Traders Market Weekly: When Logic Hits You in The Face

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    Dow 29,927.07 -741.46 -2.42%
    S&P 500 3,666.77 -123.22 -3.25%
    Nasdaq 10,646.10 -453.06 -4.08%
    GlobalDow 3,525.09 -37.15 -1.04%
    Gold 1,854.70 35.10 1.93%
    Oil 116.82 1.51 1.31%


    Multiple banks raise prime lending rate to 4.75%, including Wells Fargo (WFC); up 0.5%, Regions Financial (RF); up 0.1%, PNC (PNC); up 0.1%, and HSBC Holdings (HSBC); up 0.6%


    In Asia, China rose 1% while Japan tumbled by nearly 2%. The Shanghai Composite was boosted by new chatter from the Chinese cabinet to stimulate the domestic economy in a recovery attempt from the COVID-19 lockdowns. In Japan, the Nikkei sank 1.8% after the Bank of Japan left its policy status quo. The Japanese benchmark closed at its lowest level in over a month and the 6.6% loss for the week notched its sharpest decline in over two years. Heavyweights led the way lower with key names such as SoftBank, Toyota, Advantest and Tokyo Electron plummeting 4-5%.

    Equity indices in the Asia-Pacific region ended the week on a mixed note.
    Japan’s Nikkei -1.8%;
    Hong Kong’s Hang Seng +1.1%;
    China’s Shanghai Composite +1.4%;
    India’s Sensex -0.3%; S
    outh Korea’s Kospi -0.4%;
    Australia’s All Ordinaries -1.8%.


    Hong Kong’s May Unemployment Rate 5.1% (last 5.4%)
    Singapore’s May trade surplus SGD3.24 bln (last surplus of SGD4.21 bln). May non-oil exports 3.2% m/m (expected 1.4%; last -3.3%); 12.4% yr/yr (expected 7.6%; last 6.4%)
    New Zealand’s May Business PMI 52.9 (last 51.2)
    The Bank of Japan reaffirmed its ultra-loose policy, contrasting with the tightening trend among other major central banks.
    South Korea’s President Yoon called for a united response from the UN Security Council to North Korean missile tests.
    China will host a summit of BRICS leaders on June 23.


    In Europe, the major bourses are following US futures higher. Eurozone CPI for May was in-line with expectations at 0.5% and likely came as a welcomed relief. Commodity stocks are not participating in the rally with names like BHP, Rio Tinto, Shell and BP down around 1%.

    Major European indices are looking for a higher finish to a volatile week while sovereign debt is also on the rise.
    STOXX Europe 600 +1.2%;
    Germany’s DAX +1.3%;
    UK’s FTSE 100 +0.9%;
    France’s CAC 40 +1.2%;
    Italy’s FTSE MIB +1.8%;
    Spain’s IBEX 35 +1.4%.


    Eurozone’s May CPI 0.8% m/m, as expected (last 0.6%); 8.1% yr/yr, as expected (last 7.4%). May Core CPI 0.5% m/m, as expected (last 0.5%); 3.8% yr/yr, as expected (last 3.5%)
    Italy’s April trade deficit EUR3.67 bln (last deficit of EUR229 mln)
    EU finance ministers are trying to complete an agreement on a global minimum tax but Hungary has voiced opposition to the current proposal.
    European Central Bank policymaker Knot said that several 50-bps rate hikes could be made if inflation worsens.
    Rail workers in the U.K. are expected to go on strike next week, seeking higher wages.


    S&P futures vs fair value: +35.60. Nasdaq futures vs fair value: +135.00.

    The S&P 500 futures are up 35 points and are trading 1.0% above fair value.
    The Nasdaq 100 futures are up 135 points and are trading 1.2% above fair value.

    A few Chinese stocks are making big moves in premarket action. (JD 37.38, +5.37, +8.7%) jumped almost 9.0% at its best premarket level after CEO Xin Lijun said in a Bloomberg interview that the company is exploring expanding into food delivery. This would put in direct competition with Alibaba (BABA 112.99, +11.54, +11.4%) which is also up big in the premarket on a different piece of news.

    Alibaba shares rose nearly 12% at their best level of the morning on news that China’s central bank approved Alibaba-affiliate Ant Group’s application to form a financial holding company which revived hopes of a possible Ant Group initial public offering


    ^^^^^ +1s for great posts above … unfortunately equities cannot hold onto any GAINS
    as it ain’t looking good on MAIN STREET these days & we actually could use old HARRY’s leadership these days
    😉 🙂


    European bourses close slightly higher o/t UK FTSE 100 -0.41%.
    On the week all trounced

    German DAX, +87.77 points or 0.67% at 13126.27
    France’s CAC, -3.59 points or -0.06% at 582.66
    UK’s FTSE 100 -28.73 points or -0.41% at 7016.26
    Spain’s Ibex +67.8 points or 0.84% at 8145.91
    Italy’s FTSE MIB up 0.43%

    For the trading week:

    German DAX, -4.7%
    France’s CAC -4.8%
    UK’s FTSE 100 -4.0%
    Spain’s Ibex -3.0%
    Italy’s FTSE MIB -3.2%


    June 19- 26, 2022 FEAR NOT Brave Investors Where have we been and where are we going? Join our weekly market thread on Traders Community… Image:  Cryp
    [See the full post at: Traders Market Weekly: When Logic Hits You in The Face]

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