DAILY ANALYSIS 05 september 2022

  • 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:
0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *