Traders Market Weekly: Inflation Obsession in Worsening Liquidity

Viewing 15 posts - 31 through 45 (of 62 total)
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  • #45052

    Dow 30,316.32 825.43 2.80%
    S&P 500 3,790.93 112.50 3.06%
    Nasdaq 11,176.41 360.97 3.34%
    GlobalDow 3,346.26 119.72 3.71%
    Gold 1,733.60 31.60 1.86%
    Oil 86.14 2.51 3.00%

    #45083

    USA ends fiscal year $31,000,000,000,000 in DEBT … inspite of all taxes, fees, etc. we constantly pay
    Both the “D” & “R” parties in the District of CRIME need to be taken out behind the woodshed – lol
    😉 🙂

    #45088
    Truman
    Participant

    Equity indices in the Asia-Pacific region ended the midweek session on a mostly higher note with Hong Kong’s Hang Seng jumping off its lowest level since late 2011 while markets in China and India were closed for holidays.

    Japan’s Nikkei: +0.5%
    Hong Kong’s Hang Seng: +5.9%
    China’s Shanghai Composite: CLOSED
    India’s Sensex: CLOSED
    South Korea’s Kospi: +0.3%
    Australia’s ASX All Ordinaries: +1.8%

    #45089
    Truman
    Participant

    DigiTimes reported that automakers in China are requesting price cuts on chips that are not in short supply.
    Japan’s Prime Minister Kishida is expected to speak about North Korea’s missile launches with South Korea’s President Yoon on Thursday.
    The Reserve Bank of New Zealand raised its official cash rate by 50 bps to 3.50%, as expected, and there was some debate about a bigger hike.

    #45090
    Truman
    Participant

    Major European indices trade in the red.

    —Equity Markets—

    STOXX Europe 600: -0.8%
    Germany’s DAX: -1.1%
    U.K.’s FTSE 100: -0.8%
    France’s CAC 40: -0.7%
    Italy’s FTSE MIB: -1.6%
    Spain’s IBEX 35: -1.6%

    #45091
    Truman
    Participant

    Final September Services PMI readings for major regional economies were mostly weaker than expected.
    European Commission President von der Leyen announced that an agreement has been reached on the eighth package of sanctions on Russia.
    Tesco warned that its profit for the full year will be toward the low end of its guidance.
    The Bank of England has bought less than GBP4 bln worth of bonds over the past week.
    Eurozone’s September Services PMI 48.8 (expected 48.9; last 48.9)
    Germany’s August trade surplus EUR1.20 bln (expected surplus of EUR4.00 bln; last surplus of EUR3.40 bln). August Imports 3.4% m/m (expected 1.1%; last 0.1%) and Exports 1.6% m/m (expected 1.1%; last -1.6%). September Services PMI 45.0 (expected 45.4; last 46.9)
    U.K.’s September Services PMI 50.0 (expected 49.2; last 50.9)
    France’s August Industrial Production 2.4% m/m (expected -0.3%; last -1.6%) and September Services PMI 52.9 (expected 53.0; last 51.2)
    Italy’s September Services PMI 48.8 (expected 49.1; last 50.5). Q2 Public Debt 3.1% (last 9.0%)
    Spain’s September Services PMI 48.5 (expected 49.8; last 50.6)

    #45092
    Truman
    Participant

    The S&P 500 futures are down 32 points and are trading 0.9% below fair value.
    The Nasdaq 100 futures are down 105 points and are trading 0.9% below fair value.
    The Dow Jones Industrial Average futures are down 258 points and are trading 0.9% below fair value.

    Treasury yields are at or near overnight highs. The 2-yr note yield is up five basis points to 4.14% and the 10-yr note yield is up ten basis points to 3.71%.

    Oil prices jumped following reports that OPEC+ has decided to reduce production by 2 million barrels per day.
    WTI crude oil futures, are up 0.8% to $87.27/bbl.

    #45093
    Truman
    Participant

    Broad selling has ten of the 11 S&P 500 sectors trading in negative territory. Utilities (-2.5%) shows the steepest loss while energy (+0.7%) is the lone holdout in the green.

    Mega cap stocks are weighing on index level performance with the Vanguard Mega Cap Growth ETF (MGK) down 1.5% versus a 1.3% loss in the S&P 500.

    #45094
    Truman
    Participant

    The September ADP Employment Change totaled 208,000 (consensus 198,000) after the prior revised total of 185,000 (from 132,000).

    #45095
    Truman
    Participant

    The U.S. trade deficit narrowed to $67.4 billion in August (consensus -$67.9 billion) from an upwardly revised -$70.5 billion (from -$70.6 billion) in July.

    The key takeaway from the report is that it does point to some softening in global economic activity as both imports and exports were less than they were in July.

    #45096
    Truman
    Participant

    The ISM Non-Manufacturing Index for September dipped to 56.7% (consensus 56.0%) from 56.9% in August. The dividing line between expansion and contraction is 50.0%. The September reading marks the 28th straight month of growth for the services sector.

    The key takeaway from the report is that business activity for the non-manufacturing sector held pretty steady in September and was stronger than expected. While a slightly lower reading versus August connotes some slowing, the slowdown for the largest sector of the economy isn’t significant enough to fuel a belief that the Fed is about to pivot soon with its monetary policy.

    #45097
    Truman
    Participant

    Dow -370.23 at 29948.12, Nasdaq -239.69 at 10936.57, S&P -60.75 at 3730.25

    U.S. Treasuries sit on their lows after widening their opening losses. Treasuries accelerating their retreat after the release of the final reading of September Services PMI and the ISM Non-Manufacturing Index.

    The Services PMI reading improved slightly from the preliminary reading while the ISM Non-Manufacturing Index showed a smaller than expected decrease.

    Equities are off to a weak start with the Nasdaq (-1.9%) trading behind the S&P 500 (-1.5%) after two days of big gains.

    2-yr: +11 bps to 4.19%
    3-yr: +12 bps to 4.21%
    5-yr: +14 bps to 3.98%
    10-yr: +14 bps to 3.76%
    30-yr: +10 bps to 3.79%

    #45119

    Dow 30,273.87 -42.45 -0.14%
    S&P 500 3,783.28 -7.65 -0.20%
    Nasdaq 11,148.64 -27.77 -0.25%
    GlobalDow 3,322.97 -17.70 -0.53%
    Gold 1,725.40 -5.10 -0.29%
    Oil 88.06 1.54 1.78%

    MARTY BALIN = one of best vocalists in history 🙂

    #45121
    TradersCom
    Keymaster

    Bonds Wrap: U.S. Treasuries fell with renewed selling in British gilts and Sterling
    Stronger Services PMI and ISM

    2-yr: +5 bps to 4.13%
    3-yr: +8 bps to 4.17%
    5-yr: +12 bps to 3.96%
    10-yr: +14 bps to 3.76%
    30-yr: +8 bps to 3.77% Update

    #45178
    Truman
    Participant

    Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note while markets in China remained closed for holidays.

    —Equity Markets—

    Japan’s Nikkei: +0.7%
    Hong Kong’s Hang Seng: -0.4%
    China’s Shanghai Composite: CLOSED
    India’s Sensex: +0.3%
    South Korea’s Kospi: +1.0%
    Australia’s ASX All Ordinaries: UNCH

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