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Еuropean Daily Market Review
2021-05-14 07:16UTC
European stocks jumped at the very end of the week after Wall Street snapped a three-session falling pattern.The pan-European Stoxx-600 gained 0.6% in early trade with travel and leisure stocks adding 1.4% to lead the rising path.Italian infrastructure group Atlantia announced a first-quarter net loss on Thursday and confirmed that it would make a decision on the sale of a majority stake.Euro zone government bond yields were steady on Friday, stabilising after the benchmark German Bund yield rallied to two-year peak.The GBP was on track for a second week of gains against the USD, consolidating above $1.40. The GBP added 1.8% versus the USD since the start of May, stimulated by additional program by the Bank of England.Spirits maker Diageo inclined 1.8% after brokerages raised their price targets on the stock.
Crude Oil Prices Fall
2021-05-14 06:48UTC
Oil prices dropped this mroning during the Asian hours, extending yesterday’s loss of 3%.This is taking place as the number of COVID-19 cases in India remains near record highs and fuel demand concerns are still active.The key oil network in the U.S. resumed operations after an almost weeklong being out of order.Currently, oil trades at $63.607, which is a loss of $0.155 or 0.24% from the previosu close of 63.762.The daily trading range is from $63.339 to 63.910, while the trading volume is 12.486K. The oil’s retreat came despite the International Energy Agency (IEA)’s forecast earlier in the week.Meanwhile, the coming signals from the U.S. economy is that economic recovery could be on the way.In fact, initial jobless claims for the week sunk to a 14-month bottom of 473,000.The Colonial Pipeline reported that it is slowly recovering its entire pipeline system operation after being hit by a cyber-attack during the previous week.
Asian Daily Market Review
2021-05-14 02:17UTC
Asian markets are following Wall Street higher on Friday after U.S. equity markets halted a three session slide and regained some ground in overnight trading. In Japan the Nikkei is trading 1.3% higher heading into the afternoon, with the Yen remaining weaker versus the U.S. dollar following Tuesday’s rally for the greenback. Shares of Softbank Group are 0.4% higher, while Sony is adding 2.1%. Among the major exporters Toyota is edging up by 0.1%, while Panasonic is adding 0.8%, and Canon is outperforming with a gain of 2.3%. In Australia the S&P/ASX 200 trades 0.6% higher, with the big four banks providing a tailwind. Shares of ANZ are up 1.3%, NAB is adding 1.2%, Commonwealth Bank has a 0.7% gain, and Westpac shares are advancing 1%. The major miners are underperforming however, with Rio Tinto falling 0.3% and BHP inching down by less than 0.1%. Mainland China is bucking the rising trend across the region and are trading flat, with the benchmark Shanghai Composite edging up by less than 0.1%, while the smaller cap Shenzhen Composite has a loss of less than 0.1%. Meanwhile in Hong Kong the Hang Seng is trading 0.3% higher. South Korea’s Kospi is rising 0.5% today, with Samsung Electronics helping lift the index as it trades up by 1.5%, and in Taiwan the Taiex is leading gains for the region as it is adding 1.6%. Southeast Asian markets are mostly lower however, with the Jakarta Composite in Indonesia falling 0.6% and the Straits Times in Singapore losing 0.6%, although Malaysia’s KLCI has a modest gain of 0.3%.
Inflationary Pressures Should Help Lift Gold Eventually
2021-05-13 21:09UTC
Despite the U.S. consumer price index jumping the most in 13 years, giving another indication that inflation is really heating up in the U.S., gold was only able to make a small gain on Thursday. That indicates that gold, which is expected to rise in an inflationary environment, hasn’t yet been able to shake off the negativity that’s come from rising Treasury yields. It’s not certain yet if the gold market is accepting the Federal Reserve view that inflation is going to be transitory, or if it is simply the rising Treasury yields and strong U.S. dollar that’s keeping gains in check for gold. One thing is clear though, and that’s the fact that outside market forces remain the most important driver of gold prices. Gold prices edged up by 0.1%, erasing the 0.1% loss from the previous session. It was the sixth time in the past seven sessions in which gold posted a gain. Analysts believe the CPI numbers released earlier this week should be giving the Federal Reserve pause, and encouraging them to begin raising rates now rather than claiming the inflation is only transitory. However they are stuck between the strengthening labor market and the possibility of crushing a fragile recovery, sinking the U.S. economy back into recession. In the long term the inflationary environment is going to favor higher gold prices, but with equity markets trading at record levels there will be a degree of deleveraging necessary before gold is able to make a serious run higher. Yet the move above the $1,800 level last week, and the ability of gold to remain above that level signals bullishness moving forward.
U.S. Daily Market Review
2021-05-13 13:46UTC
The major U.S. indexes advanced today, regaining its path from steep retreats in the previous session.The Dow Jones Industrial Average inclined 550 points. The S&P-500 gained 1.5% as all 11 sectors traded higher. The tech-heavy Nasdaq Composite also popped 1.5% as Apple and Microsoft both secured around 2%.The USD preserves its steady trend near week highs after the U.S. Labor Department declared greater producer prices in April.The producer price index added 0.6% in April after surging 1.0% in March. In the 12 months through April, the PPI shot up 6.2%. The Labor Department announced that the prices of goods and services surged at their fastest pattern since 2008 last month with the Consumer Price Index spiking 4.2% versus last year.Shares of Apple Inc. soared 2.4% in morning trading Thursday, to bounce back above the 200-day moving average (DMA).
Еuropean Daily Market Review
2021-05-13 11:18UTC
Еuropean Daily Market ReviewThe major European indexes are into a falling side.The German DAX LOST 1.37%, the French CAC-40 slipped 1.03% and the British FTSE-100 tumbled 2.05%. This is taking place as the leading global were spooked by the latest U.S. inflation figures.The pan-European Stoxx 600 dropped 1.2% by early afternoon, with basic resources dropping 3.8% to lead the falling pattern. Germany reported the record-high prices in Europe’s carbon market reflected investor confidence in target goals of the emission levels.European Union carbon prices jumped more than 100% in the last six months, prompting concerns the surge has been fueled by financial investors rather than demand push prices.Aggregate spending on British credit and debit cards for the week period to May 6 came 106% of its February 2020 level.This represents a rally from 99% a week earlier as demand advanced on travel, eating out and other activities that after the restrictions were removed.
Gold Prices Fell
2021-05-13 05:39UTC
Gold was prices tumbled this mroning  durign the Asian hours over larger-than-predicted U.S. consumer prices for April.Now, gold trades at $1816.55, which is an addition of $1.53 or 0.08% from the previous clsoe of 1815.02.The daily trading range is from 1813.13 to 1822.89, while the trading volume is 203.831K.The benchmark U.S. 10-year Treasury yield jumped to its peak of the last month. The U.S. core consumer price index (CPI) for April gained 0.9% month-on-month, rising by the most in nearly 12 years. Market analysts are worried that the signs of a long period of higher inflation could stimulated the U.S. Federal Reserve to raise interest rates.Fed vice chairman Richard Clarida declared yesterday that the rally in inflation is expected to last only and the Fed is not likely to follow a slowdown of its stimulus plan.President Joe Biden reported after meeting with Republican leaders on Wednesday, that he is willing to compromise on the expected trillions of USD in infrastructure spending. In the meantime, palladium secured 1.7% to $2,903.68 per ounce, silver inclined 0.5%, and platinum soared 0.4%.
Asian Daily Market Review
2021-05-13 01:49UTC
Asian markets are trading broadly lower Thursday morning after overnight losses on Wall Street. The losses were spurred by U.S. consumer prices data, which showed inflation rising at its fastest rate in 13 years in April. Inflation fears are sending U.S. Treasuries higher, and pressuring equity markets globally. In Japan the Nikkei is falling 1.8% as Tokyo heads into the lunch break. Shares of Softbank are plunging 6.5% and Sony is down 1.9% in early trade. Among the major exporters has a more modest loss of 0.8%, Panasonic is 1% lower, and Canon is falling 2.6%. Australia’s S&P/ASX 200 is down 0.5% in afternoon trade, with the big four banks supporting the broader market. Shares of ANZ are trading 1.2% higher, NAB is edging up by less than 0.1%, Commonwealth Bank is up by 0.1%, and Westpac is falling 0.2%. Major miners are also muting losses as BHP trades 0.3% higher and Rio Tinto adds 0.6%. Mainland China has opened to sharp losses following its own inflationary cues from the prior session, with the benchmark Shanghai Composite falling 0.9% and the smaller cap Shenzhen Composite off by 1.1%. Meanwhile in Hong Kong the Hang Seng has a loss of 1.2%, with shares of Tencent off by 1.6% and rival Alibaba losing 2.1%. South Korea’s Kospi is down by 0.4%, with index heavy weight Samsung losing 1.3%, and the Taiex in Taiwan is falling 1.2%. In Southeast Asia markets are mixed as the Straits Times in Singapore is down 0.7% and the Jakarta Composite in Indonesia is down 0.6%, while Malaysia’s KLCI has a gain of 0.3%.
U.S. Inflation Rises At Fastest Pace In 13 Years
2021-05-12 17:44UTC
The U.S. Consumer Price Index surged to its highest level in 13 years in April, putting additional stress on the economic recovery in the U.S. and causing U.S. equities to fall sharply in afternoon trade on Wall Street on Wednesday. The Consumer Price Index jumped 0.8% in April, matching the largest monthly increase since 2009. Analysts were expecting a much more modest rise of 0.2%. On a year-over-year basis inflation jumped by 4.2%, which is the largest move since 2008. It’s the rapid reopening of the U.S. economy that’s said to be causing the current surge in inflation, which the Federal Reserve claims is temporary. Businesses have struggled to keep up with demand as consumers pour back into stores, shops, and restaurants. The problem is being exacerbated by shortages of key parts, and supply chain bottlenecks tied to the global pandemic. Even though the central bank claims that inflation will recede once business returns to something approaching normal, investors haven’t been convinced as interest rates in the U.S. have now risen for six consecutive months on worries over rising inflation. One area that’s seeing particularly sharp inflation is automobiles, where parts shortages and a lack of used vehicles has seen the price of used cars and trucks top $25,000 for the first time ever. Food prices are also rising at twice the normal rate, due to sharp increases in the price of basic agricultural products such as corn and soybeans. One bright spot has been gasoline prices, which actually fell in April, however that isn’t likely to last as more people take to the roads and skies this summer for their vacations.
U.S. Daily Market Review
2021-05-12 15:37UTC
U.S. stocks are into a falling mode today led to the a losing pattern by technology shares as key inflation data showed higher-than-expected price pressures.At 9:57 a.m. ET, the Dow Jones Industrial Average slipped 195.17 points, or 0.57%, at 34,073.99.The S&P-500 dropped 30.58 points, or 0.74%, at 4,121.52. The Nasdaq Composite declined 155.20 points, or 1.16%, at 13,234.23.Tech shares have been under pressure this month.Shares of hi-tech giants of Alphabet, Microsoft, Facebook, Amazon and Apple all retreated around 2%.The Labor Department’s data indicated in that U.S. consumer prices advanced by the most of the last 12 years in April as booming demand coming from the reopening businesses.
Еuropean Daily Market Review
2021-05-12 12:26UTC
European stocks added some as global markets moved to higher territory for key data releases.The German DAX gained 0.37%, the French CAC-40 fell 0.03% and the British FTSE-100 surged 0.64%. The pan-European Stoxx-600 inclined 0.3% during afternoon trade, with utilities adding 1.2% to lead the rising path.Dutch bank ABN Amro tumbled 8.9% after reporting a first-quarter net loss of 54 million euros ($66 million) on the back of a substantial money laundering fine.French video game company Ubisoft retreated 9.2% after warning that profits could decline this financial year.Banks pressing the European Central Bank to extend temporary capital relief granted during the pandemic to keep credit in line.Lending institution have been calling officials to be allowed to keep excluding deposits held at central banks when calculating their leverage ratio.
Crude Oil Prices Surge
2021-05-12 07:18UTC
Oil prices rallied this morning after a loss in U.S. crude inventories reinforced OPEC's solid demand outlook.Presently, oil trades at $65.880, which is another rise of $0.467 or 0.71% from the previous clsoe of 65.413.The daily trading range is from 64.951 to 65.971, while the trading volume is 16.872K.U.S. West Texas Intermediate (WTI) crude futures secured 29 cents, or 0.44%, to $65.57 per barrel at 0646 GMT.Several gas stations across the states of Florida and Virginia began running out of fuel on Tuesday as drivers rushed to top up their tanks and pump prices rocketed.U.S. unleaded gasoline prices jumped to an average $2.99 a gallon, its peak since 2014, according to the American Automobile Association said.Colonial Pipeline has reported that predicts to restart a large portion of the network by the end of the week.Meanwhile, oil prices were supported by the latest outlook from the Organization of the Petroleum Exporting Countries (OPEC).OPEC announced the projects demand to rally by 5.95 million bpd this year, around the same levels from its forecast last month.
Asian Daily Market Review
2021-05-12 02:09UTC
Markets across Asia opened to cautious gains on Wednesday, but soon slid lower as inflation concerns driven by rising commodity prices have fueled an exodus from equities in recent sessions. Inflation worries intensified after China released data showing factory gate prices rose at the fastest pace in three and a half years in April. That was the catalyst that erased early gains across Asia. In Japan the Nikkei opened to a 0.5% gain, but heading into the afternoon is trading 0.8% lower as the Yen holds steady versus the U.S. dollar. Shares of Softbank Group are trading 2.7% lower, but Sony is bucking the falling trend and edging higher by 0.1%. Among the major exporters Toyota trades 0.8% lower, Canon is down 1%, and Panasonic is rising 0.3%. Australia’s S&P/ASX 200 is 1% lower as the big four banks are contributing to losses for the broader index. Shares of ANZ are falling 1.2%, NAB is off by 1.6%, Commonwealth Bank has a0.4% loss, and Westpac is underperforming as it’s down 2.2%. The major miners are also lower today, with BHP dropping 0.8% and Rio Tinto pulling back by 0.7%. Mainland China is mixed as the benchmark Shanghai Composite holds onto a slight gain of less than 0.1%, while the smaller cap Shenzhen Composite trades 0.6% lower. In Hong Kong the Hang Seng is also clinging to a slight gain of less than 0.1%. South Korea’s Kospi is 0.8% lower today, and in Taiwan the Taiex is falling 0.4%. Southeast Asian markets are also broadly lower as the Jakarta Composite in Indonesia is down 0.6%, Singapore’s Straits Times is 0.5% lower, and the KLCI in Malaysia is off 0.1%.
Is It Time To Enter The House Of Mouse?
2021-05-11 15:39UTC
Many businesses have been impacted by the pandemic, but few have been hit as hard as Disney. The entertainment giant saw nearly every one of its business units shutdown during the pandemic in 2020, leading to an unprecedented string of three consecutive quarters of declining revenue and earnings. And with the first quarter of 2021, which Disney will report on this Thursday, likely comes the fourth consecutive quarter of declining earnings. All is not lost however, as the company has already begun to rebound. Its theme parks have reopened, and there are hopes they could return to 100% capacity by this summer. Theaters have reopened and Disney movies are once more primed to top the box office charts. Retail Disney stores are again selling clothing and other items, ESPN is able to broadcast live professional sports, and even the Disney cruise ships look like they could soon be taking to sea again. So, even if revenues and earnings fell again this past quarter, investors are likely to have their eyes to the future, which is looking far brighter. There is even talk of Disney reinstating their dividend, although that seems far-fetched until the company is able to fully restore earnings. That could come soon also, with several analysts projecting that Disney revenues will be back to pre-pandemic levels by the end of 2021. One other big question on investor minds is how well has the Disney+ streaming service maintained its growth as we come out of 2020. If the results from Netflix are any indication it’s likely that growth slowed significantly. That could put a cap on gains if the stock begins to rally.
U.S. Daily Market Review
2021-05-11 11:02UTC
U.S. stocks are into a falling side in a second session in a row as the rotation out of relatively higher-priced technology stocks gained higher side. Nasdaq slipped 2% dragged down by technology-related stocks. The S&P-500 lost 1.1%, while the Dow Jones Industrial Average tumbled 300 points. Big Tech stocks such as Apple retreated 2%, while Facebook, Alphabet and Amazon declined around than 1%.Tesla shares dropped around 4%. Reuters report that the electric carmaker halted plans to add to its Shanghai plant into an export hub, also contributed to the loss.Google-parent Alphabet Inc also fell 1.7%. Energy stocks also suffered such as APA Corp and Chevron Corp retreated 1.3% and 4% as oil prices massive dropped.
Еuropean Daily Market Review
2021-05-11 07:54UTC
The leading European indexes are in red today.The French CAC-40 slipped 2.14%, the German DAX lost 2.30% and the British FTSE-100 tumbled 2.33%.Moreover, the pan-European Stoxx 600 dropped 2% by late morning with travel and leisure stocks falling 4.5% to lead the dropping pattern.Earnings reports from Ubisoft and Thyssenkrupp came out before the bell.Both companies retreated around 2.6% and 6.1% respectively, while Hugo Boss holds an AGM Tuesday.Investor sentiment in Germany advanced this month thanks to a third wave of the COVID-19 pandemic tailing off.The ZEW economic research institute said its survey of investors’ economic sentiment rose to 84.4 points from 70.7 in the previous month.
Crude Oil Prices Suffer
2021-05-11 05:50UTC
Crude oil prices dropped this morning during the Asian hours.The extended closure of Colonial Pipeline’s key U.S. East Coast gasoline pipeline curbing demand for oil.Now, oil trades at $64.608, which is a loss of $0.244 or 0.38% from the previous close of 64.852.The daily trading range is from 64.276 to 64.985, while the trading volume is 10.043K.A cyberattack during the previous week forced Colonial Pipeline to shut its network.Colonial Pipeline announced today that it aims to resume full operations by the end of the week.Motiva Enterprises LLC shut two of three crude units at its 607,000 bpd Port Arthur refinery, the U.S.’ largest. The market is now focused on the U.S. crude oil supply numbers from the American Petroleum Institute, coming later today.
Asian Daily Market Review
2021-05-11 01:49UTC
Asian markets are falling broadly on Tuesday morning following an overnight selloff of technology names on Wall Street that sent the Nasdaq 2.5% lower for the day. In Japan the Nikkei has opened to a loss of 2.3% even though the Yen is softer versus the U.S. dollar for a second consecutive session. Shares of Softbank are slumping 4.2%, and Sony is trading 2.5% lower. Meanwhile the major exporters are broadly lower as well, with Toyota losing 1.8%, Panasonic plunging 6.9% lower, and Canon dropping 0.9%. Australia’s S&P/ASX 200 is also sliding lower and is trading down 0.8% mid-afternoon in Sydney. Shares of the big four banks are helping contribute to market weakness, with ANZ losing 1.2%, NAB slipping 0.3% lower, Commonwealth Bank sliding 0.4%, and Westpac trading down 0.8%. The major miners are giving back some of their recent gains, with BHP falling 0.8% and Rio Tinto dropping 2.3%. In mainland China markets have also opened lower, with the benchmark Shanghai Composite losing 0.6%, while the smaller cap Shenzhen Composite is falling 0.8%. Over in Hong Kong the Hang Seng is having a much worse time as it’s down 1.4%, with shares of technology heavy weight Tencent dropping 2.9% and rival Alibaba down 2.1%. South Korea’s Kospi is trading 1.6% lower, with Samsung pacing the market loss as it’s trading down 1.8%. In Taiwan the Taiex is falling 1.8%. Southeast Asian markets are also broadly lower today, with the Straits Times Index in Singapore losing 0.6%, the KLCI in Malaysia falling 0.5%, and the Jakarta Composite in Indonesia is unchanged at the open.
GBP/USD Makes A Bullish Breakout
2021-05-10 18:23UTC
The combination of weak jobs data in the U.S. and strong housing data in the U.K. sent the GBP/USD sharply higher in Monday’s trading session. After gapping at the open, the pair continued to trend up by more than 1.5%, finishing the day around the resistance at the 1.4150 level. That puts the pair at its highest level since February One of the catalysts for this has been the most recent employment data available, which shows the pace of recovery in the U.K. is faster than in the U.S. U.K. unemployment has dropped to 4.9%, while U.S. unemployment rose in April from 5.9% to 6.1%. That has traders convinced that U.S. interest rates are going to remain near zero for much longer, and that U.K. interest rates could soon begin climbing higher. This was emphasized by the U.K> housing data, showing a 1.4% increase in U.K. housing prices. Later this week the GBP/USD will be impacted by the latest U.S. consumer inflation data and retail sales data, both of which are due out on Wednesday. The pair will also be looking at U.K. GDP data, also due out on Wednesday. Obviously this means Wednesday will be a potentially volatile day for GBP/USD. On a technical basis the pair reached the confluence level of a symmetrical triangle pattern last Friday, and the breakout to the upside from that triangle has created a strong bullish move higher. While there could be some pullbacks as the pair reaches key resistance levels, such as the 1.4150 level, the power of the breakout and the momentum in the pair indicates further upside for the pair.
U.S. Daily Market Review
2021-05-10 12:25UTC
The Dow Jones Industrial Average jumped to record marks today amid strong gains in energy stocks.The Dow Jones Industrial Average inclined 7.5 points, or 0.02%, at the open to 34785.27. The S&P-500 slipped 4.3 points, or 0.10%, at the open to 4228.29, while the Nasdaq Composite dropped 64.6 points, or 0.47%, to 13687.595 at the start of the session.Copper miner Freeport-McMoran secured 3.4% in premarket trading, while aluminum producer Alcoa gained 3.4% .The blue-chip gauge dropped 250 points to a intraday record high.Chevron Corp, Occidental Petroleum Corp and Exxon Mobil Corp firmed about 1% after a cyber attack created in some inflationary pressure on the oil prices.
Еuropean Daily Market Review
2021-05-10 08:45UTC
The leading European markets are still without a clear market direction.The German DAX added 0.06%, while the CAC-40 and the FTSE-100 lost some ground.The pan-European Stoxx 600 moves around the flatline by late morning, with basic resources jumping 2.3%.The British company Victrex rallied a whole 9% to lead the Stoxx 600 after reporting a gain of 5% rise in sales for its fiscal first half.Italy’s biggest insurer Generali has acquired a stake in Ridemovi, which offers bicycle and electric scooter sharing services. The company hopes to grow its business in the countries of Italy and Spain.
Gold Prices Surged
2021-05-10 05:54UTC
Gold prices rallied this morning during the Asian hours and are still aroound the three-month peak.Presently, the precious metal trades at $1835.49, which is rise of $5.22 or 0.29% from the previous clsoe of 1830.27.The daily trading range is from 1829.86 to 1839.06, while the trading volume is 237.346K.The market is now focused on the rates and how this could remain at weak marks foir a while thanks to a disappointing U.S. monthly job report announced at the very end of last week.The U.S. stated its April employment report on Friday, which stated that non-farm payrolls inclined 266,000 during the month, well below the surge of 978,000.Several U.S. Federal Reserve officials, including Chicago Fed President Charles Evans and U.S. Fed Governor Lael Brainard, will give speeches throughout the week.Bank of England’s Governor Andrew Bailey is due to speak later this week on Wednesday.The gold demand in India, which is a very massive market, slipped during the previous week as there are largely jumping COVID-19 cases.The other precious metals are into a higher side, with palladium adding 0.3%, silver securing 0.8%.
Asian Daily Market Review
2021-05-10 02:43UTC
Asian markets are heading broadly higher to start the week after markets in the U.S. hit new highs last Friday following weaker than expected jobs data. In Japan the Nikkei is trading 1% higher as the U.S. dollar has gapped higher versus the Yen at the open, helping support Japan’s export sector. Shares of Softbank are trading 1.8% higher, and Sony shares are soaring 4.1%. Among the major exporters Toyota is trading up by 1.9%, Panasonic is gaining 1.9%, and Canon is advancing 1.1%. Australia’s S&P/ASX 200 is up by 1.2% as Sydney heads into its final hours of trading. Shares of the big four banks are performing slightly better than the broader market, with ANZ trading 1.6% higher, NAB adding 1.4%, Commonwealth Bank gaining 1.2%, and Westpac up by 1.3%. Among the major miners BHP is trading 2.8% higher and Rio Tinto is adding 3.3% as commodities continue to rally higher. Mainland China is underperforming the region however, with the benchmark Shanghai Composite trading back and forth over unchanged levels, while the smaller cap Shenzhen Composite is trading slightly higher by 0.1%. Meanwhile in Hong Kong the Hang Seng is trading up by 0.2% and slightly outpacing the performance of the mainland. In South Korea the Kospi is leading the region with a gain of 1.4%, while the Taiex in Taiwan is flat with a slight gain of less than 0.1%. Southeast Asian markets are mixed however, with the Jakarta Composite in Indonesia leading the way with a gain of 0.5%, while the KLCI in Malaysia is flat, and the Straits Times in Singapore is down 0.1%.
U.S. Non-Farm Payrolls Fall Far Short Of Expectations
2021-05-07 21:59UTC
Investors were hoping for a hiring boom in April to show how strong the U.S. economy is, however they got a bust instead as the April non-farm payrolls numbers fell far short of expectations. Economists were projecting the April non-farm payrolls to show 1 million jobs added to the economy and a drop in the unemployment rate to 5.8%, which would have kept the momentum from the strong March NFP report going. However the actual results were far less inspiring. April saw the U.S. economy add just 266,000 jobs, with the unemployment rate edging higher to 6.1%. That was well short of consensus expectations, and even further off the mark for those analysts who were calling for the April report to show 2 million jobs added to the economy. The March number was also revised lower by almost 150,000 jobs, but equity markets had little reaction to the numbers. That indicates investors are expecting the Fed to keep its low interest rates and easy monetary policy in place for a long time. I could also be that investors saw the weak month as a one-off that won’t be repeated heading into the summer. Some analysts were speculating that the weak jobs number wasn’t because of a lack of job demand, but was rather caused by a shortage of labor supply. Nowhere has this lack of workers been more apparent than in the leisure and hospitality industry, where some leaders are calling the labor shortage a crisis. One response to the weak jobs number was a weaker U.S. dollar, which also helped gold post its highest finish in nearly three months.
U.S. Daily Market Review
2021-05-07 16:00UTC
The S&P-500 rallied to a new peak on Friday eventoday after falling April jobs report as the weak numbers came out. The Dow Jones Industrial Average added 160 points, also reaching an all-time high. The tech-heavy Nasdaq Composite  1.3%.The Labor Department announced that nonfarm payrolls surged by just 266,000 in April, far less than the 1 million total economists were expecting, according to Dow Jones. The unemployment rate soared to 6.1% last month amid an escalating shortage of available workers.The giants of Microsoft Corp (MSFT.O), Apple Inc (AAPL.O) and Facebook Inc (FB.O) jumped between 0.4% and 1.7%.The yield on the benchmark 10-year U.S. Treasury note sunk to a bottom of 1.487%.
Еuropean Daily Market Review
2021-05-07 12:12UTC
European markets are into a mixed path and without a clear market direction for now.The German DAX secured 0.06%, while the CAC-40 declined 0.43% and  the FTSE-100 lost 0.07%.The pan-European Stoxx 600 gained 0.6% in early trade with travel and leisure stocks adding 1.1% to lead the rising mode.The European Union yestrerday agrred on the negotaitons over waiving patent protections for Covid-19 vaccines, following a U.S. proposal.Fuel sales in the U.K. advanced to their peak since the outbreak of Covid-19, the latest sign that oil demand is back into recovery.Sales of gasoline and diesel jumped 19,377 liters per filling station on April 30, the strongest since just before the country’s first Covid-19 lockdown in last March.
Crude Oil Prices Surged
2021-05-07 06:48UTC
Oil priced advanced this morning during the Asian hours, about to mark second consecutive weekly rally. This takes place amid stronger economic data from the U.S. and China, adding to the fuel demand outlook.Now, oil trades at $65.079, which is an addition of $0.234 or 0.35% from the previous close of 64.845. The daily trading range is from 64.590 to 65.212, while the trading volume is 8.919K.The U.S., Thursday’s initial jobless claims data announced that 498,000 claims lost some ground during the past week. This is the bottom since mid-March 2020 when COVID-19 crisis started.As a matter of fact, American and Chinese data offset issues about higher numbers of COVID-19 cases on a global scale.The market is also focused on the U.S.-Iran attempts to revive nuclear agreement that could lead to the removal of the sanctions on Iranian crude supplies.  
Asian Daily Market Review
2021-05-07 02:28UTC
Asian markets are moving broadly higher on Friday morning following a winning session overnight on Wall Street and as investors look ahead to the U.S. non-farm payrolls due out later in the day. In Japan the Nikkei is trading 0.3% higher, helped by continued weakness in the Yen versus the U.S. dollar. Shares of Softbank Group are trading 0.4% higher today in line with the broader index, however Sony shares are 1.2% lower. Among the major exporters Toyota is edging up by less than 0.1%, Panasonic is modestly lower by 0.2%, and Canon is rising 1.4%. Australia’s S&P/ASX 200 is trading 0.5% higher late in the afternoon in Sydney, with the big four banks helping to lift the broader index. ANZ has a 0.6% advance, NAB is adding 1.2%, Commonwealth Bank is up 1%, and Westpac is trading 0.7% higher. Meanwhile the major miners are also higher as BHP is adding 0.4% and Rio Tinto is gaining 0.6%. In mainland China markets are modestly higher, with the benchmark Shanghai Composite gaining 0.4% and the smaller cap Shenzhen Composite trading 0.3% higher. Over in Hong Kong the Hang Seng is outpacing the mainland with a gain of 0.6%. In South Korea the Kospi has a gain of 0.7%, while the Taiex in Taiwan is leading gains for the region with an advance of 1.1%. Southeast Asian markets are broadly higher as well, with the Straits Times Index in Singapore tacking on 0.7%, while the KLCI in Malaysia trades 0.4% higher, and the Jakarta Composite in Indonesia is adding 0.3%.
Gold Is Back Above $1,800
2021-05-07 00:21UTC
Gold has closed above its highest level since February on Thursday as it sliced right through the $1,800 level during the session in a continued rally that’s been sparked by concerns over rising inflation in the U.S. On a more direct note a weaker U.S. dollar and sliding bond yields also offered support for the precious metal. Analysts are calling the move quite impressive as gold has attempted to get through the $1,800 level on five separate occasions over the past three weeks. That has reinforced the resistance, but now that it’s  been broken it should turn into a solid support level. Thursday’s move saw gold rise $31.40, or 1.8%, to finish the session at $1,815.70 an ounce. Getting through that $1,800 level in such a convincing manner is as bullish as it gets for gold as it keeps a series of higher highs and lower lows that began in April in place. That means the near term trend for gold is higher. Gold came under pressure in August of last year as the U.S. dollar began strengthening, and continued heading lower on the back of rising Treasury yields. However after reaching a massive support zone between $1607 and $1690 gold bulls have slowly been regaining control. The Federal Reserve is also providing support for gold with its talk about interest rates remaining near zero through 2023. As a yield-less asset gold benefits from low interest rates. A weak U.S. dollar is also helpful for gold, so as long as Treasury yields remain under control the U.S. dollar should also provide support for gold.
Cryptocurrency Daily Market Review
2021-05-06 23:00UTC
Major cryptocurrencies have cooled Thursday, with Bitcoin slipping lower by 1.5% and number two token Ethereum (ETH) edging up by 0.5%. Number three token Binance Coin (BNB) was also fairly subdued with a loss of 2% on the day. Beyond those top three tokens we saw some increased volatility and movement. For example, number four token Dogecoin (DOGE), which has been rallying strongly ahead of the appearance of Elon Musk on Saturday Night Live, fell 7.5% on the day, making it the worst performer in the top ten altcoins. Dogecoin is still up by 90% over the past week. The other falling token in the top ten was Litecoin (LTC), with a loss of 3%. Litecoin has also been a strong performer over the past week and has gained 35% in the past 7 days. The remaining top ten cryptocurrencies were all making gains on the day, with the best performance coming from the seventh largest token Cardano (ADA) as it rallied 14.4% higher. Meanwhile Ripple (XRP) gained 2.5%, Polkadot (DOT) was 5.1% higher, and Bitcoin Cash advanced 4.8%. There are a number of tokens that made double digit gains, but the best known of these was Ethereum Classic, which rallied 50% higher on the day. That gives the token, which was created in 2016 as a fork of Ethereum, a gain of 318.8%. Investors are convinced that the token could step in and provide utility for the Ethereum chain and its dApps. Despite the strong gains from some coins it was actually a fairly mixed day as 45 of the top 100 cryptocurrencies finished the session in the red.
US Daily Market Review
2021-05-06 16:41UTC
U.S. markets are trading broadly higher Thursday heading into the lunch hour on Wall Street, despite some early weakness from the energy and health care sectors. The Dow Industrials are adding 0.6%, the S&P 500 is 0.5% higher, and the tech-heavy Nasdaq is holding to a 0.2% gain. In the S&P 500 nine of the eleven subsectors are trading in positive territory, with only the aforementioned energy and health care sectors still in the red. Helping to lift markets today is the excellent initial jobless claims report, which came in under 500,000 for the first time since the start of the COVID-19 pandemic. It is also the third consecutive week that claims have been under 600,000 and indicates that the labor market is finally approaching pre-pandemic levels. In the S&P 500 sectors the best performance is coming from the consumer staples sector, which is up 1.2%. Also showing strength today are the technology and communication services sectors. Both are up 0.7% and the rebound could be related to bargain hunting since these have been two of the weakest sectors thus far this week. Echoing the strength in technology today, the top performing stock in the Dow Industrials is Cisco Systems, which is trading 3% higher. The next best performer is another tech name in IBM, with a gain of 2%. In the S&P 500 one of the best performances is coming from game maker Activision Blizzard, with shares up 3.7% after the company crushed earnings expectations. Also making good gains is digital payments platform Paypal, with shares trading 2.6% higher ahead of the release of first quarter earnings after the market close.
European Daily Market Review
2021-05-06 15:47UTC
European markets are trading broadly lower today as investors are monitoring the slew of corporate earnings reports and a Bank of England monetary policy release. In late afternoon trade the pan-European Stoxx Europe 600 is trading 0.4% lower, while Germany’s DAX is down 0.2% and the CAC 40 in France is flat. Italy’s FTSE MiB is flat as well, while the IBEX 35 in Spain has a slight loss of under 0.1%. Germany’s DAX is seeing a number of large cap blue chip losses of greater than 2%, including automaker Volkswagen, whose shares are falling 2.8% after reporting better than expected earnings and raising guidance slightly for 2021. The worst loser in the DAX is Siemens Energy, with shares falling 4.5%. Meanwhile the best performer in the DAX is reinsurer MunichRe, with shares trading 2.1% higher. In France, investment bank Societe Generale is outperforming with a huge gain of 5.2% after smashing earnings expectations for the first quarter with income of €814 million versus expectations for €204 million. The worst performer for the fourth consecutive session this week is Worldline, with shares trading down 2.2%. In the U.K. the FTSE 100 is trading 0.3% higher after the Bank of England raised its growth forecast for 2021. The central bank also announced it would slow its bond buying program and warned that inflation could be a bit bumpy this year. British American Tobacco is at the top of the FTSE leader board, with shares rising 2.9%. Also making good gains today is insurer Prudential, with shares up 1.7%, and miner Antofagasta with a 1.6% gain.
Asian Daily Market Review
2021-05-06 01:29UTC
Asian markets are mixed on Thursday morning as Japanese and Chinese traders return to the markets after long holiday breaks. The selloff in technology overnight is causing some caution among traders who are digesting more positive earnings and solid economic data from the U.S. In Japan the Nikkei has jumped 1.6% higher in early trade as investors there return to the market for the first time this week. Shares of Softbank Group are trading 1.2% higher, but Sony is retreating by 0.3%. Among the major exporters Toyota is surging 3.1% higher and Panasonic is adding 0.5%, but Canon is trading lower by 0.8%. Australia’s S&P/ASX 200 is falling 0.3% as weakness from the big four banks is weighing on the broader market. Shares of ANZ are down 0.3%, NAB has a 2.3% loss, Commonwealth Bank is losing 0.6%, and Westpac is down 0.4%. The major miners are supporting the market however, with BHP rising 2.4% and Rio Tinto is adding 1.6%. In mainland China investors have returned to a mixed start. The benchmark Shanghai Composite is trading up by 0.2%, but the smaller cap Shenzhen Composite is falling 1.1%. Meanwhile in Hong Kong the Hang Seng is bucking the weakness from the mainland and trades 1.1% higher. South Korea’s Kospi is rising 0.5%, although the heavy weight Samsung Electronics s falling 0.6% in sympathy with overnight losses in the tech sector, and in Taiwan the Taiex has a solid 1.1% gain in early trade. Southeast Asian markets are mixed too, with the Straits Times in Singapore adding 0.5%, while the KLCI in Malaysia is falling 0.3%.
Earnings Season On Pace To Be Best Ever
2021-05-05 19:08UTC
The first quarter of 2021 may go down in the history books as the best quarter ever for S&P 500 corporate earnings. And not just for the number of companies beating analyst expectations, but also for the size of the earnings beats. With just over half of the earnings season done, 87% of the S&P 500 companies that have reported have beaten earnings expectations. By comparison the historical average is 65%. If this pace continues through the end of earnings season, and there’s no reason it shouldn’t, then this will be the best quarter ever for earnings in the S&P 500. And it isn’t just the number of companies beating estimates either. It’s also the size of the earnings beats. Historically the average earnings beat is just 3.5% above expectations, but in this quarter the average has been a massive 22.8%. All told, earnings for the S&P 500 are poised to grow at their fastest rate since 2010. It all seems like good news, but there’s also an attached problem. Investors have no idea how much of this good news has already been baked into stock prices. And in an abundance of caution they are assuming that most of the earnings are already baked in, which has led to a number of companies reporting very good earnings, only to see their stocks fall. One very good example of this is Apple. The iconic tech company set a record for quarterly earnings this season, but the stock edged lower in response. Microsoft also saw its shares drop 2.8% following extremely strong quarterly sales and earnings. Investor expectations are so high even record earnings are underwhelming.
U.S. Daily Market Review
2021-05-05 14:04UTC
U.S. stock futures are relatively static following a session defined by major weakness in technology stocks.The Dow Jones Industrial Average added 30.96 points, or 0.09%, at the open to 34,163.99. The S&P-500 started the session 12.40 points, or 0.30% higher, at 4,177.06. The Nasdaq Composite secured 97.63 points, or 0.72%, to 13,731.13 at the begining of the session.Wall Street's main indexes were set to open higher on Wednesday as megacap stocks bounced from a steep sell-off in the previous session.Shares of Netflix dropped 1.2%, and Microsoft slipped 1.6%. The giants of Amazon and Facebook lost 2.2% and 1.3%, accordingly.Apple stock tumbled 3.5% and Alphabet fell 1.6%.Private payroll data will also be released Wednesday at 8:15 a.m. ET. Stocks are once again into a rising path after Treasury Secretary Janet Yellen walked back comments that interest rates might need to be boosted.
Еuropean Daily Market Review
2021-05-05 10:47UTC
European stocks entered into recovery this morning as investors digest a fresh round of corporate earnings and key economic data coming from the zone.The DAX added 0.06%, while the CAC-40 slipped 0.43% and the FTSE-100 dropped 0.07%.The pan-European Stoxx 600 gained 1.3% by late morning trade, with basic resources jumping 3.1% to lead the rising mode.Euro zone business activity moved to a higher gear in April, boosted by an expansion in the bloc’s dominant services sector. IHS Markit’s final composite PMI for April stands at 53.8 versus to 53.2 in March. Spain could get around 69.5 billion euros ($83.46 billion) from European Union rescue funds in the next three years, according to the Economy Minister Nadia Calvino.Deutsche Post upgraded its financial guidance after more than tripling its first-quarter operating earnings, sending the stock 4.3% higher during the morning session.The leading UK miners of Rio Tinto, BHP Group and Anglo American secured about 3%.German fashion brand Hugo Boss advanced 4.2% as it saw first-quarter sales almost double in mainland China.Delivery Hero retreated 3.8% after former sold shares worth about 1.25 billion euros.
Gold Prices Dropped
2021-05-05 07:03UTC
Gold prices slipped this morning during the Asian hours as most traders and investors are focused on the U.S. Treasury Secretary Janet Yellen’s comments about the possibility of interest rate rises.Now, gold trades at $1775.49, which is a further loss of $2.90 or 0.16% from the previous close of 1778.39.The daily trading range is from 1775.31 to 1783.18, while the trading volume is 91.113K.Yellen yesterday declared that interest rate surge could be needed to stop the economy overheating due to U.S. President Joe Biden’s spending plans. Investors are now focused on remarks from other senior Fed officials, including Chicago Fed President Charles Evans.Furthermore, the coming economic data from the U.S., such as the Institute of Supply Management (ISM) Non-Manufacturing Purchasing Managers Index (PMI) and ADP National Employment Report, both are coming later today.Silver remained into a steady path steady at $26.52 per ounce and palladium gained 0.1%.
Asian Daily Market Review
2021-05-05 02:18UTC
Asian markets are trading mostly higher on Wednesday, despite the overnight losses on Wall Street that were sparked by talk of rising interest rates due to inflation by U.S. Treasury Secretary Janet Yellen. Volumes across the region remain light however as markets in Japan and China are closed for public holidays. In Australia the S&P/ASX 200 is up by 0.7% with the big four banks mixed. Shares of ANZ are trading 2.1% lower, while NAB is up by 0.9%, Westpac is 0.7% higher, and Commonwealth bank is adding 2.4%. The major miners are also rising today, with BHP advancing 1.1%, Rio Tinto trading 1.4% higher, and Fortescue Metals trading up by 0.6%. Energy majors are also helping lift the markets as Santos adds 0.9%, and Oil Search gains 1.1%. Hong Kong is open for trading today and is adding 0.4%, although mainland Chinese markets are closed for a public holiday. In South Korea the Kospi is 0.6% higher as well, with index heavy weight Samsung is gaining 1.1%, and chip maker SK Hynix is adding 0.4%. Taiwan’s Taiex is advancing 0.5%, although Taiwan Semiconductor trades 0.7% lower. Southeast Asian markets are mixed today, with the Straits Times in Singapore losing 0.7%, while the KLCI in Malaysia is nearly unchanged with a slight gain of less than 0.1%, and the Jakarta Composite in Indonesia is trading 0.3% higher. In commodity markets gold id edging up by less than 0.1% after losing 0.9% overnight on Yellen’s inflation comments, while crude is adding to its overnight gains as it’s rising 0.3%.
Cryptocurrency Daily Market Review
2021-05-04 21:33UTC
The rally in Ethereum (ETH) continued Tuesday, but many of the other top ten altcoins, including Bitcoin (BTC), headed lower on the day. By the end of the trading day Ethereum was up 2.5% and well above the $3,300 level. By contrast Bitcoin fell 5.3% to the $54,500 area. The real winner of the day though was Dogecoin (DOGE), which saw another massive surge that took it above $0.55 by the close. The gains are coming as Dogecoin bulls look forward to Elon Musk appearing on Saturday Night Live this coming May 8. Traders are piling into the meme-coin on FOMO, worried that DOGE will explode higher if Elon says anything DOGE related during his SNL appearance. Litecoin (LTC) is another coin performing well today, up by 5.1%. The only other coin in the top ten with gains is Uniswap (UNI) with a small 0.8% advance. On the other side of the market we have not just Bitcoin, but also Binance Coin (BNB) which is down 6.5%, Ripple (XRP) trading 9.5% lower, while both Cardano (ADA) and Polkadot (DOT) trade 4.1% lower. Dogecoin is the best gainer in the top 100 cryptocurrencies today, however there is a second token that’s making excellent gains, and that’s Ethereum Classic (ETC). The token, which is considered by some to be the original and “only real” Ethereum, is trading higher by 26.4% as it’s been rallying on new institutional support from Grayscale. Meanwhile the biggest loser today is Venus (XVS), trading lower by 12.7%. Venus is an algorithmic money market and stablecoin protocol on the Binance Smart Chain.
U.S. Daily Market Review
2021-05-04 16:59UTC
U.S. markets are falling broadly on Tuesday, heading into the afternoon with significant losses as investors react to comments from Treasury Secretary Janet Yellen that suggest higher interest rates might be just around the corner. Also weighing on equities today are analyst reports indicating equities are extremely overvalued by historical standards. Heading into the afternoon on Wall Street the S&P 500 is trading 1.2% lower and the Nasdaq has dropped 2.7%, while the Dow Industrials are holding up somewhat better with a 0.4% loss. The technology sector is once again significantly under pressure, falling by 2.6%. That’s being caused by drops from major large cap tech names. Shares of Netflix are trading 1.6% lower, and Microsoft has lost 2.1%. Meanwhile Amazon and Facebook have each retreated about 2.6%. The worst performance is coming from Apple with its 4.2% loss, while Alphabet fell more than 3%. Other sectors with greater than 2% losses include the consumer discretionary and communication services sectors. Both the material and financial sectors are giving the best performance today, with each up 0.4%. CVS Health Corp is one of the best performing names, with shares trading 3.6% higher after the drugstore chain reported better than expected first quarter financial results and raised its guidance for the remainder of 2021. U.S. Steel is also bucking the losing trend for the market, with shares soaring 6.5% higher after Credit Suisse analysts upgraded the stock from underperform to outperform. The upgrade comes as the analyst sees the metals in a supper cycle that’s expected to keep prices rising for the foreseeable future.
Paypal Looks To Profit From Digital Shift
2021-05-04 16:18UTC
Paypal is the original online digital payments platform, and since its inception in 1998 it has become a household name. You’d think by this time Paypal would have seen growth slowing to the single digits, but that certainly wasn’t true in 2020. Now we will get to see if the growth has continued into 2021, as the firm prepares to deliver its first quarter financial results. Of course in 2020 Paypal was assisted by a pandemic that had most people sheltering at home, and ordering as much as possible online. As an online digital peer-to-peer payments platform Paypal was perfectly suited to grow during the pandemic. And it did just that, with revenues growing by 21% and earnings leaping higher by 71%. While the pandemic is finally being brought under control by vaccinations, e-commerce and contactless payments remain popular, in what is being called the “digital shift.” Prior to the COVID-19 pandemic there was a trend towards online purchasing and digital payments, but that was accelerated massively by the need for consumers to primarily remain at home and purchase goods online. Based on earnings results for the first quarter from other e-commerce firms and from financial services platforms, it appears the digital shift is continuing into 2021, even as the economy reopens. That gives Paypal a continued boost on that front, even as the company gets a second boost from consumers who are now flush with cash from the stimulus payments, and ready to spend that cash. Paypal benefits because at least some of the payments made with the stimulus cash will be made through Paypal.
European Daily Market Review
2021-05-04 14:40UTC
European markets are tumbling on Tuesday as tech shares are once again being sold off heavily over fears of overvaluations, and concerns over reopening economies after coronavirus restrictions provided strong benefits to the tech sector during 2020. The pan-European Stoxx Europe 600, the broadest measure of European equities, is 1.3% lower, whil Germany’s DAX is leading losses for the region as it’s trading down by 2.3%. In France the CAC 40 is losing 0.9%, and in Italy the FTSE MiB is falling 1.7%, while Spain’s IBEX 35 has a more modest loss of 0.4%. In the DAX 30 only Deutsche Telecom is in the green, and that’s by less than 0.1%. The biggest loser today is Infineon Technologies, with shares trading 6.4% lower despite beating first quarter earnings estimates, and providing strong guidance for the remainder of 2021. Shares of Volkswagen are also down 4.9% in sympathy with Infineon after the chip manufacturer said semiconductors would remain in tight supply through the end of 2021. In France shares of payment processor Worldline are leading the CAC 40 lower for a second consecutive session with a loss of 2.8% today. Schneider Electric is also down 1.9%, making it one of the worst performing CAC 40 stocks for a second consecutive day as well. In the U.K. investors are returning from the holiday extended weekend to send the FTSE 100 0.3% lower. Rolls Royce is the worst performer with a 3.1% loss as it is falling on concerns over the tight supplies of chips for the automotive industry in general. Royal Dutch Shell is up 1.2% as the best performer on the FTSE today.
Asian Daily Market Review
2021-05-04 02:21UTC
Asian markets are trading mostly lower on Tuesday morning following a mixed session on Wall Street in which inflation worries were stoked by industrial data from the U.S. Markets also remain closed in Japan for a public holiday, which is muting trading volumes across the region. In Australia the S&P/ASX 200 is one of the few rising markets as its rising 0.2% in afternoon trade in Sydney. Shares of the big four banks are capping the gains from the broader index however, with ANZ 1% lower, NAB falling 0.5%, Westpac underperforming with a loss of 1.4%, and Commonwealth Bank bucking the falling trend for the banks and edging up by 0.1%. Losses are being offset by gains from the major miners as BHP trades 1.8% higher, and Rio Tinto adds 1.6%. Mainland Chinese markets have opened to losses, with the benchmark Shanghai Composite losing 0.8%, and the smaller cap Shenzhen Composite trading 0.2% lower. Meanwhile over in Hong Kong the Hang Seng is bucking the losing trend on the mainland with a slight gain of less than 0.1%, although technology heavy weights Tencent and Alibaba are down 0.6% and 0.3% respectively. In South Korea the Kospi is edging lower by 0.1%, although the index heavy weight Samsung has a 0.9% gain, and in Taiwan the Taiex is leading losses for the region for a second consecutive session with a loss of 1.2%. Southeast Asian markets are mixed as the Straits Times in Singapore is falling 0.3%, while the KLCI in Malaysia and the Jakarta Composite in Indonesia inch up by less than 0.1% each.
Cryptocurrency Daily Market Review
2021-05-03 22:50UTC
Cryptocurrencies have started the week off with strength as Ethereum (ETH) soared past the $3,000 level, and Bitcoin (BTC) dominance continues to decline. While Bitcoin did edge up by 1% on the day, its dominance fell to 47.6%. By contrast Ethereum soared nearly 15% higher on the day, and its dominance gained to 16.6%. There were other solid gains being made among the top ten altcoins. Number ten cryptocurrency Litecoin (LTC) added 9.1%, and number three token Binance Coin (BNB) advanced 8.2%. Number five altcoin Dogecoin (DOGE) also continued climbing, getting above the $0.40 level as it added 6.5% for the day. Rounding out the top ten altcoins, Cardanao (ADA) and Polkadot (DOT) were each up roughly 2%, while Ripple (XRP) edged lower by 1.2%, and Uniswap slipped 0.5% lower. The best gainer in the top 100 for the day was Waves (WAVES) with a 36.5% advance. The WAVES blockchain is multi-purpose, and includes smart contracts and dApps. The WAVES token has been rallying strongly since late April, and is now up 165% over the past 30 days, and 63% over the past week. There have been no developments announced to account for the massive rise in the value of the token recently. The worst performer in the top 100 for the day is the BakeryToken (BAKE) with a 9.9% loss for the day. The loss is actually minimal however, considering the token is roughly 450% above its price from less than two weeks ago. BAKE tokens are the incentive rewards from the BakerySwap exchange, a Binance Smart Chain based automated market maker exchange.
U.S. Daily Market Review
2021-05-03 19:51UTC
U.S. markets were mixed to start May, with the Dow Industrials and S&P 500 rising, but the Nasdaq falling due to more weakness from the technology sector. More corporate earnings helped lift markets, as did comments from the Federal Reserve and strong economic data that also pointed to rising inflation. As markets head into the final 30 minutes of trade the Dow Industrials are 0.8% higher and the S&P 500 has a gain of 0.3%, while the Nasdaq is trading 0.5% lower. Meanwhile seven of the eleven S&P sectors are trading higher. Losses from Tesla and Amazon are dragging the technology sector 0.2% lower, although it is still the best performer out of the losing sectors. In the losing group of sectors the communication services sector is 0.3% lower, the real estate sector is 0.4% lower, and the consumer discretionary sector is underperforming with a loss of 0.7%. The big winner of the day is the energy sector, which is trading 2.9% higher. The materials sector is also outperforming with a gain of 1.7%. Other strong sectors are the health care and industrial sectors with a gain of 1.1%. Helping lift markets was a comment from the Federal Reserve chairman Jerome Powell, in which he said that the U.S. economy is “making real progress,” although he qualified the remark by also stating that the gains have been sharply divided based on race and income. Economic data showed industrial production cooled somewhat in April, while materials prices jumped by the most since 2008. While this indicates inflating is on the rise, the Fed still seems unwilling to modify its monetary policy.
Six Year Long Palladium Rally Seems Unstoppable
2021-05-03 18:47UTC
While most people are watching the equity markets, forex markets, or even cryptocurrency markets, there’s another market that’s been quietly rallying out of sight of most retail investors for the past six consecutive years. That market is palladium, and yesterday it rose to a new record, which is something it’s been doing with regularity over the past several years. In fact, back in September 2018 the industrial metal passed the $1,000 mark and was declared to be in a bubble. Fast forward to yesterday, which saw palladium futures scratching at the $3,000 level. And analysts say there’s nothing stopping this rally. The thing is there’s been almost no investment in developing new supply channels over the past several years, which is creating constraints in supply. At the same time the global economy is recovering from the pandemic and heating up rapidly. That’s stoking demand for palladium, and as long as supply remains constrained the only arbiter for palladium consumers is price. Palladium is mostly used in cars catalytic convertors to reduce emissions, and as the economy continues to heat up, so too is automobile production increasing. Also contributing to rising prices are the geopolitical tensions between the U.S. and Russia, since Russia accounts for roughly 40% of the global production of palladium. Palladium prices are already up 13% in 2021 after posting annual gains for the past five years. More recently the pace of gains seems to be increasing, which has some questioning whether the market is becoming overextended and in need of a pullback and consolidation. Perhaps, but likely not before testing the $3,000 level.
European Daily Market Review
2021-05-03 15:59UTC
European markets are beginning May with strength, shrugging off the poor European GDP data released last week and heading higher, while markets in the U.K. are closed for the May Day holiday. The pan-European Stoxx Europe 600 has a 0.5% gain today. In Germany the DAX 30 is trading 0.6% higher, while the CAC 40 in France has a gain of 0.5%. The Spanish IBEX 35 is adding 0.8%, and in Italy the FTSE MiB is leading gains for the European region as it’s advancing 1.1%. In Germany the materials firm Covestro is leading the DAX with a gain of 2.6%. Volkswagen is performing well also and trades 1.6% higher. Financial services firm Allianz also trades 1.6% higher, and Adidas is adding 1.2% ahead of this Friday’s earnings release. With 25 of the 30 DAX components trading higher it is a broadly strong day. The notable exception is Deutsche Bank, with shares there leading losers in the DAX as it trades down by 1.8%. In France gains on the CAC 40 are broad based, with food products corporation Danone leading the way with a gain of 1.4%. Just behind is luxury goods maker Kering, trading 1.3% higher, and Schneider Electric is also trading 1.3% higher. Payments service Worldline is leading losses for the index, trading down by 1.6% and one of only 6 stocks on the CAC 40 with a loss today. In other notable market action gold is adding 1.4% and closing in on the $1,800 level. Oil is also higher today, thanks to broad based weakness for the U.S. dollar versus most major rivals.
Asian Daily Market Review
2021-05-03 01:58UTC
Asian markets are off to a mixed start to the week, with holiday’s in China and Japan keeping trading volumes on the low side across most of the region. Traders are also cautious ahead of an expected deluge of data from the U.S. and Europe, which should show the U.S. leading the global economic recovery and culminates with the highly anticipated U.S. non-farm payrolls. In Australia the S&P/ASX 200 is trading 0.4% higher today, with the big four banks giving the index a big boost. Shares of ANZ are up by 1%, NAB is adding 1.9%, Commonwealth Bank in 0.8% higher, and Westpac is leading the pack with a 3.8% surge higher after reporting a three-fold increase in cash earnings for the first half of its fiscal year. Meanwhile miners are capping the gains for the index, with BHP losing 0.7% and Rio Tinto falling 1.3%. Energy companies are also performing poorly, and Santos is trading down by 1.5%, while Oil Search has a 0.7% loss. Mainland Chinese markets may be closed today for a holiday, but Hong Kong is trading and the Hang Seng is trading lower by 0.7%. In South Korea the Kospi is leading gains for the region, gaining 0.7% as index heavy weight Samsung rises 1%, while Taiwan’s Taiex is leading losses for the region as it’s falling 1%. Southeast Asian markets are trading broadly lower, with Singapore’s Straits Times Index losing 0.6%, while the KLCI in Malaysia is edging lower by less than 0.1%, and the Jakarta Composite in Indonesia is flat at the open.
Twitter Shares Tumble On Weak Guidance
2021-04-30 23:17UTC
Shares of Twitter finished the week with a 15.2% plunge as investors weren’t satisfied with the first quarter results released by the real-time social media platform after the market closed on Thursday. Twitter reported earnings of $0.08 a share versus $0.01 a share in the same quarter last year. Analysts had been calling for earnings of $0.14 a share so that was a disappointment. Revenue was in-line with expectations however as Twitter reported revenue of $1.04 billion versus expectations for $1.03 billion. What seemed the worst part of the earnings report was the future guidance from Twitter. Management said they expect $980 million to $1.08 billion in second quarter revenues, with the mid-point of that range below Wall Street expectations for $1.05 billion. What’s worse, Twitter’s weak guidance is coming at a time when other online advertising platforms such as Alphabet, Snap, and Facebook are posting very impressive growth. It also said that costs related to hiring and retaining staff would rise 25%, and stock based compensation would rise commensurately. One bright spot in the earnings report was the news that Twitter grew its monetizable daily user base by 20% to 199 million. As part of guidance Twitter said its user base would continue to grow in the low double digits for the remainder of the year. Twitter’s current long-term plan calls for revenues to double by 2023, however the current numbers don’t inspire much confidence from investors, who feel that revenue growth needs to be much greater. They also question whether or not Twitter is able to deliver on the advertising front, given that competitors seem to be performing far better.
Cryptocurrency Daily Market Review
2021-04-30 22:25UTC
Cryptocurrencies continued higher to close out the week, and even Bitcoin (BTC) participated. The leading cryptocurrency added 6.8% by the end of the session and was just shy of the $57,000 level. Number two cryptocurrency Ethereum (ETH) struggled however as the $2,800 level is presenting resistance. By the end of the session Ether had edged up by a slight 0.2%. Most of the other top ten altcoins were trading higher as well, although number 9 coin Uniswap (UNI) pulled back 1.4% on the day. Dogecoin (DOGE) had another good session, rising 10.3%, but it wasn’t the top performer in the top ten altcoins. That honor went to Ripple (XRP) as it advanced 14.2% on the day. Bitcoin Cash (BCH) also outperformed Dogecoin with a gain of 12.4%. Litecoin (LTC) and Chainlink (LINK) were each up better than 5%, Cardano (ADA) added 4.4%, and Polkadot (DOT) brought up the rear with a gain of 3.3%. The best gainer in the top 100 cryptocurrencies was Fantom (FTM), rising better than 25% on the day. Fantom is a direct acyclic graph cryptocurrency that provides DeFi services. With Ethereum continuing to see congestion Fantom is getting a boost, particularly since it boasts 2 second transaction times. The biggest loser of the day was Polygon (MATIC), with a loss of 10.1%. Traders might not have been too troubled by the drop however as this token is up nearly 120% over the past week. It is also benefitting from Ethereum’s growing pains since Polygon effectively transforms Ethereum into a full-fledged multi-chain system. Overall it was quite an excellent day as 92 of the top 100 cryptocurrencies posted gains.
U.S. Daily Market Review
2021-04-30 22:00UTC
U.S. markets were trading at new record levels early in the session, but reversed course in the afternoon and finished the day in negative territory as investors considered data that indicates inflation is heating up in the U.S. while also digesting another round of corporate earnings. The S&P 500 finished 0.7% lower, trimming its largest advance since November. Technology and energy shares led the way lower. With technology shares falling the Nasdaq finished with a 0.9% loss. Twitter was one of the biggest losers, falling 15.2% after posting a sluggish advertising revenue number for the first quarter. The Dow Industrials was 0.5% lower at the close, with Chevron leading the way lower as its shares fell 3.5%. The energy producer did meet expectations for first quarter earnings, however investors were disappointed by the fact that the company failed to bring back share buybacks. Also weighing on markets was hawkish commentary from the head of the Dallas Fed. Dallas Fed president Robert Kaplan broke ranks with the chairman of the Federal Reserve when he commented that the excess risk taking in markets indicates it’s time for the Fed to begin slowing its bond purchases. It’s also possible that with April ending there could be some investors taking the old adage to “sell in May, and go away” to heart. However the reopening of the U.S. economy is just at its beginning, and the reflation trade that follows is likely to be too juicy to keep traders away for long. In addition to the drop in equities the day also saw WTI crude lose 2.3%, although gold was flat despite a stronger U.S. dollar.
European Daily Market Review
2021-04-30 17:57UTC
European markets fell on Friday to close out the week as investor confidence was dented by the euro zone falling into a double dip recession. The pan-European Stoxx Europe 600, the broadest measure of European equities, ended the day 0.3% lower. In Germany the DAX edged lower by 0.1%, and in France the CAC 40 finished the day with a loss of 0.5%. Meanwhile Italy’s FTSE MiB was 0.6% lower, and in Spain the IBEX 35 inched lower by 0.1%. The losses came as euro zone GDP was reported as falling 0.6% in the first quarter. This is the second technical recession for the euro zone in the past year, which was the cause of the loss of confidence among investors. In Germany Adidas shares fell 1.4% ahead of next week’s earnings results. However health care names did well as pharmaceutical company Bayer added 1.3% and Fresenius scored a 2.4% advance. France saw shares of hospitality and beverage firms get hit the hardest. Accor led losses for the index as it fell 2.4%. Meanwhile shares of Pernod Ricard were down 1.8%, and LVMH Moet Hennessey lost 1.5%. French bank BNP Paribas also fell 1% despite beating earnings expectations. In the U.K. the FTSE 100 bucked the falling trend and edged 0.1% higher on the day. However shares of Barclay’s fell 7% after reporting first quarter profits that were above analyst expectations, but seemingly not good enough for investors. Pharmaceutical firm AstraZeneca saw its shares pop higher by 4.3% however after reporting an additional $275 million in first quarter sales thanks to the coronavirus vaccine.
Asian Daily Market Review
2021-04-30 01:53UTC
Asian markets are slipping lower Friday morning despite U.S. markets notching new record highs overnight on strong GDP data and the latest round of corporate earnings. Japan’s Nikkei is trading 0.3% lower as investors return from a single session holiday. Trading volumes are subdued however as Japanese markets will be closed for the first three days next week as well. Shares of Softbank Group are trading 0.9% higher today, but Sony is plunging 5.8% lower after missing earnings expectations. Among the major exporters Toyota is 1.3% lower, Panasonic is falling 2.1%, and Canon is bucking the falling trend with a 0.8% advance. In Australia the S&P/ASX 200 is trading 0.8% lower, with the big four banks in negative territory as well. Shares of ANZ are down 0.4%, NAB has a 0.5% loss, Commonwealth Bank is falling 0.9%, and Westpac is down by 0.5%. The major miners are also falling today, with BHP trading 1.4% lower and Rio Tinto dropping 0.8%. Mainland Chinese markets have also opened to losses, with the benchmark Shanghai Composite losing 0.4% at the start of trading, and the smaller cap Shenzhen Composite edging down by 0.2%. Meanwhile in Hong Kong the Hang Seng is leading losses for the region as it trades 0.9% lower. South Korea’s Kospi is inching down by 0.1%, while the Taiex in Taiwan is basically unchanged with a slight loss. Southeast Asian markets are mixed however, as Singapore’s Straits Times bucks the falling trend across the region and adds 0.5%, while the KLCI in Malaysia is trading down by 0.3%.
U.S. Daily Market Review
2021-04-29 10:53UTC
The main U.S. stocks gained some ground today after solid earnings reports from two of the tech leaqders: Apple and Facebook.The Dow Jones Industrial Average added 182 points. S&P0500 futures inclined 0.7% and Nasdaq-100 futures added 1%.Apple and Facebook’s dramatic inclines boosted futures. Apple sales rallied a whole 54% during the quarter.The tech giant als announced that it would raise its dividend by 7%, and authorized $90 billion in share buybacks. Facebook’s revenue surged a whole 48%, driven by higher-priced ads. Qualcomm shares soared 5% in early trading after reporting a 52% jump in revenue.Shares of U.S. automaker Ford Motor Co dropped more than 10% today. This comes after the auto maker warned the global semiconductor chip shortage could reduce its second-quarter vehicle production in half.
Еuropean Daily Market Review
2021-04-29 06:58UTC
European stocks partly advanced today as a reaction of the U.S. Federal Reserve’s decision to hold interest rates near zero.The German DAX added 0.06%, while the CAC 40 slipped 0.43% and the FTSE-100 declined 0.07%.Total, Shell and Airbus among the companies reporting earnings Thursday. German unemployment rallied unexpectedly in April and companies put more staff on shorter working hours in subsidized job protection schemes.This comes after Berlin has extended restrictions on shopping, travel and social life as authorities struggle to contain a third wave of COVID-19.The Labor Office announced that the  number of people without employment jumped 9,000 in seasonally adjusted terms to 2.76 million. Consumer goods giant Unilever added 2.7% as an advance in home cooking and a strong economic recovery in China drove stronger-than-predicted quarterly sales.
GBP/USD Into A Steady Path
2021-04-29 06:53UTC
GBP/USD exchange partly recovered as US Markets are concentrated on the Fed report on the rate announcement.Presently, the GBP versus the USD trades at $1.3956, which is a rise of $0.00273 or 0.20% from the previous close of 1.39289.The daily trading range is from 1.3925 to 1.3976, while the trading volume is 44.661K.The Pound US Dollar (GBP/USD) exchange rate entered into a steady path today ahead of the US Federal Reserve’s interest decision. The USD wasn’t able to rally versus the GBP as the US Federal Reserve is likely to preserve interest rates at 0.25% later on today.The Pound (GBP) failed to rise against the USD despite the CBI reporting that retail sales had surged at their fastest rate since 2018 because of the progress of Covid-19 vaccines.Britain’s economy is now set to see faster growth than the United States this year as the nation races ahead with its vaccination programme.As a result, the Pound (GBP) could enter into a higher side this week in case the confidence in the British economy further grows.The GBPversus the USD could begin to edge higher this week if confidence in the UK economy continues to increase.
Gold Prices Surged
2021-04-29 06:01UTC
Gold priced rallied this morning during the Asian hours on the back of the U.S. Federal Reserve maintaining its easy monetary policy as it reported its latest policy decision. A falling rate of the USD implied in additional support to the safe-haven precious metal.Now, the precious metal trades at $1783.90, which is another rise of $2.86 or 0.16% from the previous clsoe of 1781.04.The daily trading range is from 1780.98 to 1789.83, while the trading volume is 82.74K.The Fed preserved its interest rate around the level of 0.25%, and kept its bond-buying program steady.However,  the U.S. trade deficit in goods jumped to a peak in March 2021.The other precious metals, palladium added 0.3%, silver secured 0.6%.
Asian Daily Market Review
2021-04-29 01:50UTC
Asian markets are trading broadly higher on Thursday morning on the back of more excellent big tech earnings results, and despite the overnight losses on Wall Street following the conclusion of the Federal Reserve monetary policy meeting. Investor confidence seems to be returning across the region, although weakness from the U.S. dollar could begin to weigh on Asia’s export economies in the coming sessions. In Japan the Nikkei is unchanged as Japanese investors are remaining at home today as the country celebrates a public holiday. Trade will resume on Friday, but then next Monday through Wednesday Japan’s markets will be closed again. In Australia the S&P/ASX 200 is edging up by 0.2%, even though the big four banks are heading lower and weighing on the broader index. Both ANZ and NAB are trading 0.5% lower, Westpac has lost 0.4%, and Commonwealth is inching down by 0.1%. The major miners are helping to support the market however, with BHP trading 0.7% higher and Rio Tinto adding 0.4%. Mainland Chinese markets are mixed at the open with a downside bias as the benchmark Shanghai Composite is down 0.2%, and the smaller cap Shenzhen Composite is up, but by less than 0.1%. Over in Hong Kong the Hang Seng is leading gains for the region for a second consecutive session with a gain of 0.7%. In South Korea the Kospi is trading 0.1% higher, and in Taiwan the Taiex is adding 0.3%. Meanwhile Southeast Asian markets have also kicked off the session with modest gains as Singapore’s Straits Times Index is rising 0.3%, and the KLCI in Malaysia is 0.1% higher.
Facebook Crushes Expectations As Advertisers Return
2021-04-28 22:06UTC
Facebook crushed expectations for revenue and earnings in the first quarter, sending its shares higher Wednesday by as much as 7% in after-hours trade. If the gains hold at market open Thursday it will be a new record high for the stock. Earnings came in at $9.5 billion, or $3.30 a share where Wall Street was expecting $2.34 a share in earnings. Revenues jumped 48% to $26.2 billion, handily beating estimates of $23.73 billion. The only possible disappointment was in daily active user growth, but the miss was minimal as Facebook reported growth of 10% to 2.85 billion, where Wall Street was expecting 2.86 billion. Gains for the stock are coming even though Facebook’s Chief Financial Officer warned of potential headwinds in the second half of 2021. He said that the third and fourth quarters should show a significant slowdown in revenue growth as the company faces increasingly strong year-over-year comparisons. He also warned of potential problems with ad revenue growth as Facebook is expecting headwinds from regulatory changes, and from platform changes related to the recently released Apple iOS 14.5 operating system that requires users to opt-in to tracking from installed third-party apps. Facebook saw significant benefit in the first quarter from returning online advertising, which is a trend that was also seen at Alphabet and Snap. Advertising makes up nearly all Facebook’s earnings, but it was also encouraging to see non-advertising revenue roar higher by 146% in the quarter. That revenue is a combination of e-commerce and AR/VR revenue. Facebook has invested heavily in AR/VR in a belief it is the next frontier for communication between its users.
The USD Into Recovery
2021-04-28 17:00UTC
The USD advanced today just ahead of a U.S. Federal Reserve policy statement and a speech by Joe Biden later in the day.The U.S. president is very likely to report additional stimulus plans.Presently, the USD versus the Euro trades at 0.826 EUR, which is a very minor loss of 0.0001 or 0.01% from the previous clsoe of 0.8270.The daily trading range is from 0.8265 to 0.8292.As a matter of fact, the greenback regained its path from a one-month bottom, marked earlier this week.The Chairman of the Fed, Jerome Powell is seen as likely to repeat his dovish message.The USD Index added 0.2% at 91.047, bouncing from Monday's low of 90.679, its weakest level since March 3.The greenback's rallied are also stimulated by higher U.S. Treasury yields with benchmark yields on 10-year notes rising above 1.60%.The rate of the USD stands at 108.97 yen, after soaring above 0.59% overnight.
U.S. Daily Market Review
2021-04-28 16:51UTC
U.S. stocks are relatively static today as the market is focused on the technology earnings and calls for the latest Federal Reserve policy announcement.The S&P-500 maneuvers around a static mode the flatline. The Dow Jones Industrial Average decline 140 points, dragged down by a 7% drop in Amgen’s stock. The Nasdaq Composite traded gained by 0.1%. The stock prices of Microsoft surged around 2.5% even after the company topped analyst earnings. Microsoft had its biggest revenue growth since 2018, thanks in part to  rallies of the PC sales.The Fed’s statement is likely to largely follow the mode from December, when the Fed said it would not change monetary policy until there was "substantial further progress" in meeting its maximum employment.
Еuropean Daily Market Review
2021-04-28 08:57UTC
European stocks retreated some territory this morning as global are focused on the reports from the U.S. Federal Reserve.The pan-European Stoxx 600 slipped 0.25% in early trade, with travel and leisure stocks falling 1.1% while insurance stocks adding 0.7%. Meanwhile, the major US indices were mixed overnight with the Federal Reserve back in the spot light.Deutsche Bank announced 908 million euro ($1.1 billion) profit for the first quarter, its best quarter of the last few yearss.Deutsche Bank jumped 5.2% to the top of Germany’s blue-chip DAX as strength at its investment bank helped offset headwinds from restructuring and the pandemic.Spain’s Santander today marked a first-quarter net profit almost five-fold higher, boosted by lower impairments.Santander booked a net profit of 1.608 billion euros ($1.94 billion) versus 331 million a year earlier.Germany’s 10-year yields advanced in hand with the US counterparts to its weekly peak.
Crude Oil Prices Dropped
2021-04-28 05:09UTC
Oil prices slipped this morning during the Asian hours as most the market is focused on, Organization of the Petroleum Exporting Countries and its allies (OPEC+) decision to increase crude oil supply. This takes place as the rally of COVID-19 cases in countries including India continues is expected to largely harm fuel demand.Now, oil trades at $63.050, which is a very minor incline of $0.043 or 0.07% from the previous close of 63.007.The daily trading range is from 62.659 to 63.264, while the trading volume is 11.712K.Crude oil demand is likely to mark record values after is predicted to advance in the next two quarters due to increased COVID-19 vaccination rates in Europe.Meanwhile, the massive surge of COVID-19 cases globally  in countries such as India and Brazil, continues to raise demand levels over near-term demand.Furthermore, the U.S. crude oil supply data from the American Petroleum Institute indicated in a build of 4.319 million barrels for the week ending Apr. 23. Investors await crude oil supply data from the U.S. Energy Information Administration, due later in the day.
Asian Daily Market Review
2021-04-28 01:42UTC
Asian markets are trading mixed on Wednesday morning and little changed as investors are remaining cautious ahead of the latest Federal Reserve monetary policy meeting. Also impacting sentiment is a renewed rise in Treasury yields, the raft of tech company earnings, and a recent jump in commodity prices. In Japan the Nikkei is edging up by less than 0.1%, with markets supported by a third consecutive session of weakness in the Yen versus the U.S. dollar. Shares of Softbank Group are trading 1.1% lower, but Sony is surging 3.1% higher. Among the major exporters Toyota is trading 0.6% higher, Panasonic has a 0.5% gain, and Canon is inching up by less than 0.1% in-line with the broader market. Australia’s S&P/ASX 200 is also nearly flat, with a gain of 0.1%. Shares of the big four banks are helping support the broader market, with ANZ adding 0.3%, NAB advancing 0.9%, Commonwealth Bank gaining 0.8%, and Westpac trading 0.7% higher. The major miners are broadly lower however, with BHP losing 0.7% and Rio Tinto falling 1% despite the gains for commodities. Mainland Chinese markets have opened to losses, with the benchmark Shanghai Composite dropping 0.3% at the open, and the smaller cap Shenzhen Composite trading 0.2% lower. Meanwhile in Hong Kong the Hang Seng is bucking the losses n the mainland with a 0.2% gain. In South Korea the Kospi is leading losses for the region with a loss of 0.9%, while Taiwan’s Taiex is edging lower by less than 0.1%. Southeast Asian markets are falling today as the KLCI in Malaysia is 0.2% lower, and Singapore’s Straits Times Index has a 0.1% loss.
Apple Could Have Another Stunning Quarter
2021-04-27 20:31UTC
Apple will report its first quarter 2021 financial results today, and it’s going to have a hard time matching the previous quarter’s results, although it does have easy year-over-year comparisons. The thing is, Apple just might be able to top its prior quarter results even so. 2020 saw the buzz around Apple, which is always a hyped company, simply go off the charts as surging demand for iPads and Macs combined with the release of the first ever 5G compatible iPhone created a perfect storm of demand for Apple products. Wearables also benefitted from the pandemic, and the growing services area got a boost as a result of all the additional hardware sales. That all led to the fourth quarter of 2020 being the biggest quarter ever for Apple, with sales surging to $111.4 billion. Shares of Apple were up 81% in 2020, but haven’t done so well since. So far in 2021 shares are up an anemic 1.3%, and since the release of those blockbuster fourth quarter earnings shares have lost over 7%. Analysts are expecting sales of $77 billion in the first quarter and earnings to come in at $0.98 a share. That would represent a 32% gain in revenues versus the same quarter last year, and would be the fastest revenue growth for Apple since 2012, when sales were just half what they are now. Even so, Wall Street rumors indicate $77 billion in revenues would be a disappointment, causing shares to sell off. Over the past three weeks Apple shares have become tightly range bound, so it is likely a breakout will occur in one direction or another.
U.S. Daily Market Review
2021-04-27 15:44UTC
U.S. stocks partly retreated today as most traders and investors are enthusiastic about a big batch of tech earnings.The S&P-500 slipped 0.2%, losing from a record high from the previous session. The Dow Jones Industrial Average dropped 60 points. The tech-heavy Nasdaq Composite declined 0.4%.Shares of Tesla tumbled 4% after the electric carmaker marked record net income of $438 million. Tesla also came above Wall Street’s earnings and revenue estimates.U.S. consumer confidence soared to a 14-month high in April as increased vaccination against COVID-19 and additional fiscal stimulus allowed for more services businesses to reopen.The United States has expanded vaccination eligibility to American adults, and more than half that population has had at least one dose of a vaccine, according to the U.S. Centers for Disease Control and Prevention. U.S. home prices in February jumped at the fastest pattern of the last 15 years as the COVID-19 pandemic moved to a higher gear.In fact, home prices climbed 12% year over year in February, according to the national Case-Shiller index.
Еuropean Daily Market Review
2021-04-27 15:38UTC
European markets are still without a clear market direction. The German DAX inclined 0.06%, while the CAC-40 fell 0.43% and the FTSE-100 lost 0.07%.European stocks partly retreated today as global markets prepare for the U.S. Federal Reserve’s two-day meeting, which begins today.The pan-European Stoxx 600 tumbled 0.25% below the flatline by mid-afternoon, with travel and leisure stocks bucking the trend to add 1.8%.HSBC shares rallied 3.2% by mid-afternoon in Europe.UBS announced net income of $1.8 billion for the first quarter of 2021, up 14%, but revealed a significant mark to earnings from the scandal involving Archegos Capital. Sweden’s Evolution Gaming gained 9.6% to lead the Stoxx 600 after comfortably coming above first-quarter earnings forecasts.
Gold Prices Slipped
2021-04-27 06:06UTC
Gold prices dropped today morning iduring the Asian hours as the market is focused on U.S. Federal Reserve's policy decision, which will be handed down on Apr.29.Now, the yellow metal trades at $1781.04, which is a loss of $0.04 or 0.03% from the previous close of 1781.08.The daily trading range is from 1773.58 to 1784.04, while the trading volume is 80.459K.The market is focused on Fed Chairman Jerome Powell's outlook on the economy.Meanwhile, demand for U.S.-made capital goods jumped in March and shipments surged.In Asia, the Bank of Japan will hand down its own policy decision later in the day, with the central bank is likely to maintain its massive stimulus package.The country’s imposition of a state of emergency on Tokyo, Osaka, Hyogo and Kyoto prefectures earlier in the week to curb the rising number of COVID-19 cases also casts a shadow over its recent economic growth on the back of solid global demand.In the meantime, silver fell 0.1% while platinum added 0.3%.
Asian Daily Market Review
2021-04-27 01:47UTC
Asian markets are slipping modestly lower in early trade on Tuesday morning despite more solid corporate profits reported overnight in the U.S. Investors are taking a cautious stance ahead of the U.S. Federal Reserve meeting, with the central bank expected to keep very loose monetary policy despite growth looking strong and inflation apparently heating up. In Japan the Nikkei is slightly lower by less than 0.1% as a weaker Yen versus the U.S. dollar is helping sentiment. Shares of Softbank Group are edging up by 0.1%, but Sony is dropping 2% lower. Among the major exporters Toyota is 0.6% lower, Panasonic is losing 0.7%, while Canon is bucking the falling trend and has a gain of 1%. Australia’s S&P/ASX 200 is 0.3% lower, with the big four banks contributing to the broad market loss. Shares of ANZ are inching lower by 0.1%, NAB is down by 0.5%, Commonwealth Bank is losing 0.6%, and Westpac has a loss of 0.5%. The major miners are minimizing losses however, with BHP gaining 0.4% and Rio Tinto edging up by less than 0.1%. Mainland China’s markets opened to slight losses, with the benchmark Shanghai Composite down less than 0.1% and the smaller cap Shenzhen Composite falling 0.1%. Meanwhile in Hong Kong the Hang Seng has a loss of 0.5%. In South Korea the Kospi is losing 0.2%, while Taiwan’s Taiex is one of the few rising markets, although the gain is only 0.1%. Southeast Asian markets are starting off mixed, with the Straits Times in Singapore edging up by less than 0.1%, while the KLCI in Malaysia has a loss of 0.3%.
U.S. Daily Market Review
2021-04-26 20:10UTC
The S&P-500 partly jumped to a new peak today as investors geared up for one of the busiest weeks of the first-quarter earnings season.The Nasdaq Composite gained 0.9% to 14,138.78, reaching its first fresh record close since Feb. 12. The Dow Jones Industrial Average fell 61.92 points, or 0.2%, to 33,981.57, however, created in a negative pressure by Procter & Gamble, Walmart and Coca Cola. U.S. equities marked a record high amid solid corporate earnings and confidence that the Federal Reserve will remain accommodative even as a solid incline.U.S. intermediate-dated Treasury yields soared after the Treasury Department sold $121 billion in short- and intermediate-dated debt to mixed-demand.
What Will Alphabet Earnings Bring?
2021-04-26 19:14UTC
Earnings season is moving into tech territory this week, with many of the major large cap tech names reporting this week or early next week. One of the very first to report will be Alphabet, and investors are expecting big things from the online search and advertising platform. The expectations come as advertisers are returning online in droves after disappearing in 2020 in reaction to the COVID-19 pandemic. Since Alphabet dominates in online advertising it is expected to be the biggest beneficiary of this return, and the first quarter earnings will be the first change to see just how much Alphabet is benefitting. In the first quarter of 2020, which was marred by the start of the COVID-19 pandemic, Alphabet reported earnings of $9.87 a share. That was a disappointment for investors as the first quarter of 2019 saw earnings of $11.90 a share. Yet optimism remained high, and as a result Alphabet shares have added more than 80% over the past 52 weeks. The stock is also up 33.5% in 2021, despite the selloff in large cap tech seen earlier in the year. Indeed, Alphabet is by far the best performing FAANG stock this year. The closest competitor is Facebook, and their shares are up just 10.6% since the start of the year. The other FAANG names are mostly flat with very modest gains. However, expectations are extremely high. Consensus estimates call for Alphabet to report $15.70 a share in first quarter earnings, and that’s up from the start of the quarter, when consensus estimates were calling for $13.48 a share. Can Alphabet meet or beat these heightened expectations?
Еuropean Daily Market Review
2021-04-26 08:18UTC
European markets are mixed. The German DAX added 0.06%, while the CAC-40 slipped 0.43% and FTSE-100 dropped 0.07%. The pan-European Stoxx-600 hovered 0.1% above the trend line in early trade, with autos falling 0.8%.Austrian sensor maker AMS tumbled 4.3% after Credit Suisse double downgraded its stock to “underperform.” Italy’s Leonardo declined 3.1% to the bottom of the European blue chip index after a deal to buy a 25% stake in German sensor manufacturer Hensoldt.Euro zone bond yields rallied today, reflecting brighter sentiment in world markets and a surge sense the worst may be behind for a coronavirus-battered economy.London’s FTSE 100 declined today after export-oriented companies and heavyweight energy stocks dipped.The blue-chip index retreated 0.2% as a higher rate of the GBP marked shares in large dollar-earning consumer staples companies Diageo, British American Tobacco and Unilever.
Crude Oil Prices Dropped
2021-04-26 06:09UTC
Oil prices retreated today amid issues concerns that rising COVID-19 cases in India will drive down fuel demand in the world's third biggest oil demander. Crude oil trades at $61.445, which is a loss of 0.664 or 1.07% from the previosu clsoe of 62.109. The daily trading range is from 61.357 to 62.281, while the trading volume is 12.251K.Both benchmark crudes lost about 1% last week. Prime Minister Narendra Modi called all citizens to be vaccinated.Japan, which is the fourth-biggest oil buyer, declared a third state of emergency in Tokyo, Osaka and two other prefectures began on Sunday trying to fight against jumping new cases.The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, suddenly decided to ease production curbs by 350,000 barrels per day (bpd) in May, another 350,000 bpd in June and a further 400,000 bpd or so in July.
Asian Daily Market Review
2021-04-26 01:47UTC
Asian markets are off to a mixed start Monday as investors are cautious ahead of U.S. GDP data due out later in the week. Also keeping investors on hold is the upcoming Federal Reserve meeting, with the Fed expected to remain unchanged on monetary policy, despite signs that the economy and inflation is heating up. Japan’s Nikkei is edging lower by 0.2% as the Yen continues to gain on the U.S. dollar, which has been sinking broadly against Asian currencies. Shares of Softbank Group are 1.1% higher, but Sony is falling 0.6%. Among the major exporters Toyota is edging up by less than 0.1%, Panasonic has a gain of 0.5%, and Canon is surging higher by 2%. In Australia the S&P/ASX 200 is also 0.2% lower, although the big four banks are trying to support the broader market. Shares of ANZ are 0.3% higher, NAB has a gain of 1.2%, Commonwealth Bank is rising 0.4%, and Westpac is up 0.4% as well. Major miners are also a support, with BHP adding 0.7% and Rio Tinto advancing 0.9%. Mainland China has opened to good gains, with the benchmark Shanghai Composite gaining 0.4% and the smaller cap Shenzhen Composite up 0.7%. Meanwhile Hong Kong’s Hang Seng is flat with a loss of less than 0.1%. In South Korea the Kospi is doing well, rising 0.5% in early trade, and in Taiwan the Taiex is leading gains for the region as it has added 0.9%. Southeast Asian markets are mixed today, with the Straits Times Index in Singapore falling 0.3%, while the KLCI in Malaysia is adding 0.2%, and Indonesia’s Jakarta Composite is flat at the open.
U.S. Daily Market Review
2021-04-23 21:22UTC
The leading U.S. stocks entered into recovery today amid issues that the White House could seek a hike to the capital gains tax.The Dow Jones Industrial Average added 227.59 points, or 0.7%, to 34,043.49 amid a jump in Goldman Sachs and JPMorgan shares. The S&P-500 inclined 1.1% to 4,180.17 led by financials and materials, while the tech-heavy Nasdaq Composite surged 1.4% to 14,016.81.Intel shares lost little moe than 5% after it issued second-quarter earnings expectations. American Express tumbled over 4% after company announced quarterly revenue that was slightly short of estimates.President Joe Biden informed his Turkish colleague Recep Tayyip Erdoğan on Friday he plans to recognize the 1915 massacre of Armenians by the Ottoman Empire as a genocide.
Еuropean Daily Market Review
2021-04-23 08:55UTC
European markets are still without a direction.In fact, European stock marked a weaker start, taking some signals from the US markets.The DAX added 0.06%, while the CAC-40 slipped 0.43% and the FTSE-100 tumbled 0.07%.The pan-European Stoxx 600 partly lost 0.2% below the flatline by mid-morning, with oil and gas stocks falling 0.6%.The euro surged, edging back towards a seven-week high having nursed losses after European Central Bank President Christine Lagarde squashed speculation that policymakers could consider.Flash purchasing managers’ index numbers for April marked little higher than expected in the euro zone.The euro currency gained 0.3% to $1.2054 while the USDindex, versus the main pairs dropped 0.3%.Mercedes-Benz car maker Daimler AG advanced 0.3% after raising its profit outlook for 2021, while luxury puffer jacket maker Moncler retreated 6.6%.
Crude Oil Prices Jumped
2021-04-23 06:48UTC
Oil prices advanced today amid forecasts on issues of a fuel demand recovery in the United States and Europe.The economic surged and lockdowns ease, but worries about India's raging second wave of COVID-19 cases created in a pressure on oil prices.Now, oil trades at $61.891, which is an incline of $0.252 or 0.41% from the previous close of 61.639.The daily trading range is from $61.598 to 62.086, while the trading volume is 9.446K. Improving conditions in Europe also are about to result in higher oil demand and eventually to push up prices. France reported that schools would reopen on Monday and domestic travel curbs in place since early April restricting people to within 10 km (6 miles) of their homes would end on May 3.This is will result in dramatic higher for oil.Nevertheless, both benchmark crude contracts are headed for a weekly decline of around 2% amid worries over falling fuel demand in India.Several countries, including Australia, Britain, Canada, and the United Arab Emirates, have banned or reduced flights from India.
Asian Daily Market Review
2021-04-23 02:11UTC
Asian markets are steady and mostly higher on Friday morning, ignoring the overnight losses suffered on Wall Street after investors there were riled by a proposed capital gains tax hike from President Biden. Japan’s Nikkei is trading 0.7% lower, and is one of the few losing markets today as the stronger Yen continues to weigh on Japanese equities. Shares of Softbank are tracking the broader market with a loss of 0.8%, while Sony is bucking the falling trend with a gain of 0.9%. Among the major exporters Toyota is trading 1.4% lower, Panasonic is losing 0.7%, and Canon is outperforming as it edges higher by 0.2%. Australia’s S&P/ASX 200 has given up early gains and slipped into negative territory, trading slightly lower by less than 0.1%. Shares of the big four banks are trying to support the market, with ANZ up by 0.3%, NAB adding 0.2%, Commonwealth Bank inching up less than 0.1%, while Westpac slips 0.2% lower. The major miners are weighing on the market however as BHP loses 0.7% and Rio Tinto trades 0.1% lower. Mainland Chinese markets have opened to gains, with the benchmark Shanghai Composite advancing 0.3%, while the smaller cap Shenzhen Composite rises 0.7%. Meanwhile in Hong Kong the Hang Seng leads gains for the region as it trades 0.8% higher. In South Korea the Kospi is trading up by 0.3%, and Taiwan’s Taiex is adding 0.4%. Southeast Asian markets are falling today, with the Straits Times in Singapore losing 0.5% to lead losses for the region, while the KLCI in Malaysia falls 0.1%, and Indonesia’s Jakarta Composite trades flat at the open.
Are Business Travelers Using American Express Again?
2021-04-22 23:14UTC
While investor attention this earnings season has been turning to technology stocks this week, there’s still an important financial company that will report on Friday before markets open in the U.S. That company is charge card giant American Express, and its results could give investor’s clues into how well the reopening of America is coming. That’s because American Express derives a good portion of its revenue from what it calls ‘Travel and Entertainment”, which is the combination of airlines, hotels, restaurants and the like. Earnings obviously took a beating during the COVID-19 pandemic, but with reopening investors hope profits will also return. Analysts are calling for AMEX to report revenues of $9.24 billion and earnings of $1.68 a share, which is a decline of 10.4% in revenue and 15.2% in earnings versus the same quarter last year. That might be ok for investors though if it appears that transaction volume is picking up due to increased travel, hotel stays, and dining. It’s fairly certain that revenue from card fees dipped significantly as the company pulled back from new card acquisitions in 2020. That’s going to hurt, but one bright spot might be operating costs as AMEX management has been working on what they can control during the pandemic, and that’s costs. It’s also worth noting that American Express has beaten earnings expectations by a significant margin in three of the past four quarters. The average earnings beat was a solid 43.4%. In the one quarter it missed, it was only by pennies. Perhaps most important for investors is if AMEX is showing improvement it likely means the global economy is showing improvement.
U.S. Daily Market Review
2021-04-22 14:35UTC
The main U.S. indexes are partly flat on Thursday as investors assessed earnings from U.S. airlines and AT&T.Fewer Americans filed new claims for unemployment benefits last week.The Dow Jones Industrial Average dropped 27.43 points, or 0.08%, at the open to 34,109.88. The S&P-500 started 2.96 points on a lower side, or 0.07%, at 4,170.46.The Nasdaq Composite secured 2.35 points, or 0.02%, to 13,952.57 at the opening bell.Shares of Southwest Airlines advanced 0.8% after the carrier said leisure travel bookings continue to rise and that it expects to break even “or better” by June. U.S. government-bond yields rallied today after the numbers indicated in that the number of Americans filing for unemployment fell to a new post-pandemic bottom.The Mortgage Bankers Association estiamted that 2021 will result in a record amount of home purchase origination to the bond market.
Еuropean Daily Market Review
2021-04-22 09:42UTC
European markets are still without a clear direciton. The German DAX added 0.06%, while the CAC-40 slipped 0.43% and the FTSE-100 dropped 0.07%.The pan-European Stoxx 600 secured 0.5% during early afternoon trade, with tech and utilities stocks climbing 1.6% to enter in the rising path.The European Central Bank preserved its monetary policy unchanged on Thursday, with markets now looking to ECB President Christine Lagarde’s press conference at 2:30 p.m. London time.Swedish bearings maker SKF retreated 5.9% to the bottom of the Stoxx 600.Renault rerpored a tumble of 1.1% in the first-quarter revenue as it navigates a turnaround effort and the global semiconductor shortage.
Gold Prices Advanced
2021-04-22 05:52UTC
Gold prices surged this morning during the Asia, sticking around an eight-week peak thanks to a lower rate of the USD and falling U.S. Treasury yields.Now, the yellow metal trades at $1790.88, which is a minor decline of $2.33 or 0.13% from the previous clsoe of 1793.21.The daily trading range is from 1790.16 to 1797.79, while the trading volume is 88.904K.In the meantime, the number of COVID-19 cases globally jumped above 143 million mark and over three million have died as of Apr. 22, according to Johns Hopkins University data.The market is now focused on  European Central Bank policy decision later in the day and a U.S. Federal Reserve decision the following week.The Bank of Canada indicated in that could start boosting its interest rates in late 2022 after reducing the rate of bond purchases.
Asian Daily Market Review
2021-04-22 02:24UTC
Asian markets are trading mostly higher on Thursday morning, taking their lead from the overnight gains on Wall Street, even though a resurgence of COVID-19 cases across the region has caused worries among traders. In Japan the Nikkei is recovering from back-to-back sessions of 2% losses by gaining 1.9%. Shares of Softbank Group are trading 1.7% higher, and Sony has a gain of 0.7%. Among the major exporters Toyota is 1.5% higher, Panasonic is adding 1.7%, and Canon trades up by 1.6%. Meanwhile in Australia the S&P/ASX 200 has a modest gain of 0.2%, with the big four banks mostly supporting the broader index. Shares of ANZ are edging lower by less than 0.1%, NAB has a gain 0.2%, Westpac is inching up by 0.1%, and Commonwealth Bank is outperforming with a gain of 0.7%. The major miners are declining modestly however, holding the index back from larger gains. Rio Tinto trades 0.3% lower, while BHP is edging lower by less than 0.1% and Fortescue is falling 1.7%. Mainland Chinese markets are bucking the rising trend however as the benchmark Shanghai Composite trades 0.2% lower, and the smaller cap Shenzhen Composite is falling 0.3%. Hong Kong is performing slightly better, inching higher by less than 0.1%. South Korea’s Kospi is trading 0.4% higher, and in Taiwan the Taiex has a gain of 0.6%.  Markets are also trading broadly higher in Southeast Asia, with Singapore’s Straits Times leading the way as it trades 0.7% higher, while the KLCI in Malaysia is up by 0.4%, and the Jakarta Composite in Indonesia has a gain of 0.3%.
Investors Look To Intel To Determine State Of Supply Chain
2021-04-21 23:20UTC
Intel will be one of the first large cap technology companies to post its first quarter financial results, and investors are anxiously awaiting the close of markets on Thursday to hear how the semiconductor giant fared during the first quarter of 2021. Analyst’s consensus estimates put Intel’s earnings at $1.15 a share, which is significantly lower than the $1.45 a share posted in the same quarter last year. Revenues are also expected to fall again for the third consecutive quarter, as the aggressive growth plans of Intel’s new CEO Pat Belsinger haven’t yet kicked in. However, the whisper number from Wall Street is $1.30 a share, and in the prior quarter Intel delivered $1.52 a share in earnings, which is encouraging for this quarter too. A few things will be key to the earnings results. The most closely watched of these will be the supply chain issues that have impacted the entire semiconductor industry. If Intel was unable to get all the materials needed sales could have suffered unexpectedly. However, if the supply chain issues look to be clearing it could be encouraging news heading forward. Also important will be the impact of the competition from AMD, which may have caused Intel to hold back on price hikes, while also squeezing margins. On a more positive note Intel’s PC shipments appear to have remained strong in the first quarter as the work-from-home trend continues. There have also been indications that data center sales may have recovered somewhat in the first quarter, which could have added some unexpected revenues to Intel’s coffers, and helped support greater earnings.
U.S. Daily Market Review
2021-04-21 14:09UTC
U.S. stocks soared today in order to recover from two straight days of retreats as investors piled into shares most sensitive to the economic recovery.The Dow Jones Industrial Average added 316.01 points, or 0.9%, to 34,137.30. The S&P-500 rallied 0.9% to 4,173.42, while the tech-heavy Nasdaq Composite advanced 1.2% to 13,950.22. U.S. Treasury yields are still into a range-bound on Wednesday even after an auction of 20-year bonds indicated in a solid demand, a pattern analysts expect to persist until next week's economic data releases.Stock prices of Netflix dropped 7.4% after the company announced lower production of TV shows and movies during the pandemic affected the number of new customers growth in the first quarter.
Еuropean Daily Market Review
2021-04-21 07:32UTC
European markets are still without a clear direction.The German DAX added 0.06%, while the CAC-40 slipped 0.43%  and the FTSE-100 dropped 0.07%.The pan-European STOXX-600 gained 0.6% in early trading after a blistering seven-week rally entered into a higher side.London’s FTSE-100 entered into recovery from a 2% fall in the previous session to advance.The blue-chip index rose 0.4%, with oil majors BP Plc and Royal Dutch Shell secured 2.2% and 2.0%, accordingly.Italian football club Juventus retreated 10% after the breakaway European Super League was left from six English clubs.The stock price of Heineken rallied 5% after its trading update pointed to better-than-expected beer volumes for the first quarter.Euro zone bond yields are into a steady pattern as most investors are not willing to make any big trades and investments.British consumer price inflation advanced to 0.7% in March from 0.4% in February, official figures indicated in a slightly below the average forecast of 0.8%.
Crude Oil Prices Slipped
2021-04-21 06:44UTC
Oil prices dropped this morning during the Asian hours over renewed rally in the number of COVID-19 cases globally.Now, crude oil prices trades at $62.322, which is a loss of $0.058 or 0.09% from the previosu close of 62.380.The daily trading range is from 61.948 to 62.512, while the trading volume is 11.642K.The number of COVID-19 cases further advanced in India, the third-biggest oil importer, coming above 15 million as of Apr. 21.In Japan, the cities of Tokyo and Osaka requested a state of emergency to curb the rising cases. The number of COVID-19 cases has also rallied the 142.5-million mark globally as of Apr. 21.The U.S. crude oil supply data from the American Petroleum Institute indicated in a surprise build of 436,000 barrels for the week ending Apr. 16.
Asian Daily Market Review
2021-04-21 01:52UTC
Asian markets are following losses overnight on Wall Street for a second consecutive session as a resurgence in global COVID-19 cases has investors worried over the economic recovery. Losses for equities have come despite a strong start to earnings season. Bond yields slid to a five week low, and the U.S. dollar is broadly weaker versus rival currencies. In Japan the Nikkei is building on a 2% loss from the prior session with a loss of 1.9% in early trade on Wednesday. Shares of Softbank Group are rising 1.7% in opposition with broader index losses, while Sony is trading 1.3% lower. Among the major exporters Toyota is 1.8% lower, Canon has fallen 2.9%, and Panasonic is plunging 4.2%. Australia’s S&P/ASX 200 is down 1.4% heading into the final hours of trade in Sydney, with the big four banks pacing losses for the index. Shares of ANZ are 1.7% lower, NAB is down 2%, Westpac is losing 2.1%, and Commonwealth Bank is steady with a more modest loss of 0.3%. Among the major miners shares of BHP have lost 2.3% and Rio Tinto is falling 1.4%. In mainland China the Shanghai Composite and the smaller cap Shenzhen Composite have both opened to losses of 0.5%, while over in Hong Kong the Hang Seng is underperforming the mainland for a third consecutive session with a loss of 1.5%. South Korea’s Kospi trades 1.3% lower today, and in Taiwan the Taiex is down 0.5%. Southeast Asian markets are also falling today, with the Straits Times in Singapore losing 0.7%, and the KLCI in Malaysia trading 0.5% lower.
Apple 'Spring Reloaded' Event Well Received
2021-04-20 20:28UTC
Apple shares fell 1.3% yesterday, despite the obvious enthusiasm for the company’s first virtual event of 2021, dubbed “Spring Reloaded”. Apple announced a number of product releases that consumers have been awaiting for some time. First was the AirTags, which are small devices that can be attached to almost anything to make it trackable. Done with losing your keys for the tenth time? AirTags can help you find them next time quickly and easily. And with a price tag of just $29 ($99 for a 4-pack) they are quite affordable. Consumers are likely to snap these little gems off the shelf like hot cakes. Also announced was the launch of a new version of the Apple 4k television, using the A12 Bionic chip found in the iPhone. This upgraded 4k TV can render HDR at high frame rates and is also able to use a sensor in the iPhone camera to calibrate the picture on the TV. Plus it comes with a new power button on the TV and a mute button on the remote. Also exciting was the colorful matters in this virtual event. Those include the colorful addition of a rainbow hued collection of new iMacs with the M1 chip. And speaking of colors, the iPhone got a new color as Apple announced it would be selling new purple iPhone 12s and iPhone Minis. While shares fell on the day due to broad based market weakness, Apple could bounce back soon as it reports quarterly financial results next Wednesday April 28. Results are expected to be strong, and there are rumors of a 10% dividend hike.
U.S. Daily Market Review
2021-04-20 16:40UTC
U.S. stocks retreated for a second session.This comes amid solid corporate earnings failed to boost a market already around peak levels.The Dow Jones Industrial Average dropped 340 points as Boeing and Nike both fell 4%. The S&P 500 tumbled roughly 1%. The Nasdaq Composite slipped 1.5%.Johnson & Johnson shares secured 1% after stronger -than-predicted earnings and revenue. The company also reported $100 million in first-quarter sales of its Covid-19 vaccine.Tesla partly recovred after declining  more than 3% in the previous session.More than 300,000 Americans became out of unemployment benefits prematurely during the Covid pandemic. That is becasue of the too many many states account for unemployed labor. Share prices of IBM rallied more than 4% to reached a new 52-week peak after the company beat top during the first quarter.
Еuropean Market Review
2021-04-20 10:07UTC
European markets are mixed. In fact, European markets are following a pattern of uncertain global market sentiment.The German DAX gained 0.06%, while the CAC-40 slipped 0.43% and the FTSE-100 lower dropped and 0.07%.The pan-European Stoxx-600 declined 0.6% during morning trade, with with utilities losing 1.2% to lead the weaker path.Euro zone bond yields are still advancing  but moves were contained after a hefty sell-off from yesterday.Italian 10-year yields jumped to as high 0.818%, a peak since late February.Germany’s 10-year yield, the benchmark for the region, soared above Monday’s peak.
Gold Prices Fall
2021-04-20 06:44UTC
Gold prices partly inclined this morning during the Asian hours but dropped below a seven-week peak during the previous session.This is happening amid rising  U.S. Treasury yields overshadowed gains from the falling rate of the USD.The yellow metal trades at $1769.45, which is a loss of 1.63 or 0.09% from the previous close of 1771.08.The daily trading range is from 1765.46 to 1775.56, while the trading volume is 136.532K.The benchmark U.S. 10-year Treasury yield jumped above 1.6% after heading to a five-week bottom.Central banks also had a busy start to the week, with the People’s Bank of China leaving its loan prime rate unchanged at 3.85% and the Reserve Bank of Australia releasing the minutes from its latest policy meeting.The European Central Bank will report its policies on Thursday.The surge in global COVID-19 cases globally continues, with the cases marking 141 million mark.The other precious metals, silver slipped 0.1%, palladium dropped 0.3% and platinum retreated 0.2%.
Asian Daily Market Review
2021-04-20 01:47UTC
Asian markets are heading lower on Tuesday morning, taking their cue from overnight losses on Wall Street, where the technology sector has slipped off its recent highs. The U.S. dollar is weaker against most currencies, however the Yen is sitting at its strongest level versus the U.S. dollar since March as investors are concerned over rising COVID-19 cases worldwide. In Japan the Nikkei is leading losses for the region as it trades 1.9% lower. Shares of Softbank Group are 1.5% lower and Sony has a 1.8% loss as both track the broader index losses. Among the major exporters Toyota is losing 1%, Panasonic has slipped 3% lower, and Canon is trading 1.5% lower. Australia’s S&P/ASX 200 has a more modest loss of 0.4% as the big four banks slip lower. Shares of ANZ are 0.4% lower, NAB has a 0.5% loss, Commonwealth Bank is down 0.9%, and Westpac has dropped 0.3%. Among the major miners BHP is edging lower by 0.1%, but Rio Tinto is bucking the falling trend and has a 0.5% gain. Mainland China has also opened to losses, with the benchmark Shanghai Composite losing 0.3% and the smaller cap Shenzhen Composite dropping 0.4%. Meanwhile over in Hong Kong the Hang Seng is trading 0.7% lower to outpace the losses on the mainland. In South Korea the Kospi is bucking the falling trend around the region with a gain of 0.4%, and in Taiwan the Taiex has erased an early loss and is unchanged. Southeast Asian markets are also lower, with the Straits Times Index in Singapore and the KLCI in Malaysia both trading 0.3% lower.
What Will Netflix Earnings Show?
2021-04-20 00:44UTC
Earnings season kicks off tomorrow for the tech sector when Netflix releases its first quarter results. Analysts have been mixed on the stock, which is flat so far in 2021. Will the earnings and subscriber growth numbers help break Netflix shares out of their slump, or will they cause the stock to retreat? Interestingly, the previous year saw Netflix add a record 37 million new subscribers, despite management claiming that subscriber growth would drop off all during the second half of the year. That ended up not being true, and in the fourth quarter alone Netflix added 8.5 million new subscribers. Now management is continuing to project a drop in subscriber numbers, but has also hedged their bets by saying there could be some pull-forward in subscribers that will keep growth strong in the first quarter. For their own part Netflix management has said back in January that subscriber growth will hit 6 million in the first quarter. Wall Street is only expecting 4.4 million new subscribers however. Does that mean Wall Street is correct and subscriber growth is getting weaker, or will it mean Netflix substantially beats expectations for subscriber growth? We see the same situation building in terms of earnings. Netflix management has suggested first quarter earnings will come in at $2.97 a share, but Wall Street is only expecting $2.49 a share. Does this mean Netflix is set to deliver far better than expected earnings? If we do get better than expected earnings and subscriber numbers it could finally push Netflix shares above the trading range seen since last July. Poor numbers could cause a drop to the bottom of the range however.
U.S. Daily Market Review
2021-04-19 13:54UTC
U.S. stocks sunk from record marks today as the losses in the technology sector created in some negative market sentiment.The Dow Jones Industrial Average slipped 130 points from a record high. The S&P-500 dropped 0.2% after closing at a fresh high on Friday. The tech-heavy Nasdaq Composite declined 0.3%. Coca-Cola shares jumped after the consumer giant announced better-than-expected earnings and revenue. Tesla Inc. TSLA, declined 4.16% share slipped at the very start of the session after two men died after a Tesla vehicle that authorities reported was believed to be operating without a driver.Harley-Davidson Inc. stated that sales of motorcycles and related products inclined 12% from a year ago to $1.23 billion amid higher demand for touring bikes.  
Еuropean Market Review
2021-04-19 08:03UTC
European markets are still without a clear market direction. The German DAX added 0.06%, while the CAC-40 slipped 0.43%  and the FTSE-100 lower dropped 0.07%.The pan-European Stoxx-600 gained 0.14% in early deals, with travel and leisure stocks climbing 0.7% to lead the rising mode.Euro zone government bond yields are into a steady trend, with markets largely, just ahead of this week’s European Central Bank meeting.French car parts maker Faurecia advanced 1% after its first-quarter sales came above market forecasts.Danske Bank lost 1.7% as Chief Executive Officer Chris Vogelzang resigned after the Dutch authorities marked him as a suspect in a probe into violations of money launderings.ERS/Massimo PincaShares of the Italian football club Juventus, based in Turin and England's Manchester United jumped on Monday after they and 10 other top European clubs announced the formation of a breakaway Super League.This comes after a move that sets up a rival to UEFA's established Champions League, Europe's most competitive club competition.
Crude Oil Prices Dropped
2021-04-19 07:17UTC
Oil prices retreated this morning amid surging coronavirus infections in India and other countries generated in concerns that stronger measures to contain the pandemic.Now, oil trades at $62.885, which is another loss of $0.187 or 0.30% from the previous clsoe of 63.072. The daily trading range is from 62.611 to 63.118, while the trading volume is 12.332K.India announced a massive incline in coronavirus infections of 273,810 on Monday, jumping overall cases to just over 15 million. Moreover, Hong Kong will remove for now flights from India, Pakistan and the Philippines from April 20 due to imported coronavirus infections.Japan has had marked less COVID-19 cases than many other major economies, but issues about a new wave of infections are also becoming stronger.
Asian Daily Market Review
2021-04-19 01:50UTC
Asian markets have opened mixed in cautious trade on Monday following the climb into record territory on Wall Street this past Friday. Investors remain focused on the global economic recovery and the second week of earnings season. So far solid economic data from China and from the U.S. have kept investors upbeat. In Japan the Nikkei is edging lower by 0.1% despite data showing Japanese exports jumped by the most since 2017 as the global recovery heats up. Shares of Softbank Group are 0.4% lower, while Sony is losing 0.9%. Among the major exporters Toyota is 0.2% lower, but Canon is 0.3% higher, and Panasonic is edging higher by less than 0.1%. Australia’s S&P/ASX 200 is leading gains for the region as it adds 0.3%, with rising bank shares helping to support the index. Shares of ANZ and Westpac are 0.2% higher, NAB is gaining 0.3%, and Commonwealth Bank is outperforming as it advances 0.7%. Meanwhile the major miners are mixed as BHP falls 0.3%, but Rio Tinto is adding 0.7%. Mainland China’s markets have opened to losses, with the benchmark Shanghai Composite falling 0.3% and the smaller cap Shenzhen Composite down 0.2%. Over in Hong Kong the Hang Seng is trading 0.5% lower. In South Korea the Kospi trades down by 0.2%, and in Taiwan the Taiex is flat with a slight loss of less than 0.1%. Southeast Asian markets are mixed as well, with the KLCI in Malaysia slipping 0.5% lower, the Straits Times in Singapore edging up by less than 0.1%, and the Jakarta Composite in Indonesia starting the day flat.
U.S. Daily Market Review
2021-04-16 10:45UTC
The leading U.S. stock markets advanced today as the market’s rally to records carried on amid strong earnings from blue-chip companies.The Dow Jones Industrial Average added 164.68 points, or 0.5%, to 34,200.67. The S&P-500 inclined 0.4% to a new closing high of 4,185.47. The Nasdaq Composite surged 0.1% to 14,052.34.For the week, the Dow marked a surge of 1.2 and the S&P 500 secured 1.4.The Nasdaq Composite soared 1.1% for the week to mark its third straight weekly advance.The University of Michigan announced today that its preliminary consumer sentiment index jumped to a one-year high of 86.5 in the first half of this month from 84.9 versus last month.
Еuropean Market Review
2021-04-16 08:00UTC
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 secured 0.3% in early trade, with autos adding 1.6% to lead the higher path.The leading European stock markets are set for a tepid handover from Asia-Pacific.First-quarter gross domestic product and March industrial production came below forecasts though GDP jumped a record 18.3%.Finnish retail conglomerate Kesko surged 6.2% in early trade after reporting 16.9% sales growth in March versus last year. German meal-kit delivery firm Hellofresh inclined 4.7% after a massive first-quarter earnings data.
Crude Oil Prices Added To The Rising Path
2021-04-16 06:15UTC
Oil prices added to the rising path this morning and were in  a trend for a weekly gain of more than 6%.This comes amid higher oil demand outlook and strong economic recoveries in China and the United States.Now, oil trades at $63.790, which is an addition of 0.471 or 0.74% from the previous clsoe of 63.319.The daily trading range is from 63.232 to 63.854, while the trading volume is 8.748K.U.S. West Texas Intermediate (WTI) crude futures were 12 cents, or 0.2%, higher to $63.58 per barrel, after gaining 31 cents yesterday.China's 2021 net crude oil imports are very likely to jump around 3.5% this year versus 2020 to about 11.2 million barrels per day.China also announced a record 18.3% jump in economic growth in the first quarter from a coronavirus-induced slump earlier last year.India breached 200,000 daily infections for the first time on Thursday.A large increase of the U.S. retail sales, a loss in unemployment claims and signs of increased fuel demand.
Asian Daily Market Review
2021-04-16 01:55UTC
Asian markets are mostly higher with cautious gains Friday morning following a record setting session on Wall Street. Optimism remains high for U.S. investors in response to the first week of earnings season, however we haven’t really seen that optimism reflected in Asia yet, where investors are still worried over rising COVID cases globally and the possibility of rising inflation later in the year. In Japan the Nikkei is adding less than 0.1% despite the Yen finally taking a breather versus the U.S. dollar. Shares of Softbank Group trade 0.3% lower today, and Sony is falling 0.7%. Meanwhile among the major Japanese exporters Toyota has a loss of 0.5%, Panasonic is edging higher by less than 0.1%, and Canon is falling 1.4%. Australia’s S&P/ASX 200 is falling modestly with a loss of 0.2% as the big four banks continue tracking lower. ANZ is down 0.5%, NAB and Westpac have losses of 0.9%, and Commonwealth Bank is 0.3% lower. The major miners are propping things up however as BHP adds 0.5% and Rio Tinto gains 1.1%. Mainland Chinese markets have opened to gains for a second consecutive session, with the Shanghai Composite rising 0.3% and the smaller cap Shenzhen Composite 0.1% higher. Meanwhile in Hong Kong the Hang Seng is also edging up by 0.1%. South Korea’s Kospi has fallen into negative territory and trades 0.1% lower, while the Taiex in Taiwan is falling 0.3%. Southeast Asian markets are mixed today, with the Straits Times Index in Singapore adding 0.3%, while Malaysia’s KLCI trades lower by 0.2%, and the Jakarta Composite in Indonesia is flat.
Morgan Stanley Is Last Big Bank To Report
2021-04-15 19:15UTC
Friday will mark the last of the big Wall Street investment banks reporting for the first quarter, and all signs are pointing to a solid earnings report from Morgan Stanley. Based on previous quarters, where Morgan Stanley has surprised to the upside three of four times, conditions are looking quite positive. The fourth quarter saw Morgan Stanly beat earnings estimates by nearly 45% as revenues and profits were boosted by strong wealth management, investment banking, and trading desk activity. Really there hasn’t been much change to that for the first quarter so earnings should be just as strong. In the fourth quarter the bank reported $1.92 a share and expectations for this quarter are for $1.69 a share. Given the similarity in the environment that number should be easy to beat. In fact, Morgan Stanley had the additional benefit in the first quarter of what was likely strong performance from its bond trading activities, and the nearly doubling in long-term interest rates while the Fed kept short-term rates pinned near 0%. A couple things could weigh on the stock performance however, even if earnings come in better than expected. For one thing it is possible that investors have already priced in the strong earnings, which could cause shares to drop as those same investors sell the news. A second possibility is that Morgan Stanley’s results will be closely compared with the other five big banks that have already reported, causing selling if Morgan Stanley appears weaker in any areas. At this point options markets are pricing in a 3.1% move in either direction for shares, meaning traders should have an opportunity no matter what.
U.S. Daily Market Review
2021-04-15 14:35UTC
The S&P-500 and the Dow Jones indexes jumped to record peaks amid hgiher earnings reports from several companies and a strong rebound in March retail sales.Delta Air Lines reported a larger-than-predicted retreat for the first quarter on Thursday.Delta also estimates positive cash generation for the quarter ending June. It expects adjusted revenue for the period to fall between 50% and 55% from two years ago.The Labor Department announced 576,000 new jobless claims for the week ended April 10. Economists polled by Dow Jones forecasted a total of 710,000.Shares of Citigroup gained 2% after the bank posted results that beat analysts’ estimates for first-quarter profit with strong investment banking revenue and a more-than-estimated release of loan-loss reserves.The giants of Apple Inc, Microsoft Corp Facebook Inc and Amazon.com Inc rallied between 1.1% and 2.0%.
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.
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