The U.S. consumer sentiment index from the University of Michigan marked 80.8 for the first half of July, a loss from 85.5 last month and worse than economists forecasts.The USD advanced after upbeat U.S. retail sales data reaffirmed that the economy rallied in the second quarter.U.S. retail sales unexpectedly soared last month as demand for goods remained strong even as spending is shifting back to services.Retail sales inclined 0.6% last month. Data for May was revised down to show sales falling 1.7% instead of falling 1.3% as previously predicted.
Gold Prices Dropped
2021-07-16 11:35UTC
Gold price tumbled this morning during the Asian hours but was headed for a fourth consecutive weekly surge. The price of the previous metal boosted by U.S. Federal Reserve Chairman Jerome Powell’s remarks that any inflation and that the Fed would further stimulate the economy.Now, the yellow metal trades at $1816.70, which is a decline of $12.18 or 0.67% from the previous close of $1828.88.The daily trading range is from 1815.34 to 1831.87, while the trading volume is 172.281K.The USD which is general into a reverse relationship to the precious metal, slipped down today.Powell’s comments were given during his second day of testimony before the House of Representatives Financial Services Committee on Thursday.The Bank of Japan (BOJ) preserved its yield curve control (YCC) target unchanged at -0.1% for short-term interest rates and 0% for 10-year bond yields.
European Daily Market Review
2021-07-16 10:56UTC
European stocks are still without a clear direction as most traders and investors are focused on the economic data.The German DAX fell 0.04%, the French CAC-40 slipped 0.51% and the British FTSE-100 added 0.20%. The pan-European Stoxx-600 hovered around the flatline by late morning, with travel and leisure stocks climbing 1.7% to lead the rising mode. Cartier maker Richemont dropped 1.3% even as quarterly constant-currency sales more jumped largely.Sweden’s Ericsson fell 8.5% after it reported second-quarter core earnings below market estimates, negatively affected by weaker sales coming from China.UK-listed miner Rio Tinto declined 1.6% after reporting a 12% retreat.British company Burberry lost 0.9% even after it said it had marked a solid start in 2021.
Asian Daily Market Review
2021-07-16 06:08UTC
The leading stock markets in Asia-Pacific tumbled this morning as the Bank of Japan held steady on monetary policy.South Korea’s Kospi slipped 0.68%.The S&P BSE Sensex inclined 0.02% to 53,171.13. The Japanese Nikkei-225 lost 1.08% while the Topix index slipped 0.26%.Japan’s benchmark Nikkei share average sunk below the psychologically key 28,000 mark earlier today.In fact, new COVID-19 infections leapt to 1,308 cases in Tokyo on Thursday, the highest since January, a week before the city hosts the Olympics.Indian shares came off from record marks as the market is locked in advances in technology stocks.Japan’s central bank downgraded its real GDP estimate for the year little below 3.8% growth, versus to 4% growth estimate from April.
U.S. Daily Market Review
2021-07-15 10:50UTC
The Dow Jones Industrial Average fell as second-quarter earnings results further came less than the predictions.The Dow slipped about 35 points, or 0.1%. The S&P-500 dropped around 0.3%. The Nasdaq Composite declined around 0.5%.The major U.S. indexes move around the all-time peaks of the economy rebounding and higher-than-expected corporate earnings. Shares of Morgan Stanley retreated even after the company’s second-quarter earnings report Thursday morning topped analysts’ estimates.Initial jobless claims for the week ending July 10 came to 360,000, a new pandemic-era low.U.S. import prices jumped in June as bottlenecks in the global supply chain persisted.Still, prices are into a higher side. Import prices gained 1.0% last month after rallying 1.4% in May, according to the Labor Department.
European Daily Market Review
2021-07-15 07:27UTC
European stocks retreated today, as the market digest inflation data from the U.S. and U.K. released yesterday.The German DAX slipped 0.36%, the French CAC-40 fell 0.31% and the British FTSE-100 lost 0.05%. The pan-European Stoxx-600 lost 0.4% in early trade, with oil and gas stocks tumbling 2.5% to lead the falling side.Moreover, the blue-chip FTSE 100 eased 0.2% with Royal Dutch Shell and BP being the top drags on the index. Energy stocks dropped 2.24%.Europe, U.K. unemployment figures for May announced and the Italian inflation data for June. The number of job vacancies in the UK surpassed pre-pandemic levels in the three months to June, according to the numbers.The Office for National Statistics said there were 862,000 jobs on offer between April and June, 77,500 more than the first three months of 2020.The number of officially unemployed  advanced 356,000 in June, in the greatest increase since the start of the pandemic. 
Crude Oil Prices Retreated
2021-07-15 06:51UTC
Oil prices dropped this morning during the Asian hours, with a recent surge of the U.S. gasoline inventories and a potential Organization of the Petroleum Exporting Countries and allies (OPEC+) agreement to boost supply levels.Now, oil trades at $72.050, which is a loss of $0.855 or 1.17% from the previous close of 72.905.The daily trading range is from 71.918 to 72.932, while the trading volume is 12.667K.Yesterday, U.S. crude oil supply data from the U.S. Energy Information Administration (EIA), indicated in draw of 7.897 million barrels for the week to Jul. 9.Moreover, EIA numbers indicated in a 1.039-million-barrel build in gasoline inventories.Crude oil supply data released by the American Petroleum Institute a day before showed a draw of 4.079 million barrels.Saudi Arabia and the United Arab Emirates (UAE) came to an agreement at the OPEC+ meeting earlier in the month.However, the markets are still focused on the new wave of COVID-19 involving the Delta variant in several countries and its negative influence on oil demand.
Asian Daily Market Review
2021-07-15 01:44UTC
Asian markets are headed mostly lower on Thursday morning following a mixed session on Wall Street overnight. Investors are still worried over rising inflation, and Indonesia is seeing a surge in COVID-19 cases that’s made it the new epicenter of the pandemic in Asia. Japan’s Nikkei is leading losses for the region with a drop of 0.7% as the Yen has made a recovery against the U.S. dollar overnight. Shares of Softbank are trading 1.3% lower, and Sony has a loss of 0.8%. Among the major exporters Toyota is losing 0.5%, but Panasonic is edging up by 0.1%, and Canon shares have fallen 0.8%. In Australia the S&P/ASX 200 has erased an early loss and trades slightly higher by less than 0.1%, although the big four banks are weighing on the broader index. Shares of ANZ are 0.1% lower, NAB is down by 0.5%, Commonwealth Bank has retreated by 0.2%, and Westpac is 0.5% lower. The major miners are mixed, with BHP edging lower by 0.1%, and Rio Tinto adding 0.4%. In mainland China markets are lower, with the benchmark Shanghai Composite trading 0.3% lower and the smaller cap Shenzhen Composite matching that with an equal loss of 0.3%. Meanwhile in Hong Kong the Hang Seng is trying to make gains today and trades slightly higher by less than 0.1%. South Korea’s Kospi has a slight gain of 0.1%, and in Taiwan the Taiex is trading 0.4% higher. Southeast Asian markets are inching higher too, with the KLCI in Malaysia adding 0.1%, while Singapore’s Straits Times Index is edging higher by less than 0.1%.
Bank Of America Delivers Disappointing Results
2021-07-14 22:16UTC
While bank earnings have been strong this quarter, one bank stands out for having weaker than expected earnings. That bank is Bank of America, and shares fell 2.5% yesterday following the release of the second quarter financial results. It was the largest one day loss for Bank of America shares in eight months. The problem appears to lie with the banks’ lending income, as consumers flush with government stimulus cash have shied away from borrowing from banks. Loans and leases fell 12% from the year earlier, and net interest income came in at $10.3 billion versus estimates of $10.5 billion by analysts. The government stimulus programs have been a doubled edged sword for Bank of America. On the one hand it reduced the number of loan defaults suffered. But on the other it’s meant that consumers and businesses haven’t needed to take out much in the way of new loans, or tap existing lines of credit. That trend, along with the ultra-low interest rates meant to stimulate the economy, have hurt bank profitability, particularly for banks like Bank of America that rely heavily on consumer lending. One good sign is that the total outstanding loans at Bank of America, while down versus the same quarter last year, actually ticked up this quarter for the first time since the start of the pandemic. Obviously that wasn’t enough for investors to buy the stock at this time. The bank also saw trading fees drop by 17%, and investment banking fees were down 1.7%. Even M&A fees were flat, which was a huge contrast with rivals like Goldman Sachs and JPMorgan.
U.S. Daily Market Review
2021-07-14 12:40UTC
U.S. stock index futures advanced the most after Federal Reserve Chairman Jerome Powell that the Fed was still a ways off from altering its easy policies. In fact, the central bank needs to witness before reducing its support for the economy.The Dow Jones Industrial Average soared 82 points, or 0.2%. S&P-500 secured around 0.4%. Nasdaq-100 soared around 0.7%, boosted by a rally in technology stocks. Apple stock price added around 1% in premarket trading.Bank of America shares slipped close to 2% at the beginning of the session after it announced second-quarter revenue of $21.6 billion, just under the $21.8 billion estimate.Delta Air Lines shares surged after marking  its first quarterly profit of $652 million since 2019, stimulated by federal aid. U.S. producer prices jumped more than expected in June, indicating in that inflation could remain high as robust demand fueled by the economy’s recovery from the COVID-19 crisis.The producer price index for final demand soared 1.0% last month after inclining 0.8% in May, as reported by the Labor Department.
The Rate Of The USD Retreated
2021-07-14 12:29UTC
The USD lost some ground during the European trading hours in today’s morning.The greenback retreated some of the previous session’s solid advanced following a solid incline of the U.S. inflation.Now, the USD versus the Euro trades at 0.846 EUR, which is a loss of 0.0025 or 0.29% from the previous close of 0.8486.The daily trading range is from 0.8461 to 0.8492.The USD Index, which measures the USD versus a basket of six other currencies, traded 0.1% sunk at 92.698.Moreover, U.S. consumer prices jumped by 0.9% in June, of the last 13 years.The US economy has been less affected by the Covid-19 pandemic than many, soaring 1.6% in the first quarter.
European Daily Market Review
2021-07-14 08:37UTC
European stocks slightly dropped today after greater-than-predicted U.S. inflation report released Tuesday.The pan-European Stoxx 600 tumbled 0.3% below the flatline in early trade.The German DAX slipped 0.15%, the French CAC-40 lost 0.19% and the British FTSE-100 declined 0.39%.German retailers could boost their revenues by 1.5% year-on-year in 2021, assuming no further coronavirus lockdowns negatively affecting demand levels.Online sales advanced following COVID-19 restrictions last year and could even rally by around 20% this year to just over 87 billion euros ($103 billion). Marking even greater levels than initially expected.Government borrowing costs in the euro area surged as weakness in U.S. Treasuries and looming supply from Germany weighed on the market.
Gold Prices Advanced
2021-07-14 06:31UTC
Gold prices rallied this morning during the Asian hours, but Tuesday’s data implied in that the U.S. consumer prices last month jumped the most of the last 13 years.Now, the precious metal trades at $1814.29, which is an addition of $6.93 or 0.38% from the previous close of 1807.36. The daily trading range is from $1804.39 to 1814.89, while the trading volume is 80.896K.The USD is into a negative relationship to the precious metal, which partly fell after registering its best daily percentage gain in nearly on monthly basis.The U.S. core consumer price index (CPI) rallied more than predicted 0.9% month-on-month in June.The market is now focused on the U.S. Federal Reserve Chairman Jerome Powell’s testimony before Congress later in the day.This is expected to provide signals when the central bank will begin asset tapering and hiking interest rates. After the spread and the new wave of COVID-19, multiple countries tightened restrictive measures as cases involving the virus’ Delta variant rapidly advanced.
Asian Daily Market Review
2021-07-14 02:04UTC
Asian markets are mixed with a downside bias on Wednesday morning after Wall Street dropped from record levels following a CPI reading that showed inflation rising even faster in the U.S. The result was higher Treasury yields and a stronger U.S. dollar after the headline CPI number in the U.S. was at its highest since August 2008. In Japan the Nikkei is edging lower by 0.2% despite the Yen continuing in its retreat versus the U.S. dollar for a third consecutive session. Shares of Softbank are trading 0.3% higher, while Sony shares are slipping lower by less than 0.1%. Among the major exporters Toyota is adding 1.1%, but Panasonic is trading 0.6% lower, while Canon is adding 0.4%. Australia’s S&P/ASX 200 is leading gains for the region with a move higher of 0.4%, as the big four banks are rising following the excellent overnight profits reported by major U.S. banks. Shares of ANZ are flat, but NAB is adding 0.4%, Commonwealth Bank is advancing 0.5%, and Westpac is trading 0.2% higher. The major miners are also adding their support as BHP gains 0.6% and Rio Tinto is flat with a gain of less than 0.1%. Mainland China’s markets have opened sharply lower with the benchmark Shanghai Composite losing 0.6% and the smaller cap Shenzhen Composite 0.5% lower. In Hong Kong the Hang Seng is also falling 0.5%. In South Korea the Kospi trades 0.3% lower, but in Taiwan the Taiex is rising 0.4%. Southeast Asian markets are mixed, with the KLCI in Malaysia inching up by less than 0.1%, while Singapore’s Straits Times Index is trading slightly lower by less than 0.1%.
Markets Mostly Unconcerned Over Hot Consumer Inflation
2021-07-13 23:34UTC
Markets had a mixed reaction to the June Consumer Price Inflation numbers, which had inflation rising at a 5.4% pace in June, or the fastest since August 2008. Despite that massive jump in consumer prices stocks were little changed, and Treasury yields actually fell slightly. For whatever reason traders in those two markets seemed to have little concern for the blazing hot inflation numbers. Currency traders didn’t show the same level of unconcern however, and the U.S. dollar rallied strongly against rivals. Both the Euro and the Pound Sterling fell more than 100 pips on Tuesday, while the Yen retreated by roughly 50 pips. Strangely, despite the strength of the U.S. dollar, gold was almost unchanged on the day. That indicates gold traders might have been more interested in the rising inflation than those in other markets. Some analysts are saying there’s nothing to worry about however, as roughly one-third of the CPI rise was due to a massive jump in used car prices. However, the core CPI number, which strips out volatile food and energy prices, also rose 4.5%, which was the fastest growth in core CPI since September 1991. That certainly seems to indicate that inflation is pretty strong. Yet many still claim that the inflation being seen is transitory, simply a symptom of the mismatch in pent-up demand and limited supplies due to the COVID-19 pandemic. The desire to travel has pushed up airfares and gasoline prices, and now seemingly used automobile prices as well. The reading on used car prices showed the greatest increase since records were first kept on the data in January 1953.
U.S. Daily Market Review
2021-07-13 14:34UTC
The S&P-500 banks index dropped 0.8%, while the financials index fell 0.5%.The Dow Jones Industrial average lost around 58 points, or 0.17%. PepsiCo Inc advanced 1.8% after boosting its full-year earnings estimates.The USD rallied versus a basket of currencies on Tuesday after data showed U.S. inflation data for June surged greater more than forecasts.U.S. consumer prices jumped the largest portion of the last 13 years in June.The stock prices of JPMorgan Chase retreated at the start of the session even after marking second-quarter earnings of $11.9 billion, or $3.78 per share.
European Daily Market Review
2021-07-13 07:26UTC
European stocks are still without a clear market direction today ahead of earnings reports from several big banks in the U.S.The German DAX slipped 0.22%, the French CAC-40 dropped 0.20% and the British FTSE-100 added 0.24%. The pan-European Stoxx-600 declined 0.2% below the flatline in early trade.Finnish giant Nokia soared 5.2% after it said it planned to raise its full-year outlook as its operations rallied.Healthcare stocks slipped 0.8% after close to 1% advance in the previous session. The auto maker VW reported a strategy update at 12:30 p.m London time and inflation data for June is published by France and Germany.UK-based equity funds had record inflows totalling 6.2 billion pounds ($8.6 billion) in the second quarter, fund network Calastone said on Tuesday.Funds focused on environmental, social and governance (ESG) issues have accounted for 50% of net inflows into UK-based equity funds this year, Calastone said in a statement.
Crude Oil Prices Surged
2021-07-13 06:09UTC
Oil prices jumped today, recovering some of the registered falls from the previous session. This comes amid lower supply and forecasts of additional drops in U.S. crude inventories provided support.Now, oil trades at $74.381, which is a rise of $0.225 or 0.30% from the previous close of 74.156.The daily trading range is from $74.069 to 74.451, while the trading volume is 5.726K. Brent crude for September rallied 19 cents, or 0.3%, to $75.35 per barrel by 0421 GMT.U.S. crude inventories are very likely to retreat for an eighth consecutive week.Crude stockpiles have tumbled partly for several weeks.In the meantime, OPEC+ is yet to make progress on solving the differences between Saudi Arabia and the United Arab Emirates, which made it impossible to boost oil supply.
Asian Daily Market Review
2021-07-13 02:11UTC
Asian markets are headed higher for a second consecutive day Tuesday morning as investor sentiment has been lifted by a new overnight record on Wall Street and expectations for the coming earnings season. Surprisingly the rise in COVID cases and the emergency decree in Tokyo haven’t had an impact on sentiment today, although it still could later in the week. In Japan the Nikkei is 0.9% higher, getting some help from another session of weakness in the Yen versus the U.S. dollar. Shares of Softbank are 1.6% higher and Sony is adding 2.1%. Among the major exporters Toyota is up 0.4%, Panasonic is adding 0.6%, and Canon is outperforming with a 1.4% gain. Australia’s S&P/ASX 200 is adding 0.5% thanks to support from the big four banks. Shares of ANZ and NAB are each up 0.8% today, while Westpac is 0.3% higher, but Commonwealth Bank trades 0.2% lower in opposition with the broader gains. Major miners are heading higher as well, with BHP advancing 0.5% and Rio Tinto gaining 0.6%. Mainland Chinese markets are also trading higher, with the benchmark Shanghai Composite rising 0.3%, and the smaller cap Shenzhen Composite adding 0.2%. Meanwhile over in Hong Kong the Hang Seng is advancing 0.6% to outpace the mainland markets. In South Korea the Kospi trades 0.6% higher, and in Taiwan the Taiex is leading gains for the region as its rising 1%. Southeast Asian markets are making broad based gains as well, with Singapore’s Straits Times Index adding 0.7%, the KLCI in Malaysia rising 0.7%, and the Jakarta Composite in Indonesia advancing 0.6%.
Virgin Galactic Shares Plunge After Successful Space Flight
2021-07-12 20:35UTC
Virgin Galactic founder Sir Richard Branson completed a successful space light over the weekend, and you might expect that would have prompted a rally in shares. You couldn’t be further from the truth. In actuality shares could have rallied in response to the successful flight, however shares fell 17% instead as investors learned that the company has filed to sell $500 million worth of common stock. Trading was briefly halted in the stock on Monday due to the volatility. Virgin Galactic currently has 240 million outstanding shares, with 164.6 million available to the public for trading. An issuance of $500 million would add roughly 10.2 million new shares to the float. Shares are up 71.5% since the start of the year, even after Monday’s sharp drop. Investors are understandably excited over the prospects for Virgin to offer commercial space flights and have been bidding shares up accordingly. The completion of a fully crewed test flight on Sunday is a major step for Virgin Galactic, which has plans to offer commercial service in 2022. Reservations for tickets are already being sold for space flights, with a price tag of between $200,000 and $250,000 each. So far 600 such reservations have been sold. Analysts expect that when actual tickets go on sale they will be priced between $400,000 and $500,000. Those who can’t afford such a hefty price tag might be interested to learn that Virgin Galactic is partnering with sweepstakes company Omaze to offer two free seats on one of the first commercial flights next year. The flight makes Branson the first of the billionaire space company founders to actually go to space.
U.S. Daily Market Review
2021-07-12 14:35UTC
U.S. leading indexes partly inclined today as most traders and investors are focused on the second-quarter earnings results.The S&P-500 was led higher by the financial. The Stoxx Europe 600 is still without a direction before turning higher.Share price of JPMorgan Chase, Goldman Sachs, Bank of America dropped between 0.5% and 0.6% in the very early of the trading session.Federal Reserve chair Jerome Powell will report before Congress on Wednesday and Thursday.The USD advanced across the board on Monday amid issues over the pandemic encouraged investors to seek a safe haven.
European Daily Market Review
2021-07-12 10:45UTC
European stocks are relatively static today as markets struggled for inspiration.The pan-European Stoxx-600 only slightly inclined before hovering around the flatline by mid-morning. The German DAX slipped 0.28%, the French CAC-40 dropped 0.56% and the British FTSE-100 declined 0.71%.The GBP partly tumbled today as the British government is very likely to confirm plans to remove nearly all remaining COVID-19 restrictions in the country.The German bonds registered their biggest two-week boost since June 2020.The GBP depreciated 0.4% to $1.3856 against the dollar by 0853 GMT, after jumping to above $1.39 on Friday.Euro zone bond yields stands around the bottom marks, boosted by dovish European Central Bank commentary, as the markets are focused on signals from central bankers.
Crude Oil Prices Fell
2021-07-12 07:07UTC
Crude oil prices dropped this morning amid issues over falling global growth outweighed the possibility of tightening supply.Now, oil trades at $74.191, which is a loss of $0.479 or 0.64% from the previous close of 74.670. The daily trading range is from 74.120 to 74.901, while the trading volume is 10.226K.Moreover, brent crude for September slipped 15 cents, or 0.2%, to $75.40 per barrel.The spread of the new coronavirus variants and unequal access to vaccines threaten the global economic recovery.Oil prices retreated at the end of last week, after the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, failed to reach an agreement to increase output from August. The world's largest oil exporter Saudi Arabia but turned down around two requests for further supply volumes.
Asian Daily Market Review
2021-07-12 02:07UTC
Asian markets are enjoying a relief rally on Monday morning, rising in response to the new record reached on Wall Street to close out last week, and on the easing of Chinese policies that had created concerns over the tech industry in the past week. The start of earnings season this week is also contributing to investor optimism. Japan’s Nikkei is leading gains for the region as it rises 2.2%, with early weakness for the Yen against the U.S. dollar helping. Shares of Softbank are 2.5% higher today, and Sony shares are jumping 2.9%. Among the major exporters Toyota is 1.8% higher, Panasonic is advancing by 3%, and Canon has a gain of 1.5%. In Australia the S&P/ASX 200 has a gain of 0.9%, with the big four banks pacing those gains. Shares of ANZ are 1% higher, NAB has a 0.6% gain, Commonwealth Bank is 0.5% higher, and Westpac shares are advancing 0.8%. Meanwhile the major miners are surging higher, with BHP adding 3.6%, Rio Tinto up by 2.6%, and Fortescue Metals gaining 2.9%. Mainland Chinese markets are also participating in the rally today, with the benchmark Shanghai Composite trading 0.3% higher, while the smaller cap Shenzhen Composite has a gain of 1%. Over in Hong Kong the Hang Seng is also trading up by 0.4% on the day. In South Korea the Kospi is trading 0.7% higher, and the Taiex in Taiwan has a gain of 1.4%. Southeast Asian markets are mixed however, with the Straits Times in Singapore advancing 0.4%, but the KLCI in Malaysia posting the only loss in the region as it trades 0.4% lower.
Earnings Season Kicks Off Next Week
2021-07-09 23:05UTC
Second quarter earnings season gets underway in the coming week, with reports from major U.S. banks kicking off the party. On Tuesday JPMorgan Chase and Goldman Sachs will both report their second quarter results. That will be followed later in the week with earnings from Wells Fargo, Bank of America, Citigroup and other giant Wall Street banks. While revenue for the banks is expected to decline due to less trading volumes and income, the overall market is expected to deliver a healthy increase in earnings. Analysts are expecting the average earnings for S&P 500 forms to increase by 65% in the second quarter. Of course much of that is because in the second quarter last year the world was in the depths of a pandemic. The growth is expected to be led by industrials, with analysts forecasting a 570% year-over-year surge in profits for the sector, which was one of the hardest hit by the COVID pandemic last year. Ahead of the start of earnings season the S&P 500 climbed to another record, closing Friday with a gain of 1.1% as risk appetite returned for investors. Interestingly the banks that are set to report earnings next week were leading the way higher. Both JPMorgan Chase and Goldman Sachs saw their shares finish Friday up more than 3%. Other big increases ahead are expected for the consumer discretionary sector, which is expected to see a 217% increase in earnings from a year ago, and the energy sector, which is expected to see a 225% bounce in earnings. The tech sector is expected to be a laggard, with growth of just 31.6%.
U.S. Daily Market Review
2021-07-09 15:57UTC
The S&P-500 jumped to a fresh peak  as the major indexes are into recovery from the previous session’s losses.The Dow Jones Industrial Average inclined 440 points, or 1.2%. The S&P-500 regained around 1%, hitting a new intraday record. The technology-heavy Nasdaq Composite rose 0.8%. The stock prices of GM rallied 3.5% after Wedbush said the stock is a buy and could advacned more than 50%.The USD partly fell along with the Japanese yen and the Swiss franc, as risk appetite recovered. The USD index slipped 0.112% to 92.259, just a few pips from where it ended the previous week.The Biden Administration reported that approves the Consumer Financial Protection Bureau (CFPB) to issue rules allowing customers to download their banking data.
European Daily Market Review
2021-07-09 07:54UTC
The leading European markets advanced today, despite a global sell-off issues over the economic recovery.The German DAX added 0.67%, the French CAC-40 gained 1.30% and the British FTSE-100 inclined 0.57%.The pan-European Stoxx-600 secured 0.45% just after the session started in Europe.The European Central Bank will not try to compensate for lost inflation after periods of anaemic price growth and will not strive to overshoot its goal of 2%, according to the German central bank chief Jens Weidmann.In fact, the ECB registered a new strategy yesterday which set its inflation target at 2%.Britain’s economy soared by a slower-than expected 0.8% in May from April, official data showed on Friday.A Reuters poll of economists indicated in to month-on-month advanced of 1.5% in GDP.The data for May from the Office for National Statistics dropped April’s 2.0% growth when restrictions eased for non-essential retailers.
Crude Oil Prices Dropped
2021-07-09 05:43UTC
Oil prices retreated this morning during the Asia hours.Numbers reported announced that U.S. fuel inventories dropped and demand levels entered into recovery.Presently, oil trades at $73.134, which is a loss of $0.094 or 0.13% from the previous close of 73.228.The daily trading range is from 72.709 to 73.439, while the trading volume is 9.672K.Crude oil supply data from the U.S. Energy Information Administration (EIA) indicated in a draw of 6.866 million barrels.The American Petroleum Institute announced a day before showed a draw of 7.983 million barrels.The Organization of the Petroleum Exporting Countries and allies (OPEC+) is to come a decision on supply levels and could preserve the output steady in August.
Asian Daily Market Review
2021-07-09 01:49UTC
Asian markets are falling for a second consecutive day as the global risk off sentiment is causing equities all around the world to pare gains made in the first half of 2021. Rising COVID-19 cases and worries over the recovery in the global economy have sent investors into haven assets and away from risk assets like stocks. In Japan the Nikkei trades 1.9% lower, with a sharply stronger Yen also weighing on Japanese stocks. Shares of Softbank are 2.5% lower, while Sony’s stock is falling 0.7%. Among the major exporters shares of Toyota are losing 2.1%, Panasonic shares have fallen 2.4%, and Canon trades 1.3% lower. Australia’s S&P/ASX 200 is trading 1.3% lower today, with shares of the big four banks contributing to losses, but not quite as weak as the broader index. Shares of ANZ and NAB are each trading 1% lower, while Commonwealth Bank has lost 1.6%, and Westpac trades down by 1.2%. Meanwhile the major miners are also falling, with BHP down 0.6% and Rio Tinto retreating 1.5%. Mainland Chinese markets have opened to losses again, with the benchmark Shanghai Composite losing 0.3% at the open and the smaller cap Shenzhen Composite falling 0.7%. In Hong Kong the Hang Seng is looking to recoup some of its 2.9% loss from yesterday as it trades flat today. South Korea’s Kospi is losing 1.6%, and in Taiwan the Taiex trades 0.7% lower. Southeast Asian markets are bucking the losing trend from around the region however, with the Straits Times Index in Singapore adding 0.3%, while the KLCI in Malaysia is trading 0.4% higher.
USD/JPY Plunges On Risk Aversion
2021-07-08 21:34UTC
After edging lower all week the USD/JPY finally capitulated yesterday, dropping nearly 100 pips as risk aversion sent traders flocking into the safety of the Yen. The slide sent the pair back below the 110.00 level, and the bearish sentiment could see the pair trading under the 109.00 level in coming days. The drop took the pair to its lowest level in a month. The catalyst is the mounting concerns over the global economic recovery, as recent data has indicated that we may be entering a period of flat growth but rising inflation known as stagflation. Gains for the Yen came despite the discouraging news from Japan, where Prime Minister Yoshihide Suga declared a state of emergency in Tokyo due to resurgent COVID-19 cases. The state of emergency will run through August 22, and the summer Olympics will now be held without a live audience. Data released on Thursday showed Japan’s trade balance at a discouraging ¥ 2 billion surplus, versus the prior month’s ¥ 289.5 billion surplus. There are also now expectations for the Bank of Japan to cut its growth forecast for the year when they meet next week. In the U.S. the 10-year Treasury yield fell as low as 1.25% on the day as investors are moving into the safety of Treasuries. In addition, jobless claims unexpectedly rose to 373,000 in another sign that the labor market recovery for the U.S. remains choppy. On a technical basis the 100-day moving average is just below Thursday’s close. If the pair breaks below the level, which is at 109.12, more downside could turn the pair from its uptrend to a downtrend.
U.S. Daily Market Review
2021-07-08 14:53UTC
The leading U.S. stock advanced today amid issues over the global economic comeback from Covid-19. The downside took place after Japan declared a state of emergency in Tokyo for the upcoming Olympics with rapidly jumping new Covid cases.The Dow Jones Industrial Average dropped about 450 points, or 1.3%. The S&P-500 tumbled 1.25%. The Nasdaq 100 Composite retreated 1.3%. All the 11 major S&P 500 sector indexes declined with cyclical players such as energy and industrials falling.Moreover, treasury yields dropped for a fourth day.The number of officially unemployed Americans partly surged last week but continuing claims retreated. In reality, initial claims for state unemployment benefits soared 2,000 to a seasonally adjusted 373,000 for the week ended July 3, according to the Labor Department.
European Daily Market Review
2021-07-08 11:16UTC
European stocks partly fell today this morning amid a more cautious turn in global sentiment.Moreover, Euro zone banks tumbled more than 2.2% as government bond yields extended their slipping pattern.The pan-European Stoxx-600 retreated 1.2% in early trade, with basic resources dropping 2.7% to lead the falling side.The German DAX fell 1.71%, the French CAC-40 lost 2.14% and the British FTSE-100 dropped 1.66%.The European Central Bank is very likely to set its inflation target at 2% in a policy review later today.The euro rallied across and the JPY was on track to mark its largest daily rise this year.
Gold Prices Fell
2021-07-08 08:01UTC
Gold prices dropped this morning during the Asian hours as the market is still focused on the U.S. Federal Reserve’s minutes from its latest policy meeting. Now, the precious metal trades at $1806.65, which is a gain of $3.49 or 0.19% from the previous close of 1803.16. The daily trading range is form 1796.10 to 1810.87, while the trading volume is 114.276K.The rising rate of the USD and weaker U.S. Treasury yield also created in some negative pressure on the the yellow metal.Moreover, Benchmark U.S. 10-year Treasury yields sunk to their bottom since Feb. 19.Many market analysts suggested that the new wave of COVID-19 cases boosted by the Delta variant could cause demand levels to fall and to limit the U.S. recovery.In the meantime, silver eased 0.2%, while palladium slipped 0.1%.
Asian Daily Market Review
2021-07-08 02:01UTC
Asian markets are mixed on Thursday morning as investors digest the latest Federal Reserve meeting minutes. Overnight saw Wall Street making gains, while the U.S dollar was mixed, although it retreated versus the Yen as Treasury yields remain weak. Crude fell for a second session as traders are concerned over future production after OPEC failed to come to an agreement on production hikes through the end of the year. In Japan the Nikkei is trading 0.4% lower in response to the stronger Yen. Shares of Softbank are trading 0.2% lower and Sony is falling 0.6%. Among the major exporters Toyota is 0.4% lower, Panasonic is edging lower by 0.1%, and Canon is also inching down by 0.1%. Australia’s S&P/ASX 200 is leading gains across the region as it trades 0.7% higher, although the big four banks aren’t providing much help. ANZ is trading up by 0.1%, NAB is slightly higher by less than 0.1%, Commonwealth Bank is 0.2% higher, and Westpac is edging lower by less than 0.1%. Meanwhile the major miners are supporting the index with a gain of 2.1% for BHP and a rise of 1.7% for Rio Tinto. In mainland China markets are mixed at the open, with the benchmark Shanghai Composite losing 0.1%, but the smaller cap Shenzhen Composite adding 0.4%. Meanwhile in Hong Kong the Hang Seng is leading losses for the region with a 0.7% loss. South Korea’s Kospi is trading higher by less than 0.1%, and in Taiwan the Taiex is trading 0.3% higher. In Southeast Asia markets are weak with Malaysia’s KLCI falling 0.6%, Singapore’s Straits Times Index 0.2% lower.
USD/CAD Hits Highest Level Since April
2021-07-07 23:38UTC
The U.S. dollar gained momentum ahead of the release of the Federal Reserve June monetary policy meeting minutes, lifting the USD/CAD above the 1.2500 level for the first time since April. The actual meeting minutes caused the pair to take back some gains to finish the session back below the 1.2500 level, but it seems as if the combination of broad based USD strength and a breakdown in crude prices is opening the door for more upside to the pair. The continued firming of the U.S. dollar is coming on expectations for the U.S. economy to continue strengthening, while Canada is struggling to restart its own economy sufficiently. That could lead to much higher levels by the end of the summer. With the pair currently at the 1.2480 level the USD/CAD bulls are looking to target the 1.2650 level. That is both the highs from the April consolidation period in the pair, and the current level for the 200-day moving average. Of course a break above that level would be extremely bullish as it would also signal the reversal of the downtrend in the pair that began with the start of the COVID-19 pandemic measures in March 2020. Even if crude oil regains some of its strength it’s questionable how much this pair will drop as the Canadian dollar has struggled recently against the greenback. With reopening in the U.S. going far better than it is up north in Canada traders are betting on the U.S. economic strength. Also helping the U.S. dollar is the increase in COVID-19 cases outside the U.S., which has traders using the USD as a safe haven.
U.S. Daily Market Review
2021-07-07 16:25UTC
The S&P-500 jumped to fresh marks as most traders and investors returned back the technology stocks. U.S. equities advanced to all-time highs as investors awaited minutes from the Federal Reserve’s latest meeting for signals about the markets.The S&P-500 gained 0.3% to a new intraday high after the index ended a seven-day rising path. The Dow Jones Industrial Average secured 90 points. The technology-heavy Nasdaq Composite inclined 0.1%.Rising inflation figures have emerged as a new threat to the economy and the global economy in large.The IMF estimated the U.S. economy will grow 7% this year, which is the biggest since 1984, largely inclined by a combination of an rising vaccine rollout. Additionally, the U.S. could benefit lower-income countries through greater trade.
European Daily Market Review
2021-07-07 07:30UTC
European partly advanced today diverging from a more cautious and uncertain pattern.The German DAX added 0.74%, the French CAC-40 gained 0.43% and the British FTSE-100 inclined 0.49%.The pan-European Stoxx 600 inclined 0.6%. The basic resources soaring 1.6% to lead gains as almost all sectors and major bourses.UK-listed oil major Royal Dutch Shell rallied 2.7% after reporting it would boost its returns to shareholders.German software company SAP advanced 2.7%, with traders pointing to a double upgrade to “buy” from Bank of America.British house prices in June dropped in monthly terms for the first time since January as the government prepared to scale back its tax break for home-buyers. In fact, house prices slipped 0.5% in May, as reported by Halifax.
Crude Oil Prices Are Without A Clear Market Direciton
2021-07-07 06:19UTC
Oil prices are still without a market direction this morning during the Asian hours.However, prices still remained above the $73 mark, as a production negotiations between Saudi Arabia and the United Arab Emirates (UAE) are still in progress. Now, oil trades at $73.720, which is another minor loss of $0.063 or 0.09% from the previous close of 73.783. The daily trading range is from 73.139 to 73.814, while the trading volume is 11.107K.The dispute has stalled efforts by the Organization of the Petroleum Exporting Countries and allies (OPEC+) to boost production levels.Meanwhile, Saudi Aramco stimulated the official selling price of Arab Light crude increased by 80 cents per barrel to $2.7 above the regional benchmark.The rally is the largest month-on-month gain since January 2021.The market is now focused on the U.S. crude oil supply data from the American Petroleum Institute, coming later today.
OPEC Indefinitely Postpones Production Meeting And Crude Drops
2021-07-06 23:35UTC
Crude oil jumped to a six year high yesterday after OPEC and its allies, known as OPEC+, failed to reach a production deal, and then indefinitely postponed meetings on production policy for August and beyond. The price of U.S. benchmark West Texas Intermediate crude traded as high as $76.98 intraday, a level not seen since November 2014. However the market quickly took back the gains and much more, with WTI crude ending the session with a 2.4% loss, or $1.79, at $73.37 a barrel. Brent crude also hit its highest level since 2018 on an intraday basis before dropping to finish the session with a loss of $2.63, or 3.4%, at $74.53 a barrel. OPEC+ began production discussions last week, however the group was unable to come to a conclusion on production additions. Yesterday the cartel voted on a proposal that would have added 400,000 barrels per day to global production each month from August through December, ultimately adding 2 million barrels of crude per day to production. The UAE was against the proposal since last week, and ultimately OPEC+ was unable to reach a consensus and cancelled the meeting for the time being. A spokesman for the UAE said that the deal wasn’t a good one for them and while they do support a short-term increase in production they need better terms if the production increase will be extended through 2022. The drop in price was unexpected given that the failure of OPEC+ to add to production means that the supply/demand imbalance will persist for longer, which should fuel higher prices through the end of the year.
U.S. Daily Market Review
2021-07-06 14:14UTC
U.S. stock indexes are into a fluctuating mode.The markets is back from a long holiday weekend to focus on Beijing’s crackdown on several U.S.-listed Chinese firms.The Dow Jones Industrial Average gained 3.8 points, or 0.01%. The S&P-500 inclined 4.1 points, or 0.09%, at the open to a record high of 4,356.46.The Nasdaq Composite rallied 22.2 points, or 0.15%, to 14661.548 at the start of the session.American Express Co soared 2.5% after Goldman Sachs boosted its rating on the stock to “buy” from “neutral”.U.S.-listed shares of China’s top two videogame streaming sites Huya and DouYu dropped 2.6% and 7.3%, accordingly.This is taking place after China’s antitrust regulator reported that it will blan Tencent Holdings Ltd’s plan to merge the firms.
European Daily Market Review
2021-07-06 12:38UTC
European stocks are without a solid direction today.The market are focused on the oil markets after negotiations between members of the OPEC+ oil-producing alliance were abandoned.The German DAX slipped 0.11%, the French CAC-40 lost 0.11% and the British FTSE-100 fell 0.14%.The pan-European Stoxx 600 added only 0.2% by mid-afternoon, having fluctuated throughout the day. Autos sector dropped 1.3% while travel and leisure stocks soared 0.8%.The European Commission proposed today the European Green Bond Standard to stimulate funds into projects that will help the bloc meet its mid-century climate goal of net zero carbon emissions.
Gold Prices Rallied
2021-07-06 07:14UTC
Gold prices advanced this morning during the Asian hours and even approached a two-week peak.The falling rate of the USD boosted gold prices. Meanwhile, most traders and investors are focused on the release of the minutes from the U.S. Federal Reserve’s latest meeting.Now, the yellow metal trades at $1805.58, which is a rise of $14.70 or 0.82% from the previous close of 1790.The daily trading range is from 1790.70 to 1806.48, while the trading volume is 75.232K.Yesterday, U.S. markets were closed for a holiday. The market is still concentrated on the the minutes from the Fed’s June meeting, due on Wednesday, for additional market signals.Global stock markets are still at record high values, stimulated by both European data and the latest U.S. jobs  from last week.
Asian Daily Market Review
2021-07-06 03:19UTC
Asian markets are broadly higher Tuesday morning, however markets in mainland China and Hong Kong are struggling on weakness from the Chinese tech sector as investors worry about potential regulations from the Communist government that could harm the sector. In Japan the Nikkei is trading 0.5% higher heading into the lunch break, with a weak Yen contributing to gains for Japanese equities. Shares of Softbank Group are trading 1.4% higher, and Sony has a gain of 1.8%. Among the major exporters Toyota is adding 0.3%, and Canon is 0.4% higher, while Panasonic is declining 0.5%. Australia’s S&P/ASX 200 is trading flat, with a slight loss of less than 0.1% as investors await the latest monetary policy decision from the Reserve Bank of Australia later today. Shares of the big four banks are helping to keep the index afloat, with ANZ and NAB each up 0.3%, while Commonwealth bank and Westpac add 0.4% each. Meanwhile the major miners are also lending their support as BHP rises 1.6% and Rio Tinto advances 0.8%. Mainland China’s benchmark Shanghai Composite is trading 0.7% lower and the smaller cap Shenzhen Composite is 1% lower on concerns over additional regulation of the technology sector in the country. Meanwhile Hong Kong’s Hang Seng is also 0.7% lower as the tech sector weighs on the broader index. In South Korea the Kospi is 0.4% higher, and in Taiwan the Taiex has added 0.3%. Southeast Asian markets are broadly higher, with Singapore’s Straits Times adding 1.1% to lead gains for the region, while the Jakarta Composite in Indonesia tacks on 0.5%, and Malaysia’s KLCI is up 0.2%.
Gold Is Eyeing The $1,800 Level
2021-07-05 21:23UTC
Gold has continued to follow through on its decisive move higher that began last week, with help coming from a still weak U.S. dollar. Monday marked a fourth straight winning session for gold as the precious metal added 0.3% to almost $1,792 in a thinly traded session due to the U.S. public holiday that kept markets there shuttered. Monday featured little in the way of macroeconomic data, but traders can look forward to the U.S. ISM Services PMI due out Tuesday. Last week’s non-farm payrolls came in as better than expected, but not so much so that it increased worries over Fed tapering. The almost perfect NFP report put the U.S. dollar under pressure as traders looked to get out of the greenback in response to the data and ahead of a holiday weekend. Friday saw the U.S. dollar index fall 0.3%, giving some support to gold’s rally. Now traders are eyeing the $1,800 level as Monday’s close left gold above its 100-day moving average, a decidedly bullish state of affairs for gold. However, Tuesday’s ISM Services PMI report could put some pressure on gold, if it comes in as strongly as last week’s Manufacturing PMI. That report showed the Prices Paid component, a leading inflation indicator, at an all-time high in June. A similar reading from the Services PMI Prices Paid component would likely spark a renewed rally in the U.S. dollar, causing pain for gold bulls. Also worth watching is Wednesday’s release of the latest Federal Reserve monetary policy meeting minutes. That could also spark a rally in the USD as traders will be looking for more tapering clues.
U.S. Daily Market Review
2021-07-05 14:02UTC
World stocks clung reached to record marks today amid issues over the Delta variant of COVID-19 offset higher  sentiment from the rising rate of the euro zone.The USD fell versus the main pairs, after jumping to a speed bump.The USD also secured 0.2% against the kiwi, which sat at $0.7022, traded 0.2% lower at 110.82 yen and fell 0.1% to $1.1876 per euro.Unemployed Americans in Indiana, Texas and Maryland have filed lawsuits against their respective states seeking to reinstate a pandemic relief program that generated an extra $300 a week in the form of state benefits.
European Daily Market Review
2021-07-05 09:29UTC
European stocks are without direction today as markets are focused on the oil prices ahead of a crunch meeting of the OPEC+ alliance.The German DAX slipped 0.31%, the French CAC-40 lost 0.9% and the British FTSE-100 gained 0.16%. The pan-European Stoxx 600 moved around the flatline by mid-morning, with basic resources jumping 1.5%.The GBP rallied today with the British government is likely to report that it will proceed with plans to fully reopen the economy later this month.After dropping to its bottom since mid-April at $1.3733 last week, the GBP was 0.1% higher versus the USD. Euro zone businesses surged activity at the fastest pattern of the last 15 years in June as the easing of more coronavirus restrictions.British new car registrations soared by an annual 28% in June versus last year.A total of 186,128 new cars were registered, according to the Society of Motor Manufacturers and Traders (SMMT).
Crude Oil Prices Dropped
2021-07-05 06:32UTC
Oil prices tumbled this morning, with Brent dropping after four sessions of rising path. The market is focused on the coming talks by OPEC+ following disagreement within the cartel.Now, oil trades at $75.231, which is a very minor incline of $0.132 or 0.18% from the previous close of 75.099.The daily trading volume is from 74.738 to 75.261, while the trading volume is 8.169K.The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, decided on Friday to boost supply levels by about 2 million barrels per day from August to December 2021.Moreover, Saudi Arabia's energy minister sought on Sunday to push back against UAE's opposition to a proposed OPEC+ deal.The number of US oil and gas rigs advanced by 5 to 475 in the week to July 2, the most since April 2020, according to Baker Hughes.
Asian Daily Market Review
2021-07-05 03:51UTC
Markets across Asia are mostly higher on Monday morning following the better-than-expected jobs report that was released in the U.S. last Friday, and the new records set on Wall Street. Japan’s Nikkei is not one of the day’s winners however, and is trading 0.6% lower as Tokyo traders break for lunch. Shares of Softbank are plunging 5.2% and Sony is trading 1.4% lower as well. Among the major exporters Toyota has a 0.3% loss, Panasonic shares are flat, and Canon trades 0.3% lower. Australia’s S&P/ASX 200 is holding onto a slight lead of 0.1%, with the big four banks dragging on the broader index. Shares of ANZ are 0.8% lower, NAB has fallen 0.4%, Commonwealth Bank shares are falling 0.7%, and Westpac is edging lower by 0.2%. Meanwhile the major miners are mixed as BHP is 0.4% lower, Rio Tinto is 0.3% higher, and Fortescue Metals is flat with a loss of less than 0.1%. Mainland Chinese markets are modestly higher, with the benchmark Shanghai Composite adding 0.2%, while the smaller cap Shenzhen Composite is up by less than 0.1%. Over in Hong Kong investors aren’t so upbeat and the Hang Seng is missing out on the strength of the mainland markets, trading 0.5% lower. In South Korea the Kospi is 0.4% higher, and in Taiwan the Taiex is leading gains for the region as it is advancing 1.1%. Southeast Asian markets are mixed as well, with the Straits Times in Singapore trading 0.2% higher, while the Jakarta Composite in Indonesia is 0.3% lower, and the KLCI in Malaysia has a loss of 0.4%.
S&P 500 Up For Seventh Straight Session
2021-07-02 20:36UTC
The S&P 500 rose to a new record high on Friday, cementing a seven day winning streak, which is the longest such streak for the index in ten months. Gains came following the release of the non-farm payrolls report, which was stronger than expected, giving investors confidence that the economic recovery in the U.S. remains on track. At the close the S&P 500 was up by 0.8% on the day, while the benchmark Dow Industrials rose 0.4%, and the technology bell weather Nasdaq added 0.8% as well. It was solid moves from the tech sector that helped support the broader market, with shares of Apple rising 2%, while Salesforce shares were up 1.3%. The non-farm payrolls report showed that the U.S. added 850,000 jobs in June, which was well above the 700,000 new jobs expected. It was also well above the 559,000 jobs added in May. Analysts acknowledged the strength of the labor report and said markets should be ready to see an acceleration in the labor market and the economy going forward. However most also agreed that while the report was strong, it wasn’t likely to change the trajectory of the Fed in terms of tapering or interest rate hikes. Investors also got good news on the inflation front as wage growth held at the 3.6% annual pace that markets were expecting. All together it was something of a goldilocks report, with strong enough numbers to reassure investors that the economy is recovering well, and yet not so strong to convince the Fed to begin tapering and raising interest rates ahead of plan.
U.S. Daily Market Review
2021-07-02 13:20UTC
The S&P-500 and the Nasdaq started on record peak after a better-than-predicted monthly employment report.This happened as multiple companies raised wages and offered incentives to attract new people in the labor force.Futures moved higher after the Labor Department stated the employment report showed nonfarm payrolls advanced 850,000 jobs last month, after rising 583,000 in May. The unemployment rate jumped 5.9% from 5.8% in May. The economy crated 850,000 new jobs last month, according to the Bureau of Labor Statistics.The unemployment rate soared 5.9%, higher than expected.Job growth leaped higher in June as businesses looked to keep up with a rapidly recovering U.S. economy, according to the Labor Department.Nonfarm payrolls soared 850,000 for the month,  versus to Dow Jones forecasts of 706,000 and better than the upwardly revised 583,000 in May.
Еuropean Daily Market Review
2021-07-02 10:41UTC
European markets managed to rally this morning as investors awaited a closely-watched U.S. jobs report coming later in the day.The French CAC-40 added 0.08%, the German DAX inclined 0.44% and the British FTSE-100 gained 0.12%. The pan-European Stoxx-600 secured 0.2% by mid-morning, with travel and leisure stocks soaring 1.2% to lead rising path.The European Central Bank to strictly analyze banks that are taking too much risk via financial instruments such as leveraged loans.Credit Suisse is preparing to offer $750 million to investors in its Greensill-linked supply chain finance funds.Semiconductor maker ASML Holding NV soared 0.5% after Micron Technology Inc stated it plans to start using ASML EUV machines in production in 2024.The bank has recovered some $6.1 billion of the $10 billion backed by insolvent supply chain finance firm Greensill Capital.
Crude Oil Prices Advacned
2021-07-02 06:07UTC
Oil prices jumped this morning during the Asian hours, coming off from its higher path from the previous session.This comes after a disagreement within the Organization of the Petroleum Exporting Countries and allies (OPEC+) delayed a decision on supply levels.Now, oil trades at $75.141, which is a very minor rise of 0.193 or 0.26% from the previous close of 74.948. The daily trading range is from 74.945 to 75.514, while the trading volume is 6.805K.Before that OPEC+ was expected to decide in general to stimulate output by 400,000 barrels a day each month from August through December. In case an agreement is not reached, then most likely crude could advance and add to the rising growing inflationary pressures in the global economy. Later today OPEC+ could agree to restore additional production.
Asian Daily Market Review
2021-07-02 02:13UTC
Asian markets are ending the week on a mixed note as investors across the region remain cautious ahead of the upcoming non-farm payrolls in the U.S. Expectations for a large increase in U.S. employment are soaring after U.S. unemployment claims dropped to their lowest level since the start of the pandemic. Japan’s Nikkei is rising 0.3%, helped by a weaker Yen versus the U.S. dollar. Shares of Softbank Group are trading 0.7% higher, while Sony shares are surging 3.6% higher. Among the major exporters Toyota is adding 1.2%, Panasonic has a gain of 2.1%, and Canon shares are edging up by 0.2%. In Australia the S&P/ASX 200 has a small gain of 0.2% as the big four banks are helping support the broader index today. Shares of ANZ have added 0.7%, while NAB is edging up by 0.1%, Commonwealth Bank is gaining 0.6%, and Westpac is trading 0.3% higher. Meanwhile the major miners are mixed, with BHP adding 0.1%, but Rio Tinto falling 0.7%. Chinese shares are falling broadly in significant weakness that’s leading the entire region. The benchmark Shanghai Composite is trading 1.1% lower, while the smaller cap Shenzhen Composite is down 1.2%. Hong Kong is not escaping that weakness either, with the Hang Seng falling 1.1%. In South Korea the Kospi has a gain of 0.2%, while Taiwan’s Taiex has been trading back and forth over unchanged levels and is currently lower by less than 0.1%. Southeast Asian markets are mostly higher today, with the Straits Times in Singapore and the Jakarta Composite in Indonesia each up 0.4%, while Malaysia’s KLCI trades 0.1% lower.
Crude Notches Near 3-Year High Above $75
2021-07-01 20:31UTC
Crude is back on the move higher ahead of a decision by key producers on production levels for the second half of 2021. Oil prices on Thursday topped $75 to notch a nearly three year high as traders remain optimistic that demand will continue to outstrip supply. The U.S. benchmark West Texas Intermediate crude settled the session at $75.23 a barrel, up 2.4%, or $1.76 a barrel. It’s the highest closing level for WTI crude since October 2018. Separately the global benchmark Brent crude settled at $76.10 a barrel for a gain of $1.49, or 2%, on the session. WTI crude is up 50% on the year as surging demand from travelers has supported a massive rally for the commodity. A rebound in goods transportation is also helping to support demand for crude and higher prices. Thursday’s advance came ahead of a meeting of OPEC and non-OPEC partners, which was postponed until Friday. The group, often referred to as OPEC+, has been increasingly optimistic over improving economic conditions and the outlook for increased demand due to the reopening of global economies. OPEC+ is expected to announce a 500,000 barrel per day increase in production beginning in August, but analysts are skeptical that this production hike will do much to halt the rally in crude. They point to the fact that the rebound in travel in June resulted in a global deficit of roughly 2.3 million barrels a day in crude. Major analysts and investment banks have suggested that the current imbalance between supply and demand could see crude prices reaching $100 a barrel by the end of 2021.
U.S. Daily Market Review
2021-07-01 15:16UTC
U.S. stocks partly surged today as most traders and investors are positive about the second half of 2021.The Dow Jones Industrial Average was inclined 86. The S&P-500 gained 0.3% and set a new intraday record high. The tech-heavy Nasdaq Composite was flat.Moreover, data showed fewer-than-expected weekly jobless claims and energy stocks were supported by a spike in oil prices.The USD only marginally rallied with most currencies trading within narrow ranges, as investors looked to Friday's U.S. nonfarm payrolls report for market signals.As a matter of fact, the USD index, jumped to a three-month peak of 92.547 earlier in the session. U.S. construction spending unexpectedly dropped last month May as gains in private homebuilding were offset by persistent weakness.The Commerce Department announced yesterday that construction spending slipped by 0.3% after edging securing 0.1% in April.In reality, construction spending, which accounts for about 3.6% of GDP, grew 7.5% on a annual basis in May.
European Daily Market Review
2021-07-01 09:10UTC
European markets rallied, marking a solid start of the the second half of 2021 on a higher note. The main drive force for this are the forecasts for economic recovery.    The pan-European Stoxx 600 added 1% in early trade, with travel and leisure stocks gaining 1.8% to lead the rising mode.The GBP depreciated today after Bank of England Governor Andrew Bailey warned against over-reaction to rising inflation in Britain.The sterling dropped 0.2% registering $1.3796 versus the USD at 0835 GMT. Additionally, it lost 0.1% versus the euro to 85.85 pence.The UK announced a further 26,068 cases on Wednesday as the Delta variant is further gaining ground. This was the peak mark since late January.Additionally, Scotland, registered the strongest rate of cases in the UK, reported its highest number of cases, almost 3,900.
Gold Prices Into A Falling Mode
2021-07-01 08:12UTC
Gold marked its weakest mark of the last five years. This happens as the advancing pattern of the yellow metal were buffeted by incessant speculation of stimulus tapering.Presently, the yellow metal trades at $1776.10, which is a rise of $6.33 or 0.36% from the previous close of 1769.77.The daily trading range is from 1765.51 to 1778.92, while the trading volume is 109.594K.Since the beginning of the year, the price of the yellow metal has been challenged.This takes place when it came off record peaks above $2,000 and meandered for a few months before stumbling into a systemic decay from November.As a matter of fact, the Fed has expected that it estimates two hikes before 2023.
Asian Daily Market Review
2021-07-01 02:17UTC
Asian markets are trading mostly lower on Thursday morning as fears over a resurgence in COVID-19 cases is weighing on investor sentiment heading into Friday’s U.S. jobs report. Japan’s Nikkei is trading 0.4% lower today, despite the rally in the U.S. dollar that took the USD/JPY to its highest level in three months. Japan also reported a drop in both the Tankan manufacturing and non-manufacturing indices. Shares of Softbank group are trading 1.3% lower, while Sony is flat. Among the major exporters Toyota is falling 0.7%, Panasonic is 0.8% lower, and Canon has a 1.1% loss. In Australia the S&P/ASX 200 is 0.4% lower as well, with the big four banks weighing on results. Shares of ANZ are down 0.8%, NAB has dropped 0.6%, Commonwealth Bank has a 1.1% loss, and Westpac is retreating 0.5%. Meanwhile the major miners are also a drag today, with BHP losing 0.4% and Rio Tinto falling 0.6%. Mainland Chinese markets are modestly lower as well following a weaker than expected Caixin manufacturing PMI. The benchmark Shanghai Composite is edging lower by 0.1%, while the smaller cap Shenzhen Composite has a loss of 0.3%. Over in Hong Kong the hang Seng is utpacing losses on the mainland with a drop of 0.6% to lead losses for the region. South Korea’s Kospi is 0.5% lower today, and in Taiwan the Taiex is bucking the falling trend across the region as it inches higher by less than 0.1%. Southeast Asian markets are broadly higher with the Straits Times in Singapore adding 0.2%, while the KLCI in Malaysia and the Jakarta Composite in Indonesia are each 0.4% higher.
Lumber Losses Indicate Inflation May Be Transitory
2021-06-30 23:13UTC
If anyone needs a confirmation that inflation is indeed transitory they need look no further than lumber prices. Lumber futures, which rallied in the spring and caused many worries, fell roughly 40% in June, suffering their worst monthly performance since 1978, when records were first kept on lumber futures prices. Even more encouraging is that since the start of 2021 lumber futures are down 18%, and are likely to close out June with the first negative first half performance since 2015. The reversal in fortunes for lumber prices comes as consumers have switched their attention from home renovation projects to travel and vacations. There’s also some hope that the drop in lumber prices will take some pressure off new home prices, which would yield a further reduction in inflation. Supply of lumber has also increased as the pandemic lockdowns ease, and that’s balanced out the supply and demand mismatch that helped fuel the speculative rally in lumber. And that’s also encouraging for other areas of the economy where supply has been unable to keep up with demand as it shows that market forces will eventually even out and inflationary pressures will fade. The upside of all this is that the Federal Reserve may have gotten it right with their view of transitory inflation. And if that’s true then it is more likely that it will be until 2023 that the Fed begins raising interest rates. Markets have already begun pricing that likelihood in after their initial knee-jerk reaction to what at first glance seemed to be a more hawkish Federal Reserve monetary policy earlier in June.
U.S. Daily Market Review
2021-06-30 14:58UTC
U.S. stocks moved close to record marking today as the market is about to register a  rising first half and second quarter of 2021.The Dow Jones Industrial Average gained 58 points while the S&P 500 inclined 0.1%. The Nasdaq 100 fell 0.2%.The National Association of Realtors (NAR) reported that its Pending Home Sales Index, based on contracts signed last month, soared 8.0% to 114.7. The ADP National Employment Report indicated in that private payrolls jumped by 692,000 jobs this month, down from 886,000 new positions in May.In fact, the Labor Department’s more detailed and expected employment data for June is due on Friday.
Еuropean Daily Market Review
2021-06-30 09:07UTC
European stocks retreated some ground today as pandemic and inflation concerns soared.The German DAX dropped 1.13%, the French CAC-40 tumbled 1.18% and the FTSE-100 lost 0.92%.The pan-European Stoxx-600 slipped 0.9% by mid-morning, with autos tumbling 2.4% to lead the falling path.European investors are focused on a host of economic data on Wednesday. Moreover, U.K. first-quarter GDP was marked -1.6% quarter-on-quarter, coming below initial forecasts.Inflation in the Euro countries sunk to 1.9% in June from 2.0% in May, in line with estimates.Banks in the European Union became significantly more profitable in the first quarter of 2021 due to higher income generation.The European Banking Authority (EBA) announced that its quarterly Risk Dashboard that banks’ return on equity, a key measure of profitability, jumped to 7.6% in the first quarter from 1.9% in the year ending 2020.
Crude Oil Prices Advanced
2021-06-30 08:47UTC
Oil prices rallied this morning during the Asian hours after the Organization of the Petroleum Exporting Countries and allies (OPEC+) delayed negotiations just ahead of its ministerial meeting.Now, oil trades at 73.047, which is a minor loss of $0.384 or 0.52% from the previous close of 73.431.The daily trading range is from 72.798 to 73.589, while the trading volume is 10.503K.Some OPEC+ members called for higher oil supply, while Saudi Arabia fears about the global spread of the COVID-19 delta variant despite rising demand levels. The cartel is very likely to revive some of the supplies.On the supply front, U.S. crude oil supply data from the American Petroleum Institute indicated in a draw of 8.153 million for the week ending Jun. 25. Crude oil supply data from the U.S. Energy Information Administration is due later in the day.
Asian Daily Market Review
2021-06-30 03:00UTC
Asian markets are trading mostly higher on Wednesday morning following an overnight winning session on Wall Street. Investors are looking ahead to this Friday’s U.S. non-farm payrolls with a sense of optimism that’s keeping equities afloat. In Japan the Nikkei has unfortunately given back early gains and is trading slightly lower by less than 0.1% as traders in Tokyo take their lunch break. Shares of Softbank Group are trading 0.7% higher, however Sony shares are 1.6% lower. Among the major exporters Toyota shares are flat, Panasonic is 0.4% higher, and Canon shares are also flat. Australia’s S&P/ASX 200 has a gain of 0.5%, with the big four banks trading mixed. Commonwealth Bank is 0.6% higher and Westpac has a gain of less than 0.1%, while NAB is losing 0.4% and ANZ is trading slightly lower by less than 0.1%. Meanwhile the major miners are helping to support the broader index, with BHP trading 1.6% higher and Rio Tinto advancing 2.2%. In mainland China markets are higher following mixed results from Chinese PMI data. The benchmark Shanghai Composite is 0.1% higher, and the smaller cap Shenzhen Composite is trading 0.5% higher. However Hong Kong’s Hang Seng is not following the mainland’s lead and is trading 0.1% lower. South Korea’s Kospi has a gain of 0.4%, and in Taiwan the Taiex is leading gains for the region as it’s adding 1%. Southeast Asian markets are mixed on the day as the Straits Times in Singapore is rising 1% and the Indonesian Jakarta Composite has a 0.3% gain, but the KLCI in Malaysia is trading 0.4% lower.
Facebook Is A Member Of The $1 Trillion Club
2021-06-29 22:32UTC
Despite a drop of 1.1% on Tuesday Facebook remained a member of the $1 trillion club after shares soared the prior session on news of an anti-trust case against the company being thrown out of the courts. Facebook now joins Apple, Microsoft, Amazon, and Alphabet as the five U.S. companies with market caps larger than $1 trillion. It’s grip on the level is tenuous however as Tuesday’s drop left the company’s market cap at $1.004 trillion. Facebook has benefitted greatly from the reopening trade as online advertisers have rushed back to its platform. Facebook generates nearly all its revenue from advertising on its Facebook and Instagram platforms. It’s been a fairly quick road to $1 trillion for Facebook as the company went public in 2012 and began with a market cap of $104 billion. Perhaps it would have been an even quicker trip if it hadn’t been for 2018, when Facebook was rattled by scandals, including data leaks, fake news, and the Cambridge Analytica scandal where a data firm inappropriately accessed the data of 87 million Facebook users and used it to target ads for the 2016 Donald Trump Presidential race. Also of concern in 2018 was a drop in revenue and users in the second quarter, and by the end of the year Facebook shares were down 19%. The stock has rebounded well since however, and shares are up more than 90% from a July 2018 low. Now that the $1 trillion mark is passed investors will no doubt be wondering when Facebook will catch up with Apple and Microsoft in the $2 trillion club.
U.S. Daily Market Review
2021-06-29 16:08UTC
The S&P-500 jumped to record high today as bank stocks contributed to the economic recovery.The Dow Jones Industrial Average gained 120 points, while the tech-heavy Nasdaq Composite inclined 0.1%.The stock price of Morgan Stanley rallied more than 3% after the bank announced that it will double its quarterly dividend. Additionally, the lending giant also reported a $12 billion stock buy back program. The USD appreciated to a one-week high, on track for its biggest daily surge of the last two weeks.United Airlines is likely to hire about 25,000 new labor staff by 2026 as part of its largest-ever order for 270 Boeing and Airbus jets. Now, United has around 68,000 union jobs, or 89% of its total domestic workforce.
Еuropean Daily Market Review
2021-06-29 10:08UTC
Тhe leading European indexes rallied today as global investors monitored the spread of the delta Covid-19 variant.The German DAX added 0.80%, the French CAC-40 gained 0.28% and the British FTSE-100 inclined 0.08%.The pan-European Stoxx-600 secured around 0.3% by late morning, with autos soaring 0.9%.Euro zone government bond yields are into a steady path from recent highs just ahead of the release of German consumer price data.Germany’s 10-year bond yield was flat at -0.187%.French 10-year bond yields largely tumbled after the right politician Marine Le Pen fared badly in regional elections over the weekend.British house prices advanced 13.4% in June versus last month last year. This represents the largest annual surge since November 2004.
Gold Prices Dropped
2021-06-29 06:30UTC
Gold prices dropped this during the Asian hours and are still around the one-week bottom.Presently, the yellow metal trades at $1774.31, which is another loss of $3.58 or 0.20% from the previous close of 1777.89.The daily trading range is from 1773.65 to 1778.80, while the trading volume is 80.586K.Moreover, during the previous session and is set for its worst month since 2016. The rising rate of the USD and worries over over whether the U.S. Federal Reserve would tighten its monetary policy sooner than predicted also created in some pressure on the yellow metal.The USD is into a negative relationship too gold, advanced and moves just below a two-month high on Monday.In the meantime, silver slipped 0.4%, palladium tumbled 0.2%.
Asian Daily Market Review
2021-06-29 03:11UTC
Asian markets are heading mostly lower Tuesday morning as investors react to the surge in new virus cases in several Southeast Asian countries. There’s also little support for equities overnight as European markets headed lower, and U.S. markets finished mixed. In Japan the Nikkei is trading down by 0.9% as the Yen continues catching up on the U.S. dollar. Shares of Softbank Group are down 2.3%, but Sony is bucking the falling trend in the broader market and has a gain of 0.9%. Among the major exporters Toyota is trading 1.1% lower, Panasonic has a 1.2% loss, and Canon shares are down 1%. Australia’s S&P/ASX 200 is trading 0.7% lower today, with the big four banks contributing to the weakness. Shares of ANZ are 0.6% lower, NAB has a 1% loss, Commonwealth Bank is down 0.4%, and Westpac shares are falling 0.6%. Meanwhile the major miners are just as weak, with BHP losing 1.4% and Rio Tinto retreating 0.6%. In mainland China markets are weak as well, with the benchmark Shanghai Composite losing 0.6%, and the smaller cap Shenzhen Composite trading 0.7% lower. Over in Hong Kong the Hang Seng is also trading lower by 0.5%, with shares of Alibaba falling 1.1%, while rival Tencent is flat and unchanged. South Korea’s Kospi is lower by 0.4% today, and in Taiwan the Taiex is bucking the falling trend with a slight gain of less than 0.1%. Southeast Asian markets are mostly lower today, with the Straits Times in Singapore losing 0.8%, and the KLCI in Malaysia down by 0.2%, but the Jakarta Composite in Indonesia bucking the losing trend with a 0.6% advance.
When Will Microsoft Reach $3 Trillion Market Cap?
2021-06-28 21:22UTC
Microsoft doubled its market cap from 2017 through 2019, and then doubled it again from 2019 through 2021. With the tech mega-cap company now one of just two corporations whose stock has a market cap of over $2 trillion, what are the chances for Microsoft to get its market cap to $3 trillion? Actually that’s only a 50% increase versus the past two 100% increases, so you’d think it wouldn’t be too difficult to get to $3 trillion. Even at its massive size Microsoft has a growth rate in double digits, and its cloud computing business is growing even faster than that. Add in a few strategic acquisitions and seeing Microsoft’s market cap climb to $3 trillion by 2023 might not be so far-fetched. Microsoft should continue to benefit from the accelerated pace at which businesses are moving their operations online. Everything from its Azure cloud platform, to the Microsoft 365 suite of products, to the Microsoft Team communication tool will help contribute to double digit growth. And by offering a free upgrade from Windows 10 to Windows 11 Microsoft will keep all its users on the same page. Added to that will be the continued impressive growth in Microsoft’s gaming business. The pandemic brought many past players and new players into gaming, and a majority of them are continuing to game now that the pandemic is receding. Microsoft’s Xbox helped contribute to this and as the company moves increasingly to cloud gaming its revenue from this sector should increase impressively. Microsoft is no longer the staid, conservative company whose stock declined 32% from 2000 through 2014. It’s an exciting tech leader.
U.S. Daily Market Review
2021-06-28 14:20UTC
The U.S. stock market are relatively static today but a strong start for tech stocks boosted the Nasdaq Composite to another record marks. The S&P-500 was little changed, while the Nasdaq added 0.5%. The Dow Jones Industrial Average dropped more than 100 points.The weekly rallies were seen after the Commerce Department reported that its inflation indicator advanced 3.4% in May, the largest incline since the early 1990s.The USD appreciated as global markets started the week with a risk-averse tone.Tesla started to recal close to 300,000 cars to implement a software update related to assisted driving.
Еuropean Daily Market Review
2021-06-28 08:14UTC
European stocks are still without a direction this morning, reflecting mixed sentiment in Asia-Pacific.The German DAX lost 0.01%, the French CAC-40 slipped 0.14% and the British FTSE-100 dropped 0.30%.The pan-European Stoxx 600 moved around the flatline in early trade, with travel and leisure stocks falling 1.8%.Italian luxury group Salvatore Ferragamo, rallied close to 3%, after stating it had named Gobbetti as its new CEO. Euro zone government bond yields declined today, with most traders and investors awaiting direction from key economic data later in the week.News that the French far right failed to win a single region in elections on Sunday, according to exit polls. In early trade, France’s 10-year bond yield was a touch lower at 0.19%.
Crude Oil Prices Advacned
2021-06-28 07:20UTC
Oil prices dropped this morning during the Asian hours after jumping to peak marks from 2018. Now, oil trades at $74.058, which is a surge of 0.084 or 0.11% from the previous close of 73.974.The daily trading range is from 73.840 to 74.421, while the trading volume is 9.913K.Talks between the U.S. and Iran on a new nuclear deal are expected to further continue.In the meantime, the Organization of the Petroleum Exporting Countries and allies (OPEC+) will meet later this week.In fact, OPEC and its allies will examine production quotas for August 2021 when it meets on Jul. 1. The oil supplies are likely to advance by about 500,000 bpd in August.Meanwhile, market analysts are keeping a close eye on a new type of COVID-19, called Delta.
Asian Daily Market Review
2021-06-28 03:28UTC
Asian markets are moving mostly lower to start the week Monday as a weekend surge in COVID-19 cases across the region has dented investor sentiment. Oil is also holding at a 2 ½ year high, which is weighing on markets somewhat. In Japan the Nikkei is 0.3% lower today, with the Yen remaining basically flat versus the U.S. dollar after advancing slightly to close out last week. Shares of Softbank Group are 0.3% lower as well, but Sony shares are edging higher by 0.2%. Among the major exporters Toyota is 0.4% lower, Panasonic is losing 0.5%, and Canon trades 0.2% higher. Australia’s S&P/ASX 200 is flat with a slight loss of less than 0.1%. The big four banks are providing some of the downward pressure for the index as ANZ is down 0.4%, NAB has a 0.5% loss, and Westpac trades 0.4% lower, while Commonwealth Bank is bucking the falling trend and adding 0.3%. The major miners are providing support however, with BHP rising 1.2%, and Rio Tinto advancing 0.7%. Mainland China is bucking the falling trend across the region as the benchmark Shanghai Composite is flat, but the smaller cap Shenzhen Composite has a gain of 1%. Meanwhile over in Hong Kong the Hang Seng is also trading unchanged in-line with the mainland’s benchmark index. South Korea’s Kospi has a slight loss of 0.1%, while in Taiwan the Taiex is trading 0.4% higher. In Southeast Asia markets are mixed as well, with Singapore’s Straits Times adding 0.4%, while the Jakarta Composite in Indonesia is falling 0.6%, and Malaysia’s KLCI index has a loss of 1.1%.
Nike Shares Surge Higher On Strong Earnings
2021-06-25 19:30UTC
Shares of sports apparel maker Nike saw its shares shoot 15.5% higher on Friday after announcing an updated full-year sales forecast in excess of $50 billion. Nike saw a significant rebound in its North American and Chinese sales as the world comes off pandemic lows. Regarding the Chinese sales management said it is confident it can regain consumer trust in the region despite threats of boycotts over Nike’s comments regarding alleged forced labor in Xianjing. During the Thursday evening earnings call Nike’s CEO John Donahoe expressed his confidence that Nike’s already strong brand can capitalize on the global recovery in the retail sector as consumers begin to socialize once more. He said that the company is already seeing consumers splurge on athletic shoes and Nike’s fashion-forward sweatsuits and other apparel. During the most recent quarter ended May 31 Nike reported revenue of $12.34 billion, nearly doubling the $6.31 billion reported in the same quarter a year ago. That was more than $1 billion ahead of analysts’ estimates. Nike has also seen a total of at least 12 brokerages raising their price target on the stock following  the release of the latest sales and earnings. The average price target is now $176.90 versus Friday’s close at $154.35 a share. Nike is facing supply chain issues just like every other global company, but the strength of its brand is offsetting those struggles. Analysts have also seen Nike benefitting from a closer relationship with its customers through its membership program, smart wholesale selling, and effective use of data. These things combined are giving Nike strong pricing power.
U.S. Daily Market Review
2021-06-25 13:17UTC
U.S. stocks soared today with the S&P 500 building on its advance to record peaks. Moreover, inflation could temporary as the economy continues to recover from the pandemic.The Dow Jones Industrial Average added 230 points, or 0.7%.The Nasdaq Composite erased earlier gains and sunk into the red as the 10-year Treasury yield. Nike’s stock rallied 14%. The sports giant announced earnings and revenue that blew past Wall Street estimates. FedEx slipped 4% despite coming above the top and bottom lines of its earnings. U.S. consumer spending moved into a static mode in May as shortages hurt motor vehicle purchases.The USD depreciated today after data indicated in that U.S. consumer spending was flat in May.In reality, the USD index versus the main pairs lost 0.26% to 91.598.
Еuropean Daily Market Review
2021-06-25 10:29UTC
European stocks are still without a clear direction for now as most traders and investors are focused on the prospect of a steady economic recovery.The German DAX slipped 0.14%, the French CAC-40 dropped 0.18% and the British FTSE-100 added 0.05%.The pan-European Stoxx-600 moved around the flatline by late morning. Basic resources advanced 1% while travel and leisure stocks slid 1.3%.London is about to report its plans next month to lift travel restrictions for fully vaccinated people.In the meantime, the inflation could rally above 3% at its peak before cooling down.Germany’s GFK consumer sentiment index at the very start of the session, demonstrate that the largest European economy soared to -0.3 points heading into July.
Gold Prices Jumped
2021-06-25 07:25UTC
Gold prices rallied this morning during the Asian hours as investors digested mixed signals from the Fed on interest rate hikes earlier this week.Now, gold trades at $1781.75, which is a rise of $7.38 or 0.42% from the previous close of 1774.37.The daily trading range is from 1773.48 to 1782.44, while the trading volume is 87.734K.The USD in general is into a negative relationship to the precious metal but hovered below a two-month high of 92.407.Two Fed officials predicted on Thursday that inflation could surged more than the predictions in the short term. However, other Fed policymakers announced the U.S. economy is rebounding from the loss in 2020.On the data front, 411,000 filed for initial jobless claims in the U.S. during the previous week as the labor market is steadily rebounding from COVID-19.Moreover, the Bank of England handed down its policy decision on Thursday. The central bank stated that inflation would came above 3% in the next quarter.
Asian Daily Market Review
2021-06-25 02:50UTC
Asian markets are rising on Friday to close out the week following a strong overnight session on Wall Street that saw the S&P 500 and the Nasdaq trade up to a new record closing highs in response to the support from U.S. President Biden for a bipartisan infrastructure bill. In Japan the Nikkei is 0.7% higher as the Yen holds at a two-year low versus the U.S. dollar. Shares of Softbank Group are trading 0.5% higher, and Sony is up by 0.8%. Among the major exporters Toyota is edging higher by 0.2%, while shares of Panasonic soar 4.6% higher, and Canon has a gain of 0.7%. Australia’s S&P/ASX 200 is trading 0.4% higher, with the big four banks helping support the gains for the broader market. Shares of ANZ trade 0.9% higher, NAB is adding 0.6%, Commonwealth Bank is up by 0.3%, and Westpac has a 0.5% gain. The major miners are also helping for a second day in a row, with BHP rising 0.8%, and Fortescue Metals adding 0.8%, while shares of Rio Tinto advance 1%. Mainland Chinese markets have also opened to gains today, with the benchmark Shanghai Composite gaining 0.5% and the smaller cap Shenzhen Composite rising 0.7%. Meanwhile in Hong Kong the Hang Seng is trading higher by 0.8%. South Korea’s Kospi is having a good session with a gain of 0.8%, and in Taiwan the Taiex is leading the region with a gain of 1%. In Southeast Asia markets are also broadly higher as the Jakarta Composite in Indonesia rises 0.6%, the KLCI in Malaysia adds 0.4%, and the Straits Times in Singapore edges up by 0.2%.
GBP/USD Drops Following BoE Meeting
2021-06-25 00:44UTC
After rising for several days the British Pound fell sharply following an uneventful Bank of England monetary policy meeting that had traders disappointed. The 1.3900 level did act as support for the GBP/USD and could continue to do so given that the USD remains weak or at least subdued against most currencies as traders await PMI data next week, and the key June non-farm payrolls report. Most of the losses for the Pound occurred in the hour immediately following the BoE meeting as traders reacted to the lack of a more hawkish statement from the central bank. The BoE kept policy unchanged, referring to the rising inflation as transitory, and commenting that they don’t want to jeopardize a fragile recovery by tightening now. The downward pressure on the Pound was exasperated by concerns over the EU-UK standoff over the Northern Ireland protocol, as well as the rising number of Delta COVID-19 cases in the U.K. That said, the downside for the pair remains muted for the time being thanks to subdued action from the USD, which continues to struggle to gain upward momentum due to the mixed signals traders are receiving regarding inflation in the U.S. With the BoE monetary policy meeting out of the way traders are already looking ahead to next week for the next catalyst. Data due out next week from the U.S. includes Consumer Confidence, Chicago PMI, ISM Manufacturing PMI, and the key non-farm payrolls. U.K. data will include the final first quarter GDP. Additionally there will be several speeches from Fed officials, and several from BoE officials, any of which could move markets.
U.S. Daily Market Review
2021-06-24 15:47UTC
The S&P-500 rallied today, surpassing its peak set a week ago as the market fully recovered drops resulted the Federal Reserve policy.The broad equity benchmark gained 0.5% to hit an all-time high. The Dow Jones Industrial Average inclined 260 points, or 0.8%, sitting less than 3% from its all-time high. The Nasdaq Composite soared 0.6% to reach another record.The blue-chip Dow entered its worst week since October with a 3.5% loss last week after the Fed heightened inflation estimates.Less Americans filed for new claims for unemployment benefits last week as the labor market partly recovers from the COVID-19 pandemic amid a reopening economy.
Еuropean Daily Market Review
2021-06-24 13:52UTC
The leading European leading indexes advanced today as global investors digested comments from U.S. Federal Reserve officials.The French CAC-40 added 1.17%, the German DAX gained 0.93% and the British FTSE-100 inclined 0.59%.The pan-European Stoxx 600 rallied 0.6% by mid-afternoon, with travel and leisure stocks climbing 1.5% to lead gains.Germany’s Ifo Institute business climate marked at 101.8 in June, slightly outstripping a consensus forecast of 100.6.The Bank of England preserved its monetary policy unchanged but vowed to monitor rising inflation. The index managed to secure some inclines and was trading around 0.6%.Germany's Volkswagen confirmed on Thursday that plans to get the majority stake in car rental company Europcar (EUCAR.PA).Russian car-sharing company Delimobil is about to enter into markets in developing countries and to sell local franchises.Delimobil has more than 16,000 cars in Russia. It also offers its services in Belarus, Kazakhstan and the Czech Republic under its Anytime brand.
Crude Oil Prices Rallied
2021-06-24 07:11UTC
Oil prices advanced earlier today during the Asian hours, with continuously falling U.S. crude and fuel supplies.Now, oil trades at $73.388, which is a rise of $0.148 or 0.20% from the previous close of 73.240. The daily trading range is from 72.960 to 73.431, while the trading volume is 7.379K.U.S. crude oil supply data from the U.S Energy Information Administration said stockpiles dropped for a fifth week, the longest path since the beginning of 2021.The data indicated in a draw of 7.641 million barrels for the week ended Jun. 18.Crude oil supply from the data of the American Petroleum Institute demonstrated a draw of 7.199 million barrels for the week ending Jun. 18.The market is now focused on the Organization of the Petroleum Exporting Countries and allies (OPEC+) meeting. During the meeting will be discussed its production quota for August when it meets in the following week. 
Asian Daily Market Review
2021-06-24 02:00UTC
Following a lackluster day on Wall Street where markets finished mixed and little changed Asian markets are following suit Thursday and trading mixed and little changed as well. Elsewhere Bitcoin has rebounded, giving the broader cryptocurrency markets some support even as China remains very negative regarding the digital assets. In Japan the Nikkei is edging up by less than 0.1% even as the Yen trades at its lowest level versus the U.S. dollar since March 2020. The recovery in the global economy is reducing demand for haven assets like the Yen, and the continued ultra-accommodative stance of the Bank of Japan promises to weaken the Yen even further in coming weeks. Shares of Softbank are soaring 3.6% higher after the CEO said he wants to become a 21st century Rothschild. Sony is slipping by 0.3% and leading exporter Toyota is 0.6% higher. Australia’s S&P/ASX 200 is 0.4% lower as the big four banks weigh for a second consecutive session. Shares of ANZ are 0.9% lower, NAB is falling 1.2%, Commonwealth Bank is losing 0.8%, and Westpac has a 1% loss. Shares of major miners are aiding the market however, with BHP up by 1% and Rio Tinto also gaining 1%. In China the benchmark Shanghai Composite has opened 0.3% lower and the smaller cap Shenzhen Composite is falling 0.4%. Meanwhile in Hong Kong the Hang Seng is bucking the losing trend on the mainland with a gain of 0.3%. South Korea’s Kospi is up 0.4%, and in Taiwan the Taiex is gaining 0.5%. In Southeast Asia Singapore’s Straits Times Index is trading 0.2% higher, but the KLCI in Malaysia is 0.2% lower.
Crude Continues To March Towards $100 A Barrel
2021-06-23 23:57UTC
Crude oil prices continued rising on Wednesday, with global benchmark Brent crude reaching above $76 a barrel for its highest levels since 2018 after data showed that U.S. crude inventory levels declined to their lowest levels since March 2020. It was the fifth consecutive drop in U.S. inventory levels. The falling inventories have come as demand rebounds post-pandemic, but production has been unable to keep up. U.S. crude inventory levels fell by 7.6 million barrels in the past week according to the U.S. Energy Information Administration. That was far greater than the 3.9 million barrel drawdown expected by analysts. Adding to pressure on crude inventories is a rise in gasoline demand as the summer travel season is now underway. With people getting back in their cars to travel analysts expect the gasoline demand numbers to continue rising, which will make a big dent in crude consumption as well. Brent crude finished the day $0.38 higher at $75.19 a barrel. That was a 0.5% gain for the global benchmark. Meanwhile West Texas Intermediate crude rose $0.23, or 0.3%, to finish the session at $73.08 a barrel after trading as high as $74.25 intraday, which was the highest price for WTI crude since October 2018. The drop in the value of the U.S. dollar this week has also been supporting gains for crude as the weaker dollar makes crude cheaper overseas. Some industry leaders are now projecting Brent crude will hit $100 a barrel, although additional production might mute some of the gains being seen. OPEC meets next week and could potentially announce production increases from August onwards.
U.S. Daily Market Review
2021-06-23 16:43UTC
U.S. stocks advanced today led by energy shares.The S&P-500 inclined 0.2% for a third straight positive day, sitting 0.1% from an all-time high. The Dow Jones Industrial Average last traded near the flatline. The Nasdaq Composite rallied 0.4% to an intraday record after closing.Sales of new U.S. single-family homes sunk to a one-year bottom in May as the median price of newly built houses jumped.Shares of the athletic giant of Under Armour soared 3% in midday trading.New home sales slipped almost 6% to a seasonally adjusted annual rate of 769,000 units last month, its weakest mark since May 2020. In fact, April’s sales pace was revised down to 817,000 units from the previously marked 863,000 units.
Еuropean Daily Market Review
2021-06-23 07:39UTC
European stocks are static today with the market focused on the key Purchasing Managers’ Indexes from the euro zone.The German DAX slipped 0.13%, the French CAC-40 fell 0.05% and the British FTSE-100 gained 0.11%.The pan-European Stoxx-600 soared only 0.1% above the flatline in early trade.London’s FTSE-100 advanced led by gains in travel and heavyweight mining stocks.The FTSE-100 gained 0.1% with miners BHP Group and Anglo American becoming the largest boost to the index.Swiss online pharmacy Zur Rose Group tumbled 3.4% to the bottom of the Stoxx 600.The French giant Pernod Ricard secured around 2.4% to lead the index after raising its profit levels.
Gold Prices Jumped
2021-06-23 06:48UTC
Gold prices advanced this morning during the Asian hours after U.S. Federal Reserve Chairman Jerome Powell’s once again indicated that will raise interest rates.However, the appreciating USD  curbed the advancing mode of the yellow metal.Now, gold trades at $1779.96, which is a gain of $1.63 or 0.09% from the previous close of 1778.33.The daily trading range is from 1777.02 to 1783.76.The USD is into a negative relationship to the precious metal.Powell testified before the House of Representatives Select Subcommittee on Tuesday.The Bank of Japan (BOJ) reported the minutes from its April policy meeting earlier in the day.The minutes said BOJ members agreed that the massive stimulus measures.In the meantime, silver gained 0.2% and platinum inclined 0.1%. 
Asian Daily Market Review
2021-06-23 03:25UTC
Asian markets have turned higher for the second consecutive session on Wednesday, continuing to recover the losses suffered on Monday as overnight gains on Wall Street and rising risk appetite have helped to support the markets across the region. Japan’s Nikkei is edging up by 0.1% even as the Yen sinks versus the U.S. dollar for a third session in a row. Shares of Softbank Group are trading 0.5% lower, while Sony is falling 1.8%. Among the major exporters Toyota has a loss of 1.5%, Panasonic has retreated 0.7%, and Canon is bucking the losing trend with a gain of 0.4%. In Australia the S&P/ASX 200 is one of the few markets in the region with a loss as it trades down by 0.3% heading into the final hour of trade in Sydney. Shares of the big four banks are weighing on the broader market, with ANZ 1.2% lower, NAB is falling 1%, Commonwealth Bank has a 0.6% loss, and Westpac has dropped 1.5%. Mainland Chinese markets are making good gains, with the benchmark Shanghai Composite rising 0.4% and the smaller cap Shenzhen Composite advancing 1%. Meanwhile in Hong Kong the Hang Seng is leading gains for the region as it rises 1.3%. Shares of Alibaba are rising 1.4%, and Tencent has a gain of 0.8%. In South Korea the Kospi has a gain of .04%, while the Taiex in Taiwan is rallying 1.2% higher. Markets are mixed in Southeast Asia however, as the Straits Times in Singapore adds 0.4% and the Jakarta Composite in Indonesia is gaining 0.2%, but the KLCI in Malaysia is trading 0.3% lower.
Is It Time For The Bank Of England To Acknowledge Inflation Too?
2021-06-22 23:17UTC
Now that the Federal Reserve in the U.S. has admitted to inflation likely continuing to run hot for longer than previously thought, which included a more hawkish tone that could see U.S. interest rates rising as early as 2022, all eyes are turning to the U.K., where the Bank of England will have the opportunity on Thursday to prove that they have a better handle on inflationary effects than their counterparts on the other side of the Atlantic. While the Bank of England isn’t expected to make any change to their monetary policy when their meeting concludes on Thursday, they will almost certainly need to address the topic of inflation, and the strength of the economic recovery. Previously the BoE was forecasting inflation at 1.6% by May, which was later upgraded to 1.8%. However that was still shy of the actual 2.1% reading, which indicates that like the Fed the BoE is behind the curve when it comes to its take on inflationary pressures. Whether or not it responds with a more hawkish tone though is up for debate. Some analysts have suggested that the BoE will remain dovish as they also have the Brexit to consider. However others feel that the central bank will almost certainly need to strike a more hawkish tone in response to the unexpected strength of economic recovery, and the jump in U.K. inflation. The real question for traders is how will the BoE monetary policy statement impact on the Pound, which remains on a steady upward trajectory versus the Euro, while also beginning to rebound versus the U.S. dollar after last week’s post-Fed selloff.
U.S. Daily Market Review
2021-06-22 15:15UTC
Wall Street’s main indexes only partly moved today as the market is focused on the Federal Reserve Chair Jerome Powell’s remarks for market signals.At 09:57 am the Dow Jones Industrial Average declined 98.27 points, or 0.29%, to 33,778.70. The 30-stock Dow soared 10 points. The S&P-500 dropped 2.96 points, or 0.07%, to 4,221.83 and the Nasdaq Composite secured 9.27 points, or 0.07%, to 14,150.75.Amazon.com Inc added 0.8%, among the top boosts to S&P 500.Existing-home sales declined for a fourth straight month in May.The number of contracts closed fell 0.9% in May to a seasonally adjusted annual rate of 5.8 million from 5.85 million in April, as reported by the National Association of Realtors.
Еuropean Daily Market Review
2021-06-22 10:02UTC
European stocks markets are still without a clear market direction. This comes amid extended volatile trading.The pan-European Stoxx 600 slipped 0.2% by late morning, with autos falling 0.9% to lead the retreating mode while oil and gas stocks secured 0.5%.The German DAX added 0.16%, the French CAC-40 inclined 0.11% and the British FTSE-100 soared 0.37%.Deutsche Bank AG has higher capital demands from its top regulator in case it doesn’t slow the pace of lending to highly indebted clients.Moreover, the European Central Bank has told Deutsche Bank that it will probably have to dedicated additional equity to account for the risks it takes it take on further leveraged lending.Hungary boosted its benchmark rate for the first time in a decade to curb the European Union’s fastest inflation rate.The bank boosted its the benchmark rate to 0.9% from 0.6%, as it was estimated.
Crude Oil Prices Rallied
2021-06-22 06:31UTC
Oil prices jumped this morning during the Asian hours, with some indications of emerging of a rapidly tightening market.Now, oil trades at $73.221, which is a loss of $0.287 or 0.39% from the previous close of 73.508.The daily trading range is from 72.830 to 73.508, while the trading volume is 8.011K.Brent oil futures secured 0.32% to $75.14 by 4:41 PM ET (4:41 AM GMT).Brent oil has advanced more than 40% after massive consumers such as the U.S., China and Europe continue their economic recoveries from COVID-19.Bank of America Corp. even predicted that the global crude benchmark could reach the mark of $100 per barrel in 2022 because of the dramatic travel recovery.Moreover, affecting investor sentiment is China’s crackdown on its private refiners. However, the overall bullish outlook for the black liquid is adding pressure on the Organization of the Petroleum Exporting Countries and allies (OPEC+) to consider reviving more of the production curbed during COVID-19 when it meets in the following week.The market is now focused on the U.S. crude oil supply from the American Petroleum Institute, coming out later today.Furthermore, the data and crude oil supply data from the U.S. Energy Information Administration is due later in the week.   
Asian Daily Market Review
2021-06-22 03:11UTC
Asian markets are heading broadly higher Tuesday morning, recovering from the losses of the prior session as overnight optimism and gains on Wall Street have continued into the Asian session. Japan’s Nikkei, which led losses for the region yesterday, is leading gains for the region today as it rises 2.9% in morning action. Shares of Softbank Group are trading 1.6% higher, while Sony shares have jumped 3.3%. Among the major exporters Toyota is gaining 3%, Panasonic is surging 3.6% higher, and Canon is rising 1.8%. In Australia the S&P/ASX 200 has a 1.4% advance heading into the final hour of trading in Sydney. Shares of the big four banks are contributing to the gains as ANZ is 1.9% higher, NAB is advancing 0.9%, Commonwealth Bank adds 2.4%, and Westpac is climbing 1.7%. The major miners are contributing to gains as well, with BHP rising 1.8% and Rio Tinto gaining 1.3%. Mainland China’s markets are also advancing, with the benchmark Shanghai Composite up by 0.7%, while the smaller cap Shenzhen Composite has a far more modest 0.1% gain. Meanwhile the Hang Seng in Hong Kong is flat with a slight gain of less than 0.1%. In South Korea the Kospi is adding 0.8%, although index heavy weight Samsung is up just 0.3%, while the Taiex in Taiwan tacks on 0.4%. Southeast Asian markets are mixed however as the Straits Times in Singapore bucks the rising trend across the region with a loss of 0.3%. At the same time the Jakarta Composite in Indonesia is rallying 0.9% higher, and Malaysia’s KLCI has a gain of 0.1%.
Amazon Shares Fall As Sale Event Kicks Off
2021-06-21 21:24UTC
Shares of Amazon have been trending higher, rising in six of nine sessions and coming very close to an all-time high last week. However this week hasn’t started out as bullish, with Amazon shares dropping 0.9% on Monday despite broad based gains for the rest of the market. What seems to be pushing Amazon shares lower is the start of its annual two-day sales event. While the company rakes in a pile of revenue over these two days it seems as if the market has already been pricing the event into the stock ahead of time. And now we are seeing the classic “buy the rumor, sell the news” reaction from investors. There has also been some indications that this year is going to be different from other years. While Amazon has announced over 2 million products will be on sale, which is double last years’ 1 million, there’s been some concerns over which products are actually going on sale. Some Amazon watchers have said this year’s offerings are less than spectacular. There has also been some indications that many of Amazon’s third-party sellers, which make up over 60% of the items on the platform, won’t be participating as heavily this year due to supply disruptions and rising costs. Another concern that’s not directly related to the sales event, is that the recent more hawkish stance of the Federal Reserve is going to be a headwind for Amazon in the coming months and years. Higher interest rates translate to higher borrowing costs, and some analysts have suggested that this will cause slower growth for Amazon in coming years.
U.S. Daily Market Review
2021-06-21 15:06UTC
U.S. stocks rallied today as the market attempted to recover some of the losses caused by the change of the Federal Reserve’s policy.The blue-chip Dow Jones Industrial Average inclined 500 points, or 1.6%, rebounding from its worst week since October. The S&P-500 soared 1.1%. The Nasdaq Composite was the relative underperformer with a 0.4% gain as some key tech names including Amazon, Tesla and Netflix all advancing.The Treasury yield curve flattened last week, implying in that banks and sending a signal of a potential economic slowdown. U.S. President Joe Biden will meet with the administration’s full slate of financial regulators today, where the White House is likely to analyze the climate change risks.The USD has surged since the U.S. central bank on Wednesday said that policymakers are forecasting two rate hikes in 2023. That led investors to re-evaluate bets that the U.S. central bank will let inflation run at higher levels for a longer time before raising rates.The USD index against a basket of currencies dropped 0.26% on the day at 92.012.
Еuropean Daily Market Review
2021-06-21 10:49UTC
European stocks were into a choppy path this morning, following jitters in global markets after some hawkish remarks from the U.S. Federal Reserve last week. The German DAX added 0.62%, the British FTSE-100 gained 0.18% and the French CAC-40 surged 0.26%.The pan-European Stoxx-600 hovered just above the flatline around an hour into trading, after slipping around 0.8%.Basic resources retreated 0.6% while chemicals secured 0.8%.Volkswagen will soon decide on the future of its top brand Bugatti, according to Oliver Blume, Volkswagen management board member and CEO of Porsche AG.Sweden's parliament decided the Prime Minister Stefan Lofven in a no-confidence vote on Monday, giving the Social Democrat leader a week to resign.Euro zone government bond yields entered into a steady pattern, boosted by less than one basis point, while a measure of long-term inflation expectations in Europe marked its weakest mark of the last three months.
Gold Prices Rallied
2021-06-21 06:20UTC
Gold prices advanced this morning during the Asian hours, stimulated by retreating U.S. Treasury yields.Now, the precious metal trades at $1776.77, which is a rise of $12.82 or 0.73% from the previous close of 1763.95. The daily trading range is from 1763.76 to 1778.72, while the trading volume is 201.226K.Gold prices dropped around 6% during the previous week in its worst week since March 2021 after the U.S. Federal Reserve sprung a surprisingly hawkish stance.The benchmark 10-year U.S. Treasury yield sunk to its bottom mark since Mar. 3, 2021. On the other side, the USD, which is into a reverse relationship to gold, advanced this morning.On Friday, Minneapolis Fed President Neel Kashkari said he wants to keep the central bank’s benchmark short-term interest rate near zero at least through the end of 2023 to allow the labor market to recover to its pre-COVID-19 strength.Dallas Fed President Robert Kaplan and New York Fed President John Williams are about to report throughout the week.The Bank of England is due to report its own policy decision on Thursday, and European Central Bank President Christine Lagarde will address the European Parliament later in the day.Gold purchases in India jumped during the previous week as local rates slipped.
Asian Daily Market Review
2021-06-21 01:47UTC
Asian markets are starting the week with a slide lower as investors are moving out of risk assets in reaction to the reflation trade and the more hawkish stance put forward by the U.S. Federal Reserve central bankers. In Japan the Nikkei is trading down 3.1% to lead losses across the region as the Yen has been taking back some of the losses suffered last week immediately following the Fed monetary policy statement. Shares of Softbank Group are plunging 3.4%, but Sony is holding up well with a slight loss of 0.1%. Among the major exporters Toyota is 1.8% lower, Panasonic shares are falling 3%, and Canon has a loss of 2.1%. Australia’s S&P/ASX 200 is trading 1.8% lower, with the big four banks weighing heavily on the index. Shares of ANZ are 2.8% lower, NAB is down 2.3%, Commonwealth Bank has plummeted 4.4% lower, and Westpac is off by 2.5%. The major miners are also falling today, with BHP losing 1.4%, and Rio Tinto trading 2.2% lower. Mainland Chinese shares are off to a bad start as well, with the benchmark Shanghai Composite losing 0.3%, while the smaller cap Shenzhen Composite is edging lower by 0.1%. Meanwhile over in Hong Kong the Hang Seng has dropped 1.2% in the first hour of trading. In South Korea the Kospi trades 0.6% lower, and in Taiwan the Taiex is down by 0.8%. Southeast Asian markets are also broadly lower, with the KLCI in Malaysia falling 1.1% and the Straits Times in Singapore down 0.8%, while the Jakarta Composite in Indonesia is flat at the open.
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