Traders Market Weekly: Half Year Rebalancing High Wire Act

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    Major European indices are looking for a higher finish to the week.

    —Equity Markets—

    STOXX Europe 600: +1.7% (+1.5% week-to-date)
    Germany’s DAX: +0.7% (-0.8% week-to-date)
    U.K.’s FTSE 100: +1.6% (+1.7% week-to-date)
    France’s CAC 40: +1.8% (+1.8% week-to-date)
    Italy’s FTSE MIB: +0.9% (+0.1% week-to-date)
    Spain’s IBEX 35: +0.7% (+0.2% week-to-date)


    Belgium’s Prime Minister De Croo said that EU members need to buy energy collectively to avert a crisis in the winter while German Chancellor Scholz claimed that his country is well prepared for energy-related challenges. European Central Bank policymaker Kazimir said that the ECB is likely to hike by 25 bps in July, followed by a 50-bps hike in September. He added that the ECB’s key rate could be between 1.50% and 2.00% in a year. Ukraine received EU candidate status, though full accession, which isn’t guaranteed, is likely to take at least several years.

    Germany’s June ifo Business Climate Index 92.3 (expected 92.9; last 93.0). June Current Assessment 99.3 (expected 99.1; last 99.6) and Business Expectations 85.8 (expected 87.4; last 86.9)
    U.K.’s May Retail Sales -0.5% m/m (expected -0.7%; last 0.4%); -4.7% yr/yr (expected -4.5%; last -5.7%). May Core Retail Sales -0.7% m/m (expected -1.0%; last 0.2%); -5.7% yr/yr (expected -5.1%; last -6.9%)
    Italy’s June Business Confidence 110.0 (expected 108.5; last 109.4) and Consumer Confidence 98.3 (expected 102.5; last 102.7)
    Spain’s Q1 GDP 0.2% qtr/qtr (expected 0.3%; last 2.2%); 6.3% yr/yr (expected 6.4%; last 5.5%)


    FedEx (FDX 234.54, +6.41, +2.8%): misses by $0.01, reports revs in-line; guides FY23 EPS above consensus; says its FY23 volume forecast has low single digit growth; expects margin expansion at all of its transportation segments on an adjusted basis
    CarMax (KMX 92.25, +0.49, +0.5%): beats by $0.01, beats on revs
    LendingTree (TREE 51.58, -3.29, -6.0%): lowers Q2 revenue guidance due to a challenging interest rate environment impacting its Home segment; annual guidance is under review
    Zendesk (ZEN 91.01, +33.06, +57.1%): getting very close to being acquired by buyout firms, according to The Wall Street Journal


    S&P 500 futures are 0.7% above fair value;
    Nasdaq 100 futures are 0.6% above fair value;
    DJIA futures are 0.9% above fair value

    Key factors driving the futures market:

    Carryover momentum in a winning week
    Better-than-feared results and positive guidance from FedEx (FDX)
    Fed’s stress test results offer reassurance that banks would still be able to lend under a severe recession scenario
    Global bond funds saw biggest outflow in week ended June 22 since April 2020, according to BofA
    Germany’s Ifo Business Climate Index is weaker than expected
    Zendesk (ZEN) soars on report from Wall Street Journal that is close to being acquired by buyout firms


    Brokerage research calls of note:
    Upgrades: ACB, MO, BDX, PGR, SUN, TTI, WOLF
    Downgrades: AMP, AIZ, BAX, EGHT, DENN, FUTU, FUL


    Dow 31,500.68 823.32 2.68%
    S&P 500 3,911.74 116.01 3.06%
    Nasdaq 11,607.62 375.43 3.34%
    GlobalDow 3,576.14 75.73 2.16%
    Gold 1,828.10 -1.70 -0.09%
    Oil 107.08 2.81 2.69%

    YAY and great jazz composer PAUL HARDCASTLE to kick off the WEEKEND

    and his daughter MAXINE & son PAUL JR did some great features also with dad 🙂


    June 27- July 3, 2022 FEAR NOT Brave Investors Where have we been and where are we going? Join our weekly market thread on Traders Community… Image: B
    [See the full post at: Traders Market Weekly: Half Year Rebalancing High Wire Act]


    Equity indices in the Asia-Pacific region ended the week on a lower note while Hong Kong’s Hang Seng was closed for a holiday.

    —Equity Markets—

    Japan’s Nikkei: -1.7% (-2.1% for the week)
    Hong Kong’s Hang Seng: CLOSED (+0.7% for the week)
    China’s Shanghai Composite: -0.3% (+1.1% for the week)
    India’s Sensex: -0.2% (+0.3% for the week)
    South Korea’s Kospi: -1.2% (-2.6% for the week)
    Australia’s ASX All Ordinaries: -0.4% (-0.6% for the week)


    Equity indices in the Asia-Pacific region ended Thursday on a mixed note.

    Japan’s Nikkei: +0.8%,
    Hong Kong’s Hang Seng: -0.1%,
    China’s Shanghai Composite: UNCH,
    India’s Sensex: -0.3%,
    South Korea’s Kospi: -0.3%,
    Australia’s ASX All Ordinaries: +0.2%.


    China’s Caixin Manufacturing PMI returned into expansion in the May reading while Australia’s Manufacturing PMI remained below 50.0 for the third month in a row.

    China’s May Caixin Manufacturing PMI 50.9 (expected 50.3; last 49.5)


    Japan’s Manufacturing PMI returned into expansion for the first time in seven months.

    Japan’s Q1 Capital Spending 11.0% yr/yr (expected 5.5%; last 7.7%) and May Manufacturing PMI 50.6 (expected 50.8; last 49.5)

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