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Market News

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Financial Market News Feed

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Еuropean Market Review
2021-04-15 09:17UTC
European markets are still without a clear market direction.The DAX added 0.06%, while the CAC 40 fell 0.43%  and the FTSE-100 dropped 0.07%. The pan-European Stoxx 600 secured 0.4% in early trade, with basic resources climbing 1% to lead the risingp path.Online job adverts in Britain returned to pre-pandemic levels last week, boosted by pubs and restaurants looking for labor.Total online job ads came at 100% of their February 2020 average level on April 8, which is a 3% rise versus last week.The German economy probably declined by 1.8% on the quarter in the first three months of this year due to COVID-19 restrictions.The institutes now expect gross domestic product to surge around 3.7% this year.ABB inclined 3.5% after the Swedish-Swiss tech manufacturer came above first-quarter profit forecasts.The Belgian brewer AB InBev also added 4.2% to lead the Stoxx 600 after Barclays upgraded the stock.
The Rate Of The USD Slipped
2021-04-15 08:51UTC
The rate of the USD dropped to a four-week botom versus the Euro and versus the major pairs.Presently, the USD against the Euro trades at 0.834 EUR, which is a loss of $0.0003 or 0.04% from teh previous close of 0.8345.The daily trading range is from 0.8342 to 0.8352.against major currencies on Thursday as Treasury yields pulled back from last month's surge, with investors increasingly convinced the Federal Reserve will keep interest rates low for some time.The USD index sunk to its bottom mark since March 18 at 91.535 in the European session before entering into recovering.Moreover, ten-year U.S. bond yields eased to 1.6165% in European trade, down from a 14-month peak of 1.776% reached in late March.The Australian dollar advanced to as high as to $0.7754 today for the first time since March 23.
Gold Prices Rallied
2021-04-15 08:02UTC
Gold prices advacned today during the Asian hours. This takes place as investors are focused on the U.S. economic data and and the USD is close to three-week bottom.Now, the precious metal trades at $1745.61, which is a gain of $9.47 or 0.54% from teh previous close of 1736.14.The daily trading range is from 1734.21 to 1747.81, while hte trading volume is 164.436K.Moreover, the U.S. economic recovery from COVID-19 accelerated into the spring thanks to higher consumer mode.The Fed’s Chairman Jerome Powell remarked that the economy is on track for faster growth and hiring in the coming months.The good standing of the eurozone economy is largely connected to monetary and fiscal stimulus, which cannot be removed until the economy recovers completely, according to European Central Bank President Christine Lagarde.In the meantime, silver soared 0.5%, palladium gained 0.3%.
Asian Daily Market Review
2021-04-15 02:33UTC
Markets are struggling across Asia on Thursday morning, trading mixed following an overnight session of weakness for U.S. growth and technology as Treasury yields rise again, and the U.S. dollar suffers broad based weakness. In Japan the Nikkei is holding on to a 0.3% gain, even though the Yen has remained stronger versus the U.S. dollar, putting pressure on shares of Japan’s exporters. Softbank Group is assisting gains as it’s rising 1.9% today, while Sony is gaining 0.6%. Among the major exporters Toyota is adding 0.8%, Panasonic has rallied 1.8% higher, but Canon is flat with a loss of less than 0.1%. In Australia the S&P/ASX 200 is slightly higher by less than 0.1% after unemployment in the nation fell to 5.6% as the economic recovery is strengthening. Shares of the big four banks are weighing on the broader market once again, with ANZ, NAB, and Westpac all losing 0.5%, while Commonwealth Bank drops 0.3%. The major miners are helping support the index however, with BHP gaining 2.1%, Rio Tinto rising 2%, and Fortescue Metals advancing 2.3%. Mainland Chinese markets are leading losses for the region today, with the Shanghai Composite falling 0.8% and the smaller cap Shenzhen Composite losing 0.6%. Meanwhile in Hong Kong the Hang Seng is tracking losses on the mainland with a drop of 0.7%. In South Korea the Kospi is up by 0.3% and in Taiwan the Taiex is adding 0.4%. Southeast Asian markets are trading broadly higher with the KLCI in Malaysia rising 0.3%, the Jakarta Composite in Indonesia advancing 0.2%, and the Straits Times Index in Singapore edging higher by 0.1%.
Coinbase Listing Gives Proof To Cryptocurrencies
2021-04-14 21:51UTC
As cryptocurrencies continue inching into the mainstream, one of the leading crypto exchanges has just added to that momentum by going public. Leading cryptocurrency exchange Coinbase just did a direct listing on the Nasdaq, and by the looks of it investors are pumped up to join in the crypto party through equity exposure. Nasdaq had set a reference price of $250 a share overnight, but Coinbase opened some 52% higher at $381 a share. The price continued rising from there, hitting a high of $429.54, giving Coinbase a valuation of greater than $100 billion. Shares fell off the highs, trading as low as $310.00 intraday before rebounding and closing the session at $328.28 a share for a gain of 31.3% from the reference price, but a loss of 12% from the opening price. Ahead of the Coinbase listing leading cryptocurrency Bitcoin was trading above $64,000 at an all-time high, but by the end of the trading session it too had fallen off its daily highs and was trading at $62,250, leaving it little changed on the day. The listing of Coinbase on the Nasdaq has confirmed that cryptocurrencies are a “real thing” and should serve to cement the move to mainstream adoption that’s seen Bitcoin gain nearly 800% over the past year as more retail investors jump on board, and institutional investors have finally begun adding Bitcoin and other cryptocurrencies to their portfolios. Coinbase is also giving investors a look at the profitability the sector enjoys, reporting an estimated $730 to $800 million in profits in the first quarter of 2021 on revenues of $1.8 billion.
U.S. Daily Market Review
2021-04-14 15:05UTC
Тhe leading U.S. markets rallied to record marks today as most traders and as investors digested the first batch of hihger  corporate earnings.The Dow Jones Industrial Average added 200 points to an all-time high.The Nasdaq Composite gained 0.1%.Seven out of the 11 main S&P 500 sectors soared today, with financials up 0.4%, while the S&P 500 banks index edged dropped 0.3%.Meanwhile, the Federal tends to keep the same interest rates low in the near future.Investment bank Goldman Sachs regisered record profits nearly quintuple in the first quarter. The banks had generated a profit of $6.71 billion, or $18.80 per share, compared to a profit of $1.12 billion, or $3.11 a share, in the same period a year earlier.American Airlines surgted 2%, while United Airlines secured 3%. The Labor Department’s consumer price index came little more than predicted. The CPI advanced 0.6% from the previous month but 2.6% versus last year.
Еuropean Market Review
2021-04-14 10:31UTC
European markets are into a mixed path.The German DAX added 0.06%. The French CAC-40 slipped 0.43% and the FTSE-100 fell 0.07%.The pan-European Stoxx-600 inched 0.1% above the flatline by late morning, with basic resources and tech stocks retreating aorund 1%.The euro zone industrial dropped 1% in February from the previous month, according to Eurostat figures published Wednesday. French luxury brtand group LVMH reported a massive recovery in first-quarter earnings after the bell, bolstered by Chinese and American demand for Louis Vuitton handbags and Dior products. LVMH shares surged 2.7% by late morning today.The GBP rallied to a one-week peak versus the USD, regaining its ground after a brief dip the previous day. In fact, by 0802 GMT, the the GBP inclines 0.2% at $1.3786, having hit a one-week peak of $1.38 versus the USD.
Crude Oil Prices Preserve The Rising Mode
2021-04-14 07:00UTC
Crude oil prices preserved the rising path this morning after industry data demonstrated that U.S. oil inventories fell more than initial estiamtes and OPEC boosted its outlook for oil demand.Presently, oil trades at $61.07, which is a rise of $0.89 or 1.48% from the previous clsoe of 60.18. The daily trading range is from 60.38 to 61.10, while the trading volume is 23.047K.Signs of a solid economic recovery in China and the United States have underpinned recent oil price gains, but concerns over stalled vaccine rollouts worldwide and soaring COVID-19 infections in India and Brazil have limited the rallying mode.The Organization of the Petroleum Exporting Countries (OPEC) is expected to boosts its forecast on Tuesday for world oil demand growth this year.Meanwhile, the United States is rising supply from Iran at a time when OPEC and its allies are set to bring on more supply from May.EIA annoucned this week oil output from seven major shale formations is likely to advance by 13,000 bpd in May to 7.61 million bpd.
Asian Daily Market Review
2021-04-14 02:10UTC
Asian markets are trending mostly higher Wednesday morning following a mixed session overnight on Wall Street that saw technology shares continue their recovery, while the Dow Industrials retreated modestly as value stocks are losing their luster among investors. Japan’s Nikkei is trading 0.5% lower as one of the few losing markets today. Losses are building for Japanese equities as the Yen continues to gain on the U.S. dollar. Shares of Softbank Group trade 0.4% lower in-line with the broader market losses, while Sony is 0.6% higher. Among the major Japanese exporters shares of Toyota are 0.4% lower, Panasonic is edging down by less than 0.1%, and Canon is rallying 1.9% higher. Australia’s S&P/ASX 200 is adding 0.5% today, despite weakness from the big four banks. Shares of ANZ and NAB are both down 0.5%, Westpac is losing 0.4%, and Commonwealth Bank is outperforming the sector as it adds 0.2%. Among the major miners BHP is trading 0.7% higher and Rio Tinto has a 0.4% gain. Mainland Chinese markets have also opened to gains today, with the benchmark Shanghai Composite trading up by 0.4%, while the smaller cap Shenzhen Composite rallies 1.1% higher. Over in Hong Kong the Hang Seng is leading gains for the region as it rises 1.6%. South Korea’s Kospi is edging up by less than 0.1% today, while the Taiex in Taiwan is falling by less than 0.1%. Southeast Asian markets are lower however, with the Straits Times in Singapore losing 0.2%, while the KLCI in Malaysia edges lower by less than 0.1% and the Jakarta Composite in Indonesia starts the day flat.
JPMorgan Set To Kick Off Earnings Season
2021-04-13 21:19UTC
JPMorgan Chase will kick off earnings season on Wednesday, and the best-in-breed bank is expected to post very solid results. Just last week JPMorgan CEO Jamie Dimon boosted investor confidence when he said that the U.S. economy could be looking at a boom that will last through 2023. That boom is likely to benefit JPMorgan in the coming quarters. JPMorgan has one of the best balance sheets among the banks, and also has the most assets. It is also well-known to have one of the largest trading desks among the Wall Street banks and given the action in bond and equity markets this past quarter it should have booked large earnings from that segment alone. JPMorgan demolished analyst expectations for fourth quarter earnings, and it could well do so again. The rise in longer interest rates will also boost bank earnings, and traders are likely already pricing that into the banks stocks. The sector has seen the second best performance in the first quarter, and only the energy sector has done better. One concern is that banks are well known to suffer from a “buy the rumor, sell the news” mentality from investors, and given the recent gains for the stocks traders could see a similar scenario unfolding right now. However any selling on strong results will simply give those with a longer horizon the ability to scoop shares up at a lower price point. Options traders are pricing in a 2.4% move in either direction for JPMorgan shares, and traders can take advantage of that information with their own positions based on their own analysis.
U.S. Daily Market Review
2021-04-13 14:09UTC
The S&P 500 jumped to intraday record high today and the Nasdaq composite index rallied as investors flocked to tech-related stocks.The Dow Jones Industrial Average dropped 160 points.The Nasdaq Composite, the relative outperformer, inclined 0.75% as Apple, Amazon and Microsoft all secured more than 1%.The U.S. data indicated in that the consumer price index (CPI) in March soared the most in more than 8-1/2 years.U.S. Treasury yields retreated additional further and the yield curve flattened further. The $24 billion of 30-year bonds were sold at a high yield of 2.320% and a bid-to-cover ratio, a gauge of demand, of anabove-average 2.47 times.
European Daily Market Review
2021-04-13 12:28UTC
European markets are still without a clear direction.The DAX added 0.06%, while the CAC 40 slipped 0.43% and the FTSE-100 dropped 0.07%.The pan-European Stoxx-600 hovered around the flatline by early afternoon trade, with retail stocks surged 0.9% while telecoms shed 1.2%.The pan-European Stoxx 600 hovered around the flatline by early afternoon trade, with retail stocks soaring 0.9% while telecoms declined 1.2%.Yesterday, Airbus reproted that will replace both its defense and technology chiefs will step down on July 1 and will have a new chief operating officer on board.The City of Moscow is about to tap the bond market in April for the first time since 2013, securing aorund 70 billion roubles ($907.62 million) to cover budget deficit caused by the COVID-19 pandemic, as reported by the Deputy Mayor Vladimir Efimov.
Gold Prices Drop
2021-04-13 06:57UTC
Gold prices fell this morning during the Asian hours as U.S. Treasury yields entered into a solid position.Higher forecasts for a quick economic recovery from COVID-19 also turned investors away from the safe-havens such as gold.Now, the yellow metal trades at $1725.24, which is another decline of $7.23 or 0.42% from the previous clsoe of 1732.47.The daily trading range is from $1723.56 to 1736.32, while the trading volume is 162.756K.Treasury yields partly inclined after an auction of three- and 10-year notes on Tuesday attracted decent demand.Meanwhile, the coming data from the U.S. Federal Reserve served to boost recovery estiamtes.A survey published on Monday by the Federal Reserve Bank of New York said that U.S. consumers raised their inflation expectations again in March following gradual increases in recent months, and they are more positive about the job market.Meanwhile, Boston Federal Reserve Bank President Eric Rosengren said in an interview on Monday that the U.S. economy could see a substantial turnaround in 2021 thanks to accommodative monetary and fiscal policy. Fed Chairman Jerome Powell will also speak at an Economic Club of Washington later today.
Asian Daily Market Review
2021-04-13 01:57UTC
Despite a weak session overnight on Wall Street that saw markets fall off record levels and Treasury yields begin climbing again, markets across Asia are trading broadly higher Tuesday morning in anticipation of earnings season. Investors are expecting an impressive set of earnings this week from the U.S. banks, and continued good earnings throughout the earnings season as global economies continue to mend from COVID-19 inspired shutdowns in the spring and early summer of last year. In Japan the Nikkei is trading 0.9% higher as the Yen has paused versus the U.S. dollar, trading back and forth just below the 110.00 level. Shares of Softbank are 1.3% higher today, while Sony is adding 0.6%. Among the major exporters Toyota is 1% higher, Panasonic adds 0.6%, but Canon is losing 1.4%. Australia’s S&P/ASX 200 is 0.3% higher as the recovery in the Australian economy appears to be recovering well. Shares of the big four banks are higher, with Commonwealth Bank leading with a gain of 0.6%. ANZ is trading 0.1% higher, NAB is inching up by less than 0.1%, and Westpac is underperforming for a second day, trading flat. Miners are weak today as BHP is losing 0.3% and Rio Tinto is falling 0.7%. In mainland China the benchmark Shanghai Composite is flat at the open, but the smaller cap Shenzhen Composite has a modest gain of 0.2%. Meanwhile in Hong Kong the Hang Seng trades up by 0.8%. South Korea’s Kospi is trading 0.7% higher, and in Taiwan the Taiex is adding 0.5%. Southeast Asian markets are mixed as Singapore’s Straits Times index is adding 0.2%, but the KLCI in Malaysia is falling 0.2%.
U.S. Daily Market Review
2021-04-12 17:59UTC
U.S. stocks partly dropped from record levels today as muted trading resumed before the first-quarter earnings season.The Dow Jones Industrial Average fell 40 points from a closing high peak in the previous session. Boeing was the biggest loser in the blue-chip Dow, falling 2%. The S&P 500 declined 0.1%, while the Nasdaq Composite fell 0.5%.Tesla jumped little more than 3% to around $700 after Canaccord Genuity upgraded the stock to buy and raised its price target to $1,070.U.S. consumer price data for March and $271 billion of U.S. Treasury auction this week could end a recent lull in the bond market.Air France-KLM has announced a share issue to raise about 988 million euros ($1.2 billion) to strengthen its liquidity and finance its general needs in the context of the COVID-19 crisis.The new shares will be priced at between 4.84 and 5.31 euros apiece.
European Daily Market Review
2021-04-12 09:43UTC
European markets are still without a clear market direciton.The German DAX gained 0.06%, while the CAC 40 dropped 0.43% and the FTSE 100 slipped 0.07%. The pan-European Stoxx-600 lost 0.4% by mid-morning, with retail stocks declined 1.5% to lead losses while utilities gained 0.7%.Germany is about to propose new legislation enabling the country to impose national restrictions without regional government approval. The U.K. reopened pubs, for outdoor drinking, and hairdressers.Teleperformance TEP inlcined 2.25%, a provider of customer service outsourcing, surged 3% after lifting its like-for-like full-year 2021 revenue growth target to at least 12% from at least 9%.UK’s domestically focussed FTSE mid 250 index retreated 0.5%, but moves around peak marks as shops, pubs, gyms and hairdressers reopened after the recent lockdown.
Crude Oil Prices Dropped
2021-04-12 07:03UTC
Oil prices slipped this morning during the Asian hours, with U.S. Federal Reserve Chair Jerome Powell saying the U.S. economy was poised for stronger growth.Presently, oil trades at $58.871, which is a loss of $0.488 or 0.82% from the previous clsoe of 59.359.The daily trading range is from 58.863 to 59.749, while the trading volume is 13.089K.The economy is into a solid recovery and hiring ahead thanks to the COVID-19 vaccine rollout and powerful policy support, according to the Powell.However, the Fed’s chair also remarked that the principal risk was the ever-spreading COVID-19 virus.The virus outbreaks could results in many countries to renew restrictive measures, which are expected to erode the oil demand.On the supply front, the Organization of the Petroleum Exporting Countries and allies (OPEC+) is very likely to determine additinal barrels quotas from May onwards. Additionally, Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, reprorted that the rally is the correct strategy for the cartel. 
Asian Daily Market Review
2021-04-12 01:57UTC
Asian markets are mostly lower to kick off the week as investors across the region are taking a cautious stance ahead of this week’s start to earnings season. There’s also some concern that U.S. inflation and retail sales data could send bond yields higher once again if they come in stronger than expected. In Japan the Nikkei has given back an early gain and is trading flat, even though the Yen is softer versus the U.S. dollar to start the week. Shares of Softbank Group are trading 1.4% higher, but Sony is falling 0.7%. Among the major Japanese exporters shares of Toyota are 1.4% higher and Canon is adding 1.5%, while Panasonic is retreating 0.4%. Australia’s S&P/ASX 200 has a modest loss of 0.3%. Shares of the big four banks are mixed, with NAB and Westpac each adding 0.2%, ANZ edging up by less than 0.1%, and Commonwealth Bank weighing with a loss of 0.5%. The major miners are also mixed, with BHP shares falling 0.3%, but Rio Tinto edging up by less than 0.1%. In mainland China the Shanghai Composite has opened to a slight gain of less than 0.1%, while the smaller cap Shenzhen Composite is adding 0.3%. Meanwhile over in Hong Kong the Hang Seng is inching lower by 0.1%. South Korea’s Kospi is adding 0.1% today, and in Taiwan the Taiex has gained 0.2% in early trade. Southeast Asian markets are trading lower however, with the KLCI in Malaysia falling 0.4% and the Straits Times in Singapore trading 0.3% lower, while the Jakarta Composite in Indonesia is flat a the open today.
EUR/USD Has A Surprisingly Strong Week
2021-04-09 21:29UTC
The EUR/USD rallied this past week after bouncing off its 50 day exponential moving average, but the end of the week wasn’t as positive for the shared currency as the U.S. dollar recovered on growing risk aversion from traders. We also saw the EUR/USD climb above the 1.1900 level, but then retreat as it was unable to remain above the large round number. In fact, the 200 day simple moving average is sitting just below at 1.1889 level, which is right where the pair settled heading into the weekend. Which naturally begs the question of whether the pair will break higher to continue last week’s higher, or lower to continue the trend that’s been in place since the start of the year. This is the first time that the EUR/USD has tested the 200 day SMA since May 2020, so we could get a battle that sees the pair turn choppy for some time as bulls and bears battle it out. If the pair breaks higher we would look for it to soon test the 1.2000 level, which could be another big hurdle since it is such a large psychologically important number. It is also where the pair made a minor double top back in March. A break lower could see a larger move before the pair finds support, with the March low at the 1.1700 level a likely target. Below that the double bottom from last fall at the 1.1600 level will have to be tested. In either case there is the 200 day moving average to overcome and a lot of noise in either direction to create confusion.
U.S. Daily Market Review
2021-04-09 10:41UTC
The S&P-500 advanced to record peak today as Wall Street is set to wrap up the week with dramatic rises.The major financial stocks surged 0.9%, more than any other S&P sector, with Bank of America Corp, Citigroup Inc and JPMorgan Chase & Co jumped around 1%.At 9:56 a.m. ET, the Dow Jones Industrial Average added 92.41 points, or 0.28%, at 33,595.984.The Nasdaq Composite slipped 35.52 points, or 0.26%, at 13,793.79.The 10-year Treasury yield partly advanced to 1.66% following the inflation data. Treasury yields had retreated earlier this week from their recent solid grounds.A Labor Department reported that producer prices soared last month at twice the speed of February’s growth, resulting in some serious concerns about inflation figures.
European Daily Market Review
2021-04-09 08:56UTC
European markets are still without a clear direction.The DAX gained 0.06%, while the CAC 40 fell 0.43% and the FTSE-100 dropped 0.07%.The pan-European Stoxx-600 is around the mark of 0.15% below the flatline in early trade, with insurance stocks shedding 0.5% as most sectors and major bourses slid entered into a falling ground pattern.German industrial production unexpectedly lost 1.6% in February, versus the forecasts of a possible incline.In fact, Germany’s federal statistics office, German production retreated around 6.4% on annual basis.U.K. house prices rallied at the highest mark of the last six months as buyers eyed a path out of lockdown and the government extended a temporary tax break on purchases, according to the mortgage lender Halifax.Airline stocks such as Airways-owner IAG, easyJet and Wizz Air gained between 0.2% and 1.0%. Britain will confirm in early May whether it will allow international travel to resume from May 17.Travel company TUI tumbled 5.7% after saying it planned to supply convertible bonds worth 350 million euros to improve its liquidity position.
Gold Prices Fell
2021-04-09 07:10UTC
Gold prices dropped this morning, during the Asian hours but was hovering close to a more-than-one-month peak see from the previous days.
Asian Daily Market Review
2021-04-09 01:43UTC
Asian markets are trading mixed Friday morning as investors across the region take their cue from the overnight gains on Wall Street. Investors are also looking ahead to next week, when earnings season for the first quarter kicks off with reporting by the big U.S. banking institutions JPMorgan and Wells Fargo, among others. In Japan the Nikkei is trading 0.8% higher, despite continued strength in the Yen versus the U.S. dollar. Shares of Softbank Group are trading flat with a loss of less than 0.1%, while Sony shares are rallying, erasing prior session losses with a gain of 2.4%. Among the major exporters Toyota is 0.7% higher and Panasonic is up by 1%, while Canon has added 0.6%. Australia’s S&P/ASX 200 is bucking the strength across the region and trading 0.4% lower as losses from the big four banks weigh on the broader index. Shares of ANZ and NAB are each down 0.5%, Commonwealth Bank is losing 0.6%, and Westpac trades 0.4% lower. Among the major miners BHP is 1% lower and Rio Tinto is edging down by 0.2%. Mainland Chinese markets have opened to losses, with both the benchmark Shanghai Composite and the smaller cap Shenzhen Composite falling 0.2%. Meanwhile in Hong Kong the Hang Seng is bucking the losses on the mainland and trading 0.5% higher. South Korea’s Kospi has a modest loss of 0.2%, and in Taiwan the Taiex is edging lower by less than 0.1%. In Southeast Asia Malaysia’s KLCI is up by 0.2% and Singapore’s Straits Times Index is creeping higher by less than 0.1%, while the Jakarta Composite in Indonesia is flat.
Silver Could Be Preparing A Summer Rally
2021-04-08 21:24UTC
The weak dollar and lower U.S. Treasury yields helped provide support for silver on Thursday, allowing the sister metal to gold to climb above the $25 level and to settle near $25.50. That has silver just shy of the resistance at the $25.55 level, and it’s expected it will test that handle before heading into the weekend. Both gold and silver have been beneficiaries of the weaker U.S. dollar and lower Treasury yields. As long as that scenario continues we could expect silver to climb through the $25.55 level and soon test the resistance found at the $26.30 level. Gold also made solid gains, rising 1.1% and finishing the session above the psychologically important $1,750 level. The next significant resistance level for gold is the 50-day moving average, which is just above at the $1,760 level which could be tested as early as Friday’s Asian session. If gold breaks above this level it will also be bullish for silver. One area weighing on the precious metals is a return of risk appetite, however we can say that equity markets have remained choppy this week, so the return of risk appetite is far from unanimous. And Thursday saw precious metals ignore the risk appetite that gave gains to equity markets. We do feel better about silver than gold for two clear reasons. One is that the gold/silver ratio is headed towards the 68 level and if it breaks below this it would be bullish for silver. Perhaps more important however is the potential for industrial demand for silver to shoot higher in the coming months as the U.S. economy roars back to life.
U.S. Daily Market Review
2021-04-08 14:48UTC
The S&P-500 ended in today’s session setting another record.The gaining mode was propelled by a rally in big technology stocks.Stocks have entered in the second quarter on strong footing, with the broad stock market index adding 3.1%. The leading tech companies have rallied ahead as the bond market calmed. The broad equity benchmark gained 0.4% to 4,097.17, its second straight record close. The tech-heavy Nasdaq Composite added 1% to 13,829.31 as Apple, Netflix and Microsoft all climbed more than 1%. Amazon and Alphabet also advanced.The Dow Jones Industrial Average inclined 57.31 points, or 0.2%, to 33,503.57.The USD sunk to a two-week bottom versus a basket of currencies on Thursday, tracking Treasury yields lower. The USD index slipped 0.35% at 92.091, its bottom since March 23.
European Daily Market Review
2021-04-08 11:30UTC
European markets are  without a clear market direciton.The advancing pattern for European stocks comes after a similarly higher session in Asia-Pacific overnight, boosted by U.S. trading.The DAX added 0.06%, while the CAC 40 slipped 0.43% and the FTSE-100 dropped 0.07%. The pan-European Stoxx 600 secured around 0.4% by late morning trade, with health care stocks adding 1.1% to lead the rising mode.The GBP stabilised versus the USD and the common currency after a bruising bout of profit-taking a day earlier.The GBP declined 0.6% to a one-week bottom against the USD and around 1% against the euro yesterday.
The USD Is Into A Dramatic Retreat
2021-04-08 10:57UTC
The USD dropped around its weakest mark of the last two weeks versus  the main pairs.In addition, Treasury yields fell, after minutes of the Federal Reserve's March policy meeting offered no new catalysts to dictate market direction. Presently, the USD versus the Euro trades at 0.842 EUR, which is a minor recovery of 0.0005 or 0.06% from teh previous close of 0.8423.The daily trading range is from 0.8411 to 0.8429.Fed officials are still concerned about the risks of the pandemic - even as the U.S. recovery gathered steam, especially from the massive stimulus package.\Chair Jerome Powell will reprot at a virtual International Monetary Fund conference later on Thursday.The USD index 92.30 in London trading, after dipping as low as 92.134 on Wednesday for the first time since March 23.The index soared to an almost five-month high of 93.439 at the end of last month as the U.S. pandemic recovery outpaced that of most other developed economies.
Crude Oil Prices Fall
2021-04-08 08:36UTC
Crude oil prices slipped this mroning during the Asian hours.This comes amid unexpected advance in U.S. gasoline stocks raised issues about falling demand for crude in the world’s biggest oil demander in hand with rising stockpiles.Presently, oil trades at $59.269, which is a decline of $0.279 or 0.47% from the previous close of 59.548.The daily trading range is from 59.035 to 59.800, while the trading volume is 25.835K.The U.S. Energy Information Administration (EIA) indicated in a draw of 3.522 million barrels, against the estimates of 1.436-million-barrel.Supply data from the American Petroleum Institute the day before showed a draw of 2.618 million barrels.The EIA data also said that gasoline inventories jumped to 4.044 million barrels, against the 221,000-barrel draw in forecasts.In the meantime, global crude oil supply is also boosing as Russia reportedly increased its output from average last month levels.
Asian Daily Market Review
2021-04-08 02:00UTC
Asian markets are mixed Thursday morning following a mixed and little changed session overnight on Wall Street. Investors are digesting the release of the latest FOMC meeting minutes, which gave no new information regarding the potential future moves of the Federal Reserve. The U.S. dollar continues to strengthen versus regional currencies helping shares of exporters. In Japan the Nikkei is losing 0.5% in morning trade as the Yen remains weaker versus the U.S. dollar. Shares of Softbank Group are flat with a slight loss of less than 0.1%, while Sony is falling 1.7%. Among the major exporters Toyota is trading 0.8% lower, Panasonic is falling 2.4%, and Canon is edging lower by 0.3%. Australia’s S&P/ASX 200 is leading gains for the region as it’s risen 1.2% heading into the final hour of trading for the session. The big four banks are rallying, with ANZ up 1.9%, NAB adding 2.2%, Commonwealth Bank rising 1.4%, and Westpac posting a 1.9% advance. The major miners are also contributing to gains as BHP advances 1.9% and Rio Tinto adds 1.5%. Mainland Chinese markets are edging lower at the open, with the benchmark Shanghai Composite 0.1% lower and the smaller cap Shenzhen Composite losing less than 0.1%. Over in Hong Kong the Hang Seng is bucking the losing trend on the mainland with a gain of 0.5%. In South Korea the Kospi is edging up by less than 0.1%, and Taiwan’s Taiex has added 0.1%. Southeast Asian markets are close to unchanged as the Straits Times in Singapore and the KLCI in Malaysia add 0.1%, while Indonesia’s Jakarta Composite is unchanged.
Ready For Earnings Season?
2021-04-08 00:40UTC
Earnings season is almost upon us and in just a week the major Wall Street banks will kick things off with their first quarter 2021 earnings. These should be a stark contrast to the first quarter of 2020, when earnings were negatively impacted by the start of the COVID-19 pandemic, and banks were one of the more hated sectors. Since that time the banks have rebounded strongly, with all the major’s reporting earnings far in excess of expectations in the past two quarters. Given the poor performance in the first quarter of 2020 the banks should have no problem posting really significant increases over the same quarter last year. The earnings will kick off Wednesday when JPMorgan and Goldman Sachs report their earnings. Both have outperformed their peers so far in 2021, and good earnings could accelerate those moves. Also reporting on Wednesday is Wells Fargo. Following that investors will be treated to Citigroup and Bank of America  earnings on Thursday the 15th, and Morgan Stanley earnings on Friday the 16th. While the banks have made good gains already in 2021 – Goldman shares are up 20% and JPMorgan has seen its shares advance 25% - analysts believe the good times may just be starting for the banks. As the economic recovery in the U.S. gains momentum in the second half of 2021 the banks are expected to be major beneficiaries, and shares could rocket higher by as much as 50%. While interest rates at 0% is not great for the banks, earnings growth is expected to come from loan growth, with 10% loan growth adding roughly 8% to bank earnings.
U.S. Daily Market Review
2021-04-07 11:07UTC
U.S. stocks partly moved today with the S&P 500 surging to record marks. This comes as most traders and investors are focused on the details from the Federal Reserve’s last policy meeting.The Dow Jones Industrial Average gained 20 points. The S&P-500 inclined 0.1% and the tech-heavy Nasdaq Composite slipped 0.1%.Bond yields added to the falling side from recent highs. The 10-year Treasury yield sunk to 1.65%, its weakest levels since the last week of March.In his annual report the CEO of JP Morgan, which is the biggest American bank, Mr. Jamie Dimon announced strong consumer savings, expanded vaccine distribution and the Biden administration’s proposed $2.3 trillion infrastructure plan could lead to an economic “Goldilocks moment. Meanwhile, high inflation levels could be seen. He also stated that the economy is emerging from the coronavirus pandemic into a boom that could take place till 2023.
European Daily Market Review
2021-04-07 10:49UTC
European markets are into a fluctuating mode.The DAX added 0.06%, while the CAC-40 dropped 0.43%  and the leading the FTSE-100 slipped 0.07%. European markets are facing some concerns over the possible direction with investors digesting moves in the U.S. markets and the latest international growth  estimates.The pan-European Stoxx-600 shifted around the flatline by mid-morning, with tech stocks losing 1%.Euro zone bond yields sunk today with southern European debt stabilising after a sell-off the previous session as markets braced for new supply from Italy and Portugal.Italy on Wednesday started the process of selling new 50-year and 7-year bonds via a syndicate of banks.Portugal also reproted that expects to sell a new bond via a syndicate of banks.A final reading of IHS Markit’s Purchasing Managers’ Index implied in that euro zone business activity is back into a higher side in March, underpinned by a record surge in the manufacturing sector.
Gold Prices Fell
2021-04-07 06:16UTC
Gold prices declined this morning during the Asian hours, coming off from the two-week peak that was seen during the previous session.This was taking place amid higher numbers that bolstered hopes for a quick economic recovery from COVID-19.Currently, the precious metal trades at $1738.05, which is another loss of $4.04 or 0.23% from the previosu clsoe of 1742.08.The daily trading range is from 1735.70 to 1744.23, while the trading volume is 84.111K.Losing ground U.S. Treasury yields stimulated investors to turn away from the safe-haven yellow metal.In the meantime, the USD sunk to a two-week low.The IMF also predicted that global growth could reach 6% in 2021 at the opening of its 2021 spring meetings.U.S. President Joe Biden plans to have provide the COVID-19 vaccine for all American adults to Apr. 19.Gold declined as there are higher estiamtes for quicker Global COVID-19 economic recovery.
Asian Daily Market Review
2021-04-07 02:18UTC
Asian markets are mixed on Wednesday morning following a losing session overnight on Wall Street, where major indices slipped from record levels ahead of the FOMC monetary policy meeting minutes. In Japan the Nikkei has given up an early lead and trades lower by 0.45% as the strength in the Yen against the U.S. dollar is weighing on shares of Japan’s exporters. Softbank Group is bucking the losing trend and trading 1.1% higher, but Sony is trading 0.8% lower. Among the major exporters Toyota is edging lower by less than 0.1%, Panasonic is falling 0.5%, and Canon also has a slight loss of less than 0.1%. In Australia the S&P/ASX 200 is 0.4% higher, leading gains for the region. The big four banks are holding the index back from greater gains however, as ANZ and NAB each trade 0.3% lower, while Commonwealth Bank is adding 0.2% and Westpac is flat and unchanged. Among the major miners Rio Tinto is rallying 2.7% higher, but BHP has a loss of 0.8%, and Fortescue Metals is losing 1%. Mainland Chinese markets have opened to losses, with the benchmark Shanghai Composite losing 0.6% and the smaller cap Shenzhen Composite dropping 1.2%. In Hong Kong investors are returning to the market for the first time since April 1 and are sending the Hang Seng 0.2% lower. South Korea’s Kospi is adding 0.3%, but Taiwan’s Taiex is slightly lower by less than 0.1%. Southeast Asian markets are mostly higher, with the KLCI in Malaysia adding 0.4% and Singapore’s Straits Times Index rising 0.1%, while the Jakarta Composite in Indonesia is less than 0.1% lower.
GBP/CAD Into A Challenging Position
2021-04-06 16:32UTC
The GBP partly declined today, and the Pound Canadian Dollar (GBP/CAD) exchange rate has been falling again.The Canadian Dollar is still demanded on a global scale.Now, the GBP against the CAD trades at 1.7354, which is a loss of $0.00445 (−0.26%) form the previous close of 1.73992.The daily trading range is from 1.73496 — 1.7444, while the trading volume is 206.985K.GBP/CAD attempted to regain some ground yesterday and touched a peak mark of 1.7465.UK PMI data is coming out tomorrow, and Canadian job market data could influence the Pound Canadian Dollar exchange rate outlook later in the week. The Pound has been broadly appealing amid forecasts for Britain’s economy to be one of the first major economies to recover pandemic. The UK government started its Recovery Loan Scheme today, a less generous loan scheme aimed at attempting to ease businesses seriously affected by the lockdown restrictions.
U.S. Daily Market Review
2021-04-06 16:18UTC
The USD dropped slipped to a two-week bottom versus the main pairs as traders booked profits after a strong March and as a loss in Treasury yields from recent peaks.The USD Index, which measures the greenback against a basket of six currencies, was 0.146% came less at 92.427, its bottom since March 24.Shares of airlines and cruise lines extended the rising mode.United Airlines gained 1.6%, while Delta rose 2.7%. Carnival, Norwegian Cruise Line and Royal Caribbean all gained some ground.Progress in President Joe Biden’s new infrastructure plan and the start of the earnings season in the coming week is expected to largely influence the direction of the market.U.S. job openings jumped to a two-year high in February. New jobs rallied amid higher domestic demand amid increased COVID-19 vaccinations.The Labor Department’s monthly Job Openings and Labor Turnover Survey.The labor market had recovered some ground after falling jobs in December as the nation buckled under a fresh wave of news COVID-19 cases.
European Daily Market Review
2021-04-06 15:48UTC
European markets are still without a clear direction. The German DAX gained 0.06%, while the CAC-40 fell 0.43% and the FTSE-100 lower dropped 0.43%.European stock market followed the trend seen in Asia-Pacific, where markets were mixed pm Tuesday despite China’s services sector activity growing in March.The pan-European Stoxx-600 secured 0.7% by mid-afternoon, with basic resources adding 2.5% to lead surges in most sectors.German Finance Minister Olaf Scholz agreed with the U.S. Treasury Secretary Janet Yellen to plan a global corporate minimum tax rate, adding that a deal among more than 140 countries could possible take place in the next quarter.    
Crude Oil Prices Into Recovery
2021-04-06 06:46UTC
Oil prices advanced today as investors expect some bargains following the previous day's loss of little more than 4% amid hihger output from OPEC+ while strong economic data from the United States and China brightened recovery prospects.Crude oil trades at$59.209, which is a rise of $0.430 or 0.73% from the previous close of $58.778. The daily trading range is from 58.605 — 59.641, while the trading volume is 19.505K.In addition, England is set to ease coronavirus pandemic restrictions on April 12, with the opening of businesses including all shops, gyms, hair salons.Those helped to fight against the concerns about the agreement last week by the Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, to bring back 350,000 barrels per day (bpd) of supply in May, another 350,000 bpd in June and a further 400,000 bpd or so in July.The market is now focused on the coming negotiations between the United States and Iran in Vienna from Tuesday as part of broader negotiations to revive the 2015 nuclear deal between Tehran and global powers.
Asian Daily Market Review
2021-04-06 02:19UTC
Markets are trading mixed across Asia Tuesday morning as investors are weighing the strengthening U.S. economy against the COVID-19 restrictions being imposed across Europe. Also in play are the strong overnight gains from Wall Street, and the sinking Treasury yields in the U.S. that have taken the pressure off technology stocks and other growth sectors. In Japan the Nikkei is 0.5% lower as the Yen strengthened over the U.S. dollar overnight. Shares of Softbank are trading 0.3% lower, while Sony is falling 1.3%. Among the major Japanese exporters Toyota has a 0.4% loss, Panasonic has dropped 0.6%, and Canon is bucking the falling trend with a gain of 0.3%. Australia’s S&P/ASX 200 is rallying strongly, adding 1.2% as investors are getting their first chance to respond to last week’s strong U.S. employment data. Shares of the big four banks are broadly higher, with ANZ adding 1%, NAB advancing 0.8%, Commonwealth Bank up 0.5%, and Westpac trading 0.9% higher. The major miners are also making good gains today, with BHP adding 1.3% and Rio Tinto gaining 1%. Mainland Chinese investors aren’t as upbeat as other countries investors today, and the benchmark Shanghai Composite has opened to a loss of 0.3%, while the smaller cap Shenzhen Composite has a loss of 0.5%. Meanwhile Hong Kong’s Hang Seng remains closed for a public holiday. In South Korea the Kospi is losing 0.3%, but Taiwan’s Taiex has a gain of 1.1%. Southeast Asian markets are mixed too, with Singapore’s Straits Times edging up by 0.1%, while the Jakarta Composite in Indonesia falls 0.2%, and the KLCI in Malaysia is trading 0.3% lower.
Tesla Reports Record Breaking Vehicle Deliveries
2021-04-05 21:31UTC
Tesla reported a record-breaking 184,800 vehicle deliveries in the first quarter of 2021, sparking a 4.4% rally in shares during a session that saw major indices also making solid gains on the back of last Friday’s stellar non-farm payrolls report. Analysts had expected Tesla to deliver just 168,000 vehicles due to the shortage of semiconductor chips, the ongoing pandemic, a fire at its plant in Fremont, CA, and temporary closures due to other parts shortages. Taken all together it is somewhat impressive that Tesla was able to deliver a record number of vehicles. The delivery numbers are also a greater than 100% increase over the same quarter last year. In 2020 deliveries were just shy of 500,000 and at the current rate Tesla would be able to deliver just shy of 740,000 vehicles in 2021. However Tesla management has declined to give projections for 2021 deliveries at this time, saying they would be able to provide more details later in the second quarter. What’s not known at this time is how much Tesla will be impacted by competition as both startups and established automakers have begun to aggressively ramp up production and sales of their own electric vehicles. Most notable among these is Volkswagen, where analysts have suggested they could overtake Tesla sometime in 2022. Thus far in 2021 Tesla shares have underperformed as they got hit especially hard by the selloff in growth stocks earlier in the year. Since then shares are recovering, but remain down 2.1% since the start of the year versus the gain of 8.6% for the S&P 500 and 6.3% for the Nasdaq.
The USD Retreated
2021-04-05 14:31UTC
The USD dropped to week bottoms against major pairs today as stocks hit record highs, and as investors waited on the next catalyst to drive direction.The USD has regained some ground this year along with rising U.S. Treasury yields as investors bet on faster U.S. economic growth and higher inflation as the economy reopens after COVID—19.Now, the USD versus the Euro trades at 0.846 EUR, which is a loss of 0.0039 or 0.46% from the previous close of 0.8501.The daily trading range is from 0.8465 to 0.8518.The greenback has generally gained at the same time as stocks gain.The greenback had rallied on Friday after data showed that the U.S. economy created the most jobs in seven months in March as more Americans got vaccinated.Biden is willing to inject $2 trillion infrastructure plan without the support of Republican lawmakers in case he cannot reach a bipartisan deal, according to the Energy Secretary Jennifer Granholm.
U.S. Daily Market Review
2021-04-05 14:16UTC
The S&P-500 and the Dow advanced to peak values today as most as investors are focused on the solid strong jobs data and looked for a report on the services sector with signals that 2021 could see the best annual economic growth in nearly four decades.At 9:42 a.m. ET, the Dow Jones Industrial Average added 303.10 points, or 0.91%, at 33,456.31.The S&P-500 inlcined 34.30 points, or 0.85%, at 4,054.17, and the Nasdaq Composite was up 110.71 points, or 0.82%, at 13,590.81.The USD fell to one a bottom mark of the week versus the main pairs as stocks hit record highs, and as investors waited on the next catalyst to drive direction.The USD retreated around 0.20% against a basket of currencies at 92.77. It has declined from 93.44 on Wednesday, which was the highest since Nov. 5.Tesla shares retreated 6% as the electric vehicle company reported figures that broadly beat expectations.Gameshop declined 10% after the video game retailer said it may sell up to $1 billion worth of stock.The Labor Department announced Friday that nonfarm payrolls soared a whole 916,000 last month, its peak since August 2020, while the unemployment rate fell to 6%.
Crude Oil Prices Dropped
2021-04-05 08:10UTC
Oil prices retreated today, marking some solid rallies registered during the previous session that was driven by the decision by OPEC+ to gradually ease some of its production reductions as early as next month.Both contracts gained little more than $2 per barrel at the end of last week.Now, oil trades at $60.300, which is a loss of 0.945 or 1.54% from the previous close of 61.245.The daily trading range is from $60.211 to 61.381, while the trading volume is 18.403K.This comes as most traders as investors are focused on OPEC+ decision as an affirmation of demand-led recovery.The level of optimism was stimulated by U.S. President Joe Biden's $2 trillion infrastructure spending plan.Markets were closed on Friday because of the Easter holiday.The Organization of the Petroleum Exporting Countries, Russia and their allies, a group known as OPEC+, decided to ease production curbs by 350,000 barrels per day (bpd) in May.
Asian Daily Market Review
2021-04-05 02:22UTC
Asian markets are headed mostly higher on Monday morning in another light trading session as several key markets across the region are closed for holidays. Markets in mainland China are closed, as is the Hong Kong market. Also closed are the Australian share market and the Taiwanese equity markets. In Japan the Nikkei has an early gain of 0.8% as the Yen remains weak versus the U.S. dollar following last Friday’s surprisingly strong U.S. employment report. Shares of Softbank Group are 1.4% higher, while Sony is ticking up by 0.5%. Among the major exporters Toyota is edging lower by less than 0.1%, while Panasonic trades down by 0.2% and Canon trades up by 0.2%. In South Korea the Kospi is inching lower by 0.1%, even though index heavy weight Samsung is adding 0.3%. Tech shares are also doing well today, with Apple supplier SK Hynix trading up 1.1% and LG Electronics trades 0.6% higher. In Southeast Asia markets are mixed as Singapore’s Straits Times Index is adding 0.8%, but the Jakarta Composite in Indonesia and the KLCI in Malaysia are each trading 0.1% lower. The U.S. dollar is mostly weaker against most of the regional currencies as U.S. Treasury yields are edging lower, taking some of the pressure off equities and draining some of the USD strength. Commodity markets are showing weakness, despite softness from the U.S. dollar. Gold is trading down 0.5%, but remains above the support of the $1,720 level. Crude is also sliding 0.4% lower, despite OPEC keeping its production cuts in place, and raising prices for crude sales into Asia.
U.S. Nonfarm Payrolls Encouraging
2021-04-02 21:51UTC
Even though U.S. markets were closed Friday, that didn’t stop the release of the March nonfarm payrolls report. And good thing too since the report showed U.S. jobs are roaring back to life as COVID-19 restrictions ease. The March NFP report showed 916,000 jobs added to the U.S. economy in March, which was well above the 630,000 jobs expected. It was also a huge jump from February’s NFP report, where a revised 468,000 jobs were added to the U.S. economy. The rise in jobs also sent the unemployment rate down to 6%. While the number of jobs added is certainly important as a headline number, just as important was the type of jobs being added. Leisure and hospitality, which were hardest hit by the pandemic, showed another healthy gain, other sectors of the economy also showed strong job growth, which highlights the broad nature of the economic recovery. One issue is that the number of long-term unemployed, and the labor participation rate remained roughly the same. That shows the long road ahead in getting full employment back to pre-pandemic levels. The strong labor report was very encouraging, and helped strengthen the U.S. dollar modestly. Equity markets were closed on Friday, but can be expected to rally in response to this NFP report when traders return to their desks on Monday. Dow futures are indicating a 200-point jump at the open, while the S&P 500 futures are showing a 21-point opening gain. Keeping gains for the U.S. dollar in check was the tepid response from the bond market, where the 10-year Treasury was up just slightly as wage growth declined 0.1%.
U.S. Daily Market Review
2021-04-02 14:43UTC
The S&P-500 jumped above the mark of 4,000 threshold for the first time Thursday as Wall Street built on a solid March.This comes after the massive plan of President Joe Bide’s infrastructure plan. The broad equity benchmark gained 1.2% to a fresh record close of 4,019.87. The Dow Jones Industrial Average surged 171.66 points, or 0.5%, to 33,153.21. The tech-heavy Nasdaq Composite advanced 1.8% to 13,480.11. The tech giants of Alphabet and Netflix rallied more than 3%, while Amazon and Microsoft secured another 2%.The 10-year Treasury yield fell 7 basis points to around 1.68% Thursday.First-time claims for unemployment insurance for the week ended March 27 totaled 719,000, which is more than the initial forecasts of 675,000.The USD rallied this morning in thin trading, on pace for its third weekly addition.U.S. nonfarm payrolls advanced 916,000 jobs last month, the largest gain since last August. Data for February came greater to show 468,000 jobs created instead of the previously stated 379,000.
European Daily Market Review
2021-04-02 11:59UTC
European markets are still without a clear market direction. 
Crude Oil Prices Surged
2021-04-02 05:58UTC
Crude prices lost some ground but then recovered today before gaining around 2% as traders bought into OPEC+’s assurances that the global oil producing alliance could increase its supply from May.Presently, oil trades at $61.245, which is another addition of $1.826 or 3.07% from the previous close of 59.419.The daily trading range is from 58.860 to 61.721, while the trading volume is 163.626K.OPEC+ members meeting via a two-day video hook-up, decided to raise output by 350,000 barrels per day in May and June, and 400,000 bpd in July.Saudi Arabia is expected to deliver additional 250,000 barrels per day of losses in May, and 250,000 bpd in June.U.S. oil production also advanced last week to 11.1 million barrels daily.While Iran is a full-time member of the original OPEC cartel, it has never dedicated to the production limitations of the past year due to the Trump sanctions.
Asian Daily Market Review
2021-04-02 02:01UTC
Asian markets are heading higher on light volume on Friday morning after a record-breaking session on Wall Street. Trading volumes are expected to remain low across the region as many markets are closed for the Easter Holiday. Markets in Australia, Hong Kong, and Singapore are all closed for trade today. Overnight markets on Wall Street rallied strongly in response to better than expected manufacturing growth was reported in the U.S. This caused Treasury yields to fall, sparking a rally in equities, with technology shares joining in the gains enjoyed by value shares. The U.S. dollar also fell alongside Treasury yields. In Japan the Nikkei is trading 1.3% higher today in light volume and leading gains across the region. The weaker Yen is of course continuing to support gains for Japanese equities, particularly in the export sector. Shares of Softbank Group are rallying 3.3% higher and Sony has a huge gain of 4%. Among the major Japanese exporters Toyota is up by 1.3%, Panasonic has a gain of 2.5%, and Canon is rising 2.3%. Mainland Chinese markets have opened to modest gains, with the benchmark Shanghai Composite trading up by 0.3% and the smaller cap Shenzhen Composite adding 0.4%. South Korea’s Kospi is having a solid session, gaining 1% as index heavy weight Samsung trades 2.4% higher. In Taiwan the Taiex is also having a solid session, trading 0.9% higher in early trade. Southeast Asian markets are gaining as well, with the Jakarta Composite in Indonesia advancing 0.4% and the KLCI in Malaysia gaining 0.2%.
EUR/USD Turns Surprisingly Bullish
2021-04-01 23:40UTC
The Euro shrugged off its recent bearish tone on Thursday, rising off lows near the 1.1700 level and finishing the session around the 1.1780 level as markets are heading into a long Easter holiday weekend. Better than expected U.S. economic data boosted equities, and in turn that sent U.S. Treasury yields lower. With yields sinking the U.S. dollar strength waned somewhat, but there’s no indication that the EUR/USD will extend its gains next week. One factor to consider is that the U.S. is publishing its non-farm payrolls data on Friday, even though markets in the U.S. will be closed. Markets will also be closed in Europe. That means any deviation from the expected data, which is right now forecasting job growth of 630,000 in March, could also cause sharp moves in the EUR/USD due to lowered liquidity levels. The weakness in the U.S. dollar on Thursday might also be partially attributed to the surprisingly large increase in U.S. initial jobless claims. That could have investors speculating that the non-farm payrolls will also be weaker than expected when released on Friday. That said the increase to the 1.1770 level has removed the short-term bearish bias for EUR/USD. It’s put the pair above the 20-period moving average on the 4-hour charts, but it remains below longer SMA’s. Other technical indicators have also flipped back to positive territory for the first time in more than a week. That said, the bullish momentum is far from strong. We could see some continued bullishness however as the next level of resistance for the pair isn’t until the 1.1810 level.
U.S. Daily Market Review
2021-04-01 14:02UTC
The S&P 500 soared above the mark of 4,000 for the first time today as Wall Street built on a solid March Joe Biden’s infrastructure massive spending plan.The leading U.S. stocks jumped to all-time peaks. Additionally, oil prices rallied as OPEC and allies prepared to introduce some production limitations.The technology-heavy Nasdaq jumped 1.5% as the major stocks such as Amazon.com Inc, Apple Inc, Alphabet Inc, Microsoft Corp and Facebook Inc soared added between 1.1% and 2.3%.Microsoft shares added 1.2%, following the reports that the software leader will deliver to the U.S. Army more than 120,000 devices based on its HoloLens augmented reality headset. The Institute for Supply Management (ISM) announced today that index of national factory activity gained a reading of 64.7 last month from 60.8 in February.
European Daily Market Review 
2021-04-01 08:51UTC
European markets are still without a clear direction.The German DAX added 0.06%, while the CAC 40 fell 0.43% and the FTSE-100 dropped 0.07%.The pan-European Stoxx-600 gained 0.2% in early trade, with tech stocks climbing 1.1% to lead the rising path.Euro zone bond yields are around the same levels and have little reason to change direction in a balancing act between extended lockdowns.France reported yesterday that it would widen lockdown measures to the entire country starting Saturday, in the latest sign of the euro zone’s has hard time to fight against the coronavirus.European data on Thursday are focused on second-tier manufacturing surveys (PMIs), with Spain’s sector activity growing more than predicted in March and Italy’s expected to show a similar result, in line with pan-European data released last week.In fact, the euro zone factory activity growth rallied to its fastest of the 2-year history of a leading business survey in March.
EOS Prices Rallies 10%
2021-04-01 07:30UTC
EOS price managed to secure little more than 10% on daily basis.This was the biggest one-day percentage rally since March 26.Now, EOS trades at $4.8950, which is an addition of $0.0941 or 1.96% from the previous close of 4.8009.The daily trading range is from 4.7110 to 4.9696, while the trading volume is 950.289K.The rising mode pushed EOS's market cap up to $4.5142B, or 0.23% of the total crypto industry. At its peak, EOS's market cap was $17.5290B.Over the course of last week, EOS has  managed to surge almost 13%. The volume of EOS traded in the twenty-four hours to time of writing was $3.1040B or 2.05% of the total volume of all cryptocurrencies. On weekly basis, the range is from raded in a range of $3.5335 to $4.7735. Still however, EOS price level is 79.23% from its all-time peak of $22.98, registered on April 29, 2018.
Gold Prices Retreated
2021-04-01 06:12UTC
Gold prices fell this morning during the Asian hours, as a potential U.S. stimulus measure totaling more than $2 trillion stoked inflation fears.Presently, the yellow metal trades at $1712.60, which is a rise of $5.21 or 0.31% from the previous close of 1707.39.The daily trading range is from $1705.64 to 1714.89, while the trading volume is 122.874K.U.S. President Joe Biden yesterday approved a massive injection plan a $2.25 trillion, eight-year “American Jobs Plan” that for $620 billion to be spent on transportation and a further $650 billion for green initiatives.China’s Caixin manufacturing Purchasing Managers Index (PMI) for March lower reading 50.6 against the 51.3.The World Trade Organization boosted its growth surge for global goods trade for 2021 slightly.
Asian Daily Market Review
2021-04-01 02:05UTC
Asian markets are trading broadly higher on Thursday morning, tracking the gains for the technology sector overnight in the U.S. Traders also seem upbeat over the prospects for the infrastructure plan being put forward by President Biden, believing it will help boost the global economy. In Japan the Nikkei is trading 1.3% higher to lead gains in the region as the Yen remains at a one year low versus the U.S. dollar. Shares of Softbank are 2.3% higher in a rebound from losses in the  prior session, while Sony is 1.9% higher, Among the major exporters Toyota is falling 1.6%m while Canon is adding 0.8%, and Panasonic is edging up by less than 0.1%. Australia’s S&P/ASX 200 has a modest gain of 0.4% as the big four banks are mixed and little changed. Shares of ANZ are edging up by less than 0.1%, while NAB is slightly lower by less than 0.1%, Commonwealth Bank is retreating 0.2%, and Westpac inches down by less than 0.1%. The major miners are helping to lift the broader index however, with BHP gaining 0.6% and Rio Tinto trading 1.6% higher. In mainland China markets have opened to gains as the benchmark Shanghai Composite is up less than 0.1%, but the smaller cap Shenzhen Composite advances 0.5%. Over in Hong Kong the Hang Seng continues to outperform the mainland for a secong consecutive session with a gain of 0.8%. South Korea’s Kospi is adding 0.6% today, and in Taiwan the Taiex is rising 0.4%. Southeast Asian markets are gaining today as well, with Singapore’s Straits Times Index trading 0.5% higher, and the KLCI in Malaysia rising 0.2%.
OPEC Expected To Maintain Production Cuts
2021-03-31 23:09UTC
Crude futures declined Wednesday ahead of a crucial OPEC meeting Thursday in which the cartel will decide whether or not it will continue with current production cuts through the end of June or not. Traders are already pricing in OPEC choosing to keep the production cuts in place. That’s partially because Saudi Arabia is known to be accepting of the cuts, and Russia has also come out in favor of the cuts. That’s a reversal of its stance from earlier this year, when it was a proponent of removing the production cuts. Also keeping in line with the likelihood of maintaining the production cuts was Tuesday’s crude demand forecast from OPEC, from which the cartel cut its expectations for demand through the end of 2021. It cited as reasons the slow rollout of COVID-19 vaccines across Europe and the subsequent lockdowns in many countries that could last beyond mid-May. There were also concerns that even though the global economy is showing signs of recovery, it has been a choppy recovery at best. That presents its own challenges and recommends OPEC proceed with caution. Wednesday saw the U.S. benchmark West Texas Intermediate crude retreat 2.3% and settle below $60 a barrel. The global benchmark Brent crude fell 2.2%. For the month of March WTI crude lost 3.8%, while Brent crude fell 3.9%. On a more positive note WTI crude was up almost 22% for the quarter, while Brent crude advanced almost 23% for the quarter. Traders feel confident that OPEC will take no action at Thursday’s meeting. Crude should hold well around $60 as long as production cuts remain in place.
U.S. Daily Market Review
2021-03-31 12:27UTC
The leading U.S. stock markets are partly static but little higher in mid-session as investors weighed the potential impact from President Joe Biden’s infrastructure spending plan.The market is focused on President Biden’s multitrillion USD spending plan.Technology shares added some ground to the main U.S. stocks and Treasury yields rallied before U.S. President Joe Biden dramatic spending plan. Private payrolls in March surged at the fastest rate since September 2020 with creating only 517,000 new jobs for the month.In fact, U.S. private employers jumped hiring in March as more Americans got vaccinated against COVID-19.Furthermore, private payrolls advanced by 517,000 jobs last month, the ADP National Employment Report showed on Wednesday.
The Rate Of The USD Slipped
2021-03-31 12:09UTC
The USD retreated back some of the rallies in early European trading Wednesday as bond yields came off highs.Presently, the USD versus the Euro trades at 0.852 EUR, which is another minor decline of 0.0002EUR or 0.02% from the previous close of 0.8530.The daily trading range is from 0.8515 to 0.8542. Furthermore, the USD Index, which tracks the greenback against a basket of six other currencies, dropped 0.1% at 93.240.The trickle lower in the dollar comes as U.S. yields had hard time into the new highs.However, this loss of the yields is likely to be just a period of profit-taking as data continued to point to underlying strength in the U.S. economy.Consumer Confidence index advanced soared to 109.7 in March, which is the peak mark since since the beginning of the pandemic.This U.S. economic strength is one of the reasons the International Monetary Fund could incline its forecast for global economic surge next week. 
European Daily Market Review
2021-03-31 09:18UTC
European markets are into a fluctuating mode. The DAX added 0.06%, while the CAC-40 slipped  0.43%  and the FTSE-100 dropped 0.07%. The pan-European Stoxx-600 moved around the flatline in early trade.Euro zone inflation rallied this moth, taking another step higher in what is likely to be a temporary but sharp advanced.Inflation in the 19 countries sharing the euro accelerated to 1.3% in March from 0.9% a month earlier.The GBP appreciated versus the USD and the euro today.Britain’s economy surged faster than previously thought in the final three months of last year, GBP adding 1.3% against the previous quarter.
Gold Prices Dropped
2021-03-31 08:20UTC
Gold prices retreated this morning during the Asian hours, ending March on a weaker side as China announced greater-than-predicted growth in its factory activity and U.S. Treasury yields climbed.Now, the yellow metal trades at $1684.00, which is a loss of $0.87 or 0.05% from the previous close of 1684.87.The daily trading range is from $1677.76 to 1688.68, while the trading volume is 205.594K.China reported data earlier in the day that concluded that the manufacturing Purchasing Managers' Index (PMI) jumped to 51.9 this month.The non-manufacturing PMI also rose to 56.3, above its February reading of 51.4. The U.S. 10-year Treasury yield also rallied around 1.776% on Tuesday, its highest level since Jan. 22.The International Monetary Fund is very likely to boost its forecast for global economic growth in 2021 and 2022 from the 3.5% loss seen 2020.
Asian Daily Market Review
2021-03-31 01:47UTC
Asian markets are trading mostly higher ahead of the release of Chinese PMI data and as the U.S. dollar has hit a one year high versus the Japanese Yen. Investors across the region are optimistic over their hopes for a fast recovery throughout the remainder of 2021. Despite the weaker Yen Japan’s Nikkei is trading 0.4% lower today. Shares of Nomura are falling 1.3%, adding to the nearly 12% slide in the prior session due to fallout from the Archegos hedge fund margin call that resulted in the sale of some $35 billion in equities last Friday and throughout the weekend into Monday. Shares of Softbank are trading 0.3% lower, but Sony is up 3.2% in opposition with the losses for the broader index. Among the major exporters Toyota is trading 3% higher, but Panasonic is slipping 0.4%. In Australia the S&P/ASX 200 is leading the region as it rallies 1.7% higher. Shares of the big four banks are broadly higher, with ANZ adding 1.8%, NAB gaining 1.6%, Commonwealth Bank  trading 1.8% higher, and Westpac adding 1.5%. Shares in mainland China are edging lower ahead of the PMI data, with the benchmark Shanghai Composite and the smaller cap Shenzhen Composite each edging lower by 0.1%. Meanwhile in Hong Kong the Hang Seng is taking its own direction with a gain of 0.6%. South Korea’s Kospi has a 0.6% gain, while the Taiex in Taiwan is slipping 0.1% lower. In Southeast Asia the Malaysian KLCI is leading losses as it trades 0.6% lower, while Singapore’s Straits Times Index is flat with a loss of less than 0.1%.
Goldman Sachs Avoids Archegos Debacle
2021-03-30 23:58UTC
While Credit Suisse and Nomura are seeing their stocks take double digit percentage hits over last Friday’s Archegos margin call debacle, shares of Goldman Sachs traded 2.1% higher on Tuesday to lead gains for the Dow Industrials. That comes after the investment bank claimed on Monday that any losses it sustained due to the Archegos margin call are likely immaterial. Goldman claims that any loans it had outstanding to Archegos were fully collateralized, and that it was also one of the first banks to reduce its exposure, which is borne out by the roughly $10.5 billion in block trade sales conducted by Goldman last Friday. The statement from Goldman is in stark contrast to statements issued by Credit Suisse and Nomura, with both banks saying they could be facing significant losses due to the Archegos margin calls, although neither bank specifically named the fund in their statements. According to an email sent to clients on Monday Goldman unloaded $6.6 billion worth of shares of Baidu, Tencent Music Entertainment Group and Vipshop Holdings. That was in addition to selling $3.9 billion worth of shares in smaller companies. With shares of Goldman apparently protected from the troubles of Archegos while other banks could face significant risks, is it time to consider buying Goldman shares? Looking at the Goldman chart we can see that Tuesday’s action had the stock bouncing right off the 50-day moving average following over a week of downside pressure for the stock. This is the first pullback seen for the stock since January, and if you believe Goldman is a good long-term pick this could be a good entry.
Cryptocurrency Daily Market Review
2021-03-30 22:55UTC
Cryptocurrencies continued rising Tuesday on news that Visa and Paypal are increasing their crypto offerings, and as institutional investors stepped up their purchases of the digital assets. The upside pressure lifted most coins, although there was still a handful of coins that posted modest declines. Leading cryptocurrency Bitcoin traded back over a $1 trillion market cap for the first time since hitting an all-time high on March 13. It was also pushing to top the $60,000 level, but as of late Tuesday evening in New York it had been unable to break above that level. Number two coin Ethereum made a gain of just over 2% on the day, hitting the $1,850 level. The real standout in the top ten cryptocurrencies was Binance Coin, which saw its value surge 12.3% higher, taking the coin over the $300 level. The optimism from crypto came this time mostly from mainstream and institutional sources, which is a distinct change from the 2017 rally that was driven by retail investors. Paypal released its checkout service on Tuesday, which will allow the over 375 million Paypal customers to pay with cryptocurrency at millions of online merchants. While Paypal didn’t disclose an exact number Tuesday, it did say that the program would be expanding in coming months. Also notable was Visa’s announcement that it would begin settling transactions with its crypto partners in the Circle issued stablecoin USDC. It conducted the first such transaction with its partner Crypto.com and noted that many of its partners are already using USDC, making it a great fit for Visa.
U.S. Daily Market Review
2021-03-30 20:28UTC
U.S. markets turned broadly lower Tuesday afternoon as Treasury yields rose for the fourth consecutive session, sapping investor appetite for tech. By the close of trade the S&P 500 and Dow Industrials were each 0.3% lower, while the Nasdaq had a loss of 0.1%. Declines in the shares of large capitalization tech names weighed on the broader market. At the close Microsoft, Apple, Amazon, and Facebook were all lower. Bank stocks reversed their losses of the previous session however as Morgan Stanley and Goldman Sachs both claimed to have avoided any negative impact from the Archegos margin call selling last Friday. The selling in tech shares was prompted by rising Treasury yields, with the 10-year yield moving as high as 1.744% during the day, but pulling back to a more modest 1.726% by the close. The 10-year started the session at 1.721%. Yields are now hovering at their highest levels since January 2020. Surprisingly given the risk aversion being seen from traders, the small capitalization Russell 2000 rose by 1.7%, handily outpacing the broader markets losses. Commodities also came under pressure due to a rising U.S. dollar. Gold slipped below the $1,700 level as it lost 1.8% and crude oil matched that with its own 1.8% drop. Other losses in the commodity arena included a 3.1% drop in the price of silver and a 2.6% loss for wheat futures. Markets could turn sideways in the coming sessions however as traders look ahead to Friday’s non-farm payrolls report, which they will be unable to react to until next Monday as markets will remain closed for the Good Friday holiday.
European Daily Market Review
2021-03-30 14:20UTC
European markets are trading cautiously higher on Tuesday as investor sentiment has stabilized and is seeing improvement following Monday’s hedge fund default jitters. Also helping is a larger than expected improvement in European Union economic sentiment. Investors have also ignored the weak open on Wall Street, and markets are holding to their early gains. The pan-European Stoxx Europe 600, which is the broadest measure of European equities, is trading up by 0.5%. Contributing to that is a gain of 0.9% for both the DAX 30 in Germany and the CAC 40 in France. Italy’s FTSE MiB also trades 0.8% higher, while the IBEX 35 in Spain is leading gains for the region with a 1% advance. The leading sectors today are the banks and autos, with both up 1.7% on the day after falling in the prior session. The energy sector, which was a leader yesterday, is the laggard today, with a loss of 1.2%. In Germany both Volkswagen and BMW are leading the DAX higher, with the former adding 3.2% and the latter trading 2.5% higher. Multi-national chemical producer BASF is also trading 2.4% higher as the economic recovery trade is still in play. In France the multi-national investment bank Societe Generale is leading the CAC 40 with a gain of 3.8% and is followed by BNP Paribas with its own 3.1% gain. London’s FTSE 100 also trades 0.4% higher today, with the economic recovery trade also helping lift the market. The leader on the FTSE today is the aerospace and security firm BAE Systems, with shares trading 2.7% higher. Energy company SSE is the biggest loser, with shares 1.8% lower.
Asian Daily Market Review
2021-03-30 02:13UTC
Asian markets are mixed on Tuesday morning as investors digest the fallout from last Friday’s margin call that may have significantly impacted several global banks. Investors are also taking in the mixed overnight session on Wall Street, the reopening of the Suez Canal, and the continued strength of the U.S. dollar. In Japan the Nikkei is falling 0.2%, despite more weakness for the Yen versus the U.S. dollar. Shares of Softbank Group are trading 1% higher, while Sony shares are falling 0.6%. Among the major exporters Toyota shares are dropping 2.6% lower, while Canon slips just 0.2% and Panasonic edges lower by 0.1%. Australia’s S&P/ASX 200 is down by 0.4%, with the big four banks contributing to the downside. Shares of NAB are down 1.4%, ANZ has a 0.4% loss, Westpac is losing 0.3%, and Commonwealth Bank is edging lower by 0.2%. Among the major miners BHP is down 1.4%, while Rio Tinto shares fall 2.3%. Oil majors are also lower, with Santos falling 0.9%. Mainland China’s markets are trying to pull into positive territory after opening lower, but currently the Shanghai Composite is down 0.1% and the smaller cap Shenzhen Composite has a 0.2% loss. Meanwhile Hong Kong’s Hang Seng is going its own way and has a gain of 0.4%. In South Korea the Kospi is trading 0.6% higher, while the Taiex in Taiwan is inching up by 0.1%. Southeast Asian markets are mixed as well as the Straits Times in Singapore is trading 0.5% higher, but Malaysia’s KLCI is trading 0.4% lower, and in Indonesia the Jakarta Composite is flat at the open.
Why Is Nvidia Slumping?
2021-03-29 20:58UTC
Shares of Nvidia have slumped since the company reported earnings last month, with shares down about 5% since the earnings report, while the S&P 500 is up just over 4% over the same time period. Even the Nasdaq is down just 1% over the past 30 days, so what’s going on with Nvidia shares? The fourth quarter earnings for Nvidia came in at $3.10 a share, which was not only a 10.7% beat compared to analyst expectations, it was also a 64% increase on a year-over-year basis. Revenues had a similar performance, coming in at $5 billion and rising 61% year-over-year. While the pandemic had a negative impact on Nvidia’s automotive and professional visualization businesses in 2020, the gaming and data center growth more than made up for those shortfalls. The current quarter is expected to see revenues come in at $5.3 billion and analysts have been increasing their earnings forecasts and price targets on the stock. However the shortage of semiconductor chips has been holding Nvidia back. It’s struggled to produce enough of its high-end gaming GPUs and as a result sales are suffering. It’s expected that this shortage will continue through the third quarter. One other risk in the stock at this point is the ARM Semiconductor acquisition. The transaction is expected to cost $40 billion, but also faces several regulatory hurdles. It won’t close until September 2021 at the earliest, and could potentially be denied by regulators. Even if approved there are worries that Nvidia is significantly overpaying for ARM due to the market being at or near the top of the current bull market in equities.
U.S. Daily Market Review
2021-03-29 19:42UTC
U.S. markets were mixed Monday as traders weighed the potential impact of fallout from the margin calls last Friday on the $30 billion Archegos Capital Management hedge fund. Banks were bearing the brunt of the losses after several global banks released statements indicating there could be a significant impact to financial results due to the margin calls. As the markets turned into their final hour of trade the S&P 500 erased the last of its daily loss and headed into positive territory, trading up by 0.2%. The Dow Industrials led gains for the markets once again, trading 0.5% higher. Risk was off the table, causing the Nasdaq to fall 0.4%, while the small cap Russell 2000 fell 2%. The gain in the Dow Industrials was led by Boeing, with the aircraft manufacturer shares rising 3% after announcing another large order. Southwest Airlines committed to a purchase of 100 of the Boeing 737 MAX aircraft. Consumer goods names were also making solid gains, with Coca-Cola rising 1.6%, Proctor & Gamble adding 1.4%, and Johnson & Johnson advancing 0.8%. The technology sector was 0.4% lower overall, but saw some pockets of strength as Netflix rose 1.1% and Nvidia added 0.9%. In addition, shares of Facebook traded up by 3% and Google parent Alphabet advanced 1%. In the banking sector Morgan Stanley shares fell 2% and JP Morgan was off by 1.1% in sympathy with the nearly 14% loss from Credit Suisse in the European session. In other financial news 10-year Treasury yields were back above 1.7%, causing gold to drop 1.2% as the USD strengthened. Oil traded 0.9% higher as the Suez Canal reopened.
European Daily Market Review
2021-03-29 17:49UTC
Markets across Europe closed mostly higher on Monday as investor confidence was buoyed by news of the ship Ever Given finally being released in the Suez Canal and of traffic resuming its flow through the critical canal. However gains remained muted as concerns over the third wave of COVID-19 hitting Europe and the potential impact of lockdown measures in the region. At the close the pan-European Stoxx Europe 600 was up by 0.2%, while the DAX 30 in Germany and the CAC 40 in France were both trading 0.5% higher. In addition the FTSE MiB in Italy inched up by 0.1%, while the IBEX 35 in Spain edged lower by less than 0.1%. The banking sector was hard hit as the fallout from last Friday’s margin calls on the multi-billion hedge fund Archegos Capital Management hit the sector. Credit Suisse shares were 13.8% lower after the bank warned that it might take a significant hit to its first quarter results. Also falling in sympathy were UBS, which lost 3.9% and Deutsche Bank, which was trading down 2.6% at the close. The best gainer in the DAX 30 was energy company E.ON which was up 2.4% as more conservative stocks remain favored in the current trading atmosphere. In London the FTSE finished the session just slightly lower by less than 0.1% as another mixed day on Wall Street, with tech shares once again under pressure, weighed on the benchmark British index. Consumer goods company Reckitt Benckiser Group was one of the better performing stocks as it added 3%, but it was surrounded by falling shares that pulled the broader index lower.
Asian Daily Market Review
2021-03-29 02:09UTC
Markets are mostly higher across Asia Monday morning as the U.S. dollar is holding near multi-month highs against most of the regions’ currencies, and as investors pin their bets on a multi-trillion dollar infrastructure plan in the U.S. that’s certain to boost global growth. Japan’s Nikkei is trading 0.7% higher after the Yen dipped at the open versus the U.S. dollar. The Yen is now approaching levels last seen prior to the COVID-19 pandemic, helping shares of Japan’s export sector. Softbank Group is falling 2.2% in contrast with the broader market, however Sony is trading 1.7% higher. Among the major exporters Toyota has a gain of 1.7% as well, while Panasonic rises 1.2% and Canon jumps 2.7% higher. In Australia the S&P/ASX 200 is edging lower by 0.2% as the big four banks trade mixed and little changed. Shares of NAB are 0.3% higher, but Commonwealth Bank is offsetting that with a 0.3% loss. ANZ is inching up by less than 0.1%, while Westpac adds 0.2%. Among the major miners BHP is adding 1.2% and Rio Tinto trades 0.5% higher. Mainland Chinese markets are making gains with the benchmark Shanghai Composite adding 0.5%, while the smaller cap Shenzhen Composite gains 0.2%. Over in Hong Kong the Hang Seng is edging up by less than 0.1%. South Korea’s Kospi is leading losses for the region as it trades 0.3% lower, while the Taiex in Taiwan leads the region as it adds 0.9%. Southeast Asian markets are largely flat, with the KLCI in Malaysia and the Jakarta Composite in Indonesia unchanged, while the Straits Times in Singapore is up 0.5%.
Could The EUR/USD Break Down Entirely?
2021-03-26 19:34UTC
After three sessions of weakness for the Euro, the EUR/USD pair made a modest recovery on Friday, although it was unable to get past the 1.1800 level, making the move look like little more than profit-taking heading into the weekend rather than a reversal of the trend developing to the downside for the pair. The 1.1830 level has flipped to resistance for the pair and given Friday’s action it seems like it will hold. That means the most likely path when markets resume trading next week will be lower, with a target at the 1.1600 level. With the lockdowns across Europe continuing there’s very little to recommend the Euro at this time. And the U.S. is seeing a recovery in its economy that is a strong recommendation for going long the USD. Indeed, U.S. dollar strength has been quite broad based this week, even as U.S. Treasury yields pulled back somewhat. Even if Treasuries continue lower, isn’t it better to get 1.6% or even 1.5% yield in the U.S. versus the -0.34% you’d get from holding German Bunds? Until Europe can pull those interest rates into positive territory, and get their economy back on track there’s little to recommend the shared currency. Last fall the 1.1600 level was quite supportive for the EUR/USD, and a double bottom was printed there in late October. That should create strong support now as well, but if that support is broken the Euro could fall very hard. That could put the 1.1170 level in focus as a long-term target to the downside because there’s little support between 1.1600 and 1.1170.
U.S. Daily Market Review
2021-03-26 19:11UTC
The S&P 500 and Dow jumped in a broad-based advance on Friday.Healthcare and financial stocks marked the largest surge as investors bet on a recovery that is expected to deliver the fastest growth since of the last two decades.The Fed last week boosted its GDP forecast for 2021 to 6.5% from 4.2% and many economists predict faster growth.The yield on benchmark 10-year U.S. Treasury notes soared to 1.66%, less than a spike last week to 1.75% that sparked a selloff on inflation concerns.Financial stocks advanced after the Federal Reserve stated that banks could resume buybacks and raise dividends starting at the end of June. Shares of JPMorgan gained 1.5%, while Bank of America secured 2%. Goldman Sachs added 1%.
European Daily Market Review 
2021-03-26 09:55UTC
European markets are mixed. The German DAX added 0.06%, while the CAC-40 fell 0.43%  and the FTSE-100 dropped 0.07%.World shares and the USD partly surged today, amid forecasts for economic recovery.The pan-European Stoxx-600 inclined 0.6% in early trade, with basic resources adding 2.8%. The EU leaders indicated in voiced grievances over a shortage of contracted deliveries of the AstraZeneca vaccine.German insurance giant Allianz is closing in on a 2.5 billion euro ($2.94 billion) deal for Aviva’s Polish unit, as reported by the Reuters.The GBP advanced both versus the USD and euro this morning. This comes as the market sentiment improved about Britain’s vaccine rollout and economic outlook.German business morale jumped to its peak mark in almost two years in March amid higher rising demand for manufactured goods kept factories in Europe’s largest economy humming through rising coronavirus infections.The Ifo institute announced that its business climate index soared to 96.6, the highest reading since June 2019, from a revised 92.7 in February.
Crude Oil Prices Into Recovery
2021-03-26 08:18UTC
Oil prices into solid regaining mode with sell-off a day earlier to rise 1%.This morning there are some issues concerns that it could take weeks to dislodge a giant container ship blocking the Suez Canal.Now, oil trades at $59.991, which is an addition of $1.669 or 2.86% from the previous close of 58.322.The daily trading range is from $58.306 to 60.060, while the trading volume is 20.106K.Prices, however, were still headed for a third consecutive weekly loss, with the outlook for demand dented by fresh coronavirus lockdowns in Europe.Germany, which is Europe's biggest economy and the largest oil consumer, has seen its biggest rally in coronavirus cases since January.The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+ is very likely to preserve their lower supply levels also supported prices.OPEC will meet on April 1 to decide on May output levels.In parts of western India serious restrictions are also introduced.
Asian Daily Market Review
2021-03-26 02:01UTC
Asian markets are rising on Friday morning and looking to put a good end to the week after U.S. indices stabilized and rose overnight on Wall Street. Falling Treasury yields have helped markets in the U.S. this week, although tech shares remain depressed following weeks of selling in the sector. In Japan the Nikkei is rising for a second consecutive session, up by 0.9% as the Yen continues in its retreat versus the U.S. dollar, giving strength to Japan’s export sector. Shares of Softbank Group are pacing gains for the broader index with a 0.8% advance, while Sony trades 1.5% higher. Among the major exporters shares of Toyota are adding 2%, and Panasonic is 0.5% higher, while Canon has a gain of 1.5%. Australia’s S&P/ASX 200 has a modest gain of 0.4% today as it gets some help from the big four banks. ANZ is trading 0.9% higher, NAB is rising 0.7%, Westpac has a gain of 1%, but Commonwealth Bank is edging lower by 0.2%. The major miners are rising as well, with BHP advancing 0.7% and Rio Tinto jumping 2.1% higher. Mainland China’s markets have snapped a two session losing streak, with the benchmark Shanghai Composite gaining 0.7% and the smaller cap Shenzhen Composite up by 1.3% to lead gains across the region. Over in Hong Kong the Hang Seng has a gain of 0.9%. South Korea’s Kospi is 0.4% higher, and in Taiwan the Taiex is adding 1%. Southeast Asian markets are mixed today however as the Straits Times in Singapore adds 0.4%, but the KLCI in Malaysia is falling 0.2%.
European Daily Market Review 
2021-03-25 11:45UTC
European markets are into a fluctuating mode today. The German DAX added 0.06%, while the CAC-40 fell 0.43% and ileading the FTSE 100 dropped 0.07%.The pan-European Stoxx-600 moves around 0.1% below the flatline by late morning trade.AstraZeneca announced lower efficacy rate of its Covid vaccine (revising it down to 76% from 79%) after submitting updated data to U.S. health regulators. British retailoring companies have endured another difficult month in March but are optimistic of a sales advance next month.The Confederation of British Industry’s monthly gauge of retail sales was steady at -45 in March. France’s SGD Pharma, a producer of COVID-19 vaccine vials and other healthcare packages made of glass.Turkish stocks emerged as one of the worst performers for the month after their rapid descent this week.
U.S. Daily Market Review
2021-03-25 11:45UTC
The S&P-500 retreated today, extending its moving pattern in March.This comes as the leading indexes jumped to record peaks with investors reassessing growth picture.The Dow Jones Industrial Average declined 90 points.The S&P 500 fell 0.1%, falling for a third straight day. The Nasdaq Composite erased earlier losses and traded flat as Big Tech turned higher. The Labor Department’s reported its weekly jobless claims, which indicated in that less than forecasts applied for new claims for state unemployment benefits last week.The USD moved around close to four-month peaks and global equity benchmarks were little changed Thursday with higher unemployment numbers in the United States.President Joe Biden in his first press outlines the rising economic outlook and sunk to its bottom mark since the COVID-19 pandemic barreled across the country.
The USD Into A Higher Side
2021-03-25 09:29UTC
The USD advanced this morning during in early European trading Thursday, climbing to a four-month peak against the common currency.The third Covid wave and slow vaccine rollout in Europe weigh on the Euro currency.Currently, the USD versus the Euro trades at 0.846 EUR, which is a rise of $0.0005 or 0.06% from the previous close of 0.8463.The daily trading range is from 0.8455 to 0.8471.USD/JPY gained 0.3% at 109.07, GBP/USD dropped 0.1% at 1.3672.The leading European economies of Germany, France and Italy, have extended their mobility restrictions following a sharp pickup in Covid-19 cases.Yesterday, U.S. Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell expressed their confidence in the U.S. recovery during a second day of testimony to Congress.Other central banks set to meet Thursday include the South African Reserve Bank and the Bank of Mexico.
Gold Prices Advance
2021-03-25 08:23UTC
Gold prices rallied this morning during the Asian hours, steadying as U.S. Treasury yields eased. The rising rate of the USD, however capped the yellow metal’s gains. Now, the yellow metal trades at $1732.60, which is another decline of $1.34 or 0.08% from the previous close of 1733.94.The daily trading range is from $1730.56 to 1739.02, while the trading volume is 123.692K.The USD is negatively related to gold, also inched up on Thursday. Yesterday, the greenback jumped to a fresh four-month peak against the common currency as Europe is hit by a third wave of the virus.Meanwhile, U.S. Treasury yields slipped and stabilize after benchmark yields reached one-year highs during the previous week. The Fed will start to raise rates is dependent on what is happening with the economy.Meanwhile, Treasury Secretary Janet Yellen on Wednesday announced that U.S. banks look strong enough to be allowed to pay dividends.
Asian Daily Market Review
2021-03-25 01:49UTC
Asian markets are mixed on Thursday morning after Wall Street exhibited more sector rotation overnight and as investors mull some weaker than expected economic data. Also weighing on sentiment are the extended lockdowns in Europe, the potential for rising U.S. taxes, and concerns over rising inflation. In Japan the Nikkei is trading 0.3% higher, primarily thanks to continued weakness in the Yen versus the U.S. dollar. Shares of Softbank are falling 2.5% however, and Sony is 1.6% lower. Among the major exporters Toyota is 0.7% higher, while Panasonic is adding 1.5%, and Canon is surging 3.7% higher, all thanks to the weaker Yen. Australia’s S&P/ASX 200 is also adding 0.4% as the big four banks are supporting gains for the broader index. ANZ is up by 0.3%, NAB is gaining 0.9%, Commonwealth Bank is advancing 0.7%, but Westpac is weaker with a loss of 0.5%. Among the major miners BHP is falling 0.5%, while Rio Tinto has a 1.4% loss. Mainland China has opened to weakness, with the benchmark Shanghai Composite edging lower by less than 0.1%, while the smaller cap Shenzhen Composite has dropped 0.4% at the open. Meanwhile in Hong Kong the Hang Seng is leading losses for the region with a loss of 1.4%. In South Korea the Kospi is adding 0.2% in early trade, but the Taiex in Taiwan has a loss of 0.3%. Southeast Asian markets are mixed as well, with Singapore’s Straits Times index inching up by 0.1%, but the KLCI in Malaysia falling 0.2%, while Indonesia’s Jakarta Composite is flat at the open.
Crude Volatility Increases
2021-03-24 21:20UTC
Crude futures surged higher on Wednesday, recovering nearly all of the losses suffered in the previous session while also pulling the commodity out of correction territory. West Texas Intermediate crude was up 5.9% at the close after losing 6.2% on Tuesday, while global benchmark Brent crude was up 6% after falling 5.9% on Tuesday. The gains for oil came following news of a container ship running aground in the Suex Canal and blocking other ships from passing through. The Suez is responsible for the transport of roughly 10% of the world’s oil, or 3 million barrels daily. Prior to Wednesday’s gains crude had been falling for several sessions as trader’s worried that the resumption of lockdown measures in Europe would negatively impact crude demand heading into the all important summer vacation season. There were also worries that the increase in COVID-19 cases being seen in Europe would also appear in the U.S., where the economic recovery is going well as vaccination numbers increase and COVID-19 case counts decrease. Also of note on Wednesday was the U.S. crude inventory report from the Energy Information Administration. That report showed crude inventories in the U.S. rising by 1.9 million barrels. It was the fifth consecutive weekly increase in U.S. inventories, but crude prices were little impacted. That said, traders could react to the increased inventory levels on the following session. Overall the fundamentals for crude remain bearish, which should see the commodity resume its downtrend as soon as the blockage in the Suez Canal is removed. That could be as soon as tonight as Egypt has vowed to clear the blockage with all possible speed.
U.S. Daily Market Review
2021-03-24 13:48UTC
U.S. stock started the session on higher side as Intel’s shares rallied amid plans to expand chip making output.The Dow Jones Industrial Average gained 47.7 points, or 0.15%, at the open to 32470.88. The S&P-500 secured 9.4 points, or 0.24%, at the open to 3919.93. The Nasdaq Composite inclined 61.5 points, or 0.47%, to 13289.243 at the opening bell.The stock markets in Canada are also gaining with nergy stocks boosting the main stock index. In fact, crude prices advanced more than 2%.At 9:31 a.m. ET (13:31 GMT), the Toronto Stock Exchange’s soared 80.9 points, or 0.43%, at 18,750.7. Fed’s Chairman Jerome Powell and Treasury Secretary Janet Yellen will continue today their testimony to the U.S. House Committee on Financial Services.Shares of American Airlines and United Airlines surged around 3%. Norwegian Cruise Line and Royal Caribbean advanced around 3%.
EUR/AUD Is Into A Dynamic Mode
2021-03-24 12:54UTC
The Euro versus the Australian Dollar is making big fluctuations just ahead of Australian PMI estimates. (EUR/AUD) exchange rate’s additions are still very limited. The Euro is largely affected by the fresh sets of coronavirus restrictions. These will largely affect the economies of the E.U. and investors will have less incentives to buy the common currency.Presently, the Euro versus the AUD trades at 1.5531 AUD, which is a very minor loss of 0.00051 or 0.03% from the previous close of 1.55365.The daily trading range is from 1.5509 to 1.5608, while the trading volume is 214.462K.Last week saw EUR/AUD trend with a largely downside bias after opening the week at the level of 1.5404. At the end of yesterday’s session, EUR/AUD jumped to a fortnight high of 1.5276 before falling some ground. In case the E.U.’s economic activity comes higher than predicted it could offset some recent concerns about coronavirus restrictions.On the other side, lower Eurozone data is likely to preserve the tension on EUR/AUD and make it more difficult to make some gains.
European Daily Market Review 
2021-03-24 12:28UTC
European markets are into a mixed trend.The German DAX added 0.06%, while the CAC-40 slipped 0.43%  and the FTSE-100 dropped 0.07%.Business activity in the euro area rallied in March, according to preliminary figures on Wednesday. However, the economies are preparing for a third wave of Covid-19. IHS Markit’s flash composite PMI for the euro zone, reached 52.5 in March versus 48.1 in February. The pan-European Stoxx 600 tumbled 0.3% in early trade, with banks shedding 1.2% to lead the falling path. U.K. housing market moved to lower gear, according to data indicating in that prices declined January for the first time in nine months.The 0.5% loss from December left values 7.5% higher versus last year.
Crude Oil Prices Into A Steady Pattern
2021-03-24 07:45UTC
Oil prices were into a steady price pattern yesterday, following the previous day's loss.The regaining path was stunted by issues of a slow recovery in demand due to lockdowns in Europe.Now, oil trades at $58.909, which is a minor incline of $1.538 or 2.68% from the previous close of 57.371. The daily trading range is from $57.279 to 58.920, while the trading volume is 26.752K.Germany, Europe's largest oil demander, extended its lockdown to April 18.Concerns over the recovery rate from the pandemic were also heightened after a U.S. health agency said the AstraZeneca Plc vaccine developed with Oxford University.Furthermore, U.S. crude oil stocks soared 2.9 million barrels in the week to March 19, while forecasts predicted a decline of about 300,000 barrels.
Asian Daily Market Review
2021-03-24 01:53UTC
Asian markets are mostly lower on Wednesday morning following overnight losses on Wall Street caused by sanctions against four Chinese companies by the U.S., the U.K., the EU and Canada. Australia’s S&P/ASX 200 is the lone rising market, trading up by 0.5% as the big four banks are putting in a mixed performance. Commonwealth Bank is outperforming with a gain of 1.6%, but that’s being offset by a loss of 1.1% for Westpac, a drop of 0.2% for NAB, and a slight loss of 0.1% for ANZ. The major miners are helping to support the market as Rio Tinto adds 1.9%, and BHP rises 0.4%. In Japan the Nikkei is trading 1% lower on overnight strength from the Yen against the U.S. dollar. Shares of Softbank are losing 2% and Sony is falling 1.4%. Meanwhile among the major exporters Toyota trades 1.2% lower, Canon is falling 2.5%, and Panasonic is edging lower by 0.1%. Mainland Chinese markets have opened to losses as well, with the benchmark Shanghai Composite losing 0.3%, and the smaller cap Shenzhen Composite edging lower by less than 0.1%. Over in Hong Kong the Hang Seng is also trading 0.3% lower in sympathy with losses on the mainland. In South Korea the Kospi has recovered from early losses to trade slightly higher by less than 0.1%, while in Taiwan the Taiex is losing 0.6%. Southeast Asian markets are also lower today, with the KLCI in Malaysia falling 0.6%, while the Straits Times in Singapore inches lower by less than 0.1%, and the Jakarta Composite in Indonesia is flat at the open.
U.S. Daily Market Review
2021-03-23 19:21UTC
The leading U.S. stocks are into a lower side by shares that benefit the most from the reopening, amid higher coronavirus cases fueled concerns about the global economic recovery.The S&P-500 slipped 0.6%, pressured by industrials and materials. By 2:36 p.m. EDT, the Dow Jones Industrial Average dropped 126.85 points, or 0.39%, to 32,604.35.The S&P-500 declined 5.46 points, or 0.14%, to 3,935.13 and the Nasdaq Composite fell 30.45 points, or 0.23%, to 13,347.09.The Federal Reserve is about to introduce next steps in the financial system to protected against climate risks.American Airlines and United Airlines lost another 7%. Gap shares also tumbled 8%.The Treasury Department drewsolid demand for a $60 billion sale of two-year notes.This is the first sale of $183 billion in coupon-bearing supply this week. The two-year notes sold at a high yield of 0.152%, close to where the debt had traded before the sale.
European Daily Market Review 
2021-03-23 09:10UTC
European markets are still into a fluctuating mode. The German DAX advanced 0.06%, while the French CAC-40 dropped 0.43%  and the FTSE-100 slipped 0.07%.The pan-European Stoxx-600 also retreated around 0.2% by afternoon deals, with autos dropping 2.6% to lead the falling path.The U.K. unemployment rate tumbled a whole tenth of a percentage point to 5% in the three months to January, according to  official numbers.A U.S. health agency reported that AstraZeneca may have included not exact information in trial results of its Covid-19 vaccine.German Chancellor Angela Merkel declared this morning a hard five-day lockdown over Easter,Almost all businesses will be closed over the Easter period from April 1 to 5.In addition, Grocery stores would be allowed to open for one day only, on Saturday, April 3. France will introduce new coronavirus restrictions in 16 regions, including the greater Paris and Nice areas.The French Prime Minister reported that one person is entering intensive care every four minutes with Covid-19 in the country. Moscow has reacted very aggressively to US President Joe Biden's remarks that Russian leader Vladimir Putin is "a killer." In an interview with ABC that aired Wednesday, Biden said Putin "will pay a price" for his actions to undermine the 2020 US elections.
The USD Rises
2021-03-23 08:21UTC
The USD advanced during the European trading hour this morning.This is happening as the focus is on the testimony from Fed chief Jerome Powell and Treasury Secretary Janet Yellen.Presently, the USD versus its main pair, the Euro trades at 0.839 EUR, which is a rise of 0.0019 or 0.23% from the previous close of 0.8377.Тhe daily trading range is from 0.8375 to 0.8402.At 2:55 AM ET (0655 GMT), the USD Index gained 0.2% at 91.877, just below the best we have lately seen.The USD has secured around 2% this month, boosted in part by surges in U.S. Treasury yields.Later this week, the U.S. Treasury will sell $60 billion of two-year notes later Tuesday, $61 billion of five-year notes on Wednesday and $62 billion of seven-year notes on Thursday.The Treasury has to follow selling measures in order to fund the substantial budget deficit.
Gold Prices Slipped
2021-03-23 07:32UTC
Gold prices dropped this morning during the Asian hours as the USD rallied. This comes amid new COVID-19 restrictive measures across Europe.Now, the yellow metal trades at $1737.17, which is a loss of $1.36 or 0.08% form the previous close of 1738.53.The daily trading range is from $1730.90 to 1740.39, while the trading volume is 114.047K.U.S. Federal Reserve Chairman Jerome Powell stated that the U.S. economy had recovered quicker than initially estimated. Most traders and investors predict additional remarks from Powell, both at his first joint appearance with Treasury Secretary Janet Yellen before the U.S. House Financial Services Committee later in the day.For Paris and its suburbs, a four-week lockdown during the previous week was introduced. Moreover, Germany extended its lockdown until Apr. 18.The results for a major late-stage trial for the AstraZeneca PLC University of Oxford COVID-19 vaccine came better than the forecasts.
Asian Daily Market Review
2021-03-23 01:47UTC
Asian markets are heading higher Tuesday morning as investor sentiment has gotten a boost from an overnight rally on Wall Street that saw tech shares regain their luster in response to a drop in Treasury yields. In Japan the Nikkei is recovering from significant losses in the previous session that were inspired by severe weakness from the Turkish Lira. Today the Nikkei is trading 0.7% higher. Shares of Softbank Group are 0.8% higher, while Sony is rallying 2.2% higher. Among the major exporters Toyota is 0.9% higher, Panasonic is rising 1.9%, and Canon has a 1.3% gain. Gains for the exporters are coming as the Yen is giving back more of the gains made last week versus the USD. Australia’s S&P/ASX 200 has a gain of 0.4%, although the big four banks are suffering weakness. Shares of ANZ are 0.5% lower, NAB has a 0.4% loss, Westpac is falling 0.6%, while Commonwealth Bank edges higher by 0.1%. Major miners are recovering from their losses in the prior session, with BHP adding 1.4% and Rio Tinto trading 0.4% higher. Mainland Chinese markets have opened mixed and muted, with a slight gain of less than 0.1% for the benchmark Shanghai Composite and a slight loss of less than 0.1% for the smaller cap Shenzhen Composite. Meanwhile in Hong Kong the Hang Seng is trading 0.4% higher. In South Korea the Kospi is struggling with a loss of less than 0.1%, while Taiwan’s Taiex is rising 0.7%. Southeast Asian markets are mixed in early trade, with Singapore’s Straits Times Index adding 0.6%, the KLCI in Malaysia falling 0.4%, and the Jakarta Composite in Indonesia flat.
U.S. Daily Market Review
2021-03-22 15:43UTC
The main U.S. indexes advanced as technology stocks recovered from recent regaining marks.The Nasdaq gained 0.8% to start the week as the benchmark 10-year Treasury yield sunk to 1.688% from a near 14-month peak. The Dow and S&P-500 dropped at the end of the week to finish the week down 0.5% and 0.8%.Shares of Tesla surged around 4% as rates fell and as Cathie Wood’s Ark Invest put out a new price target on the stock.The giants of Apple, Facebook and Microsoft all gained at least 1%.The 10-year Treasury yield tumbled 3 basis points to around 1.7%, after heading to 14-month high last week.The USD depreciated from four-month highs versus the main paris, following a small declines in U.S. Treasury yields.The USD index lost around 0.25% at 91.86, following last week’s incline of 0.5%.
European Daily Market Review 
2021-03-22 09:55UTC
European markets are still without a clear market direction. Shares in France are off as the CAC-40 fell 0.59%. The FTSE-100 slipped 0.38% while the German DAX is around the same levels.The pan-European Stoxx-600 dropped 0.3% in early trade, with travel and leisure stocks losing 1.7%.The Turkish lira tumbled little more than 10% to 7.9484 versus the USD.Spain’s BBVA this morning announced its commitment to Turkey was unchanged after President Tayyip Erdogan abruptly sacked the country’s central bank chief on Saturday.BBVA generates around 14% of its profit in Turkey, boosted its bottom line in Turkey 11.4% to 563 million euros ($669.74 million)in 2020.German Friedrich Vorwerk is guiding investors to estiamte its initial public offering to price at 45-48 euros ($53.55 - $57.12) per share.The UK prime minister is due to speak at the EU top leadership later this week. This takes place after half of the UK adult population have now received a first dose of a COVID vaccine.
Crude Oil Prices Fell
2021-03-22 08:37UTC
Oil prices are back into a falling mode this morning.Oil prices retreated little more than 1% on daily basis amid new concerns that European lockdowns could negatively impact economic recovery.Now, oil trades at $61.200, which is another loss of $0.223 or 0.36% from the previous close of 61.423.The daily trading range is from $60.339 to 61.653, while the trading volume is 29.129K.Germany is very likely to extend a lockdown to contain COVID-19 infections into a fifth month.Demand and reliability rate for AstraZeneca's COVID-19 is seriously harmed in the lading European countries of Spain, Germany and France.The Organization of the Petroleum Exporting Countries (OPEC) and its allies have reduced output levels in order to fight against falling demand and eventually prices.
Asian Daily Market Review
2021-03-22 01:56UTC
Asian markets are heading lower Monday morning as a plunging Turkish Lira causes a drop in risk appetite. Japanese investors are particularly impacted over worries retail traders will take a huge hit due to large long positions in the high-yielding Lira. Turkish President Tayyip Erdogan shocked markets by replacing Turkey’s hawkish central bank governor with a critic of high interest rates. Japan’s Nikkei is leading losses for the region with a drop of 2.2% in early trade. Shares of Softbank are 0.8% lower, while Sony is losing 1.1%. Among the major exporters Toyota is losing 2.4%, Panasonic is 2.3% lower, and Canon is down 1.3%. In Australia the S&P/ASX 200 is inching up by 0.1% as the big four banks provide some support to the broader index. Shares of ANZ and NAB are each up 0.5%, while Westpac is flat with a gain of less than 0.1%, and Commonwealth bank is falling 0.5%. Major miners are contributing to losses, with BHP and Rio Tinto both falling 1.9%, and Fortescue Metals plunging 5.2% lower. Mainland Chinese markets have started the day cautiously mixed, with the benchmark Shanghai Composite edging up by 0.1%, while the smaller cap Shenzhen Composite has a loss of 0.2%. Meanwhile over in Hong Kong the Hang Seng is falling 0.5%. South Korea’s Kospi is trading 0.5% lower, and in Taiwan the Taiex has an early loss of 0.2%. Southeast Asian Markets are also cautious at the open as the Straits Times in Singapore trades higher by less than 0.1%, the KLCI in Malaysia is lower by less than 0.1%, and the Jakarta Composite in Indonesia is flat.
Second Consecutive Weekly Gain For Gold
2021-03-19 21:27UTC
Gold finished at its highest level in three weeks on Friday as Treasury yields steadied. The precious metal has seen its price underpinned this week with worries over rising inflation, and the slump in the stock market. Even a stronger U.S. dollar wasn’t able to keep a lid on gains for gold this week. The combination of a dovish Federal Reserve earlier in the week, and rising tensions between the U.S. and both China and Russia has helped gold find support above the $1,730 level. On Friday gold was up 0.5%, and for the week it gained 1.3%. That’s the second consecutive week of gains for the yellow metal. Given that the Federal Reserve has reiterated that interest rates are bound to stay at 0% for the next few years, it bodes well for upside in gold, given its non-existent yield. The only thing that might cap the upside for gold would be a continued rise in Treasury yields. What’s surprising about the gains for gold this week is that they came even as gold ETFs have seen massive outflows. To really see this rally pick-up steam would require some signs of returning demand from China and India, or signs of the economy in the U.S. opening up. Treasury yields, which hit a 14-month high on Thursday, steadied in Friday, giving some support to gold. With the nervousness continuing in the stock market gold is poised to do quite well if Treasury yields stop rising. Some analysts are even saying gold has good prospects even if yields continue rising, as a hedge against inflation.
The AUD Slipped
2021-03-19 20:40UTC
The Australian dollar lost some ground  for a second straight session. The AUD declined little more than 0.43% on daily basis. Presently, the AUD versus the USD trades at 0.7744, which is a loss of $0.00128 or 0.17% from the previous close of 0.77572.The daily trading range is from $0.7717 to 0.7772, while the trading volume is 283.547.Australia’s retail sales entered in the year on a decidedly sour path.In January the mark was -1.1%, much lower than than initial forecasts of +0.6%. The loss came in hand with Covid restrictions.The Aussie is suffering from the tensions in Alaska between tensions between leading US and Chinese officials.Moreover, with the rising US Treasury yields the USD advanced versus the falling Aussie amid weaker levels during this week.
U.S. Daily Market Review
2021-03-19 15:39UTC
The Dow Jones Industrial Average dropped today after the Federal Reserve’s decision to not extend a pandemic-era capital break for banks stoked rallied. The blue-chip Dow slipped 234.33 points, or 0.7%, to 32,627.97, pressured by Visa and JPMorgan. The S&P-500 lost 0.1% to 3,913.10, closing off its bottom mark of the day after falling 0.7%. The Nasdaq Composite inclined 0.8% to 13,215.24 as investors bought the dip in tech shares. Facebook secured 4%, while Amazon and Netflix gained 1.5%. Facebook's incline provided the biggest boost to the Nasdaq.Nike’s stock lost around 4% after third-quarter revenues came less than anticipated. Visa shares dropped 6.2% after a report said the Justice Department has launched an investigation into its debit card business and possible anticompetitive practices.
European Daily Market Review 
2021-03-19 10:25UTC
European markets are still into a fluctuating mode. The French CAC-40 added 0.13%, while the FTSE 100 slipped 0.42% and the German DAX dropped 0.30%.The pan-European Stoxx-600 fell 0.6% in early trade, with autos falling 1.5% to lead losses as all sectors except utilities slid into negative territory. The Bank of England preserved its interest rates and its bond buying program unchanged on Thursday. The GBP advanced more than 2% so far this year against the USD. The euro-sterling pair could be prevented from retreating below 85 by the UK government’s cautious pace of reopening the economy.The Portuguese power operator REN announced a decline of 8.1% in 2020 net profit on lower remuneration from its regulated activities.\The U.K. government sold part of its stake in NatWest Group Plc for 1.13 billion pounds ($1.6 billion).
Gold Prices Dropped
2021-03-19 08:07UTC
Gold prices fell this morning during the Asian hours, coming from the pressure from advancing U.S. Treasury yields. However, the rising mode to a two-week peak during the previous session sets the yellow metal on track for a small weekly gain.Now, gold trades at $1740.16, which is a small incline of $3.98 or 0.23% from the previous close of 1736.18.The daily trading range is from $1728.35 to 1745.27, while the trading volume is 177.682K.U.S. 10-year Treasury note yields advanced above 1.75% for the first time of the last year.The data coming from the Americans claiming unemployment during the past week unexpectedly surged to 770,000. The Bank of Japan preserved its interest rate unchanged at 0.10% as it handed down its policy decision earlier in the day.The Bank of England also kept its rate unchanged at 0.10% when it handed down its decision on Thursday.
Asian Daily Market Review
2021-03-19 01:50UTC
Asian markets are falling on Friday morning after Wall Street posted losses overnight on fears of inflation heating up and rising bond yields. Also the U.S. dollar pared the losses it experienced following Wednesday’s Federal Reserve decision, and oil plunged overnight as demand expectations are moderating. Japan’s Nikkei is trading 0.8% lower despite the Yen softening modestly against the U.S. dollar. Shares of Softbank are trading 2.2% lower and Sony is falling 1.4%. Among the major exporters Toyota is rising 0.3%, Panasonic is adding 0.6%, and Canon is outperforming as its 1% higher. In Australia the S&P/ASX 200 is edging lower by 0.1% although the big four banks are supporting gains for the index. Shares of ANZ are up 1%, NAB is adding 0.4%, Westpac is trading 0.7% higher, but Commonwealth Bank has a 0.4% loss. Energy companies are weighing on the index however, with Santos falling 2.1%, while Oil Search and Beach Energy are falling 1.4% each. Mainland China has opened to sharp losses, with the benchmark Shanghai Composite 1.1% lower and the smaller cap Shenzhen Composite losing 1.6%. Meanwhile in Hong Kong the Hang Seng is trading 0.8% lower in sympathy with losses on the mainland. In South Korea the Kospi is also falling significantly with a loss of 1.3%, and in Taiwan the Taiex is matching that with its own loss of 1.3%. Southeast Asian markets are mostly flat at the open today. Malaysia’s KLCI is edging lower by 0.1%, while the Straits Times Index in Singapore is trading flat, as is the Jakarta Composite in Indonesia.
Another Surge In Yields Sends Equities Crashing Lower
2021-03-18 21:42UTC
It looks like markets are ignoring the Fed when they say they will keep interest rates low as Treasury yields once again surged higher Thursday, leading to a drop in growth names and technology stocks in particular. That ended with the Dow slipping off its record high, and the Nasdaq falling 3% as tech names got hammered lower once again. The rotation is on expectations for the economic recovery to light up companies who will benefit most from faster economic recovery and inflation, while the tech names that benefitted from last year’s stay-at-home pressures are seeing their shares deflate. The energy sector also suffered a steep drop on Thursday as crude futures fell 7% due to tensions between Russia and the U.S. There are also worries over the third wave of COVID-19 that’s hitting Europe, with traders now believing that summer travel will be far less than previously believed, leading to weakness in crude demand. Thursday’s sharp drop comes after a day of optimism for equities, as the Dow climbed to a new record and tech names rebounded on Wednesday following the latest Federal Reserve meeting, where policy makers lifted their growth forecast for 2021 and 2022, while reiterating that they need to see inflation top 2% and a solid recovery in the labor market before they raise interest rates or slow their asset purchase program. The rise of cyclical names and pullback in tech stocks might not be a bad thing. Tech was extremely overextended after the 2020 rally, and the drop in tech and rise in cyclical stocks is having a normalizing effect on the markets.
U.S. Daily Market Review
2021-03-18 21:27UTC
The leading stocks dropped largely as Treasury yields resumed their rising path.Elsewhere, a new report showed U.S. initial unemployment claims unexpectedly soared last week.The 10-year Treasury yield added 11 basis points above 1.75% at its session high, heading to its peak mark since January 2020. The 30-year rate also advanced 6 basis points at one point.The Nasdaq Composite slipped 3% to 13,116.17 for its worst day since Feb. 25. The tech giants Apple, Amazon and Netflix all retreated little more than 3. Tesla slipped nearly 7%. Nike Inc’s third-quarter profit rallied but revenue came short of Wall Street forecasts, after facing some supply chain problems in North America and a loss in sales due to the COVID-19 crisis.  In fact, net income jumped to $1.45 billion, or 90 cents per share, in the third quarter ended Feb. 28, from $847 million, or 53 cents per share versus last year.
European Daily Market Review
2021-03-18 09:22UTC
European markets are still without a clear direction. The German DAX added 0.61%, while the FTSE-100 fell 0.24%  and CAC-40 dropped 0.01%.London’s FTSE-100 retreated today, dragged down by consumer staples and industrials stocks.The blue-chip FTSE-100 index was down 0.2%.The pan-European Stoxx-600 inclined 0.2% with banks rallying 1.5% while utilities slipped 0.7%. The Bank of England meets later today, with no serious changes are likely to take place.Meanwhile, European markets will be awaiting the conclusion of the European Medicines Agency’s (EMA) safety review into the coronavirus vaccine developed by AstraZeneca and the University of Oxford. Euro zone government bond yields advanced in early London trading on Thursday.
GBP/CAD Advacned
2021-03-18 07:35UTC
The Pound Canadian Dollar (GBP/CAD) exchange rate jumped today.Presently, GBP versus the CAD trades at $1.3961, which is another rise of $0.00020 or 0.01% from the previous close of 1.39593.The daily trading range is from $1.3935 to 1.4001, while the trading volume is 86.716K.The price of WTI crude has slipped over the past week amid issues over Europe’s soaring number of Covid-19 cases.Today, the Bank of Canada (BoC) Consumer Price Index reported figure for February, which dropped below forecasts at 1.2%, despite forecasts of a 1.4% increase.However, traders and investors are expecting to witness a bullish statement from the US Federal Reserve.The GBP struggled to hold onto its solid rising mode this week.Canadian Dollar (CAD) traders will be awaiting tomorrow’s publication of the Canadian ADP Employment Change data for February.
Crude Oil Prices Drop
2021-03-18 07:15UTC
Crude oil prices fell for a fifth straight session this morning.This is happening after official data indicated in a sustained rally of the U.S. crude and fuel inventories.Now, oil trades at $64.290, which is another decline of $0.138 or 0.21% from the previous close of 64.428. The daily trading range is from $63.990 to 64.692, while the trading volume is 11.799K.Moreover, brent crude was down 37 cents, or 0.5%, at $67.63 a barrel by 0535 GMT.Official data demonstrated that showed U.S. crude inventories have advanced for four straight weeks after refineries in the south were forced to shut due to severeweather conditions.U.S. crude inventories surged a whole 2.4 million barrels last week, as reported by the Energy Information Administration (EIA).Stocks of gasoline and diesel increased against expectations among analysts for a decline. Several European countries have halted use of AstraZeneca's COVID-19 vaccine because of serious concerns of side effects.Germany is also registering a rally of the rise in coronavirus cases, while Italy plans a national lockdown for Easter lockdown and France will also tougher restrictions.
Asian Daily Market Review
2021-03-18 03:28UTC
Markets are rising broadly across Asia on Thursday morning as investors react to the overnight statement from the Federal Reserve in which they decided to keep interest rates unchanged near 0% and reiterated their intent to maintain these low interest rates through 2023. Japan’s Nikkei is trading 1.6% higher, even though the Yen is stronger versus the U.S. dollar for a third consecutive session. Shares of Softbank Group are down 0.8% in opposition with the gains for the broader index, while Sony is rising 1.2%. Among the major exporters Toyota is surging 3% higher, Panasonic is up by 1.2%, and Canon has a 0.8% gain. Australia’s S&P/ASX 200 is one of the few indices in the region that’s lower today, down 0.5% heading into the final hours of trade in Sydney. Shares of the big four banks are weighing on the index as Commonwealth Bank trades 1.3% lower, Westpac is down 0.7%, ANZ has a 0.3% loss, and NAB is going its own way with a 0.1% advance. The major miners are basically flat, with Rio Tinto inching up less than 0.1%, but BHP edging lower by 0.2%. Mainland China is also seeing gains, with the benchmark Shanghai Composite rising 0.8%, and the smaller cap Shenzhen Composite adding 1.1%. Over in Hong Kong the Hang Seng is leading gains for the region as it advances 1.8%. In South Korea the Kospi is 1.2% higher, and the Taiex in Taiwan is trading 0.9% higher. Southeast Asian markets are also gaining today, with the Straits Times in Singapore adding 1.1%, the Jakarta Composite in Indonesia rising 0.9%, and the KLCI in Malaysia adding 0.5%.
Stimulus Paves Way For Continued Equity And Bitcoin Rallies
2021-03-18 03:08UTC
The recent stimulus payments approved in the U.S. could provide the underpinnings of a new rally in equity markets and Bitcoin, if recent surveys are correct. In a recent survey of 235 U.S. citizens polled by Mizhuo Securities, two out of five, or 40%, said they plan to invest at least a portion of the $1,400 per person into equities or Bitcoin. That means that as much as $40 billion could be allocated to stocks and to the digital asset class. That’s in-line with other similar surveys, all of which indicate a good portion of the stimulus payments will end up in either equities or Bitcoin. Over the past year there has been an influx of retail traders in the markets, which experts believe is due to a combination of the boredom of being stuck at home, and the stimulus payments that has given many Americans an unexpected source of disposable income. A Deutsche Bank survey taken before the stimulus Act was passed had similar findings. That survey found that many were ready to use the funds for trading, and Deutsche Bank analysts estimate that as much as $170 billion could find its way into Bitcoin and equity markets. Interestingly Bitcoin was by far the more popular choice for investing, with 61% of respondents saying they would invest in Bitcoin, and only 39% saying they were interested in stocks. If correct it could represent inflows of $25 billion into Bitcoin in the coming weeks. It would also represent inflows of $15 billion for equities, which would certainly help keep the current moves higher for stocks alive.
U.S. Daily Market Review
2021-03-17 16:15UTC
U.S. stocks dropped today as the market is focused on the outcome from the Federal Reserve’s two-day policy meeting.The S&P-500 slipped 0.5% lower. The Nasdaq Composite dropped 1.2% as technology shares got hit by rising bond yields again. Apple, Alphabet, Facebook and Netflix all declined some ground. Tesla fell around 2%. The Fed is likely to generate an issue a blowout GDP forecast for 2021 at the end of a two-day meeting on Wednesday at 2 p.m. ET (1800 GMT). McDonald’s stock secured a rise of 2% after Deutsche Bank upgraded the stock to buy from hold.The USD is static and partly higher, with 10-year Treasury yields marking fresh 13-month peak ahead of the outcome of a Federal Reserve policy meeting.U.S. homebuilding sunk to a six-month low in February as severe cold gripped many parts of the country.The report from the Commerce Department on Wednesday also indicated in a massive loss in building permits last month.
European Daily Market Review 
2021-03-17 10:01UTC
European markets are still without a direction.The CAC-40 added 0.32%, while the FTSE-100 fell 0.30% and DAX dropped 0.06%. The pan-European Stoxx-600 index was down by 0.3% in early deals.The GBP preserved its firm the major pairs as Britain’s dismissal of safety concerns over the AstraZeneca.A number of European countries, including Germany, France and Italy, have removed AstraZeneca shots following reports of blood.The GBP recovered some of those losses on Tuesday after Europe’s medical watchdog.BMW rallied 4.4% after it said it predicts a large annual surge in group pre-tax profit in 2021.
Gold Prices Advanced
2021-03-17 07:57UTC
Gold surged this morning during the Asian hours.
Asian Daily Market Review
2021-03-17 03:46UTC
Asian markets are trading mostly lower in caution ahead of the Federal Reserve meeting that’s scheduled to end Wednesday Stateside. The central bank has pledged to keep interest rates at 0% until 2024, however analysts are expecting them to increase their economic growth forecast for the rest of this year and next. That has some wondering how they will be able to justify not raising rates sooner rather than later. In Japan the Nikkei is one of the few markets with a gain, but it’s a small one of less than 0.1%. Shares of Softbank Group are 1.1% lower, and Sony has edged lower by 0.2%. Among the major exporters Toyota is falling 0.6% and Canon is 0.7% lower, while Panasonic trades up 0.4%. Australia’s S&P/ASX 200 has a loss of 0.7% as Sydney heads into the final hour of trading. Shares of the big four banks are weighing on the index, with ANZ falling 1.1%, NAB dropping 0.6%, Commonwealth Bank 0.7% lower, and Westpac losing 0.8%. The major miners are falling as well, with BHP dropping 1.4% and Rio Tinto losing 1.1%. Mainland China is seeing a mixed performance as the benchmark Shanghai Composite trades 0.4% lower, but the smaller cap Shenzhen Composite is up by 0.7%. Over in Hong Kong the Hang Seng is edging lower by 0.1%. South Korea’s Kospi is leading losses for the region as it trades down 1%, while Taiwan’s Taiex is off by 0.2%. Southeast Asian markets are also lower, with the Jakarta Composite in Indonesia 0.4% lower, the KLCI in Malaysia down 0.3%, and Singapore’s Straits Times Index 0.1% lower.
Can Crude Reach $100 A Barrel?
2021-03-16 22:12UTC
Crude has continued to rally since the start of the year, rising more than 40% as traders are expecting demand to increase in the second half of the year. Also supporting crude prices is the continued production cuts from OPEC, which has kept the global supply of the commodity at reduced levels. Now some analysts are even suggesting that crude can hit $100 a barrel, which is a level not seen since 2014. Brent is closing in on an eighth consecutive weekly gain, and continues to test the $70 a barrel level. There is strong optimism that the current vaccinations will lead to a strong economic rebound in the second half of 2021. That is what is underpinning the gains for crude over the past several months. But what if that optimism is misplaced and the expected recovery doesn’t materialize. We should also consider the fact that with oil at $70 a barrel it becomes attractive for producers to increase their production to take advantage of the higher prices. Sure OPEC has agreed to production cuts, but that doesn’t mean that U.S. shale producers won’t begin dumping crude on the markets. And it also doesn’t stop Russia from increasing its production. Even with OPEC cuts we could still be facing a glut of oil that will take years to clear. The current rally in oil prices is not being driven by fundamentals. Rather it is from hedge funds and institutional investors taking advantage of an over-optimistic market. That optimism is being fueled by media reports, which are drastically overestimating the return of demand for crude oil.
The USD Advanced
2021-03-16 15:02UTC
The USD rallied today during the European trading session amid cautious trading with the focus very much on the Federal Reserve.Presently, the USD versus the Euro trades at 0.839 EUR which is a rise of 0.0016 or 0.19% from the previous close of 0.8381.The daily trading range is from 0.8369 to 0.8402.Moreover, USD/JPY created 0.1% at 109.22, after jumping to a nine-month peak of 109.36 seen yesterday. The main concentration is on the Federal Reserve this week.Furthermore, the U.S. central bank is not likely to make any changes to its current monetary policy. Chairman Jerome Powell has to say about the run-up in bond yields will be keenly studied amid concerns that economic growth and rising inflation could result in faster-than-predicted monetary policy.
U.S. Daily Market Review
2021-03-16 12:02UTC
The major U.S. stocks added some ground to Nasdaq.The market sentiment is higher as the broader market expects the Fed to kick off its monthly meeting. The Dow Jones Industrial Average slipped 60 points, or 0.2%. The S&P-500 added 0.2% and set an intraday record high. The tech-heavy Nasdaq Composite was the early outperformer, after securing 0.8%.The USD partly moved in choppy trading, with currencies generally lacking direction.The 10-year Treasury yield moved 1.6% early Tuesday.The rate advanced to its peak mark of the last year.U.S. business inventories jumped partly in January amid massive rebound in consumer spending at the start of the year.Business inventories gained 0.3% in January after adding 0.8% in December, according to the Commerce Department.Motor vehicle inventories slipped around 1.5%, rather than 1.4% as previously announced.
European Daily Market Review 
2021-03-16 10:12UTC
European markets rallied today with shares in Germany leading the region. The DAX added 0.53% while London's FTSE-100 gained 0.50% and France's CAC 40 inclined 0.08%. The pan-European Stoxx-600 added 0.5% at the start of trading, with autos climbing 1.9% to lead the rising path.German carmaker Volkswagen advanced more than initial estimates.Volkswagen AG surged almost 5% after declaring that expects cost reductions to add to the higher profit margins in the coming years.The Bank of England governor reported that economic growth in the United Kingdom is very likely to lose 4% in the first quarter versus last year.Coronavirus vaccine is still in the main focus in Europe after Germany became the latest country Monday to suspend use of the AstraZeneca-University of Oxford vaccine.German biotech firm MorphoSys dropped more than 11% after its weak earnings report came out.
Crude Oil Prices Fell
2021-03-16 08:06UTC
Crude oil prices slipped this morning, extending drops to three consecutive sessions.This is taking place amid higher stockpiles in the United States added to the risks to a demand regaining path.Now, oil trades at $64.810, which is another loss of $0.447 or 0.68% from the previous close of 65.257.The daily trading range is from $64.559 to 65.408, while the trading volume is 15.073K.Germany, France and Italy are about to ban AstraZeneca PLC COVID-19 injections after reports of possible serious side effects.This is further creating in some negative pressures on the vaccination process in the region, which may delay any economic recovery from the pandemic.The American Petroleum Institute will announce crude stock pile levels later today.
Asian Daily Market Review
2021-03-16 01:58UTC
Asian markets gained at the open Tuesday in response to the overnight gains on Wall Street as the S&P 500 posted a fifth consecutive session of gains, and major indices traded up into record territory. Tech shares are set to lead gains across the region after Treasury yields fell overnight and the Nasdaq rose 1%. In Japan the Nikkei is trading 0.7% higher, helped by further weakness in the Yen versus the U.S. dollar. The USD/JPY is looking to take out June highs, which would open the way to the 110.00 level. Shares of Softbank Group are 1.9% higher and Sony is adding 1.5%. Among the major exporters Toyota is falling 0.7%, but Panasonic is climbing 1.6% higher, and Canon is advancing 0.3%. In Australia the S&P/SX 200 is rising too, with shares of the big four banks edging up despite the lower bond yields. ANZ is trading up by 0.4%, NAB is inching 0.1% higher, Commonwealth Bank is adding 0.7%, and Westpac has a 0.5% gain. The major miners are mixed however as Rio Tinto adds 0.3%, but BHP is falling 0.9%. Mainland Chinese markets are also rising, with the benchmark Shanghai Composite rising 0.4% and the smaller cap Shenzhen Composite gaining 0.6%. Over in Hong Kong the Hang Seng is also trading 0.6% higher. South Korea’s Kospi is up by 0.5%, and the Taiex in Taiwan is edging up by 0.2%. In Southeast Asia markets are mixed as the KLCI in Malaysia inches 0.1% higher, but the Straits Times in Singapore is flat with a loss of less than 0.1%. Indonesia’s Jakarta Composite is also flat.
Is The Downtrend In Gold Ended?
2021-03-15 20:00UTC
Gold just finished at its highest level in two weeks as a drop in Treasury yields overshadowed the rising strength in the U.S. dollar to help gold climb higher. Traders are now awaiting the outcome of the Federal Reserve’s latest monetary policy meeting this Wednesday to gauge future moves for the precious metal. Analysts are now beginning to debate if the downtrend in gold is over, or if it is simply taking a pause. As Treasury yields have halted their climb and turned sideways the gains for gold do look as if they will hold. That’s particularly true as they are now marking an area that was heavily congested last spring. If gold can hold at its current levels, then the $1,700 level could well be the support level that marks a launching point for a summer assault on the $2,000 level in gold. Gold on Monday added 0.6%, or $9.40, to settle at its highest level since March 2. That was off the highest levels of the day as gold experienced some volatility following the release of the March Empire State Manufacturing Index, which rose to a reading of 17.4 from the February reading of 12.1. Gold was down last Friday, but still managed a weekly advance of 1.3%. That snapped a three-week long skid in prices which was caused by rising Treasury yields and inflation fears. The problem that gold faces is if Treasury bonds resume their selloff it will be nearly impossible for gold to hold its lows in the face of rising Treasury yields, which effectively raise the opportunity cost of holding non-yielding assets like gold.
U.S. Daily Market Review 
2021-03-15 19:03UTC
The leading U.S. stocks are partly without a direction today with the Dow and S&P-500 hovering near peak marks.The S&P-500 traded around the flatline and the Nasdaq Composite soared 0.4%.At 11:37 a.m. ET, the Dow Jones Industrial Average dropped 139.06 points, or 0.42%, to 32,639.58, the S&P 500 lost 17.38 points, or 0.44%, to 3,926.14 and the Nasdaq Composite lost 35.23 points, or 0.26%, to 13,284.63.Delta Air Lines, Southwest Airlines and JetBlue Airways announced  leisure bookings are surging and offered some of the first concrete signs that the recovery could be on its way.Stocks sunk to its bottom of the day as Italy joined France, Germany, Ireland and the Netherlands removed the use of  AstraZeneca.The 10-year Treasury yield changes hands at 1.611% after implying in its highest level in more than a year at the end of last week.
European Daily Market Review 
2021-03-15 10:51UTC
European markets rallied today with shares in London leading the region. The FTSE-100 inclined 0.33% while France's CAC-40 added 0.21% and Germany's DAX gained 0.19%. The pan-European Stoxx-600 jumped 0.7% in early trade, with travel and leisure stocks advancing 2.4% to lead the rising trend.In Europe, the Netherlands has also banned the use of the AstraZeneca/University of Oxford vaccine over concerns about possible side effects.Danone shares soared 4.5% to lead the Stoxx 600 in early trade after Chairman and CEO Emmanuel Faber was ousted following pressure from activist investors.Roche added 1% after reporting that it would buy GenMark Diagnostics, a U.S.-based maker of molecular diagnostic tests, for a massive deal of $1.8 billion.
The USD Advanced
2021-03-15 08:51UTC
The USD is into a rising path for a second consecutive session amid higher Treasury yields forced traders to reduced their bearish USD sunk to four-month bottom.Presently, the USD versus the Euro trades at 0.837 EUR, which is another incline of $0.0011 or 0.13% from the previous close of 0.8364.The daily trading range is from 0.8359 to 0.8388. Benchmark 10-year Treasury yields were trading at 1.6320% on Monday, close to Friday's top of 1.6420%.The USD index versus the main pairs, preserved its path around 91.84 in early London trading on Monday.Rising bond yields are likely to further dominate investors' minds this week before a Federal Reserve meeting.U.S. producer prices surged largely in February, leading to the largest annual gain in nearly 2-1/2 years.This comes after President Joe Biden's approval the massive $1.9 trillion stimulus package.
Gold Prices Advanced
2021-03-15 08:43UTC
Gold prices rallied this morning during the Asian hours, as the passage of the latest U.S. stimulus measures continued to fight against inflation concerns.Now, the precious metal trades at $1726.01, which is a loss of $0.73 or 0.04% from the previous close of 1726.74.The daily trading range is from $1721.53 to 1733.93, while the trading volume is 178.864K.On Friday, U.S. President Joe Biden signed the $1.9 trillion stimulus package into law on Friday. The Fed announced its policy decision on Wednesday, followed by the Bank of England on Thursday and the Bank of Japan on Friday.U.S. data released on Friday said that the Producer Price Index (PPI) soared 0.5% month-on-month in February. The core PPI surged 0.2% month-on-month and 2.5% on annual basis.In the meantime, Silver gained 0.9%. and platinum secured 1%. Palladium dropped 0.1%.
Asian Daily Market Review
2021-03-15 03:08UTC
Asian markets are starting the week mixed Monday morning as investors await the Federal Reserve meeting that will conclude Wednesday. While the central bank is expected to leave interest rates untouched, there is a chance they will increase their bond buying, and also revise their GDP forecast. In Japan the Nikkei is trading 0.3% higher as the Yen continues to soften against the U.S. dollar. Shares of Softbank are 1.4% lower, but Sony is rising 0.3%. Among the major exporters Toyota is 2% higher and Canon is adding 0.8%, but Panasonic is falling 0.6%. Tech giant Rakuten is seeing its shares trade 18.3% higher after announcing a $2.2 billion stock offering. Australia’s S&P/ASX 200 is edging up by 0.3%, gaining some momentum after struggling in the morning. Shares of the big four banks are helping lift the index, with ANZ adding 1%, NAB advancing 0.5%, Westpac gaining 0.9%, and Commonwealth Bank edging up by 0.2%. Among the major miners BHP is 0.4% lower and Rio Tinto is retreating 1.7%. Chinese markets are leading losses for the region, with the benchmark Shanghai Composite trading 0.4% lower, while the smaller cap Shenzhen Composite plunges 1.8%. Meanwhile in Hong Kong the Hang Seng is ignoring the action on the mainland and trades up by 0.5%. South Korea’s Kospi is also struggling this morning and is trading flat with a slight loss of less than 0.1%. In Taiwan the Taiex is also inching lower by 0.1%. Southeast Asian markets are broadly higher, with the KLCI in Malaysia adding 0.4%, the Straits Times in Singapore rising 0.3%, and Indonesia’s Jakarta Composite edging up by 0.1%.
What To Watch In The Coming Week
2021-03-13 00:10UTC
As always, the coming week will be full of trading opportunities. Let’s look at some of the upcoming highlights. Monday March 15 Advanced Micro Devices holds a conference call in conjunction with the release of third generation EPYC processors. AMD was the tenth best stock in the S&P 500 last year, but has struggled more recently. The new processors could give shares a boost. Tuesday March 16 Retail sales data is released in the U.S. Expectations are for a decline of 0.7% month-over-month, following the 5.3% jump in January. Also, Lennar Homebuilders will report its quarterly results, and the national Association of Homebuilders releases its March Housing Index. It’s expected that the index will be unchanged from February, although homebuilders remain bullish over the coming year. Wednesday March 17 The Federal Reserve announces its latest monetary policy decision. No change is expected for interest rates, as the Fed has previously said they will keep rates near zero until 2023. However there could be an increase in the bond buying program as an effort to rein in the rising Treasury yields. Thursday March 18 Jobless claims for the week are reported by the U.S. Department of Labor. Last week’s 712,000 reported claims was the second lowest since the COVID-19 pandemic began, and investors are hoping to see these numbers remain low. Friday March 19 The Bank of Japan announces its monetary policy following the conclusion of a two-day meeting. The central bank is expected to keep its key short-term interest rate at negative 0.1%. It is also expected to review other potential tools, which could have an impact on the Yen.
U.S. Daily Market Review
2021-03-12 10:41UTC
The major U.S. stock markets declined today as bond yieldrallied, rekindling fears that rising rates will gain some back some momentum.The S&P-500 fell 0.4%, dropping from a record high reached in the previous session. The tech-heavy Nasdaq Composite slipped 1.4%. The Dow Jones Industrial Average secured 100 points as bank stocks gained amid rising rates. The 10-year Treasury yield advanced back to near its peak marks of the year. The yield was last at 1.61%, which is a rise of around 8 basis points overnight. Inflation numbers could move higher in the short-term and most likely the Federal Reserve’s 2% target, a flexible average, by April. U.S. producer prices are into a solid incline in February, leading to the most significant annual surge of the last 2 years.The yield on the benchmark 10-year notes soared around 1.60% today to head to the one-year highs touched last week.
European Daily Market Review 
2021-03-12 09:31UTC
European markets are once again without a clear direction.The French CAC-40 added 0.72%, while the DAX fell 0.58% and FTSE-100 lower tumbled 0.33%.The pan-European Stoxx-600 dropped 0.2% in early trade, with tech stocks falling 1.2%.British luxury group Burberry rallied a whole 7.2% to the top of STOXX-600 after announcing massive sales recovery. British shares retreated as data showed that the economy lost almost 3.0% in January, while drugmaker AstraZeneca fell after scaling back its vaccine supply estimates.The European Union on Thursday approved Johnson & Johnson’s single-shot Covid-19 vaccine.German carmaker Daimler tumbled 2.0% after the French giant Renault sold its entire stake in the company at a discount
Gold Prices Dropped
2021-03-12 08:00UTC
Gold prices slipped this morning during the Asian hours but was poised to end the best week in seven amid declining U.S. Treasury yields.Now, the yellow metal trades at $1708.20, which is another decline of $13.87 or 0.81% from the previous close of 1722.07.The daily trading range is from 1707.38 to 1727.91, while the trading volume is 159.573K.Gold prices have dropped 1.4% for the week so far. This represents the largest rally since late January 2021. Benchmark U.S. Treasury yields also marked additional retreats from the more than one-year peak hit during the previous week.Moreover, the European Central Bank handed down its policy decision on Thursday and pledged to accelerate money-printing.U.S. President Joe Biden approved the dramatic $1.9 trillion stimulus package.This comes just one day after the House of Representatives gave it final approval. The precious metals such as silver gained 0.1% and was on track for its best week since late January 2021 with a surge of close to 4%.
Asian Daily Market Review
2021-03-12 02:42UTC
Asian markets are mixed on Friday morning following the overnight gains overnight on Wall Street and in the wake of the passage of the $1.9 trillion stimulus bill in the U.S. In Australia the S&P/ASX 200 is trading 0.9% higher, with the big four banks lagging the gains for the broader index. Shares of ANZ are trading 0.5% higher, NAB and Commonwealth Bank each have a modest gain of 0.2%, and Westpac is edging lower by 0.1%. The major miners are solidly higher however, with BHP rising 2.2% and Rio Tinto adding 1.2%. In Japan the Nikkei is trading 1.1% higher as it builds on a small opening gain. Shares of Softbank are up by 2.3% and Sony is advancing 2.5%. Among the major Japanese exporters Toyota is rising by 0.3%, Panasonic is 0.8% higher, and Canon has erased its early loss to trade slightly higher by 0.1%. In mainland China markets are falling as the Shanghai Composite has a loss of 0.3%, while the smaller cap Shenzhen Composite is trading down by 0.7%. Meanwhile in Hong Kong the Hang Seng is tracking losses on the mainland and trading 0.4% lower. South Korea’s Kospi is leading gains for the region as it advances 1.4%, with semiconductor manufacturer SK Hynix spurting higher by 2.9%, while index heavy weight Samsung has a gain of 0.9%. Meanwhile in Taiwan the Taiex is trading 0.4% higher. Southeast Asian markets are mixed as well, with the Jakarta Composite in Indonesia rising 0.8%, but Malaysia’s KLCI falling 0.2% and the Straits Times in Singapore edging lower by less than 0.1%.
ECB Decision Fails To Halt Climbing EUR/USD
2021-03-11 23:16UTC
After being faced with rising bond yields that threatened to undermine its monetary policy the European Central bank voted Thursday to increase the pace of its bond buying program significantly in the second quarter of 2021. While the total size of the program remains unchanged at €1.85 trillion, the monthly purchases are to be conducted “at a significantly higher pace” according to the press release from the ECB following the monetary policy meeting. However ECB president Christine Lagarde refused to specify what the ECB might mean by “significantly higher pace.” On average the ECB has been making purchases of €14 billion per week in 2021, although the pace has slowed to just €12 billion per week over the past two weeks. It is thought that the “significantly higher pace” being referred to by the ECB could result in weekly purchases of €20 billion. German bund yields dropped in the wake of the announcement, which is as planned by the ECB, however the Euro failed to soften in response to the lower yields and expectations for yields to head even lower in the coming months in response to the increased bond purchases. After a slight pullback the EUR/USD shot higher, and was nearing the 1.2000 level as the Asian session got underway. European bond yields have been moving higher since January on contagion from the rise in U.S. yields, and that has ECB members worried over the possibility of tightening financial conditions across the European Union. The move by the ECB is hoped to keep European rates more muted in the coming months, even if U.S. rates continue higher.
U.S. Daily Market Review
2021-03-11 15:08UTC
U.S. stocks rallied led by technology amid issues of inflation and rates eased.The Dow Jones Industrial Average gained 200 points to reach another intraday record high. The S&P-500 added 0.8%. The Nasdaq Composite inclined 1.6% amid a rotation back into tech shares. Tesla secured 4%.  Apple, Facebook and Netflix all surged at least 2%, while Amazon, Alphabet and the stock prices of Microsoft.The 10-year Treasury yield dropped from the peak of 1.6%, was little changed at 1.51% on Thursday.The House approved a $1.9 trillion coronavirus relief bill. President Joe Biden is very likely to sign it into law Friday.The USD sunk to a one-week bottom on Thursday as the European Central Bank announced will preserve a lid on borrowing costs and an auction of 30-year Treasury bonds.
European Daily Market Review 
2021-03-11 11:44UTC
European markets are into a mixed side. The French CAC-40 added 1.11%, while the FTSE0100 slipped 0.20% and the German DAX fell 0.02%.European markets are concentrated on the reports from the European Central Bank, which is due to today. The pan-European Stoxx-600 secured 0.2% in early trade, with tech stocks jumping 1.5% to lead gains while banks tumbled 1%.Italy plans to initiate a fund for 40-billion euros ($47.85 billion) this month to help its companies affected by the coronavirus.The plan is called “Patrimonio Rilancio”.Germany’s IWH economic institute on Thursday reduced its 2021 growth forecast for Europe’s largest economy to 3.7% from 4.4% in December.Denmark is removing the use of the Oxford-AstraZeneca vaccine for two weeks as it investigates reports of some patients developing blood clots.Danish Health Minister Magnus Heunicke announced that its authorities were looking into "signs of a possible serious side effects.
The USD Into A Massive Loss
2021-03-11 10:10UTC
The USD Index sunk to its WEEKLY bottom. Earlier today during the European session and there was a mild "risk on" tone in currency markets.Presently, the USD versus the Euro trades at 0.835 EUR, which is a further loss of $0.0023 or 0.27% from the previous close of 0.8380.The daily trading range is from 0.8356 to 0.8391.Yesterday’s lower consumer prices data in the United States added to falling concerns over a possible surge in inflation when economies re-open from the COVID-19 pandemic.The reports from the European Central Bank are very likely to generate a message that they will prevent bond yields from additional rises.In fact, the ECB's policy decision will be at 1245 GMT, followed by a news conference at 1330 GMT.At 0833 GMT, the USD  retreated around 0.2% at 91.606 versus of major pairs.
Crude Oil Prices Advance
2021-03-11 08:04UTC
Crude oil prices rallied this morning as vaccine rollouts bolstered the economic outlook and U.S. fuel stocks fell largely.Presently, crude oil trades at $65.169, which is another rise of $0.491 or 0.76% from the previous close of 64.678.The daily trading range is from $64.528 to 65.200, while the trading volume is 18.986K. Brent crude oil futures for May rose 55 cents, or 0.8%, to $68.45 a barrel by 0328 GMT.U.S. gasoline stocks dropped 11.9 million barrels in the week to March 5 to 231.6 million barrels, according to the Energy Information Administration (EIA). Crude inventories, surged 13.8 million barrels in the week to March 5 to 498.4 million barrels, versus to forecasts of 816,000-barrel rise.Meanwhile, the U.S. House of Representatives finally approved on the economic stimulus measures in American history.
Asian Daily Market Review
2021-03-11 01:56UTC
Asian markets are heading mostly higher on Thursday morning following an overnight record for the Dow Industrials on Wall Street. The gains are coming after a U.S. report showing consumer inflation is tamer than expected, and as U.S. lawmakers have passed the $1.9 trillion stimulus package and sent it on to President Biden for his signature. In Japan the Nikkei is trading 0.2% higher as the Yen is reversing some of the gains made against the U.S. dollar over the past two sessions. Shares of Softbank are 0.6% higher, but Sony is falling 1.1%. Among the major exporters Toyota is flat while Panasonic is falling 1.5% and Canon is edging up by 0.2%. In Australia the S&P/ASX 200 has given up early gains to trade 0.6% lower. Shares of the big four banks are contributing to the downside pressure as ANZ is 1.4% lower, NAB and Commonwealth Bank are each falling 0.9%, and Westpac is 0.7% lower. The major miners are continuing their losses, with BHP dropping 2.4%, Fortescue Metals losing 1.2%, and Rio Tinto dropping 0.7%. Mainland Chinese markets are rallying, with the benchmark Shanghai Composite adding 0.7%, while the smaller cap Shenzhen Composite rises 0.2%. Meanwhile in Hong Kong the Hang Seng has a gain of 0.5%. South Korea’s Kospi is leading gains for the region as it’s advancing 1.6%, and in Taiwan the Taiex is also outperforming its peers with a gain of 1.2%. Southeast Asian markets are mixed however, as the Jakarta Composite in Indonesia adds 1.1% and the Straits Times in Singapore is 0.6% higher, but the KLCI in Malaysia has fallen 0.4%.
U.S. Markets Score Dubious Results
2021-03-10 23:41UTC
On Wednesday U.S. markets settled in a situation that hasn’t been seen in over 20 years. The Dow Industrials closed at a new record high, while the Nasdaq remains mired in correction territory. The Dow also closed above 32,000 for the first time ever. The last time that the Dow hit a record while the Nasdaq was in correction territory wasn’t even in the 21st century. It was all the way back during the dot-com bust on August 23, 1999. The Nasdaq officially crossed into correction territory this past Monday as its losses took it to 10.5% below its record high set on February 12. While the Nasdaq isn’t more than 10% below that high any longer, many market technicians consider a market to remain in correction until it notches a new high. For the Nasdaq that would be 14,175.11, or over 1,100 points above Wednesday’s close. The rally in the Dow Industrials has come in response to the expected reopening of the U.S. economy as more individuals receive the COVID-19 vaccine. While the Dow is benefitting from capital flowing into the cyclical companies that will benefit most from an economic recovery, high growth names are suffering from rising bond yields. Wednesday also saw the U.S. House of Representative pass the $1.9 trillion stimulus bill and send it to President Biden for his signature. That is expected to help equities as well, but analysts are still expecting the rotation out of technology to continue as the economy reopens and gains steam. The industries expected to benefit the most from this sector rotation are energy and financials.
U.S. Daily Market Review
2021-03-10 16:04UTC
The Dow Jones Industrial Average secured 300 points after rallying 360 points to hit an intraday record high. The S&P-500 gained 0.5%. The Nasdaq Composite last inclined 0.2% after gaining as much as 1.6% earlier. The tech-heavy benchmark enjoyed a 3.7% rally in the previous session for its best day since November.The 10-year Treasury note yield advanced rose slightly to 1.54%.U.S. consumer prices surged largely solidly in February, indicating in the largest annual surge of the year.U.S. bonds jumped and the USD lost some ground after the data.Furthermore, U.S. Treasury yield is expected to reach 2% by the end of the year. The 10-year U.S. Treasury yield soared to a 13-month peak of 1.6% during this past week.
European Daily Market Review 
2021-03-10 15:52UTC
European markets are still without a clear direction. The DAX gained 0.64% while the CAC 40 secured 0.37%. The FTSE-100 dropped 0.08%. The pan-European Stoxx-600 inclined 0.3% higher by mid-afternoon trade.Adidas estimated a solid recovery in sales in 2021. This generated in higher stock prices 3.9% by mid-afternoon trade.The coronavirus lockdown has resulted in a loss of the number of monthly births in Spain to the lowest even seen marks.Only 23,226 new babies were born in December. This represents a massive decline of little over 20% than in December 2019 and the lowest since 1941.
The USD Advanced
2021-03-10 08:49UTC
The USD advanced this morning during the Asian hours, reversing some drops from the previous session.Presently, the USD versus the Euro trades at 0.840 EUR, which is a rise of 0.0007 or 0.08% from the previous close of 0.8400.The daily trading range is from 0.8398 to 0.8423.Moreover, the USD Index that tracks the greenback versus the major pairs of other currencies added 0.21% to 92.155.The USD traded 0.3% higher against its fellow safe-haven currency.Numbers showed that February’s Consumer Price Index surged 0.6% month-on-month while contracting 0.2% year-on-year. The euro fell 0.2%, while the European Central Bank (ECB) due to hand down its policy decision on Thursday.The USD has closely tracked the recent climb in Treasury yields, with rising yields increasing the safe-haven.Investors continued to sell bonds on higher of a quicker-than-predicted global economic rebound from COVID-19 will lead to inflation.
Gold Prices Fell
2021-03-10 07:36UTC
Gold prices retreated this morning during the Asian hours.In the meantime, U.S. yields recovered and the higher rate of the USD turned served to take investors away from the precious metals.Now, the yellow metal trades at $1715.36, which is another minor loss of $0.39 or 0.02% from the previous close of 1715.75.The daily trading range is from $1709.56 to 1719.45, while the trading volume is 121.497K.The European Central Bank (ECB) will report its monetary policy tomorrow.Meanwhile, the U.S. House of Representatives voted to take up a $1.9 trillion stimulus package bill on Tuesday. Moreover, the Organization for Economic Cooperation and Development’s estimated that global economies should recover by the end of the year with a surge of 5.6% and expand with a rise of 4.0% in 2022.Silver is also adding some ground, after securing around 0.2%.
Asian Daily Market Review
2021-03-10 02:34UTC
Asian markets are heading mostly higher Wednesday following a solid overnight rally on Wall Street that saw growth stocks return to favor among investors as bond yields slipped slightly lower. The tech heavy Nasdaq rose nearly 4%, putting in its best daily performance in four months and the U.S. dollar softened broadly against rival currencies. In Japan the Nikkei is flat with a slight loss of less than 0.1% as the Yen is stronger versus the U.S. dollar overnight, weighing slightly on shares of Japan’s exporters. Shares of Softbank are trading 1.4% lower, while Sony is adding 2.4%. Among the major exporters Toyota is sliding 0.9% lower, Panasonic has a 0.6% loss, and Canon is trading 1.2% lower. Australia’s S&P/ASX 200 is slipping lower too, trading with a 0.3% loss heading into the final hours of the session in Sydney. Shares of the big four banks are weighing on the index as ANZ is losing 0.9%, NAB is down 1.4%, Commonwealth Bank is sliding 0.7%, and Westpac has a 0.8% loss. Major miners are also falling, with BHP down 2.4% and Rio Tinto dropping 4%. Mainland China’s markets are clinging to gains, with the Shanghai Composite inching up less than 0.1% and the smaller cap Shenzhen Composite adding 0.2%. In Hong Kong the Hang Seng has given up an early gain to trade 0.2% lower. South Korea’s Kospi is flat, and in Taiwan the Taiex has a gain of 0.3%. Southeast Asian markets are mixed with the Straits Times in Singapore losing 0.9%, while the KLCI in Malaysia is gaining 0.9% and Indonesia’s Jakarta Composite trades 0.7% higher.
U.S. Daily Market Review
2021-03-09 20:01UTC
The major U.S. stocks rallied today after bond yields fell.The tech-heavy Nasdaq Composite surged4%, on pace for its best day since November. Tesla stock jumped 17% after a five-day declining path and advacned for its biggest one-day pop since February 2020. Apple, Facebook and Amazon soared 4% each, while Microsoft and Netflix both gained at least 3%.U.S. 10-year Treasury note yields tumbled to as low as 1.523% after hovering close to 13-month highs of 1.613%.U.S. equity futures rallied ahead of the Tuesday Wall Street session amid higher forecasts about President Biden's $1.9-trillion-dollar coronavirus relief package passing becoming approved in the Congress.
Gold Rebounds Above $1,700
2021-03-09 19:44UTC
Gold futures jumped higher by more than 2% on Tuesday to reclaim the psychologically important $1,700 level as bond yields retreated and the U.S. dollar softened. It was the first gain for gold in five trading sessions. However analysts said the bounce was simply due to the oversold levels of gold and the temporary softness of the U.S. dollar. The gains made Tuesday could be nothing more than a dangerous head-fake for gold bulls as it might not yet be time for gold to shine. April gold was up $38.90, or 2.3%, settling at $1,716.90 for the largest daily dollar and percentage gain for the yellow metal since January 4. That comes after gold tumbled 1.2% in the prior session to its lowest level since April 3, 2020. The gains in gold came as the yield on the 10-year Treasury dipped 6 basis points, and the U.S. dollar slipped 0.3% lower after hitting its highest level since November in the previous session. Long term gold could be quite attractive as investors are expected to move into inflation hedges later in the year. Expectations for a massive rebound in the economy in response to fiscal spending measures and the rollout of vaccines have sparked fears that inflation will heat up substantially later this year. Gold is considered to be a good hedge against rising inflation. Gold could struggle in the near term however as the appetite for inflation hedges remains muted due to the opportunity cost of holding gold in the face of sharply rising bond yields. Wednesday’s U.S. consumer price reports could have a strong impact on the gold trade.
European Daily Market Review 
2021-03-09 10:29UTC
European markets advanced today with shares in London leading the region.
Crude Oil Prices Surged
2021-03-09 07:32UTC
Oil prices gained this morning during the Asian hours, with Monday’s most recent rally moving to a lower gear as the USD advanced.Now, oil trades at $64.601, which represents a very minor loss of $0.052 or 0.08% from the previous close of 64.653.The daily trading range is from $64.340 to 65.659, while the trading volume is 24.066K.Brent oil futures added 0.74% to $68.50 by 8:52 PM ET (1:52 AM GMT), sunk below the $70 mark after advanced.The Organization of the Petroleum Exporting Countries and allies (OPEC+)’s preserved its supply limits. Moreover, Organization of the Petroleum Exporting Countries (OPEC), Russia and their oil producing allies, known as OPEC+, agreed last week on sticking with output reductions despite rising crude prices.
Asian Daily Market Review
2021-03-09 03:16UTC
Markets are mixed across Asia Tuesday as indices in China, South Korea, and Taiwan are all struggling, while investors across the region wait to see if the U.S. House of Representatives will pass the $1.9 trillion stimulus plan on Tuesday. In Japan the Nikkei is trading 0.2% higher after struggling early. Banking shares are higher on rising bond yields, while auto makers are gaining on optimism over an economic recovery. Shares of Softbank are 2.5% higher, but Sony is dropping 2.9%. Among the major exporters Toyota is 1.8% higher, and Canon is advancing 1.5%, but Panasonic shares are plunging 7% on news that the company is buying supply chain software firm Blue Yonder for $6.5 billion in the biggest deal since 2011 for the company. Australia’s S&P/AX 200 also struggled at the open, but is now trading 0.3% higher as the big four banks are lending support to the market. Shares of ANZ are 1.6% higher, NAB and Westpac are each adding 1.1%, and Commonwealth Bank is up 0.7%. Major miners are mixed today, as BHP is falling 1.3%, but Rio Tinto is edging up by 0.2%. In mainland China the Shanghai Composite trades 0.8% lower, and the smaller cap Shenzhen Composite is down by 1.1%. Meanwhile in Hong Kong the Hang Seng has a gain of 1.2% as it is taking its own direction. South Korea’s Kospi is trading 1.5% lower to lead losses for the region, and in Taiwan the Taiex is 0.5% lower. Southeast Asian markets are mixed, with Singapore’s Straits Times 1.3% higher, and the KLCI in Malaysia adding 0.6%, but Indonesia’s Jakarta Composite falling 0.2%.
Disney Shares Surge Higher On Park Reopening
2021-03-08 19:47UTC
Shares of Disney gapped higher on Monday and finished the day with a 6.3% advance in reaction to the news that California will allow the entertainment company and theme park operator reopen its Anaheim-based Disneyland theme park beginning April 1. It’s been a year since Disneyland was open to the public, and even when it reopens it will be capped at 15% of its normal capacity. Once Orange County reaches risk level 3 that will increase to 25%, and at risk level 4 it will increase further to 35%. Disney’s theme parks, once a steadily growing revenue base for the company, have been a huge drag on earnings in the past year as the COVD-19 pandemic has forced the closure of its parks all around the world. Disneyland Paris is also expected to reopen the following day, April 2. Disney also released a new Full-length animated feature film this past weekend. Raya and the Last Dragon led in the box office this past weekend, taking in $8.6 million. That wasn’t as big an opening as expected, although Disney also released the movie simultaneously on Disney+ fr a fee, and released no numbers regarding purchases on Disney+. The park reopening and return of movie-going has investors optimistic over the future prospects for Disney in the coming year. While the 15% opening capacity at Disneyland and limited movie going yet won’t translate to profitability, it will limit the losses Disney has been experiencing since the COVID-19 pandemic began. That could lead the stock, which is already up 11% in 2021, and 74% over the past 52-weeks, substantially higher.
U.S. Daily Market Review
2021-03-08 15:33UTC
The leading U.S. stocks partly advanced today with tech-related shares coming under additional selling pressure.The Democrat majority in the House is estimated to approve the bill later this week. In addition, President Joe Biden is very likely to sign it into law before unemployment aid programs expire on March 14.This takes place as government bond yields extended their climb following Senate passage of a $1.9 trillion COVID-19 assistance for economic recovery.The Dow Jones Industrial Average added 104 points, or 0.3%, to open near 31,602. On the other side, the S&P-500 fell 4 points, 0.1%, and traded near 3,836. The Nasdaq Composite tumbled 93 points, or 0.7%, to about 12,827.
The USD Into A Massive Surge
2021-03-08 15:25UTC
The USD jumped to 3-1/2 month peak after higher rising U.S. Treasury yields boosted investors and added to the USD’s status as a  safe-haven.Presently, the USD versus the Euro trades at 0.841 EUR, which is a small addition of $0.0025 or 0.30% from the previous close of 0.8391.The daily trading range is from 0.8381 to 0.8432.After slipping 4% in the last quarter of 2020, the greenback managed to rally to around 2.5% on annual basis.The economic indicators added to the U.S. data showing non-farm payrolls surged by 379,000 jobs last month.Moreover, the USD preserved its mark to one-month peak against the GBP at $1.3819.
European Daily Market Review
2021-03-08 11:46UTC
European markets managed to rally today with shares in Germany leading the region. The German DAX inclined 1.27% while France's CAC-40 gained 0.78% and London's FTSE-100 added 0.15%.The rising mode takes places after the Senate approved over the week-end $1.9 trillion economic relief and stimulus bill.This is preparing the trend paving the for extensions to unemployment benefits. ABN Amro and Banco de Sabadell jumping more than 7%.Deutsche Bank and Commerzbank gained more than 5%. Mall operators Klepierre and URW rallied a whole 8.1% and 7.7%.Cruise operator Carnival also advanced 8%.
Gold Prices Surge
2021-03-08 06:29UTC
Gold prices advanced this morning during the Asian hours, recovering back from the nine-month bottom marked during the previous session over a weaker USD.
Asian Daily Market Review
2021-03-08 02:28UTC
Asian markets are trading broadly higher to start the week as Asian investors have their first chance to react to the better than expected U.S. jobs report released last Friday. Also stoking optimism is the passage of the U.S. COVID-19 stimulus bill, which is expected to be sent to President Biden on Tuesday. In Japan the Nikkei is trading 1% higher, with the Yen substantially softer versus the U.S. dollar at the open. Shares of Softbank Group are up 0.5% and Sony is trading 0.3% higher. Meanwhile major exporters are rising, with Toyota advancing 1%, Panasonic up by 0.8%, and Canon surging 4.5% higher. Australia’s S&P/ASX 200 is higher by 1.6% as Sydney heads into the final hours of trading for the day. The big four banks are pacing gains for the market, with ANZ 0.9% higher, NAB advancing 1.7%, Commonwealth Bank 2% higher, and Westpac rising 0.3%. The major miners are surging higher as well, with BHP 3.6% higher, and Rio Tinto adding 4.2%. Oil majors are slipping despite gains for crude, with Santos 1.6% lower. Mainland China’s markets are higher as well, with the benchmark Shanghai Composite up 0.8%, and the smaller cap Shenzhen Composite adding 0.5%. Over in Hong Kong the Hang Seng is lagging with a gain of 0.3%. In South Korea the Kospi has a 0.5% gain, while Taiwan’s Taiex is trading 1.3% higher. Southeast Asian markets are higher as well, with Singapore’s Straits Times Index leading gains for the region as it tacks on 1.9%. Meanwhile the KLCI in Malaysia is adding 1.1%, and the Jakarta Composite in Indonesia is 0.7% higher.
Tesla Closes Below $600
2021-03-06 02:26UTC
Shares of Tesla fell 3.8% on Friday despite the massive rally in the market following the release of the latest U.S. non-farm payrolls report. That drop took the stock to a close below $600 for the first time since December 4. What’s weighing on the stock and is it looking like a bargain at these levels? At one point the stock was down more than 8% on Friday, but the afternoon rally helped it to recoup more than half the early losses. It’s been part of the group of growth companies that have fallen out of favor in response to the surge in U.S. Treasury yields recently. Thursday saw this surge in bond yields intensify after Fed chairman Jerome Powell admitted that there could be a temporary spike in U.S. inflation as the economy reopens. That comment stoked investor fears, with market participants worried that if inflation does appear the Fed won’t be able to control it. These fears have been causing a correction for growth stocks because they are valued based on presumptions over future cash flows. If inflation heats up those future cash flows are worth less in today’s dollars. Perhaps more troubling long-term is that some Tesla bulls have been cashing in shares and admitting that Tesla now faces an onslaught of competition in the electric vehicle market. Tesla is also suffering from semiconductor shortages that are hampering its ability to manufacture its electric vehicles. The company has warned in the fourth quarter that these shortages are going to hurt vehicle deliveries in the first half of 2021 and that’s being priced into the stock.
U.S. Daily Market Review
2021-03-05 15:05UTC
The S&P-500 rallied in a volatile trading session as data showing faster-than-predicted monthly jobs growth.The broad equity benchmark traded near the flatline after gaining more than 1% earlier. The tech-heavy Nasdaq Composite dropped 1.4% in the volatile session. The Dow Jones Industrial Average gained 80 points after soaring around 300 points.Yields on U.S. government bonds preserved the rising path after new numbers indicated in a large incline in employment in February.The U.S. 10-year Treasury yield popped above 1.6% to hit a 2021 high after the February jobs report. Nonfarm payrolls surged 379,000 jobs last month after securing 166,000 in January.The February report implied in that the economy added 379,000 new jobs last month, ahead of estimates of 210,000. The unemployment rate is just around the estimate of 6.3%.
European Daily Market Review
2021-03-05 09:28UTC
European markets partly retreated today with shares in France off the most. The CAC-40 slipped 0.85% while Germany's DAX dropped 0.72%. The pan-European Stoxx-600 declined 0.9% in early trade, with travel and leisure stocks shedding 1.8% to lead the falling path.London’s FTSE-100 tumbled largely, as a persistent rise in bond yields globally led to fears of higher inflation and borrowing costs.The blue-chip FTSE-100 index lost 0.7%, with banking and mining stocks, including Prudential Plc, Lloyds banking, Rio Tinto, Anglo American, and BHP, leading declines.The European Union could its extend the export controls on Covid-19 vaccines after a supplies of AstraZeneca immunizations to Australia from the EU London’s FTSE 100 fell on Friday.
Crude Oil Prices Surge
2021-03-05 08:49UTC
Oil prices rallied more than $1 per barrel on Friday, hitting jumping to its peak in the last year.This comes after OPEC and its allies agreed not to boost its output in April as they await a more substantal recovery in demand.Now, oil trades at $64.722, which is a rise of $0.725 or 1.13% from the previous close of $63.997. The daily trading range is from $63.797 to 65.021, while the trading volume is 32.33K.Brent crude futures for May inclined $68 a barrel on Friday, a level not seen since Jan. 8, 2020. Both contracts surged more than 4% on Thursday after the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, extended oil output curbs into April.Moreover, Saudi Arabia had reported will maintain its voluntary reduction of 1 million barrels per day through April.
Asian Daily Market Review
2021-03-05 03:08UTC
Asian markets are taking their lead from overnight action in the U.S., falling in response to rising global bond yields just as Wall Street did. The U.S. dollar index is trading at a three-month high as a result, and against the Yen the USD is at an eight month high, touching the 108.00 level for the first time since June. In Japan the Nikkei is leading losses for the region, trading down by 2% despite the weakness of the Yen. Shares of Softbank Group are 2.6% lower, and Sony is falling 1.6%. Among the major exporters Toyota is 1.7% lower, and Canon is falling 2.1%, but Panasonic has a 0.9% advance in opposition with the broader market moves. Australia’s S&P/ASX 200 is 1% lower, but the index is getting support from the big four banks for a second consecutive day. Shares of ANZ are trading 1.4% higher, NAB is rising 0.4%, Commonwealth Bank is flat with a loss of less than 0.1%, and Westpac is edging lower by 0.2%. The major miners are sharply lower today, with BHP falling 3.2% and Rio Tinto dropping 4%. Mainland Chinese markets are seeing more muted losses after the Chinese government set its GDP forecast above 6% for 2021. The benchmark Shanghai Composite trades 0.3% lower, and the smaller cap Shenzhen Composite is down just 0.2%. Meanwhile in Hong Kong the Hang Seng is down 0.9% on regional pressures. In South Korea the Kospi has a loss of 1.4%, and in Taiwan the Taiex trades 0.4% lower. In Southeast Asia markets are mixed with Singapore’s Straits Times falling 0.2%, but Malaysia’s KLCI rising 0.2%.
USD Dominance As Powell Indicates No Concern Over Yields
2021-03-04 22:42UTC
The U.S. dollar rallied Thursday against a basket of rival currencies after Fed Chairman Jerome Powell indicated he has no concerns over surging U.S. Treasury yields. Instead he is focused on the long term goals of 2% inflation and maximum employment as specified by the Fed mandate. Powell went as far as saying he would only become concerned over Treasury yields if they were part of a more volatile or disorderly market move. Market participants took these comments to mean Treasury yields would be left to rise as the economic recovery in the U.S. takes hold, and as the pandemic begins to fade. Thursday’s results were that the USD Index jumped to a three-month high, the EUR/USD fell near the lows f 2021, and the USD/JPY surged to an eight-month high. All these came as 10-year Treasury yields went from 1.47% prior to Powell’s speech to 1.55% after. The EUR/USD closed below its 100-day moving average and is threatening to break below the 1.1952 intraday low hit earlier this year. Adding fuel to the downward move in the pair is the fact that the euro zone is lagging the U.S. in the pace of COVID-19 vaccinations. Additionally, euro zone retail spending unexpectedly plunged in January, while U.S. retail sales surged in response to stimulus. Meanwhile the USD/JPY put in its largest daily percentage move in two months, jumping nearly 100 pips higher and halting only as it reached the psychological resistance of the 108.00 level. Next stop for the pair is likely the 61.8% Fibo level at 108.23. The GBP is the only currency that didn’t succumb to USD strength.
U.S. Daily Market Review
2021-03-04 12:30UTC
U.S. stocks largely dropped today after Federal Reserve Chair Jerome Powell failed to guarantee that theat the Fed would preserve surging bond yields and inflation expectations in hand with initial estimate.The S&P-500 slipped 2.5%, wiping out earlier gains, while the Dow Jones Industrial Average slid 560 points. The Nasdaq Composite lost 3%.Apple declined around 2%, while Tesla tumbled 5.7%. U.S. mortgage rates stand around historic lows for months and contributed to the housing market entered into solid recovery to above pre-pandemic levels.Freddie Mac, which is the government-owned mortgage holder, announced that the 30-year fixed rate mortgage has secured around 0.6 % points to 3%.U.S. government-bond prices retreated after Federal Reserve Chairman Jerome Powell announced that the central bank’s current policy stance is appropriate.
European Daily Market Review
2021-03-04 07:42UTC
European markets advanced with shares in London leading the region. The FTSE-100 added 0.93% while France's CAC 40 surged 0.35% and the German DAX secured 0.29%. The pan-European Stoxx-600 slipped 0.6% in early trade, with basic resources falling 3.5%.Lufthansa marked a smaller-than-predicted net loss in the fourth quarter but registered a full-year loss of 6.7 billion-euro ($8.1 billion) in 2020. Euro zone bond yields tumbled after a global bond sell-off a day earlier that spooked markets.The blue-chip FTSE 100 index slid 0.5%, with mining stocks, including Rio Tinto.The Moscow Exchange seen a record inflow of 883,400 new private investors in February. The exchange estimates a 600,000 brokerage accounts to open per month, which could raise its number of retail clients to 15 million by year-end.
Gold Prices Fell
2021-03-04 07:14UTC
Gold prices dropped this morning in Asia, with rising U.S. Treasury yields.Precious metal prices managed to pushes rising mode from the near nine-month low.Now, the yellow metal trades at $1720.56, which is a minor incline of $9.67 or 0.57% from the previous close of 1710.89.The daily trading range is from $1706.45 to 1721.18, while the trading volume is 154.563K.The U.S. economic recovery continued at a modest pattern over the first weeks of 2021. On the stimulus side, debate on President Joe Biden’s $1.9 trillion package sent to the Senate has been slightly progressing.Silver prices advanced 0.4%, while palladium eased 0.3% and platinum fell 0.5%. 
Asian Daily Market Review
2021-03-04 02:06UTC
The Yen has fallen to a seven month low against the U.S. dollar overnight Thursday, however it’s providing no support for equity markets as the USD strength is coming from another surge higher in global bond yields. That’s sending markets all across the Asian region lower, although investors are more optimistic over increasing vaccine distribution and the possibility of a faster than expected recovery in the global economy. In Japan the Nikkei is trading 1.6% lower as Tokyo heads towards the lunch break. Shares of Softbank are plunging 5.5% and leading losses for the index, while Sony is trading 2.7% lower. Among the major exporters Toyota is edging lower by 0.3%, Panasonic is 1.2% lower, and Canon is falling 2.3%. Australia’s S&P/ASX 200 has a loss of 0.7%, but the big four banks are keeping losses in check as they rally on the rise in global bond yields. Shares of ANZ are up 2.7%, NAB has a 1.9% gain, Commonwealth Bank is adding 0.8%, and Westpac is rising 0.7%. Among the major miners shares of BHP are 0.5% lower, but Rio Tinto is adding 1.6%. In mainland China markets have opened to significant losses, with the benchmark Shanghai Compsite falling 0.9%, while the smaller cap Shenzhen Composite is leading losses for the region with a loss of 1.9%. Meanwhile in Hong Kong the Hang Seng is trading 1.2% lower. South Korea’s Kospi has a loss of 0.9%, and in Taiwan the Taiex is falling 1.3%. In Southeast Asia Singapore’s Straits Times Index is bucking the falling trend with a 0.2% advance, and in Malaysia the KLCI trades down by 0.4%.
Crypto Daily Market Review
2021-03-03 22:10UTC
Bitcoin climbed back above the $50,000 mark Wednesday, lifting the entire cryptocurrency market as well. The gains came as reports came out that more companies are eyeing exposure to the leading cryptocurrency. As an example, Paypal is reportedly considering a purchase of Israel-based Curv, a cryptocurrency secure storage startup. While several sources have reported on the potential deal, the price for the deal has been reported as anywhere from $200 million to $500 million. In other cryptocurrency related news Goldman Sachs is reportedly ready to revive its cryptocurrency trading desk next week. It will begin dealing in Bitcoin futures and non-deliverable forwards, and is also reportedly exploring the creation of a Bitcoin ETF. Bitcoin began its move higher following the Congressional testimony of SEC Chairman nominee Gary Gensler. As part of his testimony he said that the SEC would work to remove manipulation and fraud from the crypto markets. Gensler has long been considered a strong advocate for digital assets. In addition to the move higher for Bitcoin all of the top ten cryptocurrencies gained for the day as well. Litecoin (LTC) led the charge higher as it added 10%. Chainlink (LINK) was the next best performer with a gain of 9.2%, but number two cryptocurrency Ethereum wasn’t far behind as it tacked on 8.8% and looked to climb back above the $1,600 level. Even worst performing Cardano (ADA) was up 3.4% on the day. Ironically Cardano is the best performer over the past 7 days, adding 18.6% in that time. Overall there were just 2 of the top 100 cryptocurrencies that finished the day in the red.
Crude Advances Despite Record Jump In Inventory Levels
2021-03-03 21:46UTC
Crude oil jumped sharply on Wednesday, despite the U.S. Energy Information Administration reporting a record rise in U.S. stockpiles of 21.6 million barrels. Offsetting that rise was a draw of 14 million barrels of gasoline as the Texas refineries continue to recover from the historic freeze that shut-in a good deal of production for nearly a week. By the close West Texas Intermediate crude was up 2.6%, settling at $61.53 a barrel. At the same time global benchmark Brent crude advanced 2.2% to close at $64.07 a barrel. The gains came after Reuters reported that OPEC is considering keeping production cuts in place when they meet on Thursday. That’s in contrast with previous thinking, which had traders pricing in a return of 500,000 barrels per day of production in April. What wasn’t addressed by the reports is whether or not Saudi Arabia plans on maintaining its voluntary 1 million barrel per day production cut that it undertook in February and March. If the Saudi’s decide to drop the voluntary cuts the 1 million barrel per day production increase is almost sure to have a negative impact on crude prices. Prices have been climbing recently in the belief that demand will return quickly as the global economy gets restarted. However those gains haven’t taken into account any returning production in April. They also haven’t taken into account the strengthening U.S. dollar. With U.S. Treasury yields on the rise the U.S. dollar has gained strength recently. That stronger U.S. dollar is a negative for crude, as it is priced in dollars and becomes more expensive overseas when the dollar rises.
U.S. Daily Market Review
2021-03-03 19:41UTC
U.S. markets were continuing the rotation from growth to value Wednesday afternoon as Treasury yields were once again climbing higher. Weak economic data also weighed on markets as traders worried about the trajectory and strength of the economic recovery. Also playing into losses is the increasing concerns that equity valuations are excessive. As the afternoon session began on Wall Street the Dow Jones Industrial Average was leading the market, rising more than 100 points or 0.4%. The technology heavy Nasdaq is trading 1.4% lower as tech stocks are getting pounded again. The benchmark S&P 500 has a more modest loss of 0.3%. Technology shares in negative territory today include Netflix with a 4.2% loss, Nvidia which is 3.3% lower, and Microsoft losing 2.2%. Overall the S&P technology sector is 2.5% lower to lead losses. The closest losing sector is the consumer discretionary, which is down 2%. By contrast the Dow Industrials is seeing American Express shares up 2.7%, while Boeing is gaining 2.5%, and both JPMorgan and Chevron are adding 2.1%. On a per sector basis the energy sector is leading as it trades 2.4% higher today, while the financials are adding 1.2%. Meanwhile the U.S. dollar is once again strengthening broadly in response to the rising Treasury yields. That’s causing gold to pull back, although it is remaining above the $1,700 level. Crude oil is also rising today, despite indications that OPEC and its allies will not vote to remove production cuts when they meet tomorrow. The U.S. Energy Information Administration also reported the largest ever crude inventory build, but it’s had little impact on crude prices.
European Daily Market Review
2021-03-03 16:05UTC
European markets gave up early gains and headed lower Wednesday afternoon as Treasury yields in the U.S. began to nudge higher. Also in focus was the latest HIS Markit final euro zone composite PMI, which came in at 48.8 for February. That was an improvement from the 47.8 reading in January, and it exceeded analysts’ expectations, but it does still signal that the EU economy remains in contraction. The pan-European Stoxx Europe 600 was trading lower by 0.4% heading into the final hour of trading in Europe. Meanwhile the CAC 40 in France was flat with a slight loss of less than 0.1%, while the DAX 30 in Germany was trading just 0.1% lower. If markets close lower today it will snap a two session winning streak for European markets. Leading the CAC 40 in France higher were Sodexo and Saint Gobain, with the two trading up by 4.2% and 3.8% respectively.  And in Germany automotive shares led gainers, with auto parts maker Continental rising 4%, BMW trading up by 3.7%, and Volkswagen adding 3.3%. Across the rest of Europe the IBEX 35 in Spain is trading 0.5% lower, and in Italy the FTSE MiB has a loss of 0.7%. In the U.K. the FTSE 100 is outpacing its European peers as it’s rising 0.4%. That’s despite traders learning that UK corporate taxes will be rising by 25% in 2023 to help restore public finances in the wake of the COVID-19 pandemic. Banks are providing the broadest gains in London, but the best performer in the FTSE is hotel and restaurant operator Whitbread, with a gain of 5.5%.
Asian Daily Market Review
2021-03-03 02:38UTC
Asian markets are mostly pushing higher after overnight losses on Wall Street and despite warnings by Chinese regulators regarding the potentially excessive valuations of global equities. In Japan the Nikkei has erased an early loss and is hovering near unchanged levels with a gain of less than 0.1%. The Yen remains weak against the USD, but has been unable to push above the 107.00 level. Shares of Softbank Group are supporting the market with a gain of 1.3%, but Sony is trading 0.8% lower. Among the major exporters Toyota is adding 0.4%, and Canon is 0.7% higher, but Panasonic is falling 0.8%. Australia’s S&P/ASX 200 has a gain of 0.7%, with the big four banks leading gains for the market. Shares of ANZ are trading 1.8% higher, NAB is advancing 1.4%, Commonwealth Bank is adding 0.9%, and Westpac is 1.3% higher. The major miners are also advancing strongly today, with BHP adding 2.8% and Rio Tinto rising 1.8%. Mainland China’s markets are mixed, with the benchmark Shanghai Composite advancing 0.8%, but the smaller cap Shenzhen Composite falling 0.3%. Meanwhile in Hong Kong the Hang Seng is leading gains for the region as it trades 1.3% higher. Shares of Alibaba are trading 0.8% higher, despite the US listed shares falling 3% overnight on Wall Street. In South Korea the Kospi has a modest gain of 0.2%, and in Taiwan the Taiex is 0.3% higher. Both indices have overcome early losses. Southeast Asian markets are trading mixed as Singapore’s Straits Times Index adds 0.5% and the KLCI in Malaysia edges up by 0.1%, while the Jakarta Composite in Indonesia is falling 0.3%.
Target Shares Fall Despite Strong Earnings And Sales
2021-03-02 23:10UTC
Shares of retailer Target popped higher at the open on Tuesday after reporting better than expected earnings that were driven by strong holiday sales and a pickup in foot traffic to stores in January. Yet by the close of the session shares were down 6.8% despite the solid earnings news. Target had an outstanding 2020 thanks to the pandemic that had shoppers looking for safe and affordable ways to buy their groceries and other items. Over the course of the year sales grew by $15 billion, which is greater than the company’s combined sales growth in the prior 11 years. Not only did the company benefit from the jump in online sales, they were also helped by the $600 stimulus checks, which helped boost sales all across the retail industry. Target CEO Brian Cornell spoke of a surge of traffic in the stores in January, with consumers using gift cards, and growth across all the categories of merchandise from electronics to beauty supplies. Earnings per share for the quarter came in at $2.67 a share on revenues of $28.34 billion. That was against expectations of earnings of $2.54 a share on revenues of $27.48 billion. Shares fell on the day however as the company declined to provide guidance for the remainder of the year, claiming the pandemic has provided too much uncertainty. Management also said that they believe they gained roughly $9 billion in market share from competitors due to their stores closing while Target remained open during the height of the pandemic. Target also capitalized by offering a variety of shopping approaches that is expected to increase customer loyalty.
U.S. Daily Market Review
2021-03-02 14:02UTC
Wall Street’s main indexes are into a  falling side today after a solid start of the month.Also, yields retreated back from a one-year high.At 11:36 a.m. ET, the Dow Jones Industrial Average slipped 101.65 points, or 0.32%, to 31,433.86.The S&P-500 declined 23.50 points, or 0.60%, to 3,878.32 and the Nasdaq Composite tumbled 149.77 points, or 1.10%, to 13,439.06.Kohl’s Corp stock price surged around 1.5% as it posted holiday-quarter results beyond initial estimates.The 10-year Treasury yield dropped 1.41%. The benchmark rate appeared to be stabilizing this week after surging to a high of 1.6% last week.U.S. House Majority Leader Steny Hoyer reported that he predicts that he expects that the House of Representatives to support President Joe Biden’s $1.9 trillion COVID-19 relief plan again next week.
European Daily Market Review
2021-03-02 10:05UTC
European markets were able to advance with shares in France leading the region. The CAC-40 added 1.57% while London's FTSE-100 gained 0.30% and Germany's DAX rose 0.11%.The pan-European Stoxx-600 moved around the flatline in early trade, with oil and gas stocks falling 1.3%.Euro zone inflation preserved the steady path as it was predicted last month, taking a break in what is likely to be a temporary but solid rally in consumer prices.Prices in the 19 countries sharing the euro rose by 0.2% on the month in January and 0.9% versus last year, in hand with expectations, according to expectations from Eurostat.German manufacturer Kion Group surged 4.5% to lead the Stoxx 600 in early trade.In the meantime, the French Hellofresh and Edenred corporate services platform dropped around 4% to the bottom of the index.
The USD Advances
2021-03-02 09:01UTC
The USD surged this morning during the European trading hours.The Federal Reserve seen could follow further liberal stance to higher bond yields than its peers.Presently, the USD versus the Euro trades at 0.833 EUR, which is an addition of $0.0034 or 0.41% from the previous close of 0.8299.The daily trading range is from 0.8296 to 0.8333.Moreover, the largely volatile AUD/USD retreated around 0.3% to 0.7750, after the Reserve Bank of Australia re-committed to preserve interest rates at historic bottoms.The USD managed to partly recover amid forecasts that the Fed will stimulate higher bond yields.The European Central Bank implied in some predictions about the recent rises in bond yields. The common currency also fell today from weak German retail sales as the Covid-19 crisis and the withdrawal of a temporary limitations in sales tax hit consumer demand in the country.
Crude Oil Prices Dropped
2021-03-02 07:26UTC
Oil prices slipped little more than 1% this morning.This is further adding to the falling path that began last week, as investors unwound long positions on concern that OPEC may agree to raise global production levels.Now, oil trades at $59.998, which is a further loss of $0.205 or 0.34% from the previous close of 60.203.The daily trading range is from $59.438 to 60.368, while the trading volume is 19.32K.U.S. West Texas Intermediate (WTI) crude slid 74 cents, or 1.2%, to $59.90 per barrel.The market sentiment is concerned about the Organization of the Petroleum Exporting Countries and OPEC+, which is expected to increase oil output.The group meets on Thursday and could discuss allowing as much as 1.5 million barrels per day (bpd) of crude back into the market. OPEC oil output retreated in February as a voluntary reduction by Saudi Arabia added to set limitations agreed to under the previous OPEC+ pact.China's factory activity tumbled to a nine-month low in February, which will affect oil demand and will generate in some pressure on the oil prices.  
Asian Daily Market Review
2021-03-02 02:07UTC
Asian markets have turned broadly higher Tuesday morning, tracking overnight gains on Wall Street where the Nasdaq rose more than 3% and the S&P 500 had its best daily percentage gain since June. The optimism in equity markets has come as bond markets have stabilized and calmed worries over inflation heating up excessively. Japan’s Nikkei is edging up by 0.1% as the Yen continues to weaken versus the U.S. dollar despite the pullback in U.S. yields. Shares of Softbank are trading 0.2% higher, but Sony is falling 0.7%. Among the major exporters Toyota is 0.5% lower, while Panasonic rallies 1.8% higher, and Canon is adding 1.6%. In Australia the S&P/ASX 200 is up by 0.3% as investors await the latest rate decision from the Reserve Bank of Australia. Shares of the big four banks are supporting the market, with ANZ 1.4% higher, NAB rising 0.4%, Commonwealth Bank adding 0.5%, and Westpac slipping 0.1% lower. Major miners are also supporting the market, with BHP advancing 0.2% and Rio Tinto trading 1.2% higher. Mainland China’s markets are struggling to remain in positive territory, with the benchmark Shanghai Composite and the smaller cap Shenzhen Composite up less than 0.1%. Meanwhile in Hong Kong the Hang Seng is rising 0.5%. South Korea’s Kospi is leading gains for he region as it rises 1.8% following yesterday’s holiday closure. Taiwan’s Taiex is up 1.3% as well as traders there return from a holiday extended weekend. In Southeast Asia markets are also rising, with the KLCI in Malaysia and the Straits Times Index in Singapore each adding 0.5%, while Indonesia’s Jakarta Composite is flat at the open.
Will The GBP/USD Continue Higher?
2021-03-02 01:49UTC
Even though the U.K. has been grappling with the economic fallout of COVID-19 related lockdowns, the British Pound has enjoyed a strong start to the year. That’s primarily been based on Brexit optimism and the rapid pace of COVID-19 vaccinations in the U.K. Last week the GBP/USD was able to blow through the 1.4000 level, trading as high as 1.4243 before pulling back late in the week as the U.S. dollar gained strength in response to rising bond yields. Today it looked as if the Pound would regain its dominance, however this time around the 1.4000 level presented too much resistance and the pair dropped back to starting levels, with the 1.3900 handle acting as support. That’s now allowed for some consolidation, and the Pound isn’t looking as overbought as it did last week. As a result there are some interesting potential bullish continuation possibilities coming into play. This is especially true given the strong bullish uptrend seen from the GBP/USD since September. With the 1.3900 level holding as support on Monday there’s an opportunity for a retest of the resistance at the psychologically important 1.4000 level. If the pair can push above that level there’s a clear path to test the highs from last week, and the top of the continuation channel at the 1.4280 level. A move beyond that could see the pair easily trading up to the 1.4500 handle. On the downside a break below the 1.3900 support level would clear the way for a test of long-term support at the 1.3750 level. Given the fundamentals of the USD it isn’t likely this support will be broken.
U.S. Daily Market Review
2021-03-01 15:35UTC
U.S. stocks rallied today as a weekslong advance in government bond yields stalled.The Dow Jones Industrial Average added 645 points, or 2.1% in mid0session.The S&P-500 soared 2%, while the technology-heavy Nasdaq Composite jumped 1.9%. Apple Inc, Microsoft Corp, Facebook Inc and Amazon.com Inc recovered after a selloff last week in tech stocks. Apple surged around 5% and the biggest giver to the rising path of S&P-500.U.S. bond yields eased after a minor rally last month amid forecasts of higher inflation. The U.S. 10-year treasury yield dipped to 1.449%.Johnson & Johnson secured 0.5% after was granted the third authorized COVID-19 vaccine in the U.S.The USD Index jumped to a three-week peak today as investors bet on faster growth and inflation in the United States.Benchmark 10-year Treasury yields inclined 1.432% today.
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