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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.
Nvidia Rally Might Just Be Gaining Steam
2021-06-18 18:31UTC
Chip maker Nvidia is once again a darling on Wall Street, after a slump in early 2021. The stock rallied 184% from its March 2020 low through November 2020, but then hit a wall that sent shares tumbling to as low as $463.73 this past march. It was a loss of roughly 20% to start the year, and things weren’t looking all that great for the maker of computer GPUs. The supply chain issues plaguing the entire industry weighed on Nvidia too, and investors worried over falling profits due to a lack of sales in connection with the supply chain issues. That was despite strong earnings growth and optimistic forward guidance from management. That was until May 21 at least, when the company announced a 4-1 stock split effective July 19 that kicked off a rally in Nvidia. Since that time shares have moved strongly higher, touching $775.00 yesterday and adding 6.8% in just the past two sessions alone. The perception of Nvidia as a leader in the GPU space, which it created when it released the first ever GPU back in 1999, and its semiconductor prowess have of course helped in the rally. And with some analysts considering the company a leader in artificial intelligence this could be a rally that lasts for years, not just months. Nvidia was once thought of as tied mostly to gaming, and while that remains a large chunk of its revenues and profits, it is also quite strong in the automotive and server sectors. It’s artificial intelligence business is booming, and first quarter revenues were up 84% over the same period last year.
U.S. Daily Market Review
2021-06-18 12:26UTC
U.S. main indexes are into a lower side today with the Dow Jones Industrial Average on pace mark the weakest week of the year. This takes place after St. Louis Federal Reserve President Jim Bullard reported that the first rate incline could come as soon as next year.The S&P-500 slipped 1%, pushing its loss this week to more than 1.5%. The tech-heavy Nasdaq Adobe shares surged 3% after earnings and revenue came above initial forecasts.Several U.S. companies such as Nike have given their U.S. employees a day off for the newly implemented June 19th federal holiday.In fact, President Joe Biden signed a bill yesterday recognize June 19, or “Juneteenth”, a federal holiday marking the end of legal enslavement of Black Americans.Treasury yields came off some of the recent gains, and the benchmark 10-year yield fell.
The USD Into A Higher Side
2021-06-18 12:15UTC
The USD is into a higher side during the European hours this morning.The greenback rate is still stimulated by the Federal Reserve in bringing forward its timetable for raising interest rates.Presently, the USD versus the Euro trades at 0.840 EUR, which is another rise of 0.0008 or 0.10% from the previous close of 0.8396.The daily trading range is from 0.8387 to 0.8411.At 2:55 AM ET (0755 GMT), the USD slipped just less than 0.1%.In reality, the USD is still enjouing the rewards of the U.S. Federal Reserve, the country’s central bank, taking a more hawkish stance than the forecasts.Moreover, the Fed chief Jerome Powell indicated that the members of the Federal Open Market Committee had been considering stopping the bank’s massive bond-buying program.
Еuropean Daily Market Review
2021-06-18 08:31UTC
European stocks are relatively into a static mode this morning. This is because as global markets monitor falling commodity prices.The German DAX slipped 0.32%, the British FTSE-100 dropped 0.43%.The pan-European Stoxx-600 declined 0.2% in early trade, with insurance and banking stocks falling little more than 1% to lead the falling path.London's FTSE 250 index also advanced on Friday, boosted by gains in industrial stocks and Inchcape, while data showed retail sales retreated in May.The GBP extended the falling path its fall versus the USD on Friday, dropping below $1.39.May’s U.K. retail sales lost 1.4% on monthly basis, as reported by the official statistics revealed Friday, falling short of the predicted 1.6%.British car dealer Inchcape climbed 4% in early trade to lead the Stoxx 600 after raising its 2021 profit outlook. At the bottom of the index, Dutch life insurer Aegon fell 3.7%.German bond yields tumbled today. Meanwhile, the U.S. curve flattened after an initial rise in yields from yesterday.
Gold Prices Jumped
2021-06-18 07:24UTC
Gold prices advanced this morning during the Asian hours.However, the precious metal is close the week at its weakest level since March 2020.Presently, the yellow metal trades at $1789.36, which is an addition of $16.54 or 0.93% from the previous close of 1772.82.The daily trading range is form 1771.97 to 1789.43, while the trading volume is 159.909K.This happens as most traders and investors are still concerned with the U.S. Federal Reserve’s surprisingly hawkish policy decision.The USD depreciated this morning  after soaring to a two-month high but was headed for its best week in nearly nine months. The Fed indicated in that asset tapering discussions have already begun as it handed down its policy decision earlier in the week. The Bank of Japan preserved the rate at -0.10%, as widely expected.
Asian Daily Market Review
2021-06-18 02:44UTC
Asian markets are recovering Friday from losses in the prior session, rising broadly even as Treasury yields and the U.S. dollar continue rising. Also impacting today’s action is the sharp fall in commodities overnight, with everything from metals to agricultural commodities suffering sharp losses due to the surge higher in the U.S. dollar. Japan’s Nikkei is trading 0.3% higher, helped by weakness in the Yen versus the U.S. dollar. Shares of Softbank are falling 0.4% today, but Sony is up by 0.8%. Among the major exporters Toyota shares are falling 2.8%, and Canon has a loss of 1.8%, but Panasonic is 0.4% higher. In Australia the S&P/ASX 200 trades 0.4% higher, with the big four banks holding the market back from larger gains. Shares of ANZ are 1% lower, NAB has a loss of 0.7%, Commonwealth Bank trades down 1.2%, and Westpac has a modest loss of 0.3%. Shares of the major miners are also falling in response to the losses for the commodity sector. BHP trades 1.3% lower, Rio Tinto is edging down by 0.2%, and Fortescue Metals has a slight loss of less than 0.1%. Mainland Chinese indices are mixed for a second consecutive session, with the benchmark Shanghai Composite losing 0.1%, but the smaller cap Shenzhen Composite rising 0.4%. And over in Hong Kong the Hang Seng is trading 0.6% higher to lead gains for the region. South Korea’s Kospi is gaining 0.2% today, and in Taiwan the Taiex is inching up by less than 0.1%. Southeast Asian markets are broadly lower however, with the Straits Times in Singapore retreating 0.3%, while Indonesia’s Jakarta Composite falls 0.2%, and the KLCI in Malaysia is 0.1% lower.
Commodities Are Hit Hard By Rising USD And Chinese Policy
2021-06-17 22:57UTC
Commodities from corn to copper fell on Thursday as the rising U.S. dollar and Chinese actions to cool down the commodities markets combined to send prices tumbling. Commodity losses were widespread, with industrial metals like palladium and platinum falling more than 11% and 7% respectively, while copper futures finished the day 4.8% lower. Corn also took a hit and fell nearly 6%. Even oil was affected, with futures losing nearly 1% on the day. Precious metals gold and silver continued falling, racking up a fifth consecutive session of losses. Silver was down 7%, while gold lost 4.6%. One of the catalysts was a Chinese government report released Wednesday, which highlighted plans for the Communist country to release copper, aluminum, and other industrial metals from inventories in order to cool the blazing hot sector. The move is also part of the Chinese government crackdown on overall speculation in financial markets. Also contributing to the decline is the sharp rise in the value of the U.S. dollar against global rival currencies. That comes after the Federal Reserve concluded its monetary policy meeting with a revised forecast for U.S. growth, and an increased bias towards tightening. The U.S. Dollar Index is up roughly 1.6% since the Fed released its latest monetary policy statement. Commodities often move inversely to the U.S. dollar since they are priced in USD globally and a stronger dollar makes them more expensive for foreign concerns. The drop comes after a blazing first half of the year for the entire sector, with prices rising dramatically in response to the reopening of global economies and increased demand.
U.S. Daily Market Review
2021-06-17 18:52UTC
The Nasdaq rallied around one point approaching its lifetime intraday high set in April.The Dow Jones Industrial Average dropped for a second day as the market is focused on the Federal Reserve’s latest policy update.Materials-related stocks led the losses as the Fed’s move to eventually boosting its rates.The stock prices of Apple Inc, Microsoft Corp, Amazon.com Inc and Facebook Inc reversed premarket declines to rise between 1.4% and 2%.U.S. oil prices sunk little around 2.7% and dipped below $70 per barrel.The number of officially unemployed Americans advanced last week for the first time in 1-1/2 months.Initial claims for state unemployment benefits jumped 37,000 to a seasonally adjusted 412,000 for the week ended June 12, according to the Labor Department.
Еuropean Daily Market Review
2021-06-17 06:50UTC
European stocks could retreat some ground as global markets react to the Federal Reserve’s signal that rate hikes are likely to take place.The German DAX fell 0.12%, the French CAC-40 added 0.20% and the British FTSE-100 gained 0.17%.European car registrations jumped in May, stimulating for the third month in row. Sales figures continued to recover from the low level reported last year when sales suffered due to coronavirus restrictions.New passenger car registrations soared 73.7% year-on-year to 1,083,795 vehicles in the European Union, Britain and the countries of the European Free Trade Association (EFTA).For the third month in a row, auto sales in Europe soared from depressed levels a year ago.New car-registrations jumped 74% in May, according to the European Automobile Manufacturers’ Association.Turkey’s central bank is very likely to preserve the same levels for a third month, as falling rage of the lira.The lira’s status as this year’s lowest performing emerging markets currency coupled with rising oil prices mean inflation may accelerate in June.
Crude Oil Prices Fell
2021-06-17 06:25UTC
Crude oil prices sunk today as the USD strengthened after the U.S. Federal Reserve indicated in that could boost its interest rates sooner than predicted.However, drops were limited by a big drop in U.S. crcrude oil inventories. Now, oil trades at $71.83, which is a rise of $0.186 or 0.26% from the previous close of 71.645. The daily trading range is from 71.319 to 72.033, while the trading volume is 11.306K.U.S. crude oil futures slipped 39 cents, or 0.5%, to $71.76 a barrel.The USD boasted its strongest single day gain in 15 months after the Federal Reserve signalled it might raise interest rates at a much faster rate than predicted.The stronger rate of the USD makes oil priced in dollars more expensive in other currencies.Oil refinery in China inclined 4.4% in May from the same month versus last year.
Asian Daily Market Review
2021-06-17 01:51UTC
Asian markets are heading broadly lower on Thursday morning after the Federal Reserve stunned investors overnight by signaling a faster pace of tapering and rate hikes in the coming months. The move sent U.S. Treasury yields and the U.S. dollar soaring overnight, while Wall Street equities headed lower. Gold and oil were both sent lower on the stronger U.S. dollar. In Japan the Nikkei is trading 1.1% lower, despite the stronger dollar providing support for the Japanese export sector. Shares of Softbank are 1.3% lower, and Sony has already fallen 1.9%. Among the major exporters Toyota has a modest loss of 0.3%, but Panasonic is 1.7% lower, and Canon edging up by 0.2%. Australia’s S&P/ASX 200 trading down by 0.4%, with the big four banks providing support for the broader index thanks to the rising bond yields. Shares of ANZ are adding 1.7%, NAB trades 0.7% higher, Commonwealth Bank is advancing 1.2%, and Westpac is outperforming with a gain of 1.9%. The major miners are weighing on the market however, with BHP down 1.7% and Rio Tinto falling 2.3%, while Fortescue Metals is off by 2.8%. Mainland Chinese markets have opened mixed, with the benchmark Shanghai Composite losing 0.2%, but the smaller cap Shenzhen Composite rising 0.3%. Meanwhile in Hong Kong the Hang Seng is falling 0.6%. South Korea’s Kospi is trading lower by 0.7%, and in Taiwan the Taiex has a loss of 0.6%. In Southeast Asia markets are also broadly lower, with Singapore’s Straits Times off by 0.4%, the KLCI in Malaysia trading 0.3% lower, and Indonesia’s Jakarta Composite holding at unchanged levels at the open.
Fed Commentary Boosts The U.S. Dollar
2021-06-16 23:08UTC
The U.S. dollar got a huge boost today after the conclusion of the Federal Reserve monetary policy meeting. While the central bank left its policy unchanged at this time, there was also a clearly hawkish shift in its projections for the future. The Fed now sees the U.S. economy growing at a 7% pace in 2021, up from prior forecasts for 6.5% growth. And on the inflation front the Fed now believes PCE will grow at a 3.4% pace, which might even be a bit light given the recently released economic data points. However the central bankers also emphasized that interest rates will remain at zero until the labor market has reached levels where the Fed believes the U.S. is in a state of maximum employment, and inflation looks to remain above 2% for some time. Interestingly, after months of calling inflation transitory, chairman Jerome Powell stated at the press conference following the monetary policy meeting that inflation could be more persistent than previously thought. In other words the Fed is now saying that the inflation being seen is not transitory, and that means it could be here through 2021 and 2022, and even into 2023. Regarding the economy, Powell sees it coming back stronger than ever, and he attributed that to the pace of vaccinations in the U.S., while also stating he is now at his most optimistic regarding the U.S. economy as he’s been since the start of the pandemic. All of this sent the U.S. dollar soaring, with major pairs all coming to test major support and resistance levels after weeks of consolidation.
U.S. Daily Market Review
2021-06-16 15:24UTC
U.S. stocks are around the same levels ahead of the Federal Reserve’s update on monetary policy.The Dow Jones Industrial Average fell 40 points. At 9:52 a.m. ET, the Dow Jones Industrial Average slipped 44.55 points, or 0.13%, at 34,254.78 and the S&P 500 was down 0.74 points, or 0.02%, at 4,245.85. Apple and Microsoft both surged 0.8% each, while Amazon and Netflix also traded higher.Economic reopening plays were mixed with major airlines trading lower and cruise line operators higher. Royal Caribbean and Carnival both advanced 1%.The Fed has previously tried to calm down issues over soaring inflation would prompt it to tighten its ultra-loose monetary policy.
Еuropean Daily Market Review
2021-06-16 09:21UTC
European are partly higher as markets await the outcome of the U.S. Federal Reserve’s policy meeting.The German DAX slipped 0.21%, the French CAC-40 added 0.7% and the British FTSE-100 gained 0.17%.U.K. inflation came above estimates in May, according to official statistics published Wednesday. The Consumer Price Index added 2.1% year-on-year and 0.6% month-on-month, versus to predictions of 1.8% and 0.3% respectively.Shares of Dutch retailer Colruyt Group dropped around 8.5% in early trade after the company marked below fiscal full-year earnings expectations and issuing a profit warning.    The German economy is likely to retreat little more than the expected 3.3% this year as supply bottlenecks in manufacturing.The lower growth forecast for Europe’s largest economy represented a loss of 0.4 % points compared to its previous estimate from March, according to Ifo.
Crude Oil Prices Advanced
2021-06-16 06:36UTC
Oil prices rallied this morning during the Asian hours more than initial estimates as a larger-than-predicted draw in U.S. crude oil inventories and the ever-brightening fuel demand outlook in many economies stimulated oil prices.Presently, oil trades at $72.450, which is a minor loss of 0.012 or 0.02% from the previous close of 72.462.The daily trading range is from 72.365 to 72.802, while the trading volume is 11.967K.Furthermore, U.S. crude oil supply data from the American Petroleum Institute showed a retreat of 8.537 million barrels for the week ending Jun. 11. Crude oil supply data from the U.S. Energy Information Administration is due later in the day.Meanwhile, leading officials announced yesterday that the predict prices to remain above $70 a barrel and demand to return to pre-COVID-19 levels in the second half of 2022.
Asian Daily Market Review
2021-06-16 02:07UTC
Asian markets are mostly lower but steady following an overnight losing session on Wall Street and ahead of the highly anticipated U.S. Federal Reserve monetary policy meeting. In Japan the Nikkei is lower by 0.2%, even though the Yen has remained stable and weaker against the U.S. dollar, which would normally support shares of Japanese exporters. Shares of Softbank trade 0.6% lower, and Sony is down 2.1% as it gives back gains from the prior session. Among the major exporters Toyota is trading 1.6% higher, Panasonic is down 0.6%, and Canon has a 0.3% gain. Australia’s S&P/ASX 200 is trading 0.3% higher as one of the few advancing markets today. The big four banks are supporting gains for the broader market, with ANZ adding 0.6%, NAB rising 1%, Commonwealth Bank up 0.8%, and Westpac advancing 0.5%. The major miners are weighing on results however, with BHP falling 0.9% and Rio Tinto losing 0.6%. Mainland Chinese markets have opened to losses for a second consecutive session, with the benchmark Shanghai Composite trading 0.4% lower and the smaller cap Shenzhen Composite dropping 0.8%. Over in Hong Kong the Hang Seng is also falling 0.4%. In South Korea the Kospi is bucking the falling trend across the region with a gain of 0.5% to lead gains for the region. Taiwan’s Taiex is also higher, but only by less than 0.1%. Southeast Asian markets are also falling broadly today, with the Straits Times in Singapore losing 0.5%, while the KLCI in Malaysia is 0.1% lower, and the Jakarta Composite in Indonesia trades flat at the open.
Gold Prices Dropping Despite Rising Inflation
2021-06-15 22:50UTC
Gold has been selling off ahead of the Federal Reserve monetary policy statement, falling for three consecutive sessions and tapping a four-week low at the close Tuesday. It’s the longest losing streak for the precious metal since March 1, and prices are now approaching the $1,850 level. The drop comes as gold failed to rally following the exceptionally strong consumer inflation numbers reported last week. An attempt to move past the $1,900 level was turned back and gold has been falling ever since, despite the obvious signs of inflation in the U.S. economy. Fed chairman Jerome Powell will speak on Wednesday following the monetary policy decision, with the press conference scheduled for 2:30pm EST. One of the key questions that investors will be looking for an answer to is whether the Fed still believes that inflation is transitory. The central bank puts itself under a no-speech restriction for two weeks ahead of any monetary policy meeting, so markets haven’t heard from any of the Federal Reserve board members for the past two weeks. In that time consumer inflation was reported to be increasing at a 5% rate, the fastest since 1993, and producer inflation is rising at a 6.6% rate, which is the fastest ever. Obviously that data has investors worried about inflation, and it’s uncertain if the Fed will be able to convince markets that inflation is transitory after the most recent data. Treasury yields have been rising in anticipation of a more hawkish tone from the Fed, and the U.S. dollar has been strengthening as well. Both are negative for gold, and a hawkish monetary policy statement could send it crashing lower.
U.S. Daily Market Review
2021-06-15 19:45UTC
U.S. stocks partly dropped with the S&P 500 and the Nasdaq Composite tumbling from their respective records, as the market is focused on the key Federal Reserve’s monetary policy meeting. The S&P-500 slipped 0.2% after rising 0.1% to reach a new all-time high of 4,257.16. The Dow Jones Industrial Average traded 80 points lower. The Nasdaq Composite, which hit a record closing high in the previous session, pulled back 0.6%.Boeing Co gained 1.3% after the United States and the European Union decided to resolve their 17-year conflict over aircraft subsidies involving the Boeing and its rival Airbus.U.S. retail sales lost more than predicted in May, with spending rotating back to services from goods as vaccinations allow Americans to travel and to restart other activities returning life back to normal.
The Turkish Lira Into A Solid Retreat
2021-06-15 12:48UTC
Turkey’s lira sunk for a second session in a row, extending the losses from last week’s rallies.This comes after the vital meeting between the U.S. President Joe Biden and Turkey’s Recep Tayyip Erdogan. The two leaders didn’t manage to produce in a breakthrough that would ease political tensions.The lira fell more than 1% versus the USD on daily basis. Now, the USD versus the TRY trades at 8.5477, which is a further rise of 0.08960 or 1.06% from the previous close of 8.45817.The daily trading range is from 8.4453 to 8.5898, while the trading volume is 34.963K.In addition, further market currencies a day after Erdogan met with President Joe Biden on the margins of a NATO summit in Brussels. The yield on 10 year bonds jumped 16 basis points to 18.20%.Moreover, Erdogan stated that Turkish Stance on Russian S-400 Missiles Unchanged.However, Erdogan’s remarks that Turkey’s stance on its purchase of Russian S-400 missile systems is still the same. 
Еuropean Daily Market Review
2021-06-15 11:43UTC
European leading indexes surged as most traders and investors are focused on the start of the U.S. Federal Reserve’s latest monetary policy meeting.The French CAC-40 added 0.49%, the German DAX gained 0.55% and the British FTSE-100 inclined 0.43%.The pan-European Stoxx-600 secured 0.4% in early deals, with chemicals rising 1%.Russia’s central bank will further boost its interest rates in response to rising inflation and does not expect this to hinder economic growth.In fact, the central bank has now raised it three times in 2021 to slow inflation, which shot above its 4% goal.The GBP is into a steady path during the London trading on Tuesday, standing firm above $1.41 and showing no reaction to a delay in the UK’s lockdown easing plan.The GBP gained less than 0.1% versus the USD at $1.41180 at 0747 GMT.
Crude Oil Prices Jumped
2021-06-15 08:11UTC
Oil prices advanced this morning, with Brent inclining for a fourth consecutive day. In the coming weeks a higher demand is expected to come from Iran faded with talks dragging on over the United States rejoining a nuclear agreement with Tehran.Now, oil trades at $71.072, which is a loss $0.093 or 0.13% from the peviosu close of 71.165.The daily trading range is from 70.796 to 71.520, while the trading volume is 14.855K.U.S. oil added 33 cents, or 0.5%, to $71.21 a barrel, after dropping 3 cents in the previous session. A possible Iran and U.S. agreement could prepare  the way for the removing the sanctions on Iran that would allow the OPEC member to resume exports of crude. Other members of the Organization of Petroleum Exporting Countries (OPEC) along with major producers including Russia have been limiting supply levels to boost prices.Moreover, the Fed is about to starting debating how and when to start tapering a massive asset-purchase program that stimulated the U.S. economy.
Asian Daily Market Review
2021-06-15 03:21UTC
Asian markets are mixed on Tuesday following a late rally on Wall Street that took the S&P 500 to a new record closing high. Japan’s Nikkei is trading 0.8% higher, helped by a weaker Yen versus the U.S. dollar after U.S. Treasury yields moved higher overnight. Shares of Sony are trading 1.6% higher, but Softbank Group is slipping 0.3% lower. Among the major exporters, which are best positioned to benefit from the weaker Yen, Toyota is adding 0.4%, Panasonic is gaining 0.3%, and Canon has advanced 1.5%. Australian investors have returned to markets following a holiday extended three day weekend and are sending the S&P/ASX 200 higher by 1%. Shares of the big four banks are trading higher in line with the gains for the broader market. ANZ is up 0.9%, NAB has a 0.8% gain, Commonwealth Bank is 1.9% higher, and Westpac is adding 0.9%. The major miners are also gaining, with Rio Tinto up 0.9%, while BHP is inching up by less than 0.1%. Mainland Chinese traders are also returning to the markets after a holiday extended weekend, but with far different results. The benchmark Shanghai Composite is 0.9% lower, and the smaller cap Shenzhen Composite has lost 1% in early trade. Meanwhile in Hong Kong the Hang Seng is down by 1.2%. In South Korea the Kospi is holding onto a slight gain of less than 0.1%, while Taiwan’s Taiex is 0.7% higher. Southeast Asian markets are mixed as well, with the Straits Times in Singapore up by 0.8%, and the Jakarta Composite in Indonesia adding 0.1%, while Malaysia’s KLCI is flat in morning trade.
Technology Strength Lifts S&P 500 To New Record
2021-06-15 00:04UTC
The S&P 500 rallied in the final hour of trading Monday, reaching a new record high as the technology sector helped float the broader index. It was a burst of buying in the final 10 minutes of the trading session that took the index to a 0.2% gain and a new all-time closing high. Ahead of that the index had been down 0.3% in choppy trade as investors have remained cautious ahead of the latest Federal Reserve monetary policy decision. At this point it’s uncertain just how strong the economic recovery is in the U.S., and whether or not the inflation seen is in fact transitory, as central bank officials have claimed. Among the tech sector winners Monday were Apple, whose shares gained 2.5%. Adobe was also at the top of the winners list as shares jumped 2.9%. Netflix was another winner, with shares adding 2.3%, while Facebook shares closed out the session 1.7% higher. The gains from the technology sector offset losses from the materials and the financials. While no changes are expected from the Fed meeting, which ends on Wednesday, investors are still worried that the strengthening economy could lead to the beginning of the end of the bond buying program of the Fed. Also concerning to markets is the 5% pace of inflation recorded in May. While Fed officials maintain that the inflation is transitory, markets aren’t convinced. Monday saw U.S. Treasuries selloff, with the yield on the 10-year note rising from 1.46% to 1.50%. That in turn leant strength to the U.S. dollar, while also causing gold to fall for a second consecutive session.
Cryptocurrency Daily Market Review
2021-06-14 22:13UTC
Cryptocurrency markets rebounded Monday as Bitcoin received support over the weekend. Tesla CEO Elon Musk, whose comments have an outsized impact on the cryptocurrency markets, commented over the weekend that Tesla sold just 10% of its Bitcoin holdings to test the market liquidity, and that Tesla would soon begin accepting Bitcoin as payment again as miner energy uses seems to be favoring renewable sources more heavily. That news sent Bitcoin above $40,000 early in the session, and while the rally remained contained it was holding those levels by the end of the trading session. Number two cryptocurrency Ethereum also rose, although was more muted, gaining just 1.5% and remaining below the $2,600 level. The biggest winner in the top ten was Polkadot, with its DOT token rising 12% on the day. The project continues to garner investor interest and this isn’t the first time it has rallied alongside Bitcoin. Most of the other top ten cryptocurrencies were little changed, rising less than 1%, while Cardano’s ADA token lost 0.3% and was the only top ten crypto finishing the day in the red. The biggest winner of the day within the top 100 cryptocurrencies was AMP, which offers itself as a digital collateralization token. While most altcoins were up less than 5% on the day the AMP token surged 30% higher. That’s a continuing rally for the token, which was listed on Coinbase last Friday. The worst performance of the day came from Theta Fuel (TFUEL) as it dropped 5.3%. It’s the utility token for the Theta blockchain, and while it was lower, the THETA governance token added 1.9%.
U.S. Daily Market Review
2021-06-14 21:20UTC
U.S. markets dithered most of the day on Monday, but then turned higher at the close to put the S&P 500 at a new record closing high. Investors are understandably cautious ahead of the two-day Federal Reserve monetary policy meeting that ends on Wednesday. While no change in policy is expected, the recent strength in consumer inflation could cause some waves, but with the Fed silent since June 5 there’s no way to know how they might be viewing inflationary forces given the new data. At the close the S&P 500 was 0.2% higher to a new record close, while the Nasdaq added 0.7%, and the Dow Jones Industrial Average retreated 0.3%. Technology and communications services showed strength, while the financial sector weighed on the broader indices. Treasury yields continued climbing to reach 1.50%, while the USD was basically flat, but stable. The S&P technology sector rose 1% on the day, while the financial sector fell 1%. The materials sector was also weak, losing 1.2% on the session. Technology dominated the top of the S&P 500 leader board, with Adobe rising 2.9%, while both Apple and Salesforce.com saw shares jump 2.5%. Netflix was also near the top with a gain of 2.3%. On the other side of the board TripAdvisor was the day’s biggest loser as shares retreated 6% following news of insider selling. In outside markets crude was little changed, while gold pulled back for a second consecutive session. The bigger surprise was Bitcoin, which finally broke out above the $40,000 level after receiving weekend support from Tesla CEO Elon Musk and legendary hedge fund manager Paul Tudor Jones.
European Daily Market Review
2021-06-14 16:00UTC
European markets have started the week with modest advances as investors across the region are remaining cautious ahead of the two-day U.S. Federal Reserve monetary policy meeting that will conclude on Wednesday. The caution comes as the Fed is expected to keep monetary policy unchanged and downplay talks of tapering their bond purchase program. They can also be expected to downplay the perception of rising inflation, which they maintain is transitory and will resolve before the end of the year. The pan-European Stoxx Europe 600 finished 0.3% higher, while investors contributed to a 0.2% gain for the CAC 40 in France. Germany’s DAX wasn’t as strong, and slipped into the red just before the close for a loss of 0.1% on the day. Meanwhile Italy’s FTSE MiB was 0.3% higher as well, while the IBEX 35 in Spain jumped 1% higher. The biggest move in the DAX was a 4.3% rally in shares of Siemens Energy as investors have been excited by the company’s plans o expand its presence in Germany, while also adding to the grid in Norway. The biggest loss in the DAX was from materials company Covestro, whose shares fell 2.1% on the day. In the U.K. the FTSE 100 finished 0.2% higher after Prime Minister Boris Johnson is expected to announce an extension of COVID-19 restrictions in response to rising numbers of infections from the Delta variant first discovered in India. Oil and gas companies were the strongest performers in the FTSE, with Royal Dutch Shell leading gains as its shares rose 2.7%. Rolls Royce was the biggest loser, with its shares down 4.1%.
Asian Daily Market Review
2021-06-14 02:27UTC
Asian markets are mostly higher in light volume trade across Asia Monday as investors are preparing for the upcoming U.S. Federal Reserve monetary policy meeting later this week, while a number of key markets around the region are closed today for a public holiday. Those markets include Australia, mainland China, and Hong Kong. In Japan the Nikkei is trading 0.4% higher today, with the Yen retreating against the U.S. dollar, making shares of Japan’s exporters more attractive. Softbank Group is up 0.3%, and Sony is edging up by less than 0.1%, while rival entertainment giant Nintendo is seeing its shares plunge 3% lower. Among the major exporters Toyota is 0.3% higher, Panasonic is adding less than 0.1%, and Canon shares are retreating by 0.1%. In South Korea the Kospi is trading lower by 0.1%, with shares of index heavy weight Samsung Electronics falling 0.5%, while semiconductor manufacturer SK Hynix is 1.2% lower, and auto maker Hyundai Motors is seeing its shares falling 0.8%. In Taiwan the Taiex is trading higher by 0.3%, with Taiwan Semiconductor adding 0.5%, while shares of Hon Hai Precision shoot higher by 2.7%. In Southeast Asia markets are mixed as the Straits Times in Singapore retreats 0.1%, but the Jakarta Composite in Indonesia is adding 0.3%, and the KLCI in Malaysia is leading gains for the region as it rises 0.7%. In other markets the U.S. dollar is mixed, while gold is trading 0.5% lower and crude oil is trading 0.5% higher. Bitcoin is also up by 10% after Tesla founder and CEO Elon Musk said Tesla will begin accepting Bitcoin again.
Precious Metals Struggle At The End Of The Week
2021-06-11 15:00UTC
Gold continues to bounce back and forth without much direction this week as trader views on the economy and inflation remain in flux. While Thursday saw gold gain roughly 1% despite stronger than expected inflation data released, Friday saw the precious metal give back basically all those gains, with gold settling near the bottom of its range at the $1,880 level. Analysts are calling Friday’s drop as related to profit taking from short term traders. Geopolitically the world remains quiet and calm, which leaves most of the discussion currently about inflation and the pace of the global economic recovery. With U.S. 10-year Treasury yields near a 3-month low it is surprising to see the U.S. dollar rallying today, but that’s what’s happening. And that is also weighing on gold. It could be a delayed reaction to yesterday’s CPI data, which had inflation growing at a blistering 5% pace in May, while core inflation was at its fastest growth since 1993. The good news for gold traders is that bulls remain in control of the market, with a nine-week uptrend still intact. The next sign of strength for gold will be a close above the recent June high of $1,919.20. However with prices moving lower to close out the week we should also look at the bearish possibilities. The bears could reassert control by breaking the uptrend with a close below the $1,850 level. This interested in precious metals might also want to have a look at the silver markets, where gold’s sister metal is looking even more bullish. The key bullish level there is a close above the $28.30 level.
U.S. Daily Market Review
2021-06-11 14:12UTC
U.S. stocks are still without a market direction with the S&P-500 briefly adding to its new record values. The S&P-500 is around the flatline mark after at a record in the previous session, the first record since May 7. The Nasdaq Composite gained 0.2% with Apple, Tesla and Netflix all into a higher side.U.S. consumer sentiment regained some path in early June as inflation fears subsided and households became more optimistic about future economic growth and employment.The University of Michigan announced that its preliminary consumer sentiment index soared to 86.4 in the first half of this month from a final reading of 82.9 in May. The USD index was secured 0.46% at 90.4790 while the euro dropped around 0.53% at $1.2112.
The Rate Of The USD Retreated
2021-06-11 10:02UTC
The USD index declined largely today and the major currency pairs were stuck within recent ranges as markets shrugged off yesterday’s peak.Currently, the USD versus the Euro trades at 0.822 EUR, which is an addition of 0.0012 or 0.15% from the previous close of 0.8212.The daily trading range is from 0.8202 to 0.8230.Moreover, U.S. consumer prices surged to 5% year-on-year in May, the largest jump of the last 13 years. Currency markets had been sluggish all week in anticipation of the data, but when it came in above expectations, there was little market reaction.The Federal Reserve has repeatedly announced that it estimates any rise in inflation to be temporary.The USD index dropped in the Asian session and at 0723 GMT, lost 0.1% on the day at 89.995. 10-year U.S. Treasuries actually rallied to a three-month high.There are indications of higher risk appetite in currency markets, as the Australian dollar advanced 0.2% at $0.7768.
Еuropean Daily Market Review
2021-06-11 07:58UTC
European markets are very slightly into a higher side today as global markets are off from the massive advance of the U.S. inflation.The German DAX gained 0.06%, the French CAC-40 inclined 0.36% and the British FTSE-100 secured 0.56%.Miners soared 1.0%, boosting UK’s commodity-heavy FTSE 100 by 0.3%.The pan-European Stoxx 600 surged around 0.3% in early trade, with basic resources jumping 1.4%.British economic output in April came to a historic mark of 27.6%, greater versus last year, according to official data showed on Friday.In fact, customers spent more on the High Street as non-essential shops reopened, and people demanded more cars and caravans.German fashion e-tailer About You is likely to price its stock market listing at 23 euros per share.The Hamburg based company had set a price range of 21 to 26 euros per share and is expected to close books on June 14 and debut its shares on the Frankfurt stock exchange.
Gold Prices Advanced
2021-06-11 07:21UTC
Gold prices jumped this morning during the Asian hours and are about to mark some weekly gain. Presently, the precious metal trades at $1899.80, which is a rise of $2.16 or 0.11% from the previous close of 1897.64.The daily trading range is from 1897.12 to 1902.88, while the trading volume is 136.881K.Partly greater than predicted incline in U.S. inflation stimulated investor bets that price pressures will be temporary and central bank support could be in hand.U.S. inflation data reported today indicated in that the core consumer price index (CPI) rallied little more than the forecast of 3.8% on annual basis. The European Central Bank (ECB)’s policy decision renewed a pledge on faster bond buying.The U.S. Federal Reserve is also due to hand down its policy decision in the following week.Investors are also looking ahead to the Fed’s Jackson Hole symposium scheduled from Aug. 26 to 28.In the meantime, silver remained into a steady mode of $27.96, while palladium slipped 0.5% and platinum slipped 0.1%.
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