Traders Market Weekly: Global Market Dislocation at a Precipice

Viewing 15 posts - 31 through 45 (of 65 total)
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  • #44092
    TradersCom
    Keymaster

    That’s a Wrap
    Dow 30617.22 -404.49 -1.30%
    Nasdaq 11415.41 -119.58 -1.04%
    SP500 3850.33 -49.63 -1.27%
    10yr Note -5/32 3.56%
    WTI #oil -1.1% to $84.05
    natgas -1.3% to $7.71

    #44112
    Truman
    Participant

    Equity indices in the Asia-Pacific region ended the midweek session on a lower note.

    —Equity Markets—

    Japan’s Nikkei: -1.4%
    Hong Kong’s Hang Seng: -1.8%
    China’s Shanghai Composite: -0.2%
    India’s Sensex: -0.4%
    South Korea’s Kospi: -0.9%
    Australia’s ASX All Ordinaries: -1.5%

    #44113
    Truman
    Participant

    Asia Development Bank lowered its 2022 growth forecast for China to 3.3% from 5.0% and cut the outlook for 2023 to 4.3% from 5.2%.
    There was continued chatter about Japan intervening in the currency market to strengthen the yen and there was some speculation that the Bank of Korea and the Federal Reserve will establish an FX swap agreement.
    Chinese press speculated that state banks could lower their lending rates even though the loan prime rate was left unchanged in September.
    Australia’s August MI Leading Index -0.1% m/m (last -0.2%)
    New Zealand’s August Credit Card Spending 29.4% yr/yr (last 5.1%). GDT Price Index 2.0% (last 4.9%)

    #44114
    Truman
    Participant

    Major European indices trade on a mostly higher note while Spain’s IBEX 35 (-0.1%) lags.

    —Equity Markets—

    STOXX Europe 600: +0.3%
    Germany’s DAX: +0.2%
    U.K.’s FTSE 100: +0.7%
    France’s CAC 40: +0.3%
    Italy’s FTSE MIB: +0.6%
    Spain’s IBEX 35: -0.1%

    #44115
    Truman
    Participant

    Russian President Putin announced a partial mobilization of troops in his country’s campaign in Ukraine, boosting the price of oil.
    The British government announced a cap on electricity and gas prices for businesses that will be effective from October 1 through March 31.
    British Prime Minister Truss said that tax rates may be reduced, and she is expected to announce that stamp duties will be cut.
    Germany’s economy minister confirmed that energy giant Uniper will be nationalized.
    U.K.’s August Public Sector Net Borrowing GBP11.06 bln (expected GBP8.20 bln; last GBP2.11 bln) and September CBI Industrial Trends Orders -2 (expected -11; last -7)

    #44116
    Truman
    Participant

    Stitch Fix (SFIX 4.4500, -0.27, -5.72%): misses by $0.26, misses on revs; guides Q1 revs below consensus
    General Mills (GIS 76.91, +1.50, +1.99%): beats by $0.11, reports revs in-line; raises FY23 EPS above consensus
    Estee Lauder (EL 243.70, +4.20, +1.75%): upgraded to Buy from Neutral at Goldman Sachs
    Coty (COTY 8.09, +0.30, +3.85%): set out comprehensive strategy to double skincare sales by FY25; sees FY23 EPS in line with consensus
    Cisco (CSCO 41.80, -0.78, -1.83%): downgraded to Equal Weight from Overweight at Barclays
    Micron (MU 49.47, -1.33, -2.62%): downgraded to Neutral from Buy at Mizuho

    #44117
    Truman
    Participant

    S&P 500 futures are up 17 points and are trading 0.5% above fair value.
    Nasdaq 100 futures are up 42 points and are trading 0.4% above fair value.
    Dow Jones Industrial Average futures are up 143 points and are trading 0.5% above fair value.

    #44118
    Truman
    Participant

    Happy Fed Day …excellent preview 🙂

    A Big Week for Central Bank Rate Hikes

    #44150

    WALL STREET is “nervously higher” by 100 points on DOW as we await word from FOMC
    even 75 BPS is hard on poor, deeply in credit card debt, APRs, etc. to create EXTRA COSTS beyond INFLATION
    with $33 TRILLION in USA DEBT — every 25 BPS hurts our “repayment there” with the heavy overspending by GOVT
    I can easily FED over-doing things to where we go from LITE to DEEP recession if not careful

    #44165
    TradersCom
    Keymaster

    Here’s Johnny …

    #44176

    Dow 30,183.78 -522.45 -1.70%
    S&P 500 3,789.93 -66.00 -1.71%
    Nasdaq 11,220.19 -204.86 -1.79%
    GlobalDow 3,376.63 -50.45 -1.47%
    Gold 1,682.30 11.20 0.67%
    Oil 83.04 -1.41 -1.67%

    #44218
    Truman
    Participant

    Equity indices in the Asia-Pacific region ended Thursday on a lower note while markets in Australia were closed for a holiday.

    —Equity Markets—

    Japan’s Nikkei: -0.6%
    Hong Kong’s Hang Seng: -1.6%
    China’s Shanghai Composite: -0.3%
    India’s Sensex: -0.6%
    South Korea’s Kospi: -0.6%
    Australia’s ASX All Ordinaries: CLOSED

    #44219
    Truman
    Participant

    The Bank of Japan made no changes to its ultra-loose policy stance and the country’s finance ministry intervened in the currency market to strengthen the yen.
    Japan’s Prime Minister Kishida said that border controls will be eased as soon as next month.
    The Hong Kong Monetary Authority raised its base rate by 75 bps to 3.50% in the wake of the Fed rate hike.
    Goldman Sachs lowered its forecast for 2023 growth in China to 4.5% from 5.3%.
    Japan’s August BoJ Core CPI 1.9% yr/yr, as expected (last 1.8%)
    Hong Kong’s August CPI 1.9% yr/yr (expected 2.0%; last 1.9%)
    New Zealand’s August trade deficit NZD2.447 bln (expected deficit of NZD500 mln; last deficit of NZD1.406 bln). Q3 Westpac Consumer Sentiment 87.6 (last 78.7)

    #44220
    Truman
    Participant

    Major European indices trade on a lower note with Italy’s MIB (+0.4%) outperforming thanks to relative strength in bank stocks.

    —Equity Markets—

    STOXX Europe 600: -0.7%
    Germany’s DAX: -0.4%
    U.K.’s FTSE 100: -0.1%
    France’s CAC 40: -0.4%
    Italy’s FTSE MIB: +0.4%
    Spain’s IBEX 35: -0.2%

    #44221
    Truman
    Participant

    EU Foreign Minister Borrell said that new sanctions against Russia will be prepared as soon as possible.
    Germany’s Finance Ministry noted that tax revenue was down yr/yr in August, representing the first decrease this year.
    The Swiss National Bank announced a 75-bps rate hike to 50 bps, and not long ago,
    Bank of England raised its bank rate by 50 bps to 2.25% with three policymakers voting for a 75-bps increase.
    France’s September Business Survey 102 (expected 102; last 103)

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