HomeContributorsFundamental AnalysisSilver Extends Gain Amid Reports Related To Retail Traders

Silver Extends Gain Amid Reports Related To Retail Traders

General Trend

  • Following the mixed opens, Asian equity markets are currently trending mostly higher
  • Hang Seng TECH index rises over 2%; Xiaomi is seeking to be removed from US blacklist; Alibaba is expected to report quarterly results after the HK market close on Feb 2nd (Tues)
  • Shanghai traded flat during the morning session; Consumer Discretionary index rose, Consumer Staples declined
  • ASX 200 reversed opening decline; Resources and Financial cos. are among the gainers; Energy sector lags
  • Shares of GME Resources [GME.AU] have remained volatile; On Friday (Jan 28th) the company noted that it shared a stock ticker with US-listed Gamestop
  • Japan cos. expected to report earnings today include Nintendo, Mizuho Financial, JAL, Kyocera, Lasterec, Shionogi, Aozora Corp, Rohm
  • Various cos. react to coup in Myanmar (including Suzuki Motor)
  • Offshore yuan (CNH) declines after prior gain
  • China repo rates trade mixed after the PBOC again net injected cash
  • HKMA again sees strong demand for intra-day yuan funding
  • US Corn, Soybean and Wheat FUTs rise in Asia; Natural gas FUTs rise over 5% amid snowy conditions in the US Northeast
  • Copper also rises
  • US Treasury Sec Yellen and Japan Fin Min Aso are due to hold first phone conversation later today
  • (US) President Biden is expected to meet with a group of Republican Senators on Monday [at 5 pm ET]
  • India is due to present its FY21/22 budget later today
  • RBA is due to hold policy meeting on Tuesday (Feb 2nd)

Headlines/Economic Data

Australia/New Zealand

  • ASX 200 opened 0.0%
  • WOR.AU Guides H1 (A$) Underlying EBITDA 200-210M v 366M y/y; Rev 4.4-4.5 v 6.9B y/y
  • (AU) Australia Jan Final PMI Manufacturing: 57.2 v 57.2 prelim (confirms 8th month in expansion, highest since Dec 2016)
  • (AU) Reserve Bank of Australia (RBA): Excess cash at exchange settlement (ES) accounts at A$123.9B v A$113.0B prior

Japan

  • Nikkei 225 opened -0.1%
  • (JP) Japan Jan Final PMI Services: 49.8 v 49.7 prelim (confirms 12th straight contraction)
  • (JP) Japan Cabinet approval rating +1ppt to 43% – Nikkei
  • (JP) Japan said to lengthen coronavirus emergency declarations through March 5th – Press (in line)

Korea

  • Kospi opened 0.0%
  • (KR) South Korea Jan Trade Balance: $4.0B v $4.0Be; Chip Exports +21.7% y/y
  • (KR) South Korea Jan PMI Manufacturing: 53.2 v 52.9 prior (4th consecutive expansion, highest since Feb 2011)
  • (KR) South Korea Jan 31st new COVID cases totaled 325 v 458 prior; however Govt to keep stricter measures in place for additional 2 weeks ahead of holiday- Yonhap
  • 068270.KR Received approval for Remsima SC in Canada
  • 096530.KR Said to develop coronavirus test that can detect various mutations

China/Hong Kong

  • Hang Seng opened +0.6%; Shanghai Composite opened -0.2%
  • (CN) CHINA JAN MANUFACTURING PMI (GOVT OFFICIAL): 51.3 V 51.5E (11th month of expansion, 2nd consecutive month of slowing expansion) – released over the weekend
  • (CN) CHINA JAN CAIXIN PMI MANUFACTURING: 51.5 V 52.6E (9TH CONSECUTIVE MONTH IN EXPANSION, lowest since June 2020)
  • (CN) China CPC Central Committee and the State Council “resolutely” opposes monopolies and unfair competition, and will step up regulation in newly emerged sectors such as platform companies and the “sharing economy” – press citing action plan from China
  • (CN) China Capital Beijing said to begin examining loans flowing into the property sector – China media
  • 6185.HK Ad5-nCoV has met its pre-specified primary safety and efficacy criteria to advance phase III clinical trial
  • (CN) China PBOC Open Market Operation (OMO): Injects CNY100B in 7-day reverse repos v CNY100B in 7-day reverse repos prior; Net inject CNY98B v Net inject CNY98B prior
  • (CN) China Overnight Repo Rate falls from 5-year highs Friday session to 2.24% after PBoC Liquidity injection
  • (CN) China PBOC sets Yuan reference rate: 6.4623 v 6.4845 prior
  • (CN) In 2020 of the 31 regions in China, 20 recorded GDP of higher than 2.3% (China’s total 2020 GDP); with only Guangdong contracting with -5% (epicenter of COVID) – SCMP
  • (HK) Hong Kong Monetary Authority (HKMA) CNY10B quota for intra-day yuan funding has nearly been used up as of 03:00GMT
  • (HK) Macau Jan Casino Rev (MOP): 8.0B v 7.8B prior; Y/Y: -63.7% v -67.0%e

Other

  • (MM) Myanmar Army seizes power in coup; leader and other senior ruling party officials were detained in raid; Myanmar State TV says it is having ‘technical errors’ and is unable to broadcast – financial press

North America

  • ROBINHOOD.IPO Updates purchasing limits list to 8 companies v 50 on Jan 29th

Europe

  • (DE) ECB’s Schnabel (Germany): a rate increase in the current environment would hove devastating consequences; Pandemic Bond Buying Fund (PEPP) purchase depends on how pandemic develops
  • RDSA.NL Expected to maintain oil and gas production largely stable until 2030, planning to increase annual low-carbon spending to $5.0B by 2025 – financial press

Levels as of 12:15ET

  • Hang Seng +1.9%; Shanghai Composite +0.4%; Kospi +2.4%; Nikkei225 +1.4%; ASX 200 +0.8%
  • Equity Futures: S&P500 +0.5%; Nasdaq100 +0.4%, Dax +0.9%; FTSE100 +0.8%
  • EUR 1.2136-1.2121; JPY 104.81-104.61; AUD 0.7654-0.7606; NZD 0.7203-0.7150
  • Commodity Futures: Gold +0.7% at $1,863/oz; Crude Oil +0.5% at $52.47/brl; Copper +1.1% at $3.58/lb
Trade The News
Trade The Newshttp://www.tradethenews.com/
All information provided by Trade The News (a product of Trade The News, Inc. "referred to as TTN hereafter") is for informational purposes only. Information provided is not meant as investment advice nor is it a recommendation to Buy or Sell securities. Although information is taken from sources deemed reliable, no guarantees or assurances can be made to the accuracy of any information provided. 1. Information can be inaccurate and/or incomplete 2. Information can be mistakenly re-released or be delayed, 3. Information may be incorrect, misread, misinterpreted or misunderstood 4. Human error is a business risk you are willing to assume 5. Technology can crash or be interrupted without notice 6. Trading decisions are the responsibility of traders, not those providing additional information. Trade The News is not liable (financial and/or non-financial) for any losses that may arise from any information provided by TTN. Trading securities involves a high degree of risk, and financial losses can and do occur on a regular basis and are part of the risk of trading and investing.

Featured Analysis

Learn Forex Trading