Thu, Sep 23, 2021 @ 06:00 GMT
HomeContributorsFundamental AnalysisEquity Markets And Commodity Currencies Generally Pare Gains

Equity Markets And Commodity Currencies Generally Pare Gains

General Trend

  • Nikkei has pared gain ahead of the upcoming holiday [Automakers trade higher; Topix Iron & Steel index gains ahead of earnings from Tokyo Steel; Electric Appliances index rises before Nidec’s earnings; Banks rise after gains in US financials; Transports also move higher].
  • Japan markets are closed for a holiday on Thursday and Friday (Jul 22-23rd).
  • Hang Seng declines after a higher open.
  • Shanghai Composite gained 0.5% during the morning session [Consumer Discretionary index supported by guidance from Great Wall Motor; IT and Industrial indices also rise; Financial, Consumer Staples and Property indices lag].
  • S&P ASX 200 has outperformed [Gainers include Financial, Resources and Energy indices].
  • Companies due to report during the NY morning include Anthem, Baker Hughes, Comerica, Interpublic, JNJ, Knight-Swift Transportation, Coca-Cola, Lithia Motors, NASDAQ, Northern Trust, Seagate Technology, Universal Stainless & Alloy Products, Verizon.

Headlines/Economic Data

Australia/New Zealand

  • ASX 200 opened +0.3%.
  • (AU) Australia PM Morrison: Had significant challenges with vaccine program, lockdown to impact on Q3 GDP.
  • BPT.AU Reports Q4 Production 5.96 MMBOE v 6.8 y/y; Rev A$421M v A$320M y/y.
  • (NZ) Reserve Bank of New Zealand (RBNZ) buys NZ$90M in government bonds in QE auction v NZ$90M sought.
  • (AU) Australia Jun Preliminary Retail Sales M/M: -1.8% v -0.7%e.
  • (AU) Currently about 50% of Australia is in some sort of lockdown or restriction due to COVID.

Japan

  • Nikkei 225 opened +1.3%.
  • (JP) Bank of Japan (BOJ) June Meeting Minutes: Members agree to not hesitate to add easing if needed.
  • (JP) Bank of Japan (BOJ) Dep Gov Amamiya: Corp profits under pressure from rising commodity costs, like to continue improving; Domestic Economy picking up as a trend.
  • (JP) Japan govt to extend employment subsidy program through the end of December – Nikkei.
  • 7267.JP Said to be halting production in Suzuka Factory for 5 days in August – Press.
  • (JP) Total number of COVID cases related to Tokyo Olympics since July 2nd now at 71; Organizing committee chief Muto did not rule out canceling the Games if cases spiked.
  • (JP) Japan Jun Trade Balance: ¥383.2B v ¥460.0Be; Adj Trade Balance: -¥90.2B v ¥22.6Be.
  • (JP) Shigeru Omi (top COVID adviser in Japan) said daily virus cases in Tokyo could hit a new record high [~3,000 cases] during the first week of Aug – Japanese press.

Korea

  • Kospi opened +0.6%
  • (KR) South Korea Jun PPI Y/Y: 6.4% v 6.6% prior (8th consecutive rise).
  • (KR) South Korea Jul 1-20 Exports y/y: 32.8% v 29.5% prior; Imports y/y: 46.1% v 29.1% prior; Chip Exports y/y: 33.9% v 28.5% prior.
  • (KR) South Korea Fin Min Hong reiterated warning about a possible decline in housing prices, as market undergoes a correction – South Korea press.

China/Hong Kong

  • Hang Seng opened +0.3%; Shanghai Composite opened +0.2%.
  • (CN) Local government bond sales in China have become more ‘market driven’, cites recent bidding results related to the sale of new bonds – Shanghai Securities News.
  • (CN) China PBOC Open Market Operation (OMO): Injects CNY10B in 7-day reverse repos v CNY10B in 7-day reverse repos prior; Net CNY0B v Net CNY0B prior.
  • (CN) China PBOC sets Yuan reference rate: 6.4835 v 6.4855 prior.
  • (CN) China State Council: To optimize fertility rate and promoting long-term balanced development of population – Xinhua.

North America

  • (US) US Senate to vote on Infrastructure after 14:30 on Weds (July 21st).
  • (US) Deputy Sec of State Sherman: Will engage with China when it is in our good interests and in a direct manner.
  • AAPL Said will not introduce new 4G phones or iPhone Mini next year (2022), will only introduce 5G phones – Nikkei.
  • (US) Weekly API Crude Oil Inventories: +0.8M v -4.1M prior (1st build in 9 weeks).
  • US after the market close
  • NFLX Reports Q2 $2.97 v $3.16e, Rev $7.34B v $7.31Be; Confirms in early stages of further expansion in Gaming business.
  • UAL Reports Q2 -$3.91 v -$4.17e, Rev $5.47B v $5.31Be.
  • JNJ New study finds one dose of J&J COVID vaccine is less effective against Delta and Lambda variants; adds to evidence that those inoculated with J&J vaccine may need the second dose, ideally of mRNA variety – NYT.

Europe

  • (UK) Said that the UK Navy will permanently base 2 ships in Asia (exact location undisclosed) – Press.

Levels as of 01:15ET

  • Hang Seng -0.4%; Shanghai Composite +0.6%; Kospi -0.4%; Nikkei225 +0.4%; ASX 200 +1.0%.
  • Equity Futures: S&P500 -0.0%; Nasdaq100 -0.2%, Dax -0.2%; FTSE100 +0.1%.
  • EUR 1.1784-1.1770; JPY 109.98-109.83 ;AUD 0.7340-0.7303; NZD 0.6934-0.6907.
  • Commodity Futures: Gold -0.2% at $1,807/oz; Crude Oil -0.7% at $66.75/brl; Copper -0.6% at $4.23/lb.

 

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