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Asian Daily Market Review
2020-07-06 02:32UTC
Markets in Asia are broadly higher Monday, even as the W.H.O reported a record number of more than 200,000 daily COVID cases. A surge in the U.S. is contributing to that rise, while Russia, India, and Brazil also continue to see rising numbers of COVID sufferers. Mainland China is seeing the biggest jump regionally, with the Shanghai Composite rising 3.1% in early trade, while the smaller cap Shenzhen Composite is trading 2.2% higher. Meanwhile in Hong Kong the Hang Seng is up by 2.1% even as arrests under the newly enacted national security laws continue to grow. In Australia the S&P/ASX 200 has recovered from an early drop and is trading up slightly by less than 0.1% as Sydney heads into the afternoon. The big four banks are mixed, with ANZ trading 0.3% higher, Westpac adding 0.1%, and Commonwealth Bank advancing 0.6%, while NAB trades 0.1% lower. Japan’s Nikkei has a 1.5% gain thanks to weakness in the Yen as traders move to the USD as the ultimate safe haven in the face of a growing number of pandemic COVID cases. Shares of Softbank Group are up 2.1%, Toyota has added 0.8%, and Sony is adding 0.4%. In South Korea the Kospi has a gain of 1.3%, with index giant Samsung helping to propel the index higher as it adds 1.7%. In Taiwan the Taiex is trading 1.2% higher. Southeast Asian markets are also broadly higher, with Malysia’s KLCI leading as it is up by 0.9%, while Singapore’s Straits Times Index has a 0.6% gain, and the Jakarta Composite in Indonesia is 0.5% higher.
Walgreen's Problems Not Over Yet
2020-07-03 22:42UTC
Earnings season hasn’t gotten started, but next week investors will hear from one of the Dow Components regarding their second quarter performance. On Thursday after the bell Walgreens Boots Alliance will report its earnings, but investors shouldn’t get their hopes too high. Walgreen’s shares are already down 28.8% since the start of the year, which naturally has some investors wondering if the company’s problems are already priced into the shares and if now might be the time to step in and start buying. Some investors obviously thought so as the stock rose 2.7% this past Thursday. Yet Morgan Stanley analyst Ricky Goldwasser recently reiterated an equal weight rating on the stock, while also dropping her price target to $45 from $49. She believes that Walgreen will miss its earnings forecast this quarter by $0.03 a share. Trying to get a read on Walgreen’s results from rivals is difficult at best. Both CVS and Rite Aid already reported their sales excluding pharmacies, and while Rite Aid reported an increase in same store sales, CVS reported a decline. Walgreen’s was the worst performing Dow component in 2019, and its problems have obviously followed it into 2020. Even as an “essential” business during the coronavirus pandemic Walgreen’s wasn’t able to take advantage. Of the 23 analysts following Walgreens just one calls it a buy. Against that are two that call it a sell, and 20 who say hold, which bodes well for the future. But now is the present, and unless you’re willing to hold for some time now might not be the best time to buy Walgreen’s shares.
Cryptocurrency Daily Market Review
2020-07-03 21:26UTC
After Bitcoin nearly fell below the $9,000 handle late on Thursday the cryptocurrency markets are trying their best to recover. Most of the top ten were higher on the day, but Bitcoin and Ethereum are still holding onto slight daily losses at the end of the session on Friday. Bitcoin is trading 0.3% lower, and Ethereum is down by 0.1%. The good news is that Bitcoin was able to hold above the $9,000 level after dipping as low as $9,040 just before midnight on Thursday. The leading cryptocurrency continues to struggle, but has so far been able to hold on. A drop below the $9,000 handle opens up the $8,900 resistance level and a possible fall to $8,000 or below. As for Ethereum it remains well above the $200 level, so that area isn’t being threatened currently. Among the rest of the top ten altcoins there are two very solid performances today. One is from Cardano, which is trading 5.8% higher on news that the coin might be listed on Coinbase before the end of 2020. Also helping to lift the coin is news of a $20 million fund being established by Cardano developer IOHK to fund ecosystem startups. EOS is also trading 3.6% higher today, which has allowed it to slip back into the tenth spot in terms of market capitalization. There doesn’t appear to be any news driving the gain for EOS, although trading volume for the coin spiked over $1 billion. Overall the day was more bullish than bearish, with 63 of the top 100 cryptocurrencies finishing the day with gains.
U.S. Daily Market Review
2020-07-03 20:38UTC
With U.S. markets just finishing up their best quarter in decades and closed for the fourth of July holiday today, let’s consider what might allow markets to continue higher as we move into the third quarter of 2020. Earnings season is just around the corner, and of course good earnings would help keep the rally in equities alive. However when you consider that the bulk of U.S. lockdowns and stay-at-home orders occurred during the second quarter it isn’t realistic to expect many companies earnings to be anything other than horrid. Of course markets do always look ahead, so maybe investors will continue buying heavily, expecting the sharp recovery that’s been touted for the third and fourth quarters this year. That could keep the rally alive. Also of definite interest to everyone is the potential for a coronavirus vaccine in the coming months. Any progress on that front could potentially spark an even greater rally than that already seen, taking major indices to new record heights. It’s not likely markets are going to get such a vaccine, but even progress on a vaccine can be helpful in the short-term, and it would be especially helpful for shares in the health care sector. The real strength in the markets has been coming from the Federal Reserve and monetary policy. And that’s where the real strength for the market is likely to come in the second half of the year. More borrowing and money printing by the government is what will keep this rally alive. Whether or nor the Fed is willing to deliver on that is the question.
European Daily Market Review
2020-07-03 18:48UTC
European markets finished the week off with a drop as investors worries over the climbing number of coronavirus cases in the U.S. offset optimism over better economic data. Markets were unable to capture the overnight momentum from Asia-Pacific, where China reported its service sector grew at the fastest pace in a decade for June. The pan-European Stoxx Europe 600 finished the session 0.8% lower as losses were broad based across the European Union. In Germany the DAX finished 0.6% lower, while the CAC 40 in France was 0.8% lower by the close. Italy’s FTSE MiB lost 0.8% as well, and in Spain the IBEX 35 underperformed as it slid 1.4% lower. Basic resource shares led the way lower, with the sector falling 1.7%, but surprisingly given the worries over coronavirus, the travel and leisure sector edged higher by 0.1%. In Germany the auto sector was hard hit after data revealed German car sales plunged 40% in June, bringing sales to their lowest level since 1990. Markets failed to receive a boost from the better than expected U.S. jobs data released on Thursday, and with Wall Street closed on Friday there was no help from rising U.S. equities as usual. London’s FTSE outpaced the losses from its European peers, falling 1.3% for the session. Among the top 30 components British American Tobacco suffered the worst drop of the day, losing 2.1% by the close. The best gain of the day was from Whitbread PLC, with the hotel and restaurant group rising 1.6% a day ahead of the reopening of restaurants and Pubs across the U.K.
Asian Daily Market Review
2020-07-03 03:15UTC
Asian markets are finishing the week with another solid session, rising broadly in response to the overnight U.S. jobs data, which was better than expected for a second consecutive month. Gains could be tempered by the rising number of coronavirus cases in the U.S., or by the increasing strain between the U.S. and China. Despite those rising tensions, and the increased tensions over the new national security laws in Hong Kong, and an increase in tensions with India, the Shanghai Composite in China is leading gains for the region, rising 1%, while the smaller cap Shenzhen Composite is 0.4% higher. Hong Kong’s Hang Seng is rising as well, registering a 0.6% gain in early trade. In Australia the S&P/ASX 200 is holding onto a slight gain of 0.19% as the market heads into afternoon trade. The big four banks are giving back some of the gains made earlier in the week, with ANZ trading 0.3% lower, NAB down 1%, and Westpac falling 0.4%, although Commonwealth Bank is edging higher by 0.1%. In Japan the Nikkei has a modest gain of 0.3%, although shares of Softbank are rallying 2% higher and Nintendo is up 3%. Meanwhile shares of Toyota are down 0.5%, but Sony is adding 0.3%. South Korea’s Kospi is climbing higher with a gain of 0.5%, and in Taiwan the Taiex has a gain of 0.8%. In Southeast Asia markets are also trading broadly higher. Singapore’s Straits Times has a 0.4% gain, and in Indonesia the Jakarta Composite is matching that with its own 0.4% advance, while the KLCI in Malaysia adds 0.3%.
U.S. Indices End A Strong Week On Better Than Expected Jobs Report
2020-07-02 20:26UTC
A strong June jobs report in the U.S. capped off a week of gains for U.S. equity markets, giving the Dow Industrials, S&P 500, and Nasdaq all solid weekly advances. The Dow Industrials finished the week with a gain of 3.3%, the S&P 500 was up 4%, and the Nasdaq jumped to a new record high as it tacked on 4.6% for the week. U.S. markets will be closed Friday in celebration of a public holiday. U.S. markets got a boost right from the open when the Bureau of Labor Statistics reported a surprising addition of 4.8 million jobs in the U.S. in June, more than 50% more than the expectations for 3 million added jobs. The unemployment rate dropped to 11.1% from 13.3%. Economists had been expecting 12.4% unemployment. European markets also got a mid-session boost from the data. It wasn’t all great news however as initial jobless claims rose by 1.43 million and continuing claims rose to 19.29 million. Those numbers were both slightly higher than expected and showed a disconnect in the labor market data. The numbers also indicate a long way to go for the economic recovery in the U.S. Gains were also cut later in the day after Florida reported a jump of more than 10,000 new coronavirus cases, and the U.S. reported a spike of over 50,000 daily cases. The spike in U.S. coronavirus cases remains worrying, but hasn’t yet been enough to drain the optimism from investors who continue sending stocks higher. With U.S. markets closed Friday it will be another three days until we see the full picture.
U.S. Daily Market Review
2020-07-02 17:52UTC
Wall Street is into higher side today, with the Nasdaq reaching an all-time high, after a record-setting increase in monthly U.S. jobs.The Dow Jones Industrial Average inclined 236 points, or 0.9%, to trade near 25,972. The Nasdaq Composite Index secured gained 118 points, 1.2%, and was trading near 10,272.The USD surged after adding some ground in its safe-haven status. This comes as most traders and as investors are concentrated on the resurgence of U.S. coronavirus cases.The state of Florida announced more than 10,000 new cases on Thursday, the biggest one-day increase in the state since the pandemic started.The U.S. unemployment rate fell to its bottom and the economy added a record number of jobs in June. As a matter of fact, the unemployment rate dropped to 11.1% in June, a notable improvement from the 14.7% rate in April and 13.3% in May.
European Daily Market Review 
2020-07-02 10:42UTC
European markets managed to partly advance with the shares in Germany leading the region. The DAX gained 1.60% while France's CAC-40 inclined 1.41% and London's FTSE-100 secured 0.63%.Russians have approved the changes to the country’s constitution. This will make it possible for President Vladimir Putin to potentially stay in power until 2036.Many Turkish banks are concerned that a “bad bank” plan to house billions of USD of non-performing loans could require them to generate in solid retreats.The Swedish krona or crown, has appreciated versus the euro in the last three months, as the country went against the restrictions against the coronavirus pandemic.While Europe went into lockdown, the Swedish krona weakened sharply against the euro, with one euro fetching 11.2025 SEK on March 18.
Gold Prices Drop
2020-07-02 06:28UTC
Gold slipped this morning during the Asian hours with investor sentiment stimulated by higher outcome from yet another potential COVID-19 vaccine.Now, the precious market trades at $ 1768.42, which is a decline of $1.61 or 0.09% from the previous close of $ 1770.03.The daily trading range is from $1764.09 to $1772, while the trading volume is 41.355K.Presently, German and U.S. pharmaceutical companies are trying to develop neutralizing antibodies in all the patients who were inoculated after 28 days.  Moreover, the yellow metal could soon enter into recovery. The jumping cases of COVID-19 stimulated the World Health Organization to warn on Wednesday that re-instatement of lockdown measures could return to some economies.As a matter of fact, the number of COVID-19 cases has rallied above the 10.6 million mark, according to data from Johns Hopkins University.
Asian Daily Market Review
2020-07-02 03:15UTC
Markets opened to jitters over Hong Kong, but soon shook off those fears and headed higher as hopes for a coronavirus vaccine grew on data published online showing neutralizing antibodies being created by a potential drug from the Pfizer/BioNTech collaboration. In mainland China the Shanghai Composite is gaining 0.8%, while the smaller cap Shenzhen Composite has the same 0.8% gain. Meanwhile in Hong Kong the Hang Seng has rallied 1.5% higher to lead gains for the region, despite the first arrests under the new national security law beginning. In Australia the S&P/ASX 200 is trading 1% higher, with the big four banks trading higher in the range of 1% to 1.6%. The major miners are barely holding to gains, with BHP rising 0.2% and Rio Tinto adding 0.1%, while iron giant Fortescue Metals is rising 0.5%. Meanwhile gold miners are taking a break after the solid gains of the prior session, with Evolution mining down 0.8%, and Newcrest Mining losing 0.3%. In Japan the Nikkei has a 0.7% gain during the lunch break in Tokyo. Shares of Softbank are 0.6% higher, and Sony has a gain of 1.7%. Japanese exporters are also doing well despite the overnight strength from the Yen. Auto maker Toyota is up by 2.3%, and Panasonic is gaining 2.9%. In South Korea the Kospi trades up by 0.9%, and in Taiwan the Taiex is advancing 0.6%. Southeast Asian markets are also broadly higher, with Indonesia’s Jakarta Composite adding 0.9%, the KLCI in Malaysia up by 0.3%, and the Straits Times Index in Singapore trading 0.2% higher.
Facebook Rebounding From Boycott Losses
2020-07-01 22:08UTC
Facebook shares came under heavy pressure last week as more than 400 advertisers said they would cease advertising on the Facebook platform. The advertising boycott was a result of Facebook’s failure to police hate speech and violence on its platform, or so said the advertisers who are part of the boycott. The news sent Facebook shares down more than 10% last week as investors also headed for the exits. Now shares are rebounding, gaining 3.4% on Wednesday as the boycotts come into effect. The rebound is the result of news that founder and CEO Mark Zuckerberg has agreed to meet with the civil rights groups behind the advertising boycotts. It’s not certain if the selloff was warranted as data shows Facebook only received 6% of its 2019 income from the top 100 advertisers. However things could become much worse if more companies choose to join in the boycott, which has grown very rapidly. Now that Facebook is staring in the face of losing out on revenue its very likely they will reconsider their stance on how hate speech has been addressed on the platform. And advertisers aren’t likely to remain away for long considering the social media platform has become a cornerstone of customer acquisition strategy at so many companies. Taken all together the recovery in Facebook shares should be rapid. With the stock still somewhat depressed from the highs hit prior to this boycott there is obviously more room for upside in shares, providing investors get good news from the boycotting businesses and from Facebook in the form of revised hate speech policies.
U.S. Daily Market Review
2020-07-01 15:25UTC
U.S. stocks rallied in the first session of July. The numbers implied in that the labor market continued to improve last month.U.S. manufacturing activity entered into recovery in June. This is pointing out to its peak mark in more than a year as the broader economy reopened.The Institute for Supply Management (ISM) said on Wednesday its index of national factory activity soared to a reading of 52.6 last month from 43.1 in May. U.S. private payrolls gained less than predicted in June and employers reported additional 170,000 layoffs.The ADP National Employment Report stated that private payrolls surged 2.369 million jobs last month. Data for May was revised an incline to show payrolls surging 3.065 million.Fiat Chrysler Automobiles N.V. fell and reported that the second-quarter U.S. sales were 367,086 vehicles. This represents a downfall of 39% versus last year.
European Daily Market Review
2020-07-01 08:44UTC
European markets are into a mixed path today. The DAX gained 0.66%, while the FTSE-100 added 0.13%. The CAC-40 dropped 0.20%. The pan-European STOXX-600 index jumped by around 0.5%.A week-long vote on constitutional changes in Russia is happening. Moscow is making changes which will allow President Vladimir Putin to run for further terms in office.Russian state pollster VCIOM reported an exit poll yesterday demonstrating that over 50% of Russians backed the proposed constitutional amendments.U.K. manufacturing is into a stable position. IHS Markit’s Manufacturing Purchasing Managers’ Index soared to 50.1 in June, unchanged from an initial forecast, from 40.7 in May. Germany’s manufacturing retread slowed down in June, with the final IHS Markit PMI on Wednesday marking. 45.2. This represents an incline above the forecast of 44.6 advancing from 36.6 in May. 
Crude Oil Prices Into Recovery
2020-07-01 06:48UTC
Oil prices managed to recover around 1% this morning after the number indicated in that crude inventories in the United States dropped much more than predicted. Moreover, demand levels are also rising even as another wave of the coronavirus outbreak spreads around the world. Now, oil trades at 39.875, which is a minor incline of $0.080 or 0.20% from the previous close of $39.795. The daily trading range is from $39.515 to $39.925, while the trading volume is 14.046K.Furthermore, U.S. crude and gasoline stocks fell more than estimated last week, while distillate inventories surged, according to data generated by the American Petroleum Institute (API).Crude inventories lost 8.2 million barrels to 537 million barrels, versus to initial predictions of 710,000 barrels.In addition, adding to oil prices incline was the output reduction coming from the Organization of the Petroleum Exporting Countries (OPEC) to the lowest in two decades in June.
Provided by MTE-Media