HomeContributorsFundamental AnalysisEquity Indices Are Generally Off Of The Best Levels

Equity Indices Are Generally Off Of The Best Levels

General trend

  • Modest equity moves have been seen.
  • Nikkei pares gain following a holiday; Softbank Group to report earnings after the market close [Topix Air Transportation index rises; Financials see catch-up gains].
  • S&P ASX 200 also pared advance [Materials index rises after guidance from James Hardie].
  • Shanghai Composite ended morning trading generally flat.
  • Hang Seng is trading below the opening level [TECH index rises over 1%].
  • Precious metals and WTI have modest rebound.
  • TSMC is due to report Jul sales later today.
  • Companies due to report during the NY morning include Aramark, Casper, Gilat Satellite, II-VI, Sysco, Transdigm.

Headlines/Economic Data

Australia/New Zealand

  • ASX 200 opened 0.0%.
  • JHX.AU Reports Q1 adj Net $134.2M v $9.4M y/y; Rev $843.3M v $626M y/y.
  • (AU) Reserve Bank of Australia (RBA): Excess cash at exchange settlement (ES) accounts at A$351.6B v A$347.5B prior (fresh record high).
  • (AU) Australia ANZ Roy Morgan Weekly Consumer Confidence: 98.6 v 101.8 prior (1st time below 100 since Nov 2020).
  • (AU) Australia July NAB Business Confidence: -8 v +11 prior; Conditions: 11 v 25 prior.

Japan

  • Nikkei 225 opened +0.2%.
  • (JP) Japan Fin Min Aso: No new stimulus package or extra budget being put together (refutes press); lots of funds for COVID still unspent.
  • (JP) Japan July Bank Lending Y/Y: 1.0% v 1.4% prior; Bank Lending (ex-trusts) Y/Y: 0.5% v 0.8% prior.
  • (JP) Japan Jun Current Account: ÂĄ905.1B v ÂĄ855.0Be; Adj Current Account: ÂĄ1.78Y v ÂĄ1.71Te.

Korea

  • Kospi opened +0.4%.
  • (KR) North Korea to strengthen preemptive strike abilities – KCNA.
  • (KR) North Korea leader Kim’s sister, Kim Yo Jong, condemns the annual South Korea, US military drills; saying they will pay the price for their “self-destructive behavior” – KCNA.

China/Hong Kong

  • Hang Seng opened +0.7%; Shanghai Composite opened -0.2%.
  • (CN) China Economic Daily: Expects 2021 GDP Growth at 8.5% (v govt expectations >6.0%), cites Chinese Academy of Social Sciences (CASS).
  • (CN) China Daily: China PBOC may need to fine-tune monetary policy, by cutting RRR or interest rate in order to boost growth.
  • (CN) China PBOC sets Yuan reference rate: 6.4842 v 6.4840 prior.
  • 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.
  • Hong Kong Chief Exec Lam: Support adding China anti-sanctions law to the city’s constitution – press.
  • 728.HK Reports H1 (CNY) Net 17.7B v 13.9B y/y; Rev 219.2B v 193.8B y/y.

Other

  • (PH) Philippines Q2 GDP Q/Q: -1.3% v -1.1%e; Y/Y: 11.8% v 10.9%e.

North America

  • SAFM Senator Grassley (R-IA) expresses concerns on Cargill’s acquisition of Continental Grain from Sanderson.
  • (US) Senator Schumer (D-NY): Have agreement for final passage of infrastructure bill, voting to take place tomorrow.
  • KSU Canadian Pacific said to make a higher $31Boffer (prior offer $29B) – press.
  • TMST To increase prices on special bar quality and seamless mechanical tubing products by $60/T, effective Sep 6th.
  • NTR.CA Reports Q2 $2.08 v $2.09e, Rev $9.76B v $9.99Be; Raises FY outlook.

Europe

  • (UK) July BRC Sales LFL Y/Y: 4.7% v 5.0%e (weakest growth in 5 months).

Levels as of 01:15ET

  • Hang Seng +0.3%; Shanghai Composite +0.0%; Kospi -0.6%; Nikkei225 +0.2%; ASX 200 +0.2%.
  • Equity Futures: S&P500 -0.1%; Nasdaq100 -0.1%, Dax -0.2%; FTSE100 -0.2%.
  • EUR 1.1740-1.1731; JPY 110.40-110.28; AUD 0.7336-0.7316; NZD 0.6997-0.6969.
  • Commodity Futures: Gold +0.5% at $1,735/oz; Crude Oil +0.8% at $67.00/brl; Copper +0.5% at $4.31/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