Traders Market Weekly: Bear Jitters as Risk Factors Deepen

Viewing 15 posts - 61 through 75 (of 80 total)
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    WTI crude futures -1.5% to $107.91/bbl; wheat futures -2.0% to $12.07/bu; nat gas futures -3.7% to $8.14/mmbtu
    10-yr note yield -5 bps to 2.84%; 2-yr note yield -5 bps to 2.63%


    and do wish our country & politicians on both side — even those I disagree with
    better times ahead for sake of nation & world … folks on fixed incomes are truly suffering out there


    European equity close:

    German DAX -1.0%
    FTSE 100 -2.0%
    Stoxx 600 -1.5%
    Italy MIB -0.1%
    Spain IBEX -0.9%

    Recovered some3 off lows


    G7 draft communique: Will continue to support resilience of supply chain

    from Reuters

    Will continue to support supply chain resiliency through diversification, investment in alternative resources and new technologies, including critical minerals and renewable energies
    Central banks closely monitoring impact of prices pressures on inflation expectations, will continue to appropriately calibrate pace of monetary policy tightening in a date-dependent and clearly communicated manner
    Committed to keeping markets open, enhancing resilience of agricultural and energy markets in line with climate and enviro goals


    Dow 31,253.26 -236.81 -0.75%
    S&P 500 3,900.72 -22.96 -0.59%
    Nasdaq 11,388.50 -29.66 -0.26%
    GlobalDow 3,720.25 -28.90 -0.77%
    Gold 1,841.40 25.50 1.40%
    Oil 111.62 2.03 1.85%

    1 of best LIVE songs of all time from 1971 🙂


    Palo Alto Networks (PANW) up 11.9% following impressive earnings report and better-than-expected guidance
    Deere (DE) drops 5.9% after topping fiscal Q2 earnings estimate but coming up shy on revenues
    Ross Stores (ROST) plummets 23% on Q1 earnings miss and disappointing guidance


    In Asia, both China and Japan finished with better than 1% gains. The Shanghai Composite got a boost when the PBOC cut its benchmark reference rate. Although the central bank kept the one-year lending rate steady at 3.7%, it lowered the five-year prime rate by 15 bps to 4.45%. The Hang Seng responded in kind with a 3% move of its own. In Japan, the Nikkei posted an advance of 1.3%. The Core CPI for April was inline with expectations at 2.1%. Metals and mining names were among the best groups with Japan Steel Works, Pacific Metals and Toho Zinc finishing 5-7% higher.

    In Europe, the major bourses are following this morning’s wave higher in equities. The markets have shrugged off hotter than expected PPI data from Germany. The April print saw prices rise 2.8%, far exceeding the forecast of 1.4%. The UK saw better than expected Retail Sales for April. Automotive stocks are hot with names such as Volkswagen, Stellantis and Renault surging 3-4%.


    The global equity markets are attempting a late-week rebound. S&P Futures are up about 42 points to trade around the 3940 area. The market has been on a steady upward ascent since last night’s open. As such, the low was made early in the session at 3898.25. Spoos are sitting just off the high of 3949.50.


    S&P 500 futures 1.1% above fair value; Nasdaq 100 futures 1.4% above fair value; DJIA futures 1.0% above fair value

    Key factors driving the futures market:

    Contrarian-minded buying interest in face of another week of large losses for the major indices
    DJIA on track for eighth straight losing week
    PBOC provides stimulus trigger by cutting five-year loan prime rate 15 basis points to 4.45%
    Solid, upside moves in foreign equity markets lends supportive pre-market tone for U.S.


    Russia getting ready to annex parts of southeast Ukraine, according to New York Times


    National average gasoline prices hit record-high $4.59/gallon

    WTI crude futures +0.5% to $112.79/bbl; wheat futures -0.9% to $11.90/bu; nat gas futures -4.5% to $8.02/mmbtu


    Equity indices in the Asia-Pacific region ended the week on a higher note. A former top Japanese currency official said that the yen could weaken to 150 per dollar due to a deepening divergence in monetary policy. Japan’s National CPI and Core CPI were above the Bank of Japan’s 2.0% target in April with the core reading increasing at the fastest pace since early 2015. The People’s Bank of China lowered its five-year loan prime rate by 15 bps to 4.45%.

    —Equity Markets—

    Japan’s Nikkei: +1.3% (+1.2% for the week)
    Hong Kong’s Hang Seng: +3.0% (+4.1% for the week)
    China’s Shanghai Composite: +1.6% (+2.0% for the week)
    India’s Sensex: +2.9% (+2.9% for the week)
    South Korea’s Kospi: +1.8% (+1.4% for the week)
    Australia’s ASX All Ordinaries: +1.2% (+1.1% for the week)


    Japan’s April CPI 0.4% m/m (last 0.4%). National CPI 2.5% yr/yr (last 1.2%) and National Core CPI 2.1% yr/yr, as expected (last 0.8%)
    South Korea’s April PPI 1.1% m/m (last 1.5%); 9.2% yr/yr (last 9.0%)
    New Zealand’s April trade surplus NZD584 mln (last deficit of NZD581 mln)


    Major European indices are looking for a higher finish to the week. The U.K.’s GfK Consumer Confidence for May fell past its low from 2008, reaching an all-time low of -40. Bank of England Chief Economist Pill said that tightening efforts in the U.K. have room to continue and that policymakers have yet to decide about the timing of bond sales. German Finance Minister Lindner said that G7 central banks must lead the fight to lower inflation back to 2.0%, but also said that the G7 agreed to raise over EUR18 bln for Ukraine.

    —Equity Markets—

    STOXX Europe 600: +1.6% (+0.3% week-to-date)
    Germany’s DAX: +1.6% (+0.6% week-to-date)
    U.K.’s FTSE 100: +1.5% (-0.1% week-to-date)
    France’s CAC 40: +1.1% (-0.3% week-to-date)
    Italy’s FTSE MIB: +1.4% (+1.4% week-to-date)
    Spain’s IBEX 35: +1.2% (+2.0% week-to-date)


    Germany’s April PPI 2.8% m/m (expected 1.4%; last 4.9%); 33.5% yr/yr (expected 31.5%; last 30.9%)
    U.K.’s April Retail Sales 1.4% m/m (expected -0.2%; last -1.2%); -4.9% yr/yr (expected -7.2%; last 1.3%). April Core Retail Sales 1.4% m/m (expected -0.2%; last -0.9%); -6.1% yr/yr (expected -8.4%; last -0.2%). May GfK Consumer Confidence -40 (expected -39; last -38)

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