Wed, Dec 02, 2020 @ 00:26 GMT
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Fundamental Analysis

EU Budget And Brexit Headache

Market movers today The main market driver continues to be vaccine news and COVID-19 developments in the US and Europe. Norway and Sweden release retail sales for October today. The numbers are set to be a bit outdated, though, as any impact of COVID-19 is unlikely to show up...

Euro Wavers As ECB Consider More Stimulus

The euro was little changed in overnight trading after the ECB published the minutes of its previous meeting. The minutes showed that the bank was considering more stimulus to support the economy. The potential stimulus would include allocating more funds to the quantitative easing program. However, some members of...

China’s Industrial Profits Accelerated In October

General Trend Decliners in Australia include Energy, Resource and Financial firms ; Treasury Wine dropped over 11% on China's move Topix Banks and Air Transportation indices decline, automakers also drop; Real Estate index rises amid M&A speculation, drugmakers also gain Shanghai Composite traded flat during morning session; Financials rose,...

Asia Morning: Gold Halts Sliding On Thanksgiving Holiday

On Thursday, U.S. financial markets were closed for the Thanksgiving holiday. European stocks still lacked momentum. The Stoxx Europe 600 declined 0.12%, Germany's DAX was little changed, France's CAC 40 dipped 0.08% and the U.K.'s FTSE 100 dropped 0.44%. Spot gold rebounded $8 (+0.46%) to $1,815 an ounce. U.S. WTI crude futures...

Cliff Notes: A Holiday Season Unlike Any Other

Key insights from the week that was. This week saw the release of Australian partial data related to next week’s Q3 GDP report. Meanwhile, in the US and Europe, the focus remained on COVID-19’s spread and how it can be suppressed. The construction work done survey was the first of two...

Sunset Market Commentary

Markets Trading on European markets more or less developed as one would expect on a day with US markets closed and few eco data to guide trading on this side of the Atlantic. Asian equities still kept a mildly positive bias, but momentum couldn’t be maintained during the European trading...

Markets in Holiday Mode

It's not just the US that's in holiday mode, it seems, with financial markets a little flat on Thursday. Thanksgiving has naturally left a massive void in the markets and conditions aren't likely to dramatically improve until next week, with many surely making the most of it and enjoying an...

Riksbank Adds To Its QE Program And Extends Timeline Until End 2021

Notes/Observations US markets closed for Thanksgiving Day holiday Session saw various EU Nov confidence reading decline month-on-month after restrictions were implement (Germany, France and Sweden all missed expectations) Sweden Central Bank (Riksbank) keeps policy steady but expands it QE bond buying purchases by SEK200B with program extended until end...

Slow Start For EU Stocks But Bitcoin Tanks

European markets started on the back foot this morning as energy stocks and financials saw some early weakness, with shares in Lloyds falling 3% at the open. However, it remains to be seen whether the weakness for the major EU indices can last long given that the underlying sentiment...

Crude Rallies, Gold Scrapes Higher

Crude inventories propel oil higher Oil prices performed strongly again overnight, with Brent crude rising 2.10% to USD48.80 a barrel, and WTI increasing 2.45% to USD45.85 a barrel. In Asia, prices continue to edge higher, both contracts adding 10 cents a barrel. The main driver for oil’s rally, which came despite...

Consolidation The Name Of The Game

Currency markets consolidate Currency markets were relatively quiet overnight, with major, commodity and regional Asian currencies content to continue consolidating their gains versus the US dollar. The dollar index fell 0.25% to support at 92.00 overnight and has edged another 0.10% lower to 91.90 this morning. EUR/USD has edged through resistance...

Dollar On The Defensive, Market Rally Pauses

Stock markets pause for breath, currencies quiet too Dollar the only notable FX mover, extends recent losses Crude oil retreats from highs as OPEC meeting looms Sterling in the spotlight as Brexit headlines turn cautious Markets calmer on Thanksgiving The ecstatic mood that prevailed in global markets earlier this week...

US, Asian Markets Mixed

Asian equity markets quiet Despite US equity index futures rising in Asia this morning, regional markets seem to be taking their cues from the overnight US session and reducing positioning into the US holiday. Overnight Wall Street finished mixed, with the S&P 500 easing 0.16%, the Nasdaq climbing 0.47% after...

Wall Street Retreats, US Market To Be Closed On Thanksgiving

US equities retreated on Wednesday after three bullish sessions in a row that pushed the indexes to new records. Still, Nasdaq managed to close higher. Investor sentiment has turned gloomy after the US reported on its initial jobless claims, which showed that the economic recovery leaves to be desired....

Markets Quiet As US Turkey Cull Begins

Wall Street mixed ahead of Thanksgiving The New York session was a mixed one as markets digested the pre-Thanksgiving holiday data dump, and investors lightened bullish positioning over what will be a long weekend for many. Equities finished mixed, currencies and precious metals ranged, although oil prices spiked after the...

EU Indices Mixed | TA Focus On CRH

INDICES Yesterday, European stocks closed mixed. The Stoxx Europe 600 dipped 0.08%, Germany's DAX was little changed, the U.K.'s FTSE 100 fell 0.64%, while France's CAC 40 gained 0.23%. EUROPE ADVANCE/DECLINE 56% of STOXX 600 constituents traded lower or unchanged yesterday. 75% of the shares trade above their 20D MA vs 73% Tuesday...

Vaccine Rally Cools As Markets Look To Economic Data

Global equity markets have had a remarkable rally in November with three promising coronavirus vaccines due to see the light. US equities reached new highs on Tuesday with the Dow Jones Industrial Average breaching 30,000 for the first time, having added 12.7% month-to-date. The UK’s FTSE 100 performedeven better...

The Dollar Is Trading On The Weak Side

Markets The reflationary trade stalled yesterday. A series of technical upside breaks in several equity indices didn't met with follow-through gains. Markets pondered the way forward as a rising amount of cases in the US will likely trigger more restrictions in the short term. A back-to-back rise in initial jobless...

EUR Remains Strong Despite German Consumer Confidence

Earlier today, Germany's GfK Consumer Confidence Index for December was released at -6.7, below -4.9 expected. Euro remains strong anyway. From a technical point of view, on a daily chart, EUR/USD still stands above its 50-day moving average (in blue). Readers may therefore consider the potential for further advance above...

Crude Oil Price Rally Accelerates After A Drop Of US Inventories

Crude oil rally continued overnight after relatively positive inventories data from the United States. In a report yesterday, the Energy Information Administration (EIA) said that oil stocks dropped by 754k barrels last week. That was a surprise reading considering investors were expecting the stocks to jump by more than...

Market Rally Takes A Breather

Market movers today We expect that the Riksbank will leave both rates and the rate path unchanged at today's meeting but that it will specify the distribution of purchases across the bond spectre in H2 21. Sweden manufacturing and consumer surveys for November should give more clues to the...

Mixed Trading Session For Asia, Modest Moves Seen Ahead Of Thanksgiving Holiday In The US

General Trend Japanese sectors trade mixed; Decliners include Air Transportation, Auto and Insurance firms; Topix Information/Communication and Electric Appliances indices are among the gainers TECH and Finance indices rise in HK, Property shares drop after prior gains Shanghai Composite lagged during the morning session; Consumer and Property firms dropped ...

Asia Morning: U.S. Stocks Mixed Before Thanksgiving

On Wednesday, U.S. stocks closed mixed. The Dow Jones Industrial Average sank 173 points (-0.58%) to 29872, the S&P 500 fell 5 points (-0.16%) to 3629, while the Nasdaq 100 advanced 72 points (+0.60%) to 12152. S&P 500 Index (Daily Chart) : Further Upside Expected Investors were surprised by an unexpected...

Crude Oil Rally Helping The CAD

The US Dollar was bearish against all of its major pairs on Wednesday. It was a busy day on the U.S. economic data front, the Mortgage Bankers Association's Mortgage Applications jumped 3.9% for the week ending November 20th, compared to -0.3% in the week before. Initial Jobless Claims unexpectedly rose to...

US: Spending Increased, But Personal Income Pulled Back in October

Personal income declined by 0.7% month-on-month in October, dropping from a 0.9% month-on-month gain in September and missing market expectations for a small gain (+0.1%). Real disposable income was also weak, contracting by -0.8% on the month. The softness reflects the steady decline in income support programs. On...

NZ Dollar Knocking on 0.70 Doorstep

The New Zealand dollar has recorded slight gains in Wednesday trade. Currently, NZD/USD is trading at 0.6991, up 0.24% on the day. On the fundamental front, New Zealand’s trade deficit is expected to drop to NZ$500 million, down from NZ$1.01 billion beforehand. Finance Minister request to RBNZ boosts NZD Investors and...

Aussie Dips on Soft Construction Data

The Australian dollar has dipped lower in the Wednesday session. Currently, AUD/USD is trading at 0.7359, down 0.15% on the day. Aussie rally fizzles as construction work declines The Australian dollar has taken a pause on Wednesday, after a huge gain of 1.0% a day earlier. The culprit was a soft...

Sunset Market Commentary

Markets Markets retraced from the positive/reflationary trade in Asian and early European levels, but we can’t speak of complete turnaround. European and US equity markets trade just below water surface at the time of writing. Putting things in perspective: they are still near recovery (Europe) and all-time (US) highs. US...

Oil Soars, Gold Continues To Drop

Oil achieves near-earth orbit Oil prices raced higher overnight, something which has caught the author off-guard. With an orderly Presidential transition in sight, vaccine boosters and expectations that OPEC+ will extend production cuts next week, oil markets completely ignored the unexpected 3.8 million-barrel climb in API US crude Inventories. Brent...

EU Notes Key Brexit Issues Remain Outstanding But Talks Continue

Notes/Observations Risk appetite continued to build upon numerous factors (recent vaccine announcement, calming of US political tensions; Former Fed Chair Yellen as next Treasury Sec) Plethora of US data release in session due to upcoming Thanksgiving holiday Fed to also release Nov Minutes Asia: Japan PM Suga stated that was...