Archive for category: News

• US indices finished yesterday’s trading lower. S&P 500 dropped 0.41%, Dow Jones moved 0.55% lower and Nasdaq declined 0.74%. Russell 2000 dropped 0.96%
• Risk-off moves on the stock markets are accompanied by pick-up in US yields. 10-year US yield reached 3.36% – the highest level since mid-June 2022
• Downbeat moods extended into the Asian trading session. Nikkei dropped 0.8%, S&P/ASX 200 moved 1.4% lower and Kospi plunged 1.5%. Indices from China traded lower as well
• DAX futures point to a lower opening of the European cash session

• New UK Prime Minister Liz Truss signaled that she will not confront with the European Union over North Ireland protocol in the coming weeks
• Media reports suggest that China will extend lockdown in Chengdu city as cases in the area continue to rise
• Chinese exports increased 7.1% YoY in August (exp. 13.0% YoY) while imports were 0.3% YoY higher (exp. 1.8% YoY). Trade balance for August came in at $79.39 billion (exp. $93 billion)
• Australian GDP grew at a pace of 0.9% QoQ in Q2 2022 (exp. 1.2% QoQ). On year-over-year basis growth reached 3.6% YoY (exp. 3.8% YoY)
• US dollar remains strong, supported by pick-up in yields. USD strength is especially clearly seen compared to Asian currencies. USDJPY jumped above 144.00 while USDCNY is closing in on 7.00
• Cryptocurrencies succumb to overall risk-off moods with Bitcoin dropping below $19,000. Ethereum trades slightly above $1,500, dropping over 4% on the day
• Oil deepens declines, erasing all of the gains made following OPEC+ output cut. Brent drops 1.7% and trades just slightly above $91 per barrel
• Precious metals pull back under pressure from strong USD. Gold and silver trade around 0.4% lower at press time

US dollar leads on the FX market this morning. Strong pick-up in yields is providing support for the greenback, allowing it to reach multi-year highs against other major currencies.

• Russia announced on Friday that it will completely halt gas flows to Europe via the Nord Stream 1 pipeline indefinitely
• European assets are set for a rough start of new week’s trade with EURUSD dropping below 0.99 for the first time in 20 years and DAX futures pointing to an over-3% bearish price gap at the launch of European cash session
• Indices from the Asia-Pacific are trading mixed at the beginning of a new week. Nikkei trades flat, S&P/ASX 200 gains while Kospi and indices from China drop
• According to Bloomberg report, Biden administration is considering restricting investments of US companies into Chinese technology companies
• G7 countries agreed to impose a price cap on Russian oil. Details are yet to be worked out but the measure will be implemented in December

• According to media report, OPEC+ likely to leave output unchanged at a meeting this week
• Germany ruling coalition agreed on a €65 billion deal to subsidize energy prices for consumers and businesses
• Chinese services PMI (Caixin/Markit) dropped from 55.5 to 55.0 in August (exp. 54.0)
• Australian business inventories increased 0.3% QoQ in Q2 2022 (exp. 1.5% QoQ)
• Cryptocurrencies are trading mostly lower on Monday but scale of drop does not exceed 3%. Bitcoin and Ethereum trade 0.7% lower
• Energy commodities trade higher at the beginning of a new week. Brent gains 2.2% while WTI trades 2% higher
• Precious metals trade slightly higher. Gold gains 0.1% while silver advances 0.4%
• AUD and NZD are the best performing major currencies while EUR and CHF lag the most
• 
• Euro Stoxx 50 (EU50) extends Friday’s drop triggered by Russian gas flow halt. Index is making a break below the 61.8% retracement of the upward move launched after US presidential elections in November 2020. The closest support to watch can be found near recent lows in the 3,400 pts area. Source:

US indices had another downbeat session in a row. S&P 500 dropped 0.78%, Dow Jones moved 0.88% lower and Nasdaq declined 0.56%. Russell 2000 dropped 0.62%

Indices from Asia-Pacific followed into footsteps of their US peers and also moved lower. Nikkei dropped 1.5%, S&P/ASX 200 moved 1.7% lower while Kospi plunged 2%. Indices from China traded up to 1.5% lower

DAX futures point to a lower opening of the European cash session

According to Wall Street Journal, G7 will outline a plan to cap Russian oil prices on Friday

China has put Chengdu city with 21 million population under lockdown amid spike in local Covid-19 cases

Reuters quoted Taiwan Defense Ministry saying it has shot down Chinese drone near Kinmen islands. Report was later corrected to state the drone was unidentified, not necessarily Chinese and not necessarily military

A Singaporean-flagged tanker ran aground in the Suez Canal. However, ship was refloated within hours and supply chain disruptions, like those from 2021, were avoided

According to Reuters report, OPEC sees oil market surplus at 400k bpd in 2022, instead of 900k bpd that was reported by media yesterday

United States put restrictions on sales of Nvidia’s data center chips used in artificial intelligence to China and Russia

Chinese manufacturing PMI (Caixin) dropped from 50.4 to 49.5 in August (exp. 50.2)

Australian private capital expenditure dropped 0.3% QoQ in Q2 2022 (exp. 1.5% QoQ)

Cryptocurrencies are pulling back amid an overall increase in risk aversion. Bitcoin drops 0.9% and tests $20,000 area while Ethereum trades 1.3% lower

Oil is trading little change on Thursday morning with Brent trading near $95 per barrel

Precious metals trade lower amid USD strengthening – silver drops 1.2% while gold trades 0.2% lower

USD and AUD are the best performing major currencies while NZD and EUR lag the most

continued to move lower afterwards. Declines were halted near the $95 per barrel for now and oil is trading little changed today

• US indices finished yesterday’s trading lower as moods remained sour following Powell’s speech on Friday. S&P 500 dropped 0.67%, Dow Jones declined 0.57% and Nasdaq moved 1.02% lower. Russell 2000 dropped 0.89%
• Indices from the Asia-Pacific traded mixed during a session on Thursday – Nikkei, Kospi and S&P/ASX 200 gained 0.7-1.1% while indices from China traded 0.7-0.9% lower
• DAX futures point to a slightly higher opening of the European cash session

• White House Press Secretary said that she expects slowdown in jobs growth and overall employment data to “cool off”
• Chinese Premier Li Keqiang said that economic support right now is exceeding support policies from pandemic-hit 2020
• According to a Bloomberg report, European Union is likely to meet its gas storage filling goals around 2 months ahead of a target. EU stockpiles are 80% full at the moment while it was not expected to happen before November 1, 2022

• Japanese unemployment rate stayed unchanged at 2.6% in July (exp. 2.6%)
• Australian building approvals plunged 17.2% MoM in July (exp. -2.1% MoM)
• Cryptocurrencies are trading higher in an attempt to recover from recent declines. Bitcoin gains 1% and climbs back above $20,000 while Ethereum jumps 2.8%
• Oil is trading a touch lower with Brent and WTI dropping around 0.2% each at press time
• Precious metals are pulling back, although scale of declines is small. Gold drops 0.1% while silver and platinum trade 0.2% lower
• JPY and CHF are the best performing major currencies while AUD and NZD lag the most
• Cryptocurrencies are trying to recover from recent declines. Ethereum is approaching a key near-term resistance zone in the $1,600 area, marked with previous price reactions and the 50-period moving average (green line). Note that the upper limit of local market geometry can be found just slightly above the aforementioned zone