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Cryptocurrency Daily Market Review
2022-09-30 21:05UTC
Crypto markets remained flat once again on Friday, which wasn’t great, but it was better than the continuing losses seen in the equity markets, which finished the third quarter with another loss. That’s the third consecutive quarterly loss for equities, and the longest such losing streak since the 2008 financial crisis. The leading cryptocurrency Bitcoin (BTC) edged up modestly by 0.4%. The second largest cryptocurrency Ethereum (ETH) had a similar performance as it gained 0.5%. Among the top ten cryptocurrencies Ripple (XRP) had the best gain by far, rising 5.4% for the day in response to a judge ruling in favor of Ripple against the SEC, saying that the agency is required to turn documents over to Ripple which it had been withholding. Also making gains in the top ten were Binance Coin (BNB), which edged up by less than 0.1% and Dogecoin (DOGE) which gained 0.3%. Losers today in the top ten cryptocurrencies included Cardano (ADA) and Solana (SOL), with the former falling 0.8% and the latter losing 0.9%. For the second time this week Terra Classic (LUNC) led the top 100 cryptocurrencies with a gain of 8.6%. Terra Classic is up 18.4% over the past week. Also making strong gains was Quant (QNT), which finished the session up 8.4% and now has a 33.8% weekly gain. The worst performing crypto was Celsius (CEL) with a loss of 4.6%. That drop came as several states moved against the lending platform, which is currently in bankruptcy proceedings, saying that Celsius should not be allowed to use its stablecoin assets to fund its operations. Just three days ago the Celsius CEO stepped down, putting additional pressure on the token.
Carnival Disappoints, Cruise Line Stocks Plunge
2022-09-30 20:27UTC
Disappointing results from Carnival Corp spread across the entire cruise line sector on Friday, sending shares spiraling lower to lead losses in the S&P 500. Third quarter results from Carnival were a loss of $0.65 a share, which misses analyst expectations of a $0.13 loss by a wide margin. In addition, revenues of $4.3 billion was also well off expectations for revenues of $5.13 billion. The good news from Carnival is that third quarter occupancy was up 15% from the previous quarter. There’s more bad news though. While occupancy for future sailings is above 2019 levels the fourth quarter bookings remain below historical levels and are at lower prices as well. Plus, due to the seasonality of the cruise business Carnival expects to post another loss in the coming fourth quarter. Shares of Carnival plunged 23.3% on the poor results, leading losses in the S&P 500 on an overall negative day for Wall Street. In addition, shares of Norwegian Cruise Lines were down 18% in sympathy with Carnival. Also falling were Royal Caribbean shares, finishing the day with a 13.1% loss. Carnival management shared that since they relaxed protocols in mid-August, focusing more on land-based alternatives, overall bookings are far stronger than in 2019 pre-COVID. The company also said it finished the third quarter with $7.4 billion in liquidity, which includes cash and borrowings under a revolving credit facility. Carnival shares hit a new 52-week low on the third quarter results, and are now down more than 65% since the start of 2022. That makes them the worst performer among the major cruise lines. Rival Norwegian has a 45% loss this year and Royal Caribbean shares have fallen more than 50%.
U.S. Daily Market Review
2022-09-30 19:48UTC
U.S. markets reversed their early gains Friday and look to finish the day with another losing session, giving U.S. markets their longest string of quarterly losses since the financial crisis of 2008. The hawkishness of the Federal Reserve as it tries to quash inflation continues to weigh on trader sentiment. The broad-based S&P 500 is 0.9% lower, the Dow Industrials are down by 1.2%, with no components in positive territory, the tech heavy Nasdaq is losing 0.8%. and the small cap Russell 2000 is trying to buck the falling trend with a slight gain of less than 0.1% as the market heads into the final minutes of the third quarter. If the indices close in the red today it will be the third consecutive quarterly decline on Wall Street. The S&P 500 is poised to finish the third quarter with a 4.7% loss, and the Nasdaq is looking to close the quarter with a 3.4% loss. The problem for markets is that the Federal Reserve remains so committed to reining in inflation that they’ve publicly stated that it matters not if bring inflation under control leads to a recession. That’s led to U.S. indices falling for eight of the past nine sessions. Rising Treasury yields and a stronger U.S. dollar are other concerns for equities. While markets could see a recovery in the fourth quarter, that’s only possible if markets begin receiving some good news. And that can only happen if the Fed turns less hawkish, which can’t occur as long as inflation remains so elevated. Market fear has continued to increase, and has reached extreme levels. That could mean a rebound in the coming weeks to bring markets back to equilibrium.
European Daily Market Review
2022-09-30 15:05UTC
European markets are making good gains on the last day of this week, month, and quarter, but it still won’t be enough to move the needle into positive territory for any of these time frames as stock markets continue to be buffeted by inflation, rising interest rates, and the probability of a coming global recession. The pan-European Stoxx Europe 600 is trading 1.1% higher today, taking back some of the losses from earlier in the week. In Germany the DAX is rising 0.8%, while the CAC 40 in France has a 1.2% advance. Over in Spain the IBEX 35 is adding 0.6%, and in Italy the FTSE MiB is notching a 1.2% gain. Among the DAX components in Germany the healthcare instrument firm Siemens Healthineers is leading with a 5.3% gain, while Fresenius tacks on 3%. The real estate sector is also seeing a recovery, with shares of Vonovia rising 5.1%. The biggest losers today come from the athletic apparel space, with Puma shares falling 6% and Adidas losing 4.1%. In France the CAC 40 is led by real estate, with shares of WFD Unibail Rodamco rising 6.1%. Software company Dassault Systemes is the second best performer, with shares advancing 4.1%. At the other end of the ticker is defense company Thales, whose shares are giving back gains from earlier this week with a 2.1% decline today. In London the FTSE 100 is trading flat, with a slight gain of less than 0.1%. The top of the leader board is held by Barrett Developments, rising 5.3% today to erase a portion of the more than 12% lost in the prior session. The biggest loser today is BAE Systems with a 3.7% loss.
Asian Daily Market Review
2022-09-30 01:52UTC
Asian markets are falling once again on Friday following another losing session on Wall Street overnight that took the S&P 500 to its lowest level since November 2020. Turmoil in Europe and continued hot inflation has investors increasingly worried that a deep global recession is coming. In Japan, where the Yen has been holding around the 144.50 level versus the U.S. dollar all week, the Nikkei trades 1.3% lower to lead losses across the region. Shares of Softbank Group are 1.7% lower and Sony shares have fallen 1.9%. Among the major exporters Toyota is trading 1.9% lower and Panasonic has a 0.8% loss, while shares of Canon are edging slightly higher by less than 0.1%. In Australia the S&P/ASX 200 is pulling back by 0.6%. Shares of ANZ are down 0.5%, NAB has a loss of 0.3%, Commonwealth Bank is underperforming with a 1% drop, and Westpac is close behind with a 0.9% loss. The major miners are once again providing support for the broader market, with BHP trading up by 1.8% and Rio Tinto advancing 2.6%. Mainland Chinese markets are outperforming in the region today as the benchmark Shanghai Composite has opened with a 0.2% gain and the smaller cap Shenzhen Composite is nearly flat with a slight loss of less than 0.1%. Meanwhile over in Hong Kong the Hang Seng is advancing by 0.6% to lead gains for the region. In South Korea the Kospi is trading lower by 1.1% and in Taiwan the Taiex has a loss of 1.8%. Southeast Asian markets are also falling today, with Malaysia’s KLCI down by 0.5%, while the Straits Times Index has a modest loss of 0.2%.
Cryptocurrency Daily Market Review
2022-09-29 20:21UTC
Cryptocurrency markets remained dull and listless on Thursday, rising early, but then pulling back and remaining little changed and mixed for the day. That flat performance came in the face of a broad-based and strong move lower for equity markets, which could be considered bullish considering the correlation between Bitcoin (BTC) and the S&P 500 thus far in 2022. Late Thursday afternoon in New York saw Bitcoin trading lower by a very modest 0.6%. Ethereum (ETH), the second largest cryptocurrency by market cap, was flat and unchanged. Also among the losing cryptocurrencies in the list of top ten altcoins were Cardano (ADA) and Dogecoin (DOGE), with losses of 0.9% and 1.2% respectively. Winners in the top ten included the Binance Coin (BNB), which was 0.8% higher, Solana (SOL) with a 0.6% gain, and Ripple (XRP), which was leading with a 1.3% advance. The biggest gains of the day in the top 100 cryptocurrencies came from Flow (FLOW), a fast, decentralized, and developer-friendly layer-1 blockchain, designed as the foundation for a new generation of games, apps, and the digital assets that power them. The FLOW token was 5.9% higher, which is a pretty modest gain to be leading the top 100. The increase came on news that Facebook and Instagram will allow users to connect their crypto wallet and share NFTs created on the Flow blockchain. In a reversal of fortune the worst performing cryptocurrency in the top ten was Helium (HNT). While Helium was the top performer on Wednesday, it fell 6.8% on Thursday to lead losers. The next closest loser was move-to-earn token STEPN (GMT) with a loss of 3.8%.
Apple Shares Fall On BofA Downgrade
2022-09-29 19:47UTC
Apple shares extended the decline begun in mid-August on Thursday, falling 5.2% to lead losses in the Dow. The sharp move lower in Apple came on a rare downgrade of the stock by Bank of America analysts. Bank of America analyst Wamsi Mohan downgraded Apple to “neutral” from “buy”, while also shaving $25 from the price target to $160. It was a rare downgrade, and the analyst cited macroeconomic trends and slack demand for Apple’s iconic iPhone. The analyst said he expects Apple to soon downgrade its own revenue and profit expectations for the coming quarters. Mohan noted the weaker iPhone 14 cycle, which is borne out by Apple’s recent announcement cutting production levels for the iPhone. He also cited fragile consumer spending, which could lead to a decline in services revenues – which many analysts have said is a growth area for Apple. Headwinds from the strength of the U.S. dollar are also expected to become headwinds for Apple. Early this week it was reported that Apple has instructed its suppliers to pare back plans to increase production of the iPhone 14, leaving a target of 90 million units in the second half of 2022 – which is similar to its second half 2021 production of the iPhone. Apple shares had outperformed this year, but have run into weakness lately due to the expected slowdown in the global economy. Shares are now down 20% since the start of the year, having fallen from a swing high near $175 in mid-August to Thursday’s close at $142.02. The drop in shares began following Apple’s second quarter earnings report, in which the company declined to provide detailed guidance for the third quarter.
U.S. Daily Market Review
2022-09-29 17:20UTC
U.S. markets have turned lower on Thursday, giving back the gains registered in the prior session, and looking to notch a seventh losing session out of the past eight. Selling has been broad based across all sectors, and sentiment remains extremely depressed. A stronger than expected jobless claims report did nothing to help that negative sentiment as investors worry it simply feeds the Fed’s desires to aggressively hike interest rates at coming meetings. Heading into the afternoon session the Dow Industrials are trading 1.6% lower, while the S&P 500 is off by 2.2%. Meanwhile the tech heavy Nasdaq, which has been outperforming all week, has broken down and is trading 3.2% lower. The small cap Russell 2000 is also being hard hit and has a 2.6% fall. On a per sector basis every one of the eleven S&P 500 sectors is well in the red today. The worst losses are coming from the consumer discretionary, utilities, and technology sectors. All are down more than 3%. Nearly all the other sectors are down by 2% or more, although the energy sector is threatening to turn positive. It currently has a 0.2% loss as crude oil has recently flipped into positive territory for the day. One of the biggest news items for equities today is the nearly 5% drop in Apple shares. The stock has been battered since mid-August and on Thursday a Bank of America analyst delivered a rare downgrade on the stock, taking it to “neutral” from “buy”, while also lowering the price target on the stock from $185 to $160. The analyst pointed to the macroeconomic challenges to Apple and said “weaker consumer demand” is anticipated in the coming months.
European Daily Market Review
2022-09-29 16:01UTC
European markets gave back their gains from the prior session and more as the boost from the Bank of England stimulus measures faded. Also of concern were a slew of profit warnings based around the rising costs of doing business and inflationary pressures in the eurozone. Investors were also awaiting what was expected to be a red-hot inflation report from Germany. It didn’t disappoint, showing a 10.9% annual increase in inflation for September. The pan-European Stoxx Europe 600, the broadest measure of European equities, fell 1.8% for the day. In Germany the DAX was 1.9% lower, and in France the CAC 40 retreated 1.5%. Italy’s FTSE MiB led losses for the region as it dropped 2.5%, while the IBEX 35 in Spain finished 2% lower. Among the DAX components there were only a handful of winners, led by gains from the reinsurance sector. Hannover Rueck gained 2.8%, while Munich Re Group was 2.3% higher. Shares of Porsche SE, fell 11.4% as investors sold out of the holding company shares and moved into the newly created Porsche IPO shares, which performed well after being prices at 82.50 euros. Volkswagen shares also fell 6.6% as investors likely were unwinding the pre-IPO play in shares. In France the defense company Thales led the CAC 40 with a 2.8% advance. It was one of only three gaining issues. Locomotive firm Alstom was at the bottom of the index, falling by 7.2%. In the U.K. the FTSE 100 trades 2% lower. The defensive theme held in London as well, with Rolls Royce Holdings shares rising 2.3% to lead gains for the FTSE. Property developers continued to get beaten down, with Barratt Developments the big loser today as shares fell 12.8%.
Asian Daily Market Review
2022-09-29 02:03UTC
Asian markets are moving broadly higher on Thursday morning following the strongest daily rally overnight on Wall Street since early August. The rally kicked off when the Bank of England announced a bond buying program that triggered a global bond rally, sending Treasury yields lower and flattening the strength of the U.S. dollar. Japan’s Nikkei is trading 0.8% today as the Yen pulls back near the 144 level versus the U.S. dollar. Shares of Softbank Group are rallying 2.8% higher today, while Sony has a far more modest gain of 0.4%. Among the major exporters Toyota is up by 0.3%, Panasonic is adding 1.1%, and Canon is rising 1.8%. In Australia the S&P/ASX 200 is rallying 1.9% higher, although the big four banks aren’t making gains quite as strong as the major index. Shares of ANZ are 1.5% higher, NAB is adding 1.4%, Commonwealth Bank is up 1%, and Westpac is 1.3% higher. The major miners are making much stronger gains today, with BHP rising 3.1% and Rio Tinto advancing 2%. Mainland Chinese markets have opened to solid gains as well, with the benchmark Shanghai Composite up 0.8% and the smaller cap Shenzhen Composite adding 0.9%. Over in Hong Kong the Hang Seng is trading 2.1% higher to outpace the gains on the mainland and lead the Asian region higher. In South Korea the Kospi is gaining 1.8%, while the Taiex in Taiwan trades 1.2% higher. Southeast Asian markets are also participating in the rally as the Straits Times Index in Singapore advances by 1%, while the KLCI in Malaysia has a more sedate gain of 0.2%.
Biogen Shares Rocket Higher On Alzheimer's Drug News
2022-09-28 19:57UTC
Shares of pharmaceutical maker Biogen saw its shares rocket higher by 39.9% on Wednesday following news that its experimental Alzheimer’s drug called Iecanemab has passed a key final phase test. That’s increased expectations that the drug will be approved by the FDA. Analysts believe that the drug could be sold as early as 2024 and contribute as much as $8 billion to Biogen’s annual revenue. Biogen has long struggled with a treatment for the neurological disease, and it looks as if it’s finally found a winner. The drug appears to be successful in removing the brain plaque associated with Alzheimer’s, while also providing a cognitive benefit to patients with early stage Alzheimer’s disease. The news also lifted shares of Biogen’s partner Eisai saw its shares climb 57.6% higher on the news. Its share of the revenue from this one drug could nearly double its own annual revenues. Competing pharmaceutical companies that have Alzheimer’s drugs in development also popped higher on the news. Shares of Eli Lilly rose 7.5%, Roche was up 6.9%, and Prothena, a smaller player in the Alzheimer’s hunt, saw its shares rack up a 87.5% gain. In addition to clearing beta amyloid plaques from the brain, Biogen reported that its drug Iecanemab improved cognition at a statistically significant level. It was the latter news that really caught investor attention. Biogen had already proven its drug reduces amyloid plaque, but the data on cognitive improvements had been mixed. This study clearly showed that patients taking Iecanemab had a 27% slower rate of cognitive decline versus those taking a placebo. One additional upside to the news is that analysts now expect Biogen to announce the successor for the CEO spot vacated back in May, which will provide greater leadership for the company.
Cryptocurrency Daily Market Review
2022-09-28 19:54UTC
The rally in equities on Wednesday failed to ignite a similar rally in cryptocurrencies, however most were able to make slight to modest gains on the day as investor risk appetite nudged up slightly. The leading cryptocurrency Bitcoin (BTC) remained flat for much of the day, but late on Wednesday saw the coin rising by 2.5%, pushing it back into positive territory on a weekly basis. The second largest cryptocurrency Ethereum (ETH) saw a smaller gain of 0.6% for the day, leaving it 0.9% lower over the past seven days. Among the remaining top ten altcoins Binance’s utility token (BNB) saw the greatest gain, trading up by 2.9% on the day. Solana (SOL) also performed well, rising 2.6% as of late Wednesday afternoon. Rounding out the rising coins in the top ten was the memecoin Dogecoin (DOGE), which tacked on a modest 0.6% for the day. The losing coins in the top ten were Ripple (XRP) with a loss of 1.7% and Cardano (ADA) with a 1.1% retreat. The top gainer in the top 100 cryptocurrencies was Helium (HNT), which advanced 14%. Helium is a decentralized blockchain-powered network for Internet of Things (IoT) devices. The gain came on news that Helium is partnering with T-Mobile to deliver 5G network coverage, as well as moving to Solana for its L1 solution. The worst performance came from IOTA (MIOTA), another IoT linked project. IOTA is designed to execute transactions between IoT devices, and does so using a proprietary distributed ledger technology called The Tangle. MIOTA tokens fell a modest 3.6% on the day. IOTA gained earlier this week on news its staging network Shimmer would be going live on September 28. Today’s drop is likely a sell the news event.
U.S. Daily Market Review
2022-09-28 17:22UTC
U.S. markets have rebounded strongly on Wednesday, erasing early losses and moving strongly into positive territory after the Bank of England intervened in currency markets, sending the Pound higher against the U.S. dollar and causing U.S. Treasury yields to retreat. As trade resumes following the lunch hour on Wall Street the Dow Industrials have added over 500 points, or 1.7%, looking to snap a six session losing streak. The S&P 500 is looking to snap the same losing streak and is trading 1.7% higher as well. The Nasdaq, which finished modestly in positive territory on Tuesday, is trading 1.5% higher today, while the small cap Russell 2000 is leading gains for the day with a 2.6% rally higher. On a sector basis things are looking equally as good, with all eleven of the S&P subsectors trading in positive territory. The best gains of the day are coming from the energy sector, which is trading 3.3% higher in response to further gains from crude oil and natural gas. Most of the other sectors are trading more than 2% higher, although the technology and consumer staples sectors are lagging, with gains of 0.5% and 1.3% respectively. Shares of Biogen are easily leading the S&P 500 today, rocketing higher by 37.8% after the pharmaceutical company announced that its experimental Alzheimer’s drug passed a key final phase test. That’s expected to lead to full approval for the drug, which is expected to deliver $8 billion in global sales for Biogen. A notable loser in today’s rally is Apple, whose shares are down 2.3% on reports that the company has ditched plans to increase iPhone 14 production due to slack demand.
European Daily Market Review
2022-09-28 13:46UTC
The intensifying energy crisis in Europe combined with surging global bond yields to send European markets sharply lower early Wednesday morning. Markets reversed their declines by the afternoon however after the Bank of England said it will buy bonds as necessary to stabilize markets that have been unsettled by the U.K.’s mini-budget released last week. The pan-European Stoxx Europe 600, the broadest measure of European equities, fell almost 2% in early trade, but late Wednesday after has recovered to a 0.6% loss. Meanwhile the DAX in Germany is 0.4% lower and the CAC 40 in France is holding a 0.7% loss. In Spain the IBEX 35 is trading down by 0.6% and Italy’s FTSE MiB is leading losses for the region with a drop of 1.1%. Among the DAX components pharmaceutical giant Merck is leading gains with a 2.4% advance. Athletic apparel makers are also doing well today, with Puma rising 1.9% and Adidas gaining 1.3%. Deutsche Bank is at the bottom of the index for a third consecutive session, falling 4.4% as investors fret over rising bond yields and the prospect of a coming recession. France’s CAC 40 is being led by IT services firm Cap Gemini as shares rally 2.8% higher. French banks are also under pressure today, with Societe Generale shares falling 5%. Meanwhile shares of Credit Agricole are 4.2% lower and BNP Paribas is losing 3.8%. In the U.K. the FTSE 100 is lower by 0.3%, recovering from larger earlier losses. Luxury goods maker Burberry Group is leading the gains for the index with a 4.2% move higher. Airtel Africa is near the bottom of the index for a second consecutive session, with shares losing 8.4% today.
Asian Daily Market Review
2022-09-28 01:41UTC
Asian markets are mostly lower on Wednesday following a sixth consecutive losing session overnight for the S&P 500. The benchmark U.S. index disappointed by rising in the early hours, but then reversed course to fall on hawkish comments from Federal Reserve officials. Investors overlooked an increase in consumer confidence in September, focusing instead on the probability of Fed rate hikes sending the U.S. economy into a recession. Japan’s Nikkei is trading 0.8% lower as the Yen approaches the 145 level against the U.S. dollar. Shares of Softbank Group are modestly lower by 0.4%, and Sony is edging down by less than 0.1% today. Among the major exporters Toyota has a 1% loss, Panasonic is retreating by 0.4%, and Canon is falling 0.4% as well. In Australia the S&P/ASX 200 is leading gains for the region with a modest 0.2% increase. The big four banks are holding back larger gains for the index. ANZ is trading slightly lower by 0.1%, NAB has a 0.7% loss, Commonwealth Bank is down 0.6%, and Westpac is falling 0.4%. The major miners are once more providing a bullish backdrop, with BHP moving 2% higher and Rio Tinto adding 0.8%. Mainland Chinese markets have also dropped at the open, with the benchmark Shanghai Composite trading 0.2% lower and the smaller cap Shenzhen Composite losing 0.4%. Over in Hong Kong the Hang Seng is outpacing losses from the mainland with a drop of 0.9%. In South Korea the Kospi trades 0.5% lower, while Taiwan’s Taiex has a 0.3% drop. Southeast Asian markets are lower today as well, with the KLCI in Malaysia edging lower by 0.2%, while Singapore’s Straits Times Index falls 0.6%.
Cryptocurrency Daily Market Review
2022-09-27 21:12UTC
Crypto markets jumped higher alongside U.S. equities early in the day, but reversed course in the afternoon as equities also gave back gains to finish lower for a sixth consecutive session. While crypto remains on track to outperform the S&P 500 this year, it has also shown an increased correlation with equities as it is lumped together as a risk asset shunned by investors. Bitcoin (BTC), the leading cryptocurrency by market cap, briefly reclaimed the $20,000 level in early trade before erasing its gains to settle back at the $19,000 level with a slight 0.2% loss for the day. Ethereum (ETH), the second largest cryptocurrency by market cap, experienced a similar early rally that took it within several dollars of $1,400 before crashing back towards the $1,300 level for a 0.6% daily loss. The rest of the top ten altcoins took their cue from leaders Bitcoin and Ethereum, rallying early and sinking in the afternoon. Binance’s utility token BNB ended the day 1.1% lower, while Ripple (XRP) fell 5.7% as it continued to give back the nearly 30% gains racked up last week. Cardano (ADA) was in-line with the major cryptocurrencies as it fell 0.8% on the day. Rounding things out for the top ten, Solana (SOL) fell 3.2% and Dogecoin (DOGE) lost 1.1%. The best performing cryptocurrency of the day in the top 100 was Quant (QNT) with a gain of 13.4%. Quant is a blockchain operating system that aims to solve the interoperability problems of the blockchain ecosystem. Meanwhile the worst performer in the top 100 was Terra Classic (LUNC) as it fell 9.4% to give back part of the 36% it added on Monday.
Cruise Line Shares Lifted By Rising Consumer Confidence
2022-09-27 20:22UTC
Even though the broader U.S. stock indices gave up early Tuesday gains to end the day lower, there was a group of stocks that held their early gains and built on them as the day went on. These stocks are the cruise line names, and investor sentiment was high on the group after consumer confidence for September came in stronger than expected. That held up hopes that consumer spending will remain strong, a bullish indicator for the cruise sector. The cruise sector has suffered in recent years, first due to the COVID pandemic, and more recently on rising interest rates, high oil prices, and fears of a global recession. Shares of Carnival were up 3.3% at the close, Royal Caribbean Cruises advanced 3.5% and Norwegian Cruise Line Holdings led the way with a gain of 4.1%. Cruise line names gained as much as 8.5% in early trade before pulling back in the bearish afternoon climate. The catalyst for the gains was the release of the September Consumer Board’s index of consumer confidence. The September reading came in at 108, up substantially from the August reading of 103.6. In addition, the six-month outlook reading of 80.3 is the highest for the index since February. With gas prices falling, wages rising and the job market remaining strong the American consumer is far more upbeat than the American investor. Rising interest rates from the Federal Reserve continue to spook markets, but seem to be having little impact on the consumer. In addition to the positive CB consumer confidence index, cruise executives have been saying demand for cruises is strong and pricing power is equally as resilient.
U.S. Daily Market Review
2022-09-27 17:29UTC
U.S. markets gave up their morning gains as trading resumed in the afternoon on Wall Street as investor sentiment remains in tatters. Increasing fears of a global recession, and worries over the implacable strength of the U.S. dollar are combining to ensure investors remain wary of risk assets in general. As trading resumes in the afternoon the S&P 500 is plumbing news lows for 2022 with a loss of 0.5%, while the Dow Industrials are falling 0.7%. The tech heavy Nasdaq is outperforming for a second consecutive session, losing just 0.2% today, while the small cap Russell 2000 is edging lower by less than 0.1%. Things are also looking dire on a per sector basis, with ten of the eleven S&P subsectors trading in the red. The lone winner today is the energy subsector, which is up by 1.1% thanks to gains in oil. The interest rate sensitive utilities sector is leading declines today with a loss of 1.6%, however the consumer staples sector isn’t far behind as its falling 1.5%. Banks are also being hard hit on recession fears and the financials subsector is trading 1.1% lower today. While energy companies are dotting the top of the S&P 500 today, the strongest move is coming from fertilizer maker CF Industries. Shares are trading 5.6% higher, although there is no specific news out today to lift shares. Enphase Energy, which develops energy related technologies, is seeing its shares trade 3.4% higher, and Valero Energy is gaining 2.7%. As mentioned earlier, consumer staples are underperforming, led by a 3.1% drop in Keurig Dr Pepper. Also falling are McDonalds, down 2.4%, Coca-Cola, off by 2.1%, and Proctor & Gamble with a 2% drop.
European Daily Market Review
2022-09-27 15:26UTC
European markets recovered from the choppy start to the week with a broad based rally on Tuesday. The gains came following statements from U.K. leaders that were meant to calm the market reaction to last weeks’ U.K. budget statement. Investors are also awaiting the August eurozone inflation figures, which are expected to show that inflation continued on its upward trend, reaching 9.6% in August. The Stoxx Europe 600, the broadest measure of European equities, rose 0.7% on the day. Germany’s DAX was 0.4% higher, while the CAC 40 in France added 0.6%. In Italy the FTSE MiB calmed, advancing just slightly by 0.1%, and in Spain the IBEX 35 edging higher by less than 0.1%. Among the DAX components in Germany the online retailer Zolando had the best gains, with shares rising 3.4%. Siemens Energy was near the top of the index for a second consecutive days as shares sprinted 2.2% higher. Deutsche Bank was the biggest loser in the DAX for a second consecutive day, with shares falling 3.4%. In France the CAC 40 was led by automaker Renault, with shares advancing 2.8%. Integrated oil major TotalEnergies was also at the top of the index with a gain of 2.6%. Luxury goods maker Kering found itself at the bottom of the CAC 40 as its shares retreated 2.7%. In the U.K. the FTSE 100 advanced modestly by 0.3%, as investors there remain concerned over the aggressive hawkishness of the Bank of England and lawmakers. Mining firm Glencore led the index with a gain of 3.7%. Real estate remained under pressure for a second consecutive day, with the online real estate portal Rightmove PLC falling 8.3% to land at the bottom of the index.
Asian Daily Market Review
2022-09-27 01:58UTC
Asian markets are looking to make a move higher on Tuesday, despite another losing session overnight on Wall Street. Many of the same worries remain, but a cooling of the U.S. dollar during the Asian session is helping support gains for equities. In Japan the Nikkei is trading 0.7% higher after three consecutive sessions of losses. The Yen is holding steady just above the 144 level versus the U.S. dollar. Shares of Softbank Group are flat with a slight gain of less than 0.1%, while Sony shares are moving higher by 0.4%. Among the major exporters Toyota is gaining 1.7%, Panasonic is edging higher by 0.1%, and Canon shares are falling 0.2%. In Australia the S&P/ASX 200 is also looking to snap a three session losing streak as it trades 0.5% higher. The big four banks are weighing on the broader market however, with ANZ and Commonwealth Bank  falling 0.3% each, while NAB and Westpac are retreating 0.2% each. The major miners are providing an upside lift however, with BHP gaining 2.6% and Rio Tinto rising 0.5%. Mainland Chinese markets have also opened to modest gains, with the benchmark Shanghai Composite and the smaller cap Shenzhen Composite each trading 0.2% higher. Over in Hong Kong the Hang Seng is taking its own course, trading lower by 0.2%. In South Korea the Kospi is edging higher by 0.1% after a 3% loss on Monday, while Taiwan’s Taiex is advancing 0.5%. Southeast Asian markets are trading mixed as the Straits Times Index in Singapore moves lower by 0.2% and the KLCI in Malaysia is adding 0.4%.
Cryptocurrency Daily Market Review
2022-09-26 20:19UTC
Crypto markets remain depressed overall, with the total market cap of all cryptocurrencies holding below the $1 trillion level. That said, Monday saw a mixed performance from the crypto markets, with major coins making modest gains. These came despite another losing day on Wall Street, with investors in traditional assets shying away from risk. The leading cryptocurrency Bitcoin (BTC) added 1.2%, leaving it slightly lower by 1.6% on a weekly basis. The second largest cryptocurrency Ethereum (ETH)climbed back above the $1,300 level with a 2.4% gain, but it’s still down by 2.3% over the past week. The rest of the top ten altcoins put in a mixed performance. Binance Coin (BNB) was basically unchanged with a slight loss of 0.1% on the day. The utility coin for the Binance network is up by 2.1% over the past week. Ripple (XRP), which has rallied over 20% higher in the past week on hopes it can finally settle the lawsuit put against it by the SEC, tracked lower by 6.6%, giving back some of the large gains made in the past week. Cardano (ADA) edged lower by 0.8%, leaving it 1.9% lower over the past week. Meanwhile Solana (SOL) rose by 3%, putting it in positive territory by 2.7% on a weekly basis. Finally, Dogecoin (DOGE) was 1.5% lower on the day, but remains higher by 4.4% over the past week. The biggest gain of the day came from the Terra Classic (LUNC) coin, which was 36% higher after Terra founder Do Kwon broke a social media silence of two weeks by saying he is not hiding from law enforcement after it was confirmed that Interpol has issued a Red Notice for Kwon, whose whereabouts remain unknown.
Little Hope Seen For Silver And Gold
2022-09-26 19:51UTC
Gold and silver fell on Monday, with gold hitting its lowest levels in 2.5 years as rising U.S. Treasury yields and the strong U.S. dollar continues to punish the precious metals complex. October gold fell $21.60, or 1.3%, to settle at $1,633.80 an ounce, while December silver lost $0.49, or 2.6%, to finish the day at $18.415 an ounce. The move to a 30 month low for gold is of course significant, and macro conditions indicate a recovery anytime soon is unlikely. Silver’s drop below $18.50 was greeted with some buying activity, but at this point it looks as if silver will eventually test the $18.00 level. That $18.00 level is a massive psychologically important level, and strong support for the precious metal. If a bounce is coming for silver it’s likely it will come from that springboard. On the other hand, a break below the $18.00 level could see silver putting its eyes on the $15.00 level and possibly the $12.00 level eventually. Bulls will struggle with a number of important resistance levels above, not least of which is the psychologically important $20.00 level. Just below that is the 50-day moving average, currently holding at the $19.42 level. The current downtrend line is at almost the same level, giving it an even stronger impact as resistance. Ultimately this looks like a market that has significant downside to come. There is a strong negative correlation between the U.S. dollar and silver, which will keep pressure on the metal in the coming months. Giving additional bearish momentum is the potential for a recession, which would dull demand for the industrial uses of silver.
U.S. Daily Market Review
2022-09-26 18:05UTC
U.S. markets slumped Monday afternoon, giving back gains as investors digested a slew of economic data they considered as negative for the economy. The U.S. dollar is also continuing to strengthen versus rivals, and fears of a looming recession cast doubts broadly among market participants. With the afternoon trading session well underway, the S&P 500 is trading 1% lower, the Dow Industrials are falling 1.1%, the tech heavy Nasdaq has retreated 0.5%, and the small cap Russell 2000 is down 1.4%. Losses are broad based, with ten of the eleven S&P subsectors trading in negative territory. The consumer discretionary sector is the only sector in positive territory, and it trades just 0.2% higher. Defensive sectors are hardest hit today, with the real estate sector down 3.5% and the utilities falling 3.1%. The energy, financials, and materials sectors are down 2% each. The technology sector, which has been one of the worst performers in 2022, is one of the better sectors today, yet it still has a 0.8% loss. With the Federal Reserve and the Bank of England turning increasingly aggressive on their hawkish monetary policy stance, it becomes difficult for traders to trust any risk asset. That means equities are likely to remain challenged in the coming weeks. One potential catalyst for pulling equities out of their slump is the upcoming earnings season, in which companies will report on their third quarter performances. It would also be extremely helpful if investors begin to see the reports on inflation inputs coming down dramatically. Tomorrow will see the release of U.S. new home sales, Conference Board consumer confidence, and durable goods orders, which could cause more market volatility.
European Daily Market Review
2022-09-26 14:36UTC
European markets stabilized on Monday following a choppy morning, but there are still signs of investors being troubled by the deteriorating economic outlook across Europe and the U.K. Also of concern is the brewing energy crisis, the strength of the U.S. dollar, and the economic impact of the Ukraine-Russia war. Heading into the final hour of trade in Europe the Stoxx Europe 600, the broadest measure of European equities, is trading 0.2% higher in a late session rally. Meanwhile Germany’s DAX is 0.5% higher and the CAC 40 in France is gaining 0.6%. In Spain the IBEX 35 is falling by 0.6% and in Italy the FTSE MiB is outperforming with a 0.8% gain after the victory of a right-wing bloc led by Giorgia Meloni in Italy's parliamentary elections on Sunday. In Germany the best gain in the DAX is coming from Siemens Energy, which is trading 3.6% higher. Also making a solid gain today is software firm SAP, with its shares trading up by 3.2%. At the other end of the ticker is Deutsche Telecom, which is falling by 2.1%. In France the CAC 40 is being led by automotive manufacturer Stellantis, with shares trading 3.5% higher. Payments company Worldline is also outperforming with a 3.2% advance. Violia Environnement, which is engaged in water management, waste management and energy services, is underperforming today with a 2.4% loss. In the U.K. the FTSE 100 has reversed an earlier loss to trade 0.3% higher. Precious metals producer Fresnillo is leading the index with a gain of 5%. The homebuilders are getting pummeled today, with Taylor Wimpey trading 6.8% lower and Persimmon PLC falling 6.4%.
Asian Daily Market Review
2022-09-26 03:19UTC
Asian markets have kicked off this week in the same fashion as they finished last week – headed broadly lower. The losses on Wall Street last Friday, the unrelenting strength of the U.S. dollar, and the rising fears of a global recession are working together to keep sentiment solidly negative as equity markets begin the final week of the third quarter. Japan’s Nikkei is plunging 2% lower today as the Yen continues to test the resistance of the 144 level versus the U.S. dollar. Shares of Softbank Group are plunging 3.5% lower, while Sony shares plummet 3.9%. Among the major exporters Toyota shares are down by 2.6%, Panasonic is nursing a 3% drop, and Canon is falling 1.4%. In Australia the S&P/ASX 200 is trading 1.4% lower, with the big four banks holding up better than the broad market. Shares of ANZ and Westpac have each lost 1.2%, NAB is down 0.7%, and Commonwealth Bank is falling 0.8%. Meanwhile the major miners are weighing heavily on the broader market as BHP shares drop 3.7% lower and Rio Tinto is facing a 4.2% loss. Mainland Chinese markets have opened higher to buck the losing trend across the region. The benchmark Shanghai Composite trades 0.3% higher, and the smaller cap Shenzhen Composite is up by 1.1%. The positive sentiment has also flowed to Hong Kong, where the Hang Seng is modestly higher by 0.2%. In South Korea the Kospi trades 2.4% lower and in Taiwan the Taiex has opened to a 1.8% loss. Southeast Asian markets are also facing weakness today, with the Straits Times Index in Singapore falling 0.8% and the KLCI in Malaysia retreating 0.3%.
Crude Prices Tumble On Recession Fears
2022-09-23 19:48UTC
Crude oil prices plummeted to an eight month low on Friday, closing out the week with a massive move lower on trader fears of a coming recession and the stronger U.S. dollar. Traders worry that a coming recession will curtail crude oil demand, while the incredible strength in the U.S. dollar is damping demand from foreign interests already. The global benchmark Brent crude dropped 4.8%, or $4.31, to settle at $86.15 a barrel. Meanwhile the U.S. benchmark West Texas Intermediate crude lost 5.7%, or $4.75, to $78.74 a barrel. For the week Brent crude fell nearly 6% and WTI crude is down roughly 7%. Both benchmark contracts have now fallen for four consecutive weeks, the longest downtrend for crude since December 2021. At the close both were at their lowest levels since January of this year. This past Wednesday saw the Federal Reserve raise interest rates another 75 basis points, while also reasserting its commitment to quashing inflation. Additionally, more than 10 other global central banks also hiked their rates this week, while also committing to slaying inflation. It was too much for markets, as investors envisioned the aggressive monetary policy stance by so many global central banks sending the world into a deep recession. Meanwhile the U.S. dollar climbed to a two decade high, which is cutting into demand for crude already. A strong U.S. dollar makes crude more expensive for overseas buyers. Data indicates that the euro zone and U.K. may already be sinking into a recession. Chinese data has also been far weaker than expected in recent months. While growth remains satisfactory in the U.S. there are fears of spreading economic weakness sinking the U.S. into recession as well.
U.S. Daily Market Review
2022-09-23 13:52UTC
Stocks are in red after another  daily falling path.This resulted in higher concerns that the Fed’s rate surges will push the economy into a recession.The S&P-500 fell 0.8% to 3,757.99, while the Nasdaq Composite lost 1.4% to 11,066.81. The Dow Jones Industrial Average dropped 107.10 points lower, or 0.3%, at 30,076.68.Bond yields jumped again on Thursday, with the yields on the 10-year and 2-year Treasury notes notching fresh multiyear highs.MGM Resorts declined more than 7% and 6.6%.Wynn Resorts slipped 5% and also Marriott International dropped 5%.Goldman Sachs diminished its year-end outlook for the S&P 500.Airline stocks also took a hit, with shares of United, American Airlines and Delta down roughly 4% each.Shares of FedEx soared 2.8% in afternoon trading, recovering earlier drops after the company reported its fiscal first-quarter results.The U.S. benchmark oil price sunk to below $80 a barrel for the first time since January.  
European Daily Market Review
2022-09-23 06:38UTC
European stocks largely retreated today as investors digested a raft of central bank decisions. The French CAC-40 lost 1.96%, the German DAX fell 2.11% and FTSE-100 slipped 1.96%.This month, President Volodymyr Zelensky of Ukraine stated that Ukraine had assembled a team of bankers and researchers to solicit investments from private businesses to help pay for Ukraine’s recovery. Zelensky said that more than $400 billion of potential funds could be invested for what is effectively a Marshall Plan for Ukraine.The Bank of England also raise its rates by 50 basis points. This is the seventh consecutive rally. The Swiss National Bank also boosted its benchmark rate to 0.5%.Burberry (BRBY.L) finance chief Julie Brown will leave his office in April after more than five years in this position.The Russian rouble advanced to new multi-week highs while most stock markets tumbled fell in volatile trade as Moscow declared partita mobilization.    
Crude Oil Prices Tumbled
2022-09-23 06:25UTC
Oil prices are into a lower side this morning amid recession concerns and a rising USD.In addition, there are some fears over supply deliveries after Moscow's new mobilization report and an apparent no solutions in talks on reviving the Iran nuclear deal. Now, oil trades at $83.049, which is another loss of $0.441 or 0.53% from the previous close of 83.490.The daily trading range is from $82.790 to 83.901, while the trading volume is 22.069K.Following the Fed’s raise of 75 basis point on Wednesday for a third time, other central banks also followed this rising rates pattern. This could result in lower consumption of goods and services including oil.A top White House representative declared that developments to revive the 2015 Iran nuclear deal have ceased due to Tehran's unwillingness on the closure of the U.N. nuclear watchdog's checks.
Asian Daily Market Review
2022-09-23 01:58UTC
Asian markets are facing a sixth consecutive weekly decline as they trade lower one again on Friday following overnight losses on Wall Street. After the Federal Reserve delivered what could have been the most hawkish monetary policy statement yet investors have turned implacably bearish, sending equity markets all across the globe swooning lower. Japan’s Nikkei is unchanged as markets remain closed in Japan for a public holiday. There will be volatility when the market reopens though, as investors react to the Bank of Japan intervening to prop up the Yen for the first time since 1998. The issue for investors will be that the Yen remains near historic lows as the intervention does nothing to address the root cause of the Yen’s problems – Japan’s ultra-loose monetary policy. In Australia investors have returned from a mid-week holiday to send the S&P/ASX 200 1.4% lower, leading losses for the region. Shares of the big four banks are pacing losses from the broader market, with ANZ down 1.3%, NAB falling 1.7%, Commonwealth Bank dropping 1.8%, and Westpac retreating 1.4%. The major miners are providing some relief for the broader market however as BHP rallies 1.7% higher and Rio Tinto tacks on 2.7%. Mainland Chinese markets have opened mixed, with the benchmark Shanghai Composite edging slightly higher by less than 0.1%, while the smaller cap Shenzhen Composite falls 0.3%. Over in Hong Kong the Hang Seng paces the mainland with a 0.2% loss. In South Korea the Kospi is trading 1.1% lower, while Taiwan’s Taiex is down by 0.3%. Southeast Asian markets are also trending lower today as the KLCI in Malaysia is 0.3% lower and the Straits Times Index in Singapore is falling 0.8%.
Don't Write Off Nvidia Yet
2022-09-22 19:51UTC
Nvidia shares have been slammed lower this year as investors have broadly decided that the chip sector will be among the hardest hit by massive inflation and the possibility of a coming recession. Shares have lost 57% in 2022, including a 5.3% drop yesterday. Even the good news out of the company’s GTC event wasn’t sufficient to inject any positive sentiment into the stock. Nvidia announced the release of the GeoForce RTX 40 series of GPUs, which the company calls a “quantum leap” in graphics processing that will allow developers the ability to create fully simulated worlds. In addition, the H100 GPU, which has been touted as the most AI-focused GPU made by Nvidia, is in full production and will begin shipping to OEMs in October. Second generation OVX systems, designed for scaling out metaverse applications, are also in full production according to Nvidia CEO Jensen Huang. Those are just a taste of things to come, however investors remained negative on the stock despite the seemingly positive future. Sentiment has been pummeled by negative news, from the falling gaming sales to the government restrictions on exports of the H100 to China, and the possible loss of revenues related to Ethereum’s switch from proof-of-work to proof-of-stake. However, some analysts believe that to write off Nvidia now would be a critical error for investors. The launch of the H100 and RTX 40 series of processors is one of the biggest launches in GPU history. The stock may be beaten-down now, but soon enough the tide will turn, and if some analysts are correct shares could more than double in the coming 12 months.
U.S. Daily Market Review
2022-09-22 13:00UTC
Stocks are into a lower side after the major averages came off a day of massive drops, following another large rate hike from the Fed.The Dow Jones Industrial Average dropped 150 points, or 0.5%. The S&P-500 fell 0.7% and the Nasdaq Composite retreated 1.1%. A slew of airline and travel stocks, including United, American Airlines and Boeing entered in, falling 3% each. Marriott International, MGM Resorts and Booking Holdings also tumbled around 2%.Boeing declined more than 2% to lead the Dow lower. The number of officially off job Americans surged slightly last week but still is around a four-month bottom.The data from the Labor Department show reported that applications for the week ended Sept. 17 advanced to 213,000 from a revised figure of 208,000, seen last week.Mortgage rates rallied more than a quarter point this week and are still around at the highest level in 14 years.The average rate on the 30-year fixed mortgage jumped to 6.29% from 6.02% last week, as reported by the figures from to Freddie Mac.  
European Daily Market Review
2022-09-22 09:40UTC
AEuropean stocks lost some side today as the markets digested news from the U.S. Federal Reserve and Swiss central bank in regards to raising its rates.The German DAX fell 0.64%, the French CAC-40 lost 0.76% and FTSE-100 tumbled 0.24%.The Fed followed a third consecutive 0.75 percentage point rate hike yesterday.The Bank of England also decided to raise interest rates by 50 basis points, lower than the 75 basis point rise initially predicted.Pan-European bank Unicredit leads the way with a 6.4% jump in shares after Chief Executive Andrea Orcel reported that the bank would raise its guidance for the year.Shares of Deutsche Bank also marked an increase of 4.9%, after CFO James bon Moltke declared that the bank would approach 2023 “with caution” at a financial conference.Airbus SE secured a $4.85 billion deal to produce 40 airliners to a unit of China Southern Airlines Co.    
Gold Prices Fell
2022-09-22 06:46UTC
Gold prices retreated after an interest rate surge and hawkish message from the Fed. The rate hikes resulted in higher rate of the USD, which made the precious metals less attractive.Now, gold trades at $1660.61, which is another minor loss of $13.08 or 0.78% from the previous close of $1673.69.The daily trading range is from $1655.53 to 1673.70, while the trading volume is 137.748K.Powell’s remarks stimulated the USD to gain around 1% to a fresh 20-year peak.Fed Chair Jerome Powell declared that the Fed needed to take much more aggressive actions in order to fight against galloping inflation data. The yellow metal has retreated its status as a pure safe haven asset, after falling despite jumping concerns of a coming recession. Meanwhile, copper also dropped around 0.3% to $3.4260 a pound, after tumbling 2% yesterday. 
Asian Daily Market Review
2022-09-22 02:15UTC
Asian markets are trading broadly lower on Thursday morning following a sharp reversal on Wall Street overnight that saw major indices finish deep in negative territory. The reversal came following the latest Federal Reserve monetary policy statement, which saw the U.S. central bank raise interest rates another 75 basis points and warn that a recession may be the price needed in order to tame inflation. Japan’s Nikkei is 1.2% lower today, with the Yen trading back above the 144.00 level versus the U.S. dollar. Shares of Softbank Group are falling by 2.7% and Sony shares are 1.6% lower. Among the major exporters Toyota is managing a slight gain of 0.1%, while Panasonic shares are losing 1.2% and Canon retreats by 0.6%. In Australia the S&P/ASX 200 is unchanged as Australian markets remain closed today for National Mourning Day. With the index coming off a loss of 1.6% in the previous session tomorrow could be a major down day for the S&P/ASX 200, particularly if Asian markets continue trending lower for another session. Mainland Chinese markets are actually holding up fairly well today, with the benchmark Shanghai Composite losing 0.2% in early trade, while the smaller cap Shenzhen Composite is down by 0.3%. The same can’t be said for the Hong Kong market, where the Hang Seng is leading losses for the region with a drop of 2%. In South Korea the Kospi is trading 1.5% lower, and that’s being matched by a 1.5% decline in the Taiex in Taiwan. Southeast Asian markets  are holding up fairly well in the face of the overnight data, with the Straits Times Index in Singapore and the KLCI in Malaysia each losing 0.3%.
General Mills Remains Strong Despite Inflation
2022-09-21 22:06UTC
U.S. stock markets turned broadly negative yesterday following the Fed’s latest monetary policy statement, but some stocks remained buoyant. Many of these were in the consumer staples sector, which is more resistant to the effects of inflation on consumer spending. Topping the list was General Mills, with shares rising 5.7% to lead the S&P 500. That was the strongest daily percentage gain for the stock since March 2020 and also put the stock at an all-time high. Earnings for the quarter came in at $1.11 a share, above the consensus estimate of $1.00 a share. It’s also up from the $0.99 a share reported in the same quarter last year. Revenues were $4.72 billion, which was slightly above analyst estimates, and topping the $4.54 billion in sales reported in the same quarter last year. General Mills sells under such iconic brands as Cheerios, Pillsbury, Green Giant, and more. Thanks to price increases in the third quarter the food maker was able to offset rising costs related to transportation and supply chain issues. Helping sales was a shift by consumers to cooking at home more often to stretch budgets that have been hard hit by rising energy and food prices. Analysts believe that General Mills will remain resilient against inflationary pressures, thanks to its wide range of product offerings and price points. General Mills management says it expects consumers to become even more price conscious in the coming three quarters. The company raised guidance for net sales to rise by 6-7% in fiscal 2023 versus its prior expectations for a 4-5% increase. Shares of General Mills are up 18.3% in 2022 versus the 13% drop in the S&P 500.
U.S. Daily Market Review
2022-09-21 17:35UTC
Stocks added some ground as investors Аre focused on another possible interest rate hike from the Fed trying to control inflation data.The Dow Jones Industrial Average inclined 82 points, or 0.27%. The S&P-500 secured 0.44%, and the Nasdaq Composite added 0.36%.Shares of the food producer jumped 7% after the company announced greater than predicted quarterly profit. General Mills also raised its full-year sales forecast amid higher prices and and solid demand levels.Boeing will cut around 150 finance jobs across its sites in the United States this year as part of an effort to reduce its corporate force.According to its reported data, Boeing had a total workforce of close to 142,000 employees as of the end of 2021, with 12% located outside the U.S. The yield on the 2-year Treasury note reached above 4% for the first time since 2007 today as most analysts are concerned whether the Fed will need additional hikes.  
The USD Rallied
2022-09-21 11:37UTC
The USD jumped earlier today, soaring close to 20-year peak.This happens after the Russian President Vladimir Putin declared partial mobilization and raised tensions over Ukraine.Presently, the USD versus the Euro trades at 1.008 EUR, which is a further incline of 0.0052 or 0.52% from the previous close of 1.0031.The daily trading range is from 1.0026 to 1.0110. The USD Index secured 0.5% higher at 110.457, close to the two-decade peak of 110.79.Russian President Vladimir Putin declared mobilization of the country's 2 million strong military reserve.This is a confirmation that he deserves those to annex those parts of Ukraine currently under Russian rule. Putin even declared that he could to use th nuclear arsenal to defend his conquests in Ukraine."If Russia’s territorial integrity is threatened we will use all means at its disposal. This is not a bluff," Putin said.The USD was also stimulated from the largely expected  Fed’s rate hike of least 75 basis points later Wednesday.
European Daily Market Review
2022-09-21 10:20UTC
European markets added some ground today as the markets are focused on the possible another aggressive interest rate hike from the Fed.In addition, markets digested the report of Russia's first mobilisation since World War Two.In fact, Russian President Vladimir Putin declared a partial military mobilization.Qatar airways’ CEO H.E. Akbar Al Baker on Wednesday stated that the company will continue its operations to Russia as long as it safe to fly.The German DAX added 0.05%, the French CAC-40 inclined 0.24% and FTSE-100 soared 0.75%.The pan-European Stoxx 600 secured0.4% higher by late morning. Travel and leisure stocks dropped 1.5% while oil and gas stocks jumped 2.3% to lead gains.The costs of Europe’s energy crisis is close to 500 billion euros ($496 billion).In the meantime, crude prices advanced amid supple fears over the escalation of the war in Ukraine.    
Oil Prices Into Recovery
2022-09-21 06:05UTC
Oil prices regained some ground earlier today amid supply fears.The head of Saudi state oil giant Aramco alarmed that the global oil production capacity may be quickly used up when the global economy enters into recovery.However, forecasts of additional aggressive U.S. interest rate hike limited the rising path as investor fears of a possible recession are likely to negatively impact the demand levels.Now, oil trades at $84.425, which is an addition of $0.170 or 0.20% from the previous close of $84.255.The daily trading range is from $83.464 to 84.486, while the trading volume is 23.826K.The White House announced that is not seeing a strong case for a breakthrough on reviving the 2015 Iran nuclear deal at this week's U.N. General Assembly.The Fed is is very estimated to raise rates by 75 basis points for the third time in a row later today.The USD also moved around the two-decade peak versus the main pairs, making oil more expensive for non USD holders.
Asian Daily Market Review
2022-09-21 01:46UTC
Asian markets are broadly lower on Wednesday morning following another losing session on Wall Street overnight. Investors are cautious and somewhat rattled ahead of tomorrow’s Federal Reserve monetary policy statement, and that’s being reflected in the negative sentiment. Also weighing is yesterday’s data from Japan showing consumer inflation holding at an eight year high. Japan’s Nikkei is trading 1% lower today, with the Yen weakening modestly against the U.S. dollar today. Shares of Softbank Group trade 0.8% lower, while Sony shares are falling 1%. Among the major exporters Toyota is falling 2%, Panasonic has a 0.5% loss, and Canon shares trade 1% lower. In Australia the S&P/ASX 200 is leading losses for the region as it falls 1.3% late in the trading session in Sydney. The big four banks are trading in-line with the drop in the major index, with ANZ shares 1.3% lower, NAB dropping 1%, and Commonwealth Bank and Westpac each losing 1.1%. The major miners are doing far worse however as BHP retreats by 2.5% and Rio Tinto eases 3.4% lower. Mainland Chinese markets have opened to modest losses with the benchmark Shanghai Composite dropping 0.3% and the smaller cap Shenzhen Composite falling 0.5%. Meanwhile over in Hong Kong the Hang Seng is outpacing losses on the mainland with an early drop of 1.1%. In South Korea the Kospi has a loss of 0.8%, while Taiwan’s Taiex is holding up fairly well with a loss of 0.4%. Southeast Asian markets are also broadly lower today, with the Straits Times Index in Singapore dropping 0.4% and the KLCI in Malaysia losing 0.6%.
Ford Shares Suffer Worst Drop In Over A Decade
2022-09-20 20:33UTC
Ford Motor became the latest victim of bad news being delivered to the market, with shares falling 12.3% after the automaker pre-released a part of its third quarter financial results. Management also warned of $1 billion in unexpected supplier costs. The drop in shares was the worst daily performance for Ford shares since 2011. Shares closed at $13.09 and the drop erased roughly $7 billion from Ford’s market capitalization. The last time that Ford shares suffered such a massive drawdown was on January 28, 2011 when shares plunged 13.4% after the automaker reported disappointing fourth quarter earnings. At the time shares closed the day at $16.27. Ford said that a shortage of parts is delaying delivery for 40-45,000 high margin vehicles. Not only is this preventing Ford from collecting revenue on those vehicles, it has also led to increased costs. In the early third quarter report Ford said it expects to have adjusted earnings in the range of $1.4 billion to $1.7 billion. Analysts had been expecting earnings of $3 billion for the quarter and naturally the shortfall led to a sell off. Ford claims the shortfall is largely due to inflation related increases in supplier costs totaling $1 billion. One silver lining for Ford is that the news has not led to any major analyst downgrading Ford shares, though a number did express surprise. Until now the perception was that Ford was avoiding cost increases better than many of its peers. It was also thought that supply chain issues were receding in the third quarter. Analysts also questioned if this is a Ford specific issue or something that needs to be considered for the broader automotive industry.
U.S. Daily Market Review
2022-09-20 15:01UTC
Stocks are in red today as the Fed launched its two-day policy meeting.The Dow Jones Industrial Average dropped 340 points, or 1.1%. The S&P-500 lost 1% and the Nasdaq Composite retreated 0.7%.The yield on the 10-year Treasury traded at 3.593%  near levels not seen marked during the last decade.Shares of Ford Motor Co (F.N) tumbled 10% after company flagged a larger than estimated $1 billion hit from inflation and pushed delivery of some vehicles to the fourth quarter due to  missing parts.U.S. homebuilding unexpectedly advanced in August amid higher rents. These were boosted by the construction of multi-family housing to its peak of the last 36 years.Moderna, the vaccine makers share further fell 2% this this morning, after sliding yesterday on President Joe Biden’s comment that the pandemic was “over.” BioNTech dropped 2.4% in premarket trading.  
European Daily Market Review
2022-09-20 09:01UTC
European markets were into a volatile mode, having hard time  to build on the previous session’s gaining mode.The German DAX fell 0.15%, the French CAC-40 dropped 0.22% and FTSE-100 gained 0.26%.European shares advanced today, boosted by the banking sector.The pan-European Stoxx-600 hovered marginally below the flatline in early trade.Switzerland’s imports of Russian gold jumped to its peak of the last two years.About 5.7 tons, which counts for over $320 million of the Russian yellow metal was imported by the refining hub in August, as reported by the Swiss Federal Customs Administration. Sweden’s Riksbank on Tuesday started 100 basis point hike to interest rates, taking its main policy rate to 1.75%.European natural gas prices further tumbled as politicians intensified efforts to stave off an energy crisis.Benchmark futures lost close to 7% for a fourth session of declines, the longest run since July.    
Gold Prices Partly Advanced
2022-09-20 07:11UTC
Gold prices partly surged earlier today but kept to a tight range marked this week.This is the case as investors held off from making big bets ahead of a U.S. Fed’s meeting that could result in higher rates.Now, gold trades at $ 1673.66, which is a minor loss of $1.80 or 0.11% form the previous close of 1675.46.The daily trading range is from $1670.10 to 1679.51, while the trading volume is 72.625K.Pressure on the precious metal partly ceased after the US edged lower. Still however, the greenback is just around 20-year highs.In the meantime, U.S. Treasury yields rallied just ahead of an interest rate decision by the Fed. A series of rate raises by the Fed has made gold came off from its peaks, seen during the war days in Ukraine.Meanwhile, the other precious metals also gained some side today, with platinum and silver futures both recovering from lows.
Asian Daily Market Review
2022-09-20 01:40UTC
Markets are rising across Asia on Tuesday morning after a late afternoon recovery on Wall Street allowed U.S. indices to snap a two session losing streak. However, investors still have the upcoming Federal Reserve monetary policy statement to contend with, as well as monetary policy from a dozen other central banks, including the Bank of Japan. Japan’s Nikkei is trading 0.6% higher today as the Yen remains weak in anticipation of the Bank of Japan holding to its negative interest rate policy. Shares of Softbank Group are 1% higher, while Sony shares are trading 0.4% lower. Among the major exporters Toyota is rising by 1.7% and Canon has a 1.1% gain, but shares of Panasonic are retreating by 0.3%. In Australia the S&P/ASX 200 is 1% higher to lead gains for the region. The big four banks are performing strongly today to support the market gains, with ANZ up by 1%, NAB adding 1.5%, Commonwealth Bank advancing 1.7%, and Westpac trading 1.5% higher. The major miners are also performing well today, with BHP up 1.6% and Rio Tinto advancing 1.1%. Mainland Chinese markets have opened to solid gains as well, with the benchmark Shanghai Composite rising 0.4% at the open, while the small cap Shenzhen Composite is tacking on 0.6%. Over in Hong Kong the Hang Seng is outpacing the mainland gains with a 0.7% advance. In South Korea the Kospi is gaining 0.5% and in Taiwan the Taiex is trading 0.6% higher. Southeast Asian markets are also rising in early trade, with the KLCI in Malaysia and the Straits Times Index in Singapore each adding 0.5%.
Moderna Shares Fall After Biden Says Pandemic Is "Over"
2022-09-19 21:47UTC
Shares of pharmaceutical company Moderna led losers in the S&P 500 and the Nasdaq on Monday despite a broad rally on Wall Street that snapped a two session losing streak as investors wait to hear from the Federal Reserve this Wednesday. Modern shares finished the day 7.1% after President Biden said that the pandemic is over during an interview with 60 Minutes that was aired on Sunday. Shares of other companies with profitable ties to the COVID pandemic also finished the day lower. Moderna has profited heavily from its COVID-19 vaccine, and is expected to book $21 billion in revenues in 2022. However the future looks less rosy, with sales of the Moderna COVID vaccine expected to be cut in half in 2023. Unfortunately for the pharma company that vaccine is currently its only money maker. Moderna has seen its shares fall by more than 70% from an all-time high of $458.50 and almost 50% in 2022 alone as investors have been anticipating this drop-off in revenue once the pandemic is behind us. However, Moderna still feels it will continue to do well in 2023. It expects demand to remain strong from China, and despite President Biden’s comment there are still some 60,000 daily COVID cases in the U.S. That could keep the revenues flowing for Moderna. There have also been rebuttals to Biden’s comment, with a number of experts saying that the pandemic is far from over, and that President Biden was simply playing a political card. With the mid-term elections just around the corner, Biden does have a political motivation to inspire optimism for his party by claiming the pandemic is over.
U.S. Daily Market Review
2022-09-19 15:33UTC
Stocks are into a dynamic mode during a volatile trading session just ahead of the Federal Reserve’s two-day policy meeting later this week.Wall Street's main indexes are in red the third straight session led by losses in healthcare and energy stocks.The Dow Jones Industrial Average traded 70 points, or 0.22% higher. The S&P-500 and Nasdaq Composite advanced around 0.2% each.The main attention is turned on the Fed’s policy meeting slated to begin Tuesday.The 10-year Treasury yield topped 3.5% on Monday, its peak level of the last 11 years.The Fed may be done its aggressive tightening campaign soon, investors have begun dumping stocks again on fears the central bank will follow such rising actions sooner than expected and could force the economy into a recession.AutoZone rallied almost 4% in premarket action after the company announced higher than predicted profit and revenue for its latest quarter. AutoZone’s same-store sales jumped more than 6% versus an year ago.  
European Daily Market Review
2022-09-19 11:14UTC
European Daily Market ReviewEuropean markets lost some ground today, after a tough week.European stocks retreated after their largest loss of the last quarter. The U.K. stock market is closed Monday for the funeral of Queen Elizabeth II.The pan-European Stoxx-600 dropped 2.89% last week.The German DAX fell 0.67%, the French CAC-40 lost 1.32% and FTSE-100 retreated 0.62%.The GBP depreciated versus a strong USD, moving close to its peak of last week's 37-year low.Two major French TV groups declined on abandoning their merger plans, in a dour start to a week that could see a large interest rate hike by the Fed.German arms manufacturer Rheinmetall surged after reporting that it had won an order for special vehicles for the German armed forces.Porsche shares advanced 3% in early trade Monday after Volkswagen stated that hopes for for a valuation of up to 75 billion euros for its luxury brand.European natural gas futures sunk to their weakest mark of the last two months as nations intensify efforts to ease the energy crisis.     
Oil Prices Are Into Recovery
2022-09-19 07:17UTC
Oil prices retreated this morning amid issues over a global recession.This is the cause of fears over fuel demand advance could move to a lower gear though supply worries.Presently, oil trades at $84.104, which is a decline of $1.167 or 1.37% from the previous close of $85.271.The daily trading range is from $84.039 to 86.206, while the trading volume is 25.17K.U.S. West Texas Intermediate (WTI) crude futures for October delivery was at $84.46 per barrel, a loss of 65 cents, or 0.8%. Last week, oil futures fell more than 1% on fears over another interest rate hike by the Fed.The USD entered into a bullish path earlier today as the markets predicts that the Fed could raise rise across the globe.The higher rate of the USD makes dollar-denominated commodities more expensive. Despite fears of dampening fuel demand, ongoing supply concerns capped price declines. Removing COVID-19 limitations in China implied in some optimism over the course of demand for oil.Nigeria’s Shell's 200,000 barrels per day Bonga deep water storage and offloading vessel is is planned for maintenance.   
Asian Daily Market Review
2022-09-19 01:40UTC
Asian markets are trading mostly lower on Monday morning as investors across the region brace for the avalanche of central bank money policy decisions due out this week. Of course the Federal Reserve decision will be closely watched, with the central bank expected to deliver a 75 basis point rate hike. Besides the Fed, there will be monetary policy decisions coming from 12 other central banks, with most expected to raise rates. Trading did get off to a slow start on Monday as Japan’s markets are closed for a public holiday. The island nation is also riding out a massive tropical storm, with flood warnings issued in Tokyo. In Australia the S&P/ASX 200 is clinging to small gains, trading higher by 0.2% late in the afternoon in Sydney. The big four banks are mixed today as ANZ creeps higher by 0.1% and Commonwealth Bank adds 0.7%, while NAB shares are falling 0.6% and Westpac is edging lower by less than 0.1%. The major miners are helping to keep the broader market afloat, with BHP advancing 0.7% and Rio Tinto gaining 0.9%. Mainland Chinese markets have opened flat, with the benchmark Shanghai Composite inching lower by less than 0.1% and the smaller cap Shenzhen Composite unchanged. Over in Hong Kong the Hang Seng is outpacing the losses on the mainland and is falling by 0.4%. In South Korea the Kospi is losing 0.2% and in Taiwan the Taiex has a slight loss of less than 0.1%. Southeast Asian markets are mixed as the KLCI in Malaysia is leading losses for the region with a drop of 1.2%, but the Straits Times Index in Singapore is edging higher by less than 0.1%.
FedEx Shares Plunge On Poor Performance And Recession Warning
2022-09-16 20:36UTC
Friday was another down day on Wall Street, with the losses driven by a dire report from transport company FedEx that forecasts a coming global recession. While losses for the broader indices were fairly modest, the same can’t be said for FedEx itself. FedEx shares ended the day 21.4% lower at a new 52-week low of $161.02 a share as investors reacted to the recession warning, and far worse third quarter financial results that expected. Putting the final insult on the day, FedEx management withdrew its full year guidance. FedEx management reported significant weakness in both Asia and Europe as part of its release. They also said that costs have grown too high given the slowing global economy. While the company had been scheduled to report its third quarter results, it delivered those results on Friday instead. They were quite dire. Earnings came in at $3.44 a share adjusted, versus the $5.14 a share expected. Revenues were $23.2 billion versus $23.59 expected. The forecast for the coming quarter was even worse, with management expecting $2.75 a share in earnings versus analyst expectations of $5.48 a share. Transport stocks are thought of as leading indicators for the economy, and FedEx in particular is considered a bellweather for the market. That’s why major indices struggled on Friday following the recession warning from FedEx. The announcement also mirrors investor’s fears of a weakening economy and coming recession. Interest rate hikes from the Federal Reserve to bring inflation under control have led to weekly losses for major U.S. equity indices in four of the past five weeks, with little relief in sight as another 75 basis point rate hike is expected next week.
Asian Daily Market Review
2022-09-16 12:06UTC
Asian markets finished the week on a negative note, falling after a losing session on Wall Street as inflation concerns continue to weigh on investor sentiment across the region. Continued efforts by global central banks have investors on high alert for a coming global recession, and Friday’s action also saw weakness from mining, energy, and materials stocks as crude oil and ore prices fell. Japan’s Nikkei ended the day 1.1% lower, with the Yen remaining weak versus the U.S. dollar. Shares of Softbank Group bucked the falling trend with a 0.4% advance, while Sony shares dropped 0.6% lower. Among the major exporters Toyota shares fell 0.5%, Panasonic retreated 0.4%, and Canon edged modestly lower by 0.2%. In Australia the S&P/ASX 200 dropped by 0.5% as losses for the mining and energy sectors weighed on the broader market. In the banking sector the big four banks were mixed, with ANZ falling 0.8%, and Commonwealth Bank losing 0.9%, while NAB advanced 0.5%. Shares of Westpac were nearly flat, inching down by less than 0.1%. Among the major miners BHP fell 1.8% and Rio Tinto retreated 2.3%. Mainland Chinese markets led losses for the region, with the benchmark Shanghai Composite and the smaller cap Shenzhen Composite each falling 2.3%. Over in Hong Kong the Hang Seng performed marginally better, losing a more modest 0.9%. In South Korea the Kospi fell 0.8% and in Taiwan the Taiex ended the day 0.7% lower. Southeast Asian markets finished the day  in better shape, with the Straits Times Index in Singapore nearly unchanged as it inched higher by less than 0.1%, while the KLCI in Malaysia edged lower by less than 0.1%.
U.S. Daily Market Review
2022-09-16 10:58UTC
The main U.S. stock dropped today as Wall Street headed toward a big falling side week.The Dow Jones Industrial Average fell  306 points, or 1%. The S&P-500 and Nasdaq Composite retreated 1.2% and 1.6%, accordingly.The Federal Reserve’s higher rates campaign has negatively impacted the activity in commercial real estate markets.A massive sell-off across U.S. equity markets that placed all three major averages into weekly losses. Shares of FedEx tumbled 24% after the shipments company removed its full-year guidance and declared that it will implement cost-cutting policies.Oil prices rallied today but were still set for a third straight week of retreats as macroeconomic low performance weighs on the market. U.S. consumer sentiment surged modestly in early September as gas prices continued to lose ground.The University of Michigan’s consumer sentiment index jumped to 59.5 in September, a rise from the August reading of 58.2.  
European Daily Market Review
2022-09-16 07:26UTC
European shares are in red today as recession warnings and forecasts of a large interest rate hike from the Fed.European equities tumbled for the fourth day as investors predicted largely high inflation. The German DAX fell 1.42%, the French CAC-40 slipped 1.14% and FTSE-100 lost 0.41%. The pan-European Stoxx 600 declined 1.2% in the first hour of trading with most industries are into a falling side.UK retail sales dropped at the biggest rate of the last in eight months in August amid further rising cost-of-living.Germany took control of the local unit of Russian oil major Rosneft PJSC as the German government wants to take sweeping control of its energy industry.Moscow could decrease its interest-rate to a halt in the face of risks to inflation. The central bank is very likely to generate in the smallest cuts since the launch of the war in Ukraine.The GBP has depreciated versus the USD this year on a combination of greenback gains and U.K. recession warnings.      
Gold Prices Into Weekly Losses
2022-09-16 07:09UTC
Gold partly shifted and were set for large weekly retreats amid rising forecasts of additional interest rate hikes by the Fed stimulated the rate of the USD.Now, the yellow metal trades at $1662.18, which is a decline of $2.82 or 0.17% from the previous close of $1665.The daily trading range is from $1659.22 to 1667.58, while the trading volume is 82.542K.Estimated of an at least 75 basis point rate advance by the Fed jumped after U.S. inflation showed little signs of falling down in August. Gold retreated from highs hit during the onset of the war in Ukraine, as a series of interest rate hikes by the Fed.There are some concerns over a global economic downfall which also affects the demand for the precious metals. 
Netflix Shares Outperform On Positive Sentiment
2022-09-15 20:22UTC
Shares of streaming video leader Netflix rose 5% on Thursday to lead gains for the Nasdaq on what was otherwise a negative day for the index and other technology stocks. The stock was also the fourth-best performing issue in the S&P 500, only outdone by Paramount Global, Wynn Resorts and Humana. The rally has two sources. First of all, investors are still reacting to the forecast delivered on Wednesday that the free ad-supported tier of Netflix will have 40 million users globally by this time next year. Also, Evercore ISI Group analyst Mark Mahaney upgraded Netflix shares to Outperform from In-line while also raising his price target to $300 from $245. News of Netflix’ expectations for subscribers to the ad-supported version of its streaming platform came out of a meeting between Netflix executives and partner Microsoft with potential ad buyers. Netflix reportedly told ad buyers that it expects to have 4.4 million subscribers to the ad-supported platform by the end of 2022. Furthermore, they also said 1.1 million of those would be from the U.S. The company went on to project 40 million subscribers by the third quarter of 2023, with 13.3 million coming from the U.S. Not all analysts are bullish on Netflix however. On Wednesday Benchmark analyst Matthew Harrigan reiterated a Sell rating on the stock, claiming Netflix has unreasonable expectations for ad pricing given the weak advertising environment and the company’s own inexperience dealing with ad buyers. Netflix shares closed Thursday at $235.38, but are still down 61% since the start of the year. That said, shares are also nearly 40% above the May lows in the $160 to $165 range.
U.S. Daily Market Review
2022-09-15 10:07UTC
U.S. stock markets are in red as investors mulled over several economic reports that showed a moody mode of the U.S. economy.The Nasdaq Composite declined 1.4%.The S&P-500 dropped 1.1%. The Dow Jones Industrial Average tumbled 173 points, or nearly 0.6%, for its weakest level of the last  two months.Goldman Sachs added 1% and JPMorgan also gained 1%.Initial jobless claims rallied more than predicted but import prices saw a smaller drop than estimates suggested. Retail sales came in above estimates but were negative when excluding autos. The latest consumer price index data from the Labor Department demonstrated that price of everyday goods, including fuel, food and rent, advanced more than 8% in August versus last year.The average rate for a 30-year fixed mortgage topped 6% this week, its peak since 2008.Freddie Mac declared that its latest Primary Mortgage Market Survey implied in the average rate for the benchmark 30-year fixed note rose again this week to over 6%.  
European Daily Market Review
2022-09-15 08:25UTC
European   markets managed to partly register some advance.European indexes were supported by banks, as markets showed some signs of recovery from a sharp selloff.The German DAX added 0.34%, the French CAC-40 soared 0.10% and FTSE-100 rallied 0.60%.The pan-European Stoxx-600 slipped 0.34% through the first hour of trading, as banking stocks added 1.75%. The euro zone bank index rallied to its peak since June 10. German energy giant Uniper pared back some of its early gains a day after announcing it was in nationalisation talks. U.K. tech company Oxford Nanopore surged 6.5% just after 9 a.m. London time.Natural gas prices jumped again as traders weighed if Europe’s actions to contain the energy crisis will be adequate.Wizz Air Holdings Plc is about to purchase 75 Airbus SE narrow-body jets. This happens as the airliner discount doubles down on its rapid growth plan in a challenge to leader Ryanair Holdings Plc.     
Crude Oil Prices Advacned
2022-09-15 07:00UTC
Oil prices surged today as the market handled low demand levels with supply issues amid a looming rail stoppage in the United States.Now, oil trades at $88.566, which is a minor decline of $0.394 or 0.44% from the previous close of $88.960.Brent crude futures inclined by 2 cents to $94.12 a barrel by 0324 GMT.The market has been concentrated on the demand side.The possibility of U.S. rail stoppage due to an ongoing labor issues is also adding support to the market. Three unions are into negotiating for a new contract. In fact, rail shipments, are vital for crude and product deliveries.The International Energy Agency (IEA) declared yesterday Wednesday that predicts a widespread switching from gas to oil for heating purposes, saying it will average 700,000 barrels per day (bpd) in October 2022 to March.Reported data from the Energy Information Administration implied in that U.S. crude and distillate inventories gained more than the forecasts.Meanwhile, forecasts for further Fed rate hikes will continued to add some negative pressures on the markets
Asian Daily Market Review
2022-09-15 02:06UTC
Asian markets are moving modestly higher on Thursday morning following the overnight gains made on Wall Street. Investors are weighing the probability of large interest rate hikes in the U.S. and becoming more used to the notion, however markets do remain somewhat fragile still. There is some relief in the fact that U.S. producer prices fell for a second consecutive month. Japan’s Nikkei is trading slightly higher by 0.2% as the Yen is recapturing some of its prior session losses versus the U.S. dollar. Shares of Softbank Group are 0.6% higher today, while Sony is tacking on 1%. Among the major exporters Toyota is edging lower by 0.1%, Panasonic is modestly higher by 0.2%, and Canon is adding 0.5%. In Australia the S&P/ASX 200 is leading gains for the region with a 0.5% increase heading into the closing hour of trade in Sydney. The big four banks are giving the broader market a large boost today, with shares of ANZ rallying 1.9% higher, NAB and Westpac each advancing 1%, and Commonwealth Bank adding 0.6%. The major miners are also contributing to gains, with BHP trading 1.4% higher and Rio Tinto tacking on 0.9%. Mainland Chinese markets have opened mixed, with the benchmark Shanghai Composite edging up by 0.1% while the smaller cap Shenzhen Composite inching lower by less than 0.1%. Over in Hong Kong the Hang Seng is outperforming the mainland with a gain of 0.5%. In South Korea the Kospi is slightly higher by 0.1%, while the Taiex in Taiwan is holding a modest gain of 0.2%. Southeast Asian markets are doing well, with the Straits Times Index in Singapore and the KLCI in Malaysia each trading 0.4% higher today.
Starbucks Shares Brew Gains On Restructuring Plans
2022-09-14 20:15UTC
Starbuck’s shares ran on a caffeine fueled high Wednesday as investors digested the delicious brew delivered on the prior day during the coffee company’s highly anticipated Investor’s Day. Shares were in the top five gainers for both the Nasdaq and S&P 500, gaining an impressive 5.5% on a mostly positive day for major U.S. indices. The enthusiasm from investors is in response to an ambitious restructuring proposal from Starbucks meant to boost profits, improve margins, and accelerate the long-term growth of the company. The restructuring is expected to take three years and will focus on restructuring Starbuck’s coffee shop workflows, capitalizing on new fads like Gen Z’s fascination with cold brew coffee, and expansion into key international markets. There are also plans to invest heavily into automation and technology, and to address labor relations in an effort to shore up the unionization efforts at stores. The compelling part of the plan is that it takes advantage of opportunities that have been present for some time. Analysts have stated that the plan is well thought out and will make good use of technology and automation that management is taking very seriously. Management also updated its long-term guidance as part of Investor’s Day. It is now forecasting adjusted earnings will grow 15-20% annually through 2025. It is also anticipating global revenue growth of 10-12%, up from the previous forecast of 8-10%. Executives also expressed optimism that margin expansion should continue to see improvement during the restructuring. Starbuck’s shares are currently near the middle of its 52-week range, but they also trade at a 20.7% loss since the start of the year. This could make the stock a compelling opportunity.
U.S. Daily Market Review
2022-09-14 14:24UTC
U.S. stock indexes edged higher today following a massive selloff in the previous session after red-hot inflation data.At the start of the session the S&P-500 added 0.3%, the Dow inclined 0.1%, and the Nasdaq gained 0.3%.The 2-year Treasury yield jumped, along with market forecasts for what level the Federal Reserve will take its fed funds rate to before it stops raising rates.The 2-year yield marked 3.80% Wednesday, its peak level since November, 2007.Apple and Johnson & Johnson advanced more than 1%.On the other side, Honeywell and Boeing tumbled around 1% each.The global mountain of debt in USD dropped for the first time since 2018 as the greenback appreciated and major central banks boosted borrowing costs.  
European Daily Market Review
2022-09-14 08:34UTC
European markets partly decline today as investors reacted to the latest inflation data out of the U.S.European shares dropped at the start of the session after larger than predicted U.S. inflation cemented verdicts of a large interest rate hike by the Federal Reserve as early as next week.The German DAX slipped 0.31%, the French CAC-40 lost 0.31% and FTSE-100 fell 0.90%.Ukrainian forces have regained their control of around 8,000 square kilometers (around 3,088 square miles) of land since the beginning of the month, as reported by the Ukrainian President Volodymyr Zelensky. US Secretary of State Antony Blinken is worried that Moscow could try to “stir the pot” between Armenia and Azerbaijan “to create a distraction." The pan-European Stoxx-600 declined 0.2% in early trade, with basic resources and energy stocks slipping 1% to lead the falling path.European Commission President Ursula von der Leyen outlined the plans to provide around 140 billion euros ($140 billion) as part of an initiative to fights against the most severe energy crisis of the last decades.The UK inflation figures have moved to a lower side. In reality, inflation data sunk to 9.9% in the 12 months to August, from 10.1% in July, according to the Office for National Statistics (ONS).     
Gold Prices Surged Above $1700
2022-09-14 07:08UTC
Gold prices preserved its level just above the $1,700 is still under pressure after higher than predicted U.S. inflation data pointed to more USD advanced in the coming weeks.Now, gold trades at $1703.55, which is a further rise of $1.52 or 0.09% from the previous close of $1702.03.The daily trading range is from 1697.10 to 1705.07, while the trading volume is 132.466K.Spot gold was steady around $1,701.87 an ounce, while December gold futures lost 0.3% to $1,712.25 per ounce by 19:21 ET (23:21 GMT). The U.S. consumer price index rallied more than predicted in August, indicating in that the Fed will carried out with raising its interest rates.The USD advanced after the CPI data, soared close to 1.8% and recovering back up to near 20-year highs.In the meantime, silver futures plummeted 0.9%, while platinum lost 0.2%.
Asian Daily Market Review
2022-09-14 01:51UTC
Asian markets are skidding lower Wednesday morning following the worst daily performance since June 2020 on Wall Street overnight. Markets there got slammed lower by the news that consumer inflation continues to run hotter than expected, leaving it obvious that the Federal Reserve will be raising interest rates by 75 basis points next week, and possibly even by a full percentage point. Japan’s Nikkei is 2.2% lower, even though the Yen is once again weakened to above 144 against the U.S. dollar. Shares of Softbank Group have dropped 3.4% and Sony shares are matching that with their own 3.4% fall. Among the major exporters Toyota is down by 1.1%, Panasonic is losing 2.4%, and Canon trades 0.5% lower. In Australia the S&P/ASX 200 is leading losses for the region with a drop of 2.7%. Shares of the big four banks are falling along with the broader index. ANZ shares are 2.1% lower, NAB is down 3.1%, Commonwealth Bank is off by 3%, and Westpac shares are falling 2.1%. The major miners are heavily under pressure as well, with BHP losing 1.6% and Rio Tinto dropping 1.8%. Mainland Chinese markets have opened to more modest losses, but the benchmark Shanghai Composite is still down 0.8%, while the smaller cap Shenzhen Composite is retreating 1.1%. Over in Hong Kong the Hang Seng is outpacing the mainland’s losses with a fall of 2%. In South Korea the Kospi is trading 1.7% lower, matched by a similar 1.7% drop for the Taiex in Taiwan. Southeast Asian markets are seeing more modest losses too, with Malaysia’s KLCI down 0.5% and the Straits Times Index in Singapore off by 1%.
Inflation Data Pummels U.S. Stocks
2022-09-13 20:23UTC
U.S. markets snapped a three session rally violently on Tuesday, plunging and erasing three sessions worth of gains in response to the latest consumer inflation data from the U.S. Investors were remaining cautiously optimistic on Monday regarding the latest U.S. consumer price index (CPI), however that optimism was shown as hollow when the latest data showed U.S. inflation running at an 8.3% annual pace in August. While that was slightly below the 8.5% pace clocked in July, it was well above what economists and analysts were expecting. The upshot for markets is that the data almost guarantees another 75 basis point rate hike from the Federal Reserve next week and likely again in November. There are even bets on now that the Fed will deliver a full 1 percentage point increase at next week’s meeting, with the CMEs FedWatch tool assigning a 28% probability to that outcome, up from 0% on Monday. Technology stocks were some of the hardest hit names during the selloff.  The technology subsector of the S&P 500 was 5.4% lower on the day, while the technology-heavy Nasdaq fell 5.2% and had no names finish in positive territory. Semiconductor names Nvidia and Advanced Micro Devices were the worst and third worst performers in the Nasdaq as the former fell 9.5% and the latter ended the day 9% lower. Between them was social media company Meta Platform, with shares down 9.4%. Netflix was also one of the days biggest losers as its shares dropped 7.8%. The consumer discretionary sector was also pummeled, trading 5.2% lower on the day. Amazon, the largest component of the market weighted index, lost 7.1% for the day.
The USD Is Into A Retreat
2022-09-13 15:13UTC
The USD lost some side during the  European trading hours just ahead of the largely expected U.S. inflation data.Presently, the USD versus the Euro trades at 0.999 EUR, which is a recovery of $0.0113 or 1.14% from the previous close of 0.9878.The daily trading range is from 0.9819 to 0.9992.The USD Index slipped 0.3% adding to the falling path from the 20-year high of 110.79, marked last week. The market focus is now on the August U.S. consumer price index at 08:30 ET (12:30 GMT).The markets are currently factoring just around 90% possibility that the Federal Reserve will raise its interest rate by 75 basis points.The Office for National Statistics declared that only 40,000 net jobs were created in the period, a loss from 160,000 in the three months through June.  
U.S. Daily Market Review
2022-09-13 13:16UTC
Stocks are in red today after a key August inflation report came greater than predicted, boosting the investor optimism amid falling prices. The Dow Jones Industrial Average dropped 818 points, or 2.5%. The S&P-500 slipped 2.9%, and the Nasdaq Composite retreated 3.6%. Facebook-parent Meta lost 5.5% and Caesars Entertainment declined 5.7%.Consumer prices soared more than 8% over the course of last year in August.The Consumer Price Index (CPI) in August reflected an 8.3% increase over last year and a 0.1% increase over the prior month, the Bureau of Labor Statistics reported Tuesday. Oil prices are likely to advance as demand outpaces supply and alternative energy sources such as natural gas and renewables fail to plug the gap, as announced by JPMorgan Chase & Co.U.S. Treasury yields largely advanced after surprisingly great inflation data cemented investors’ predictions that the Federal Reserve will deliver another rate hike.  
European Daily Market Review
2022-09-13 07:32UTC
European stocks added some side as global markets jumped for the latest reading of U.S. inflation.The German DAX added 0.25%, the French CAC-40 rallied 0.42% and FTSE-100 0.12%.British grocery delivery firm Ocado led early European equity falls after predicting a small retreat in sales for 2022.The Office for National Statistics attributed the change to a rise in long-term sickness designations and students coming out of the labor market.Natural gas prices tumbled for a third day as the European Union pushes ahead with its market interventionwith the hope to solve the worst energy crisis of the last decades.Germany is about to create a fund designed to assists the economic downfalls from the pandemic to provide loan guarantees for struggling energy firms.State development bank KfW is expected to be employed to manage the whole process and the volume funds of around 67 billion euros ($67.9 billion).     
Gold Prices Slightly Increased
2022-09-13 06:45UTC
Gold prices slightly rallied, but still managed to preserve the recent gaining mode. This is the case as the markets are focused on additional signs that U.S. inflation was moving away from peaks hit this year. Now, gold trades at $1722.40, which is a small decline of $2.14 or 0.12% from the previous close of 1724.54.The daily trading range is from $1719.90 to 1727.46, while the trading volume is 63.366K.Spot gold inclined around 0.1% to $1,725.70 per ounce.The USD further dropped, with the USD index falling 0.1% after five consecutive days of losses. U.S. CPI inflation data, is coming out at 8:30 ET (12:30 GMT) on Tuesday, is likely to demonstrated inflation eased to an annual rate of 8.1% in August versus the the prior month’s data.The Fed is very expected to raise interest rates at a steep pattern for the remainder of the year.This is widely estimated to stimulate the USD and Treasury yields, while keeping gold prices under pressure at least in the near-term.
Asian Daily Market Review
2022-09-13 02:09UTC
Asian markets are extending the rally in risk assets on Tuesday morning following another winning session overnight on Wall Street. Tomorrow will tell if the rally can continue however, with investors keenly awaiting the release of the latest U.S. inflation figures that could help determine how aggressive the Federal Reserve remains in its monetary policy tightening course. Japan’s Nikkei is trading higher by 0.2% as the Yen is holding onto its recent strength versus the U.S. dollar. Shares of Softbank Group are 0.6% higher, while Sony is pacing the broader market with a 0.2% advance. Among the major exporters Toyota and Panasonic are each retreating by 0.6%, while Canon shares trade 0.8% lower. In Australia the S&P/ASX 200 is adding 0.3%, helped by strength from the big four banks. Shares of ANZ and NAB are each 0.7% higher, Commonwealth Bank is adding 0.9%, and Westpac shares are trading 0.3% higher. The major miners are mixed today as BHP trades 0.6% lower, but Rio Tinto shares are slightly higher by 0.1%. Mainland Chinese markets are also making modest gains today as the benchmark Shanghai Composite edges up by 0.1% and the smaller cap Shenzhen Composite trades 0.3% higher. Over in Hong Kong the Hang Seng is pacing the gains on the mainland as it trades up by 0.2%. In South Korea the Kospi is leading gains for the region, trading 2.2% as investors there return from a holiday extended three day weekend. Meanwhile over in Taiwan the Taiex is advancing 0.7%. In southeast Asia markets are mixed, with Singapore’s Straits Times Index advancing 0.4% while the KLCI in Malaysia is leading losses for the region with a drop of 0.5%.
Apple Remains A Top Tech Stock
2022-09-12 21:37UTC
Apple shares rose 3.9% on Monday, leading the Dow Industrials in its strongest daily performance since May. The rally came in response to data showing strong iPhone preorders and took share price back above the 200-day moving average, creating a bullish buy signal that could be the precursor to further gains in the coming week. Although Apple shares remain 8% lower since the start of the year, they are still one of the strongest performers among the megacap tech names. Pre-order data released by Apple shows the iPhone 14 Pro Max to be the best selling model. Analysts were particularly impressed by the fact that sales are outstripping the iPhone 13 Pro Max over the same time period. In addition, the pricing for the iPhone 14 Pro Max is positive for future sales. Last week marked the largest product launch of the year for Apple, with the company announcing the new iPhone 14, fresh AitPod Pro earbuds, and new Apple Watch models. While other megacap tech stocks have suffered harshly this year, Apple has remained resilient, mostly because investors are confident that the company can tap into its roughly 1 billion customer base to earn more on services, apps, video, gaming, and fitness subscriptions. The next catalyst for the stock is likely to be its third quarter earnings report, which is expected at the end of October. The last quarterly report, which came out in July, saw the company beat earnings expectations, while disappointing slightly on the revenue side. Even so, shares rose 14% in the following two weeks, indicating a similar performance could be on tap if Apple can deliver an earnings beat this quarter.
U.S. Daily Market Review
2022-09-12 10:13UTC
Stocks are in green today amid a falling side of the USD and advancing confidence.The Dow Jones Industrial Average added 130 points, or 0.4%. The S&P-500 gained 0.5%, and the Nasdaq Composite added 0.5%.Consumer forecasts for the inflation mark of the year from now dropped again in August, as reported to a key Federal Reserve Bank of New York survey.The U.S Department of Justice has subpoenaed some short sellers for trading information on firms including Amazon.com Inc (AMZN.O) and Microsoft Corp (MSFT.O).As a matter of fact,  most stocks have been been into a dynamic mode just ahead of the September 20-21 meeting of the Federal Reserve.Wells Fargo & Co. Decided to pay about $145 million to come to an agreement with the U.S. Labor Department allegations that the bank’s retirement plan overpaid for its own stock.  
European Daily Market Review
2022-09-12 09:06UTC
European stocks markets partly advanced following a positive pattern set at the end of last week. In fact, European stocks rallied for a third session in a row as investors looked ahead to US inflation data.The German DAX inclined 1.63%, the French CAC-40 gained 1.26% and FTSE-100 soared 1.19%.Meanwhile, the Ukrainian forces made rapid gains in recapturing some seized territories. As Russian troops were pushed out of the strategic city of Izium, Kremlin is playing up Beijing's support for its invasion. This is happening just ahead of a key meeting between Russian President Vladimir Putin and Chinese leader Xi Jinping this week.The pan-European Stoxx 600 soared 0.3% higher in early trade, with autos adding 2.2% to lead the rising path.Natural gas prices sunk as the market awaits details of the European Union’s plan to intervene in an unprecedented energy crisis.     
Oil Prices Retreated
2022-09-12 07:43UTC
Oil prices tumbled this morning with the global fuel demand outlook overshadowed by COVID-19 restrictions in China.Now, oil trades at $87.261, which is a rise of $1.081 or 1.25% from the previous close of $86.180.The daily trading range is from $85.135 to 87.356, while the trading volume is 41.74K.U.S. West Texas Intermediate crude declined $1.13 at $85.66 per barrel.Prices little moved last week as rallies from a nominal supply reduced by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+.China's oil demand could retreated for the first time in two decades this year as Beijing's COVID limitation policy keeps people at home during holidays.Meanwhile, the European Central Bank and the Federal Reserve seem like are ready to raise interest rates further to fight against inflation.Still, global oil prices could recover towards the end of the year. This is the case as supply could further fall when a European Union is expected to levy embargo measures on Russian oil take, affective as of Dec. 5.
Asian Daily Market Review
2022-09-12 02:57UTC
Asian markets are trending broadly higher on Monday morning, taking their cue from last Friday’s rally on Wall Street that helped put U.S. indices into positive territory on a weekly basis for the first time in four weeks. A weaker U.S. dollar is helping Asian equities today, and investors are also awaiting the latest inflation figures from the U.S., which could well determine how aggressively the Fed continues to hike rates. Japan’s Nikkei is trading 2.7% higher to lead gains for the region, even as the Yen is strengthening versus the U.S. dollar. Shares of Softbank Group are gaining 2.8%, while Sony is notching a far more modest 0.3% advance. Among the major exporters Toyota is falling 0.5%, while Panasonic tacks on 1.6% and Canon advances 0.8%. In Australia the S&P/ASX 200 is gaining 1.1%, with the big four banks helping out in those gains. Shares of ANZ are leading with a gain of 1.6%, NAB is edging higher by 0.1%, Commonwealth Bank is adding 0.6%, and Westpac is advancing 0.9%. The major miners are making very solid gains as well, with BHP trading 3.4% higher and Rio Tinto adding 1.8%. Mainland Chinese markets and the Hong Kong market is closed today for a public holiday, but trading will resume on Tuesday. Also closed for a public holiday are markets in South Korea. Trading is happening in Taiwan, where markets were closed last Friday. Today the Taiex is trading 1.8% higher on strong investor sentiment. Markets in southeast Asia are seeing more muted gains today, with the Straits Times Index in Singapore advancing 0.3%, while the KLCI in Malaysia inches higher by less than 0.1%.
Investors Might Consider A Uranium Rally
2022-09-09 22:09UTC
Many commodities have seen massive rallies over the past two years and the newest to join the collection is uranium. The metal saw prices rise above $50 a pound recently, and that rise has remained for the first time in a decade. Analysts believe that this is just the beginning of a much larger rally in the face of uncertain energy supplies. In Japan authorities have approved the reactivation of 17 reactors as fears of nuclear power that emerged following the 2010 Fukishima power plant meltdown have receded enough to let authorities reconsider the benefits of nuclear power. Authorities in Japan have also approved the development of new nuclear reactors. Meanwhile, in France it is expected that nuclear capacity will be full by this winter as multiple power plants have been brought back online. Also of note is U.S. consumption of the energy producing metal. While the U.S. produced just 21,000 lbs of fuel grade uranium in 2021, its usage of the metal totaled 45 million pounds. With Russia controlling much of the supply and enrichment capacity for uranium there have been concerns over energy security, which has only served to keep the price of uranium inflated. Those concerns over energy security, coupled with the move away from carbon based energy sources, and the growing need for electricity are all catalysts that could see an extended rally in uranium prices as country’s move to shore up their nuclear capabilities and capacity. The last bull market in uranium was in the early 2000’s, however the fundamentals this time around are looking much stronger, and that could lead to a multi-year rally in uranium.
U.S. Daily Market Review
2022-09-09 13:14UTC
AU.S. stocks advanced today following a choppy trading session as traders considered Federal Reserve Chair Jerome Powell’s latest remarks on inflation and interest rates.U.S. equity funds registered large capital outflows in the week to Sept. 7 as a higher than estimated U.S. services industry report confirmed forecasts that the Federal Reserve will preserve raising interest rates to control price pressures. The main indexes were set to snap a three-week falling path.Stocks entered into recovery amid riskier concerns of financial markets, with a reversal in the USD bolstering trader sentiment.The Dow Jones Industrial Average gained 152 points, or 0.48%. The S&P-500 soared 0.83% and Nasdaq Composite rallied close to 1.30%.Shares of DocuSign jumped more than 17% in extended trading session.U.S. household wealth droppedfor the second quarter in a row in the April-June period, sinking to $143.8 trillion as a falling mode in stocks outweighed further additions in real estate values.  
European Daily Market Review
2022-09-09 08:33UTC
European markets rallied this morning as investors reacted to a record rate hike by the European Central Bank.The German DAX added 1.47%, the French CAC-40 inclined 1.29% and FTSE-100 soared 1.35%.The pan-European Stoxx-600 inclined 1.5% in morning trade, with all sectors marking some rises. The banking stocks were stimulated from higher interest rates and signs the European Central Bank could further tighten policy.Power deliveries at Europe’s newest reactor came higher than a landmark 1,000 megawatts this morning.Deutsche Bank announced today that predicts the European Central Bank to deliver another supersized interest rate jump in October, a day after the central bank delivered a 75 basis point interest rate surge.European natural gas prices eased ahead of a meeting of the region’s energy ministers to outlined plans to fix an unprecedented crisis just ahead of the colder months.     
The USD Fell
2022-09-09 07:22UTC
The USD slipped yesterday, with the euro recovering just ahead of the latest European Central Bank rate report.Now, the USD versus the Euro trades at 0.989 EUR, which is another minor loss of 0.0101 EUR or 1.01% from the previous close of 0.9999. The daily trading range is from 0.9894 to 0.9999.At 02:55 ET (06:55 GMT), the Dollar Index, which tracks the greenback against versus the main pairs, traded 0.2% lower to 109.630. This is coming off from Wednesday’s peak of 110.79, a level not seen since June 2002.The euro counts for over 50% of the USD index.The ECB latest policy decision is in the main focus and as is widely expected to raise rates significantly to fight runaway inflation.Still, despite these gains the USD is still well-supported with the Fed widely likely to also surge by 75 basis points later this month.
Asian Daily Market Review
2022-09-09 02:01UTC
Asian markets have turned higher at the open on Friday following a second consecutive winning session overnight on Wall Street. The gains also come after the European Central Bank hiked interest rates by 75 basis points overnight, the largest single interest rate hike ever from the central bank. Japan’s Nikkei is trading 0.8% higher as the Yen remains at multi-decade lows against the U.S. dollar. Shares of Softbank Group are bucking the rising trend however and trade 0.2% lower. Sony shares are also trading 0.2% lower. Among the major exporters Toyota shares are up by 0.4%, but Panasonic shares are trading 0.4% lower, while Canon is outperforming with a gain of 0.7%. In Australia the S&P/ASX 200 is gaining modestly by 0.3%, with the big four banks leading the broader market higher, following on banking gains seen overnight in Europe and the U.S. Shares of ANZ are up by 1.1%, NAB is advancing 1%, Westpac has a 1.2% gain, but Commonwealth Bank is lagging with a slight loss of less than 0.1%. Mainland Chinese markets have also opened to gains, with the benchmark Shanghai Composite trading 0.4% higher and the smaller cap Shenzhen Composite adding 0.6%. Meanwhile over in Hong Kong the Hang Seng is trading 1.2% higher to lead gains for the region. In South Korea the Kospi is trading 0.3% higher, and in Taiwan the Taiex is sharing the lead for gains in the region as it rallies 1.2% higher. Southeast Asian markets are mixed, with the Straits Times Index in Singapore trading 0.6% higher, while Malaysia’s KLCI edges lower by less than 0.1%.
Bank Stocks Lead Markets Higher
2022-09-08 20:31UTC
Bank stocks, which have been struggling in the face of a potential global recession, shone brightly yesterday, both in Europe and in the U.S. Gains for European banks came in response to the largest ever rate hike from the European Central Bank. The ECB hiked rates by 75 basis points as expected, in a bid to cool the rampant inflation seen across the continent. In addition to the rate hike the ECB also suspended its two-tier system for remunerating banks for their excess reserves. In the past the ECB would essentially pay banks for lending at negative rates, but with rates now in positive territory that is no longer necessary. At the same time, the banks also won’t be penalized for making profits on positive interest rates, which was viewed very favorably by investors. In Germany shares of Deutsche Bank led the DAX higher, gaining 5.6% on the day. In France AXA added 2.8%, Societe Generale rose 2.6%, and BNP Paribas rose 2%. In London shares of Standard Chartered advanced 2.8%, recovering part of the 4.3% loss suffered in the prior session. In the U.S. JPMorgan Chase and Goldman Sachs led the Dow Industrials higher, with the former adding 2.3% and the latter rising 1.5%. Both banks have been under pressure on recession fears, and despite yesterday’s rally that’s likely to remain the case. While investors had a day of celebration, it’s likely that a more negative sentiment will return regarding the banks, at least until it becomes clear that central bankers are bringing inflation under control without driving their respective country economies into a recession.
U.S. Daily Market Review
2022-09-08 14:12UTC
The leading U.S. stocks are in red today as the markets weighed Federal Reserve Chair Jerome Powell’s comments on the central bank regards to interest rates.The Dow Jones Industrial Average lost  110 points, or 0.35%. The S&P-500 tumbled  0.26%, and the Nasdaq Composite dropped 0.28%.Mortgage rates jumped to their peak level since November 2008 this week. This largely affected the demand for premises.In reality, the rate on the 30-year fixed mortgage advanced to 5.89% from 5.66% the week prior, as reported by Freddie Mac. The U.S. Food and Drug Administrationon Thursday gave a green light to Revance Therapeutics' (RVNC.O) anti-wrinkle injection, setting up a challenger for market leader AbbVie's (ABBV.N) Botox that has has been a market leader for a long time.GameStop rallied more than 9% before the bell despite sharing a widening quarterly loss falling sales figures. The vgame company also stated  a partnership with crypto exchange FTX.   
European Daily Market Review
2022-09-08 08:12UTC
European markets added some ground earlier today but then retreated. This is following a recovery Wall Street that lifted global investing mood.The German DAX dropped 0.84%, the French CAC-40 lost 0.09%. The pan-European Stoxx-600 inclined 0.17% at midday CET.The European Central Bank will report its latest monetary policy moves. The bank is likely to boost a rate rises and sacrifice growth in the region.U.K. Prime Minister Liz Truss declared a stimulus package to stimulate Brits with advancing energy bills.The British pound depreciated versus the USD and euro earlier today as new prime minister Liz Truss prepared to report a huge package of support.  Sweden’s government has also created a plan to support utilities that want to let consumers pay electricity bills in installments. U.S. secretary of state Antony Blinken made an unannounced visit in Ukraine.This was his second visit to the country since the Russian invasion was launched.Blinken met with Ukrainian Foreign Minister Dmytro Kuleba in Kyiv.     
Oil Prices Advanced
2022-09-08 07:47UTC
Oil prices advanced close to $1 per barrel earlier today. This comes after falling below key technical support levels in the previous session.Now, oil trades at $82.381, which is a further rise of $0.741 or 0.91% from the previous close of $81.640. The daily trading range is from $81.640 to 82.950, while the trading volume is 42.155K.European countries are worried as Moscow indicate in possible fuel supply limitations could soon take place.Oil prices were supported from Russian President Vladimir Putin's threat to halt the country's oil and gas exports in case price caps are imposed.Russia's Gazprom (MCX:GAZP) has already halted deliveries via the Nord Stream 1 pipeline, reducing a massive percentage of supply to Europe.The new British government is very likely to report dozens of new North Sea oil and gas exploration licences in an effort to raise domestic production.Meanwhile, many central banks such as the European Central Bank could start launch a new round of interest rate hikes to fight inflation.
Asian Daily Market Review
2022-09-08 02:00UTC
Asian markets are heading higher on Thursday morning following an overnight rally on Wall Street that snapped a seven session losing streak. The move higher has come on the heels of a drop of roughly 5% in crude prices overnight, and falling Treasury yields. In addition, the Federal Reserve Beige Book showed weakness for most of the U.S. economy, but no recession. Giving a further boost to markets was commentary from the Federal Reserve vice-chairman Lael Brainard, in which he said the Fed will do what’s necessary to lower inflation, while avoiding risks associated with over tightening. In Japan the Nikkei is trading 2% higher to lead gains across the region, with the Yen holding at the 144 level against the U.S. dollar, a 24-year high. Shares of Softbank Group are 2.1% higher and Sony is adding 1.8%. Among the major exporters Toyota is advancing 1.6%, Panasonic is leaping 3.4% higher, and Canon is trading 1.8% higher. In Australia the S&P/ASX 200 is 0.7% higher today, although the big four banks are mixed. ANZ is advancing 1.2% and Westpac is adding 0.5%, while Commonwealth Bank is edging slightly higher by less than 0.1% and NAB is falling 0.4%. The major miners are gaining, with BHP adding 0.6% and Rio Tinto trading 1.3% higher. Mainland Chinese markets are creeping higher, with both the benchmark Shanghai Composite and smaller cap Shenzhen Composite slightly higher by less than 0.1%. Data shows Chinese imports and exports slowed significantly in August, which is weighing on investor sentiment. Over in Hong Kong the Hang Seng is bucking the rising trend across the region with a drop of 0.3%. In South Korea the Kospi has a 0.3% gain, and Taiwan’s Taiex is tacking on 0.4%.
Crypto Daily Market Review
2022-09-07 20:38UTC
After trading below $19,000 for much of Wednesday, its lowest level since June, Bitcoin (BTC) rebounded late in the day to post a gain of 1% on the day. The rebound came in response to a rally on Wall Street, which snapped a seven-session losing streak for equities. Bitcoin and the rest of the crypto market has remained under pressure recently as a strong dollar, rising interest rates, and falling equity markets have weighed on the crypto asset class as well. The overall crypto market cap has also fallen below $1 trillion, although many tokens have been basically flat over the past week. Ethereum (ETH), the second largest cryptocurrency by market cap, traded higher by 4.1% and is now up 3.9% over the past seven sessions. That’s better than Bitcoin, which remains down by 4.9% over the past week. The rest of the top ten cryptocurrencies are also enjoying gains on Wednesday, Binance Coin (BNB) is trading 4.7% higher, but remains down 2% for the week. Ripple (XRP) has a 3.9% gain today, which has pushed the token into positive territory on a weekly basis, up 1.5% over the past seven days. Cardano (ADA), which is just weeks away from a network upgrade, is 3.1% higher on the day and 5.6% higher for the week. Solana (SOL) is the best gainer in the top ten altcoins, trading up 5.1% on Wednesday, which leaves it 1.4% higher over the past seven sessions. Finally there’s memecoin Dogecoin (DOGE), which is trading 3.6% higher on Wednesday. However, that’s not been enough to give the memecoin a weekly advance, and DOGE remains down 1.2% over the past week.
Crude Oil Drops To A 7-Month Low
2022-09-07 20:13UTC
Crude oil prices slumped more than 5% on Wednesday, dropping to a seven month low and reaching levels not seen since the invasion of Ukraine by Russia. The drop came on increasing recession fears that were sparked by weak Chinese economic data and by the weakness seen in the U.K. In the U.S. the benchmark West Texas Intermediate crude fell 5.1% to $82.41 a barrel. That’s the lowest price since January and is more than 30% below the $130 high hit in March. The global benchmark Brent crude fell 4.6% to $88.55 a barrel. The selling comes just days after OPEC announced a production cut meant to help support crude prices. Analysts cited a number of reasons for the drop in prices on Wednesday, including fears over a global recession and the continued strength in the U.S. dollar. The good news from the drop in crude prices is that it could help in reversing the steep inflationary pressures that are weighing on global economies. One sign of this is U.S. gas prices, which have fallen for 85 consecutive days. Some analysts have said that this drop is a buying opportunity. They point to Russian President Vladimir Putin and his threats to cut off the world from Russian oil supplies. Some believe he is unbalanced enough to do just that, and the shock would send crude prices soaring in response. "We will not supply anything at all if it is contrary to our interests, in this case economic ones," Putin said Wednesday. "Neither gas, nor oil, nor heating oil, we will not supply anything." There’s also a risk that prices will fall so low that OPEC will step in and cut production more aggressively.
U.S. Daily Market Review
2022-09-07 19:39UTC
U.S. markets are rallying on Wednesday for the first time in eight sessions as interest rates and crude oil prices cooled, bringing some hope that inflation is also cooling. Heading into the close the S&P 500 is trading 2% higher, the Dow Industrials are up by 1.6%, and the Nasdaq is holding a 2.3% gain. The bullishness in markets comes as Treasury yields have dipped after surging higher in the previous session. Crude oil is down more than 4%, with the U.S. benchmark West Texas Intermediate crude trading under $85 a barrel. Stocks rallied in response to commentary from Federal Reserve vice-chairman Lael Brainard, who said that the central bank remains committed to do whatever it takes to contain inflation, while also noting the dangers of going too far. Market participants seemed to focus on the second part of the statement. “The rapidity of the tightening cycle and its global nature, as well as the uncertainty around the pace at which the effects of tighter financial conditions are working their way through aggregate demand, create risks associated with over tightening,” said Brainard. Markets are also digesting the latest release of the Federal Reserve’s Beige Book, which is a summary of current economic conditions in the U.S. The report showed that conditions remain largely unchanged, and that most of the country faces a weak growth outlook. Gains are broad-based, with ten of the eleven S&P sub-sectors trading in positive territory. Most sectors are up by nearly 2% or more, and the utilities and consumer discretionary sectors are 3% higher each. The lone exception is the energy sector, which trades 1.2% lower today in sympathy with the sharp drop in crude prices.
European Daily Market Review
2022-09-07 16:15UTC
European markets ended mixed on Wednesday as recession fears increased and the British Pound fell to its lowest level versus the U.S. dollar since 1985. Investors across the region also weighed the first day of gains for U.S. indices in eight sessions, and the upcoming Beige Book report from the Federal Reserve. The pan-European Stoxx Europe 600, the broadest measure of European equities, finished the day 0.4% lower, with the oil and gas sector leading the way lower with a drop of 2.9%. The safe haven utility sector was the best performer of the day, ending 2.1% higher. Meanwhile in Germany the DAX closed 0.4% higher, while the CAC 40 in France was basically unchanged, with a slight gain of less than 0.1%. In the DAX the best performance by far came from electric utility RWE AG, with shares leaping 7.2% higher on the day. Materials stocks also performed well, with Covestro rising 2.3% and BASF up by 2.1%. Deutsche bank posted the worst performance of the day, with shares falling 2% on recession fears. The CAC 40 in France was led by a utility as well, with shares of Engie trading 4.9% higher. French luxury group Kering also saw its shares rise 2.4%. Oil and gas company TotalEnergies led losers, with shares falling 3.7% in sympathy with the more than 4% loss for crude today. In the U.K., where the Pound continues to be battered by the dire economic outlook for the country, the FTSE 100 closed out the day with a 0.9% loss. Standard Chartered Bank was the biggest loser, with its shares falling 4.3%, while utility company SSE PLC led gainers as shares rose 3.9%.
Asian Daily Market Review
2022-09-07 01:44UTC
Asian markets are heading lower on Wednesday morning after U.S. markets fell for a seventh consecutive session overnight, driven lower by expectations for continued interest rate hikes from the Federal Reserve to combat inflation. The renewed expectations came after the U.S. reported a slight uptick in the ISM Non-Manufacturing Index, underscoring the notion that the U.S. is not falling into a recession. The news also sent U.S. Treasuries to their highest levels since June, and sparked a rally in the U.S. dollar. Japan’s Nikkei is trading 1.1% lower, despite the Yen dropping to the 143 level overnight against the U.S. dollar. Shares of Softbank Group are falling 2.4% and Sony shares have slipped 3.2% lower. Among the major exporters Toyota is down 1.2%, Panasonic has dropped 1.3%, and Canon is headed 0.6% lower. In Australia the S&P/ASX 200 is 1.5% lower, with the big four banks falling after yesterday’s 50 basis point rate hike from the Reserve Bank of Australia. Shares of ANZ are 0.8% lower, NAB is down 2.2%, Commonwealth Bank has lost 1.3% and Westpac is down by 1.5%. The major miners are also falling, with BHP down 2.2% and Rio Tinto losing 1.6%. Mainland Chinese markets have opened to modest losses, with the benchmark Shanghai Composite down 0.4% and the smaller cap Shenzhen Composite falling 0.5%. Over in Hong Kong the Hang Seng has a 1.5% loss as technology shares are being hit hard today. In South Korea the Kospi trades 1.4% lower, and in Taiwan the Taiex is losing 1.5%. Southeast Asian markets are holding up somewhat better, with Malaysia’s KLCI edging lower by 0.2% and the Straits Times Index in Singapore losing 0.6%.
U.S. Dollar Seems Unstoppable
2022-09-07 00:10UTC
The U.S. dollar continued trending higher on Tuesday following a report on the state of the U.S. services industry, which reinforced the fact that the U.S. is not in a recession. The gains in the USD were heightened in the Euro and Yen pairings as those two currencies continued their trend lower. The Dollar Index gained another 0.4% yesterday after the Institute for Supply Management reported that its non-manufacturing PMI rose to 56.9 in August from the 56.7 reading in July. That marks the second consecutive monthly increase for the index following three consecutive monthly declines. It also comes on the heels of the manufacturing survey released last week, which showed U.S. factory activity growing steadily in August. That contrasts with other major economies, where both manufacturing and services activity is faltering. Investors do recognize there is some softness in the U.S. economy, but it is the least ugly of the major economies. The Euro and the British Pound are trading at multi-year lows versus the USD, while the low yielding Yen is at multi-decade lows. Japan’s central bank is the only major central bank that’s maintaining accommodative monetary policy. The USD/JPY surged as high as 143.07 during the U.S. trading session, settling the day just below that 143 level. The U.S. dollar has now gained 24% against the Yen in 2022. A good part of that can be attributed to bond yields, which are now above 3.3% in the U.S., while languishing at just 0.24% for 10-year Japanese bonds due to the BOJ’s yield curve control policy. The Euro tried, and failed, to get back above parity against the U.S. dollar, while Britain’s Pound was turned back at the 1.1600 level and fell to 1.1518 by the close.
U.S. Daily Market Review
2022-09-06 11:42UTC
U.S. stocks are partly in red during in a volatile trading session at the start of the holiday-shortened week.The main indexes fell as a greater than predicted services sector activity fed into expectations that the Federal Reserve will preserve the raising interest rates to control the rallying inflation data.The Dow Jones Industrial Average declined 12 points, or 0.12%. The S&P-500 added 0.02% and the Nasdaq Composite tumbled 0.27%. These changes came after August ISM data Tuesday morning came larger than estimated, coming in at 56.9 versus the forecast of 55.5. The estimated post-Labor Day high-grade borrowing surge is underway, with Target Corp.Shares of the special-purpose acquisition company taking Donald Trump’s social media startup public retreated around 20% earlier today.Gazprom PJSC stated it will shift its contract to deliver gas to China to rubles and yuan from euros, as the Moscow takes on actions to move trade out of pairs it considers “unfriendly.”  
European Daily Market Review
2022-09-06 10:03UTC
European markets partly advanced today as investors further weighted the likely recession risks in the region.The focus in now turned on the European Central Bank’s policy meeting later this week. European shares advanced amid bleak start to the week on worries over galloping energy crisis and recession.The German DAX inclined 0.94%, the French CAC-40 gained 0.45% and FTSE-100 secured 0.22%.European Union energy ministers this week may decide to set a limit on the price of Russian natural gas, as reported by the Spanish Environmental Transition Minister Teresa Ribera.The pan-European Stoxx 600 soared  0.5% by late morning, with retail stocks climbing 2.6% to lead the rising mode.Gas flows via Nord Stream 1 will not resume until Siemens Energy repairs faulty equipment, as declared by Gazprom’s deputy CEO Vitaly Markelov.Supply-chain supplies of more than 2% of all global shipping capacity at a standstill outside Germany’s North Sea ports.      
Gold Prices Into Recovery
2022-09-06 07:31UTC
Gold prices are into recovery from a six-week bottom amid falling energy crisis in Europe, which stimulated safe-haven demand. This comes after Russia cease supplies through its major gas pipeline to Europe.Now, gold trades at $1714.75, which is a rise of $6.23 or 0.36% from the previous close of $1708.52. The daily trading range is from $1708.49 to 1726.61, while the trading volume is 70.732K.Spot gold advanced 0.5% to $1,718.95 an ounce, while gold futures were up 0.5% at $1,730.0 by 21:03 ET (01:03 GMT). The euro dropped to a new 20-year lows this week. The markets are now turned to the European Central Bank meeting later this week.Higher interest rates have weighed heavily on gold prices this year.Meanwhile, silver gained 2%, while platinum gained 0.6%. Chinese government reported that the country would raise its rate of stimulus measures in the third quarter.The world’s second-largest economy is facing severe headwinds from COVID-19 lockdowns imposed this year.
Asian Daily Market Review
2022-09-06 03:13UTC
Asian markets are headed higher Tuesday morning, with no overnight guidance from U.S. markets that were closed for a public holiday. Instead, markets are rising on optimism after Chinese authorities pledged moves to help boost its economy. Japan’s Nikkei is lagging behind with a slight gain of less than 0.1%, even as the Yen hovers at a more than two decade low versus the U.S. dollar. Shares of Softbank Group are rising 0.3%, which is being offset by a 0.4% drop for Sony shares. Among the major exporters Toyota is 0.6% higher, Panasonic is tacking on 0.3%, and Canon is edging higher by less than 0.1%. In Australia the S&P/ASX 200 is inching higher by less than 0.1% as well, with the big four banks mixed and little changed. Shares of ANZ are up by 0.2%, NAB is flat and unchanged, Commonwealth Bank shares are inching lower by less than 0.1%, and Westpac trades slightly higher by less than 0.1%. Meanwhile the major miners are weighing on the broader market as BHP trades 0.4% lower and Rio Tinto shares fall 1.2%. Mainland Chinese markets are solidly higher in response to the pledge by authorities to boost the economy. The benchmark Shanghai Composite is trading 0.7% higher to lead gains for the region, while the smaller cap Shenzhen Composite has a gain of 0.3%. Over in Hong Kong the Hang Seng is taking its own direction however, edging lower by less than 0.1%. In South Korea the Kospi is trading 0.2% higher, and in Taiwan the Taiex is adding 0.1%. Southeast Asian markets are also gaining today, with the KLCI in Malaysia trading 0.4% higher and the Straits Times Index in Singapore adding 0.2%.
Oil Jumps On OPEC+ Production Cut
2022-09-05 23:00UTC
Crude oil price shot higher on Monday after OPEC+ announced a small production cut beginning in October. The group announced it would drop 100,000 barrels from production in October, which basically reverses the 100,000 barrel production increase enacted in August after President Biden visited Saudi Arabia to try to convince the country and its OPEC allies to pump more crude in an effort to curtail rising oil prices. Oil prices shot higher on the news, but soon settled to more reasonable levels. The global benchmark Brent crude rose 2.5% to $95.54 a barrel, while the U.S. benchmark West Texas Intermediate crude rose 2.6% to $89.16 a barrel. It’s worth noting that U.S. markets were closed on Monday for a public holiday, which could lead to further gains on Tuesday when U.S. energy traders return to the market. Crude prices hit a multi-year high in March, but have dropped roughly 25% since early June. The drop in price has been fueled by fears that interest rate hikes will send global economies into recession. Also weighing on crude have been the COVID restrictions in China, which have already considerably negatively impacted that country’s economy. Monday’s production drop comes amidst the bitter energy dispute between Russia and the West. The Western trade restrictions with Russia have led to worries that Europe could be in for a drastic winter if Russia chooses to hold back on crude supplies. Indeed, Monday saw natural gas prices in Europe jump 25% after Gazprom announced it would not reopen Russia’s main gas pipeline to Europe. The pipeline was meant to reopen after a three-day maintenance shutdown, but Gazprom claimed an oil leak in a turbine caused the extended shutdown.
U.S. Daily Market Review
2022-09-05 14:14UTC
U.S. equities retreated today to cap their third straight weekly losses.Dow Jones Industrial Average fell 337.98 points, or about 1.1%, at 31,318.44. The S&P-500 tumbled 1.1% to 3,924.26, its lowest close since July. The Nasdaq Composite fell 1.3% to 11,630.85.The unemployment rate advanced to 3.7%, two-tenths of a percentage point higher than forecasts.The last major economic report of note is August CPI id use on Sept. 13 and could determine the direction and the level of how aggressive polices the Fed need to follow in the near-term.Bank of America once again alarmed of a possible recession down the road the Federal Reserve pledged to "forcefully" fight record-high inflation.Rising interest rates tends to create higher consumer and business loan rates, which will result in lower economic growth by forcing business to cut back on spending. In reality, mortgage rates have nearly doubled from versus last year.  
Asian Daily Market Review
2022-09-05 13:39UTC
Asian markets finished mixed on Monday following the decline on Wall Street last week and in response to new anti-COVID measures in China. U.S. markets declined in response to the latest non-farm payrolls data, which was weaker, but still strong enough to indicate further tightening from the Federal Reserve to rein in inflation. Japan’s Nikkei edged lower by 0.1% as the Yen continued to fall against the U.S. dollar. Shares of Softbank Group inched up by less than 0.1%, and Sony followed the broader index with a 0.1% loss. Among the major exporters Toyota declined 0.6%, Panasonic slid 1.9% lower, while Canon shares rose 0.7%. In Australia the S&P/ASX 200 finished the day 0.3% higher even though the big four banks were a negative for the market. Shares of ANZ declined 0.5%, NAB ended the day 0.7% lower, Commonwealth Bank slipped 0.5%, and Westpac fell 0.2%. The major miners offset that weakness with strong gains as BHP climbed 3.2% higher and Rio Tinto tacked on 1.8%. Mainland Chinese markets ended the day mixed, with the benchmark Shanghai Composite adding 0.4%, while the smaller cap Shenzhen Composite declined 0.2%. Over in Hong Kong the Hang Seng led losses for the region as it fell 1.2% in response to restrictions on movement in southern China due to an increase in COVID cases. In South Korea the Kospi lost 0.2%, while Taiwan’s Taiex slipped slightly lower by less than 0.1%. Southeast Asian markets finished the day mixed, with Singapore’s Straits Times Index rising 0.3%, and the KLCI in Malaysia trading lower by less than 0.1%.
European Daily Market Review
2022-09-05 11:17UTC
European markets largely declines today as the markets digested the ponder economic risks in the region, coming from the questionable energy supply from Russia.The region’s rising energy crisis added to risks for a global economy already facing galloping inflation data.The euro dropped to a new 20-year low after Moscow extended a halt to natural-gas flows through a major pipeline.The German DAX lost 2.50%, the French CAC-40 slipped 1.73% and FTSE-100 fell 0.65%.The pan-European Stoxx-600 tumbled 1.2% by early afternoon in London, having recouped some of its earlier losses. Porsche's potential stock market listing is central to funding Volkswagen's (VOWG_p.DE) electrification plans, as stated by the carmaker's chief financial officer just before the board meeting.Shares of German utility and major gas importer Uniper were still in red of more than 11% as gas prices jumped back of Russia’s halting deliveries to the continent.     
Oil Prices Rallied
2022-09-05 07:41UTC
Oil prices rallied more than $2 per barrel this morning.Now, oil trades at $89.045, which is a rise of $1.990 or 2.29% from the previous close of $87.055.The daily trading range is from $87.055 to 89.241, while the trading volume is 51.587K.In reality, oil prices added to the rising path as the markets are focused on the likely moves by OPEC+ producers to reduce their output and stimulate price levels.A meeting is due later today of OPEC and its allies, a group known as OPEC+, where supply levels will be determined.Moscow is the second-largest oil producer and a key OPEC+ member, does not agree with production losses at this time.Oil prices have retreated over the course of  the last three months, after dropping to multi-year highs in March. This was the result of concerns that interest rate rises and COVID-19 curbs in parts of China.Negotiations to revive the West's 2015 nuclear deal with Iran have been rejected by the White House. An agreement could resulted in Tehran to raise its exports and boost global supplies.  
Britain's Pound Could Reach All-Time Lows
2022-09-02 21:29UTC
August saw the U.K.’s Pound Sterling suffer its worst monthly performance against the U.S. dollar since the Brexit referendum as massive inflation and political uncertainty in the U.K. weight heavily on the currency. The month of August saw the Pound fall 4.5% versus the U.S. dollar, and analysts believe that more downside is in the air for the coming months. The slide has continued into September, with the GBP/USD falling to the 1.1500 level late Friday afternoon in New York. The Pound is also down more than 3% over the past month versus the Euro. The U.K. has been one of the worst hit countries in terms of inflation, with energy and food prices soaring, and millions of homes facing poverty in the coming winter months. At the same time the country has faced political uncertainty, with a new Prime Minister being named next week. Economists are widely forecasting a recession for the U.K. in the coming months due to the energy crisis that’s come about in the wake of Russia’s war with Ukraine. At the same time the U.S. is expected to avoid the same fate thanks to its energy independence and stronger economic position. That would cause even further weakness in the Pound versus the U.S. dollar. Predictions vary, but the consensus sees the Pound falling to $1.05 against the U.S. dollar by the middle of next year. That would be an all-time low and would also help to fuel even more inflation, something the U.K. can ill afford. There’s no relief in sight for inflation, with Goldman Sachs forecasting U.K. inflation to reach 22% by next year. There’s also no relief in sight for energy prices as the war in Ukraine drags on interminably.
U.S. Daily Market Review
2022-09-02 11:29UTC
The leading indexes advanced today, reducing the falls for the week, as August’s jobs report came around initially predicted levels.The leading indexes advanced amid slowing down wage surge and a tick up in the unemployment rate. The Dow Jones Industrial Average added 335 points, or 1.1%. The S&P-500 sored 1.2% to climb back above the 4,000 level. The Nasdaq Composite soared 1.3%, and was on pace to snap a five-day losing streak.The unemployment rate jumped to 3.7%, two-tenths of a percentage point more than forecasted. Shares of retailer Lululemon rallied around 10% after stating quarterly results higher than forecasts. Members of the G7 have decided to levy price cap on Russian oil supplies with the goal to limit Moscow's ability to finance its army.Finance ministers declared that the cap on crude oil and petroleum products would also add to the falling path of the global energy prices.  
European Daily Market Review
2022-09-02 09:37UTC
European markets are into a higher side, as investors are focused on a key U.S. jobs report.European added 1% on Friday at the end of a week.The German DAX gained 1.31%, the French CAC-40 inclined 0.55% and FTSE-100 surged 0.67%.The pan-European Stoxx-600 gained 0.6% in early trade, with autos climbing 1.6% to to lead the rising mode.UK's FTSE-100 rallied being stimulated by banking and energy stocks.Shares in British homebuilders retreated after HSBC warned that the United Kingdom is on the cusp of a housing downfall.The Russian rouble eased back from the 60 mark versus the USD and euro in Moscow trade on Friday, while Russia's benchmark MOEX stock index hovered close to a three-month peak.The European Central Bank is still tracking euro-zone inflation and could follow a more aggressive approach on the interest rates.     
Oil Prices Advanced
2022-09-02 07:32UTC
Oil prices jumped today amid estimates that OPEC+ will determine output reductions at a meeting on Sept. 5.Moreover, China's COVID-19 curbs and low global growth further creates in some negative price pressures.In reality the city of Chengdu imposed a lockdown that has hit different factories.Now, oil trades at $89.036, which is an addition of $2.692 or 3.12% from the previous close of $86.344.The daily trading range is from $86.334 to 89.325, while the trading volume is 54.465K. Brent crude futures inclined $1.22, or 1.3%, to $93.59 per barrel at 0630 GMT.The Organization of the Petroleum Exporting Countries (OPEC and allies, together called OPEC+, are about to meet on Sept. 5 and discuss a backdrop of falling prices and dropping demand.G7 finance ministers are estimated to firm up plans on Friday to impose a price cap on Russian oil supplies.
Asian Daily Market Review
2022-09-02 02:21UTC
Asian markets are continuing to slide lower Friday morning, even as Wall Street managed a mixed performance overnight, with most sectors finishing the session in positive territory. Investor sentiment continues to be strangled by the soaring U.S. dollar, aggressive central bank monetary policy, and rising bond yields. In Japan the Nikkei is edging lower by 0.1%, despite the Yen weakening to a 24-year low versus the U.S. dollar as the pair trades above the 140 level. Shares of Softbank Group are slightly lower by less than 0.1%, while Sony shares are dropping 1.4% lower. Among the major exporters Toyota is trading 0.3% lower, Panasonic shares have dropped 1.3%, and Canon is sliding 0.6% lower. In Australia the S&P/ASX 200 trades 0.2% lower, with the big four banks trying to keep the broader market afloat. Shares of ANZ are 0.3% higher, NAB is adding 0.4%, and both Commonwealth Bank and Westpac have a 0.6% gain. However the major miners are weighing on the broader market as BHP is losing 1.8% and Rio Tinto falls 2%. Mainland Chinese markets have opened flat, with the benchmark Shanghai Composite gaining slightly by less than 0.1%, while the smaller cap Shenzhen Composite is unchanged. Meanwhile over in Hong Kong the Hang Seng trades 0.5% lower as technology is taking a bit of a beating today after Nvidia announced new restrictions on sales of its GPUs in China and Hong Kong. In South Korea the Kospi is bucking the losing trend across the region with a gain of 0.6%, while Taiwan’s Taiex is falling by 0.2%. Southeast Asian markets are lower, with Singapore’s Straits Times Index losing 0.3% and the KLCI in Malaysia inching lower by 0.1%.
Nvidia Shares Drop To A New 52 Week Low
2022-09-01 20:31UTC
Shares of Nvidia fell 7.7% to a new 52 week low on Thursday after U.S. regulators ruled that the company will need to obtain special licensing from the government in order to sell its high-end processors for data centers and artificial intelligence to companies in China, Hong Kong, and Russia. The drop made Nvidia the worst performing name in the S&P 500 for the day. Shares of AMD also fell 3% on the news as the restrictions also apply to its own high-end processors for data centers and artificial intelligence. The drop in AMD shares was less pronounced as its business in those two countries is considerably smaller than rival Nvidia. The new restrictions were unveiled late Wednesday in an SEC filing made by Nvidia. It specifies a new license requirement to export several different graphics processing units, or GPUs, which the U.S. government fears will be used in military applications in those countries. While Nvidia said it doesn’t sell those chips in Russia, the restrictions will have an impact on roughly 7% of Nvidia’s sales to China, equaling roughly $400 million in quarterly sales. Nvidia said it will seek licensing to sell those GPUs or try to convince its data centre customers to purchase less capable processors. The $400 million loss is a worst case scenario. Nvidia will likely be able to acquire the necessary licensing for some sales, and other customers will agree to purchase less powerful processors. As for AMD, analysts believe that the restrictions will be immaterial for that company. Even before yesterday’s drop Nvidia was one of the worst performing technology companies in the S&P 500 in 2022, with shares down 53.1% since the start of the year.
U.S. Daily Market Review
2022-09-01 15:19UTC
U.S. main equities are into bears mode for the first day of September, as the markets are concerned with the possibility of higher Federal Reserve rates.The Dow Jones Industrial Average dropped by 260 points, or 0.8%. The S&P-500 slipped 1.2% and Nasdaq Composite retreated 1.9%.The 2-year U.S. Treasury yield rallied to 3.516%, which is its peak since November 2007.US manufacturing growth are into a steady path in August at the poorest pattern of the last years.The Institute for Supply Management’s gauge of factory activity stands at 52.8, matching its weakest level since June 2020.Mortgage rates in the US climbed for a second week in a move that threatens to further cool the housing market. The average rate on a 30-year fixed mortgage advanced to over 5.65% this week, as reported by Freddie Mac.Treasury yields surged,  pushing two-year yields to its peak since 2007 and tightening financial conditions across Wall Street.   
European Daily Market Review
2022-09-01 07:54UTC
European markets entered into a lower side this morning, having closed out August lower as the markets are worried about the possibility of higher interest rates.The German DAX fell 1.33%, the French CAC-40 dropped 1.40% and FTSE-100 declined 1.18%.The pan-European Stoxx-600 tumbled 1.1% in early trade.Euro zone manufacturing activity retreated for a second consecutive month in August.The PMI sunk to 49.6 in August from 49.8 in July, and came in below an initial flash reading of 49.7. Borrowing costs for blue-chip British companies have jumped over the key mark of threshold for the first time of the last 10 years.Anglo-Swiss mining and commodity trading giant Glencore dropped 5% in early trade to the bottom of the Stoxx 600. UK house prices soared more than predictions in August as a shortage of properties for sale helped to stimulate prices.     
Gold Prices Sunk To 5 Week Bottom
2022-09-01 06:29UTC
Gold prices further retreated today as the USD advanced just ahead of key payrolls data due this week.Now, the yellow metal trades at $1703.95, which is another loss of $7.06 or 0.42% from the previous close of $1711.01.The daily trading range is from $1702.15 to 1711.29, while the trading volume is 66.135K.Spot gold fell 0.3% to $1,706.26 an ounce by 20:45 ET (00:45 GMT).Bullion prices retreated this week, while the USD stuck to 20-year highs ahead of key U.S. nonfarm payrolls data due on Friday. While U.S. payrolls are likely to come weaker in August than the prior month.Higher than predicted data could give the Federal Reserve anther reason to raise interest rates.Still, hawkish comments from Fed’s Chair Jerome Powell last week saw gold and resulted in gold to large lose over the course of the past three sessions. In the meantime, platinum lost 0.9%, while silver futures declined 1.5%.
Asian Daily Market Review
2022-09-01 01:48UTC
Asian markets are falling Thursday morning following a fourth losing session on Wall Street that capped the worst monthly performance for U.S. indices since June. The hawkish tone from global central banks has continued to keep pressure on equity markets as investors fear rising interest rates and the prospect of a global recession. Japan’s Nikkei is trading 1.5% lower despite the weakness in the Yen versus the U.S. dollar. Shares of Softbank Group are trading 1.8% lower and Sony has a 1.2% loss. Among the major exporters Toyota shares are dropping 2.3%, Panasonic has a 1% loss, and Canon shares are falling 2%. In Australia the S&P/ASX 200 is trading 1.9% lower to lead losses for the region. The big four banks are tracking the losses for the broader market, with ANZ down 1.6%, NAB trading 2.1% lower, Commonwealth Bank losing 1.9% and Westpac holding a 2.1% loss. The major miners are trading better, but still have losses, with BHP down 0.4% and Rio Tinto falling 0.5%. Mainland Chinese markets are opening to weakness as well, with the benchmark Shanghai Composite down 0.2% and the smaller cap Shenzhen Composite trading 0.3% lower. Once again the losses from Hong Kong’s hang Seng are outpacing the weakness on the mainland, with the index trading 1.1% lower. In South Korea the Kospi has a loss of 1.5%, and in Taiwan the Taiex trades 1.8% lower. Southeast Asian markets are having a tough time as well as Malaysia’s KLCI retreats 1.3% and the Straits Times Index in Singapore flirts with gains with a slight loss of less than 0.1%.
Meta Shares Rise In Response To Snap Cost Reductions
2022-08-31 20:29UTC
As major U.S. indices fell for a fourth consecutive session shares of Meta Platforms rose 3.7% to lead the S&P 500. The rally came in response to news from competitor Snap, with Meta shares rising in reaction to restructuring plans from Snap. Besides reducing its workforce by 20%, Snap announced it would be focusing on augmented reality. That news encouraged Meta investors, given the massive investment that Meta is making in augmented reality itself. The announcement from Snap included three strategic priorities that are new to the business. As mentioned above, augmented reality was the first of the new strategic priorities. The other two are community growth and revenue growth. To focus fully on these priorities Snap management said it will eliminate or at least substantially reduce investment not related to the three core strategic priorities. As part of the announcement Snap said it plans to cut back on Snap Originals, games, Spectacles hardware and other standalone apps. In addition to the strategic changes at Snap, the company will also be taking several measures meant to directly improve profitability. This includes the 20% workforce reduction, selling off real estate overhead, lowering spending on marketing, increase investments to drive community growth, and scale infrastructure to improve efficiency. Snap management said it expects all these changes together to result in $500 million in annual cost reductions. Given its heavy investment in augmented reality and its massive social media presence, Meta shares reacted positively to this news from Snap. Shares closed at $162.93, rebounding off a 52-week low. Meta shares are still down 51.6% since the start of the year as investors worry that ad spend will continue to decline, hitting Meta’s revenues.
U.S. Daily Market Review
2022-08-31 14:32UTC
The main Stocks are in red the last day of August in choppy session, resulting in the leading major averages on track for their fourth straight losing session.The Dow Jones Industrial Average fell 144 points, or 0.5%. The S&P-500 dropped 0.3% and the Nasdaq Composite tumbled 0.1%. The Fed meets Sept. 20 and 21, and is likely to raise interest rates by as much as 0.75 percentage points.Shares of Bed Bath tumbled close to 20% after it outlined a strategic plan that only confirmed investor fears that the company is seriously challenged to turn around its business. Hedge funds that actively buy and sell stocks are set for their worst performance of the last decade.Snapchat will fire 20% of its workforce. Close to 1,200 employees will lose their jobs.The company was worth $130bn (112bn) a year ago but now sunk to less than $20bn (£17bn).   
The USD Into Lower Side
2022-08-31 14:23UTC
The USD lost some ground during the European trading hours.The greenback came off from the 20-year peak seen earlier in the week.Presently, the USD versus the Euro trades at 0.997 euro, which is a decline of 0.0009 or 0.09% from the previous close of 0.9982.The daily trading range is from 0.9957 to 1.0025.The USD Index slipped 0.1% lower to 108.662. The latest U.S. employment data indicated in a continuation of the improving labor market despite the string of large rate raises by the Federal Reserve.In addition to that with the hawkish comments from many Fed representatives suggesting rate hiking by a probable 75 basis points in September. However, the USD is challenged as the European Central Bank also joined actions with raising rate to fight to combat inflation.The Eurozone and the U.K. are both heading for recessions this year, according to Goldman Sachs.
European Daily Market Review
2022-08-31 08:22UTC
European markets are still without a solid direction but added some side today, aligning with a negative trend in Asia-Pacific markets.The euro has gained over 1% from its Aug. 23 two-decade low. The German DAX retreated 0.38%, the French CAC-40 dropped 0.49% and FTSE-100 slipped 0.36%.The pan-European Stoxx 600 declined 0.5% by mid-morning, having given back opening gains of a similar scale. Italy will start meetings for the sale of ITA Airways with an investor group that includes Air France-KLM Group along with Delta Air Lines Inc.Gazprom, Moscow’s owned energy giant, ceased natural gas flows early Wednesday through Nord Stream 1, the critical pipeline that connects Russian supplies to Germany.Meanwhile, France stated that the nation’s natural gas storage will be full in about two weeks, which should make it possible for the country handle the coming winter months.     
Crude Oil Prices Are Into Minor Recovery
2022-08-31 05:45UTC
Oil prices entered into recovery slightly  as numbers indicated in solid fuel demand in the United States.Now, oil trades at $92.144, which is another decline of $0.090 or 0.10% from the previous close of $92.234.The daily trading range is from $91.784 to 92.716, while the trading volume is 33.875K.U.S. West Texas Intermediate (WTI) crude futures jumped 85 cents, or 0.9%, to $92.49 a barrel at 0456 GMT.Further adding to the market mode came from the American Petroleum Institute (API) showed gasoline inventories fell by about 3.4 million barrels.However API data showed crude stocks rose by about 593,000 barrels.There are fears that China's biggest such as Shenzhen are imposing lockdowns and business closures to control the spread of COVID-19.On the supply side, oil exports from Iraq were unaffected by the most violent clashes nseen in Baghdad for the last years.There are some concerns over a possible recession, which could result oil to maneuver between $90 and $110. 
Asian Daily Market Review
2022-08-31 01:52UTC
Asian markets have opened lower on Wednesday after another losing session on Wall Street has dampened the positive sentiment that helped to lift markets yesterday. Investors are also looking cautious ahead of the release of Chinese PMI data, which is expected to be underwhelming following bank earnings that have shown growing troubles within the real estate lending sector. Japan’s Nikkei is trading 0.6% lower today, despite industrial production and retail sales data for the country coming in stronger than expected. Shares of Softbank Group are edging lower by 0.2%, while Sony shares are falling 1.8%. Among the major exporters Toyota has a slight loss of 0.1% and Canon is dropping 1.7%, but Panasonic is modestly higher by 0.4%. In Australia the S&P/ASX 200 is trading 0.3% lower, despite gains in the banking sector. Shares of ANZ are trading 0.6% higher, NAB has a 1.1% gain, Westpac is adding 1%, and Commonwealth Bank is inching up by less than 0.1%. The major miners are weighing on the market however, with BHP falling 2.4% and Rio Tinto losing 1.5%. Mainland Chinese markets are opened to slight losses, with the benchmark Shanghai Composite and the smaller cap Shenzhen Composite each trading lower by less than 0.1% as PMI data came in slightly above expectations. However, over in Hong Kong the Hang Seng has dropped sharply at the open to lead losses across the region with a fall of 1.5%. In South Korea the Kospi is losing 0.5%, and in Taiwan the Taiex is edging lower by 0.1%. Southeast Asian markets are mixed today, with the Straits Times Index falling 0.7%, but the KLCI in Malaysia rising 0.7%.
Best Buy Tops Expectations
2022-08-30 21:01UTC
Shares of retailer Best Buy saw its shares advance 1.6% yesterday on another overall negative days on Wall Street. The advance was enough to make Best Buy the third-best performer in the S&P 500. The rally in shares came as a response to better than expected revenue and earnings, while also holding to the full year financial forecast it provided in July. Earnings came in at $1.54 a share on revenues of $10.33 billion, which was better than Wall Street analyst’s predictions of $1.27 a share in earnings on revenues of $10.27 billion. Same store sales declined by 12.1% but that was still better than Wall Street expectations of a 12.9% decline in same store sales. Best Buy CEO Corie Barry admitted that the sales environment is challenging, with consumer electronics being far softer than in the previous two years, partially due to the elevated demand in 2020 and 2021, and partially due to macro factors putting pressure on the entire retail industry. Best Buy has cut hundreds of jobs in the past month to reduce its costs in this challenging retail environment, which seems to have had a positive impact on its financials already. Yet the company still sees same store sales falling 11% in fiscal 2023, which will likely require more cost cutting measures in order to maintain profitability. Interestingly the results at Best Buy echo those of Walmart, which also cut its year-long forecast earlier, but went on to report better than expected revenue and earnings. Both companies are grappling with changing consumer behavior as purchases shift from the pandemic-favored categories such as electronics to necessities like food.
U.S. Daily Market Review
2022-08-30 14:58UTC
Stocks dropped again today as the Federal Reserve and other global central bankers continued to signal they will raise interest rates to try to control inflation.U.S. Federal Reserve leaders again stated their support for further interest-rate hikes to quell inflation.The S&P-500 decline 1.1% to 3,986.16, falling below the 4,000 mark. The Nasdaq Composite tumbled 1.1%, to close at 11,883.14. The Dow Jones Industrial Average fell 308.12 points, or nearly 1%, to 31,790.87.Goldman Sachs will remove all its Covid-19 requirements in most offices beginning Sept. 6. The company hope to stimulate its workers to return to the office.Short-term rates continued their march higher as investors bet on more rate hikes. The 2-year Treasury yield topped its highest in nearly 15 years.Social media company Snap is could fire around   20% of its staff.Shares of the company retreated 2.7% for the session.  
European Daily Market Review
2022-08-30 09:23UTC
European markets gained some territory today after a negative start to the week following remarks from U.S. Fed’s Chair Jerome Powell last Friday.European shares advanced Tuesday following a two-day retreat as banking stocks stimulated bourses on the back of higher interest rate forecasts.The German DAX added 1.39%, the French CAC-40 gained 0.94% and FTSE-100 inclined 0.28%.In fact, FTSE 100 reversed early retreats as banks and energy stocks regained some ground after selloff in the blue-chip index last week.The pan-European Stoxx-600 soared 0.8% in early trade, with banks adding 1.7% to lead the rising path.Danish healthcare company Ambu added more than 7%, while the weakest performer was the investment group Storskogen which dropped 5.6%.The Russian rouble stands firm at 60 versus the USD and euro in early Moscow trade on Tuesday. Meanwhile, soaring oil prices added to Russia's benchmark stock index to its peak of the last two months.     
Gold Prices Were Stimulated By Falling USD
2022-08-30 06:58UTC
Gold prices managed to recover some ground today after being stimulated by some losses of the USD.The greenback tumbled USD from a 20-year peak, although some hawkish comments from the Federal Reserve still weighed on the market.Now, gold trades at $1733.06, which is a loss of $3.78 or 0.22% from the previous close of $1736.84.The daily trading range is from $1728.93 to 1740.40, while the trading volume is 77.055K.The USD retreated against the euro on estimates that the European Central Bank will follow tighter monetary policies.In reality, gold price fell last week after the Fed indicated in that has no plans to ease on its path of monetary tighteningThe market focus is now turned on the U.S. payrolls data this week. Improving jobs market date cold provide a good argument to the Fed to further raise the interest rates. 
Asian Daily Market Review
2022-08-30 02:35UTC
Markets are mixed across Asia on Tuesday morning despite the continuing losses overnight on Wall Street. Asian investors have quickly become accustomed to the hawkish tilt of the Federal Reserve that promises higher interest rates until inflation is controlled. However, later this week expect investors to turn more cautious ahead of Friday’s U.S. non-farm payrolls data. Japan’s Nikkei is leading gains for the region today, just as it led losses yesterday. The Nikkei is 0.8% higher, with the Yen holding at the lows set yesterday against the U.S. dollar. Shares of Softbank Group are adding 1%, while Sony shares are flat with a slight gain of less than 0.1%. Among the major exporters Toyota is modestly higher by 0.4%, Panasonic is adding 0.6%, and Canon is trading 0.8% higher. In Australia the S&P/ASX 200 is adding 0.4% as the big four banks provide strong support for the broader market today. Shares of ANZ are up by 1.3%, NAB is rising 1.1%, Commonwealth Bank has a 0.8% gain, and Westpac trades 0.6% higher. The major miners are weighing on the index however, with BHP falling 0.8% and Rio Tinto losing 0.6%. Mainland Chinese markets are bucking the rising trend across the region, with both the benchmark Shanghai Composite and the smaller cap Shenzhen Composite trading 0.4% lower. Over in Hong Kong the Hang Seng is leading losses for the region with a steep drop of 1.8%. In South Korea the Kospi trades 0.5% higher, while Taiwan’s Taiex is edging up by less than 0.1%. Southeast Asian markets are mixed today, with the Straits Times Index in Singapore tacking on 0.4%, while the KLCI in Malaysia trades lower by 0.2%.
Oil Gains On Potential Production Cuts
2022-08-29 21:57UTC
Crude oil settled higher by more than 4% on Monday, continuing the volatility that’s become the new normal for the commodity. The latest surge in the price of crude is a result of potential production cuts from OPEC+ in conjunction with unrest in Libya that could harm production from the small African country. These factors have offset the strong U.S. dollar, and prospects for faltering growth in the U.S. Last week Saudi Arabia, which is the largest producer and nominal head of OPEC+, raised the possibility of curtailing some production to coincide with the addition of Iranian supplies, should the country finally clinch a nuclear deal with the West. OPEC+ meets next Monday to review and set policy for the coming months. Brent crude, the global benchmark, settled up $4.10, or 4.1%, closing at $105.09 a barrel, after rising 4.4% last week. Meanwhile the U.S. benchmark West Texas Intermediate crude gained $3.95, or 4.2%, to settle at $97.01 a barrel after rallying 2.5% higher last week. Earlier this year the price of Brent crude approached $150, but have since moderated to trade under $100 as rising inflation, a U.S. dollar that’s as strong as it’s been in over 20 years, and recession risks have all weighed on the market. Just last week the head of the U.S. Federal Reserve said that interest rates will remain high for longer in order to restrain inflation. However, some analysts believe that undersupply in the market will continue to support crude prices, despite the strength of the U.S. dollar. Last week saw U.S. crude reserves fall by 3.1 million barrels, and it’s expected that another 600,000 barrel shortfall will be reported this week, further supporting crude prices.
U.S. Daily Market Review
2022-08-29 13:57UTC
Stocks are in red today amid fears  over advancing rates and tighter monetary policy from the Fed. These losses erased the August gains for all three averages.The Dow Jones Industrial Average dropped 252 points, or about 0.7%. The S&P-500 lost 0.7% and the Nasdaq Composite  slipped 0.8%.Estimates include that the Fed will continue raising interest rates in its fight against inflation.Treasury yields rallied to start the week.The benchmark 10-year Treasury note jumped above 3%, and the 2-year Treasury yield spiked to top 3.45%, a peak of the last decade.Walmart Inc (WMT.N) has started a 6.4 billion bid ($377.6 million) for the remaining 47% of South African shares of the retailer Massmart.Dell Technologies (DELL) has ceased all of its operations in Russia after suspending sales in Russia and Ukraine in February. Dell stocks tumbled 1% in premarket trading.  
European Daily Market Review
2022-08-29 09:42UTC
European markets are into a lower side today after Fed’s Chair Jerome Powell simplied in higher interest rates could be on the way.German inflation figures at around 1 p.m. London time.The German DAX fell 1.43%, the French CAC-40 1.67% and FTSE-100 lost 0.70%.Tech stocks led the falling path after losing over 2%.Germany’s Uniper sunk the bottom of the European index. Shares of the embattled energy company fell over 6%.Swedish housing prices are very likely to continue the dropping trend until the middle of next year mortgage interest payments are about to double.German Power for 2023, the European benchmark, broke through 1,000 euros ($993) for the first time as energy crisis gets more intense.European natural gas prices plunged the most since April after Germany reported that its gas stores are getting busier more than predicted.The Russian rouble is steady around its bottom mark of the last week versus the USD earlier today after the peak of a favourable tax payments period passed.     
Oil Prices Surged Again
2022-08-29 06:55UTC
Oil prices secured another 1% this morning amid forecast that OPEC could reduce output in order to boost prices.Now, oil trades at $94.020, which is an addition of $1.070 or 1.15% from the previous close of $92.950. The daily trading range is from $92.270 to 94.315.The trading volume is 44.95K.Some serious turmoil is taking place in Libya's capital, which resulted in 32 dead. This generated in some fears over possible into a full-blown conflict, leading to a disruption in deliveries of crude from the OPEC supplier.There are some considerable indications that Organization of the Petroleum Exporting Countries and allies, together called OPEC+, that they could limit output in order to balance the market.On the other side, Omani oil ministry also declared that he supported OPEC+ efforts to maintain market stability.
Asian Daily Market Review
2022-08-29 02:30UTC
Asian markets are falling to start the week, taking their cue from the steep losses seen last Friday on Wall Street. The negative sentiment is a result of Federal Reserve chairman Jerome Powell’s comments at the Jackson Hole summit in which he said markets should not expect the central bank to back off from its aggressive monetary policy in the coming months. In Japan the Nikkei is falling 2.8% and leading losses across the region, despite the Yen softening significantly versus the U.S. dollar. Shares of Softbank Group are down 3.9% and Sony shares are retreating 2.5% in early trade. Among the major exporters Toyota is losing 1.4%, Panasonic is lower by 1.6%, and Canon is dropping 1.2%. In Australia the S&P/ASX 200 trades 2.3% lower, with the big four banks tracking losses for the broader market. Shares of ANZ are down by 2.4%, NAB is falling 2.5%, and both Commonwealth Bank and Westpac are trading 2.3% lower. The major miners are also contributing to market weakness, with BHP down by 2% and Rio Tinto losing 2.6%, Mainland Chinese markets are lower but performing better than the rest of the Asian region, with the benchmark Shanghai Composite losing 0.3% and the smaller cap Shenzhen Composite dropping 0.7%. Over in Hong Kong the Hang Seng is underperforming the mainland with a loss of 1%. In South Korea the Kospi has a loss of 2.2% and in Taiwan the Taiex trades 2.5% lower. Southeast Asian markets are mixed as Singapore’s Straits Times Index trades lower by 1.1%, while the KLCI in Malaysia is bucking the falling trend around the region today with a slight gain of 0.1%.
Nvidia Shares Plunge On Negative Report
2022-08-26 19:40UTC
Shares of gaming hardware giant Nvidia has borne much of the pain from the blowup in the technology sector this year, with shares trading 44% lower since the start of the year. That has some wondering when the stock will find a bottom, but judging by yesterday’s market action that time is not yet here. Shares of Nvidia plunged 8.3% lower, partially on the company’s own bearish news, and partially as the entire market imploded following Federal Reserve chairman Jerome Powell’s commentary at the Jackson Hole summit. On Wednesday after markets closed Nvidia reported second quarter revenue and earnings that were below market expectations. Of course the results were in line with Nvidia’s early forecast two weeks ago, but Wall Street had little compassion. Expectations for revenues were $8.1 billion, but Nvidia reported just $6.7 billion, which was exactly as forecast two weeks earlier. Earnings were just as disappointing, coming in at $0.51 a share versus expectations for earnings of $1.26 a share. Making things worse, Nvidia also downgraded its expectations for the third quarter, claiming it would report $5.9 billion in revenues versus expectations for $6.95 billion in sales. A 33% drop in gaming revenue was to blame for the poor results. The drop was even greater than Nvidia had forecast, and the company said it was due to lower sales of its gaming products, which are primarily graphics cards for PCs. The lower sales were a result of the global macroeconomic headwinds that’s led to a slowdown in consumer demand. Nvidia’s data center business did better, with revenue rising 61% annually to $3.8 billion. Much of that increase came from the major cloud providers.
U.S. Daily Market Review
2022-08-26 17:12UTC
The main stocks sold off largely today after Federal Reserve Chair Jerome Powell stated in his Jackson Hole speech the central bank won’t back off in its fight against the galloping inflation.The Dow Jones Industrial Average fell 611 points, or 1.85%. The S&P-500 lost 2.18% and the Nasdaq Composite tumbled 2.71%. US consumer sentiment jumped more than initial estimates in August as year-ahead inflation expectations eased, indicating in that Americans are becoming more optimistic as gas prices further retreated.In fact, U.S. consumer spending partly surged in July amid falling gasoline prices but monthly inflation moved largely lower, which could reduce the need for the Fed to add another three-quarters of a percentage point interest rate hike.Shares of Affirm slipped more than 20% after the consumer lending company issued weak full-year revenue guidance.Panasonic Holdings Corp., a top supplier to electric-vehicle maker Tesla Inc., could build an additional roughly $4 billion EV battery plant in the U.S.The Japanese company considers Oklahoma as the location for its new plant.  
European Daily Market Review
2022-08-26 11:38UTC
European markets ended on a lower side today after U.S. Federal Reserve Chairman Jerome Powell warned of “some pain” down the road trying to control the inflation figures.The main European equity funds witnessed their 28th consecutive week of outflows in the longest streak since 2016.The German DAX fell 2.26%, the French CAC-40 dropped 1.68% and FTSE-100 lost 0.71%.The pan-European Stoxx-600 tumbled 1.7% following the comments at the central bank’s Jackson Hole economic symposium. The British pound retreated today is on track for a weekly declines after a hawkish speech by U.S. Federal Reserve Chair.U.K. energy regulator Ofgem declared its latest increase in the country’s energy price cap.Moscow Exchange (MOEX.MM), Russia's largest bourse, on Friday stated that plans to restart early morning trading for currencies and derivatives from next month.    
Gold Prices Retreated
2022-08-26 06:15UTC
Gold prices are into a lower side as the markets are focused on additional signals from the U.S. monetary policy from the Jackson Hole Symposium.Now, gold trades at $1751.88, which is a further loss of $6.62 or 0.38% from the previous close of $1758.50.The daily trading range is from $1750.86 to 1758.73, while the trading volume is 65.488K.The USD index added 0.1%, staying just below a 20-year high hit earlier this week as focus turned to Fed’s Chair Jerome Powell’s reporting at the economic forum. As a matter of fact, the precious metal has largely dropped out to USD as a safe haven this year.Positive U.S. economic readings also stimulated the Fed to follow its aggressive pace of interest rate hikes. In fact, U.S. jobless claims tumbled for a second week in a row.Meanwhile, Platinum futures lost 0.2%, while silver declined 0.1%.  
Asian Daily Market Review
2022-08-26 02:01UTC
Asian markets are rising for a second consecutive session following gains overnight for Wall Street, and with investors looking ahead to tomorrow’s Jackson Hole speech by Federal Reserve chairman Jerome Powell. Also influencing markets are rumors of an audit deal between the U.S. and China that would avoid the delisting of hundreds of Chinese ADRs from U.S. markets. Japan’s Nikkei is trading 1.1% higher today to lead gains for the region. The Yen is weaker versus the U.S. dollar today, helping Japan’s export sector. Shares of Softbank Group are rallying 2.3% higher and Sony is adding 1.3%. The major exporters are trading modestly higher today, as Toyota tacks on 0.4%, Panasonic edges higher by less than 0.1%, and Canon is advancing 1%. In Australia the S&P/ASX 200 is advancing 0.8%, with the big four banks making modest gains to support the broader market. Shares of ANZ are rising 0.4%, NAB is up 0.5%, Commonwealth Bank is adding 0.4%, and Westpac is advancing 0.5%. The major miners are giving a bigger boost to the market today, with BHP trading 1.6% higher and Rio Tinto adding 1.1%. Mainland Chinese markets are edging modestly higher, with the benchmark Shanghai Composite gaining 0.2%, while the smaller cap Shenzhen Composite trades 0.4% higher. Over in Hong Kong the Hang Seng is gaining 0.9% on the back of strength from the technology sector. In South Korea the Kospi trades up by 0.5%, and in Taiwan the Taiex has a 0.6% gain. Southeast Asian markets are seeing gains that are similar to the rest of the region, with the Straits Times Index in Singapore adding 0.5% and the KLCI in Malaysia trading 0.4% higher.
Chinese ADRs Lead Gains On Wall Street
2022-08-25 19:49UTC
Chinese ADRs led gains in the Nasdaq yesterday during a Wall Street session that was quite positive, leading to broad based gains, particularly in the technology sector. That strength in tech was a carry-over from the overnight session in Asia, where technology also led gains across the region. The gains for the Chinese ADRs were in response to rumors that the U.S. and China are nearing a deal that would allow for auditing of Chinese listed firms, thus appeasing U.S. regulators and avoiding the need to delist hundreds of Chinese companies from U.S. exchanges. Such delisting would be disastrous for both the U.S. and China. No official word has been released yet, but it is thought to be imminent. Taking the lead was Pinduoduo, with shares of the agriculture focused ecommerce platform trading 12% higher. The stock had been pressured since late June as investors worried that the company would be delisted from the Nasdaq. The day’s move took the stock near to a resistance level at the $66 threshold. Behind Pinduoduo was JD.com, with its shares finishing the day 8.7% higher. JD.com is another ecommerce platform and the largest retailer in China.  The rally brought shares off recent swing lows and left it sitting just shy of a resistance level of $65. Coming sessions will see whether that level holds as resistance or is broken and becomes support moving forward. Last of all came Baidu with shares of the multinational technology firm rising 8.1% to settle just below its own resistance level around $155 a share. Further recovery beyond this resistance level could see shares adding another 15% in the coming sessions.
U.S. Daily Market Review
2022-08-25 13:41UTC
The S&P-500 gained some ground today as traders looked ahead to the coming Federal Reserve’s annual Jackson Hole symposium.The S&P-500 added 0.36%, and the Nasdaq Composite advanced 0.53%. The Dow Jones Industrial Average dropped 25 points, or 0.08%. Snowflake soared 19% after reporting greater revenue data.Salesforce fell more than 7% after the company provided a disappointing forecast for fiscal 2023.The U.S. economy tumbled at slightly slower rate in the second quarter than previous numbers. However, it preserved, the trend for a so-called technical recession.Jobless claims marked 243,000 for the week ended Aug. 20, a loss of 2,000 from the prior week. Gross domestic product, GDP retreated 0.6% on an annualized basis in the second quarter, as reported by the Commerce Department.Dollar Tree Inc (DLTR.O) trimmed its full-year profit estimate, blaming price reductions at its stores in an effort to stimulate demand levels.  
European Daily Market Review
2022-08-25 07:23UTC
The main European markets are into a rally as global investors await the start of the Fed’s Jackson Hole economic symposium. The German DAX added 1.08%, FTSE-100 inclined 0.71% and French CAC-40 gained 0.79%.The pan-European secured 0.7% in early trade, with basic resources adding 1.2% to lead the rising path.Shares of Novartis added 0.8% during early morning trade in London. Novartis declared that it would spin off its generics arm Sandoz and list it on the Swiss stock exchange.German announced second-quarter GDP growth was revised to 0.1% quarter-on-quarter.The Russian rouble is firm around 60 versus the USD, lacking new momentum, while shares in TCS, owner of Russia's Tinkoff Bank, and retailer M.Video-Eldorado retreated after earnings reports.Ukraine’s vital grain is leaving its ports again. The bad news is that farmland production was destroyed during the war and weak local prices are creating in risks for its next wheat harvest.    
Crude Oil Prices Advanced
2022-08-25 07:01UTC
Oil prices jumped earlier today on the advancing supply tightness fears amid disruptions to Russian exports.Now, oil trades at $95.120, which is a very minor loss of $0.235 or 0.25% from the previous close of $95.355.The daily trading range is from $94.815 to 95.690, while the trading volume is 27.699K.Brent crude secured 59 cents, or 0.6%, to $101.81 per barrel by 0400 GMT. However, there are still some serious questions about the possibility of OPEC+ to follow a policy of oil reduction amid ongoing negotiations around the Iranian nuclear deal.In the United States, the world's biggest oil consumer, BP declared shutting some units its Whiting, Indiana, refinery after an electrical fire on Wednesday. Negotiations between the European Union, the U.S. and Iran to revive the 2015 nuclear deal are still taking place.Oil prices rallied on the potential OPEC+ supply reductions. 
Asian Daily Market Review
2022-08-25 02:16UTC
Asian markets are making broad based gains Thursday morning following overnight gains on Wall Street that snapped a three-session losing streak for the S&P 500. While concerns over slowing growth in China remain, investors have found value in lower priced stocks, at least for today. Japan’s Nikkei is trading 0.5% higher, with the Yen softer versus the U.S. dollar today. Shares of Softbank Group are pacing the broader market and trade 0.5% higher, while shares of Sony are trading 0.4% lower. Among the major exporters Toyota is trading 0.3% lower, Panasonic is inching down by 0.1%, and Canon has a modest 0.2% gain. In Australia the S&P/ASX 200 is trading 0.8% higher, with the big four banks also making similar gains. Shares of ANZ are lagging with a slight 0.1% gain, while NAB is up by 0.6%, Commonwealth Bank is adding 0.8%, and Westpac is trading 0.9% higher. Meanwhile the major miners are also helping support the broader market, with BHP shares 1.2% higher and Rio Tinto gaining 0.%. Mainland Chinese markets have also opened to gains, with the benchmark Shanghai Composite rising 05% and the smaller cap Shenzhen Composite uncharacteristically trading slightly lower, adding 0.3% today. Over in Hong Kong the Hang Seng is flat and unchanged, unopened due to the passage of typhoon Ma-on over the small island city-state. In South Korea the Kospi is trading 1% higher, while Taiwan’s Taiex is leading gains for the region with a move higher of 1.1%. Southeast Asian markets are also moving solidly higher today as the KLCI in Malaysia tacks on 1% and the Straits Times Index in Singapore advances by 0.7%.
Cruise Industry Stocks Rally To Lead Markets
2022-08-24 20:28UTC
The volatility we’ve seen in cruise line stocks ever since the COVID pandemic hit in 2020 continued yesterday, but this time it was a surge higher for shares rather than a precipitous drop in shares. There was no news to point to that would have sparked such a rise, although a broadly rising stock market certainly helped. Some analysts also opined that the $10,000 student loan forgiveness announced yesterday may give younger consumers more discretionary cash to spend on things like cruises. Shares of Norwegian Cruises led the S&P 500 with a gain of 8.4%, Royal Caribbean shares rose 7.6%, and Carnival Cruises was 5.5% higher at the close. Shares were up more than that early in the session, but traders took some profits as oil prices rose in the afternoon. Oil is a major cost for the cruise lines, so higher crude pieces are a negative for the cruise stocks. Traders should note that despite yesterday’s bounce in the cruise line stocks, the longer-term trend for the sector has been lower since April as the financials simply don’t justify the valuations of these companies. All three of the cruise lines mentioned above has enormous debt loads, and none of them are cash flow positive since the beginning of the COVID pandemic. Plus, there’s no indication when the cash flow picture might turn around. Anyone trying to trade bounces like this might want to be as cautious as possible. The cruise industry continues to face long-term structural challenges that make profitability unlikely in the near quarters. Demand for cruises hasn’t recovered, and the cruise lines must find a way to return to profitability and to pay off or refinance their debt loads.
U.S. Daily Market Review
2022-08-24 14:55UTC
The Dow Jones Industrial Average added 33 points, or 0.1%. The S&P-500 inclined 0.28%, and the Nasdaq Composite gained 0.53%.The three-day Jackson Hole economic symposium will take place on Thursday with Powell slated to speak Friday morning. Advanced Auto Parts emerged as one of the weakest performers after falling close to 10%, and even missing earnings forecast. The company announced earnings of $3.74 per share on revenue of $2.67 billion. Analysts surveyed by Refinitiv were expecting earnings of $3.76 per share on revenue of $2.75 billion. The National Association of Realtors reported that pending home sales index dropped almost 20% in July versus to the same month one year ago. Contracts to buy U.S. previously owned homes retreated less than estimates in July as mortgage rates eased to a certain degree.  
European Daily Market Review
2022-08-24 10:33UTC
European markets are without a solid direction today amid additional hawkish comments from the Fed.European Central Bank’s will report its latest monetary policy discussions, coming out later today.The German DAX fell 0.19%, the French CAC-40 lost 0.03% and FTSE-100 dropped 0.32%. The pan-European Stoxx-600 moved around a static mode by the flatline by mid-morning. The UK imported ceased all fuel imports from Russia in June for the first time on record.Imports of goods from Russia also sunk to £33m in June, the lowest level since records began in January 1997, the Office for National Statics (ONS) said. After falling to a historic bottom price of $0.9901 yesterday, the euro currency regained some of the lost territory overnight to trade at $0.9950 by mid-morning.Shares of Dutch insurance group ASR Nederland secured 3% in early trade after a strong first-half earnings report. 
Gold Prices Preserved Its Ground Above $1750
2022-08-24 06:36UTC
Gold prices preserved the recent rising mode this morning as the USD partly fell amid lower economic data.The market attention is now on the Fed’s decision on the interest rates.Now, gold trades at $1745.26, which is a decline of $2.62 or 0.15% from the previous close of $1747.88.The daily trading range is from $1743.92 to 1748.35, while the trading volume is 50.577K.However, the USD arrested its losses after Minneapolis Fed President Neel Kashkari stated that the Fed will keep tightening policy until inflation is clearly brought back under control. Gold has lost nearly all of its gains this year as a surging US and U.S. interest rates made the precious metal less attractive.The main attention is now on Fed Chair Jerome Powell’s address to the Jackson Hole Symposium later this week on Friday.In the meantime, Platinum and silver both dropped 0.5%
Asian Daily Market Review
2022-08-24 02:17UTC
Asian markets are mixed on Wednesday morning after an overnight session on Wall Street where markets struggled to make gains, eventually failing and falling into the close. In Asia there is little in the way of economic or corporate news to help guide markets. Sentiment is still hobbled by the weakness in Chinese economic data, and the likelihood of further rate cuts from the People’s Bank of China has done little to soothe investor’s worries. Japan’s Nikkei is down by 0.3% following the overnight strength in the Yen versus the U.S. dollar. Shares of Softbank Group are adding 0.3% in the face of broader market weakness, while Sony shares are slipping 0.5% lower. Among the major exporters Toyota is down 0.5%, Panasonic is edging lower by 0.2%, and Canon is sliding 0.5% lower. In Australia the S&P/ASX 200 is one of the few rising markets with a gain of 0.5% heading into the final hours of trade in Sydney. Market strength is being helped today by the big four banks, with ANZ trading 1.2% higher, NAB adding 0.5%, Commonwealth Bank advancing 0.7%, and Westpac gaining 0.%. The major miners are mixed however, as BHP is advancing 1.3%, but Rio Tinto is falling 0.7%. Mainland Chinese markets are lower as the benchmark Shanghai Composite is falling 0.3% and the smaller cap Shenzhen Composite is off by 0.7%. Over in Hong Kong the Hang Seng is leading losses for the region with a drop of 0.8%. In South Korea the Kospi is trading unchanged, while Taiwan’s Taiex is adding 0.2%. Southeast Asian markets are mixed as the KLCI in Malaysia is slightly higher by 0.1%, but the Straits Times Index in Singapore trades 0.2% lower.
Twitter Shares Plunge On Allegations Of Dishonesty
2022-08-23 20:18UTC
Twitter shares led losses in the S&P 500 on Tuesday, falling 7.3% following news of a whistleblower alleging “extreme, egregious deficiencies by Twitter” in terms of content moderation, security, and privacy.The allegations were made in a complaint to the Securities and Exchange Commission filed by Whistleblowers Aid, a non-profit law firm, on behalf of Peiter “Mudge” Zatko, Twitters former head of security.In the complaint Zatko claims he witnessed deceitful and misleading communications made by senior executives at Twitter, affecting users, shareholders, and Board members. In addition, he claims that CEO Parag Agrawal asked him to provide false and misleading documents himself.Specifically Zatko contends that Twitter’s executives failed to represent four key issues accurately to the board and others.Out of date software with insufficient security;Issues in controlling who was able to access and control systems and data;Problematic internal processes;Frequent, wide-reaching  security breaches.Specifically, Zatko alleges that over half of Twitter’s half-million servers run out-of-date software. He also claims that nearly every employee at Twitter has access to data and systems  which they should not.The claims could mean that Twitter is in violation of an agreement made with the FTC in 2011 in which the company was barred for 20 years from making misleading statements regarding its protection of the privacy and security of users.Also of note, the allegations could validate claims made by Elon Musk that Twitter misled him regarding the number of bots, or automated accounts, present on the Twitter platform. Musk is currently in a legal battle with Twitter, trying to back out of his $44 billion bid to buy the social media platform.
U.S. Daily Market Review
2022-08-23 14:24UTC
The leading U.S. indexes advanced today as markets tried to regain its path from weakest session since June. The Dow Jones Industrial Average added 34 points, or 0.10%. The S&P-500 inclined 0.44% and Nasdaq Composite gained 0.70%. 10-year Treasury yield rallied above 3%. Sales of new U.S. homes dropped more than initial estimates in July to the lowest level in two years amid surging mortgage rates.New single-family home purchases lost 12.6% to a seasonally adjusted annual rate of 511,000 units, as reported by the Commerce Department.Palo Alto Networks advanced 9% on the back of strong quarterly results. Zoom Video shares retreated 13% after the company decreased its full-year forecast.Shares of Dick's Sporting Goods jumped today after the sports company declared solid quarterly results and raised its financial forecasts for the full year.In fact, Dick's  announced adjusted second-quarter earnings of $3.68 a share, greater than the estimate of $3.59.   
The Euro Is Into A Retreat
2022-08-23 11:21UTC
The euro sunk to two-decade bottom.This is happening amid a fresh blow by renewed issues that an energy shock will keep inflation into massive figures.Presently, the Euro versus the USD trades at $ 0.9927, which is another loss of $0.00135 or 0.14% from the previous close of $0.99411.The daily trading range is from $0.9899 to 0.9950, while the trading volume is 158.51K.Business activity data from Europe was not as bad as feared, pushing the euro off the 20-year low hit.In reality, the Euro dropped to 20-year lows versus the USD.British and Dutch wholesale gas prices largely jumped. Moscow will cease natural gas supplies to Europe via the Nord Stream 1 pipeline for three days at the end of the month.The risk-sensitive Aussie fell to a one-month low before recovering to around $0.6888.In the meantime, the USD Index fell back from session highs and was last trading at around 108.90.
European Daily Market Review
2022-08-23 09:16UTC
European markets are still without a major direction, investors digesting a rise in oil prices and economic data from euro zone.The German DAX inclined 0.12%, the FTSE-100 dropped 0.31%.The pan-European Euro Stoxx 600 is partly static with oil and gas stocks pushing the benchmark higher.Benchmark gas prices in the European Union advanced 13% overnight, as damage to a key pipeline system running oil from Kazakhstan through Russia and into Europe.The euro reached a fresh two-decade bottom on a fresh blow by renewed issues. August flash PMI of the euro zone, implied in that business activity slipped for a second straight month.The Russian rouble is partly lower today after initially easing beyond 60 versus the USD.    The risk of a euro-area recession has reached the highest level since November 2020 as energy shortages threaten to drive already record inflation even to new higher values.British economy is facing interest rates of around 4% as soon as next spring as government bodies try to control rising inflation.
Oil Prices Into Recovery
2022-08-23 06:51UTC
Oil prices are into recovery amid renewed fears over tight supply dominated market mode after Saudi Arabia warned that the major oil producer could reduce output.Now, oil trades at $90.955, which is a rise of $0.370 or 0.41% from the previous close of $90.585. The daily trading range is from $90.370 to 91.315, while the trading volume is 28.877K.U.S. West Texas Intermediate crude futures advanced 40 cents, or 0.4%, to $90.76 per barrel.The Organization of the Petroleum Exporting Countries seems like is ready to cut reduce production to correct the recent oil price amid demand losses.Saudi Arabia is trying to protect prices levels. Iran accused Washington in actions trying revive Tehran's 2015 nuclear deal. This was denied by the Biden Administration, which declared that a deal was closer than two weeks ago because of apparent Iranian flexibility.Meanwhile, Europe is concerned with energy supplies due to damage to a pipeline delivering oil from Kazakhstan through Russia.U.S. supply, market industry data is today due at 4:30 p.m. ET on Tuesday.  
Asian Daily Market Review
2022-08-23 01:51UTC
Asian markets are being pushed lower on Tuesday morning following a dreadful overnight session on Wall Street that saw major indices suffering their worst losses since June. Analysts are saying that gains seen over the past two months were a bear market rally, and that it’s come to an end, portending an extended move lower once again for equities. Japan’s Nikkei is leading losses for the region with a drop of 1.2% today as the Yen strengthens versus the U.S. dollar. Shares of Softbank Group are trading 2.4% lower, and Sony is suffering a similar drop of 2.5% today. Among the major exporters Toyota is falling 2%, Panasonic has a 1.5% loss, and Canon is down 1.3%. In Australia the S&P/ASX 200 is trading 0.4% lower as the big four banks are heading lower for another day. Shares of ANZ are 1.1% lower, NAB is falling 1.%, Commonwealth Bank has a 0.6% loss, and Westpac is leading losses with a drop of 1.4%. The major miners are offsetting the weakness from the banks somewhat as BHP trades 1.2% higher and Rio Tinto is inching up by less than 0.1%. Mainland Chinese markets are trying to make gains at the open, with the benchmark Shanghai Composite trading back and forth over unchanged levels, while the smaller cap Shenzhen Composite has a slight gain of 0.1%. Over in Hong Kong the Hang Seng is also rising slightly by 0.1%. In South Korea the Kospi trades 0.4% lower, and in Taiwan the Taiex is falling 0.7%. Southeast Asian markets are dropping as well, with the Straits Times Index in Singapore 0.% lower and the KLCI in Malaysia losing 0.3%.
Netflix Rally Appears To Be At An End
2022-08-22 22:27UTC
Netflix led losses for the Nasdaq on a very bad day overall for Wall Street yesterday. Shares of the streaming video service were down 6.1% after being downgraded by Kenneth Leon, Research Director at CFRA Research. In addition to saying the stock would likely underperform for the rest of the year, Leon also downgraded the stock from “hold” to “sell”. He is just the latest in a long list of Wall Street analysts to turn fully bearish on Netflix. Since hitting an all-time high just above $700 this past November, shares of Netflix have been crushed by falling subscriber numbers, increased competition in the streaming video space, and its own weak financials. Shares closed yesterday at $226.42, down 62.4% since the start of 2022. Netflix shares have seen an uptick during the recent bear market rally, rising roughly 30% off the sub-$170 lows seen in July. That makes it one of the best performing stocks in the S&P 500 from mid-June through last week. However that bounce looks to have run its course, with most institutional investors dumping Netflix shares in the midst of an overall negative outlook on tech in general. There are some longer-term positives to look for from Netflix, however it will likely be 2023 until investors get to see the fruits of Netflix’s move to advertising and higher pricing. In the short term Netflix still faces a number of headwinds. Those include the above-mentioned competition, but also stretch to the ongoing inflation and a pullback in discretionary spending by consumers. In short, traders might be able to catch another bounce in the stock later in the year, but for now Netflix seems to be a solid sell.
U.S. Daily Market Review
2022-08-22 12:25UTC
The main indexes on Wall Street are in as most traders and investors fretted about a possible rate hike by the Fed.The Dow Jones Industrial Average dropped largely today and is trend for its worst day since June. In fact, the Dow declined 663 points, or 1.97%. The-S&P 500 lost 1.5% and Nasdaq Composite retreated 2.50%.Amazon lost 3.6%. Semiconductor stocks dropped with Nvidia retreated 4.2%. Shares of Netflix lost 6.6% following a downgrade to sell from CFRA.JPMorgan Chase & Co. allowed US banks to raise direct loans to states and local governments last quarter.Ford Motor Co. ’s shares tumbled close to 5% today, following reports of $1.7 billion jury decision following a fatal rollover accident in one of its older-model trucks.In addition, Ford declared will cut around 2,000 of its employees and about 1,000 agency personnel as it looks to lead a new era of connected and electric vehicles.   
European Daily Market Review
2022-08-22 10:16UTC
European markets lost some ground today amid concerns of additional aggressive interest rate hikes from the Fed and the European Central Bank (ECB).The euro currency briefly fell below parity with the USD for the first time since mid-July.As of 9:15 a.m. London time, the euro regained its path and was trading at exactly the same versus the greenback.The German DAX fell 1.68%, the French CAC-40 lost 1.44% and FTSE-100 dropped 0.43%.    The pan-European Stoxx-600 retreated 1.2% by mid-morning, with autos falling 2.8% to lead the dropping pattern.Germany’s professional football body has appointed Deutsche Bank AG to lead the likely sale of a package of media rights. In fact, Deutsche Bank will cooperate with Deutsche Fussball Liga’s longstanding adviser Nomura Holdings Inc.HSBC boosted its price targets on shares of Greece's four largest lenders. This is taking place after they reported solid performance figures in the first half, as declared by Eurobank (EURBr.AT) and Piraeus Bank.
Gold Prices Are Under Pressure
2022-08-22 06:20UTC
Gold prices lost some additional side amid fears over the Fed’s strategy of monetary tightening persisted.Now, gold trades at $1738.11, which is a loss of $8.20 or 0.47% from the previous close of $1746.31.The daily trading range is from $1737.95 to 1748.98, while the trading volume is 67.314K.Prices had tumbled last week as hawkish comments from multiple Fed’s representatives indicated in that the Fed is expected to follow raising interest rates, trying to limit the jumping inflation.The USD index partly advanced, preserving the gaining mode from last week.The possibility of higher U.S. interest rates has resulted the USD to become more demanded than gold as a safe haven this year.Lower industrial data is coming from China.In fact, the People's Bank of China is likely to further reduce lending rates in today’s session. 
Asian Daily Market Review
2022-08-22 01:43UTC
Asian markets have begun the week on shaky footing as investors look ahead to several central bank decisions across the region this week, and the Jackson Hole summit on Friday. The central banks of China, South Korea, and Indonesia all meet this week, but only South Korea is projected to raise rates, while China is expected to cut their interest rates further. As important as these central bank meetings are, the real sentiment driver this week will be commentary coming out of Jackson Hole. Japan’s Nikkei is trading 0.8% lower today, despite the Yen continuing to soften versus the U.S. dollar for a sixth consecutive session. Shares of Softbank Group are 0.6% lower, and Sony is falling 0.7%. Among the major exporters Toyota is falling 0.7%, while Panasonic edges higher by 0.1% and Canon adds 0.3%. In Australia the S&P/ASX 200 is trading 1% lower, although the big four banks aren’t showing quite that level of weakness. ANZ is off by 0.7%, NAB is trading 0.6% lower, Commonwealth Bank is falling 0.5%, and Westpac is underperforming with a 1.3% loss. The major miners are also lower today, with BHP retreating 0.3% and Rio Tinto dropping 1.2%. Mainland Chinese markets have opened to losses, with the benchmark Shanghai Composite and the smaller cap Shenzhen Composite each losing 0.3%. Over in Hong Kong the Hang Seng is doing far worse, trading lower by 1%. In South Korea the Kospi trades 0.8% lower and in Taiwan the Taiex has lost 0.9% in early trade. Southeast Asian markets are mixed as Malaysia’s KLCI falls 0.6%, while Singapore’s Straits Times Index bucks the falling trend across the region with a 0.2% advance.
Is Silver The Best Investment Of The Decade
2022-08-19 20:27UTC
At least one silver watcher thinks that the metal could be the best investment of the decade, despite prices languishing under the pressure caused by a stronger U.S. dollar. Silver has slipped lower for six consecutive sessions now, ending this week at $18.975 an ounce. While a recovery might not be immediate, David Morgan, Founder and Author of The Morgan Report, believes there’s a perfect storm in supply and demand coming that will make silver the best investment you could make in the coming decades. In fact, he’s gone as far as to say he believes the silver supply could run out within several decades. His statement is backed up by a statement several years ago by the U.S. Geological Survey in which they said that silver would be the first element in the periodic table that would be in short supply. In terms of supply Morgan notes that 70% of silver supplies are produced as a byproduct of basic metals mining. With the price of copper and lead down 18.4% and 8.3% respectively there’s less incentive to mine and when mining these base metals stop the supply of silver also stops. On the demand side Morgan points out that the industrial usage of silver is increasing, with applications such as semiconductors and photovoltaics driving up demand significantly. As usage continues growing the available supplies of silver are likely to be squeezed drastically. Solar power is one area where this is already visible. In 2019 the Silver Institute released data showing solar usage of silver was 9% of the silver industry. Just three years later and it appears that’s increased to 12%. There’s no other element as good as silver at conducting electricity and electricity, making silver indispensable in a number of applications.
U.S. Daily Market Review
2022-08-19 12:54UTC
The main stock futures tumbled today, dimming hopes that the S&P 500 could result in another gaining mode week.Government bond yields rallied as most traders and investors are focused on the aggressiveness monetary policies of the Fed. US equity-index futures dropped with Treasuries after a chorus of Federal Reserve officials reiterated their resolve to continue rate hikes.Futures for the S&P-500 slipped 0.85%.Dow Jones Industrial Average lost 212 points, or 0.62%. Nasdaq 100 futures retreated 1.06%.The US mortgage industry witnessed first lenders ceasing their operations after a sudden advance in lending rates.International leaders are concerned over an atomic accident at a war-damaged Zaporizhzhia nuclear power plant in Ukraine.Shares of Bed Bath & Beyond are suffering after the struggling retailer cratered 35% this morning.This was the case after it was disclosed late yesterday that Cohen's RC Ventures sold his holdings in Bed Bath & Beyond.   
European Daily Market Review
2022-08-19 07:15UTC
European markets lost some ground this morning. This is hand with global uncertainty as central banks continue to digest corporate earnings data.European investors are focused on the July’s U.K. retail sales and German producer prices coming out today.The French CAC-40 lost 0.62% and FTSE-100 dropped 0.29%. Natural gas in Europe is into its longest bullish path on weekly basis this year.  This is expected to push the leading European economies into recession. Two months after Turkish President Recep Tayyip Erdogan announced weaker interest rates, the Turkish central bank stated that should be raising them instead. Shares of French food services company Sodexo slipped 2% in early deals. Broker Jefferies released a new note Friday morning where it cut the stock to a “hold” from a “buy.”UK government borrowing grow larger than initial estimates in the first four months of the fiscal year amid jumping inflation figures.
Oil Prices Fell
2022-08-19 06:08UTC
Oil prices are in red after two session of inclines.The markets are concerned about the state of the economic slowdown that could negatively affect the demand for oil.Now, oil trades at $89.932, which is another loss of $0.433 or 0.48% from the previous c close of $90.365. The daily trading range is from $89.740 to 90.823, while the trading volume is 16.947K. U.S. crude inventories largely dropped after exports hit a record of 5 million barrels of oil per day in the last few weeks.The advance of the U.S. fuel production could partly offset the lower oil exports from China this year.OPEC and its allies such as Russia will meet on Sept. 5 to adjust supply levels. OPEC wants to see Russia remaining part of the OPEC+ oil production deal after 2022, according to Haitham Al Ghais, new secretary general of the Organization of the organization.Record U.S. crude exports, the revival of Libya's production and sustained exports from Russia and Iran have eased global supply limitations. 
Asian Daily Market Review
2022-08-19 02:08UTC
Asian markets are trading mostly lower on Friday morning following the overnight release of the latest Federal Reserve meeting minutes, which have caused some questions regarding the likely pace of Fed interest rate hikes going forward. The U.S. dollar has also spiked to a one-month high on safe haven demand as geopolitical worries have once again taken center stage. Japan’s Nikkei is holding to a slight gain, up less than 0.1% in late morning trade in Tokyo. Shares of Softbank Group are trading 0.8% lower, but Sony is showing remarkable strength with a 2% advance. The major exporters are getting a lift from weakness in the Yen, with Toyota up 0.3%, Panasonic adding 0.8%, and Canon trading 1.4% higher. In Australia the S&P/ASX 200 is trading slightly higher by 0.1% heading into the final hours of trade in Sydney. The big four banks are weighing on the broader index today, with ANZ 2.1% lower, NAB down 1%, and both Commonwealth Bank and Westpac down 1% as well. The major miners are providing some support however, with BHP up 1.3% and Rio Tinto adding 0.8%. Mainland Chinese markets have gotten off to a mixed start as the benchmark Shanghai Composite trades 0.2% higher, but the smaller cap Shenzhen Composite is edging lower by less than 0.1%. Meanwhile over in Hong Kong the Hang Seng is leading the region with a 0.3% gain. In South Korea the Kospi trades 0.4% lower, and in Taiwan the Taiex has lost 0.2%. Southeast Asian markets are mixed too, with Malaysia’s KLCI up less than 0.1%, while Singapore’s Straits Times Index leads losers in the region with a drop of 0.5%.
Wheat Falls To Multi-Month Lows
2022-08-18 20:31UTC
Wheat futures tumbled to a multi-month low on Thursday, hitting the lowest prices since before Russia’s invasion of Ukraine. The drop came in response to news of another three ships, bringing the total to 24, leaving Ukraine laden with the grain and other foodstuffs. It’s estimated that 500,000 tons of foodstuffs left Ukraine ports in the first half of August. Making the news even more negative, the International Grains Council increased its August wheat exports forecast to 13 million metric tons versus 10 million metric tons previously. Chicago wheat futures fell as much as 4.8% on Thursday to $7.4325 a bushel before settling at $7.48 a bushel for a loss of 4.2%. There were other bearish factors playing into the drop in wheat futures, including a meeting of Turkey's President Recep Tayyip Erdogan and United Nations Secretary-General Antonio Guterres with Ukrainian President Volodymr Zelenskyy to discuss a number of issues, including grain shipments. Ukraine has been able to open up corridors for grain shipments, and expectations for 2022-2023 shipments are now 30.4 million tons, versus 22.6 million tons forecast in July. News of slowing U.S. exports also played into the bearishness in the market on Thursday. A yearly low in exports was released Thursday morning, which was particularly disturbing since this time of year should be seeing the strongest export numbers. The initial decline in prices was exasperated as price dropped below key technical levels, setting off sell stops in the market. Improved weather conditions in key wheat growing areas in the U.S. provide further downside, although a bottom could soon be seen as feed wheat prices approach feed corn prices, which is bringing increased wheat demand from cattle ranchers.
U.S. Daily Market Review
2022-08-18 14:11UTC
The major stocks and shares retreated today as investors struggled to regain their ground just a session after the Dow Jones Industrial Average snapped a five-day rising pattern.The Dow slipped 0.21%, or 71 points.The S&P-500 dropped 0.07%. The Nasdaq Composite tumbled 0.09%. Retail earnings extended with reports from Kohl’s, Bath & Body Works and BJ’s Wholesale. Kohl’s shares fell 8% after the company reduced its guidance.Initial jobless data reported today also provided some signals in regards to the state of the job market, with claims dropping to 250,000.The number of officially unemployed Americans tumbled last week, indicating in that demand for employees is still strong while supply is tight.The US and Taiwan will launch talks with the hope to reach agreements with "economically meaningful outcomes." Meanwhile, there is an increased opposition for this initiative from China.   
European Daily Market Review
2022-08-18 09:17UTC
The leading European markets are still without a solid direction today adding on the rising path amid continuing market caution over the inflationary outlook.European Central Bank board member implied in that another large rate hike as early as next month could be on the way.The German DAX inclined 0.41%, the French CAC-40 soared 0.25% and FTSE-100 slipped 0.11%.The pan-European Stoxx-600 fell 0.6% while autos added 0.7%.Germany’s natural gas storage facilities reached a key milestone this month, two weeks ahead of schedule.European natural gas futures added to the rising path as an energy-supply crunch continued to batter the region.Europe hopes to limit its gas demand while Russia decreases its supplies. Meanwhile, the rally of the energy costs boosted household bills and added to the historically high inflation.
Gold Prices Are Into A Static Mode
2022-08-18 06:49UTC
Gold prices prices are moving into a tight range amid mixed signals over rate changes from the Fed.Now, gold trades at $1761.48, which is a very minor loss of $0.13 or 0.01% from the previous close of $1761.61.The daily trading range is from $1760.75 to 1767.41, while the trading volume is 53.556K.Copper prices dropped after a profit warning from a major Chinese property developer resulted in additional concerns over demand. Spot gold added 0.2% to $1,765.65 an ounce by 22:51 ET (02:51 GMT).Gold prices had tumbled yesterday after the minutes of the Federal Reserve’s July meeting showed that most members supported more rate rises.The USD index appreciated after the minutes, as did Treasury yields. The Fed rates surges by 0.75% last month, with most analysts now divided whether next month’s rise could be now 0.5% or 0.75%.
Asian Daily Market Review
2022-08-18 02:13UTC
Asian markets are falling broadly on Thursday morning following a negative overnight session on Wall Street. The latest Federal Reserve meeting minutes show the central bank could be preparing to slow the pace of tightening for interest rates, sending Treasuries higher and weighing on equities. Also of note for the Asian region is a downgrade by Goldman Sachs of China’s annual growth from 3.3% to 3%. Japan’s Nikkei is leading losses for the region with a drop of 1.1%, despite the Yen remaining weaker versus the U.S. dollar. Shares of Softbank Group trade 1.7% lower, while Sony shares are retreating 1.5%. Among the major exporters Toyota is falling 1.6%, Panasonic is losing 1.8%, and Canon has a loss of 0.9%. In Australia the S&P/ASX 200 is trading 0.3% lower, with weakness from the big four banks weighing on the broader market. Shares of ANZ are 1.2% lower. NAB is modestly lower by 0.3%, Westpac is down 0.8%, but Commonwealth Bank is bucking the falling trend with a 0.6% advance. The major miners are mixed again, with BHP rising 0.6%, while Rio Tinto is edging lower by 0.1%. Mainland Chinese markets are falling from the open, with the benchmark Shanghai Composite dropping 0.4% and the smaller cap Shenzhen Composite down 0.5%. Over in Hong Kong the Hang Seng is pacing losses from the mainland and trades 0.4% lower. In South Korea the Kospi has a loss of 0.5%, and in Taiwan the Taiex is falling 1%. Southeast Asian markets are bucking the falling trend for the region, with the Straits Times Index in Singapore trading 0.4% higher and the KLCI in Malaysia inching up by less than 0.1%.
Apple Looks Promising Again
2022-08-17 19:46UTC
Since hitting levels under $130 this past June shares of Apple have been on fire, rising roughly 35% over the past two months. Of course that’s caused investors and analysts to take notice. SEC filings show that Warren Buffet, the Oracle of Omaha, has added nearly 4 million shares of Amazon in the past quarter. And yesterday Credit Suisse analyst Shannon Cross released a new report on tech hardware companies, upgrading Apple to Outperform from Neutral. Shares rose 1% in a broadly negative day, leading both the S&P 500 and the Nasdaq indices. In the report Cross gave four strong reasons for the upgrade. The first reason was the broad adoption of Apple devices. There are more than 1.8 billion Apple hardware devices (iPhones, computers, etc.) in use globally. That not only gives Apple a built-in user base for hardware upgrades, it also helps spur the uptake of services and software. The second reason is tied to the increasing uptake of Apple’s services, which Cross believes will help bolster profit margins at Apple. Services have a gross margin of more than 65% and services are one of the fastest growing segments of Apple’s business. This should continue to boost profits going forward. Third, Cross noted that overall margins aren’t too bad either, and they continue improving. Gross margins continue to hover around 43%, and while inflationary effects and a strong U.S. dollar will provide headwinds, those should be offset by growing adoption of services revenue and the vertical integration of other components. Finally, Apple has a mountain of cash on hand – roughly $192 billion – which will allow them to do whatever is necessary to boost returns in the coming year.
U.S. Daily Market Review
2022-08-17 11:48UTC
The main stocks markets are into a lower side as the surge of Wall Street has pushed up equity prices.The Dow Jones Industrial Average dropped 220 points, or 0.65%. The S&P-500 and Nasdaq Composite slipped 0.92% and 1.52%, accordingly.Stocks retreated over fears over the Fed’s aggressive rate-hike trend.The Census Bureau announced that retail sales are still around the same vales of July amid losses in auto sales and gasoline prices.Cruise stocks led the falling trend, with shares of Carnival, Norwegian Cruise Line and Royal Caribbean declined around 5%.Wynn Resorts fell close to4%, MGM lost 2.5% and Marriott lost 2.1%. Gasoline prices tumbled around 2% in July, not predicted loss given the seen losses of the last few months.  
European Daily Market Review
2022-08-17 10:26UTC
European markets lost some ground today after Wall Street having hard time to add the positive momentum.The German DAX slipped 0.75%, the French CAC-40 lost 0.41% and FTSE-100 dropped 0.29%. The pan-European Stoxx-600 slipped 0.3% by late morning, having given up earlier gains. European markets closed slightly above the flatline yesterday, with the pan-European Stoxx 600 index ending the day up 0.2%, with basic resources adding 3.4% to lead gains while health care slid 0.6%.German utility Uniper dropped 7% after posting a net loss of 12.3 billion euros ($12.5 billion) for the first half, as the prices of the Russian gas advanced.Inflation in the United Kingdom advanced to 40-year peak last month, rising above 10% for the first time since 1982.Annual consumer price inflation soared more 10% in July, as reported by the Office for National Statistics.Jumping food prices gained 12.7% since July 2021.
Oil Prices Into Recovery
2022-08-17 06:12UTC
Oil prices rallied today, entering into recovery from six-month bottom mark, seen in the previous session.Currently, oil trades at $87.156, which is another incline of $0.011 or 0.01% from the previous close of $87.145.The daily trading range is from $86.524 to 87.688, while the trading volume is 28.824K.The contracts decrease by around 3% on Tuesday as low U.S. housing starts data boosted fears over a potential global recession.U.S. crude and fuel stocks dropped latest week, as reported from the American Petroleum Institute.The markets are now focused on the negotiations of the 2015 Iran nuclear deal. Oil supply could rise in case Iran and the United States accept a proposal from the European Union, which would remove sanctions on Iranian oil supplies.The E.U. is expected to cease purchases of all Russian crude oil delivered by sea from early December.In addition, a ban on all Russian refined products two months later is on the timeline. 
Asian Daily Market Review
2022-08-17 01:42UTC
Asian markets are mixed and looking as if they could be heading lower later in the day. This comes after a mixed session overnight on Wall Street, and as the U.S. dollar is firming against major currencies. Investors are also still digesting the weak economic data out of China earlier this week, but markets are getting support from corporate earnings results. Most recently Walmart reported a surprise revenue and earnings beat, giving some hope for the retail sector. Japan’s Nikkei is leading gains for the region, rising 0.8% as the Yen has weakened significantly overnight versus the U.S. dollar. Shares of Softbank Group are trading 0.9% higher and Sony is gaining 2.3%. Among the major exporters Toyota is rising 1.9%, Panasonic is advancing 1% and Canon has a 1.3% gain. In Australia the S&P/ASX 200 is lower by 0.2%, having given up an earlier gain. Shares of the big four banks are showing a stronger performance however, with ANZ adding 0.2%, NAB and Commonwealth Bank advancing 0.7%, and Westpac rising 0.3%. The major miners are showing strength too, with BHP rising 0.6% and Rio Tinto posting a 0.5% gain. Mainland Chinese markets have opened to small gains, with both the benchmark Shanghai Composite and the smaller cap Shenzhen Composite edging higher by 0.1% in early trade. Over in Hong Kong the Hang Seng has jumped 0.8% higher at the open as traders remain upbeat following the interest rate cut by the People’s Bank of China. In South Korea the Kospi trades lower by 0.2%, while the Taiex in Taiwan has a 0.2% gain. Southeast Asian markets are higher today, with Singapore’s Straits Times Index rising 0.4% and the KLCI in Malaysia tacking on 0.3%.
Walmart Delivers A Surprise Earnings Beat
2022-08-16 20:28UTC
Shares of mega-retailer Walmart rose 5.1% yesterday after the company reported sales and profits that exceeded analyst’s expectations. Earnings were $1.77 a share, beating the expectations for $1.63 a share in earnings, while revenues also beat as they came in at $152.9 billion versus $150.9 billion expected. It was the second consecutive quarter of rising revenues from Walmart, which is seeing consumers increase spending on items like groceries, where the company is also gaining market share over its competitors. Price increases on goods have also helped and a reduction on COVID-related expenses helped boost the bottom line. One drag on earnings and profits was the glut of inventory that Walmart is working through, with discounts cutting into profit margins. Like many other retailers Walmart worked hard to increase its inventory levels coming out of the pandemic, however the looming threat of a recession has seen consumers pull back from discretionary purchases, creating excess inventory in a number of product categories. The value of Walmart’s inventory is up 25% from the same quarter last year, but that is better than inventory levels in the first quarter, and management has said it believes that inventory levels have peaked. The company has also been trimming costs to help strengthen its financial position, including cutting the ranks of corporate employees in recent weeks. Inflation has caused a shift in consumer behavior, with customers increasingly focused on necessities. Walmart management said that traffic to stores is increasing, with more middle-and-upper income shoppers coming to Walmart. Walmart shares struggled throughout the summer as investors worried over inflationary pressures and a potential recession, however they are up more than 15% from summer lows.
U.S. Daily Market Review
2022-08-16 13:12UTC
The S&P-500 retreated today as traders assessed earnings results from Walmart and Home Depot.The Nasdaq Composite fell 0.83%. The Dow Jones Industrial Average secured 68 points, or 0.2%.Walmart announced earnings per share that come above estimates and stuck with its second-half outlook, which sent the stock up nearly 6%. The USD appreciated after it benefited from predictions that the U.S. economy will be stronger than peers and the Federal Reserve will further raise the interest rates.Shares ZipRecruiter dropped more than 7% after the company lowered its revenue outlook.Production at U.S. factories rallied more than estimates in July. This is was the first time of the last quarter, stimulated by a surge in motor vehicle output.U.S. homebuilding sunk to its weakest mark of the last 1-1/2 years in July, put down by higher mortgage rates and prices for construction materials.  
The USD Rallied
2022-08-16 12:59UTC
The USD advanced during the early European hours, and still close to a one-week high as global recession fears prompted demand for safe havens such as the USD.Now, the USD versus the Euro trades at 0.985 EUR, which is a further rise of $0.0018 or 0.18% from the previous close of 0.9836. The daily trading range is from $0.9832 to $0.9877.At 3:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, secured 0.2% at 106.632, climbing above the previous session's peak of 106.55.The People’s Bank of China not as predicted reduced the interest rates yesterday after the release of weak industrial production and retail sales.Europe is hurt by jumping energy bills this year, which are set to result in a solid growth pressure as the year progresses.The Fed seems like will extend its aggressive monetary tightening when it next meets in September. The July Fed meeting, is due tomorrow and in the focus as it could offer some signals as to what this could push the central bank. 
European Daily Market Review
2022-08-16 09:23UTC
European markets partly advanced today, after having some hard time to add on the positive momentum.Europe’s benchmark power price jumped above 500 euros for the first time.The German DAX inclined 0.55%, the French CAC-40 added 0.25% and FTSE-100 gained 0.39%.The pan-European Stoxx-600 index soared 0.3% in early trade, with telecoms adding 1.4% to lead the rising path.The Swiss company predicted sales surge of between 15% and 19%, a loss from a previous target of 17% to 21%. Luxury watch retailer Watches of Switzerland (WOSG.L) forecasts a potentially more challenging trading environment in the second half 2022.The Russian rouble retreated 62 versus the USD, pressured by falling oil prices but supported by looming taxes.Natural gas added to the rising path as a scorching summer in Europe triggers greater than normal demand levels.
Gold Prices Fell
2022-08-16 05:18UTC
At the present time, gold trades at $1780.58, which is a recovery of $1.09 or 0.06% from the previous close of $1779.49.The daily trading range is from $1776.73 to 1783.04, while the trading volume is 33.961K.The gold futures contract on New York’s Comex, December, marked $1,798.10, which is a decline of $17.40, or almost 1%. Gold prices could still be seen just below $1,800 until the release of the Fed’s July meeting minutes on Wednesday.The Fed minutes have taken on increasing importance after a blowout U.S. jobs report for July.Retail sales are expected to rise by 0.1% after an advance 1.0% the previous month.Meanwhile, there is a cooling U.S. housing market, with July data on housing starts due on Tuesday.
Asian Daily Market Review
2022-08-16 02:10UTC
Asian markets are making gains on Tuesday following a positive overnight session on Wall Street, and in the wake of interest rate cuts yesterday by the People’s Bank of China. Despite the poor economic data released in China yesterday, industrial production and retail sales figures were both far below economist expectations, investors have been able to maintain on upbeat outlook. Japan’s Nikkei is moving back and forth over unchanged levels and currently sits slightly negative by less than 0.1%. Shares of Softbank Group are retreating 0.7% today, while Sony shares are modestly lower by 0.2%. Among the major exporters Toyota is 0.9% lower, Panasonic is flat, and Canon is edging lower by less than 0.1%. In Australia the S&P/ASX 200 is leading gains for the region with an advance of 0.6%. The big four banks are pacing the gains for the broader market, with ANZ up 0.5%, NAB advancing 0.4%, Commonwealth Bank adding 0.8%, and Westpac sliding slightly lower by less than 0.1%. The major miners are mixed as BHP is rallying 4.2% higher, but Rio Tinto shares are retreating 0.6%. Mainland Chinese markets are remaining resilient despite yesterday’s poor data, with the benchmark Shanghai Composite rising 0.4% and the smaller cap Shenzhen Composite matching that with its own 0.4% gain. Over in Hong Kong the Hang Seng is pacing the mainland with a gain of 0.3%. In South Korea the Kospi is tracking 0.6% higher, and in Taiwan the Taiex is inching lower by less than 0.1%. Southeast Asian markets are mixed today as Malaysia’s KLCI is adding 0.5%, but the Straits Times Index in Singapore has a 0.1% loss.