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Tesla's Earnings Only Part Of The Story
2021-07-24 14:33UTC
Investors are looking forward to this coming Monday for a number of huge tech companies second quarter reportings, including one from the leading electric vehicle manufacturer Tesla. The company has already reported second quarter vehicle deliveries, which were at a record-breaking level of 201,250. However shares slumped in response to that number as some analysts were expecting more. Now Tesla has the chance to redeem itself with its quarterly earnings, and related press release information. Whether or not it will do so is another question entirely. Analysts are expecting Tesla to report earnings of $0.96 a share, which would match the previous quarter, but would be more than double the $0.44 a share reported in the same quarter last year. Likewise, revenues are expected to more than double from the same period last year to $11.47 billion. Options traders are currently pricing in a move of 5% in either direction for Tesla shares post-earnings. Any movement in shares is likely to be capped by support at the $570 level or resistance at the $740 level. These are the bottom and top of the range seen in Tesla shares since this past March. In addition, shares are 8.5% lower since the start of 2021, which is quite disappointing when you consider that the S&P 500 is 14% higher since the start of the year. In addition to earnings investors will also have a number of other concerns to focus on. These include the timeline for opening the Berlin and Austin plants, the rising competition in the electric vehicle space, the supply chain and labor shortages, and Tesla’s views on Bitcoin.
U.S. Daily Market Review
2021-07-23 09:12UTC
The leading U.S. indexes rallied, as are trying to mark their fourth straight session of inclines.The Dow Jones Industrial Average added 150 points, or 0.5%. The S&P-500 soared 0.4%. The Nasdaq Composite secured around 0.3%. The S&P-500 is about to close high set on July 12.The 10-year Treasury yield jumped today to 1.3%, easing concerns about the economy.Facebook surged 3% on the results from its social media competitors. Alphabet Google advanced about 1%. American Express announced higher than predicted quarterly results Friday morning, giving a boost to its shares of about 3.5%. After a record high as the company predicted greater forecasts for second-quarter profit.Twitter Inc is 4.9% higher in premarket trading after it reported upbeat revenue incline.
European Daily Market Review
2021-07-23 09:00UTC
European stocks partly inclined today as the market is focused on a weaker a economic growth.The German DAX added 0.06%, while the CAC-40 slipped 0.43% and the  FTSE0100 dropped 0.07%.The pan-European Stoxx-600 advanced 0.5% in early trade, with autos and basic resources adding 1.3% to lead the rising path.Britain’s rapid recovery from the coronavirus pandemic slowed sharply in July as a new wave of cases forced hundreds of thousands of people. Even supermarkets reported that this week that staff shortages were making it hard to operate its business.The GBP depreciated today despite higher-than-predicted retail sales data as investors weighed up the risk of a further rise in COVID-19 cases.Euro zone business activity rallied to a stronger rate in the last 10 years in July as the loosening of more COVID-19 restrictions gave a boost to services.
Crude Oil Prices Advanced
2021-07-23 06:50UTC
Oil prices are still into a rising mode, preserving three session rise to values over $70.Presently, oil trades at $71.599, which is a minor loss of $0.100 or 0.14% from the previous close of 71.699.The daily trading range is from $71.448 to 71.911, while the trading volume is 9.78K.West Texas Intermediate slipped 0.3% during the Asian trading hours after rallying more than 8% in the recent few days.Crude has rallied this year as the rollout of vaccines permits economies started to remove restrictions mode.Moreover, the Organization of Petroleum Exporting Countries and its allies are expected to provide 400,000 additional barrels per day to the market in August and the following quarter.
Asian Daily Market Review
2021-07-23 01:51UTC
Asian markets are steady and little changed Friday morning as investors weigh mixed overnight economic data, rising delta variant cases, and more good corporate earnings. Also playing into markets today are falling U.S. Treasury yields, and more Chinese tech concerns as regulators are considering unprecedented penalties for Didi Corp after its IPO last month. Also, Japanese markets are closed today for a public holiday. In Australia the S&P/ASX 200 is trading flat, with a slight gain of less than 0.1%, with the big four banks trading broadly lower and pressuring the broader market. Shares of ANZ are 0.8% lower, NAB has a 0.5% loss, and both Commonwealth Bank and Westpac are down by 0.7% each. Among the major miners BHP is trading 0.4% lower and Rio Tinto has a 0.7% loss, putting more pressure on the broader index. Mainland Chinese markets have also opened to modest losses, with the benchmark Shanghai Composite losing 0.2% and the smaller cap Shenzhen Composite falling 0.3%. Meanwhile in Hong Kong the Hang Seng is also losing 0.2% in-line with losses on the mainland. Shares of Didi Global fell 11.3% overnight on reports of China considering unprecedented penalties against the tech company, including suspension of certain operations, delisting or withdrawal of Didi’s U.S. shares. There are also rumors of fines in excess of $2.8 billion. In South Korea the Kospi is bucking the losing trend and trading 0.2% higher, while Taiwan’s Taiex also has a gain of 0.4%. Southeast Asian markets are mixed as the Straits Times in Singapore is edging up by 0.1%, but the KLCI in Malaysia is inching lower by less than 0.1%.
Nvidia Shares Continue To Outperform
2021-07-22 20:50UTC
Earlier this week Nvidia shares began trading on a 4:1 split adjusted basis. The split was announced back in May, kicking off a rally in Nvidia shares. Shares have been making solid gains, but fell in the immediate aftermath of the split, losing 1% on July 20. Since then a recovery has been afoot, and shares are once again marching higher, adding 1% yesterday. Since the beginning of 2021 shares are up 50%. While the shortage of semiconductor chips has likely hurt sales to some extent, and the company has warned about troubles in the second half of the year, it’s likely that the pent-up demand for Nvidia processors and hardware will allow the company to continue posting strong financial results. Nvidia processors are used in both gaming and cryptocurrency mining, which definitely helped the company during the pandemic and then during the crypto rally in the first quarter of 2021. The company also serves the data center and artificial intelligence markets, both of which are expected to continue to see strong growth in the second half of 2021 after spending came to a halt in 2020. Both analysts and investors remain very bullish on the stock, as the Nvidia GPUs are seen as the industry standard, and are highly sought after. Continuing pent-up demand due to supply constraints should ensure that Nvidia remains a strong performer in the second half of the year, despite the warnings from management. The most recent highs for the stock were at the $208 level, and with the stock roughly 8% lower now those highs are certainly within reach before Nvidia reports earnings on August 18.
U.S. Daily Market Review
2021-07-22 12:27UTC
U.S. stocks lost some ground amid unexpected surge in jobless claims which resulted in a more cautious investment mode.The Dow Jones Industrial Average dropped 70 points. The S&P-500 slipped 0.1%. The tech-heavy Nasdaq Composite is around the same levels.Second-quarter earnings are likely to secure 75% for S&P 500 companies, according to Refinitiv IBES predictions.Jobless claims unexpectedly advanced to 419,000 last week, more than the 350,000 economists polled by Dow Jones estimated and greater than the upwardly revised 368,000 from the previous period, according to the Labor Department.American Airlines marked a profit for the second-quarter, thanks to the regaining mode of the travel demand and government aid. AT&T Inc (T.N) today boosted raised its full-year financial forecasts as the business is coming from the pandemic.
European Daily Market Review
2021-07-22 08:26UTC
European stocks advanced today, indicating in reflecting positive global momentum.ECB’s policy decision is coming out later today, when it is all but certain to promise an even longer period of stimulus measures to stimulate inflation. The German DAX added 0.84%, the CAC-40 gained 0.63% and the British FTSE-100 lost 0.07%.The pan-European Stoxx-600 inclined 0.7% in early trade, with travel and leisure stocks jumping 2.3% to lead the rising path.The GBP appreciated versus the USD for a second session amid recovering risk sentiment in global markets.Swiss company ABB surged 2.3% to hit its highest level since November 2007 after it doubled its full-year sales outlook.
Gold Prices Retreated
2021-07-22 06:12UTC
Gold price dropped this morning during the Asian hours, which is still around the weakest marks of the week.The rising rate of the USD and higher risk appetite as issues over surging COVID-19 cases abated, both created in a negative pressure on the yellow metal.Presently, gold trades at $1799.22, which is a loss of $3.30 or 0.18% from the previous close of 1802.52.The daily trading range is from 1797.15 to 1803.82, while the trading volume is 85.451.The USD which usually moves inversely to gold, advanced today to just below three-and-a-half-month highs.The market is now focused on the European Central Bank (ECB) policy decision due today.In the meantime, silver slipped 0.1%, palladium gained 0.4%.   
Asian Daily Market Review
2021-07-22 02:22UTC
Asian markets are trending broadly higher on Thursday morning, taking their cue from the second consecutive winning session on Wall Street overnight. While the delta variant of the COVID-19 virus continues to spread, weighing on investor sentiment, today markets were able to look past those concerns. Japan’s Nikkei is lagging the broader region, but is still trading 0.6% higher, with the Yen easing against the U.S. dollar. Shares of Softbank are 0.5% higher, and Sony is jumping by 2.1%. Among the major exporters Toyota has a gain of 1.2%, Panasonic is up by 2.6%, but Canon shares are falling 2.9%. In Australia the S&P/ASX 200 is trading 0.9% higher, with the big four banks pacing the broader index. Shares of ANZ are 0.8% higher, NAB has a 0.5% gain, Commonwealth Bank is advancing 1%, and Westpac is edging up by 0.2%. Meanwhile the major miners are rallying strongly, with BHP adding 2.8%, Rio Tinto trading 1.9% higher, and Fortescue Metals is adding 0.6%. Mainland Chinese markets are lagging other areas, but still trade higher. The benchmark Shanghai Composite is slightly higher by 0.1%, and the smaller cap Shenzhen Composite is up by 0.3%. However, over in Hong Kong the Hang Seng is leading gains for the region as it trades up by 1.6%. South Korea’s Kospi is trading 1% higher today, with the index heavy weight Samsung advancing 1.4%, and in Taiwan the Taiex has a 1.1% gain. Southeast Asian markets are also broadly higher today, with the Straits Times in Singapore 1% higher, the Indonesian Jakarta Composite adding 1.1%, and the KLCI in Malaysia gaining 0.4%.
Intel Earnings On Tap
2021-07-21 21:00UTC
Semiconductor firm Intel is set to release its second quarter results tomorrow, with consensus expectations for $1.07 a share in earnings on $17.81 billion in revenues. That’s down from earnings of $1.23 a share on revenues of $19.73 billion in the same quarter last year. Intel has been facing numerous internal issues that have led to product delays, and the handling of those will almost certainly be one of the top concerns from investors. Other concerns include the ongoing chip shortage, which is expected to extend into 2022, as well as Intel’s loss of market share to rival AMD in the past quarters. In the first quarter Intel reported a drop of 20% in data center sales, while AMD said its sales to data centers more than doubled. Obviously that’s a concern by itself, but it’s intensified by the recent announcement from Intel of a delay in the Sapphire Rapids chipset. That could present problems for data center sales, stalling demand right through the 2022 launch. In the meantime, data center demand, which has been soft in 2020 as business cut back on spending, has been growing in 2021, and the year is expected to be quite strong for this market segment. Shares of Intel have remained range bound between $53.75 and $58.00 SINCE May, but this earnings report could be the catalyst that creates a breakout move in the stock. And given the expectations and probable reality that breakout could be in either direction. Note that Intel shares fell 9.3% after the first quarter earnings report, and are down 12.3% in the second quarter already.
U.S. Daily Market Review
2021-07-21 14:51UTC
U.S. stocks are into a higher side as equities continue their recovery from a one-day rout to start the week.The Dow Jones Industrial Average inclined around 286 points, or 0.8%, to finish near 34,798, according to preliminary figures.The S&P-500 surged 36 points, or 0.8%, to end near 4,359.The Nasdaq Composite added 133 points, or 0.9%, to finish close to 14,632.Higher than estimated reports from Dow members Coca-Cola and Johnson & Johnson added to the bullish sentiment.By 1120 GMT, the USD Index gained 0.1% at 93.055, having sunk 93.194 in early trading, its peak since April 1.Shares of Chipotle soared 9% as the Mexican fast-food chain reported greater quarterly revenues.Netflix reported lower than third quarter subscriber at the start of the session. Netflix shares fell 4%.Coca-Cola Co inclined 1.4% after soaring its full-year sales predictions.
European Daily Market Review
2021-07-21 14:39UTC
European stocks rallied today, as most traders and investors are focused on the earnings reports and the rising momentum coming from the U.S.The pan-European Stoxx-600 inclined 1% by early afternoon deals, with travel and leisure stocks adding 2.2% to lead the rising path.The German DAX added 1.38%, the French CAC-40 gained 1.87% and the British FTSE-100 inclined 1.71%.Upbeat mode from Europe is the result of the major comeback on Wall Street on Tuesday, with stocks are into large recovery from Monday’s sell-off. SAP shares retreated 3.5% by early afternoon despite boosting its outlook for the second time in 2021.
Crude Oil Prices Fell
2021-07-21 06:18UTC
Oil prices dropped this morning during the Asian hours, with investors digesting a surprise build in U.S. crude oil supplies.Now, oil trades at $66.872, which is a rise of $0.478 or 0.72% from the previous close of 66.394.The daily trading volume is from 66.394 to 67.032, while the trading volume is 11.18K.U.S. crude oil supply data from the American Petroleum Institute reported yesterday indicated in a build of 806,000 barrels for the week ended Jul. 16. Oil has been into a falling side since marking its peak since 2014 earlier in the month. The number of new COVID-19 cases of the Delta variant has jumped on a global scale.Moreover, the Organization of Petroleum Exporting Countries and allies (OPEC+) produced in greater production from August 2021 onwards.
Asian Daily Market Review
2021-07-21 06:08UTC
Shares in Asia-Pacific are still without a clear direction today. In Japan, the Nikkei 225 added 0.66% while the Topix index secured 1.05%.Australia’s retail sales dropped 1.8% in June as compared with the previous month.MSCI’s broadest index of Asia-Pacific shares outside Japan reversed early gains to slip 0.14%, extending the retreating path. China stocks rallied, led by technology and resource. In Hong Kong, the Hang Seng index dropped 0.4%, to 27,159.11 points.Japan’s exports soared 48.6% in June as compared with a year earlier, according to data announced by the Ministry of Finance. Mainland Chinese stocks are into a higher side as the Shanghai composite gained 0.6% while the Shenzhen component surged 1.13%.
U.S. Daily Market Review
2021-07-20 15:35UTC
The leading U.S. indexes are into a recovery as the market mode stepped in to buy the dip from the Dow Jones Industrial average’s worst day of the last 2 quarters.The Dow Jones Industrial Average added 510 points Tuesday, or 1.5% following its 725 point-decline Monday. The S&P-500 inclined 1.38% and the Nasdaq Composite soared 1.13%. The small-cap benchmark Russell 2000 index secured 2.5%.The USD advanced to a three-month peak in a flight-to-safety bid.U.S. homebuilding rallied more than predicted last month, but permits for future home construction sunk to the weakest level of the last eight-month bottom. International Business Machines Corp soared 3.3% in premarket trading as estimates were raised their price targets on the stock.
Gold Prices Advance
2021-07-20 10:45UTC
Gold was up on Tuesday morning in Asia as concerns over the recent COVID-19 outbreaks involving the Delta variant in several countries also gave the safe-haven yellow metal a boost.Presently, gold trades at $1816.75, which is a surge of $5.44 or 0.30% from the previous close of 1811.31. The daily trading range is form 1810.57 to 1819.00, while the trading volume is 164.575K.The USD in general is into a reverse relationship to the precious metals slipped today but is still close to a three-and-a-half-monthly high.Moreover, the People's Bank of China preserved its July loan prime rate (LPR) the same for more than an year.In the meantime, silver fell 0.1%, palladium was steady at $2,597.23, and platinum rallied 0.3% to $1,077.98.
European Daily Market Review
2021-07-20 08:42UTC
European stock markets rallied this morning, expected a recovery after global markets retreated on concerns of a Covid-19 resurgence.The pan-European Stoxx-600 gained 1% in early trade, with basic resources adding 1.7% to lead the rising path.Swiss banking giant UBS came higher off the second-quarter earnings expectations, reporting net profit attributable to shareholders of $2 billion. Swiss bank UBS created 4.6% after it posted a 63% jump in second-quarter net profit.Germany’s 10-year yield sunk its lowest since February.Germany’s 10-year yield, the benchmark for the bloc fell to 0.403%.The GBP retreated to a five-month bottom versus the USD and traded close to a five-week bottom versus the common currency.By 0756 GMT on Tuesday, sterling was 0.2% lower versus the USD at $1.3642.
Asian Daily Market Review
2021-07-20 06:40UTC
Shares in Asia-Pacific are into a weaker side following an overnight tumble for stocks on Wall Street.The Japanese Nikkei-225 fell 0.99% while the Topix index dropped 1.01%. South Korea’s Kospi slipped 0.8%.The S&P/ASX 200 in Australia retreated 0.71%.Indian shares are into a downfall after a global selloff sparked by a surge in Delta variant infections.India’s HDFC Bank lost close to 2%, the largest decline on the Nifty Bank Index.MSCI’s broadest index of Asia-Pacific shares outside Japan tumbled 0.97%. China shares fell as investors adopted risk-off mode after Beijing preserved its rate the same, despite solid forecasts for a reduction of 5%.
U.S. Daily Market Review
2021-07-19 12:13UTC
U.S. stocks large fell today amid worries over another wave of Covid cases would slow global economic growth.The Dow slipped 725.81 points, or 2.1%, to 33,962.04. The Nasdaq and S&P-500 also marked their largest decline of the last two months.The 10-year Treasury yield sunk to a five-month bottom of 1.17%, exacerbating fears about the slowing economy. Higher concerns about inflation and the resurgence of COVID-19 infections among the unvaccinated walloped Wall Street on Monday.The stock prices of Delta and American retreated around 4% each, while United dropped 5%.
European Daily Market Review
2021-07-19 08:40UTC
European stocks largely fell as markets digested the latest OPEC + announcement regarding oil production.The pan-European Stoxx-600 dropped 1.2% in early trade, with travel and leisure stocks dropping 2.5% to lead the slipping pattern.The German DAX slipped 1.11%, the French CAC-40 lost 1.30% and the British FTSE-100 fell 1.13%. European markets followed their counterparts in Asia Pacific lower at the start of the session.Euro zone government bond yields retreated today ahead of Thursday’s policy meeting of the European Central Bank (ECB).The Russian rouble depreciated, coming off from the 74 threshold versus the USD.At 0751 GMT, the rouble dropped 0.3% declined versus the USD  at 74.31.
Crude Oil Prices Fell
2021-07-19 06:58UTC
Oil prices managed to regain some of the earlier falls this morning but were still down after OPEC+ overcame internal divisions and agreed to boost supply levels.Now, oil trades at $70.701, which is a decline of $0.727 or 1.02% from the previous close of 71.428. The daily trading range is from 70.601 to 71.656, while the trading volume is 17.769K.OPEC+ ministers over the week-end decided to stimulate oil production from August to cool prices that earlier this month jumped to its peak of the last 2-1/2 years.The U.S. investment bank announced it remained bullish. To overcome internal divisions, OPEC+ agreed new production quotas for several members from May 2022.The group last year reduced supply by a record 10 million barrels per day (bpd) amid an evaporation in demand the pandemic developed.
Asian Daily Market Review
2021-07-19 06:40UTC
The major stock indexes in Asia-Pacific retreated today, as oil prices dropped after OPEC and its allies reached a deal.The Japanese Nikkei-225 tumbled 1.46% in afternoon trade while the Topix index lost 1.39%. South Korea’s Kospi declined 0.90%The Hang Seng index retreated 1.59% by the afternoon. Mainland Chinese stocks also declined, with the Shanghai composite down about 0.3%.Indian shares are into red, dropped down by HDFC Bank as it missed quarterly profit forecasts.Japanese shares are into a weaker side for a fourth session, as concerns over over the spread of the highly contagious Delta variant and that the Tokyo 2020 Olympics could even make the situation more dangerious.
U.S. Daily Market Review
2021-07-16 17:13UTC
AWall Street’s leading indexes dropped today, with a surge and value stocks falling as investors turned towards less risky investments.At 12:18 p.m. ET, the Dow Jones Industrial Average fell 56.65 points, or 0.16%, at 34,930.35.The S&P-500 retreated 4.83 points, or 0.11%, at 4,355.20 and the Nasdaq Composite tumbled 12.88 points, or 0.09%, at 14,530.25.The U.S. consumer sentiment index from the University of Michigan marked 80.8 for the first half of July, a loss from 85.5 last month and worse than economists forecasts.The USD advanced after upbeat U.S. retail sales data reaffirmed that the economy rallied in the second quarter.U.S. retail sales unexpectedly soared last month as demand for goods remained strong even as spending is shifting back to services.Retail sales inclined 0.6% last month. Data for May was revised down to show sales falling 1.7% instead of falling 1.3% as previously predicted.
Gold Prices Dropped
2021-07-16 11:35UTC
Gold price tumbled this morning during the Asian hours but was headed for a fourth consecutive weekly surge. The price of the previous metal boosted by U.S. Federal Reserve Chairman Jerome Powell’s remarks that any inflation and that the Fed would further stimulate the economy.Now, the yellow metal trades at $1816.70, which is a decline of $12.18 or 0.67% from the previous close of $1828.88.The daily trading range is from 1815.34 to 1831.87, while the trading volume is 172.281K.The USD which is general into a reverse relationship to the precious metal, slipped down today.Powell’s comments were given during his second day of testimony before the House of Representatives Financial Services Committee on Thursday.The Bank of Japan (BOJ) preserved its yield curve control (YCC) target unchanged at -0.1% for short-term interest rates and 0% for 10-year bond yields.
European Daily Market Review
2021-07-16 10:56UTC
European stocks are still without a clear direction as most traders and investors are focused on the economic data.The German DAX fell 0.04%, the French CAC-40 slipped 0.51% and the British FTSE-100 added 0.20%. The pan-European Stoxx-600 hovered around the flatline by late morning, with travel and leisure stocks climbing 1.7% to lead the rising mode. Cartier maker Richemont dropped 1.3% even as quarterly constant-currency sales more jumped largely.Sweden’s Ericsson fell 8.5% after it reported second-quarter core earnings below market estimates, negatively affected by weaker sales coming from China.UK-listed miner Rio Tinto declined 1.6% after reporting a 12% retreat.British company Burberry lost 0.9% even after it said it had marked a solid start in 2021.
Asian Daily Market Review
2021-07-16 06:08UTC
The leading stock markets in Asia-Pacific tumbled this morning as the Bank of Japan held steady on monetary policy.South Korea’s Kospi slipped 0.68%.The S&P BSE Sensex inclined 0.02% to 53,171.13. The Japanese Nikkei-225 lost 1.08% while the Topix index slipped 0.26%.Japan’s benchmark Nikkei share average sunk below the psychologically key 28,000 mark earlier today.In fact, new COVID-19 infections leapt to 1,308 cases in Tokyo on Thursday, the highest since January, a week before the city hosts the Olympics.Indian shares came off from record marks as the market is locked in advances in technology stocks.Japan’s central bank downgraded its real GDP estimate for the year little below 3.8% growth, versus to 4% growth estimate from April.
U.S. Daily Market Review
2021-07-15 10:50UTC
The Dow Jones Industrial Average fell as second-quarter earnings results further came less than the predictions.The Dow slipped about 35 points, or 0.1%. The S&P-500 dropped around 0.3%. The Nasdaq Composite declined around 0.5%.The major U.S. indexes move around the all-time peaks of the economy rebounding and higher-than-expected corporate earnings. Shares of Morgan Stanley retreated even after the company’s second-quarter earnings report Thursday morning topped analysts’ estimates.Initial jobless claims for the week ending July 10 came to 360,000, a new pandemic-era low.U.S. import prices jumped in June as bottlenecks in the global supply chain persisted.Still, prices are into a higher side. Import prices gained 1.0% last month after rallying 1.4% in May, according to the Labor Department.
European Daily Market Review
2021-07-15 07:27UTC
European stocks retreated today, as the market digest inflation data from the U.S. and U.K. released yesterday.The German DAX slipped 0.36%, the French CAC-40 fell 0.31% and the British FTSE-100 lost 0.05%. The pan-European Stoxx-600 lost 0.4% in early trade, with oil and gas stocks tumbling 2.5% to lead the falling side.Moreover, the blue-chip FTSE 100 eased 0.2% with Royal Dutch Shell and BP being the top drags on the index. Energy stocks dropped 2.24%.Europe, U.K. unemployment figures for May announced and the Italian inflation data for June. The number of job vacancies in the UK surpassed pre-pandemic levels in the three months to June, according to the numbers.The Office for National Statistics said there were 862,000 jobs on offer between April and June, 77,500 more than the first three months of 2020.The number of officially unemployed  advanced 356,000 in June, in the greatest increase since the start of the pandemic. 
Crude Oil Prices Retreated
2021-07-15 06:51UTC
Oil prices dropped this morning during the Asian hours, with a recent surge of the U.S. gasoline inventories and a potential Organization of the Petroleum Exporting Countries and allies (OPEC+) agreement to boost supply levels.Now, oil trades at $72.050, which is a loss of $0.855 or 1.17% from the previous close of 72.905.The daily trading range is from 71.918 to 72.932, while the trading volume is 12.667K.Yesterday, U.S. crude oil supply data from the U.S. Energy Information Administration (EIA), indicated in draw of 7.897 million barrels for the week to Jul. 9.Moreover, EIA numbers indicated in a 1.039-million-barrel build in gasoline inventories.Crude oil supply data released by the American Petroleum Institute a day before showed a draw of 4.079 million barrels.Saudi Arabia and the United Arab Emirates (UAE) came to an agreement at the OPEC+ meeting earlier in the month.However, the markets are still focused on the new wave of COVID-19 involving the Delta variant in several countries and its negative influence on oil demand.
Asian Daily Market Review
2021-07-15 01:44UTC
Asian markets are headed mostly lower on Thursday morning following a mixed session on Wall Street overnight. Investors are still worried over rising inflation, and Indonesia is seeing a surge in COVID-19 cases that’s made it the new epicenter of the pandemic in Asia. Japan’s Nikkei is leading losses for the region with a drop of 0.7% as the Yen has made a recovery against the U.S. dollar overnight. Shares of Softbank are trading 1.3% lower, and Sony has a loss of 0.8%. Among the major exporters Toyota is losing 0.5%, but Panasonic is edging up by 0.1%, and Canon shares have fallen 0.8%. In Australia the S&P/ASX 200 has erased an early loss and trades slightly higher by less than 0.1%, although the big four banks are weighing on the broader index. Shares of ANZ are 0.1% lower, NAB is down by 0.5%, Commonwealth Bank has retreated by 0.2%, and Westpac is 0.5% lower. The major miners are mixed, with BHP edging lower by 0.1%, and Rio Tinto adding 0.4%. In mainland China markets are lower, with the benchmark Shanghai Composite trading 0.3% lower and the smaller cap Shenzhen Composite matching that with an equal loss of 0.3%. Meanwhile in Hong Kong the Hang Seng is trying to make gains today and trades slightly higher by less than 0.1%. South Korea’s Kospi has a slight gain of 0.1%, and in Taiwan the Taiex is trading 0.4% higher. Southeast Asian markets are inching higher too, with the KLCI in Malaysia adding 0.1%, while Singapore’s Straits Times Index is edging higher by less than 0.1%.
Bank Of America Delivers Disappointing Results
2021-07-14 22:16UTC
While bank earnings have been strong this quarter, one bank stands out for having weaker than expected earnings. That bank is Bank of America, and shares fell 2.5% yesterday following the release of the second quarter financial results. It was the largest one day loss for Bank of America shares in eight months. The problem appears to lie with the banks’ lending income, as consumers flush with government stimulus cash have shied away from borrowing from banks. Loans and leases fell 12% from the year earlier, and net interest income came in at $10.3 billion versus estimates of $10.5 billion by analysts. The government stimulus programs have been a doubled edged sword for Bank of America. On the one hand it reduced the number of loan defaults suffered. But on the other it’s meant that consumers and businesses haven’t needed to take out much in the way of new loans, or tap existing lines of credit. That trend, along with the ultra-low interest rates meant to stimulate the economy, have hurt bank profitability, particularly for banks like Bank of America that rely heavily on consumer lending. One good sign is that the total outstanding loans at Bank of America, while down versus the same quarter last year, actually ticked up this quarter for the first time since the start of the pandemic. Obviously that wasn’t enough for investors to buy the stock at this time. The bank also saw trading fees drop by 17%, and investment banking fees were down 1.7%. Even M&A fees were flat, which was a huge contrast with rivals like Goldman Sachs and JPMorgan.
U.S. Daily Market Review
2021-07-14 12:40UTC
U.S. stock index futures advanced the most after Federal Reserve Chairman Jerome Powell that the Fed was still a ways off from altering its easy policies. In fact, the central bank needs to witness before reducing its support for the economy.The Dow Jones Industrial Average soared 82 points, or 0.2%. S&P-500 secured around 0.4%. Nasdaq-100 soared around 0.7%, boosted by a rally in technology stocks. Apple stock price added around 1% in premarket trading.Bank of America shares slipped close to 2% at the beginning of the session after it announced second-quarter revenue of $21.6 billion, just under the $21.8 billion estimate.Delta Air Lines shares surged after marking  its first quarterly profit of $652 million since 2019, stimulated by federal aid. U.S. producer prices jumped more than expected in June, indicating in that inflation could remain high as robust demand fueled by the economy’s recovery from the COVID-19 crisis.The producer price index for final demand soared 1.0% last month after inclining 0.8% in May, as reported by the Labor Department.
The Rate Of The USD Retreated
2021-07-14 12:29UTC
The USD lost some ground during the European trading hours in today’s morning.The greenback retreated some of the previous session’s solid advanced following a solid incline of the U.S. inflation.Now, the USD versus the Euro trades at 0.846 EUR, which is a loss of 0.0025 or 0.29% from the previous close of 0.8486.The daily trading range is from 0.8461 to 0.8492.The USD Index, which measures the USD versus a basket of six other currencies, traded 0.1% sunk at 92.698.Moreover, U.S. consumer prices jumped by 0.9% in June, of the last 13 years.The US economy has been less affected by the Covid-19 pandemic than many, soaring 1.6% in the first quarter.
European Daily Market Review
2021-07-14 08:37UTC
European stocks slightly dropped today after greater-than-predicted U.S. inflation report released Tuesday.The pan-European Stoxx 600 tumbled 0.3% below the flatline in early trade.The German DAX slipped 0.15%, the French CAC-40 lost 0.19% and the British FTSE-100 declined 0.39%.German retailers could boost their revenues by 1.5% year-on-year in 2021, assuming no further coronavirus lockdowns negatively affecting demand levels.Online sales advanced following COVID-19 restrictions last year and could even rally by around 20% this year to just over 87 billion euros ($103 billion). Marking even greater levels than initially expected.Government borrowing costs in the euro area surged as weakness in U.S. Treasuries and looming supply from Germany weighed on the market.
Gold Prices Advanced
2021-07-14 06:31UTC
Gold prices rallied this morning during the Asian hours, but Tuesday’s data implied in that the U.S. consumer prices last month jumped the most of the last 13 years.Now, the precious metal trades at $1814.29, which is an addition of $6.93 or 0.38% from the previous close of 1807.36. The daily trading range is from $1804.39 to 1814.89, while the trading volume is 80.896K.The USD is into a negative relationship to the precious metal, which partly fell after registering its best daily percentage gain in nearly on monthly basis.The U.S. core consumer price index (CPI) rallied more than predicted 0.9% month-on-month in June.The market is now focused on the U.S. Federal Reserve Chairman Jerome Powell’s testimony before Congress later in the day.This is expected to provide signals when the central bank will begin asset tapering and hiking interest rates. After the spread and the new wave of COVID-19, multiple countries tightened restrictive measures as cases involving the virus’ Delta variant rapidly advanced.
Asian Daily Market Review
2021-07-14 02:04UTC
Asian markets are mixed with a downside bias on Wednesday morning after Wall Street dropped from record levels following a CPI reading that showed inflation rising even faster in the U.S. The result was higher Treasury yields and a stronger U.S. dollar after the headline CPI number in the U.S. was at its highest since August 2008. In Japan the Nikkei is edging lower by 0.2% despite the Yen continuing in its retreat versus the U.S. dollar for a third consecutive session. Shares of Softbank are trading 0.3% higher, while Sony shares are slipping lower by less than 0.1%. Among the major exporters Toyota is adding 1.1%, but Panasonic is trading 0.6% lower, while Canon is adding 0.4%. Australia’s S&P/ASX 200 is leading gains for the region with a move higher of 0.4%, as the big four banks are rising following the excellent overnight profits reported by major U.S. banks. Shares of ANZ are flat, but NAB is adding 0.4%, Commonwealth Bank is advancing 0.5%, and Westpac is trading 0.2% higher. The major miners are also adding their support as BHP gains 0.6% and Rio Tinto is flat with a gain of less than 0.1%. Mainland China’s markets have opened sharply lower with the benchmark Shanghai Composite losing 0.6% and the smaller cap Shenzhen Composite 0.5% lower. In Hong Kong the Hang Seng is also falling 0.5%. In South Korea the Kospi trades 0.3% lower, but in Taiwan the Taiex is rising 0.4%. Southeast Asian markets are mixed, with the KLCI in Malaysia inching up by less than 0.1%, while Singapore’s Straits Times Index is trading slightly lower by less than 0.1%.
Markets Mostly Unconcerned Over Hot Consumer Inflation
2021-07-13 23:34UTC
Markets had a mixed reaction to the June Consumer Price Inflation numbers, which had inflation rising at a 5.4% pace in June, or the fastest since August 2008. Despite that massive jump in consumer prices stocks were little changed, and Treasury yields actually fell slightly. For whatever reason traders in those two markets seemed to have little concern for the blazing hot inflation numbers. Currency traders didn’t show the same level of unconcern however, and the U.S. dollar rallied strongly against rivals. Both the Euro and the Pound Sterling fell more than 100 pips on Tuesday, while the Yen retreated by roughly 50 pips. Strangely, despite the strength of the U.S. dollar, gold was almost unchanged on the day. That indicates gold traders might have been more interested in the rising inflation than those in other markets. Some analysts are saying there’s nothing to worry about however, as roughly one-third of the CPI rise was due to a massive jump in used car prices. However, the core CPI number, which strips out volatile food and energy prices, also rose 4.5%, which was the fastest growth in core CPI since September 1991. That certainly seems to indicate that inflation is pretty strong. Yet many still claim that the inflation being seen is transitory, simply a symptom of the mismatch in pent-up demand and limited supplies due to the COVID-19 pandemic. The desire to travel has pushed up airfares and gasoline prices, and now seemingly used automobile prices as well. The reading on used car prices showed the greatest increase since records were first kept on the data in January 1953.
U.S. Daily Market Review
2021-07-13 14:34UTC
The S&P-500 banks index dropped 0.8%, while the financials index fell 0.5%.The Dow Jones Industrial average lost around 58 points, or 0.17%. PepsiCo Inc advanced 1.8% after boosting its full-year earnings estimates.The USD rallied versus a basket of currencies on Tuesday after data showed U.S. inflation data for June surged greater more than forecasts.U.S. consumer prices jumped the largest portion of the last 13 years in June.The stock prices of JPMorgan Chase retreated at the start of the session even after marking second-quarter earnings of $11.9 billion, or $3.78 per share.
European Daily Market Review
2021-07-13 07:26UTC
European stocks are still without a clear market direction today ahead of earnings reports from several big banks in the U.S.The German DAX slipped 0.22%, the French CAC-40 dropped 0.20% and the British FTSE-100 added 0.24%. The pan-European Stoxx-600 declined 0.2% below the flatline in early trade.Finnish giant Nokia soared 5.2% after it said it planned to raise its full-year outlook as its operations rallied.Healthcare stocks slipped 0.8% after close to 1% advance in the previous session. The auto maker VW reported a strategy update at 12:30 p.m London time and inflation data for June is published by France and Germany.UK-based equity funds had record inflows totalling 6.2 billion pounds ($8.6 billion) in the second quarter, fund network Calastone said on Tuesday.Funds focused on environmental, social and governance (ESG) issues have accounted for 50% of net inflows into UK-based equity funds this year, Calastone said in a statement.
Crude Oil Prices Surged
2021-07-13 06:09UTC
Oil prices jumped today, recovering some of the registered falls from the previous session. This comes amid lower supply and forecasts of additional drops in U.S. crude inventories provided support.Now, oil trades at $74.381, which is a rise of $0.225 or 0.30% from the previous close of 74.156.The daily trading range is from $74.069 to 74.451, while the trading volume is 5.726K. Brent crude for September rallied 19 cents, or 0.3%, to $75.35 per barrel by 0421 GMT.U.S. crude inventories are very likely to retreat for an eighth consecutive week.Crude stockpiles have tumbled partly for several weeks.In the meantime, OPEC+ is yet to make progress on solving the differences between Saudi Arabia and the United Arab Emirates, which made it impossible to boost oil supply.
Asian Daily Market Review
2021-07-13 02:11UTC
Asian markets are headed higher for a second consecutive day Tuesday morning as investor sentiment has been lifted by a new overnight record on Wall Street and expectations for the coming earnings season. Surprisingly the rise in COVID cases and the emergency decree in Tokyo haven’t had an impact on sentiment today, although it still could later in the week. In Japan the Nikkei is 0.9% higher, getting some help from another session of weakness in the Yen versus the U.S. dollar. Shares of Softbank are 1.6% higher and Sony is adding 2.1%. Among the major exporters Toyota is up 0.4%, Panasonic is adding 0.6%, and Canon is outperforming with a 1.4% gain. Australia’s S&P/ASX 200 is adding 0.5% thanks to support from the big four banks. Shares of ANZ and NAB are each up 0.8% today, while Westpac is 0.3% higher, but Commonwealth Bank trades 0.2% lower in opposition with the broader gains. Major miners are heading higher as well, with BHP advancing 0.5% and Rio Tinto gaining 0.6%. Mainland Chinese markets are also trading higher, with the benchmark Shanghai Composite rising 0.3%, and the smaller cap Shenzhen Composite adding 0.2%. Meanwhile over in Hong Kong the Hang Seng is advancing 0.6% to outpace the mainland markets. In South Korea the Kospi trades 0.6% higher, and in Taiwan the Taiex is leading gains for the region as its rising 1%. Southeast Asian markets are making broad based gains as well, with Singapore’s Straits Times Index adding 0.7%, the KLCI in Malaysia rising 0.7%, and the Jakarta Composite in Indonesia advancing 0.6%.
Virgin Galactic Shares Plunge After Successful Space Flight
2021-07-12 20:35UTC
Virgin Galactic founder Sir Richard Branson completed a successful space light over the weekend, and you might expect that would have prompted a rally in shares. You couldn’t be further from the truth. In actuality shares could have rallied in response to the successful flight, however shares fell 17% instead as investors learned that the company has filed to sell $500 million worth of common stock. Trading was briefly halted in the stock on Monday due to the volatility. Virgin Galactic currently has 240 million outstanding shares, with 164.6 million available to the public for trading. An issuance of $500 million would add roughly 10.2 million new shares to the float. Shares are up 71.5% since the start of the year, even after Monday’s sharp drop. Investors are understandably excited over the prospects for Virgin to offer commercial space flights and have been bidding shares up accordingly. The completion of a fully crewed test flight on Sunday is a major step for Virgin Galactic, which has plans to offer commercial service in 2022. Reservations for tickets are already being sold for space flights, with a price tag of between $200,000 and $250,000 each. So far 600 such reservations have been sold. Analysts expect that when actual tickets go on sale they will be priced between $400,000 and $500,000. Those who can’t afford such a hefty price tag might be interested to learn that Virgin Galactic is partnering with sweepstakes company Omaze to offer two free seats on one of the first commercial flights next year. The flight makes Branson the first of the billionaire space company founders to actually go to space.
U.S. Daily Market Review
2021-07-12 14:35UTC
U.S. leading indexes partly inclined today as most traders and investors are focused on the second-quarter earnings results.The S&P-500 was led higher by the financial. The Stoxx Europe 600 is still without a direction before turning higher.Share price of JPMorgan Chase, Goldman Sachs, Bank of America dropped between 0.5% and 0.6% in the very early of the trading session.Federal Reserve chair Jerome Powell will report before Congress on Wednesday and Thursday.The USD advanced across the board on Monday amid issues over the pandemic encouraged investors to seek a safe haven.
European Daily Market Review
2021-07-12 10:45UTC
European stocks are relatively static today as markets struggled for inspiration.The pan-European Stoxx-600 only slightly inclined before hovering around the flatline by mid-morning. The German DAX slipped 0.28%, the French CAC-40 dropped 0.56% and the British FTSE-100 declined 0.71%.The GBP partly tumbled today as the British government is very likely to confirm plans to remove nearly all remaining COVID-19 restrictions in the country.The German bonds registered their biggest two-week boost since June 2020.The GBP depreciated 0.4% to $1.3856 against the dollar by 0853 GMT, after jumping to above $1.39 on Friday.Euro zone bond yields stands around the bottom marks, boosted by dovish European Central Bank commentary, as the markets are focused on signals from central bankers.
Crude Oil Prices Fell
2021-07-12 07:07UTC
Crude oil prices dropped this morning amid issues over falling global growth outweighed the possibility of tightening supply.Now, oil trades at $74.191, which is a loss of $0.479 or 0.64% from the previous close of 74.670. The daily trading range is from 74.120 to 74.901, while the trading volume is 10.226K.Moreover, brent crude for September slipped 15 cents, or 0.2%, to $75.40 per barrel.The spread of the new coronavirus variants and unequal access to vaccines threaten the global economic recovery.Oil prices retreated at the end of last week, after the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, failed to reach an agreement to increase output from August. The world's largest oil exporter Saudi Arabia but turned down around two requests for further supply volumes.
Asian Daily Market Review
2021-07-12 02:07UTC
Asian markets are enjoying a relief rally on Monday morning, rising in response to the new record reached on Wall Street to close out last week, and on the easing of Chinese policies that had created concerns over the tech industry in the past week. The start of earnings season this week is also contributing to investor optimism. Japan’s Nikkei is leading gains for the region as it rises 2.2%, with early weakness for the Yen against the U.S. dollar helping. Shares of Softbank are 2.5% higher today, and Sony shares are jumping 2.9%. Among the major exporters Toyota is 1.8% higher, Panasonic is advancing by 3%, and Canon has a gain of 1.5%. In Australia the S&P/ASX 200 has a gain of 0.9%, with the big four banks pacing those gains. Shares of ANZ are 1% higher, NAB has a 0.6% gain, Commonwealth Bank is 0.5% higher, and Westpac shares are advancing 0.8%. Meanwhile the major miners are surging higher, with BHP adding 3.6%, Rio Tinto up by 2.6%, and Fortescue Metals gaining 2.9%. Mainland Chinese markets are also participating in the rally today, with the benchmark Shanghai Composite trading 0.3% higher, while the smaller cap Shenzhen Composite has a gain of 1%. Over in Hong Kong the Hang Seng is also trading up by 0.4% on the day. In South Korea the Kospi is trading 0.7% higher, and the Taiex in Taiwan has a gain of 1.4%. Southeast Asian markets are mixed however, with the Straits Times in Singapore advancing 0.4%, but the KLCI in Malaysia posting the only loss in the region as it trades 0.4% lower.
Earnings Season Kicks Off Next Week
2021-07-09 23:05UTC
Second quarter earnings season gets underway in the coming week, with reports from major U.S. banks kicking off the party. On Tuesday JPMorgan Chase and Goldman Sachs will both report their second quarter results. That will be followed later in the week with earnings from Wells Fargo, Bank of America, Citigroup and other giant Wall Street banks. While revenue for the banks is expected to decline due to less trading volumes and income, the overall market is expected to deliver a healthy increase in earnings. Analysts are expecting the average earnings for S&P 500 forms to increase by 65% in the second quarter. Of course much of that is because in the second quarter last year the world was in the depths of a pandemic. The growth is expected to be led by industrials, with analysts forecasting a 570% year-over-year surge in profits for the sector, which was one of the hardest hit by the COVID pandemic last year. Ahead of the start of earnings season the S&P 500 climbed to another record, closing Friday with a gain of 1.1% as risk appetite returned for investors. Interestingly the banks that are set to report earnings next week were leading the way higher. Both JPMorgan Chase and Goldman Sachs saw their shares finish Friday up more than 3%. Other big increases ahead are expected for the consumer discretionary sector, which is expected to see a 217% increase in earnings from a year ago, and the energy sector, which is expected to see a 225% bounce in earnings. The tech sector is expected to be a laggard, with growth of just 31.6%.
U.S. Daily Market Review
2021-07-09 15:57UTC
The S&P-500 jumped to a fresh peak  as the major indexes are into recovery from the previous session’s losses.The Dow Jones Industrial Average inclined 440 points, or 1.2%. The S&P-500 regained around 1%, hitting a new intraday record. The technology-heavy Nasdaq Composite rose 0.8%. The stock prices of GM rallied 3.5% after Wedbush said the stock is a buy and could advacned more than 50%.The USD partly fell along with the Japanese yen and the Swiss franc, as risk appetite recovered. The USD index slipped 0.112% to 92.259, just a few pips from where it ended the previous week.The Biden Administration reported that approves the Consumer Financial Protection Bureau (CFPB) to issue rules allowing customers to download their banking data.
European Daily Market Review
2021-07-09 07:54UTC
The leading European markets advanced today, despite a global sell-off issues over the economic recovery.The German DAX added 0.67%, the French CAC-40 gained 1.30% and the British FTSE-100 inclined 0.57%.The pan-European Stoxx-600 secured 0.45% just after the session started in Europe.The European Central Bank will not try to compensate for lost inflation after periods of anaemic price growth and will not strive to overshoot its goal of 2%, according to the German central bank chief Jens Weidmann.In fact, the ECB registered a new strategy yesterday which set its inflation target at 2%.Britain’s economy soared by a slower-than expected 0.8% in May from April, official data showed on Friday.A Reuters poll of economists indicated in to month-on-month advanced of 1.5% in GDP.The data for May from the Office for National Statistics dropped April’s 2.0% growth when restrictions eased for non-essential retailers.
Crude Oil Prices Dropped
2021-07-09 05:43UTC
Oil prices retreated this morning during the Asia hours.Numbers reported announced that U.S. fuel inventories dropped and demand levels entered into recovery.Presently, oil trades at $73.134, which is a loss of $0.094 or 0.13% from the previous close of 73.228.The daily trading range is from 72.709 to 73.439, while the trading volume is 9.672K.Crude oil supply data from the U.S. Energy Information Administration (EIA) indicated in a draw of 6.866 million barrels.The American Petroleum Institute announced a day before showed a draw of 7.983 million barrels.The Organization of the Petroleum Exporting Countries and allies (OPEC+) is to come a decision on supply levels and could preserve the output steady in August.
Asian Daily Market Review
2021-07-09 01:49UTC
Asian markets are falling for a second consecutive day as the global risk off sentiment is causing equities all around the world to pare gains made in the first half of 2021. Rising COVID-19 cases and worries over the recovery in the global economy have sent investors into haven assets and away from risk assets like stocks. In Japan the Nikkei trades 1.9% lower, with a sharply stronger Yen also weighing on Japanese stocks. Shares of Softbank are 2.5% lower, while Sony’s stock is falling 0.7%. Among the major exporters shares of Toyota are losing 2.1%, Panasonic shares have fallen 2.4%, and Canon trades 1.3% lower. Australia’s S&P/ASX 200 is trading 1.3% lower today, with shares of the big four banks contributing to losses, but not quite as weak as the broader index. Shares of ANZ and NAB are each trading 1% lower, while Commonwealth Bank has lost 1.6%, and Westpac trades down by 1.2%. Meanwhile the major miners are also falling, with BHP down 0.6% and Rio Tinto retreating 1.5%. Mainland Chinese markets have opened to losses again, with the benchmark Shanghai Composite losing 0.3% at the open and the smaller cap Shenzhen Composite falling 0.7%. In Hong Kong the Hang Seng is looking to recoup some of its 2.9% loss from yesterday as it trades flat today. South Korea’s Kospi is losing 1.6%, and in Taiwan the Taiex trades 0.7% lower. Southeast Asian markets are bucking the losing trend from around the region however, with the Straits Times Index in Singapore adding 0.3%, while the KLCI in Malaysia is trading 0.4% higher.
USD/JPY Plunges On Risk Aversion
2021-07-08 21:34UTC
After edging lower all week the USD/JPY finally capitulated yesterday, dropping nearly 100 pips as risk aversion sent traders flocking into the safety of the Yen. The slide sent the pair back below the 110.00 level, and the bearish sentiment could see the pair trading under the 109.00 level in coming days. The drop took the pair to its lowest level in a month. The catalyst is the mounting concerns over the global economic recovery, as recent data has indicated that we may be entering a period of flat growth but rising inflation known as stagflation. Gains for the Yen came despite the discouraging news from Japan, where Prime Minister Yoshihide Suga declared a state of emergency in Tokyo due to resurgent COVID-19 cases. The state of emergency will run through August 22, and the summer Olympics will now be held without a live audience. Data released on Thursday showed Japan’s trade balance at a discouraging ¥ 2 billion surplus, versus the prior month’s ¥ 289.5 billion surplus. There are also now expectations for the Bank of Japan to cut its growth forecast for the year when they meet next week. In the U.S. the 10-year Treasury yield fell as low as 1.25% on the day as investors are moving into the safety of Treasuries. In addition, jobless claims unexpectedly rose to 373,000 in another sign that the labor market recovery for the U.S. remains choppy. On a technical basis the 100-day moving average is just below Thursday’s close. If the pair breaks below the level, which is at 109.12, more downside could turn the pair from its uptrend to a downtrend.
U.S. Daily Market Review
2021-07-08 14:53UTC
The leading U.S. stock advanced today amid issues over the global economic comeback from Covid-19. The downside took place after Japan declared a state of emergency in Tokyo for the upcoming Olympics with rapidly jumping new Covid cases.The Dow Jones Industrial Average dropped about 450 points, or 1.3%. The S&P-500 tumbled 1.25%. The Nasdaq 100 Composite retreated 1.3%. All the 11 major S&P 500 sector indexes declined with cyclical players such as energy and industrials falling.Moreover, treasury yields dropped for a fourth day.The number of officially unemployed Americans partly surged last week but continuing claims retreated. In reality, initial claims for state unemployment benefits soared 2,000 to a seasonally adjusted 373,000 for the week ended July 3, according to the Labor Department.
European Daily Market Review
2021-07-08 11:16UTC
European stocks partly fell today this morning amid a more cautious turn in global sentiment.Moreover, Euro zone banks tumbled more than 2.2% as government bond yields extended their slipping pattern.The pan-European Stoxx-600 retreated 1.2% in early trade, with basic resources dropping 2.7% to lead the falling side.The German DAX fell 1.71%, the French CAC-40 lost 2.14% and the British FTSE-100 dropped 1.66%.The European Central Bank is very likely to set its inflation target at 2% in a policy review later today.The euro rallied across and the JPY was on track to mark its largest daily rise this year.
Gold Prices Fell
2021-07-08 08:01UTC
Gold prices dropped this morning during the Asian hours as the market is still focused on the U.S. Federal Reserve’s minutes from its latest policy meeting. Now, the precious metal trades at $1806.65, which is a gain of $3.49 or 0.19% from the previous close of 1803.16. The daily trading range is form 1796.10 to 1810.87, while the trading volume is 114.276K.The rising rate of the USD and weaker U.S. Treasury yield also created in some negative pressure on the the yellow metal.Moreover, Benchmark U.S. 10-year Treasury yields sunk to their bottom since Feb. 19.Many market analysts suggested that the new wave of COVID-19 cases boosted by the Delta variant could cause demand levels to fall and to limit the U.S. recovery.In the meantime, silver eased 0.2%, while palladium slipped 0.1%.
Asian Daily Market Review
2021-07-08 02:01UTC
Asian markets are mixed on Thursday morning as investors digest the latest Federal Reserve meeting minutes. Overnight saw Wall Street making gains, while the U.S dollar was mixed, although it retreated versus the Yen as Treasury yields remain weak. Crude fell for a second session as traders are concerned over future production after OPEC failed to come to an agreement on production hikes through the end of the year. In Japan the Nikkei is trading 0.4% lower in response to the stronger Yen. Shares of Softbank are trading 0.2% lower and Sony is falling 0.6%. Among the major exporters Toyota is 0.4% lower, Panasonic is edging lower by 0.1%, and Canon is also inching down by 0.1%. Australia’s S&P/ASX 200 is leading gains across the region as it trades 0.7% higher, although the big four banks aren’t providing much help. ANZ is trading up by 0.1%, NAB is slightly higher by less than 0.1%, Commonwealth Bank is 0.2% higher, and Westpac is edging lower by less than 0.1%. Meanwhile the major miners are supporting the index with a gain of 2.1% for BHP and a rise of 1.7% for Rio Tinto. In mainland China markets are mixed at the open, with the benchmark Shanghai Composite losing 0.1%, but the smaller cap Shenzhen Composite adding 0.4%. Meanwhile in Hong Kong the Hang Seng is leading losses for the region with a 0.7% loss. South Korea’s Kospi is trading higher by less than 0.1%, and in Taiwan the Taiex is trading 0.3% higher. In Southeast Asia markets are weak with Malaysia’s KLCI falling 0.6%, Singapore’s Straits Times Index 0.2% lower.
USD/CAD Hits Highest Level Since April
2021-07-07 23:38UTC
The U.S. dollar gained momentum ahead of the release of the Federal Reserve June monetary policy meeting minutes, lifting the USD/CAD above the 1.2500 level for the first time since April. The actual meeting minutes caused the pair to take back some gains to finish the session back below the 1.2500 level, but it seems as if the combination of broad based USD strength and a breakdown in crude prices is opening the door for more upside to the pair. The continued firming of the U.S. dollar is coming on expectations for the U.S. economy to continue strengthening, while Canada is struggling to restart its own economy sufficiently. That could lead to much higher levels by the end of the summer. With the pair currently at the 1.2480 level the USD/CAD bulls are looking to target the 1.2650 level. That is both the highs from the April consolidation period in the pair, and the current level for the 200-day moving average. Of course a break above that level would be extremely bullish as it would also signal the reversal of the downtrend in the pair that began with the start of the COVID-19 pandemic measures in March 2020. Even if crude oil regains some of its strength it’s questionable how much this pair will drop as the Canadian dollar has struggled recently against the greenback. With reopening in the U.S. going far better than it is up north in Canada traders are betting on the U.S. economic strength. Also helping the U.S. dollar is the increase in COVID-19 cases outside the U.S., which has traders using the USD as a safe haven.
U.S. Daily Market Review
2021-07-07 16:25UTC
The S&P-500 jumped to fresh marks as most traders and investors returned back the technology stocks. U.S. equities advanced to all-time highs as investors awaited minutes from the Federal Reserve’s latest meeting for signals about the markets.The S&P-500 gained 0.3% to a new intraday high after the index ended a seven-day rising path. The Dow Jones Industrial Average secured 90 points. The technology-heavy Nasdaq Composite inclined 0.1%.Rising inflation figures have emerged as a new threat to the economy and the global economy in large.The IMF estimated the U.S. economy will grow 7% this year, which is the biggest since 1984, largely inclined by a combination of an rising vaccine rollout. Additionally, the U.S. could benefit lower-income countries through greater trade.
European Daily Market Review
2021-07-07 07:30UTC
European partly advanced today diverging from a more cautious and uncertain pattern.The German DAX added 0.74%, the French CAC-40 gained 0.43% and the British FTSE-100 inclined 0.49%.The pan-European Stoxx 600 inclined 0.6%. The basic resources soaring 1.6% to lead gains as almost all sectors and major bourses.UK-listed oil major Royal Dutch Shell rallied 2.7% after reporting it would boost its returns to shareholders.German software company SAP advanced 2.7%, with traders pointing to a double upgrade to “buy” from Bank of America.British house prices in June dropped in monthly terms for the first time since January as the government prepared to scale back its tax break for home-buyers. In fact, house prices slipped 0.5% in May, as reported by Halifax.
Crude Oil Prices Are Without A Clear Market Direciton
2021-07-07 06:19UTC
Oil prices are still without a market direction this morning during the Asian hours.However, prices still remained above the $73 mark, as a production negotiations between Saudi Arabia and the United Arab Emirates (UAE) are still in progress. Now, oil trades at $73.720, which is another minor loss of $0.063 or 0.09% from the previous close of 73.783. The daily trading range is from 73.139 to 73.814, while the trading volume is 11.107K.The dispute has stalled efforts by the Organization of the Petroleum Exporting Countries and allies (OPEC+) to boost production levels.Meanwhile, Saudi Aramco stimulated the official selling price of Arab Light crude increased by 80 cents per barrel to $2.7 above the regional benchmark.The rally is the largest month-on-month gain since January 2021.The market is now focused on the U.S. crude oil supply data from the American Petroleum Institute, coming later today.
OPEC Indefinitely Postpones Production Meeting And Crude Drops
2021-07-06 23:35UTC
Crude oil jumped to a six year high yesterday after OPEC and its allies, known as OPEC+, failed to reach a production deal, and then indefinitely postponed meetings on production policy for August and beyond. The price of U.S. benchmark West Texas Intermediate crude traded as high as $76.98 intraday, a level not seen since November 2014. However the market quickly took back the gains and much more, with WTI crude ending the session with a 2.4% loss, or $1.79, at $73.37 a barrel. Brent crude also hit its highest level since 2018 on an intraday basis before dropping to finish the session with a loss of $2.63, or 3.4%, at $74.53 a barrel. OPEC+ began production discussions last week, however the group was unable to come to a conclusion on production additions. Yesterday the cartel voted on a proposal that would have added 400,000 barrels per day to global production each month from August through December, ultimately adding 2 million barrels of crude per day to production. The UAE was against the proposal since last week, and ultimately OPEC+ was unable to reach a consensus and cancelled the meeting for the time being. A spokesman for the UAE said that the deal wasn’t a good one for them and while they do support a short-term increase in production they need better terms if the production increase will be extended through 2022. The drop in price was unexpected given that the failure of OPEC+ to add to production means that the supply/demand imbalance will persist for longer, which should fuel higher prices through the end of the year.
U.S. Daily Market Review
2021-07-06 14:14UTC
U.S. stock indexes are into a fluctuating mode.The markets is back from a long holiday weekend to focus on Beijing’s crackdown on several U.S.-listed Chinese firms.The Dow Jones Industrial Average gained 3.8 points, or 0.01%. The S&P-500 inclined 4.1 points, or 0.09%, at the open to a record high of 4,356.46.The Nasdaq Composite rallied 22.2 points, or 0.15%, to 14661.548 at the start of the session.American Express Co soared 2.5% after Goldman Sachs boosted its rating on the stock to “buy” from “neutral”.U.S.-listed shares of China’s top two videogame streaming sites Huya and DouYu dropped 2.6% and 7.3%, accordingly.This is taking place after China’s antitrust regulator reported that it will blan Tencent Holdings Ltd’s plan to merge the firms.
European Daily Market Review
2021-07-06 12:38UTC
European stocks are without a solid direction today.The market are focused on the oil markets after negotiations between members of the OPEC+ oil-producing alliance were abandoned.The German DAX slipped 0.11%, the French CAC-40 lost 0.11% and the British FTSE-100 fell 0.14%.The pan-European Stoxx 600 added only 0.2% by mid-afternoon, having fluctuated throughout the day. Autos sector dropped 1.3% while travel and leisure stocks soared 0.8%.The European Commission proposed today the European Green Bond Standard to stimulate funds into projects that will help the bloc meet its mid-century climate goal of net zero carbon emissions.
Gold Prices Rallied
2021-07-06 07:14UTC
Gold prices advanced this morning during the Asian hours and even approached a two-week peak.The falling rate of the USD boosted gold prices. Meanwhile, most traders and investors are focused on the release of the minutes from the U.S. Federal Reserve’s latest meeting.Now, the yellow metal trades at $1805.58, which is a rise of $14.70 or 0.82% from the previous close of 1790.The daily trading range is from 1790.70 to 1806.48, while the trading volume is 75.232K.Yesterday, U.S. markets were closed for a holiday. The market is still concentrated on the the minutes from the Fed’s June meeting, due on Wednesday, for additional market signals.Global stock markets are still at record high values, stimulated by both European data and the latest U.S. jobs  from last week.
Asian Daily Market Review
2021-07-06 03:19UTC
Asian markets are broadly higher Tuesday morning, however markets in mainland China and Hong Kong are struggling on weakness from the Chinese tech sector as investors worry about potential regulations from the Communist government that could harm the sector. In Japan the Nikkei is trading 0.5% higher heading into the lunch break, with a weak Yen contributing to gains for Japanese equities. Shares of Softbank Group are trading 1.4% higher, and Sony has a gain of 1.8%. Among the major exporters Toyota is adding 0.3%, and Canon is 0.4% higher, while Panasonic is declining 0.5%. Australia’s S&P/ASX 200 is trading flat, with a slight loss of less than 0.1% as investors await the latest monetary policy decision from the Reserve Bank of Australia later today. Shares of the big four banks are helping to keep the index afloat, with ANZ and NAB each up 0.3%, while Commonwealth bank and Westpac add 0.4% each. Meanwhile the major miners are also lending their support as BHP rises 1.6% and Rio Tinto advances 0.8%. Mainland China’s benchmark Shanghai Composite is trading 0.7% lower and the smaller cap Shenzhen Composite is 1% lower on concerns over additional regulation of the technology sector in the country. Meanwhile Hong Kong’s Hang Seng is also 0.7% lower as the tech sector weighs on the broader index. In South Korea the Kospi is 0.4% higher, and in Taiwan the Taiex has added 0.3%. Southeast Asian markets are broadly higher, with Singapore’s Straits Times adding 1.1% to lead gains for the region, while the Jakarta Composite in Indonesia tacks on 0.5%, and Malaysia’s KLCI is up 0.2%.
Gold Is Eyeing The $1,800 Level
2021-07-05 21:23UTC
Gold has continued to follow through on its decisive move higher that began last week, with help coming from a still weak U.S. dollar. Monday marked a fourth straight winning session for gold as the precious metal added 0.3% to almost $1,792 in a thinly traded session due to the U.S. public holiday that kept markets there shuttered. Monday featured little in the way of macroeconomic data, but traders can look forward to the U.S. ISM Services PMI due out Tuesday. Last week’s non-farm payrolls came in as better than expected, but not so much so that it increased worries over Fed tapering. The almost perfect NFP report put the U.S. dollar under pressure as traders looked to get out of the greenback in response to the data and ahead of a holiday weekend. Friday saw the U.S. dollar index fall 0.3%, giving some support to gold’s rally. Now traders are eyeing the $1,800 level as Monday’s close left gold above its 100-day moving average, a decidedly bullish state of affairs for gold. However, Tuesday’s ISM Services PMI report could put some pressure on gold, if it comes in as strongly as last week’s Manufacturing PMI. That report showed the Prices Paid component, a leading inflation indicator, at an all-time high in June. A similar reading from the Services PMI Prices Paid component would likely spark a renewed rally in the U.S. dollar, causing pain for gold bulls. Also worth watching is Wednesday’s release of the latest Federal Reserve monetary policy meeting minutes. That could also spark a rally in the USD as traders will be looking for more tapering clues.
U.S. Daily Market Review
2021-07-05 14:02UTC
World stocks clung reached to record marks today amid issues over the Delta variant of COVID-19 offset higher  sentiment from the rising rate of the euro zone.The USD fell versus the main pairs, after jumping to a speed bump.The USD also secured 0.2% against the kiwi, which sat at $0.7022, traded 0.2% lower at 110.82 yen and fell 0.1% to $1.1876 per euro.Unemployed Americans in Indiana, Texas and Maryland have filed lawsuits against their respective states seeking to reinstate a pandemic relief program that generated an extra $300 a week in the form of state benefits.
European Daily Market Review
2021-07-05 09:29UTC
European stocks are without direction today as markets are focused on the oil prices ahead of a crunch meeting of the OPEC+ alliance.The German DAX slipped 0.31%, the French CAC-40 lost 0.9% and the British FTSE-100 gained 0.16%. The pan-European Stoxx 600 moved around the flatline by mid-morning, with basic resources jumping 1.5%.The GBP rallied today with the British government is likely to report that it will proceed with plans to fully reopen the economy later this month.After dropping to its bottom since mid-April at $1.3733 last week, the GBP was 0.1% higher versus the USD. Euro zone businesses surged activity at the fastest pattern of the last 15 years in June as the easing of more coronavirus restrictions.British new car registrations soared by an annual 28% in June versus last year.A total of 186,128 new cars were registered, according to the Society of Motor Manufacturers and Traders (SMMT).
Crude Oil Prices Dropped
2021-07-05 06:32UTC
Oil prices tumbled this morning, with Brent dropping after four sessions of rising path. The market is focused on the coming talks by OPEC+ following disagreement within the cartel.Now, oil trades at $75.231, which is a very minor incline of $0.132 or 0.18% from the previous close of 75.099.The daily trading volume is from 74.738 to 75.261, while the trading volume is 8.169K.The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, decided on Friday to boost supply levels by about 2 million barrels per day from August to December 2021.Moreover, Saudi Arabia's energy minister sought on Sunday to push back against UAE's opposition to a proposed OPEC+ deal.The number of US oil and gas rigs advanced by 5 to 475 in the week to July 2, the most since April 2020, according to Baker Hughes.
Asian Daily Market Review
2021-07-05 03:51UTC
Markets across Asia are mostly higher on Monday morning following the better-than-expected jobs report that was released in the U.S. last Friday, and the new records set on Wall Street. Japan’s Nikkei is not one of the day’s winners however, and is trading 0.6% lower as Tokyo traders break for lunch. Shares of Softbank are plunging 5.2% and Sony is trading 1.4% lower as well. Among the major exporters Toyota has a 0.3% loss, Panasonic shares are flat, and Canon trades 0.3% lower. Australia’s S&P/ASX 200 is holding onto a slight lead of 0.1%, with the big four banks dragging on the broader index. Shares of ANZ are 0.8% lower, NAB has fallen 0.4%, Commonwealth Bank shares are falling 0.7%, and Westpac is edging lower by 0.2%. Meanwhile the major miners are mixed as BHP is 0.4% lower, Rio Tinto is 0.3% higher, and Fortescue Metals is flat with a loss of less than 0.1%. Mainland Chinese markets are modestly higher, with the benchmark Shanghai Composite adding 0.2%, while the smaller cap Shenzhen Composite is up by less than 0.1%. Over in Hong Kong investors aren’t so upbeat and the Hang Seng is missing out on the strength of the mainland markets, trading 0.5% lower. In South Korea the Kospi is 0.4% higher, and in Taiwan the Taiex is leading gains for the region as it is advancing 1.1%. Southeast Asian markets are mixed as well, with the Straits Times in Singapore trading 0.2% higher, while the Jakarta Composite in Indonesia is 0.3% lower, and the KLCI in Malaysia has a loss of 0.4%.
S&P 500 Up For Seventh Straight Session
2021-07-02 20:36UTC
The S&P 500 rose to a new record high on Friday, cementing a seven day winning streak, which is the longest such streak for the index in ten months. Gains came following the release of the non-farm payrolls report, which was stronger than expected, giving investors confidence that the economic recovery in the U.S. remains on track. At the close the S&P 500 was up by 0.8% on the day, while the benchmark Dow Industrials rose 0.4%, and the technology bell weather Nasdaq added 0.8% as well. It was solid moves from the tech sector that helped support the broader market, with shares of Apple rising 2%, while Salesforce shares were up 1.3%. The non-farm payrolls report showed that the U.S. added 850,000 jobs in June, which was well above the 700,000 new jobs expected. It was also well above the 559,000 jobs added in May. Analysts acknowledged the strength of the labor report and said markets should be ready to see an acceleration in the labor market and the economy going forward. However most also agreed that while the report was strong, it wasn’t likely to change the trajectory of the Fed in terms of tapering or interest rate hikes. Investors also got good news on the inflation front as wage growth held at the 3.6% annual pace that markets were expecting. All together it was something of a goldilocks report, with strong enough numbers to reassure investors that the economy is recovering well, and yet not so strong to convince the Fed to begin tapering and raising interest rates ahead of plan.
U.S. Daily Market Review
2021-07-02 13:20UTC
The S&P-500 and the Nasdaq started on record peak after a better-than-predicted monthly employment report.This happened as multiple companies raised wages and offered incentives to attract new people in the labor force.Futures moved higher after the Labor Department stated the employment report showed nonfarm payrolls advanced 850,000 jobs last month, after rising 583,000 in May. The unemployment rate jumped 5.9% from 5.8% in May. The economy crated 850,000 new jobs last month, according to the Bureau of Labor Statistics.The unemployment rate soared 5.9%, higher than expected.Job growth leaped higher in June as businesses looked to keep up with a rapidly recovering U.S. economy, according to the Labor Department.Nonfarm payrolls soared 850,000 for the month,  versus to Dow Jones forecasts of 706,000 and better than the upwardly revised 583,000 in May.
Еuropean Daily Market Review
2021-07-02 10:41UTC
European markets managed to rally this morning as investors awaited a closely-watched U.S. jobs report coming later in the day.The French CAC-40 added 0.08%, the German DAX inclined 0.44% and the British FTSE-100 gained 0.12%. The pan-European Stoxx-600 secured 0.2% by mid-morning, with travel and leisure stocks soaring 1.2% to lead rising path.The European Central Bank to strictly analyze banks that are taking too much risk via financial instruments such as leveraged loans.Credit Suisse is preparing to offer $750 million to investors in its Greensill-linked supply chain finance funds.Semiconductor maker ASML Holding NV soared 0.5% after Micron Technology Inc stated it plans to start using ASML EUV machines in production in 2024.The bank has recovered some $6.1 billion of the $10 billion backed by insolvent supply chain finance firm Greensill Capital.
Crude Oil Prices Advacned
2021-07-02 06:07UTC
Oil prices jumped this morning during the Asian hours, coming off from its higher path from the previous session.This comes after a disagreement within the Organization of the Petroleum Exporting Countries and allies (OPEC+) delayed a decision on supply levels.Now, oil trades at $75.141, which is a very minor rise of 0.193 or 0.26% from the previous close of 74.948. The daily trading range is from 74.945 to 75.514, while the trading volume is 6.805K.Before that OPEC+ was expected to decide in general to stimulate output by 400,000 barrels a day each month from August through December. In case an agreement is not reached, then most likely crude could advance and add to the rising growing inflationary pressures in the global economy. Later today OPEC+ could agree to restore additional production.
Asian Daily Market Review
2021-07-02 02:13UTC
Asian markets are ending the week on a mixed note as investors across the region remain cautious ahead of the upcoming non-farm payrolls in the U.S. Expectations for a large increase in U.S. employment are soaring after U.S. unemployment claims dropped to their lowest level since the start of the pandemic. Japan’s Nikkei is rising 0.3%, helped by a weaker Yen versus the U.S. dollar. Shares of Softbank Group are trading 0.7% higher, while Sony shares are surging 3.6% higher. Among the major exporters Toyota is adding 1.2%, Panasonic has a gain of 2.1%, and Canon shares are edging up by 0.2%. In Australia the S&P/ASX 200 has a small gain of 0.2% as the big four banks are helping support the broader index today. Shares of ANZ have added 0.7%, while NAB is edging up by 0.1%, Commonwealth Bank is gaining 0.6%, and Westpac is trading 0.3% higher. Meanwhile the major miners are mixed, with BHP adding 0.1%, but Rio Tinto falling 0.7%. Chinese shares are falling broadly in significant weakness that’s leading the entire region. The benchmark Shanghai Composite is trading 1.1% lower, while the smaller cap Shenzhen Composite is down 1.2%. Hong Kong is not escaping that weakness either, with the Hang Seng falling 1.1%. In South Korea the Kospi has a gain of 0.2%, while Taiwan’s Taiex has been trading back and forth over unchanged levels and is currently lower by less than 0.1%. Southeast Asian markets are mostly higher today, with the Straits Times in Singapore and the Jakarta Composite in Indonesia each up 0.4%, while Malaysia’s KLCI trades 0.1% lower.
Crude Notches Near 3-Year High Above $75
2021-07-01 20:31UTC
Crude is back on the move higher ahead of a decision by key producers on production levels for the second half of 2021. Oil prices on Thursday topped $75 to notch a nearly three year high as traders remain optimistic that demand will continue to outstrip supply. The U.S. benchmark West Texas Intermediate crude settled the session at $75.23 a barrel, up 2.4%, or $1.76 a barrel. It’s the highest closing level for WTI crude since October 2018. Separately the global benchmark Brent crude settled at $76.10 a barrel for a gain of $1.49, or 2%, on the session. WTI crude is up 50% on the year as surging demand from travelers has supported a massive rally for the commodity. A rebound in goods transportation is also helping to support demand for crude and higher prices. Thursday’s advance came ahead of a meeting of OPEC and non-OPEC partners, which was postponed until Friday. The group, often referred to as OPEC+, has been increasingly optimistic over improving economic conditions and the outlook for increased demand due to the reopening of global economies. OPEC+ is expected to announce a 500,000 barrel per day increase in production beginning in August, but analysts are skeptical that this production hike will do much to halt the rally in crude. They point to the fact that the rebound in travel in June resulted in a global deficit of roughly 2.3 million barrels a day in crude. Major analysts and investment banks have suggested that the current imbalance between supply and demand could see crude prices reaching $100 a barrel by the end of 2021.
U.S. Daily Market Review
2021-07-01 15:16UTC
U.S. stocks partly surged today as most traders and investors are positive about the second half of 2021.The Dow Jones Industrial Average was inclined 86. The S&P-500 gained 0.3% and set a new intraday record high. The tech-heavy Nasdaq Composite was flat.Moreover, data showed fewer-than-expected weekly jobless claims and energy stocks were supported by a spike in oil prices.The USD only marginally rallied with most currencies trading within narrow ranges, as investors looked to Friday's U.S. nonfarm payrolls report for market signals.As a matter of fact, the USD index, jumped to a three-month peak of 92.547 earlier in the session. U.S. construction spending unexpectedly dropped last month May as gains in private homebuilding were offset by persistent weakness.The Commerce Department announced yesterday that construction spending slipped by 0.3% after edging securing 0.1% in April.In reality, construction spending, which accounts for about 3.6% of GDP, grew 7.5% on a annual basis in May.
European Daily Market Review
2021-07-01 09:10UTC
European markets rallied, marking a solid start of the the second half of 2021 on a higher note. The main drive force for this are the forecasts for economic recovery.    The pan-European Stoxx 600 added 1% in early trade, with travel and leisure stocks gaining 1.8% to lead the rising mode.The GBP depreciated today after Bank of England Governor Andrew Bailey warned against over-reaction to rising inflation in Britain.The sterling dropped 0.2% registering $1.3796 versus the USD at 0835 GMT. Additionally, it lost 0.1% versus the euro to 85.85 pence.The UK announced a further 26,068 cases on Wednesday as the Delta variant is further gaining ground. This was the peak mark since late January.Additionally, Scotland, registered the strongest rate of cases in the UK, reported its highest number of cases, almost 3,900.
Gold Prices Into A Falling Mode
2021-07-01 08:12UTC
Gold marked its weakest mark of the last five years. This happens as the advancing pattern of the yellow metal were buffeted by incessant speculation of stimulus tapering.Presently, the yellow metal trades at $1776.10, which is a rise of $6.33 or 0.36% from the previous close of 1769.77.The daily trading range is from 1765.51 to 1778.92, while the trading volume is 109.594K.Since the beginning of the year, the price of the yellow metal has been challenged.This takes place when it came off record peaks above $2,000 and meandered for a few months before stumbling into a systemic decay from November.As a matter of fact, the Fed has expected that it estimates two hikes before 2023.
Asian Daily Market Review
2021-07-01 02:17UTC
Asian markets are trading mostly lower on Thursday morning as fears over a resurgence in COVID-19 cases is weighing on investor sentiment heading into Friday’s U.S. jobs report. Japan’s Nikkei is trading 0.4% lower today, despite the rally in the U.S. dollar that took the USD/JPY to its highest level in three months. Japan also reported a drop in both the Tankan manufacturing and non-manufacturing indices. Shares of Softbank group are trading 1.3% lower, while Sony is flat. Among the major exporters Toyota is falling 0.7%, Panasonic is 0.8% lower, and Canon has a 1.1% loss. In Australia the S&P/ASX 200 is 0.4% lower as well, with the big four banks weighing on results. Shares of ANZ are down 0.8%, NAB has dropped 0.6%, Commonwealth Bank has a 1.1% loss, and Westpac is retreating 0.5%. Meanwhile the major miners are also a drag today, with BHP losing 0.4% and Rio Tinto falling 0.6%. Mainland Chinese markets are modestly lower as well following a weaker than expected Caixin manufacturing PMI. The benchmark Shanghai Composite is edging lower by 0.1%, while the smaller cap Shenzhen Composite has a loss of 0.3%. Over in Hong Kong the hang Seng is utpacing losses on the mainland with a drop of 0.6% to lead losses for the region. South Korea’s Kospi is 0.5% lower today, and in Taiwan the Taiex is bucking the falling trend across the region as it inches higher by less than 0.1%. Southeast Asian markets are broadly higher with the Straits Times in Singapore adding 0.2%, while the KLCI in Malaysia and the Jakarta Composite in Indonesia are each 0.4% higher.
Lumber Losses Indicate Inflation May Be Transitory
2021-06-30 23:13UTC
If anyone needs a confirmation that inflation is indeed transitory they need look no further than lumber prices. Lumber futures, which rallied in the spring and caused many worries, fell roughly 40% in June, suffering their worst monthly performance since 1978, when records were first kept on lumber futures prices. Even more encouraging is that since the start of 2021 lumber futures are down 18%, and are likely to close out June with the first negative first half performance since 2015. The reversal in fortunes for lumber prices comes as consumers have switched their attention from home renovation projects to travel and vacations. There’s also some hope that the drop in lumber prices will take some pressure off new home prices, which would yield a further reduction in inflation. Supply of lumber has also increased as the pandemic lockdowns ease, and that’s balanced out the supply and demand mismatch that helped fuel the speculative rally in lumber. And that’s also encouraging for other areas of the economy where supply has been unable to keep up with demand as it shows that market forces will eventually even out and inflationary pressures will fade. The upside of all this is that the Federal Reserve may have gotten it right with their view of transitory inflation. And if that’s true then it is more likely that it will be until 2023 that the Fed begins raising interest rates. Markets have already begun pricing that likelihood in after their initial knee-jerk reaction to what at first glance seemed to be a more hawkish Federal Reserve monetary policy earlier in June.
U.S. Daily Market Review
2021-06-30 14:58UTC
U.S. stocks moved close to record marking today as the market is about to register a  rising first half and second quarter of 2021.The Dow Jones Industrial Average gained 58 points while the S&P 500 inclined 0.1%. The Nasdaq 100 fell 0.2%.The National Association of Realtors (NAR) reported that its Pending Home Sales Index, based on contracts signed last month, soared 8.0% to 114.7. The ADP National Employment Report indicated in that private payrolls jumped by 692,000 jobs this month, down from 886,000 new positions in May.In fact, the Labor Department’s more detailed and expected employment data for June is due on Friday.
Еuropean Daily Market Review
2021-06-30 09:07UTC
European stocks retreated some ground today as pandemic and inflation concerns soared.The German DAX dropped 1.13%, the French CAC-40 tumbled 1.18% and the FTSE-100 lost 0.92%.The pan-European Stoxx-600 slipped 0.9% by mid-morning, with autos tumbling 2.4% to lead the falling path.European investors are focused on a host of economic data on Wednesday. Moreover, U.K. first-quarter GDP was marked -1.6% quarter-on-quarter, coming below initial forecasts.Inflation in the Euro countries sunk to 1.9% in June from 2.0% in May, in line with estimates.Banks in the European Union became significantly more profitable in the first quarter of 2021 due to higher income generation.The European Banking Authority (EBA) announced that its quarterly Risk Dashboard that banks’ return on equity, a key measure of profitability, jumped to 7.6% in the first quarter from 1.9% in the year ending 2020.
Crude Oil Prices Advanced
2021-06-30 08:47UTC
Oil prices rallied this morning during the Asian hours after the Organization of the Petroleum Exporting Countries and allies (OPEC+) delayed negotiations just ahead of its ministerial meeting.Now, oil trades at 73.047, which is a minor loss of $0.384 or 0.52% from the previous close of 73.431.The daily trading range is from 72.798 to 73.589, while the trading volume is 10.503K.Some OPEC+ members called for higher oil supply, while Saudi Arabia fears about the global spread of the COVID-19 delta variant despite rising demand levels. The cartel is very likely to revive some of the supplies.On the supply front, U.S. crude oil supply data from the American Petroleum Institute indicated in a draw of 8.153 million for the week ending Jun. 25. Crude oil supply data from the U.S. Energy Information Administration is due later in the day.
Asian Daily Market Review
2021-06-30 03:00UTC
Asian markets are trading mostly higher on Wednesday morning following an overnight winning session on Wall Street. Investors are looking ahead to this Friday’s U.S. non-farm payrolls with a sense of optimism that’s keeping equities afloat. In Japan the Nikkei has unfortunately given back early gains and is trading slightly lower by less than 0.1% as traders in Tokyo take their lunch break. Shares of Softbank Group are trading 0.7% higher, however Sony shares are 1.6% lower. Among the major exporters Toyota shares are flat, Panasonic is 0.4% higher, and Canon shares are also flat. Australia’s S&P/ASX 200 has a gain of 0.5%, with the big four banks trading mixed. Commonwealth Bank is 0.6% higher and Westpac has a gain of less than 0.1%, while NAB is losing 0.4% and ANZ is trading slightly lower by less than 0.1%. Meanwhile the major miners are helping to support the broader index, with BHP trading 1.6% higher and Rio Tinto advancing 2.2%. In mainland China markets are higher following mixed results from Chinese PMI data. The benchmark Shanghai Composite is 0.1% higher, and the smaller cap Shenzhen Composite is trading 0.5% higher. However Hong Kong’s Hang Seng is not following the mainland’s lead and is trading 0.1% lower. South Korea’s Kospi has a gain of 0.4%, and in Taiwan the Taiex is leading gains for the region as it’s adding 1%. Southeast Asian markets are mixed on the day as the Straits Times in Singapore is rising 1% and the Indonesian Jakarta Composite has a 0.3% gain, but the KLCI in Malaysia is trading 0.4% lower.
Facebook Is A Member Of The $1 Trillion Club
2021-06-29 22:32UTC
Despite a drop of 1.1% on Tuesday Facebook remained a member of the $1 trillion club after shares soared the prior session on news of an anti-trust case against the company being thrown out of the courts. Facebook now joins Apple, Microsoft, Amazon, and Alphabet as the five U.S. companies with market caps larger than $1 trillion. It’s grip on the level is tenuous however as Tuesday’s drop left the company’s market cap at $1.004 trillion. Facebook has benefitted greatly from the reopening trade as online advertisers have rushed back to its platform. Facebook generates nearly all its revenue from advertising on its Facebook and Instagram platforms. It’s been a fairly quick road to $1 trillion for Facebook as the company went public in 2012 and began with a market cap of $104 billion. Perhaps it would have been an even quicker trip if it hadn’t been for 2018, when Facebook was rattled by scandals, including data leaks, fake news, and the Cambridge Analytica scandal where a data firm inappropriately accessed the data of 87 million Facebook users and used it to target ads for the 2016 Donald Trump Presidential race. Also of concern in 2018 was a drop in revenue and users in the second quarter, and by the end of the year Facebook shares were down 19%. The stock has rebounded well since however, and shares are up more than 90% from a July 2018 low. Now that the $1 trillion mark is passed investors will no doubt be wondering when Facebook will catch up with Apple and Microsoft in the $2 trillion club.
U.S. Daily Market Review
2021-06-29 16:08UTC
The S&P-500 jumped to record high today as bank stocks contributed to the economic recovery.The Dow Jones Industrial Average gained 120 points, while the tech-heavy Nasdaq Composite inclined 0.1%.The stock price of Morgan Stanley rallied more than 3% after the bank announced that it will double its quarterly dividend. Additionally, the lending giant also reported a $12 billion stock buy back program. The USD appreciated to a one-week high, on track for its biggest daily surge of the last two weeks.United Airlines is likely to hire about 25,000 new labor staff by 2026 as part of its largest-ever order for 270 Boeing and Airbus jets. Now, United has around 68,000 union jobs, or 89% of its total domestic workforce.
Еuropean Daily Market Review
2021-06-29 10:08UTC
Тhe leading European indexes rallied today as global investors monitored the spread of the delta Covid-19 variant.The German DAX added 0.80%, the French CAC-40 gained 0.28% and the British FTSE-100 inclined 0.08%.The pan-European Stoxx-600 secured around 0.3% by late morning, with autos soaring 0.9%.Euro zone government bond yields are into a steady path from recent highs just ahead of the release of German consumer price data.Germany’s 10-year bond yield was flat at -0.187%.French 10-year bond yields largely tumbled after the right politician Marine Le Pen fared badly in regional elections over the weekend.British house prices advanced 13.4% in June versus last month last year. This represents the largest annual surge since November 2004.
Gold Prices Dropped
2021-06-29 06:30UTC
Gold prices dropped this during the Asian hours and are still around the one-week bottom.Presently, the yellow metal trades at $1774.31, which is another loss of $3.58 or 0.20% from the previous close of 1777.89.The daily trading range is from 1773.65 to 1778.80, while the trading volume is 80.586K.Moreover, during the previous session and is set for its worst month since 2016. The rising rate of the USD and worries over over whether the U.S. Federal Reserve would tighten its monetary policy sooner than predicted also created in some pressure on the yellow metal.The USD is into a negative relationship too gold, advanced and moves just below a two-month high on Monday.In the meantime, silver slipped 0.4%, palladium tumbled 0.2%.
Asian Daily Market Review
2021-06-29 03:11UTC
Asian markets are heading mostly lower Tuesday morning as investors react to the surge in new virus cases in several Southeast Asian countries. There’s also little support for equities overnight as European markets headed lower, and U.S. markets finished mixed. In Japan the Nikkei is trading down by 0.9% as the Yen continues catching up on the U.S. dollar. Shares of Softbank Group are down 2.3%, but Sony is bucking the falling trend in the broader market and has a gain of 0.9%. Among the major exporters Toyota is trading 1.1% lower, Panasonic has a 1.2% loss, and Canon shares are down 1%. Australia’s S&P/ASX 200 is trading 0.7% lower today, with the big four banks contributing to the weakness. Shares of ANZ are 0.6% lower, NAB has a 1% loss, Commonwealth Bank is down 0.4%, and Westpac shares are falling 0.6%. Meanwhile the major miners are just as weak, with BHP losing 1.4% and Rio Tinto retreating 0.6%. In mainland China markets are weak as well, with the benchmark Shanghai Composite losing 0.6%, and the smaller cap Shenzhen Composite trading 0.7% lower. Over in Hong Kong the Hang Seng is also trading lower by 0.5%, with shares of Alibaba falling 1.1%, while rival Tencent is flat and unchanged. South Korea’s Kospi is lower by 0.4% today, and in Taiwan the Taiex is bucking the falling trend with a slight gain of less than 0.1%. Southeast Asian markets are mostly lower today, with the Straits Times in Singapore losing 0.8%, and the KLCI in Malaysia down by 0.2%, but the Jakarta Composite in Indonesia bucking the losing trend with a 0.6% advance.
When Will Microsoft Reach $3 Trillion Market Cap?
2021-06-28 21:22UTC
Microsoft doubled its market cap from 2017 through 2019, and then doubled it again from 2019 through 2021. With the tech mega-cap company now one of just two corporations whose stock has a market cap of over $2 trillion, what are the chances for Microsoft to get its market cap to $3 trillion? Actually that’s only a 50% increase versus the past two 100% increases, so you’d think it wouldn’t be too difficult to get to $3 trillion. Even at its massive size Microsoft has a growth rate in double digits, and its cloud computing business is growing even faster than that. Add in a few strategic acquisitions and seeing Microsoft’s market cap climb to $3 trillion by 2023 might not be so far-fetched. Microsoft should continue to benefit from the accelerated pace at which businesses are moving their operations online. Everything from its Azure cloud platform, to the Microsoft 365 suite of products, to the Microsoft Team communication tool will help contribute to double digit growth. And by offering a free upgrade from Windows 10 to Windows 11 Microsoft will keep all its users on the same page. Added to that will be the continued impressive growth in Microsoft’s gaming business. The pandemic brought many past players and new players into gaming, and a majority of them are continuing to game now that the pandemic is receding. Microsoft’s Xbox helped contribute to this and as the company moves increasingly to cloud gaming its revenue from this sector should increase impressively. Microsoft is no longer the staid, conservative company whose stock declined 32% from 2000 through 2014. It’s an exciting tech leader.
U.S. Daily Market Review
2021-06-28 14:20UTC
The U.S. stock market are relatively static today but a strong start for tech stocks boosted the Nasdaq Composite to another record marks. The S&P-500 was little changed, while the Nasdaq added 0.5%. The Dow Jones Industrial Average dropped more than 100 points.The weekly rallies were seen after the Commerce Department reported that its inflation indicator advanced 3.4% in May, the largest incline since the early 1990s.The USD appreciated as global markets started the week with a risk-averse tone.Tesla started to recal close to 300,000 cars to implement a software update related to assisted driving.
Еuropean Daily Market Review
2021-06-28 08:14UTC
European stocks are still without a direction this morning, reflecting mixed sentiment in Asia-Pacific.The German DAX lost 0.01%, the French CAC-40 slipped 0.14% and the British FTSE-100 dropped 0.30%.The pan-European Stoxx 600 moved around the flatline in early trade, with travel and leisure stocks falling 1.8%.Italian luxury group Salvatore Ferragamo, rallied close to 3%, after stating it had named Gobbetti as its new CEO. Euro zone government bond yields declined today, with most traders and investors awaiting direction from key economic data later in the week.News that the French far right failed to win a single region in elections on Sunday, according to exit polls. In early trade, France’s 10-year bond yield was a touch lower at 0.19%.
Crude Oil Prices Advacned
2021-06-28 07:20UTC
Oil prices dropped this morning during the Asian hours after jumping to peak marks from 2018. Now, oil trades at $74.058, which is a surge of 0.084 or 0.11% from the previous close of 73.974.The daily trading range is from 73.840 to 74.421, while the trading volume is 9.913K.Talks between the U.S. and Iran on a new nuclear deal are expected to further continue.In the meantime, the Organization of the Petroleum Exporting Countries and allies (OPEC+) will meet later this week.In fact, OPEC and its allies will examine production quotas for August 2021 when it meets on Jul. 1. The oil supplies are likely to advance by about 500,000 bpd in August.Meanwhile, market analysts are keeping a close eye on a new type of COVID-19, called Delta.
Asian Daily Market Review
2021-06-28 03:28UTC
Asian markets are moving mostly lower to start the week Monday as a weekend surge in COVID-19 cases across the region has dented investor sentiment. Oil is also holding at a 2 ½ year high, which is weighing on markets somewhat. In Japan the Nikkei is 0.3% lower today, with the Yen remaining basically flat versus the U.S. dollar after advancing slightly to close out last week. Shares of Softbank Group are 0.3% lower as well, but Sony shares are edging higher by 0.2%. Among the major exporters Toyota is 0.4% lower, Panasonic is losing 0.5%, and Canon trades 0.2% higher. Australia’s S&P/ASX 200 is flat with a slight loss of less than 0.1%. The big four banks are providing some of the downward pressure for the index as ANZ is down 0.4%, NAB has a 0.5% loss, and Westpac trades 0.4% lower, while Commonwealth Bank is bucking the falling trend and adding 0.3%. The major miners are providing support however, with BHP rising 1.2%, and Rio Tinto advancing 0.7%. Mainland China is bucking the falling trend across the region as the benchmark Shanghai Composite is flat, but the smaller cap Shenzhen Composite has a gain of 1%. Meanwhile over in Hong Kong the Hang Seng is also trading unchanged in-line with the mainland’s benchmark index. South Korea’s Kospi has a slight loss of 0.1%, while in Taiwan the Taiex is trading 0.4% higher. In Southeast Asia markets are mixed as well, with Singapore’s Straits Times adding 0.4%, while the Jakarta Composite in Indonesia is falling 0.6%, and Malaysia’s KLCI index has a loss of 1.1%.
Nike Shares Surge Higher On Strong Earnings
2021-06-25 19:30UTC
Shares of sports apparel maker Nike saw its shares shoot 15.5% higher on Friday after announcing an updated full-year sales forecast in excess of $50 billion. Nike saw a significant rebound in its North American and Chinese sales as the world comes off pandemic lows. Regarding the Chinese sales management said it is confident it can regain consumer trust in the region despite threats of boycotts over Nike’s comments regarding alleged forced labor in Xianjing. During the Thursday evening earnings call Nike’s CEO John Donahoe expressed his confidence that Nike’s already strong brand can capitalize on the global recovery in the retail sector as consumers begin to socialize once more. He said that the company is already seeing consumers splurge on athletic shoes and Nike’s fashion-forward sweatsuits and other apparel. During the most recent quarter ended May 31 Nike reported revenue of $12.34 billion, nearly doubling the $6.31 billion reported in the same quarter a year ago. That was more than $1 billion ahead of analysts’ estimates. Nike has also seen a total of at least 12 brokerages raising their price target on the stock following  the release of the latest sales and earnings. The average price target is now $176.90 versus Friday’s close at $154.35 a share. Nike is facing supply chain issues just like every other global company, but the strength of its brand is offsetting those struggles. Analysts have also seen Nike benefitting from a closer relationship with its customers through its membership program, smart wholesale selling, and effective use of data. These things combined are giving Nike strong pricing power.
U.S. Daily Market Review
2021-06-25 13:17UTC
U.S. stocks soared today with the S&P 500 building on its advance to record peaks. Moreover, inflation could temporary as the economy continues to recover from the pandemic.The Dow Jones Industrial Average added 230 points, or 0.7%.The Nasdaq Composite erased earlier gains and sunk into the red as the 10-year Treasury yield. Nike’s stock rallied 14%. The sports giant announced earnings and revenue that blew past Wall Street estimates. FedEx slipped 4% despite coming above the top and bottom lines of its earnings. U.S. consumer spending moved into a static mode in May as shortages hurt motor vehicle purchases.The USD depreciated today after data indicated in that U.S. consumer spending was flat in May.In reality, the USD index versus the main pairs lost 0.26% to 91.598.
Еuropean Daily Market Review
2021-06-25 10:29UTC
European stocks are still without a clear direction for now as most traders and investors are focused on the prospect of a steady economic recovery.The German DAX slipped 0.14%, the French CAC-40 dropped 0.18% and the British FTSE-100 added 0.05%.The pan-European Stoxx-600 moved around the flatline by late morning. Basic resources advanced 1% while travel and leisure stocks slid 1.3%.London is about to report its plans next month to lift travel restrictions for fully vaccinated people.In the meantime, the inflation could rally above 3% at its peak before cooling down.Germany’s GFK consumer sentiment index at the very start of the session, demonstrate that the largest European economy soared to -0.3 points heading into July.
Gold Prices Jumped
2021-06-25 07:25UTC
Gold prices rallied this morning during the Asian hours as investors digested mixed signals from the Fed on interest rate hikes earlier this week.Now, gold trades at $1781.75, which is a rise of $7.38 or 0.42% from the previous close of 1774.37.The daily trading range is from 1773.48 to 1782.44, while the trading volume is 87.734K.The USD in general is into a negative relationship to the precious metal but hovered below a two-month high of 92.407.Two Fed officials predicted on Thursday that inflation could surged more than the predictions in the short term. However, other Fed policymakers announced the U.S. economy is rebounding from the loss in 2020.On the data front, 411,000 filed for initial jobless claims in the U.S. during the previous week as the labor market is steadily rebounding from COVID-19.Moreover, the Bank of England handed down its policy decision on Thursday. The central bank stated that inflation would came above 3% in the next quarter.
Asian Daily Market Review
2021-06-25 02:50UTC
Asian markets are rising on Friday to close out the week following a strong overnight session on Wall Street that saw the S&P 500 and the Nasdaq trade up to a new record closing highs in response to the support from U.S. President Biden for a bipartisan infrastructure bill. In Japan the Nikkei is 0.7% higher as the Yen holds at a two-year low versus the U.S. dollar. Shares of Softbank Group are trading 0.5% higher, and Sony is up by 0.8%. Among the major exporters Toyota is edging higher by 0.2%, while shares of Panasonic soar 4.6% higher, and Canon has a gain of 0.7%. Australia’s S&P/ASX 200 is trading 0.4% higher, with the big four banks helping support the gains for the broader market. Shares of ANZ trade 0.9% higher, NAB is adding 0.6%, Commonwealth Bank is up by 0.3%, and Westpac has a 0.5% gain. The major miners are also helping for a second day in a row, with BHP rising 0.8%, and Fortescue Metals adding 0.8%, while shares of Rio Tinto advance 1%. Mainland Chinese markets have also opened to gains today, with the benchmark Shanghai Composite gaining 0.5% and the smaller cap Shenzhen Composite rising 0.7%. Meanwhile in Hong Kong the Hang Seng is trading higher by 0.8%. South Korea’s Kospi is having a good session with a gain of 0.8%, and in Taiwan the Taiex is leading the region with a gain of 1%. In Southeast Asia markets are also broadly higher as the Jakarta Composite in Indonesia rises 0.6%, the KLCI in Malaysia adds 0.4%, and the Straits Times in Singapore edges up by 0.2%.
GBP/USD Drops Following BoE Meeting
2021-06-25 00:44UTC
After rising for several days the British Pound fell sharply following an uneventful Bank of England monetary policy meeting that had traders disappointed. The 1.3900 level did act as support for the GBP/USD and could continue to do so given that the USD remains weak or at least subdued against most currencies as traders await PMI data next week, and the key June non-farm payrolls report. Most of the losses for the Pound occurred in the hour immediately following the BoE meeting as traders reacted to the lack of a more hawkish statement from the central bank. The BoE kept policy unchanged, referring to the rising inflation as transitory, and commenting that they don’t want to jeopardize a fragile recovery by tightening now. The downward pressure on the Pound was exasperated by concerns over the EU-UK standoff over the Northern Ireland protocol, as well as the rising number of Delta COVID-19 cases in the U.K. That said, the downside for the pair remains muted for the time being thanks to subdued action from the USD, which continues to struggle to gain upward momentum due to the mixed signals traders are receiving regarding inflation in the U.S. With the BoE monetary policy meeting out of the way traders are already looking ahead to next week for the next catalyst. Data due out next week from the U.S. includes Consumer Confidence, Chicago PMI, ISM Manufacturing PMI, and the key non-farm payrolls. U.K. data will include the final first quarter GDP. Additionally there will be several speeches from Fed officials, and several from BoE officials, any of which could move markets.
U.S. Daily Market Review
2021-06-24 15:47UTC
The S&P-500 rallied today, surpassing its peak set a week ago as the market fully recovered drops resulted the Federal Reserve policy.The broad equity benchmark gained 0.5% to hit an all-time high. The Dow Jones Industrial Average inclined 260 points, or 0.8%, sitting less than 3% from its all-time high. The Nasdaq Composite soared 0.6% to reach another record.The blue-chip Dow entered its worst week since October with a 3.5% loss last week after the Fed heightened inflation estimates.Less Americans filed for new claims for unemployment benefits last week as the labor market partly recovers from the COVID-19 pandemic amid a reopening economy.
Еuropean Daily Market Review
2021-06-24 13:52UTC
The leading European leading indexes advanced today as global investors digested comments from U.S. Federal Reserve officials.The French CAC-40 added 1.17%, the German DAX gained 0.93% and the British FTSE-100 inclined 0.59%.The pan-European Stoxx 600 rallied 0.6% by mid-afternoon, with travel and leisure stocks climbing 1.5% to lead gains.Germany’s Ifo Institute business climate marked at 101.8 in June, slightly outstripping a consensus forecast of 100.6.The Bank of England preserved its monetary policy unchanged but vowed to monitor rising inflation. The index managed to secure some inclines and was trading around 0.6%.Germany's Volkswagen confirmed on Thursday that plans to get the majority stake in car rental company Europcar (EUCAR.PA).Russian car-sharing company Delimobil is about to enter into markets in developing countries and to sell local franchises.Delimobil has more than 16,000 cars in Russia. It also offers its services in Belarus, Kazakhstan and the Czech Republic under its Anytime brand.
Crude Oil Prices Rallied
2021-06-24 07:11UTC
Oil prices advanced earlier today during the Asian hours, with continuously falling U.S. crude and fuel supplies.Now, oil trades at $73.388, which is a rise of $0.148 or 0.20% from the previous close of 73.240. The daily trading range is from 72.960 to 73.431, while the trading volume is 7.379K.U.S. crude oil supply data from the U.S Energy Information Administration said stockpiles dropped for a fifth week, the longest path since the beginning of 2021.The data indicated in a draw of 7.641 million barrels for the week ended Jun. 18.Crude oil supply from the data of the American Petroleum Institute demonstrated a draw of 7.199 million barrels for the week ending Jun. 18.The market is now focused on the Organization of the Petroleum Exporting Countries and allies (OPEC+) meeting. During the meeting will be discussed its production quota for August when it meets in the following week. 
Asian Daily Market Review
2021-06-24 02:00UTC
Following a lackluster day on Wall Street where markets finished mixed and little changed Asian markets are following suit Thursday and trading mixed and little changed as well. Elsewhere Bitcoin has rebounded, giving the broader cryptocurrency markets some support even as China remains very negative regarding the digital assets. In Japan the Nikkei is edging up by less than 0.1% even as the Yen trades at its lowest level versus the U.S. dollar since March 2020. The recovery in the global economy is reducing demand for haven assets like the Yen, and the continued ultra-accommodative stance of the Bank of Japan promises to weaken the Yen even further in coming weeks. Shares of Softbank are soaring 3.6% higher after the CEO said he wants to become a 21st century Rothschild. Sony is slipping by 0.3% and leading exporter Toyota is 0.6% higher. Australia’s S&P/ASX 200 is 0.4% lower as the big four banks weigh for a second consecutive session. Shares of ANZ are 0.9% lower, NAB is falling 1.2%, Commonwealth Bank is losing 0.8%, and Westpac has a 1% loss. Shares of major miners are aiding the market however, with BHP up by 1% and Rio Tinto also gaining 1%. In China the benchmark Shanghai Composite has opened 0.3% lower and the smaller cap Shenzhen Composite is falling 0.4%. Meanwhile in Hong Kong the Hang Seng is bucking the losing trend on the mainland with a gain of 0.3%. South Korea’s Kospi is up 0.4%, and in Taiwan the Taiex is gaining 0.5%. In Southeast Asia Singapore’s Straits Times Index is trading 0.2% higher, but the KLCI in Malaysia is 0.2% lower.
Crude Continues To March Towards $100 A Barrel
2021-06-23 23:57UTC
Crude oil prices continued rising on Wednesday, with global benchmark Brent crude reaching above $76 a barrel for its highest levels since 2018 after data showed that U.S. crude inventory levels declined to their lowest levels since March 2020. It was the fifth consecutive drop in U.S. inventory levels. The falling inventories have come as demand rebounds post-pandemic, but production has been unable to keep up. U.S. crude inventory levels fell by 7.6 million barrels in the past week according to the U.S. Energy Information Administration. That was far greater than the 3.9 million barrel drawdown expected by analysts. Adding to pressure on crude inventories is a rise in gasoline demand as the summer travel season is now underway. With people getting back in their cars to travel analysts expect the gasoline demand numbers to continue rising, which will make a big dent in crude consumption as well. Brent crude finished the day $0.38 higher at $75.19 a barrel. That was a 0.5% gain for the global benchmark. Meanwhile West Texas Intermediate crude rose $0.23, or 0.3%, to finish the session at $73.08 a barrel after trading as high as $74.25 intraday, which was the highest price for WTI crude since October 2018. The drop in the value of the U.S. dollar this week has also been supporting gains for crude as the weaker dollar makes crude cheaper overseas. Some industry leaders are now projecting Brent crude will hit $100 a barrel, although additional production might mute some of the gains being seen. OPEC meets next week and could potentially announce production increases from August onwards.
U.S. Daily Market Review
2021-06-23 16:43UTC
U.S. stocks advanced today led by energy shares.The S&P-500 inclined 0.2% for a third straight positive day, sitting 0.1% from an all-time high. The Dow Jones Industrial Average last traded near the flatline. The Nasdaq Composite rallied 0.4% to an intraday record after closing.Sales of new U.S. single-family homes sunk to a one-year bottom in May as the median price of newly built houses jumped.Shares of the athletic giant of Under Armour soared 3% in midday trading.New home sales slipped almost 6% to a seasonally adjusted annual rate of 769,000 units last month, its weakest mark since May 2020. In fact, April’s sales pace was revised down to 817,000 units from the previously marked 863,000 units.
Еuropean Daily Market Review
2021-06-23 07:39UTC
European stocks are static today with the market focused on the key Purchasing Managers’ Indexes from the euro zone.The German DAX slipped 0.13%, the French CAC-40 fell 0.05% and the British FTSE-100 gained 0.11%.The pan-European Stoxx-600 soared only 0.1% above the flatline in early trade.London’s FTSE-100 advanced led by gains in travel and heavyweight mining stocks.The FTSE-100 gained 0.1% with miners BHP Group and Anglo American becoming the largest boost to the index.Swiss online pharmacy Zur Rose Group tumbled 3.4% to the bottom of the Stoxx 600.The French giant Pernod Ricard secured around 2.4% to lead the index after raising its profit levels.
Gold Prices Jumped
2021-06-23 06:48UTC
Gold prices advanced this morning during the Asian hours after U.S. Federal Reserve Chairman Jerome Powell’s once again indicated that will raise interest rates.However, the appreciating USD  curbed the advancing mode of the yellow metal.Now, gold trades at $1779.96, which is a gain of $1.63 or 0.09% from the previous close of 1778.33.The daily trading range is from 1777.02 to 1783.76.The USD is into a negative relationship to the precious metal.Powell testified before the House of Representatives Select Subcommittee on Tuesday.The Bank of Japan (BOJ) reported the minutes from its April policy meeting earlier in the day.The minutes said BOJ members agreed that the massive stimulus measures.In the meantime, silver gained 0.2% and platinum inclined 0.1%. 
Asian Daily Market Review
2021-06-23 03:25UTC
Asian markets have turned higher for the second consecutive session on Wednesday, continuing to recover the losses suffered on Monday as overnight gains on Wall Street and rising risk appetite have helped to support the markets across the region. Japan’s Nikkei is edging up by 0.1% even as the Yen sinks versus the U.S. dollar for a third session in a row. Shares of Softbank Group are trading 0.5% lower, while Sony is falling 1.8%. Among the major exporters Toyota has a loss of 1.5%, Panasonic has retreated 0.7%, and Canon is bucking the losing trend with a gain of 0.4%. In Australia the S&P/ASX 200 is one of the few markets in the region with a loss as it trades down by 0.3% heading into the final hour of trade in Sydney. Shares of the big four banks are weighing on the broader market, with ANZ 1.2% lower, NAB is falling 1%, Commonwealth Bank has a 0.6% loss, and Westpac has dropped 1.5%. Mainland Chinese markets are making good gains, with the benchmark Shanghai Composite rising 0.4% and the smaller cap Shenzhen Composite advancing 1%. Meanwhile in Hong Kong the Hang Seng is leading gains for the region as it rises 1.3%. Shares of Alibaba are rising 1.4%, and Tencent has a gain of 0.8%. In South Korea the Kospi has a gain of .04%, while the Taiex in Taiwan is rallying 1.2% higher. Markets are mixed in Southeast Asia however, as the Straits Times in Singapore adds 0.4% and the Jakarta Composite in Indonesia is gaining 0.2%, but the KLCI in Malaysia is trading 0.3% lower.
Is It Time For The Bank Of England To Acknowledge Inflation Too?
2021-06-22 23:17UTC
Now that the Federal Reserve in the U.S. has admitted to inflation likely continuing to run hot for longer than previously thought, which included a more hawkish tone that could see U.S. interest rates rising as early as 2022, all eyes are turning to the U.K., where the Bank of England will have the opportunity on Thursday to prove that they have a better handle on inflationary effects than their counterparts on the other side of the Atlantic. While the Bank of England isn’t expected to make any change to their monetary policy when their meeting concludes on Thursday, they will almost certainly need to address the topic of inflation, and the strength of the economic recovery. Previously the BoE was forecasting inflation at 1.6% by May, which was later upgraded to 1.8%. However that was still shy of the actual 2.1% reading, which indicates that like the Fed the BoE is behind the curve when it comes to its take on inflationary pressures. Whether or not it responds with a more hawkish tone though is up for debate. Some analysts have suggested that the BoE will remain dovish as they also have the Brexit to consider. However others feel that the central bank will almost certainly need to strike a more hawkish tone in response to the unexpected strength of economic recovery, and the jump in U.K. inflation. The real question for traders is how will the BoE monetary policy statement impact on the Pound, which remains on a steady upward trajectory versus the Euro, while also beginning to rebound versus the U.S. dollar after last week’s post-Fed selloff.
U.S. Daily Market Review
2021-06-22 15:15UTC
Wall Street’s main indexes only partly moved today as the market is focused on the Federal Reserve Chair Jerome Powell’s remarks for market signals.At 09:57 am the Dow Jones Industrial Average declined 98.27 points, or 0.29%, to 33,778.70. The 30-stock Dow soared 10 points. The S&P-500 dropped 2.96 points, or 0.07%, to 4,221.83 and the Nasdaq Composite secured 9.27 points, or 0.07%, to 14,150.75.Amazon.com Inc added 0.8%, among the top boosts to S&P 500.Existing-home sales declined for a fourth straight month in May.The number of contracts closed fell 0.9% in May to a seasonally adjusted annual rate of 5.8 million from 5.85 million in April, as reported by the National Association of Realtors.
Еuropean Daily Market Review
2021-06-22 10:02UTC
European stocks markets are still without a clear market direction. This comes amid extended volatile trading.The pan-European Stoxx 600 slipped 0.2% by late morning, with autos falling 0.9% to lead the retreating mode while oil and gas stocks secured 0.5%.The German DAX added 0.16%, the French CAC-40 inclined 0.11% and the British FTSE-100 soared 0.37%.Deutsche Bank AG has higher capital demands from its top regulator in case it doesn’t slow the pace of lending to highly indebted clients.Moreover, the European Central Bank has told Deutsche Bank that it will probably have to dedicated additional equity to account for the risks it takes it take on further leveraged lending.Hungary boosted its benchmark rate for the first time in a decade to curb the European Union’s fastest inflation rate.The bank boosted its the benchmark rate to 0.9% from 0.6%, as it was estimated.
Crude Oil Prices Rallied
2021-06-22 06:31UTC
Oil prices jumped this morning during the Asian hours, with some indications of emerging of a rapidly tightening market.Now, oil trades at $73.221, which is a loss of $0.287 or 0.39% from the previous close of 73.508.The daily trading range is from 72.830 to 73.508, while the trading volume is 8.011K.Brent oil futures secured 0.32% to $75.14 by 4:41 PM ET (4:41 AM GMT).Brent oil has advanced more than 40% after massive consumers such as the U.S., China and Europe continue their economic recoveries from COVID-19.Bank of America Corp. even predicted that the global crude benchmark could reach the mark of $100 per barrel in 2022 because of the dramatic travel recovery.Moreover, affecting investor sentiment is China’s crackdown on its private refiners. However, the overall bullish outlook for the black liquid is adding pressure on the Organization of the Petroleum Exporting Countries and allies (OPEC+) to consider reviving more of the production curbed during COVID-19 when it meets in the following week.The market is now focused on the U.S. crude oil supply from the American Petroleum Institute, coming out later today.Furthermore, the data and crude oil supply data from the U.S. Energy Information Administration is due later in the week.   
Asian Daily Market Review
2021-06-22 03:11UTC
Asian markets are heading broadly higher Tuesday morning, recovering from the losses of the prior session as overnight optimism and gains on Wall Street have continued into the Asian session. Japan’s Nikkei, which led losses for the region yesterday, is leading gains for the region today as it rises 2.9% in morning action. Shares of Softbank Group are trading 1.6% higher, while Sony shares have jumped 3.3%. Among the major exporters Toyota is gaining 3%, Panasonic is surging 3.6% higher, and Canon is rising 1.8%. In Australia the S&P/ASX 200 has a 1.4% advance heading into the final hour of trading in Sydney. Shares of the big four banks are contributing to the gains as ANZ is 1.9% higher, NAB is advancing 0.9%, Commonwealth Bank adds 2.4%, and Westpac is climbing 1.7%. The major miners are contributing to gains as well, with BHP rising 1.8% and Rio Tinto gaining 1.3%. Mainland China’s markets are also advancing, with the benchmark Shanghai Composite up by 0.7%, while the smaller cap Shenzhen Composite has a far more modest 0.1% gain. Meanwhile the Hang Seng in Hong Kong is flat with a slight gain of less than 0.1%. In South Korea the Kospi is adding 0.8%, although index heavy weight Samsung is up just 0.3%, while the Taiex in Taiwan tacks on 0.4%. Southeast Asian markets are mixed however as the Straits Times in Singapore bucks the rising trend across the region with a loss of 0.3%. At the same time the Jakarta Composite in Indonesia is rallying 0.9% higher, and Malaysia’s KLCI has a gain of 0.1%.
Amazon Shares Fall As Sale Event Kicks Off
2021-06-21 21:24UTC
Shares of Amazon have been trending higher, rising in six of nine sessions and coming very close to an all-time high last week. However this week hasn’t started out as bullish, with Amazon shares dropping 0.9% on Monday despite broad based gains for the rest of the market. What seems to be pushing Amazon shares lower is the start of its annual two-day sales event. While the company rakes in a pile of revenue over these two days it seems as if the market has already been pricing the event into the stock ahead of time. And now we are seeing the classic “buy the rumor, sell the news” reaction from investors. There has also been some indications that this year is going to be different from other years. While Amazon has announced over 2 million products will be on sale, which is double last years’ 1 million, there’s been some concerns over which products are actually going on sale. Some Amazon watchers have said this year’s offerings are less than spectacular. There has also been some indications that many of Amazon’s third-party sellers, which make up over 60% of the items on the platform, won’t be participating as heavily this year due to supply disruptions and rising costs. Another concern that’s not directly related to the sales event, is that the recent more hawkish stance of the Federal Reserve is going to be a headwind for Amazon in the coming months and years. Higher interest rates translate to higher borrowing costs, and some analysts have suggested that this will cause slower growth for Amazon in coming years.
U.S. Daily Market Review
2021-06-21 15:06UTC
U.S. stocks rallied today as the market attempted to recover some of the losses caused by the change of the Federal Reserve’s policy.The blue-chip Dow Jones Industrial Average inclined 500 points, or 1.6%, rebounding from its worst week since October. The S&P-500 soared 1.1%. The Nasdaq Composite was the relative underperformer with a 0.4% gain as some key tech names including Amazon, Tesla and Netflix all advancing.The Treasury yield curve flattened last week, implying in that banks and sending a signal of a potential economic slowdown. U.S. President Joe Biden will meet with the administration’s full slate of financial regulators today, where the White House is likely to analyze the climate change risks.The USD has surged since the U.S. central bank on Wednesday said that policymakers are forecasting two rate hikes in 2023. That led investors to re-evaluate bets that the U.S. central bank will let inflation run at higher levels for a longer time before raising rates.The USD index against a basket of currencies dropped 0.26% on the day at 92.012.
Еuropean Daily Market Review
2021-06-21 10:49UTC
European stocks were into a choppy path this morning, following jitters in global markets after some hawkish remarks from the U.S. Federal Reserve last week. The German DAX added 0.62%, the British FTSE-100 gained 0.18% and the French CAC-40 surged 0.26%.The pan-European Stoxx-600 hovered just above the flatline around an hour into trading, after slipping around 0.8%.Basic resources retreated 0.6% while chemicals secured 0.8%.Volkswagen will soon decide on the future of its top brand Bugatti, according to Oliver Blume, Volkswagen management board member and CEO of Porsche AG.Sweden's parliament decided the Prime Minister Stefan Lofven in a no-confidence vote on Monday, giving the Social Democrat leader a week to resign.Euro zone government bond yields entered into a steady pattern, boosted by less than one basis point, while a measure of long-term inflation expectations in Europe marked its weakest mark of the last three months.
Gold Prices Rallied
2021-06-21 06:20UTC
Gold prices advanced this morning during the Asian hours, stimulated by retreating U.S. Treasury yields.Now, the precious metal trades at $1776.77, which is a rise of $12.82 or 0.73% from the previous close of 1763.95. The daily trading range is from 1763.76 to 1778.72, while the trading volume is 201.226K.Gold prices dropped around 6% during the previous week in its worst week since March 2021 after the U.S. Federal Reserve sprung a surprisingly hawkish stance.The benchmark 10-year U.S. Treasury yield sunk to its bottom mark since Mar. 3, 2021. On the other side, the USD, which is into a reverse relationship to gold, advanced this morning.On Friday, Minneapolis Fed President Neel Kashkari said he wants to keep the central bank’s benchmark short-term interest rate near zero at least through the end of 2023 to allow the labor market to recover to its pre-COVID-19 strength.Dallas Fed President Robert Kaplan and New York Fed President John Williams are about to report throughout the week.The Bank of England is due to report its own policy decision on Thursday, and European Central Bank President Christine Lagarde will address the European Parliament later in the day.Gold purchases in India jumped during the previous week as local rates slipped.
Asian Daily Market Review
2021-06-21 01:47UTC
Asian markets are starting the week with a slide lower as investors are moving out of risk assets in reaction to the reflation trade and the more hawkish stance put forward by the U.S. Federal Reserve central bankers. In Japan the Nikkei is trading down 3.1% to lead losses across the region as the Yen has been taking back some of the losses suffered last week immediately following the Fed monetary policy statement. Shares of Softbank Group are plunging 3.4%, but Sony is holding up well with a slight loss of 0.1%. Among the major exporters Toyota is 1.8% lower, Panasonic shares are falling 3%, and Canon has a loss of 2.1%. Australia’s S&P/ASX 200 is trading 1.8% lower, with the big four banks weighing heavily on the index. Shares of ANZ are 2.8% lower, NAB is down 2.3%, Commonwealth Bank has plummeted 4.4% lower, and Westpac is off by 2.5%. The major miners are also falling today, with BHP losing 1.4%, and Rio Tinto trading 2.2% lower. Mainland Chinese shares are off to a bad start as well, with the benchmark Shanghai Composite losing 0.3%, while the smaller cap Shenzhen Composite is edging lower by 0.1%. Meanwhile over in Hong Kong the Hang Seng has dropped 1.2% in the first hour of trading. In South Korea the Kospi trades 0.6% lower, and in Taiwan the Taiex is down by 0.8%. Southeast Asian markets are also broadly lower, with the KLCI in Malaysia falling 1.1% and the Straits Times in Singapore down 0.8%, while the Jakarta Composite in Indonesia is flat at the open.
Nvidia Rally Might Just Be Gaining Steam
2021-06-18 18:31UTC
Chip maker Nvidia is once again a darling on Wall Street, after a slump in early 2021. The stock rallied 184% from its March 2020 low through November 2020, but then hit a wall that sent shares tumbling to as low as $463.73 this past march. It was a loss of roughly 20% to start the year, and things weren’t looking all that great for the maker of computer GPUs. The supply chain issues plaguing the entire industry weighed on Nvidia too, and investors worried over falling profits due to a lack of sales in connection with the supply chain issues. That was despite strong earnings growth and optimistic forward guidance from management. That was until May 21 at least, when the company announced a 4-1 stock split effective July 19 that kicked off a rally in Nvidia. Since that time shares have moved strongly higher, touching $775.00 yesterday and adding 6.8% in just the past two sessions alone. The perception of Nvidia as a leader in the GPU space, which it created when it released the first ever GPU back in 1999, and its semiconductor prowess have of course helped in the rally. And with some analysts considering the company a leader in artificial intelligence this could be a rally that lasts for years, not just months. Nvidia was once thought of as tied mostly to gaming, and while that remains a large chunk of its revenues and profits, it is also quite strong in the automotive and server sectors. It’s artificial intelligence business is booming, and first quarter revenues were up 84% over the same period last year.
U.S. Daily Market Review
2021-06-18 12:26UTC
U.S. main indexes are into a lower side today with the Dow Jones Industrial Average on pace mark the weakest week of the year. This takes place after St. Louis Federal Reserve President Jim Bullard reported that the first rate incline could come as soon as next year.The S&P-500 slipped 1%, pushing its loss this week to more than 1.5%. The tech-heavy Nasdaq Adobe shares surged 3% after earnings and revenue came above initial forecasts.Several U.S. companies such as Nike have given their U.S. employees a day off for the newly implemented June 19th federal holiday.In fact, President Joe Biden signed a bill yesterday recognize June 19, or “Juneteenth”, a federal holiday marking the end of legal enslavement of Black Americans.Treasury yields came off some of the recent gains, and the benchmark 10-year yield fell.
The USD Into A Higher Side
2021-06-18 12:15UTC
The USD is into a higher side during the European hours this morning.The greenback rate is still stimulated by the Federal Reserve in bringing forward its timetable for raising interest rates.Presently, the USD versus the Euro trades at 0.840 EUR, which is another rise of 0.0008 or 0.10% from the previous close of 0.8396.The daily trading range is from 0.8387 to 0.8411.At 2:55 AM ET (0755 GMT), the USD slipped just less than 0.1%.In reality, the USD is still enjouing the rewards of the U.S. Federal Reserve, the country’s central bank, taking a more hawkish stance than the forecasts.Moreover, the Fed chief Jerome Powell indicated that the members of the Federal Open Market Committee had been considering stopping the bank’s massive bond-buying program.
Еuropean Daily Market Review
2021-06-18 08:31UTC
European stocks are relatively into a static mode this morning. This is because as global markets monitor falling commodity prices.The German DAX slipped 0.32%, the British FTSE-100 dropped 0.43%.The pan-European Stoxx-600 declined 0.2% in early trade, with insurance and banking stocks falling little more than 1% to lead the falling path.London's FTSE 250 index also advanced on Friday, boosted by gains in industrial stocks and Inchcape, while data showed retail sales retreated in May.The GBP extended the falling path its fall versus the USD on Friday, dropping below $1.39.May’s U.K. retail sales lost 1.4% on monthly basis, as reported by the official statistics revealed Friday, falling short of the predicted 1.6%.British car dealer Inchcape climbed 4% in early trade to lead the Stoxx 600 after raising its 2021 profit outlook. At the bottom of the index, Dutch life insurer Aegon fell 3.7%.German bond yields tumbled today. Meanwhile, the U.S. curve flattened after an initial rise in yields from yesterday.
Gold Prices Jumped
2021-06-18 07:24UTC
Gold prices advanced this morning during the Asian hours.However, the precious metal is close the week at its weakest level since March 2020.Presently, the yellow metal trades at $1789.36, which is an addition of $16.54 or 0.93% from the previous close of 1772.82.The daily trading range is form 1771.97 to 1789.43, while the trading volume is 159.909K.This happens as most traders and investors are still concerned with the U.S. Federal Reserve’s surprisingly hawkish policy decision.The USD depreciated this morning  after soaring to a two-month high but was headed for its best week in nearly nine months. The Fed indicated in that asset tapering discussions have already begun as it handed down its policy decision earlier in the week. The Bank of Japan preserved the rate at -0.10%, as widely expected.
Asian Daily Market Review
2021-06-18 02:44UTC
Asian markets are recovering Friday from losses in the prior session, rising broadly even as Treasury yields and the U.S. dollar continue rising. Also impacting today’s action is the sharp fall in commodities overnight, with everything from metals to agricultural commodities suffering sharp losses due to the surge higher in the U.S. dollar. Japan’s Nikkei is trading 0.3% higher, helped by weakness in the Yen versus the U.S. dollar. Shares of Softbank are falling 0.4% today, but Sony is up by 0.8%. Among the major exporters Toyota shares are falling 2.8%, and Canon has a loss of 1.8%, but Panasonic is 0.4% higher. In Australia the S&P/ASX 200 trades 0.4% higher, with the big four banks holding the market back from larger gains. Shares of ANZ are 1% lower, NAB has a loss of 0.7%, Commonwealth Bank trades down 1.2%, and Westpac has a modest loss of 0.3%. Shares of the major miners are also falling in response to the losses for the commodity sector. BHP trades 1.3% lower, Rio Tinto is edging down by 0.2%, and Fortescue Metals has a slight loss of less than 0.1%. Mainland Chinese indices are mixed for a second consecutive session, with the benchmark Shanghai Composite losing 0.1%, but the smaller cap Shenzhen Composite rising 0.4%. And over in Hong Kong the Hang Seng is trading 0.6% higher to lead gains for the region. South Korea’s Kospi is gaining 0.2% today, and in Taiwan the Taiex is inching up by less than 0.1%. Southeast Asian markets are broadly lower however, with the Straits Times in Singapore retreating 0.3%, while Indonesia’s Jakarta Composite falls 0.2%, and the KLCI in Malaysia is 0.1% lower.
Commodities Are Hit Hard By Rising USD And Chinese Policy
2021-06-17 22:57UTC
Commodities from corn to copper fell on Thursday as the rising U.S. dollar and Chinese actions to cool down the commodities markets combined to send prices tumbling. Commodity losses were widespread, with industrial metals like palladium and platinum falling more than 11% and 7% respectively, while copper futures finished the day 4.8% lower. Corn also took a hit and fell nearly 6%. Even oil was affected, with futures losing nearly 1% on the day. Precious metals gold and silver continued falling, racking up a fifth consecutive session of losses. Silver was down 7%, while gold lost 4.6%. One of the catalysts was a Chinese government report released Wednesday, which highlighted plans for the Communist country to release copper, aluminum, and other industrial metals from inventories in order to cool the blazing hot sector. The move is also part of the Chinese government crackdown on overall speculation in financial markets. Also contributing to the decline is the sharp rise in the value of the U.S. dollar against global rival currencies. That comes after the Federal Reserve concluded its monetary policy meeting with a revised forecast for U.S. growth, and an increased bias towards tightening. The U.S. Dollar Index is up roughly 1.6% since the Fed released its latest monetary policy statement. Commodities often move inversely to the U.S. dollar since they are priced in USD globally and a stronger dollar makes them more expensive for foreign concerns. The drop comes after a blazing first half of the year for the entire sector, with prices rising dramatically in response to the reopening of global economies and increased demand.
U.S. Daily Market Review
2021-06-17 18:52UTC
The Nasdaq rallied around one point approaching its lifetime intraday high set in April.The Dow Jones Industrial Average dropped for a second day as the market is focused on the Federal Reserve’s latest policy update.Materials-related stocks led the losses as the Fed’s move to eventually boosting its rates.The stock prices of Apple Inc, Microsoft Corp, Amazon.com Inc and Facebook Inc reversed premarket declines to rise between 1.4% and 2%.U.S. oil prices sunk little around 2.7% and dipped below $70 per barrel.The number of officially unemployed Americans advanced last week for the first time in 1-1/2 months.Initial claims for state unemployment benefits jumped 37,000 to a seasonally adjusted 412,000 for the week ended June 12, according to the Labor Department.
Еuropean Daily Market Review
2021-06-17 06:50UTC
European stocks could retreat some ground as global markets react to the Federal Reserve’s signal that rate hikes are likely to take place.The German DAX fell 0.12%, the French CAC-40 added 0.20% and the British FTSE-100 gained 0.17%.European car registrations jumped in May, stimulating for the third month in row. Sales figures continued to recover from the low level reported last year when sales suffered due to coronavirus restrictions.New passenger car registrations soared 73.7% year-on-year to 1,083,795 vehicles in the European Union, Britain and the countries of the European Free Trade Association (EFTA).For the third month in a row, auto sales in Europe soared from depressed levels a year ago.New car-registrations jumped 74% in May, according to the European Automobile Manufacturers’ Association.Turkey’s central bank is very likely to preserve the same levels for a third month, as falling rage of the lira.The lira’s status as this year’s lowest performing emerging markets currency coupled with rising oil prices mean inflation may accelerate in June.
Crude Oil Prices Fell
2021-06-17 06:25UTC
Crude oil prices sunk today as the USD strengthened after the U.S. Federal Reserve indicated in that could boost its interest rates sooner than predicted.However, drops were limited by a big drop in U.S. crcrude oil inventories. Now, oil trades at $71.83, which is a rise of $0.186 or 0.26% from the previous close of 71.645. The daily trading range is from 71.319 to 72.033, while the trading volume is 11.306K.U.S. crude oil futures slipped 39 cents, or 0.5%, to $71.76 a barrel.The USD boasted its strongest single day gain in 15 months after the Federal Reserve signalled it might raise interest rates at a much faster rate than predicted.The stronger rate of the USD makes oil priced in dollars more expensive in other currencies.Oil refinery in China inclined 4.4% in May from the same month versus last year.
Asian Daily Market Review
2021-06-17 01:51UTC
Asian markets are heading broadly lower on Thursday morning after the Federal Reserve stunned investors overnight by signaling a faster pace of tapering and rate hikes in the coming months. The move sent U.S. Treasury yields and the U.S. dollar soaring overnight, while Wall Street equities headed lower. Gold and oil were both sent lower on the stronger U.S. dollar. In Japan the Nikkei is trading 1.1% lower, despite the stronger dollar providing support for the Japanese export sector. Shares of Softbank are 1.3% lower, and Sony has already fallen 1.9%. Among the major exporters Toyota has a modest loss of 0.3%, but Panasonic is 1.7% lower, and Canon edging up by 0.2%. Australia’s S&P/ASX 200 trading down by 0.4%, with the big four banks providing support for the broader index thanks to the rising bond yields. Shares of ANZ are adding 1.7%, NAB trades 0.7% higher, Commonwealth Bank is advancing 1.2%, and Westpac is outperforming with a gain of 1.9%. The major miners are weighing on the market however, with BHP down 1.7% and Rio Tinto falling 2.3%, while Fortescue Metals is off by 2.8%. Mainland Chinese markets have opened mixed, with the benchmark Shanghai Composite losing 0.2%, but the smaller cap Shenzhen Composite rising 0.3%. Meanwhile in Hong Kong the Hang Seng is falling 0.6%. South Korea’s Kospi is trading lower by 0.7%, and in Taiwan the Taiex has a loss of 0.6%. In Southeast Asia markets are also broadly lower, with Singapore’s Straits Times off by 0.4%, the KLCI in Malaysia trading 0.3% lower, and Indonesia’s Jakarta Composite holding at unchanged levels at the open.
Fed Commentary Boosts The U.S. Dollar
2021-06-16 23:08UTC
The U.S. dollar got a huge boost today after the conclusion of the Federal Reserve monetary policy meeting. While the central bank left its policy unchanged at this time, there was also a clearly hawkish shift in its projections for the future. The Fed now sees the U.S. economy growing at a 7% pace in 2021, up from prior forecasts for 6.5% growth. And on the inflation front the Fed now believes PCE will grow at a 3.4% pace, which might even be a bit light given the recently released economic data points. However the central bankers also emphasized that interest rates will remain at zero until the labor market has reached levels where the Fed believes the U.S. is in a state of maximum employment, and inflation looks to remain above 2% for some time. Interestingly, after months of calling inflation transitory, chairman Jerome Powell stated at the press conference following the monetary policy meeting that inflation could be more persistent than previously thought. In other words the Fed is now saying that the inflation being seen is not transitory, and that means it could be here through 2021 and 2022, and even into 2023. Regarding the economy, Powell sees it coming back stronger than ever, and he attributed that to the pace of vaccinations in the U.S., while also stating he is now at his most optimistic regarding the U.S. economy as he’s been since the start of the pandemic. All of this sent the U.S. dollar soaring, with major pairs all coming to test major support and resistance levels after weeks of consolidation.
U.S. Daily Market Review
2021-06-16 15:24UTC
U.S. stocks are around the same levels ahead of the Federal Reserve’s update on monetary policy.The Dow Jones Industrial Average fell 40 points. At 9:52 a.m. ET, the Dow Jones Industrial Average slipped 44.55 points, or 0.13%, at 34,254.78 and the S&P 500 was down 0.74 points, or 0.02%, at 4,245.85. Apple and Microsoft both surged 0.8% each, while Amazon and Netflix also traded higher.Economic reopening plays were mixed with major airlines trading lower and cruise line operators higher. Royal Caribbean and Carnival both advanced 1%.The Fed has previously tried to calm down issues over soaring inflation would prompt it to tighten its ultra-loose monetary policy.
Еuropean Daily Market Review
2021-06-16 09:21UTC
European are partly higher as markets await the outcome of the U.S. Federal Reserve’s policy meeting.The German DAX slipped 0.21%, the French CAC-40 added 0.7% and the British FTSE-100 gained 0.17%.U.K. inflation came above estimates in May, according to official statistics published Wednesday. The Consumer Price Index added 2.1% year-on-year and 0.6% month-on-month, versus to predictions of 1.8% and 0.3% respectively.Shares of Dutch retailer Colruyt Group dropped around 8.5% in early trade after the company marked below fiscal full-year earnings expectations and issuing a profit warning.    The German economy is likely to retreat little more than the expected 3.3% this year as supply bottlenecks in manufacturing.The lower growth forecast for Europe’s largest economy represented a loss of 0.4 % points compared to its previous estimate from March, according to Ifo.
Crude Oil Prices Advanced
2021-06-16 06:36UTC
Oil prices rallied this morning during the Asian hours more than initial estimates as a larger-than-predicted draw in U.S. crude oil inventories and the ever-brightening fuel demand outlook in many economies stimulated oil prices.Presently, oil trades at $72.450, which is a minor loss of 0.012 or 0.02% from the previous close of 72.462.The daily trading range is from 72.365 to 72.802, while the trading volume is 11.967K.Furthermore, U.S. crude oil supply data from the American Petroleum Institute showed a retreat of 8.537 million barrels for the week ending Jun. 11. Crude oil supply data from the U.S. Energy Information Administration is due later in the day.Meanwhile, leading officials announced yesterday that the predict prices to remain above $70 a barrel and demand to return to pre-COVID-19 levels in the second half of 2022.
Asian Daily Market Review
2021-06-16 02:07UTC
Asian markets are mostly lower but steady following an overnight losing session on Wall Street and ahead of the highly anticipated U.S. Federal Reserve monetary policy meeting. In Japan the Nikkei is lower by 0.2%, even though the Yen has remained stable and weaker against the U.S. dollar, which would normally support shares of Japanese exporters. Shares of Softbank trade 0.6% lower, and Sony is down 2.1% as it gives back gains from the prior session. Among the major exporters Toyota is trading 1.6% higher, Panasonic is down 0.6%, and Canon has a 0.3% gain. Australia’s S&P/ASX 200 is trading 0.3% higher as one of the few advancing markets today. The big four banks are supporting gains for the broader market, with ANZ adding 0.6%, NAB rising 1%, Commonwealth Bank up 0.8%, and Westpac advancing 0.5%. The major miners are weighing on results however, with BHP falling 0.9% and Rio Tinto losing 0.6%. Mainland Chinese markets have opened to losses for a second consecutive session, with the benchmark Shanghai Composite trading 0.4% lower and the smaller cap Shenzhen Composite dropping 0.8%. Over in Hong Kong the Hang Seng is also falling 0.4%. In South Korea the Kospi is bucking the falling trend across the region with a gain of 0.5% to lead gains for the region. Taiwan’s Taiex is also higher, but only by less than 0.1%. Southeast Asian markets are also falling broadly today, with the Straits Times in Singapore losing 0.5%, while the KLCI in Malaysia is 0.1% lower, and the Jakarta Composite in Indonesia trades flat at the open.
Gold Prices Dropping Despite Rising Inflation
2021-06-15 22:50UTC
Gold has been selling off ahead of the Federal Reserve monetary policy statement, falling for three consecutive sessions and tapping a four-week low at the close Tuesday. It’s the longest losing streak for the precious metal since March 1, and prices are now approaching the $1,850 level. The drop comes as gold failed to rally following the exceptionally strong consumer inflation numbers reported last week. An attempt to move past the $1,900 level was turned back and gold has been falling ever since, despite the obvious signs of inflation in the U.S. economy. Fed chairman Jerome Powell will speak on Wednesday following the monetary policy decision, with the press conference scheduled for 2:30pm EST. One of the key questions that investors will be looking for an answer to is whether the Fed still believes that inflation is transitory. The central bank puts itself under a no-speech restriction for two weeks ahead of any monetary policy meeting, so markets haven’t heard from any of the Federal Reserve board members for the past two weeks. In that time consumer inflation was reported to be increasing at a 5% rate, the fastest since 1993, and producer inflation is rising at a 6.6% rate, which is the fastest ever. Obviously that data has investors worried about inflation, and it’s uncertain if the Fed will be able to convince markets that inflation is transitory after the most recent data. Treasury yields have been rising in anticipation of a more hawkish tone from the Fed, and the U.S. dollar has been strengthening as well. Both are negative for gold, and a hawkish monetary policy statement could send it crashing lower.
U.S. Daily Market Review
2021-06-15 19:45UTC
U.S. stocks partly dropped with the S&P 500 and the Nasdaq Composite tumbling from their respective records, as the market is focused on the key Federal Reserve’s monetary policy meeting. The S&P-500 slipped 0.2% after rising 0.1% to reach a new all-time high of 4,257.16. The Dow Jones Industrial Average traded 80 points lower. The Nasdaq Composite, which hit a record closing high in the previous session, pulled back 0.6%.Boeing Co gained 1.3% after the United States and the European Union decided to resolve their 17-year conflict over aircraft subsidies involving the Boeing and its rival Airbus.U.S. retail sales lost more than predicted in May, with spending rotating back to services from goods as vaccinations allow Americans to travel and to restart other activities returning life back to normal.
The Turkish Lira Into A Solid Retreat
2021-06-15 12:48UTC
Turkey’s lira sunk for a second session in a row, extending the losses from last week’s rallies.This comes after the vital meeting between the U.S. President Joe Biden and Turkey’s Recep Tayyip Erdogan. The two leaders didn’t manage to produce in a breakthrough that would ease political tensions.The lira fell more than 1% versus the USD on daily basis. Now, the USD versus the TRY trades at 8.5477, which is a further rise of 0.08960 or 1.06% from the previous close of 8.45817.The daily trading range is from 8.4453 to 8.5898, while the trading volume is 34.963K.In addition, further market currencies a day after Erdogan met with President Joe Biden on the margins of a NATO summit in Brussels. The yield on 10 year bonds jumped 16 basis points to 18.20%.Moreover, Erdogan stated that Turkish Stance on Russian S-400 Missiles Unchanged.However, Erdogan’s remarks that Turkey’s stance on its purchase of Russian S-400 missile systems is still the same. 
Еuropean Daily Market Review
2021-06-15 11:43UTC
European leading indexes surged as most traders and investors are focused on the start of the U.S. Federal Reserve’s latest monetary policy meeting.The French CAC-40 added 0.49%, the German DAX gained 0.55% and the British FTSE-100 inclined 0.43%.The pan-European Stoxx-600 secured 0.4% in early deals, with chemicals rising 1%.Russia’s central bank will further boost its interest rates in response to rising inflation and does not expect this to hinder economic growth.In fact, the central bank has now raised it three times in 2021 to slow inflation, which shot above its 4% goal.The GBP is into a steady path during the London trading on Tuesday, standing firm above $1.41 and showing no reaction to a delay in the UK’s lockdown easing plan.The GBP gained less than 0.1% versus the USD at $1.41180 at 0747 GMT.
Crude Oil Prices Jumped
2021-06-15 08:11UTC
Oil prices advanced this morning, with Brent inclining for a fourth consecutive day. In the coming weeks a higher demand is expected to come from Iran faded with talks dragging on over the United States rejoining a nuclear agreement with Tehran.Now, oil trades at $71.072, which is a loss $0.093 or 0.13% from the peviosu close of 71.165.The daily trading range is from 70.796 to 71.520, while the trading volume is 14.855K.U.S. oil added 33 cents, or 0.5%, to $71.21 a barrel, after dropping 3 cents in the previous session. A possible Iran and U.S. agreement could prepare  the way for the removing the sanctions on Iran that would allow the OPEC member to resume exports of crude. Other members of the Organization of Petroleum Exporting Countries (OPEC) along with major producers including Russia have been limiting supply levels to boost prices.Moreover, the Fed is about to starting debating how and when to start tapering a massive asset-purchase program that stimulated the U.S. economy.
Asian Daily Market Review
2021-06-15 03:21UTC
Asian markets are mixed on Tuesday following a late rally on Wall Street that took the S&P 500 to a new record closing high. Japan’s Nikkei is trading 0.8% higher, helped by a weaker Yen versus the U.S. dollar after U.S. Treasury yields moved higher overnight. Shares of Sony are trading 1.6% higher, but Softbank Group is slipping 0.3% lower. Among the major exporters, which are best positioned to benefit from the weaker Yen, Toyota is adding 0.4%, Panasonic is gaining 0.3%, and Canon has advanced 1.5%. Australian investors have returned to markets following a holiday extended three day weekend and are sending the S&P/ASX 200 higher by 1%. Shares of the big four banks are trading higher in line with the gains for the broader market. ANZ is up 0.9%, NAB has a 0.8% gain, Commonwealth Bank is 1.9% higher, and Westpac is adding 0.9%. The major miners are also gaining, with Rio Tinto up 0.9%, while BHP is inching up by less than 0.1%. Mainland Chinese traders are also returning to the markets after a holiday extended weekend, but with far different results. The benchmark Shanghai Composite is 0.9% lower, and the smaller cap Shenzhen Composite has lost 1% in early trade. Meanwhile in Hong Kong the Hang Seng is down by 1.2%. In South Korea the Kospi is holding onto a slight gain of less than 0.1%, while Taiwan’s Taiex is 0.7% higher. Southeast Asian markets are mixed as well, with the Straits Times in Singapore up by 0.8%, and the Jakarta Composite in Indonesia adding 0.1%, while Malaysia’s KLCI is flat in morning trade.
Technology Strength Lifts S&P 500 To New Record
2021-06-15 00:04UTC
The S&P 500 rallied in the final hour of trading Monday, reaching a new record high as the technology sector helped float the broader index. It was a burst of buying in the final 10 minutes of the trading session that took the index to a 0.2% gain and a new all-time closing high. Ahead of that the index had been down 0.3% in choppy trade as investors have remained cautious ahead of the latest Federal Reserve monetary policy decision. At this point it’s uncertain just how strong the economic recovery is in the U.S., and whether or not the inflation seen is in fact transitory, as central bank officials have claimed. Among the tech sector winners Monday were Apple, whose shares gained 2.5%. Adobe was also at the top of the winners list as shares jumped 2.9%. Netflix was another winner, with shares adding 2.3%, while Facebook shares closed out the session 1.7% higher. The gains from the technology sector offset losses from the materials and the financials. While no changes are expected from the Fed meeting, which ends on Wednesday, investors are still worried that the strengthening economy could lead to the beginning of the end of the bond buying program of the Fed. Also concerning to markets is the 5% pace of inflation recorded in May. While Fed officials maintain that the inflation is transitory, markets aren’t convinced. Monday saw U.S. Treasuries selloff, with the yield on the 10-year note rising from 1.46% to 1.50%. That in turn leant strength to the U.S. dollar, while also causing gold to fall for a second consecutive session.
Cryptocurrency Daily Market Review
2021-06-14 22:13UTC
Cryptocurrency markets rebounded Monday as Bitcoin received support over the weekend. Tesla CEO Elon Musk, whose comments have an outsized impact on the cryptocurrency markets, commented over the weekend that Tesla sold just 10% of its Bitcoin holdings to test the market liquidity, and that Tesla would soon begin accepting Bitcoin as payment again as miner energy uses seems to be favoring renewable sources more heavily. That news sent Bitcoin above $40,000 early in the session, and while the rally remained contained it was holding those levels by the end of the trading session. Number two cryptocurrency Ethereum also rose, although was more muted, gaining just 1.5% and remaining below the $2,600 level. The biggest winner in the top ten was Polkadot, with its DOT token rising 12% on the day. The project continues to garner investor interest and this isn’t the first time it has rallied alongside Bitcoin. Most of the other top ten cryptocurrencies were little changed, rising less than 1%, while Cardano’s ADA token lost 0.3% and was the only top ten crypto finishing the day in the red. The biggest winner of the day within the top 100 cryptocurrencies was AMP, which offers itself as a digital collateralization token. While most altcoins were up less than 5% on the day the AMP token surged 30% higher. That’s a continuing rally for the token, which was listed on Coinbase last Friday. The worst performance of the day came from Theta Fuel (TFUEL) as it dropped 5.3%. It’s the utility token for the Theta blockchain, and while it was lower, the THETA governance token added 1.9%.
U.S. Daily Market Review
2021-06-14 21:20UTC
U.S. markets dithered most of the day on Monday, but then turned higher at the close to put the S&P 500 at a new record closing high. Investors are understandably cautious ahead of the two-day Federal Reserve monetary policy meeting that ends on Wednesday. While no change in policy is expected, the recent strength in consumer inflation could cause some waves, but with the Fed silent since June 5 there’s no way to know how they might be viewing inflationary forces given the new data. At the close the S&P 500 was 0.2% higher to a new record close, while the Nasdaq added 0.7%, and the Dow Jones Industrial Average retreated 0.3%. Technology and communications services showed strength, while the financial sector weighed on the broader indices. Treasury yields continued climbing to reach 1.50%, while the USD was basically flat, but stable. The S&P technology sector rose 1% on the day, while the financial sector fell 1%. The materials sector was also weak, losing 1.2% on the session. Technology dominated the top of the S&P 500 leader board, with Adobe rising 2.9%, while both Apple and Salesforce.com saw shares jump 2.5%. Netflix was also near the top with a gain of 2.3%. On the other side of the board TripAdvisor was the day’s biggest loser as shares retreated 6% following news of insider selling. In outside markets crude was little changed, while gold pulled back for a second consecutive session. The bigger surprise was Bitcoin, which finally broke out above the $40,000 level after receiving weekend support from Tesla CEO Elon Musk and legendary hedge fund manager Paul Tudor Jones.
European Daily Market Review
2021-06-14 16:00UTC
European markets have started the week with modest advances as investors across the region are remaining cautious ahead of the two-day U.S. Federal Reserve monetary policy meeting that will conclude on Wednesday. The caution comes as the Fed is expected to keep monetary policy unchanged and downplay talks of tapering their bond purchase program. They can also be expected to downplay the perception of rising inflation, which they maintain is transitory and will resolve before the end of the year. The pan-European Stoxx Europe 600 finished 0.3% higher, while investors contributed to a 0.2% gain for the CAC 40 in France. Germany’s DAX wasn’t as strong, and slipped into the red just before the close for a loss of 0.1% on the day. Meanwhile Italy’s FTSE MiB was 0.3% higher as well, while the IBEX 35 in Spain jumped 1% higher. The biggest move in the DAX was a 4.3% rally in shares of Siemens Energy as investors have been excited by the company’s plans o expand its presence in Germany, while also adding to the grid in Norway. The biggest loss in the DAX was from materials company Covestro, whose shares fell 2.1% on the day. In the U.K. the FTSE 100 finished 0.2% higher after Prime Minister Boris Johnson is expected to announce an extension of COVID-19 restrictions in response to rising numbers of infections from the Delta variant first discovered in India. Oil and gas companies were the strongest performers in the FTSE, with Royal Dutch Shell leading gains as its shares rose 2.7%. Rolls Royce was the biggest loser, with its shares down 4.1%.
Asian Daily Market Review
2021-06-14 02:27UTC
Asian markets are mostly higher in light volume trade across Asia Monday as investors are preparing for the upcoming U.S. Federal Reserve monetary policy meeting later this week, while a number of key markets around the region are closed today for a public holiday. Those markets include Australia, mainland China, and Hong Kong. In Japan the Nikkei is trading 0.4% higher today, with the Yen retreating against the U.S. dollar, making shares of Japan’s exporters more attractive. Softbank Group is up 0.3%, and Sony is edging up by less than 0.1%, while rival entertainment giant Nintendo is seeing its shares plunge 3% lower. Among the major exporters Toyota is 0.3% higher, Panasonic is adding less than 0.1%, and Canon shares are retreating by 0.1%. In South Korea the Kospi is trading lower by 0.1%, with shares of index heavy weight Samsung Electronics falling 0.5%, while semiconductor manufacturer SK Hynix is 1.2% lower, and auto maker Hyundai Motors is seeing its shares falling 0.8%. In Taiwan the Taiex is trading higher by 0.3%, with Taiwan Semiconductor adding 0.5%, while shares of Hon Hai Precision shoot higher by 2.7%. In Southeast Asia markets are mixed as the Straits Times in Singapore retreats 0.1%, but the Jakarta Composite in Indonesia is adding 0.3%, and the KLCI in Malaysia is leading gains for the region as it rises 0.7%. In other markets the U.S. dollar is mixed, while gold is trading 0.5% lower and crude oil is trading 0.5% higher. Bitcoin is also up by 10% after Tesla founder and CEO Elon Musk said Tesla will begin accepting Bitcoin again.
Precious Metals Struggle At The End Of The Week
2021-06-11 15:00UTC
Gold continues to bounce back and forth without much direction this week as trader views on the economy and inflation remain in flux. While Thursday saw gold gain roughly 1% despite stronger than expected inflation data released, Friday saw the precious metal give back basically all those gains, with gold settling near the bottom of its range at the $1,880 level. Analysts are calling Friday’s drop as related to profit taking from short term traders. Geopolitically the world remains quiet and calm, which leaves most of the discussion currently about inflation and the pace of the global economic recovery. With U.S. 10-year Treasury yields near a 3-month low it is surprising to see the U.S. dollar rallying today, but that’s what’s happening. And that is also weighing on gold. It could be a delayed reaction to yesterday’s CPI data, which had inflation growing at a blistering 5% pace in May, while core inflation was at its fastest growth since 1993. The good news for gold traders is that bulls remain in control of the market, with a nine-week uptrend still intact. The next sign of strength for gold will be a close above the recent June high of $1,919.20. However with prices moving lower to close out the week we should also look at the bearish possibilities. The bears could reassert control by breaking the uptrend with a close below the $1,850 level. This interested in precious metals might also want to have a look at the silver markets, where gold’s sister metal is looking even more bullish. The key bullish level there is a close above the $28.30 level.
U.S. Daily Market Review
2021-06-11 14:12UTC
U.S. stocks are still without a market direction with the S&P-500 briefly adding to its new record values. The S&P-500 is around the flatline mark after at a record in the previous session, the first record since May 7. The Nasdaq Composite gained 0.2% with Apple, Tesla and Netflix all into a higher side.U.S. consumer sentiment regained some path in early June as inflation fears subsided and households became more optimistic about future economic growth and employment.The University of Michigan announced that its preliminary consumer sentiment index soared to 86.4 in the first half of this month from a final reading of 82.9 in May. The USD index was secured 0.46% at 90.4790 while the euro dropped around 0.53% at $1.2112.
The Rate Of The USD Retreated
2021-06-11 10:02UTC
The USD index declined largely today and the major currency pairs were stuck within recent ranges as markets shrugged off yesterday’s peak.Currently, the USD versus the Euro trades at 0.822 EUR, which is an addition of 0.0012 or 0.15% from the previous close of 0.8212.The daily trading range is from 0.8202 to 0.8230.Moreover, U.S. consumer prices surged to 5% year-on-year in May, the largest jump of the last 13 years. Currency markets had been sluggish all week in anticipation of the data, but when it came in above expectations, there was little market reaction.The Federal Reserve has repeatedly announced that it estimates any rise in inflation to be temporary.The USD index dropped in the Asian session and at 0723 GMT, lost 0.1% on the day at 89.995. 10-year U.S. Treasuries actually rallied to a three-month high.There are indications of higher risk appetite in currency markets, as the Australian dollar advanced 0.2% at $0.7768.
Еuropean Daily Market Review
2021-06-11 07:58UTC
European markets are very slightly into a higher side today as global markets are off from the massive advance of the U.S. inflation.The German DAX gained 0.06%, the French CAC-40 inclined 0.36% and the British FTSE-100 secured 0.56%.Miners soared 1.0%, boosting UK’s commodity-heavy FTSE 100 by 0.3%.The pan-European Stoxx 600 surged around 0.3% in early trade, with basic resources jumping 1.4%.British economic output in April came to a historic mark of 27.6%, greater versus last year, according to official data showed on Friday.In fact, customers spent more on the High Street as non-essential shops reopened, and people demanded more cars and caravans.German fashion e-tailer About You is likely to price its stock market listing at 23 euros per share.The Hamburg based company had set a price range of 21 to 26 euros per share and is expected to close books on June 14 and debut its shares on the Frankfurt stock exchange.
Gold Prices Advanced
2021-06-11 07:21UTC
Gold prices jumped this morning during the Asian hours and are about to mark some weekly gain. Presently, the precious metal trades at $1899.80, which is a rise of $2.16 or 0.11% from the previous close of 1897.64.The daily trading range is from 1897.12 to 1902.88, while the trading volume is 136.881K.Partly greater than predicted incline in U.S. inflation stimulated investor bets that price pressures will be temporary and central bank support could be in hand.U.S. inflation data reported today indicated in that the core consumer price index (CPI) rallied little more than the forecast of 3.8% on annual basis. The European Central Bank (ECB)’s policy decision renewed a pledge on faster bond buying.The U.S. Federal Reserve is also due to hand down its policy decision in the following week.Investors are also looking ahead to the Fed’s Jackson Hole symposium scheduled from Aug. 26 to 28.In the meantime, silver remained into a steady mode of $27.96, while palladium slipped 0.5% and platinum slipped 0.1%.
Asian Daily Market Review
2021-06-11 02:01UTC
Asian markets were mixed and little changed for the most part Friday as investors across the region are unmoved by the overnight record set by the S&P 500. Investors are also ignoring the very strong Consumer Price inflation data released overnight in the U.S., betting that the jump is transitory in nature and that inflation will cool later this year. Shares in Japan have erased an early loss and trade 0.2% higher with the Yen remaining steady against the U.S. dollar. Shares of Softbank Group are 0.4% higher and Sony is adding 1%. Among the major exporters Toyota is 0.4% lower, Panasonic is down 1.2%, and Canon trades with a 1.6% loss. In Australia the S&P/ASX 200 has also erased an early loss to trade up by 0.1%. The big four banks are weighing on gains however, with ANZ losing 1.2%, NAB falling 0.7%, Commonwealth Bank is losing 0.3%, and Westpac trades 1.1% lower. The major miners are supporting gains however, with BHP adding 0.6%, Rio Tinto rising 0.7%, and Fortescue Metals advancing 1.9%. Mainland Chinese markets are bucking the rising trend across the region however, with the benchmark Shanghai Composite dropping 0.2%, while the smaller cap Shenzhen Composite is down 0.4%. Over in Hong Kong the Hang Seng is moving counter to the mainland and trades 0.7% higher to lead gains for the region. South Korea’s Kospi is 0.5% higher, and in Taiwan the Taiex is also rising 0.5%. Southeast Asian markets are edging higher as the Straits Times in Singapore adds 0.1%, while the KLCI in Malaysia trades slightly higher by less than 0.1%.
S&P 500 Rises To Record Closing Level
2021-06-10 21:02UTC
U.S. investors shrugged off the CPI data released on Thursday that showed inflation running hotter than expected and sent the S&P 500 to a new all-time high. At the close the S&P 500 was up 0.5% on the day to a new closing record of 4,239.18. The Dow Jones Industrial Average also added 0.1% on the day and the Nasdaq was 0.8% higher. The new record close came after the May Consumer Price Index data was reported as higher than anticipated, indicating inflation in the U.S. is running even hotter than economists were expecting. The expectation was for a 4.7% year-over-year increase in the CPI, however the actual reading was a 5% increase. That comes following a 4.2% increase in the April reading. The jump higher was unusual as fears of inflation have weighed on equity markets in the past few months. Investors have worried that rising inflation will increase prices for companies in the coming months and depress earnings. It’s also been a concern that the higher inflation will cause the Federal Reserve to increase interest rates sooner than anticipated. Some economists have said that the increased inflation is due in part to a 7% spike in used car prices, which accounted for one-third of the monthly CPI increase. The increase in used car prices is thought to be a transitory effect related to supply chain disruptions in connection with the pandemic. A separate report released Thursday showed that weekly jobless claims dropped to 376,000. While that was slightly higher than the 370,000 expected, it is still the lowest initial jobless claims number since the pandemic started.
U.S. Daily Market Review
2021-06-10 17:29UTC
The S&P-500 jumped to its all-time high on Thursday.This takes places as most traders and investors came off key inflation report that indicate higher than predicted surge in price pressures.The Dow Jones Industrial Average secured 120 points, while the Nasdaq CoUPS shares added around 1% after an upgrade from JPMorgan. Shares of Boeing and Delta Air Lines also rallied.The stock prices GameStop sunk around 19% in midday trading. The company has secured two former Amazon executives to lead as CEO and CFO as the Securities and Exchange Commission.U.S. equities jumped to all time peaks and benchmark Treasury yields held around the lowest level since March.U.S. consumer prices rallied solidly in May, leading to the largest annual increase of the last 13 years.
European Daily Market Review
2021-06-10 09:20UTC
The major stock markets in Europe are relatively static today, while most traders and investors are focused on the European Central Bank (ECB) reporting its latest monetary policy decision.Market analysts are also observing the rising data from the latest inflation reading from the U.S.The German DAX retreated 0.06%, the French CAC-40 fell 0.23% and the British FTSE-100 inclined 0.29%. France's second largest telecoms group, Altice, has purchased a big stake in BT. Altice is owned by French telecoms tycoon Patrick Drahi.Deutsche Bank AG estimated to book a 100 million-euro ($122 million) provision in Q2 after a German court ruling allowed some clients to challenge their higher fees.Germany’s biggest bank also predicts the ruling will also affect revenue by 100 million euros in the second and third quarter, according to the Chief Financial Officer James von Moltke.
Crude Oil Prices Slipped
2021-06-10 07:07UTC
Oil prices dropped this morning during the Asian hours with demand from India continuing to retreat.Now, oil trades at $69.508, which is a loss of $0.227 or 0.33% from the previous close of 69.735.The daily trading range is from 69.264 to 69.781, while the trading volume is 9.01K.India, emerged as the third-biggest oil consumer, market is weakest fuel demand level in May since August 2020.U.S. crude oil supply data from the U.S. Energy Information Administration (EIA) indicated in a 5.241 million barrels for the week ending June 4. Crude oil supply data from the American Petroleum Institute, announced the day before, showed a draw of 2.108 million barrels.In the meantime, the crude inventories fell, the demand outlook was mixed in the U.S. U.S. oil stockpiles such as Strategic Petroleum Reserve (SPR), fell for the 11th consecutive week as refiners boosted their output.
Asian Daily Market Review
2021-06-10 01:50UTC
Asian markets are moving cautiously higher on Thursday morning following modest overnight losses in the U.S. and ahead of the closely watched U.S. Consumer Price Index data due out later in the day. Japan’s Nikkei is rising 0.4%, with the Yen flat against the U.S. dollar as currency traders are on hold ahead of the key U.S. inflation data. Shares of Softbank Group are trading 0.7% lower in opposition with broader index gains, while Sony shares are up by 0.8%. Among the major exporters Toyota is 0.4% lower, Panasonic is 0.3% lower, and Canon is adding 0.5%. In Australia the S&P/ASX 200 is 0.4% higher, heading into the close in Sydney with strength. Shares of the big four banks are helping to support the broader index. Shares of ANZ are edging up by 0.1%, NAB has a 0.5% gain, Commonwealth Bank is 0.4% higher, and Westpac is advancing 0.3%. The major miners are falling after two sessions of gains, with BHP 0.7% lower, and Rio Tinto losing 0.5%. Mainland Chinese markets are rising on news of the U.S. and China working towards extending trade and investment ties. The benchmark Shanghai Composite is 0.2% higher in early trade, while the smaller cap Shenzhen Composite is 0.4% higher. Meanwhile in Hong Kong the Hang Seng is adding 0.5% to lead gains for the region. In South Korea the Kospi is advancing 0.2%, and in Taiwan the Taiex is trading 0.5% higher. Southeast Asian markets are also gaining today as the Straits Times in Singapore is trading 0.3% higher, and the KLCI in Malaysia has a gain of 0.2%.
U.S. Daily Market Review
2021-06-09 20:50UTC
Wall Street ended a see-saw session on a weaker side today as market participants awaited inflation data for market signals.The S&P-500 flirted with a record closing high, and all three major U.S. stock indexes lost some ground by the closing bell.Moreover, the focus is on the U.S. Federal Reserve whether or not could tighten its dovish monetary policy.The USD only partly moved and off session bottoms today as investors focused on a European Central Bank meeting and the upcoming U.S. consumer price index data.The U.S. Labor Department’s consumer prices data has been rallied in nearly 12 years in April.GameStop appointed Matt Furlong as its CEO. The videogame retailer also named Mike Recupero as chief financial officer on Wednesday.
The USD Is Into A Higher Mode
2021-06-09 10:46UTC
TThe USD registered some advances to during the European trading hours this morning.However, the volatility was limited with traders awaiting upcoming U.S. inflation data and an ECB meeting for market signals.Currently, the USD versus the Euro trades at 0.819 EUR, which is a small decline of 0.0017 or 0.21% from the previous close of 0.8212.The daily trading range is from 0.8186 to 0.8215.In faft, the USD has been losing some side for much of the last year.However, most traders and investors are starting consider that the Fed could taper back its easy monetary policies earlier than previously expected.Earlier today, China’s factory-gate prices jumped in May to its peak 2008 driven by surging commodity prices, increasing 9.0% year-on-year in May.Consumer prices also rallied for the third consecutive month, advancing 1.3% year-on-year in May.Tomorrow is expected the report from the European Central Bank, likely to preserve in place its ultra-loose monetary policies given the region.
Еuropean Daily Market Review
2021-06-09 07:53UTC
European stocks are into a static mode this morning as most traders and investors are focused on the report on the U.S. inflation due Thursday.The French CAC-40 added 0.13%, the German DAX gained 0.14% and the British FTSE-100 slipped 0.38%.The pan-European Stoxx-600 moved around the flatline in early deals, with travel and leisure stocks advancing 0.5%.Airlines leaders such as Air France KLM, Lufthansa and British Airways-owner IAG, secured around 1% after the U.S. CDC announced it was easing travel recommendations on 110 countries and territories.The French company Danone retreated 1.5% after RBC downgraded the stock to “under perform”.The consumer price index for May is due on Thursday. Most market analysts expect CPI rally around 4.7% from a year earlier.
Gold Prices Rallied
2021-06-09 06:05UTC
Gold prices jumped this morning during the Asian hours as most traders and investors digested mixed inflation data from China.Now, gold trades at 1892.00, which is a small decline of $0.41 or 0.02% from the previous close of 1892.41.The daily trading range is from 1891.05 to 1896.21, while the trading volume is 64.331K.The USD which is into a negative relationship to the precious metal advanced, while the benchmark 10-year U.S. Treasury yields sunk to their monthly bottom. Data from earlier today indicated in that the Chinese consumer price index (CPI) for May slipped 0.2% month-on-month and gained1.3% an annual basis.In the U.S., JOLTs Job Openings in April soared to 9.286 million, greater than both the 8.3 million The market awaits the U.S. core CPI index data for May due on Thursday for further clues on the U.S. Federal Reserve’s timeline to change its current interest rates.Moreover, the European Central Bank’s policy decision is due to be reported on Jun. 10.
Asian Daily Market Review
2021-06-09 02:08UTC
Asian markets are mostly lower on Wednesday morning after U.S. markets remained nearly unchanged near record levels overnight. Investors are awaiting key inflation data from the U.S. and Europe that could shape monetary policy decisions from central bankers in the coming days. Japan’s Nikkei is trading 0.3% lower today, despite some moderate weakness from the Yen versus the U.S. dollar. Shares of Softbank Group are 0.5% higher, but Sony is falling 2.4%. Among the major exporters shares of Toyota are 0.5% higher, Panasonic is up by 0.4%, and Canon is edging higher by 0.2%. Australia’s S&P/ASX 200 is one of the few winning markets in Asia today, holding onto a slight gain of less than 0.1% heading into the close. Shares of the big four banks are mostly weaker today, with NAB losing 0.6%, Westpac falling 0.4%, Commonwealth Bank inching lower by less than 0.1%, while ANZ has a slight gain of less than 0.1%. Major miners are supporting the market, with BHP adding 1.2% and Rio Tinto climbing 0.4% higher. Mainland Chinese markets are little changed after factory gate inflation came in at its highest since 2008 on the rising commodity prices. The benchmark Shanghai Composite is nearly flat, with a gain of less than 0.1%, while the smaller cap Shenzhen Composite trades down by 0.2%. Over in Hong Kong the Hang Seng is tracking the mainland and is edging up by less than 0.1%. South Korea’s Kospi is trading lower by 0.3% and the Taiex in Taiwan is 0.4% lower. Southeast Asian markets are lower as well, with the Straits Times in Singapore falling 0.3%, and the KLCI in Malaysia losing 0.1%.
Crude Up On Expectations Of Inventory Drawdown
2021-06-08 22:39UTC
The U.S. benchmark West Texas Intermediate crude closed above $70 a barrel yesterday for the first time since 2018 as bullish sentiment continues growing amidst the backdrop of rising demand and falling crude inventory levels. WTI crude added $0.82 to close at $70.05 a barrel, which was the highest close for the U.S. benchmark contract since October 2018. Simultaneously the global benchmark Brent crude advanced $0.80 to $72.29 a barrel. Expectations for a drop in inventory levels and the increasing number of Americans taking to the roads and to the skies have prompted rising optimism among crude traders. The increasing pace of vaccinations has traders expecting crude demand to shoot higher over the summer as an increasing number of consumers have been getting back to travel after more than a year of being stuck at home. Also contributing to the bullish sentiment yesterday was a statement from U.S. Secretary of State Antony Blinken indicating that even if a nuclear deal is reached with Iran hundreds of sanctions would remain in place against the country. That’s the clearest indication that Iranian supplies won’t be flooding the markets anytime soon that traders have received so far. Today the U.S. Energy Information Administration will release the official U.S. crude inventory levels, and expectations are for a drop of 3.3 million barrels. That would be the third consecutive weekly drawdown in the U.S. inventories, and would also follow on the heels of last week’s drawdown of 5.1 million barrels. Adding further fuel to the rally was data released by the EIA yesterday showing U.S. production fell to an average of 10.8 million barrels per day, indicating tighter supplies to come.
U.S. Daily Market Review
2021-06-08 15:13UTC
Wall Street stocks moved around the starting line today, mainly because some serious signals are missing to stimulate investors. As a result, most investors preferred to take on wait and see approach.The Dow Jones Industrial Average slipped 13.47 points, or 0.04%, to 34,616.77.The S&P-500 added 0.46 points, or 0.01%, at 4,226.98 and the Nasdaq Composite gained 25.61 points, or 0.18%, at 13,907.33.Shares of the iPhone maker (AAPL.O) advanced almost 2.0% after the company is in early-stage talks with China's CATL (300750.SZ) and BYD (002594.SZ) about the supply of batteries for coming electric vehicle.  Tesla (TSLA.O) emerged as one of the top performers of Nasdaq after sales of its China-made electric vehicles secured almost 30% in May versus the prior month.
Еuropean Daily Market Review
2021-06-08 14:36UTC
European stocks are around the same levels from yesterday.This is taking place despite revised euro zone surge numbers implied in that the economy of the E.U. contracted by much less than expected in Q1.The German DAX dropped 0.14%, the French CAC-40 gained 0.28% and the British FTSE-100 secured 0.42%.The numbers from the office of Eurostat demonstrated that gross domestic product (GDP) in the 19-member euro zone tumbled 0.3% quarter-on-quarter, versus to an estimate of a loss of 0.6%.The German government has decided to extend until the end of September special rules for short-time work allowances due to the coronavirus pandemic.Short-time work allows employers to switch employees to shorter working hours during an economic downturn,
Crude Oil Prices Retreat
2021-06-08 06:35UTC
Oil prices dropped this morning during the Asian hours, extending Monday’s declined as the fragile state of the global economic recovery from COVID-19 health and economic crsisi. Now, oil trades at $68.810, which is a loss of $0.390 or 0.56% from the previous close of 69.200.The daily trading range is from 68.487 to 69.282, while the trading volume is 9.088K.Concerns also get a boost from the coming numbers from China. Oil importer published yesterday indicated in a surge of only 51.1% year-on-year in May. This came below the forecast of 51.5%.The oil markets are also focused on the developments of talks between Iran and world powers to revive a 2015 nuclear deal, which could allow Iran to start exporting oil again.Oil prices enjoyed an advance in recent weeks, with Brent securing almost 40% in the year to date. Moreover, the Organization of the Petroleum Exporting Countries and allies (OPEC+)’s reiterated decision to keep supply restrained earlier this month.Analysts also expect crude oil supply data from the American Petroleum Institute, due later today.
Asian Daily Market Review
2021-06-08 02:06UTC
Asian markets are headed higher on Tuesday morning as investors await more data regarding inflation, and clues to the future of central bank stimulus. Overnight sentiment from the U.S. is mostly negative as equities ended mixed and the U.S. dollar retreated against rivals. Japan’s Nikkei is trading 0.3% higher and is steady despite a recovery in the Yen versus the U.S. dollar. Shares of Softbank are falling 1.4%, but the drop is offset by a 1% gain for Sony. Among the major exporters Toyota is 0.4% lower, Panasonic has a 0.6% loss, and Canon is bucking the falling trend with a gain of 0.3%. In Australia the S&P/ASX 200 is giving back early gains, and is still up 0.2% with mixed performance from the big four banks. Shares of ANZ are falling 0.1%, while NAB is adding 0.7%, Commonwealth Bank is 0.4% lower, and Westpac has a 0.3% gain. The major miners are weaker today, with BHP losing 0.7% and Rio Tinto trading down by 0.3%. Mainland China is making gains today, with the benchmark Shanghai Composite rising 0.3%, and the smaller cap Shenzhen Composite adding 0.4%. Over in Hong Kong the Hang Seng is leading gains for the region as it rallies 0.7% higher. In South Korea the Kospi has a modest 0.2% advance, although index heavy weight Samsung Electronics is advancing 0.5%, and in Taiwan the Taiex is rising 0.3%. Southeast Asian markets are mixed however, with the KLCI in Malaysia tacking on 0.5% and the Straits Times in Singapore falling 0.2%, while Indonesia’s Jakarta Composite flat at the open.
Biogen Shares Surge On Alzheimer's Drug Approval
2021-06-07 19:22UTC
Shares of Biotech firm Biogen surged higher by more than 40% Monday after its controversial Alzheimer’s Disease treatment received approval from the U.S. Food and Drug Administration. The decision could substantially alter treatment for the debilitating condition. The stock was up as much as 64% to a new record in early trade, before a volatility halt was called. When trading resumed the stock pulled back somewhat but still made amazing gains on the day. Biogen will need to conduct more research to keep the drug on the market as the FDA only granted it accelerated approval status. That said, this is the first approval of an Alzheimer’s treatment by the FDA since 2003. And of course it is welcome news for the millions of people suffering with the disease and their families. It’s also welcome news for Biogen investors, since it’s estimated that the treatment will cost roughly $56,000 a year. The FDA is approving the drug based on its positive effects on a harmful, sticky protein called amyloid. It is well documented that amyloid clogs the brains of Alzheimer’s patients, but it is not proven that the protein actually has any role in Alzheimer’s. Biogen’s CEO said in a statement that the company already has millions of vials of the drug ready to ship, all that’s needed is to print and affix labels to the vials. He estimated the drug would hit markets in no more than two weeks. Annual sales of the drug could hit $5 billion, providing a much needed boost to Biogen’s revenues and profits. Other biotech firms working on Alzheimer’s cures also saw their shares rocket higher.
U.S. Daily Market Review
2021-06-07 14:48UTC
The S&P-500 retreated today as the index is having hard time to register a record high after a rising path.The Dow Jones Industrial Average dropped 60 points. The Nasdaq Composite was flat.The USD depreciated today as investors are expecting the European and U.S. central bank meetings for clues after U.S. inflation data after Friday's lower-than-expected jobs data.  Friday's U.S. jobs data resulted in some pressure on the USD as most traders and investors predict that job creation rate was not strong enough to boost forecasts for the U.S. Federal Reserve to tougher on its monetary policy.Tech stocks are into a lower side. Shares prices of Zoom and Tesla each tumbled around 1%.May’s Consumer Price Index (CPI) will come out on Thursday. In April the CPI advanced 4.2% from the previous year, the fastest raise since 2008.
The USD Into A Rise
2021-06-07 11:02UTC
The USD rallied today as European markets started higher today , amid regaining its path from Friday's losses.Presently, the USD versus the Euro trades at 0.822 EUR, which is a further incline of 0.0003 or 0.04% from the previous close of 0.8219.The daily trading range is from 0.8212 to 0.8231.The jobs data came as a relief for markets because it showed a recovery in job growth was not robust enough to boosts its estimates for the U.S. Federal Reserve for more strict monetary policy in the short-term.Meanwhile U.S. Federal Reserve top officials indicated in toward a discussion about winding that help back.China's yuan hovered around the key 6.40 level, with the offshore yuan changing hands at 6.3961 at 0732 GMT.China's export growth missed forecasts, while imports grew at their fastest pace in 10 years in May, fuelled by the surging demand for raw materials, data on Monday showed.The United States, Britain and developed economies came to an agreement to tax more heavily multinational giants such as Amazon and Google.
Еuropean Daily Market Review
2021-06-07 09:23UTC
European stocks partly inclined today though inflation concerns kept a lid on gains.The German DAX slipped 0.04%, the French CAC-40 declined 0.07% and the British FTSE-100 added 0.24%.The pan-European Stoxx-600 index added 0.1% in early morning deals. Autos and media shares were the best performers, each jumping around 0.7%.The EU is studying how trillions of euros in interest rate swaps positions could be shifted from LSEG’s LCH clearing arm in London, where the bulk of the global market is cleared, to rival Deutsche Boerse’s Eurex in Frankfurt.Housebuilders led the advancing pattern in London after Halifax’s house price index revealed that May prices jumped 9.5%.British-listed miner Anglo American dropped around 2.5% after it completed the spin-off of its Thungela thermal coal business.
Gold Price Fell
2021-06-07 08:05UTC
Gold price dropped this morning during the Asian hours after weaker than estimated U.S. nonfarm payrolls data from the previous week.Now, the yellow metal trades at $1882.92, which is another loss of $8.05 or 0.43% from the previous close of 1890.97.The daily trading range is from 1881.36 to 1891.72, while the trading volume is 121.414K.The USD in general is into a reverse relationship to gold, surged, Monday while the benchmark 10-year U.S. Treasury yield sunk below 1.6%.Data released on Friday said that non-farm payrolls in May came 559,000 stronger than April’s 278,000 reading.Meanwhile, U.S. Treasury Secretary Janet Yellen reported yesterday that U.S. President Joe Biden’s $4 trillion spending plan would be good for the U.S. economy.The market is now focused on the European Central Bank's policy decision, due on Thursday this week.The Fed is also expected to meet from Jun. 15 to 16. 
Asian Daily Market Review
2021-06-07 02:42UTC
Asian markets are steady and mixed Monday morning after the weaker than expected jobs data out in the U.S. last Friday calmed fears of inflation overheating. The U.S. dollar was weaker following the data, although Treasury yields are creeping higher. In Japan the Nikkei has been trading back and forth over unchanged levels and is up by 0.4% heading into the lunch break. Shares of Softbank Group are trading 1% higher, but Sony shares are falling 0.6%. Among the major exporters Toyota is down 0.6%, and Panasonic has a 1% loss, while Canon trades 0.7% higher. Australia’s S&P/ASX 200 is basically unchanged, with a slight loss of 0.3 points. The big four banks are putting serious downside pressure on the broader index today, with ANZ lower by 0.6%, NAB crashing 2.6% lower, Commonwealth Bank down by 0.6%, and Westpac falling 0.5%. The major miners are providing some relief however as BHP trades 1.1% higher, Rio Tinto is adding 1.9%, and Fortescue Metals is up by 1.1%. Mainland Chinese markets have gotten the week off to a mixed start, with the benchmark Shanghai Composite rising by less than 0.1%, while the smaller cap Shenzhen Composite is trading 0.4% lower. Meanwhile in Hong Kong the Hang Seng is underperforming with a loss of 0.7%. In South Korea the Kospi is slipping lower by less than 0.1%, and in Taiwan the Taiex is leading losses for the region with a drop of 1.1%. Southeast Asian markets are putting in a mixed performance too, with the Straits Times in Singapore adding 0.7%, and the Jakarta Composite in Indonesia edging up by 0.1%, while Malaysia’s KLCI is 0.8% lower.
U.S. Jobs Report Is Decent, Next Up Is Consumer Inflation
2021-06-04 19:42UTC
The May U.S. non-farm payrolls were shy of economist expectations, with the number of jobs added to the U.S. economy reported as 559,000 versus the 671,000 expected. That was still good enough to keep investors happy, and U.S. equity markets rallied as a result. However it’s not anywhere near strong enough to encourage the Fed to consider tapering any sooner than they already have in mind. It was actually a good report for risk assets, since it was not too hot and not too cold. While equities rose, Treasury yields declined following the report, which sent the U.S. dollar broadly lower versus rivals. That was a sharp reversal from the strength seen in the USD in the previous session. Next up for investors will be the U.S. Consumer Price Inflation data due out next week on Thursday. April’s blistering 4.2% increase in the CPI had investors talking about potential tapering of bond purchases for the Fed, and the same type of conversation is likely to occur ahead of next week’s data. If the CPI does come in as hot as it was in April, or even hotter, expect to see equities dropping as investors assume the Fed will soon begin tapering bond purchases. It’s also possible the jump in consumer inflation will raise Treasury yields, thus strengthening the U.S. dollar as well. Economists are expecting CPI to come in at 4.7%, which is certainly hot enough to worry investors. Anything higher than that could spark a massive selloff in the equity markets, particularly in the so-called “meme stocks” like AMC Entertainment and Bed Bath and Beyond.
U.S. Daily Market Review
2021-06-04 14:43UTC
U.S. stocks jumped today as the key May jobs report implied in solid rallied.The S&P-500 inclined 0.8%. The Dow Jones Industrial Average inclined 110. The Nasdaq Composite gained 1.4%. The S&P-500 is sitting 0.3% from its all-time high reached last month. U.S. employers stimulated the numbers May and raised wages as they competed for workers.The Labor Department is focused  employment report.The unemployment rate sunk to 5.8% from 6.1%, which was better than the estimate of 5.9%. New orders for U.S.-made goods tumbled more than estimates in April.The Commerce Department reported today factory orders slipped 0.6% in April after soaring 1.4% in March.
Еuropean Daily Market Review
2021-06-04 13:44UTC
European stock markets advanced today as most traders and investors digested a key U.S. jobs report.The pan-European Stoxx-600 index rallied 0.1% after holding gains throughout the day.The German DAX added 0.05%, the French CAC-40 slipped 0.01% and the British FTSE-100 fell 0.07%.Russian President Vladimir Putin instructed an anti-crisis mortgage programme to be extended by one year to July 2022.Facebook stated that separate antitrust investigations by European regulators that will decide whether the social network's use of data indicated in an unfair advantage in online advertising.
Crude Oil Prices Retreated
2021-06-04 07:31UTC
Crude oil prices declined this morning during the Asian hours.This is coming amid weak rollout of COVID-19 vaccines and the continuous COVID-19 outbreaks in multiple countries.Now, oil trades at $69.117, which is another loss of $0.209 or 0.30% from the previosu clsoe of 68.908.The daily trading range is from 68.318 to 69.189, while the trading volume is 11.447K.Moreover, supply numbers from the U.S. Energy Information Administration indicated in a draw of 5.080 million barrels in the week to May 28.  In addition,  crude oil supply data from the American Petroleum Institute stated that the day before showed a draw of 5.360 million barrels.Earlier this week, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) estimated that fuel demand could come above supply levels in the second half of 2021.
Asian Daily Market Review
2021-06-04 02:31UTC
Asian markets are sliding on Friday morning after Wall Street closed lower overnight, and with investors awaiting the U.S. labor figures due out later today. In Japan the Nikkei is 0.6% lower despite the Yen falling versus the U.S. dollar in overnight trade. Shares of Softbank trade 1.4% lower, while Sony is bucking the falling trend with an advance of 0.3%. Among the major exporters Toyota is up by 1%, while Panasonic is falling 0.4%, and Canon also has a 0.4% loss. Australia’s S&P/ASX 200 is edging up by less than 0.1%, with the big four banks helping to support the broader index. Shares of ANZ are up 0.9%, NAB is advancing 1%, Commonwealth Bank trades 0.6% higher, and Westpac is holding onto a 0.8% gain. The major miners are weighing on the index for a second consecutive session, with BHP retreating 2.4% and Rio Tinto losing 3.1%. Mainland China’s markets have opened mixed as the benchmark Shanghai Composite trades 0.3% lower, but the smaller cap Shenzhen Composite trades 0.4% higher. Over in Hong Kong the Hang Seng is retreating as well, losing 0.3% in early morning trading. Alibaba is bucking the falling trend with a gain of 0.9%, while rival Tencent trades 0.7% lower. In South Korea the Kospi is falling 0.6%, with Samsung Electronics dropping 1%, and in Taiwan the Taiex also has a loss of 0.6%. Southeast Asian markets are mixed today, with the Jakarta Composite in Indonesia adding 0.2% and the Straits Times in Singapore edging up less than 0.1%, while the KLCI in Malaysia is leading losses for the region with a drop of 0.9%.
Tesla Shares Drop On China Sales Concerns
2021-06-03 23:40UTC
Shares of electric vehicle maker Tesla slipped 5.3% lower yesterday following reports that sales in China have dropped of substantially in May. According to the report Tesla sales fell from 18,000 in April to just 9,800 in May. The report came from a single anonymous source said to be familiar with the matter, but has not been corroborated. Tesla’s factory in Shanghai reportedly has the capacity to manufacture 500,000 vehicles for delivery in China, across Asia and into Europe. The company has been struggling with product recalls and safety investigations in China, which has damaged its reputation. It’s also been facing a public relations backlash over some high-profile crashes, quality complaints from Chinese customers, and unexpected price changes. Tesla hasn’t commented on its public relations issues in China, but analysts from within the country feel that they will have a material impact on Tesla, and given this report perhaps that’s already the case. One equity research firm in China has suggested Tesla’s sales were 30% lower in May compared with April. And while that sounds better than the nearly 50% drop reported by the outside source, it is still a disastrous drop in Tesla’s sales for China, especially since the country is key to its growth plans. It’s also not certain if a drop in sales is completely related to Tesla’s PR problems or if it is more due to the rising tide of competition in China. With China representing the second largest electric vehicle market in the world it is critical that Tesla maintains its growth trajectory there, otherwise yesterday’s 5.3% drop in the stock could be just the start of steeper losses.
U.S. Daily Market Review
2021-06-03 14:50UTC
The major U.S. indexes tumbled today as the market further has hard times reach a new all-time high.The Dow Jones Industrial Average fell more than 100 points. The S&P-500 dropped 0.6% and the tech-heavy Nasdaq Composite declined 1%.The USD advanced today after higher-than-estiamted U.S. jobs data that suggested an improving labor market, reinforcing signs that the economy was on its way to a steady path to recovery.The ADP National Employment Report indicated the largest rally since June 2020. Economists polled by Reuters had forecast private payrolls would increase by 650,000 jobs.Shares of General Motors gained 3% after the auto giant reported predictions for the first half of 2021 to be stronger than expected.The U.S. 10-year Treasury yield surged to 1.6% after ADP national employment data indicated in that U.S. private payrolls jumped by 978,000 in May, more than initial estiamtes.
The Rate Of The USD Rallied
2021-06-03 12:48UTC
The USD appreciated today as most investors are focused for signals of U.S. economic data that could set the tone at Fed’s meetings later this month.Presently, the USD versus the Euro trades at 0.821 EUR, which is a rise of $0.0028 or 0.34% from the porevious clsoe of 0.8187.The daily trading range is from  0.8186 to 0.8222.The recent solid U.S. economic recovery has stimulated the rate of the USD that interest rates will remain into a bottom for a long time.The mood has preserved forecasts from adding much to short positions in recent weeks.The USD index advanced to 90.112. It has created a solid support around the 89.946 mark in the last few days.Fed representatives reported it will unwind corporate bond holdings it amassed through an emergency facility last year.
Еuropean Daily Market Review
2021-06-03 12:34UTC
European stocks only partly tumbled today as traders and investors reacted to fresh data out of China.Moreover, the market is also focused on U.S. jobs report later this week. The pan-European dropped slightly, after losing 0.14%. Basic resources stocks, with their heavy exposure to China, implied in the largest losses in early trade.The German DAX added 0.61%, the French CAC-40 fell 0.60% and the British FTSE-100 dropped 1.20%.Russia will eliminate the USD from its National Wellbeing Fund, according to the Finance Minister Anton Siluanov said.This will affect $119 billion in liquid assets, will take place within the central bank’s huge reserves. Euro zone business activity jumped last month as the easing of some coronavirus related restrictions.IHS Markit's final composite Purchasing Managers' Index (PMI), seen as a good gauge of economic health, rallied to 57.1 last month from April's 53.8.
Gold Prices Drop
2021-06-03 07:20UTC
Gold prices fell today during the Asian hours but are still clsoe to five-year highs.Now, the precious metal trades at $1892.10, which is another minor loss of $15.91 or 0.83% from the previosu clsoe of 1908.01.The daily trading range is from 1890.53 to 1909.49, while the trading volume is 106.948K.The USD in general is negatively related to the yellow metal, advanced on Wednesday and the benchmark 10-year U.S. Treasury yield sunk below 1.60%.Data reports from the day stated that China’s Caixin Services Purchasing Managers Index (PMI) came to 55.1 in May, above the 50-mark indicating in a growth is on the way.The European Central Bank (ECB) declared that it would not change the size of its asset purchase program for now at its meeting on Jun. 10 but some tapering could be seen later in the year.The market is now focused on the U.S. initial jobless claims due late in the day.Silver slipped only 0.1%, while palladium and platinum soared 0.2%. 
Asian Daily Market Review
2021-06-03 01:54UTC
Asian markets are trading higher Thursday morning following modest overnight gains from Wall Street and as investors await the upcoming U.S. non-farm payrolls report that is expected to give some clues to the strength of the economic recovery in the U.S. Japan’s Nikkei is trading 0.5% higher as the Yen remains tightly range-bound against the U.S. dollar. Shares of Softbank Group are jumping 2.2% higher today, and Sony is rising 1.3% despite the U.S. arm of the company losing 1.1% overnight. Among the major exporters Toyota is 2.3% higher, Panasonic is adding 0.5%, and Canon is rising 1.6%. In Australia the S&P/ASX 200 is leading gains for the region with an 0.8% advance as the big four banks are also in rally mode. Shares of ANZ are 1.5% higher, NAB is adding 1.1%, Commonwealth Bank has gained 1.4%, and Westpac is advancing 1%. The major miners are more subdued however, with BHP just 0.2% higher, while shares of Rio Tinto have retreated 0.3%. Mainland China’s markets are edging slightly higher in early trade with the benchmark Shanghai Composite and the smaller cap Shenzhen Composite each up less than 0.1%. Meanwhile Hong Kong’s Hang Seng is outpacing the mainland markets with a gain of 0.2%. In South Korea the Kospi has tacked on 0.6%, helped by a 2.2% gain from index heavy weight Samsung Electronics, while Taiwan’s Taiex is rising 0.4%. Southeast Asian markets are mixed and little changes as Singapore’s Straits Times adds 0.2%, and the KLCI in Malaysia edges lower by less than 0.1%, while the Jakarta Composite in Indonesia is flat at the open.
Are AMC Entertainment Gains Sustainable?
2021-06-03 01:39UTC
Traders have seen fortunes made this year in the red-hot cryptocurrency markets, with some tokens rising thousands of percent, even taking into account the crash experienced in the final two weeks of May. It’s unthinkable to see those types of returns from other asset classes – or is it? Apparently it’s not impossible, as shown by the action in AMC Entertainment Group. Shares of the theater chain, which has seen its revenues crushed by closures related to the COVID-19 pandemic, are now up 2,850% since the start of the year, including a nearly 100% rally just yesterday. The gains have come as retail traders became infatuated with the stock, and banded together on social media platforms like Reddit to send shares rocketing higher. The stock now has a market capitalization of $31.3 billion, despite having revenues of just $500 million. That makes it more valuable than Delta Airlines, which just seems incredible, yet it’s true. The ascent in the stock hasn’t been without volatility. Those who got into the stock back in February, when the mania around it first surfaced, would have needed to hold their shares through seven different boom and bust cycles. Since February there were seven separate rallies of 10% or greater that eventually fizzled out. And correspondingly there were seven corrections of 10% or more in the stock, with losses in some cases reaching as much as 36% over the course of a few days. The company has an average price target of $5.11 from analysts, despite closing yesterday at $62.55 a share. It’s also projected that the firm won’t make a profit until 2023. So when does it all end?
U.S. Daily Market Review
2021-06-02 15:14UTC
The S&P-500 advanced today, moving around an all-time high, following its muted start to June. The 500-stock index added 0.25%, about 0.6% from its high. The Dow Jones Industrial Average gained 98 points. The technology-heavy Nasdaq Composite gained 0.2%. Treasury yields dropped this morning, trading in a tight range as most traders and investors preserved from making big moves.The 10-year Treasury yield slipped 2.4 basis points to 1.591%. The benchmark yield has been trading within a range of 1.55% to 1.64% for little more than week.The U.S. economy could create around 671,000 nonfarm payrolls in May, which is a rise from 266,000 jobs added in the previous month.The Labor Department's May jobs announced to offer another look at the pace of re-hiring last month.
Еuropean Daily Market Review
2021-06-02 08:51UTC
The major European indexes advanced today, at the beginning of the session. The surge was stimulated by rises in energy stocks as higher optimism coming from UK economy.Euro zone producer prices for April will be reported at 10 a.m. London time, offering further indication as to the state of inflation across the bloc.The pan-European Stoxx 600 moves around 0.1% above the flatline after securing 0.4% at the start of the session. Members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) yesterday decided to allow Britain to start the process of joining the pact, as reported by  Japan's economy minister.This another step that takes London away from the E.U.The GBP only partly moved today as investors weighed the possibility that a COVID variant. After touching a fresh three-year high of $1.4250 versus the USD earlier this week, the GBP slipped 0.1%.
Crude Oil Prices Retreated
2021-06-02 06:24UTC
Oil prices advanced this morning after OPEC and its allies stuck to their plan to cautiously bring back oil supply to the markets in June and JulyIn the meantime, demand in United States and China is back into recvoery.Currently, oil trades at $67.910, which is a small loss of $0.069 or 0.10% from the previosu close of 67.979.The daily trading range is from 67.761 to 68.284, while the trading volume is 8.683K.The Organization of the Petroleum Exporting Countries (OPEC) and its allies, together called OPEC+, agreed yesterday to preserve the plan to partially ease supply curbs through July. He said he saw a solid demand recovery in the United States and China and added that the pace of vaccine rollouts.Additionally, further drops by Saudi Arabia tapering off through July, the producer group will be back to 700,000 barrels per day (bpd) in June and 840,000 bpd in July, according to ING.Two Western diplomats and an Iranian  top representitives announced the negotiations could likely pause on Thursday.
Asian Daily Market Review
2021-06-02 02:17UTC
Asian markets are mostly steady Wednesday after a mixed session overnight on Wall Street, although China is showing some weakness following its disappointing economic data released yesterday. Oil is holding at a two-year high following optimism regarding demand in the coming months from OPEC, while gold is at a five month high as the U.S. dollar remains muted on inflation concerns. In Japan the Nikkei is recovering from losses in the prior session, trading 0.4% higher. Shares of Softbank Group are slipping slightly lower by less than 0.1%, while Sony is advancing 0.6%. Among the major exporters Toyota has a 1.6% gain, while Panasonic is adding 1.4%, and Canon trades 0.9% higher. Australia’s S&P/ASX 200 is trading up by 0.5% although the big four banks are showing more muted gains. ANZ is inching up by less than 0.1%, shares of NAB are flat, Commonwealth Bank  is up 0.4%, but Westpac is falling 0.2%. The major miners are supporting gains however, with BHP 2.8% higher and Rio Tinto adding 2.1%. Mainland Chinese markets have opened to losses after yesterday’s weak economic data. The benchmark Shanghai Composite is 0.5% lower, and the smaller cap Shenzhen Composite is losing 0.7%. Meanwhile the Hang Seng in Hong Kong is just slightly lower by less than 0.1%. South Korea’s Kospi is trading 0.2% higher today, and in Taiwan the Taiex has a 0.3% gain. In Southeast Asia markets are mixed as the Straits Times in Singapore is falling 0.4%, but the KLCI in Malaysia is 0.6% higher, and the Jakarta Composite in Indonesia is leading gains for the region with a 1.2% advance.
May Non-Farm Payrolls Need To Be Strong
2021-06-01 21:36UTC
Markets are already becoming cautious ahead of this Friday’s U.S. non-farm payrolls report. It’s understandable since the May data is even more important than it would usually be following the huge negative surprise delivered last month with the April jobs data. Investors don’t want to be blindsided a second time, and they also need to see that the U.S. labor market is recovering. April was quite a disappointing month, with economists expecting upwards of 1 million new jobs created in the U.S. and investors being highly disappointed when the actual data showed just 266,000 new jobs and an unemployment rate that increased to 6.1%. April was the largest discrepancy between expectations and reality for the NFP since 1996, which is when data was first kept on expectations versus actual data. This month economists are expecting 678,000 jobs were created in May. That’s well below the 1 million expected the prior month, but also considerably higher than the actual jobs created in April. And there is a chance that the actual numbers will fall far short again. The April jobs number was said to be so weak due to Federal unemployment supplements, fear over continued COVID-19 infections, and a lack of childcare among other things. All of these factors remained in May, and could have potentially impacted the labor market as they did in April. On the other hand job creation has been particularly strong as the U.S. economy emerges from the COVID-19 pandemic, and there could have been a rebound from the weak April numbers that will see the NFP numbers top the 1 million mark in May.
The Rate Of The USD Dropped
2021-06-01 16:19UTC
The USD fell today, after slipping toward five-month bottom after data indicated in that the U.S. manufacturing activity jumped last month.Currently, the USD versus the Euro trades at trades at 0.817 EUR, which is a decline of $0.0005 or 0.06% from the previous clsoe of 0.8175.The daily trading range is from 0.8163 to 0.8185. The Institute for Supply Management (ISM) stated its index of national factory activity boosted more than expected in May from April.The USD index dropped 0.124% at 89.68, having risen as high as 90.447 on Friday.The weak mployment data implied in weaker-than-predicted prices paid component.In the meantime, the GBP marked three-year peak of $1.425 during the Asian session, assisted by the remarks from a Bank of England.
U.S. Daily Market Review
2021-06-01 16:04UTC
AThe Dow Jones Industrial Average jumped amid improved enthusiasm about the economic reopening.The Dow gained 100 points, or 0.3%. The S&P0500 is around the same levels in technology stocks offset earlier surges.Shares of cruise-operators Carnival Corp. and Norwegian Cruise Line Holdings secured more than 2% apiece. U.S. manufacturing activity advanced in May as pent-up demand amid a reopening economy with coming many new orders.A reading above 50 indicates expansion in manufacturing, which counts for  almost 12% of the U.S. economy.The USD retreated some ground edging toward five-month bottom after data showed that while U.S. manufacturing activity soared last month.The Institute for Supply Management (ISM) stated that its index of national factory activity soared more than predicted in May from April.The USD index slipped 0.124% at 89.68, having risen as high as 90.447 on Friday.
Еuropean Daily Market Review
2021-06-01 08:52UTC
European main indexes advanced today after closing out their fourth straight month of rising mode.The German DAX inclined 1.17%, the French CAC-40 added 0.70% and the British FTSE-100 gained 1.13%.The pan-European Stoxx-600 rallied 0.9% by mid-morning trade to a new all-time high.The solid recovery from the pandemic spurred the OPEC+ alliance to forecast a tightening global market ahead of Tuesday’s meeting.Euro zone manufacturing activity jumped to record marks this month, according to a survey on Tuesday which implied in a rise.IHS Markit’s final Manufacturing Purchasing Managers’ Index (PMI) rose to 63.1 in May from April’s 62.9, above an initial estimate of 62.8 and the highest reading since the survey began in June 1997.  The oil giants of BP, Royal Dutch Shell and Total rallied as Brent crude futures topped $70 per barrel.
Gold Prices Advanced
2021-06-01 07:05UTC
Gold prices advanced this morning during the Asian hours approached a five-month high.This is happening as Chinese factory activity data announced earlier in the day came stronger than predicted and the market is focused on the key U.S. economic data.Now, gold trades at $1912.67, which is an addition of $6.16 or 0.32% from the previous close of 1906.51.The daily trading range is from 1905.99 to 1916.44, while the trading volume is 98.104K.China's May Caixin Manufacturing Purchasing Managers Index (PMI) marked 52.1.The Caixin figure came above the manufacturing PMI stated the National Bureau of Statistics.The Reserve Bank of Australia is about to report its policy decision later in the day.Most traders and investors are concentrated on the key U.S. economic data, including the Institute of Supply Management manufacturing PMI due for later today.In the meantime, palladium inclined 0.5%, silver dropped 0.1%.
Asian Daily Market Review
2021-06-01 01:48UTC
Markets are mostly higher Tuesday morning across Asia as investors are awaiting the latest readings on U.S. manufacturing and employment due out later in the week. Wall Street was closed overnight so traders across the region had no real lead in from that quarter, although China has continued working to rein in the surging Yuan, which is likely influencing sentiment across the region. Japan’s Nikkei is edging up by 0.1% as the Yen is strengthening versus the U.S. dollar. Shares of Softbank Group are 0.9% lower, but Sony is inching up by 0.1% alongside the broader market. Among the major exporters Toyota is jumping higher by 2.2%, Panasonic is losing 0.4%, and Canon is edging lower by less than 0.1%. In Australia the S&P/ASX 200 is headed lower by 0.4%, with the big four banks leading the way lower for the broader market. Shares of ANZ are 1% lower, NAB is trading 1.1% lower, Commonwealth Bank is down by 0.6%, and Westpac has a 0.8% decline. The major miners are helping to keep losses in check for the broader market however, with BHP and Rio Tinto each trading 0.9% higher. Mainland Chinese markets are falling modestly in response to the attempts to weaken the Yuan, with the benchmark Shanghai Composite and the smaller cap Shenzhen Composite both trading 0.2% lower. In Hong Kong the Hang Seng is edging lower by less than 0.1%. South Korea’s Kospi is adding 0.9% today, and in Taiwan the Taiex is trading 0.6% higher. In Southeast Asia Singapore’s Straits Times is 0.4% higher and Malaysia’s KLCI is advancing less than 0.1%.
Crude Volatility Could Pick-Up In Coming Weeks
2021-05-31 20:51UTC
Oil markets have remained range bound over the past weeks, but that dynamic could be set to change in the coming week as traders will first react to the OPEC meeting scheduled for later today, and then to the U.S. employment data out later in the week. OPEC is considering removing the production cap on 2.1 million barrels of oil per day. If they do so the increased supply would put downward pressure on the price of crude. At the same time Iran has been working to have its own sanctions removed, which could result in an additional 1-2 million barrels of oil per day in global supplies. That too would put downward pressures on the price of oil. The OPEC cuts have been in place since last March, when they were instituted to combat the massive drop in crude demand sparked by the COVID-19 pandemic. The Iranian sanctions have been in place since 2015, so the return of those supplies would be quite a surprise to markets. Of course the demand picture is also looking up, and there could be enough pent-up demand to more than offset the additional supplies that could come online. It’s already being reported that air travel in the U.S. is at its highest levels since March 2020. With Europe just easing lockdown restrictions travel there should pick up in the coming weeks as well, particularly since it is heading into the summer holiday season. And India is another wildcard. With COVID-19 cases there headed lower it’s quite possible demand could increase dramatically from the country of nearly 1.4 billion people.
Еuropean Daily Market Review
2021-05-31 09:13UTC
European markets closed higher on Friday, but today are without a clear market direction.The German DAX slipped 0.25%, the French CAC-40 added 0.07% and the British FTSE-100 gained 0.04%.The pan-European Stoxx 600 surged 0.57%, coming above Thursday’s intraday record high. Financial services stocks secured 1.3% to lead the rising path.Germany’s annual consumer price inflation jumped in May, gaining further pattern above the European Central Bank’s target of close to but below 2%.The inflation data from other European Union countries, soared 2.4% in May, an incline from 2.1% in April.
Crude Oil Prices Surge
2021-05-31 06:23UTC
Oil prices advanced during the Asian trading hours, stimulated by the expectations for future fuel demand growth in the next quarter.Now, oil trades at $66.889, which is another rise of $0.290 or 0.44% from the previosu close of 66.599.The daily trading range is from 66.389 to 66.920, while the trading volume is 8.51K.Most market analysts are now focused on the coming OPEC+ meeting this week for supply guidance.Both contracts are into a pattern for a second monthly rally as most specialists predict oil demand surge to outstrip supply despite the possible return of Iranian crude supplies.Iran has been in talks with world powers since April working on steps that Tehran and Washington must take on sanctions.Moreover, the Organization of the Petroleum Exporting Countries and their allies including Russia will meet on Tuesday.Additionally, crude output in the United States jumped 14.3% in March, according to the Energy Information Administration.
Asian Daily Market Review
2021-05-31 01:32UTC
Asian markets are trading steady, but mostly lower as investors continue to weigh inflation worries, and U.S. labor data due out later in the week is expected to give clues regarding the strength of the economic recovery. In Japan the Nikkei is trading lower by 0.4%, with the Yen firming modestly versus the U.S. dollar. Shares of Softbank Group trade 0.4% lower, while Sony is edging lower by less than 0.1%. Among the major exporters shares of Toyota are trading 0.9% higher, Panasonic is 0.3% lower, and Canon is falling 1.6%. Australia’s S&P/ASX 200 is inching up by less than 0.1%, with the big four banks tracking the broader index. Shares of ANZ and NAB are both trading up just slightly higher by less than 0.1%, Commonwealth Bank is adding 0.2%, and Westpac is also edging up by less than 0.1%. The major miners are trading mixed however, with BHP falling 0.5% while Rio Tinto is trading up by 0.5%. Mainland Chinese markets have opened flat, but slightly weaker. The benchmark Shanghai Composite is falling less than 0.1%, and the smaller cap Shenzhen Composite trades flat and unchanged. Over in Hong Kong the Hang Seng has also opened unchanged to start the week. In South Korea the Kospi is trading lower by 0.2%, and in Taiwan the Taiex is leading gains for the region as it trades 0.5% higher. Southeast Asian markets are mixed as well, with the Straits Times in Singapore rising 0.4%, while the KLCI in Malaysia retreats 1.3%, and the Jakarta Composite in Indonesia trades unchanged at the open.
Gold Looks Increasingly Attractive
2021-05-28 19:05UTC
Gold reversed its early losses Friday and turned higher, closing above the psychologically important $1,900 level after a gauge of U.S. inflation showed consumer prices surged in April, thus boosting the appeal of gold as an inflation hedge. Gold futures finished 0.4% higher at $1,905.30. That gave the precious metal a 1.1% weekly gain, which was the fourth consecutive weekly gain as rising inflation has been slowly lifting the traditional inflation hedge. Gains came on the back of a 0.7% gain in the Core PCE Price Index. The reading was above expectations for a 0.6% increase, and well above the March reading of 0.4% increase. Adding to the inflationary tale was the Chicago PMI, which came in at 75.2, well above expectations for a reading of 67.9. Also helping gold over the past weeks has been the refusal of the Federal Reserve to scale back its bond purchases and the weakness of the U.S. dollar. The dollar was actually reversing that weakness recently, but the inflation data caused a sharp reversal in USD gains Friday. Meanwhile the White House unveiled a $6 trillion budget proposal that would increase spending on infrastructure, education, and the fight against climate change. That is seen as a negative for the U.S. dollar, which is also supportive for gold. Chart technicals are showing further bullish support, meaning any dip below the $1,900 level at this point will likely be seen as a buying opportunity. Presuming that the U.S. economy continues a strong recovery, and inflation continues to heat up, gold should remain in demand and prices should continue higher.
U.S. Daily Market Review
2021-05-28 15:10UTC
U.S. stocks jumped today as major averages headed for a winning week amid higher expectations about the coming U.S. economic recovery.The Dow Jones Industrial Average gained 150 points. The S&P-500 inclined 0.4% and the tech-heavy Nasdaq Composite traded up 0.4%.Salesforce shares dropped around 7% after company’s first-quarter forecasts over Wall Street estimates on its top.HP shares tumbled 5% despite the company’s more-than-predicted second-quarter results.U.S. consumer sentiment retreated in May.The University of Michigan’s Consumer Sentiment Index sunk to a final reading of 82.9 from April’s final level of 88.3.Consumer prices as called (PCE) not including the volatile food and energy components, advanced 0.7% in April after a 0.4% rally in March.
Еuropean Daily Market Review
2021-05-28 08:24UTC
European markets are into a higher side today to mark record values. This c comes as global stocks take heart from strong economic data out of the U.S.The French CAC-40 added 0.46%, the German DAX inclined 0.47% and the British FTSE-100 surged 0.43%.The pan-European Stoxx-600 secured 0.4% in early trade to pass Thursday’s intraday record high. Insurance stocks added 1.2%.Bank stocks led early surges after a rise of 0.7%, while resource stocks added 0.4%.Emerging market currencies registered new highs this morning with rallying USD ahead of U.S. inflation data.Germany will dedicated more than 8 billion euros ($9.74 billion) to fund large-scale hydrogen projects, according to the Economy and Transport ministries.The GBP dropped versus the USD and the euro on Friday but was into a trend of weekly rises, boosted by Bank of England comments on rate hike timing.The GBP fell 0.1% versus the USD at $1.4204 at 0820 GMT, after soaring to $1.4220 on Thursday.
Crude Oil Price Jumped
2021-05-28 07:36UTC
Oil prices rallied this morning during the Asian hours. Oil managed to add to the rising path from its peak of the last 2 years.Now, oil trades at $66.849, which is a very minor loss of $0.004 or 0.01% from the previous clsoe of 66.853.The daily trading range is from 66.728 to 67.428, while the trading volume is 12.419K.Forecasts for demand further surged the black liquid a boost, even amid expectations of a potential Iranian supply increase remained.The massive rate of the COVID-19 vaccine drive in the U.S. has resulted in an advance of demand ahead of the summer driving season.The American Petroleum Institute and the U.S. Energy Information Administration also announced draws in U.S. crude oil supplies earlier in the week.The negotiations between Iran and other world powers, taking place throughout the week in Vienna. OPEC+ will come together on Jun. 1, where it is widely expected that they will ratify an 840,000 bpd increase taking palce for July. 
Asian Daily Market Review
2021-05-28 02:21UTC
Asian markets are ending the week on strong footing with broad based gains following a positive overnight session on Wall Street that was underpinned by solid economic data. Investors continue to see upside for equities as money being pumped into global monetary systems provides ample liquidity into markets. Japan’s Nikkei is leading the way higher for the region, rising 2% on the back of a weaker Yen versus the U.S. dollar. Shares of Softbank Group are rising 2.5% in response to broad market gains, while Sony is adding 1.8%. Among the major exporters Toyota is 1.6% higher, Panasonic is up 1.7%, and Canon is advancing 1.3% as the group is aided by the weaker Yen. In Australia the S&P/ASX 200 is 1.2% higher as the big four banks provide support. Shares of ANZ are rising 1%, NAB is gaining 1.1%, Commonwealth Bank is adding 1%, and Westpac is outperforming with a 1.4% gain. The major miners are rallying strongly, with both Rio Tinto and BHP adding 3.4%. Mainland China is edging higher, with the benchmark Shanghai Composite up by 0.1%, while the smaller cap Shenzhen Composite adds 0.3%. In Hong Kong the Hang Seng is outperforming the mainland as it is up 0.6%. Shares of Alibaba are 0.3% higher, and rival Tencent is seeing its shares adding 0.6%. South Korea’s Kopsi has a gain of 0.6%, while the Taiex in Taiwan is rallying 1.3% higher. Southeast Asian markets are mixed however, with Singapore’s Straits Times Index adding 0.8% and the Jakarta Composite in Indonesia rising 0.6%, while the KLCI in Malaysia underperforms the region as it’s retreating 0.7%.
Aircraft Sector Soars On Recovery In Production
2021-05-27 22:57UTC
The airline sector saw substantial gains yesterday after Airbus said it is boosting its production by 10%, and Southwest Airlines said it could purchase as many as 500 Boeing 737 MAX airplanes in the coming year due to increased routes. Also rising on the news was General Electric, which makes engines for both Airbus and Boeing. Shares of Boeing were up 3.9% on Thursday in response to the news. Boeing shares have already been moving higher since the start of the week and are on track to add 10% this week. Yesterday’s jump took the stock above its 50-day moving average as well, signaling a bullish technical posture for the stock. If it can get above the 52-week high at $278.57 it could make a run at its all-time high near $400. That level was reached in late 2019, just before the COVID-19 pandemic nearly brought an end to air travel in 2020. Airbus shares performed even better Thursday, finishing the session 9.2% higher on the Paris exchange. That took the French aircraft manufacturer’s shares out of a recent range-bound trade as it gapped higher out of this base. Airbus raised its A320 output target by 10% to 45 a month by the end of 2021. It also raised its long term target to 64 a month by the third quarter of 2023, which is above its record of 60 a month and also above the pre-pandemic goal of 63 a month. As for General Electric its shares popped 7.1% higher, hitting an intra-day 52 week high of $14.41 a share, which is still quite depressed for the industrial blue-chip.
U.S. Daily Market Review
2021-05-27 15:39UTC
U.S. stocks jumped today as numbers came greater-than-predicted labor-market data.The Dow Jones Industrial Average added 150 points. The S&P-500 added 0.3% and the Nasdaq Composite traded around the same levels.Shares of Boeing soared 4% on optimism about an economic recovery.Ford stock rallied of around 6% following an upgrade by RBC. Yesterday, the shares advanced 8% on Wednesday after unveiling its electric vehicle strategy.Treasury Secretary Janet Yellen called on the Congress to step up spending, reporting that inflation-adjusted spending is still static for the last 11 years.The USD index moved into a narrow range on Thursday as traders looked toward an upcoming inflation data.The USD index fell 0.1% this morning, which is largely affected toward the euro and showed little dynamics.
The USD Preserved Its Ground Above Recent Lows
2021-05-27 09:49UTC
The USD had hard time preserve its territory into a gaining path.This happens as most traders and investors are focused on whether the Federal Reserve is edging closer to talking about tapering its asset purchases.Presently, the USD versus the Euro trades at 0.820 EUR, which is another incline of 0.0001 or 0.01% from the previous clsoe of 0.8199. The daily trading range is from 0.8189 to 0.8211.Also, the JPY is around one-week bottom at 109.13 per USD.Fed representatives have implied in some concerns over inflation prompting a knee-jerk policy response. The Fed could consider reining in its asset purchases is some way off.Moreover, the New Zealand dollar surged to as high as $0.7304, below its Wednesday peak.
Еuropean Daily Market Review
2021-05-27 07:54UTC
European stocks fell very slightly today ahead of key U.S. labor market data expected to provide a direction of the U.S. economy.The French CAC-40 slipped 0.01%, the German DAX fell 0.61% and the British FTSE-100 tumbled 0.09%.The pan-European Stoxx-600 moved around around the flatline in early trade, with travel and leisure stocks climbing 1.4%.Energy stocks also lost 0.3%, tracking declines in oil prices as concerns over Indian demand and rising Iranian supplies.HSBC declined 0.2% after the lender said it was withdrawing from U.S. retail banking by selling some parts of the money-losing business.German sportswear company Puma retreated 1.1% after French luxury group Kering announced that it will sell a 5.9% stake in the firm.
Gold Prices Slipped
2021-05-27 07:01UTC
Gold prices retreated this morning during the Asian hours after jumping to a four-and-a-half month peak in the previous session.This comes as most traders and investors are focused on the vital economic data in the U.S. to be released later in the day.Currently, gold trades at $1899.07, which is a rise of $2.63 or 0.14% from the previosu close of 1896.44.The daily trading range is from 1891.96 to 1903.58, while the trading volume is 120.28K.The USD which is into a negative relationship to the precious metals rallied today.The market is still focused on how the U.S. Federal Reserve will handle its monetary policy in light of possible runaway inflation.Fed vice chair for supervision Randy Quarles, however reported that he was ready for the Fed to begin tapering discussions.In the meantime, palladium price declined 0.2%, silver dropped 0.4%.
Asian Daily Market Review
2021-05-27 01:30UTC
Asian markets are trading mostly lower Thursday morning despite overnight gains on Wall Street. The U.S. dollar is strengthening as traders rebalance ahead of the end of the month, and Bitcoin retreated back under $40,000, although the broader cryptocurrency market remained resilient. In Japan the Nikkei is falling 0.7% even though the Yen is softer versus the U.S. dollar. Shares of Softbank Group are falling 0.9%, while Sony is edging lower by less than 0.1%. Among the major exporters Toyota is up 0.5%, but Canon is slipping lower by 0.3%, and Panasonic is falling 2.2% on profit taking after the electronics giant put in significant gains earlier in the week. Australia’s S&P/ASX 200 is bucking the falling trend across the region with a gain of 0.2% as the big four banks help support the broader market. Shares of ANZ are 0.5% higher, NAB is adding 0.2%, Commonwealth Bank trades 0.5% higher, and Westpac is edging up by 0.1%. Miners are also supporting gains as BHP and Rio Tinto each trade 1.2% higher. In mainland China markets have opened flat, with the benchmark Shanghai Composite inching lower by less than 0.1%, while the smaller cap Shenzhen Composite is unchanged. Hong Kong’s Hang Seng has also opened unchanged. South Korea’s Kospi is falling 0.6% today, while the Taiex in Taiwan is trading 0.7% lower. In Southeast Asia traders have returned from a holiday in Singapore to send the Straits Times Index 0.1% lower. Indonesian traders are also back from a holiday, and the Jakarta Composite is flat at the open, but in Malaysia the KLCI is rising 0.4%.
Amazon Purchases MGM
2021-05-26 22:54UTC
Shares of Amazon edged up by 0.2% yesterday after trading higher by as much as 1% in early trade following news that the ecommerce giant has agreed to purchase MGM for $8.45 billion. It’s the biggest acquisition for Amazon since it paid $13.7 billion to purchase Whole Foods. The acquisition was made as Amazon looks to feed the insatiable streaming demand from consumers. With competition in the streaming space heating up Amazon has been put under pressure to deliver more content via its Prime Video service. Added to that is founder Jeff Bezos’ desire to make Amazon a movie and video mammoth, and it’s easy to see why Amazon might want the massive catalog of films and video owned by MGM. It’s pretty certain that Amazon will now have a massive amount of streaming material as the MGM catalog contains roughly 25,000 hours, but the James Bond and Rocky franchises also provide ample fodder for spin-off series in the coming years. In fact, some analysts have called the acquisition a jump start of 50 or more years for Amazon. It was obvious that they would never be able to catch up with streaming champion Netflix in terms of content production, but this MGM acquisition gives Amazon the head start it needs to remain competitive. Considering the $8.45 billion price tag it seems like Amazon got a bargain considering last year it spent $11 billion creating streaming content. Amazon shares have remained in a wide range over the past year, trading from support at $2,980 up to resistance at $3,450. Shares closed yesterday at $3,265.
U.S. Daily Market Review
2021-05-26 20:05UTC
U.S. stocks managed to advanced today as recent remarks from Federal Reserve officials helped tamp down issues over runaway inflation and kept bond yields in check.The S&P-500 added 0.2% to 4,196.00, sitting just about 1% from a record high. The Dow Jones Industrial Average rose just 10.59 points to 34,322.05.The tech-heavy Nasdaq Composite gained 0.6% to 13,738.00.Stocks of the giants of Tesla and Alphabet after some losses, surged due to rising inflation worries.Royal Caribbean inclined 3.9% and brought its gain this week to over 11% after the cruise line operator received approval to begin test cruises with volunteer passengers.U.S. Treasury yields soared in choppy trading regaining its path from three-week lows.The loss of Treasury prices came despite a strong U.S.  5-year note auction.
Еuropean Daily Market Review
2021-05-26 09:24UTC
European stocks managed to advance very slightly today after U.S. Federal Reserve officials reiterated their dovish monetary policy.The French CAC-40 inclined 0.30%, the German DAX added 0.12% and the British FTSE-100 surged 0.07%.The pan-European Stoxx-600 rallied 0.3% in early trade, with travel and leisure stocks gaining 1.3% to lead gains while banks falling 0.7%.British retailer Marks & Spencer soared 5.5% despite reporting an 88% loss in full-year profit.French food company Danone tumbled 1.6% after Berenberg downgraded the stock to “sell.”Italian financial group Unipol announced that its UnipolSAI insurance unit had secured around 4% in regional bank Popolare di Sondrio.UnipolSAI distributed 4.15 euros a share after stating that it would buy an up to 6.6% stake in Popolare di Sondrio.
Crude Oil Prices Fell
2021-05-26 06:38UTC
Oil prices dropped this morning amid worries over a likely return of Iranian supply, which could result in exess supply levels.Meanwhile, estimates of recovery of the U.S. fuel demand that were reinforced by a loos in weekly inventory estimates.Now, oil trades at $66.200, which is a rise of $0.214 or 0.32% from the previous clsoe of 65.986.The daily trading range is from 65.790 to 66.222, while the trading volume is 7.312K.U.S. crude oil and fuel inventories tumbled last week,  as reported by the American Petroleum Institute.Crude stocks declined 439,000 barrels in the week ended May 21. Gasoline inventories dropped by 2 million barrels and distillate stocks retreated by 5.1 million barrels.
Asian Daily Market Review
2021-05-26 02:11UTC
Asian markets are trading mostly higher Wednesday morning after a muted session on Wall Street where major indices finished lower as an early rally stalled in the afternoon. Rising COVID-19 cases across the region are having no impact on positive sentiment among traders. In Japan the Nikkei is trading 0.3% higher as the Yen remains basically unchanged against the U.S. dollar for a fourth consecutive session. Shares of Softbank are trading 1.1% lower, while Sony has a 0.8% gain. Among the major exporters Toyota is trading up by 1%, Panasonic is rallying for a second consecutive session and adding 3.3%, and Canon is 0.5% lower. Australia’s S&P/ASX 200 trades 0.3% higher heading into the final hours of trade in Sydney. The big four banks are tracking gains for the broader market. Shares of ANZ are up 0.4%, NAB trades 0.2% higher, Commonwealth Bank is advancing 0.4%, and Westpac is adding 0.4% as well. Meanwhile the major miners are weighing on the broader market as BHP and Rio Tinto each fall 1.3%. Mainland China has opened mixed, with the benchmark Shanghai Composite 0.3% higher and the smaller cap Shenzhen Composite losing 0.2%. Over in Hong Kong the Hang Seng is outperforming the mainland indices with a gain of 0.7%. Shares of Alibaba are 0.8% higher in early trade, while rival Tencent is rising 1.1%. South Korea’s Kospi trades slightly higher by 0.1%, and in Taiwan the Taiex is advancing 0.2%. In Southeast Asian markets are closed in Singapore and Indonesia for a holiday, while the KLCI in Malaysia is trading up by 0.4%.
Corn Could Be Next Commodity Bubble To Pop
2021-05-25 22:50UTC
The popping of the commodity bubble has turned its attention to America’s biggest cash crop. Corn futures fell 6% on Tuesday to a one-month low of $6.18 a barrel. It’s the latest wild move in a volatile commodities sector that’s been unhinged by the pandemic and reopening distorting markets and leading to massive speculation. The reason for the decline is that latest U.S. Department of Agriculture Crop Progress report, which was released on Monday. That report shows that U.S. farmers have already planted 90% of intended corn acres, versus the five-year average of 80%. The amount of emerged corn, or planted corn that’s already growing, is also far above the 5-year average of 54%. Current data shows 64% of the corn acreage as emerged. The above average acreage planting and abundant rain in the Midwest over the past weeks have countered the concerns over the rising Chinese demand for corn. China has been buying massive amounts of corn over the past several months as it attempts to fatten the hogs it is raising to replace those slaughtered during an outbreak of African swine fever prior to the COVID-19 pandemic. Like other agricultural commodities corn has seen its price rise dramatically over the past 12 months as businesses work to avoid inflation and resupply inventory levels as economies return to normal. Even after Tuesday’s pullback corn futures are up 95% over the past year, and 28% since the start of 2021. Corn is a major component of many of the items found in supermarkets, but it also sees roughly 40% of the U.S. crop blended into gasoline as ethanol.
U.S. Daily Market Review
2021-05-25 15:28UTC
U.S. stocks advanced for a second session as most traders and investors piled into reopening trades amid optimism about a solid economic growth.The S&P-500 gained 0.1%, on pace for back-to-back gains for the major benchmark which has stalled out as of late. The tech-heavy Nasdaq Composite soared 0.6%. The Dow Jones Industrial Average  is around the same levels.The USD dropped to 4-1/2 month bottoms versus the main pairs today.Meanwhile, the U.S. Federal Reserve implied in that the monetary policy should remain easy because inflationary forces are broadly weak.The USD index against major currencies was off 0.2% in the morning in New York after having fallen as much as 0.3% to 89.533, its weakest mark since Jan. 7.
Еuropean Daily Market Review
2021-05-25 15:00UTC
European stocks rallied this morning as easing inflation fears boosted the global economic mode.The German DAX added 0.36% and the British FTSE-100 slipped 0.09%.Deutsche Wohnen shares jumped around 15% to lead the Stoxx-600 after declaring an agreement for a $22 billion takeover bid from Vonovia.British Royal Mail  gained 6.6% after Peel Hunt upgraded the stock to “buy.”The pan-European Stoxx 600 secured around 0.3% by mid-afternoon, with tech stocks adding 1.6% to lead gains.U.S. President Biden will meet with President Putin in Geneva, Switzerland on June 16, 2021. On the agenda are talks about restoring predictability and stability to the U.S.-Russia relationship," according to the White House statement.
Gold Prices Slipped
2021-05-25 06:23UTC
Gold prices retreated this morning during the Asian hours, but are still around its peak mark of the last four months.This comes as the market is focused on the comments by U.S. Federal Reserve officials that sought to assuage inflation concerns.Now, the precious metal trades at $1880.02, which is another loss of $0.42 or 0.02% from the previous clsoe of 1880.44.The daily trading range is from 1872.60 to 1881.82, while the trading volume is 83.981K.The USD is into a negative relationship to the safe heavens such as gold sunk to a four-month bottom on Tuesday. Fed Governor Lael Brainard, Atlanta Fed President Raphael Bostic and St. Louis Fed President James Bullard stated that a surge in prices takes place as the number of COVID-19 cases are extending the falling side.The U.S. will announce its Personal Consumption Expenditure (PCE) Prices index.The other precious metals such as palladium inclined 0.5%, while silver lost 0.6%.
Asian Daily Market Review
2021-05-25 01:54UTC
Asian markets are headed broadly higher Tuesday morning following a solid overnight session on Wall Street where a return of risk appetite helped to lift shares, including the beaten down technology sector. Japan’s Nikkei is trading 0.6% higher, with the Yen remaining flat versus the U.S. dollar for a third consecutive session. Investors seem untroubled thus far by news that the U.S. is warning against travel to Japan for the upcoming summer Olympics. Shares of Softbank are 0.9% higher, rebounding from losses in the prior session, while Sony shares are climbing 1.1% higher. Among the major exporters Toyota is edging up by 0.1%, while Panasonic rallies 2.5% higher, and Canon slips lower by 1%. In Australia the S&P/ASX 200 is gaining 0.7%, with the big four banks rising broadly for the second consecutive session. Shares of ANZ are up by 0.9%, NAB is advancing 0.6%, Commonwealth Bank is rising 0.9%, and Westpac is holding a 0.4% gain. The major miners are bouncing back today as BHP rises 0.9% and Rio Tinto tacks on 1.4%. Mainland China has opened to gains as well, with both the benchmark Shanghai Composite and the smaller cap Shenzhen Composite adding 0.3%. Meanwhile over in Hong Kong the Hang Seng is outpacing the mainland as it has advanced 0.7%. In South Korea the Kospi is trading 0.5% higher, while the Taiex in Taiwan is leading gains for the region as it adds 1%. Southeast Asian markets are mixed however, with the Straits Times in Singapore rising 0.5%, while the KLCI in Malaysia trades 0.2% lower, and the Jakarta Composite in Indonesia has opened flat.
U.S. Daily Market Review
2021-05-24 10:15UTC
U.S. stocks jumped today as the technology sector and shares soared the most from the economic reopening led the advance.The Dow Jones Industrial Average secured 186.14 points, or 0.6%, to 34,393.98. The S&P-500 inclined 1% to 4,197.05, boosted by the tech and communication services sectors. The Nasdaq Composite gained 1.4% to 13,661.17 as Alphabet, Facebook and Microsoft all surged around 2%.American Airlines and United Airlines inclined around 1% higher. Carnival secured around 2.7%. Norwegian Cruise Line advanced 4.7% after the cruise line operator announced the restart of cruising in the U.S. early next month.
Еuropean Daily Market Review
2021-05-24 08:40UTC
European stocks are still without a clear market direction at the start of the trading week as investors are still concentrated on inflation issues and bitcoin’s moves lower.The French CAC-40 inclined 0.17% and the British FTSE-100 gained 0.24%.The German DAX is closed for Whit Monday.  Moreover, markets in Switzerland, Denmark, Norway, Belgium and Austria are also closed for the public holiday.GBP preserved its tight pattern today, trading just around $1.42.Additionally, advances in recent weeks have brought the GBP back within a clsoe distance of around three-year peak of $1.4240 versus the USD.Euro zone government bonds partly declined today amid dovish comments at the end of last week from European Central Bank chief Christine Lagarde, which preserved interest rates below recent multi-month peak. Germany’s 10-year Bund yield jumped to two-year highs, while Italian yields surged to their highest since September last week.
Crude Oil Prices Into Recovery
2021-05-24 07:30UTC
Oil prices advacned this morning as a possibility in reviving the 2015 Iran nuclear deal that is expected to result in additional supply levels.Presently, oil trades at $64.410, which is another incline of $0.562 or 0.88% from the previosu csleo of 63.848.The daily trading range is from 63.613 to 64.492, while the trading volume is 13.977K.The Goldman Sachs announced the case for higher prices remains intact even with increased Iran exports.Oil prices retreated around 3% last week after Iran's president, Hassan Rouhani, stated that the United States was ready to lift sanctions.Former President Donald Trump withdrew the United States from the deal in 2018 and re-imposed sanctions on the Islamic state.In addition, vaccine-driven is very likely to boost the global demand levels.
Asian Daily Market Review
2021-05-24 01:43UTC
Asian markets have gotten off to a mixed start on Monday morning, although major indices are in the green. The U.S. dollar is sliding lower against most rivals, and crude is moving higher, while gold continues to close in on the $1,900 level. In Japan the Nikkei is trading 0.6% higher heading into the lunch break. Shares of Softbank Group are bucking the rising trend however and trade 1.8% lower, while Sony is edging lower by 0.2% as well. Among the major exporters Toyota is advancing 2%, Panasonic has a 0.9% gain, and Canon is trading 1.6% higher. Australia’s S&P/ASX 200 is trading 0.4% higher, getting help from the big four banks, whose gains are offsetting weakness from the mining sector. Shares of ANZ are 0.6% higher, NAB has added 0.5%, Commonwealth Bank is up by 0.5% as well, and Westpac is leading the banks with a gain of 1%. Among the major miners BHP has managed to turn flat after a weak start, Rio Tinto is trading 0.4% lower, and Fortescue Metals is falling 1.5%. Mainland China is off to a muted and mixed start, with the benchmark Shanghai Composite edging lower by less than 0.1%, while the smaller cap Shenzhen Composite trades 0.1% higher. Meanwhile in Hong Kong the Hang Seng is heading lower by 0.1%. South Korea’s Kospi is off to a muted start, with a slight gain of less than 0.1%, and in Taiwan the Taiex trades 0.4% lower. Southeast Asian markets are making gains, with the Straits Times Index in Singapore advancing 0.5% and the KLCI in Malaysia tacking on 0.6%.
Crypto Daily Market Review
2021-05-21 20:45UTC
After recovering from Wednesday’s selloff Bitcoin and other cryptocurrencies have once again been challenged on Friday after Chinese officials ordered a crackdown on cryptocurrency trading and mining. By the end of the session leading cryptocurrency Bitcoin (BTC) is trading down 10.6%, while the second largest cryptocurrency Ethereum is faring worse with a 17% drop. Bitcoin had mostly recovered from Wednesday’s selling prior to this new round of downward pressure, but Ethereum was sitting well off pre-rout levels. Things were no better among the rest of the top ten cryptocurrencies on Friday, all of which were already down roughly 20-30% still from Friday’s rout. Binance Coin (BNB) is trading down 23.3% and is off by nearly 50% over the past seven sessions. Cardano (ADA) is faring better, falling 20% on Friday, but down just 24% over the past seven sessions. Ripple (XRP) and Dogecoin (DOGE) are holding up fairly well amidst the carnage, with the former losing 16.2% and the latter down 14.4%. On a weekly basis Ripple is 27.6% lower, while Dogecoin has a 38% loss. Polkadot (DOT) is no better off than Binance Coin as it’s trading 23% lower today, but 49.3% lower over the past seven sessions. And newly minted Internet Computer (ICP) remains under pressure as it’s losing 22.5% on Friday and 56% over the past seven sessions. Rounding out the top ten altcoins is Bitcoin Cash (BCH) which is trading 17.9% lower today and 48.4% lower in the past seven sessions. There are a handful of tokens making gains today, such as Horizen (ZEN), which is trading 20% higher, and Helium (HNT), up 12%.
Electric Pickup Sends Ford Shares Sharply Higher
2021-05-21 18:57UTC
Shares of Ford Motor Corp surged higher by 6.7% on Friday as investors got excited over the auto manufacturers new Lightning F-150 pickup truck, which looks stunning, runs hot, and is all-electric. Investors consider this to be the most important launch for the automaker in years, and Ford has not disappointed. In fact, it isn’t just investors who are excited. Drivers are so excited that orders have been pouring in for the all-electric pickup truck that is a direct opposition to everything Tesla is. For instance, the truck includes something that would never be possible with a gas-powered truck, a massive front trunk, or “frunk”. It also has the capability to power a house for days on end, if you ever wanted to do such a thing. Ford depends on its line of pickup trucks for the lion’s share of its profits, and if this move into electric vehicles is successful it could put Ford back on top, and deal quite a blow to Tesla, taking the lead in the electric pickup truck market and making it quite difficult for Tesla to break into the space. Unlike the futuristic design of the Tesla cybertruck, the Ford Lightning F-150 looks like a pickup truck. They took their lead from customers, who said they wanted something modern and advanced, but distinct, not different. In other words they want a modernized version of the pickup truck, not something  that looks like a spaceship. Ford delivered just that. The release of the all-electric F-150, combined with the joint venture with SK Innovations to build electric vehicle batteries in the U.S. proves Ford’s commitment to electric vehicles.
U.S. Daily Market Review
2021-05-21 18:44UTC
U.S. markets are heading into the final hours of trading for the week in a mixed condition as investors continue to be whipsawed by volatility in equities and other asset classes. Lingering concerns over inflation are still weighing on growth names, and oil is looking to post its first daily gain in four trading sessions. The benchmark S&P 500 is trading just slightly higher by 0.1%, while the blue chip Dow Industrials is gaining 0.4%. The tech heavy Nasdaq has given back early gains to trade 0.4% lower. The worst performance in the Nasdaq is coming from companies that are expected to be negatively impacted by the reopening of the economy. Thus Zoom Communications is trading 2.4% lower and Activision Blizzard has a 1% loss. Shares of Moderna are also trading 2% lower today. In the S&P 500 retailer VF Corp is leading losses as it falls 7.6% after posting mixed earnings results. Royal Caribbean Cruises is also down 1.7% despite the reopening theme driving stocks. Ford Motors is the day’s biggest winner in the index as it’s surging 6.9% higher after forming a joint venture with SK Innovation to build electric batteries in the U.S. The biggest winner in the Dow is Boeing, with shares of the aircraft manufacturer rising 3.2%. At the opposite end of the spectrum, the biggest loser in the index today is Apple, with the tech giant falling 1.3%. It is followed closely by another tech icon. Amazon shares are trading 1.2% lower. Cryptocurrencies are also falling again following more negative news out of China. Bitcoin is down 6.5% and Ethereum has an 11.9% loss.
European Daily Market Review
2021-05-21 15:29UTC
European markets made broad based advances Friday as Wall Street broke a three session losing streak and retail sales jumped 9.2% in April in the U.K., indicating pent-up demand is beginning to kick in. In the euro zone business growth jumped to its highest levels in three years as flash PMI for the region rose to 56.9 from April’s reading of 53.8. Also helping was a three point jump in euro zone consumer confidence in May, which was better than expected by economists. The pan-European Stoxx Europe 600, the broadest measure of European equities, is trading up by 0.6%, while Germany’s DAX is 0.5% higher and the CAC 40 in France is advancing 0.8%. Meanwhile the FTSE MiB in Italy rose 1.1% and Spain’s IBEX 35 added 0.9%. In Germany Deutsche Bank is leading the DAX higher with a gain of 2.6%, while food delivery service Food Hero is leading losses with a 1.7% loss. The moves are in-line with increasing signs of reopening following the removal of the pandemic lockdown measures. In France a similar trend is playing out as food service firm Sodexo is leading losses on the CAC 40 with a drop of 2.7%, while aircraft manufacturer Airbus trades 1.4% higher. In the U.K. the FTSE is flat with a slight gain of less than 0.1%, despite the stronger than expected reading on retail sales. The strong retail sales reading has provided a boost to the Pound, which is keeping a lid on gains for equities. A recovery in commodity prices is lifting shares of Antofagasta by 2.2%, while Royal Dutch Shell is adding 1.1%.
Asian Daily Market Review
2021-05-21 02:18UTC
Asian markets have reacted to the overnight gains on Wall Street and the partial recovery of the cryptocurrency markets with broad based gains on Friday morning. Japan’s Nikkei opened to gains and trades 0.8% higher heading into the lunch break in Tokyo. The gains are coming despite the Yen weakening versus the U.S. dollar overnight. Shares of Softbank trade 0.6% higher, and Sony has a gain of 0.8%. Among the major exporters Toyota is up by 1.1%, Panasonic has a loss of 0.8%, and Canon is 0.4% higher. In Australia the S&P/ASX 200 is rising as well, adding 0.2% with the big four banks mixed with slight changes. Shares of ANZ are edging up by less than 0.1%, NAB has a small loss of 0.2%, Commonwealth Bank trades 0.5% lower, and Westpac is rising 0.6%. Meanwhile the major miners are falling as commodities remain under pressure. BHP has a loss of 1.5% and Rio Tinto is falling 2.4%. Mainland China has opened flat, with both the benchmark Shanghai Composite and the smaller cap Shenzhen Composite unchanged. Hong Kong’s Hang Seng is also unchanged in early trade. In South Korea the Kospi has opened higher and is up 0.8%, while Taiwan’s Taiex is unchanged Southeast Asian markets are trading little changed heading into the weekend as well, with the Straits Times in Singapore adding 0.2%, while Malaysia’s KLCI is unchanged and the Jakarta Composite in Indonesia is unchanged as well. Cryptocurrency markets are extending their recovery from the Wednesday selloff, with Bitcoin trading 14% higher, while Ethereum, the second largest cryptocurrency by market cap, is rising 23.8%.
Tesla Could Be Facing Significantly More Downside
2021-05-20 23:35UTC
As the tech selloff drags on some stocks have been hit harder than others, and one of the most notable casualties has been electric car maker Tesla. While the stock put in a 4.1% gain yesterday, it remains down by roughly 4% on the week, and is also roughly 40% below its January high and 16.8% lower since the start of the year. After its struggle to get into the S&P 500 in 2019 it is now the worst performing stock in the S&P 100 this year. Now some analysts are saying there could be more downside coming for shares. They note that Tesla is prone to over-reaction, both to the upside and the downside. While that was great for traders when the stock was above its 200-day moving average, it spells danger below the 200-day moving average. Chances are Tesla shares will over-extend their losses before rebounding. Analysts have said that the stock could bounce here, but it is likely that an over-extended drop will take shares closer to the $450 level before any serious buying comes back. That indicates an additional 20% downside for the stock. A move to $450 would take shares back to where they were in November. Tesla is getting hit so hard because now is a particularly bad time for growth stocks, and Tesla is one of the most visible of the growth stocks. That puts a target on the company, particularly as it still trades at 109 times forward earnings, which is significantly above the 21 time forward earnings for the S&P 500. Even strong earnings haven’t helped Tesla halt its slide lower.
U.S. Daily Market Review
2021-05-20 13:39UTC
U.S. stocks rallied today, regaining its ground  from three straight sessions of losses as technology shares staged a comeback.The S&P-500 added 0.4% and the tech-heavy Nasdaq Composite inclined 0.7%.Morgan Stanley CEO James Gorman promoted a quartet of executives on Thursday.Now, JPMorgan started Morgan Health to improve the quality of medical care for the bank’s 165,000 U.S. employees.The number of Americans becoming officially unemployment benefits dropped further below 500,000 last week, but jobless rolls swelled in early May.In fact, initial claims for state unemployment benefits sunk by 34,000 to a seasonally adjusted 444,000, as reported by the Labor Department.That came the bottom since mid-March 2020 and held claims below 500,000 for two straight weeks.
Еuropean Daily Market Review
2021-05-20 10:31UTC
The major European indexes advanced today despite issues over solid losses in bitcoin and the U.S. Federal Reserve’s hints that it could taper its asset purchase programs sooner than predicted.The French CAC-40 added 0.42%, the German DAX gained 0.33% and the British FTSE-100 slipped 0.08%.The pan-European Stoxx-600 secured 0.5% in early trade, with tech stocks adding 1.2% to lead gains while the insurance sector slipped 0.2%. The GBP inclined versus the USD, soaring above the $1.41 mark as analysts remained higher on the currency’s prospects.In fact, the GBP emerged as the second-best performer among the G10 group of currencies year-to-date, after a rise of 3.5% against the USD.Italy has decreased the measure that lifted the cap on tax incentives for bank mergers from a decree. Rome is expected to give it a green light.
Gold Prices Fell
2021-05-20 07:23UTC
Gold prices dropped this morning during the Asian hours but are still just below the four-month peak.Now, the precious metal trades at$1874.01, which is a surge of $4.59 or 0.25% from the previous close of 1869.42.The daily trading range is from 1863.70 to 1878.95, while the trading volume is 152.3K.Meanwhile, the U.S. Federal Reserve indicated in that is considering whether to taper its current dovish monetary policy.he USD, which in general is into a reverse correlation with the yellow metal, depreciated.Across the Atlantic, the U.K.’s consumer price index, released on Wednesday, soared more -than-expected 1.5% year-on-year in April.Simultaneously, palladium added 0.3% and platinum rallied 0.2%. 
Asian Daily Market Review
2021-05-20 01:41UTC
Asian markets have opened mixed on Thursday morning after a wild ride for cryptocurrencies overnight, and the release of the latest Federal Reserve meeting minutes that indicate some of the central bank’s members are ready to start tapering bond purchases in the coming months. The U.S. dollar is holding overnight gains and commodity prices are largely lower as rising inflation fears and concerns over the tapering of monetary stimulus have finally hit the high flying sector. In Japan the Nikkei is trading back and forth over unchanged levels as the Yen holds steady versus the U.S. dollar. Shares of Softbank Group are trading 0.5% higher, while Sony also trades up by 0.5%. Among the major exporters Toyota is down 0.3%, Panasonic has dropped 0.7%, and Canon is trading 0.8% higher. Australia’s S&P/ASX 200 is rising 0.5% on the back of gains from the big four banks. Shares of ANZ are 0.9% higher, NAB is adding 0.8%, Commonwealth Bank has jumped 1.9%, and Westpac is up 1.1%. The major miners are weighing on gains however, falling along with commodity prices. Shares of BHP are 1.4% lower, and Rio Tinto has fallen 1.6%. In mainland China markets have opened flat, with the Shanghai Composite losing less than 0.1% and the smaller cap Shenzhen Composite flat. In Hong Kong the Hang Seng is falling 0.7% on concerns over the city-state losing its financial haven staus. South Korea’s Kospi has a 0.5% loss today, while Taiwan’s Taiex is trading 0.3% lower. In Southeast Asia Singapore’s Straits Times is rising 0.5%, while in Malaysia the KLCI is edging up by 0.1%.
U.S. Daily Market Review
2021-05-19 11:38UTC
U.S. stocks are into a solid loss today amid dramatic selling returned to the tech sector.The Dow Jones Industrial Average slipped 400 points.The S&P-500 lost 1.3%. The tech-heavy Nasdaq Composite declined 1.5% as Microsoft, Facebook, Alphabet and Apple all lost around 1%.The tech giants tumbled amid issues over higher inflation pressures and plunging prices for bitcoin.The market is also focused on the 2 p.m Eastern release of minutes from the Federal Reserve's April policy meeting for further market signals.Bitcoin dropped around 26%, hitting a session low of $31,663 per coin. Tesla Inc. and MicroStrategy Inc. are in the mainstream as both companies have purchased billions worth of the cryptocurrency. The USD moves around its weakest mark of the year versus the main pairs.In fact, the USD Index sunk to a bottom of 89.686, its weakest since Feb. 25, but gradually partly regained some ground.
Еuropean Daily Market Review
2021-05-19 10:55UTC
European stocks are into a lower side, today following a global pattern.The French CAC-40 slipped 1.09%, the German dropped 1.32% and the British FTSE-100 tumbled 1.11%.The pan-European Stoxx-600 lost 1% in early trade, with basic resources shedding 2.1% to lead the falling path.Meanwhile, the U.S. stock futures are also into a lower pattern.French retailer Carrefour SA recently launched the first share buyback in a decade.A diplomatic tension is taking place between Spain and Morocco after thousands of undocumented migrants entered into Spanish territory.Close to 8,000 migrants are reported to have entered Ceuta this week alone by swimming around border fences in the sea from Morocco.
Crude Oil Prices Drops
2021-05-19 04:07UTC
Oil prices are into a falling side for a second session in a row.This comes amid the possibility of Iranian supply returning and as investors sold on speculation that inflation fears might lead the U.S. Federal Reserve to raise interest rates.Now, oil trades at $64.779, which is a further loss of $0.468 or 0.72% from the previous close of 65.247. The daily trading range is from 64.532 to 65.327, while the trading volume is 8.736K.The Fed has indicated that interest rates will remain at the very weak marks through 2023.Oil prices came under pressure amid reported progress on talks between the United States and Iran to revive the nuclear programme.The coming numbers from the American Petroleum Institute indicated in that crude inventories surged by 620,000 barrels in the week ended May 14.
Asian Daily Market Review
2021-05-19 02:15UTC
Asian markets are mostly lower Wednesday morning following overnight losses on Wall Street and ahead of the release of the latest Federal Reserve meeting minutes later today. In Japan the Nikkei is trading 1.3% lower, even thought the Yen is weaker today versus the U.S. dollar. Shares of Softbank Group are trading 2.2% lower, but Sony is bucking the falling trend as its shares tack on 0.5%. Among the major exporters Toyota is trading 0.7% lower, Panasonic is edging lower by 0.2%, and Canon has a 0.4% loss. Australia’s S&P/ASX 200 is leading losses for the region as it’s trading 1.9% lower in Sydney’s afternoon session. Shares of the big four banks are contributing to the broader market losses as ANZ trades 1.5% lower, NAB is falling 1.8%, Commonwealth Bank is 2.1% lower, and Westpac has a 1.5% loss. The major miners are performing even worse, with BHP down 2.9% and Rio Tinto dropping 3.5%. Mainland Chinese markets have opened to losses, although the Shenzhen is trying to make a recovery as it’s trading down just slightly near unchanged levels. Meanwhile the benchmark Shanghai Composite has a 0.5% loss, while Hong Kong’s Hang Seng is bucking the losses on the mainland and trading 1.4% higher to lead gains across the region. South Korea’s Kospi is trading higher as well, adding 1.2%, but in Taiwan the Taiex is edging lower by 0.3%. Southeast Asian markets are broadly lower as well, with the Straits Times Index in Singapore and the KLCI in Malaysia both losing 0.4%, while the Jakarta Composite in Indonesia is falling 0.6% in early trade.
Supply And Demand Forces Working On Crude
2021-05-18 22:38UTC
After hitting a two-year closing high on Monday and starting Tuesday off on strong footing, crude prices declined later in the day after BBC Persia tweeted that there had been “significant progress” in nuclear talks between Iran and global powers. It was also indicated that some important news would be released on Wednesday. Traders took that to mean Iran was close to accepting a nuclear deal that would see the U.S. lift sanctions on the Middle Eastern nation. Lifting of sanctions would lead to increased production from Iran, just at a time when OPEC is also beginning to raise its own production levels in the belief that demand will move dramatically higher over the summer travel season. Crude prices fell on the worries over increased supplies, with the U.S. benchmark West Texas Intermediate crude falling 1.2%, or $0.78 a barrel, while the global benchmark Brent crude lost 1.1%, or $0.75 a barrel. Brent crude briefly traded above $70 a barrel for the first time since March 15 before falling on the news. And WTI crude fell off its highest closing level since April 23, 2019. Oil was supported on Monday as traders speculated that the reopening of economies in Europe and the U.S. would have a considerable positive impact on demand. It’s also thought that this summer’s travel season will see a huge number of people travelling by airplane and car. Already the U.S. has reported this past Sunday saw 1.8 million people go through airport security in the U.S. That’s the highest number since April 2020, and bodes well for increased holiday travel this summer.
U.S. Daily Market Review
2021-05-18 15:52UTC
The leading U.S. indexes moved between gains and losses today after data showed housing starts sunk to a large degree.
Еuropean Daily Market Review
2021-05-18 09:54UTC
European stocks partly managed to incline today.The French CAC-40 added 0.20%, the German DAX-40 surged 0.29% and the British FTSE-100 gaind 0.39%.The pan-European Stoxx 600 secured 0.4% by mid-morning, with oil and gas stocks adding 1.5% to lead the rising pattern.Euro zone gross domestic product (GDP) dropped  0.6% in the first quarter, according to Eurostat data published Tuesday, in hand with initial forecasts.Euro-area businesses declined jobs at the start of the year.Employment in the 19-nation region slipped  0.3% in the first quarter after two consecutive gains. The economy also lost 0.6% in the same period, matching an initial estimate. The euro zone economy declined by 0.6% in the first quarter of 2021, data showed on Tuesday to indicate in a technical recession.The European Union’s statistics office Eurostat reported GDP in the 19 countries sharing the euro retreated 0.6% quarter-on-quarter in the Jan-March period. The figures were in line with the initial flash estimate on April 30. The GDP sunk in the fourth quarter of 2020, of 0.7% in the quarter and 4.9% versus last year.
Crude Oil Prices Advance
2021-05-18 06:32UTC
Oil prices added to the rising path today amid forecasts of a massive recovery in fuel demand.After the re-openings of the the U.S. and European economies offset worires over jumping COVID-19 cases in Asia.Now, oil trades at $66.876, which is another small addition of $0.507 or 0.76% from the previous clsoe of 66.369.The daily trading range is from 66.229 to 66.927, while the trading volume is 11.172K.The U.S. Administration will deliver around 20 million moreadditional COVID-19 vaccine doses abroad by the end of June.The British economy reopened on Monday. Thus, 65 citizens are back in their normal lives after afour-month COVID-19 lockdown. The rising vaccination rates, France and Spain have relaxed restrictions, and Portugal and the Netherlands have opened up travel. Moreover, in the state of New York will no longer require wearing masks in most public spaces for people fully vaccinated against COVID-19.Meanwhile, Washington tries to restart the 2015 Iran nuclear deal.
Asian Daily Market Review
2021-05-18 01:47UTC
Asian markets are heading broadly higher Tuesday despite the overnight losses seen on Wall Street. Investors also seem unconcerned with the spike in COVID-19 cases in Thailand and Taiwan, or with the poor economic data being posted from China. In Japan the Nikkei is up 1.6%, even though the Yen is gaining strength versus the U.S. dollar. Shares of Softbank are 1.8% higher, but Sony is edging lower by 0.2%. Among the major exporters Toyota is trading 1.7% higher and Canon is adding 0.6%, while Panasonic shares are falling 0.7%. Australia’s S&P/ASX 200 is 0.6% higher, helped by gains from the big four banks. ANZ shares are rising 1.2%, NAB has a 0.3% gain, Commonwealth Bank is up 0.7%, and Westpac trades 0.3% higher. The major miners are also contributing to the upside for the broader market, with BHP advancing 2% and Rio Tinto up by 2.4%. Mainland Chinese markets have opened to slight gains, with the benchmark Shanghai Composite up 0.1%, and the smaller cap Shenzhen Composite inching up by less than 0.1%. In Hong Kong the Hang Seng is outpacing the mainland, rising 0.9% in morning trade. In South Korea the Kospi is 1% higher, and in Taiwan the Taiex is leading gains for the region as it rallies 2.9% higher despite the spike in COVID-19 cases on the island and the imposition of lockdown measures yesterday. Southeast Asian markets are trading higher as well, with the Straits Times in Singapore adding 1.1%, while the KLCI in Malaysia edges up by less than 0.1%, and Indonesia’s Jakarta Composite opens flat.
AT&T Shares Fall On Spinoff News
2021-05-17 19:42UTC
AT&T announced today that they will spinoff their WarnerMedia Group and combine it with Discovery to create the second largest media company in the world, behind only The Walt Disney Company. The move indicates a failed opportunity for AT&T, after they purchased the Time Warner assets for $85 billion just three years ago with the intention of becoming a streaming and media powerhouse on their own. Investors from both companies were less than happy with the news. Shares of AT&T, which initially popped higher by more than 3% to a new 52-week high, eventually settled the session with a loss of more than 2%. Discovery shares fared even worse, falling more than 5% on the day. The new company will combine the powerful CNN, HBO, TBS, and other Warner brands with Discovery’s Food Network, HGTV, Oprah Winfrey’s OWN, and extensive international sports offerings. AT&T shareholders will get 71% of the new company, while Discovery shareholders will retain 29% of the new company. Discovery’s current CEO will run the new business. While AT&T will benefit by receiving roughly $43 billion in cash, bonds, and debt reduction it’s still a far cry from what they paid for the Time Warner assets. And shareholders can expect to see the juicy AT&T dividend cut in half by the spinoff. Combining the two powerhouse media companies will give the new business enough firepower to go up against Netflix and Disney+ in the streaming wars. It’s expected that the combination of news, sports, and entertainment properties controlled by the new business will make an attractive option for consumers who are looking for a broad-based streaming experience.
U.S. Daily Market Review
2021-05-17 16:19UTC
The leading US indexes retreated some ground today.The Dow Jones Industrial Average declined 200 points, or 0.6%.The S&P-500 fell 0.6% as the tech sector pulled back 0.7%. The Nasdaq Composite dropped 0.8%.Discovery’s Class c stock surged 17.3%, while AT&T added about 4%.The Consumer Price Index advanced 4.2% from a year earlier in April, the fastest rate since 2008.The USD this morning preserved its steady path around bottoms as new restrictions in Asia to contain COVID-19 and mixed economic signals from China.Confidence of the U.S. single-family homebuilders is also into a steady pattern in May despite worries over shortages of building materials.The National Association of Home Builders/Wells Fargo Housing Market Index was unchanged at 83 in May.
Еuropean Daily Market Review
2021-05-17 14:07UTC
European stocks are generally into a slight lower side today.This comes on a global scale as most traders and investors are worried over a rise in inflation and an advance in coronavirus cases.The French CAC-40 slipped 0.19%, the German DAX dropped 0.02% and the FTSE-100 retreated 0.42%.The pan-European Stoxx-600 moves around and little below the flatline by mid-morning.Travel and leisure stocks tumbled around 1.2%.In the meantime, the U.S. stock futures partly fell in early premarket trade on Monday following last week’s sell-off triggered by inflation jitters. Euro zone banks needs to deal with some possible climate hazards such as floods and droughts.The ECB is part of a broader analysis of the risks that climate change has the financial segment.
Gold Prices Advanced
2021-05-17 06:57UTC
Gold prices advanced this morning during the Asian hours, adding to a three-month high.This is happening as most traders and inventors analyzed the lower economic numbers from China and the U.S.Now, the yellow metal trades at $1853.64, which is an addition of $10.31 or 0.56% from the previous close of 1843.33.The daily trading range is from 1841.50 to 1855.30, while the trading volume is 130.606K.The USD which in general is into a reverse correlation with the precious metals surged today. In fact, the the benchmark 10-year U.S. Treasury yield dropped further from a more than one-month high seen during the previous week.Chinese data released earlier in the day said that industrial production growth slowed down to 9.8% year-on-year in April.The U.S., data announced at the end of last week, stated that retail sales did not grow month-on-month, last month.Dallas Fed President Robert Kaplan on Friday warned of a some concerns in regards to rise in U.S. inflation predictions.Fed Vice Chair Richard Clarida and Atlanta Fed President Raphael Bostic, are due to report later in the week.
Asian Daily Market Review
2021-05-17 02:05UTC
Asian shares are mostly higher to start the week, climbing on Monday as the strong finish to last week on Wall Street is providing tailwinds for the start to this week. In Japan the Nikkei is one of the weaker markets, falling 0.3% even though the Yen is softer versus the U.S. dollar in early trade. Shares of Softbank are trading 0.2% higher, and Sony is adding 1.3%. Among the major exporters Toyota is adding 2.1%, Panasonic is 0.3% higher, and Canon is edging up by 0.2%. Australia’s S&P/ASX 200 is adding 0.6% today, with the big four banks trading cautiously higher. Shares of ANZ are up by 0.3%, NAB has a slight gain of less than 0.1%, Westpac is adding 0.5%, and Commonwealth Bank is outperforming with a gain of 1.7%. Meanwhile the major miners are only modestly higher too, with Rio Tinto advancing 0.4%, while BHP edges up by 0.1%. In mainland China markets have opened to solid gains as investors are expecting the Chinese government to report good economic data later today. The benchmark Shanghai Composite is trading 0.6% higher, while the smaller cap Shenzhen Composite is adding 1.2%. Over in Hong Kong the Hang Seng is tracking gains on the mainland as it tacks on 0.5%. South Korea’s Kospi is edging lower by less than 0.1%, while the Taiex in Taiwan is leading losses for the region as it falls 1%. Southeast Asian markets are mixed today, with the Straits Times Index in Singapore losing 0.6%, but the KLCI in Malaysia adding 0.3%, while Indonesia’s Jakarta Composite is flat at the open.
Cruise Industry Stocks Lead Market Rally
2021-05-14 22:01UTC
Shares of cruise lines rallied on Friday as traders are looking forward to the resumption of cruising now that the CDC is allowing vaccinated individuals to remove their masks and forego social distancing both inside and outside. The CDC ruling was announced earlier this week and not only does it mean that vaccinated individuals are able to go maskless indoors and out, it also means they can travel in the U.S. without getting tested and that they can travel outside the U.S. without getting tested, so long as this is allowed by the destination country. Shares of Royal Caribbean rallied 7.4% higher, Carnival added 8.3%, and Royal Norwegian Cruise Lines shares were up 8.1%. While all this sounds good for the cruise industry, they are still docked due to the framework for conditional sailing order that was released this past November. Of course additional guidelines for the cruise industry are expected to be released in the coming days, and that could clarify when ships might be able to sail again. It will also clarify whether vaccinated cruisers will be permitted to go without masks on board cruise ships, or if that freedom will remain curtailed. On a positive note it does seem as if the trend now is towards lifting restrictions rather than adding new ones or extending existing mandates. So, despite the Friday rally in these shares it could be some time before there is clear guidance that allows cruise ships to take to the seas once again. In the meantime shares could remain volatile, although longer term more gains should be expected.
U.S. Daily Market Review
2021-05-14 16:09UTC
The main U.S. stocks are into a higher side, regaining its ground for a second day led by technology shares.At 11:23 a.m. ET, the Dow Jones Industrial Average inclined 281.54 points, or 0.83%, at 34,302.99.The S&P-500 was iclined 50.94 points, or 1.24%, at 4,163.44. The Nasdaq Composite was gained 241.30 points, or 1.84%, at 13,366.29.United Airlines and American Airlines both both surged more than 4%. The Commerce Department on Friday also showed retail sales in March came much higher than previously predicted, setting consumer spending on a higher rising pattern advacing into the second quarter. Disney stock price  slipped more than 3% after it coming below revenue and streaming subscriber estimates. Disney earnings of 79 cents per share, well above the 27 cents per share expected by Wall Street, according to Refinitiv. The media giant registered $15.61 billion in revenue, coming below forecasts of mate of $15.87 billion.
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.
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