Join us in our weekly market thread.
Where have we been and where are we going? Join our weekly market thread on Traders Community…
FEAR NOT Brave Investors
Strange times But remember The Joker once served as the Iranian ambassador for the United Nations.
Reopening?, Bank Earnings, Dirty Politics
The Week That Was:
- Stocks continued on up after a volatile week to close strongly. On Friday the Dow saw +369.21 at 26075.30, Nasdaq +69.69 at 10617.44, S&P +32.99 at 3185.04.
- The pattern is large shorts smashing, then reversing and squeezed, the manic ride of Tesla $TSLA on Friday $1544.65, +150.37, +10.8% the best example there.
- Friday saw investors rotate back into growthe stocks following a positive remdesivir update from Gilead. The Russell 2000 (+1.7%) stood out while the Nasdaq Composite (+0.7%) underperformed but still closed at a record high.
- The momentum was strong with , while Netflix $NFLX 548.73, who report Monday +40.97, +8.1%, Amazon (AMZN 3200.00, +17.37, +0.6% both benefited from price target increases at brokerage firms.
- We continued the bull mania after the Dow ended the second quarter with a 17.8% gain, the biggest quarterly rally since the first quarter of 1987, when it ripped up 21.6%. The S&P 500 had its biggest one-quarter surge since the fourth quarter of 1998, soaring nearly 20%. The Nasdaq Composite jumped 30.6% for the quarter, its best quarterly performance since 1999.
- Stock valuations, as measured by forward price-to-earnings ratios are near their highest level since the 2000 dot-com boom.
- Gilead Sciences $GILD on Friday said new remdesivir data showed an improvement in clinical recovery for severely-ill COVID-19 patients and a 62% reduction in the risk of mortality compared to the standard of care.
- Positive Covid vaccine news has a large [ositve beta. The $GILD news turned equity index futures positive from overnight China nerves and caused a rotational trade back into economically sensitive stocks after the open.
- An example of the reopening trade boost was Carnival $CCL despite weak earnings benefited on the news $16.16, +1.58, +10.8% with a further boost after the company noted an increase in demand for new bookings in 2021. Keep that in mind for stocks as earnings season kicks off.
- Hopes and fears of reopening can outweigh mixed earnings results. No surprise after increased testing, weeks of protesting, people in large airconditioning indoors we have record daily U.S. cases. On Saturday Florida on Saturday reported a daily record 11,445 new coronavirus cases. The U.S. reported more than 52,000 new coronavirus cases, the highest daily total of the year.
- There does appear to a concerted effort to put the blame on an economy reopening and miraclously the mass ongoing priotests have nothing to do with that. Take that for what it is worth. There is little mention of the younger age group in the new cases and much lower mortality rate. Fear is the feature. Use commonsense in your own protection, spreading and decision making.
- Geopolitical tensions with China and India were more somber
- China tightened its grip onn Hong kong and threats with Taiwan continued.
- Russia is showing the affects of low energy prices, filtering into the socio economic dynamic
- Iran saw a series of explosions with Israel implicated.
- Brexit and the EU is bubbling along.
- New round of polls suggest Democrats are losing momentum ahead of the November Preseidential election but still way ahead. Trump’s polling deficit is larger than any incumbent since George H.W. Bush in 1992.
- Biden has said he would seek to raise the U.S. corporate tax rate from 21% to 28%, which could potentially eat into profits and weigh on stock prices
- US Economic advisor again said January’s phase one U.S. trade deal with China is expected to hold, despite concerns surrounding China’s handling of the COVID-19 outbreak. Trump did saw Phase 2 will be difficult.
- In addition to rising tensions with China, the United States Trade Representative said last month that the USTR is considering a new round of tariffs on $3.1 billion in European exports from France, Germany, Spain and the U.K.
- The US late Friday slapped a 25% tariff on France in response to tech taxes there on US firms.
- A big week for banks ahead with major earnings from the big money center banks, JPM, C, BAC, PNC and WFC.
- Banks are benefiting from the Federal Deposit Insurance Commission intending to ease the Volcker Rule, which restricts banks from making large investments into venture capital. The Volcker Rule was enacted in the wake of the 2008 financial crisis, and the new changes could potentially free up billions in bank capital. Bank stocks rose.
- With earnings ahead expect Banks to respond to the Federal Reserve in their annual stress test capped bank dividend payments and suspended share-buybacks for the third quarter.
Oil and Gas
- More of the same for oil and gas prices as they consolidated after Oil and gasoline prices had their strongest quarter in 30 Years after negatice prices and record lows on April 20 we saw the rally of all rallies in U.S. West Texas Intermediate futures surged 91% in the three months through to end of June, the best quarterly performance for U.S. crude since the third quarter of 1990 when it soared 131% during the first Gulf War.
- Brent crude futures were up over 80% in the second quarter. This was the best quarterly performance since the third quarter of 1990, when it gained 142%. Brent futures did not enter negative territory in late April, but did slump to its lowest level since 1999
- Gasoline futures were the best performer, up 122.24% for the second quarter.
- For a reality check on the Covid destruction despite these extraordinary gains both Brent and WTI futures are still down over 34% since the start of the year. Gasoline futures were the best performer, up 122.24% for the second quarter.
- Oil also got support from Baker Hughes reported U.S. oil and natural gas rigs operating fell to an all-time low for a seventh consecutive week.
Expect the Fed Stability Report warning on what happens if the pandemic worsens to be the go tto by Fed speakers (We are all watching to see if I spike aftet the Floyd protests and riots with no social distancing).
The backdrop is the Covid-19 crisis. Despite that the stockmarket is up over 40% from lows and stubborn bears and bulls alike are frustrated based on cognitive biases.
We continually focus on overcoming our biases and as the accompanying chart highlights stocks and the economy are NOT the same thing despite what we are told by our influencers and biased or selective recalls.
On the Risk Radar
In todays sound bite, partisan world achieving full self-awareness has many roadblocks. Constantly we are faced by new biases from everything from the economy, geopolitics and the pandemic. We are trading in a fluid, constantly evolving world. Understand and admit you have biases is step one, with that be aware of mental obstacles that can be triggered. Remember we can’t fix what we don’t know. We aren’t all doctors when it comes to cures, sources and pandemics for one. We know we are living in a brutally divided political world and the upcoming presidential election will trigger biases. For your investing (and mental health) maintaining an open mindset, diversify your influener and media sources so you can not get caught with bias inertia or blindness.
The reality is we are experiencing unprecedented levels of unemployment claims. The US Labor Department reported the jobless claims of over 47 million in just eleven weeks as the Coronavirus hits the economy. This sends the unemployment rate soaring to near 15%.
The Fed QE infinity programme is a yield curve control policy with long government bond yields coming down. Bond supply and continued central bank resistance to more negative policy rates limits the move. Central banks have been cutting rates and adding liquidity to avoid systematic failure. Where to from here?
November US Election
The upcoming presidential election is another risk with RealClearPolitics having President Donald Trump trailing former Vice President Joseph Biden by 8.1 points in the latest average of polls. A potential for a resurgence in Covid cases will see Trump not benefiting from an economic recovery, and as a result, that gives Biden a better chance of being elected. Biden is representative of uncertainty. Trump is likely to be pushed by Powell for more stimulus and Trump is likely to move on this with the threat of more economic damage.
Geopolitically the US-Sino rhetoric is heating up and spilling over into Hong Kong and beyond. We expect continued volatility with the engulfing uncertainty of the Coronavirus and in commodity markets, particularly in oil and other commodities, not to mention unrest in Iran, Libya and Iraq.
Fat Tail Virus Risk
Historically bear market rallies are fast and furious, and we are at the beginning of an economic recession (depression). In 2008 we had a 20% and 25% bounce in the S&P 500 during the total 57% top to bottom price fall. For the virus we have the great unknown with medical expertise not at a consensus how the virus destruction and recovery will play out.
Will virus cases level off in late spring and vanish so things can get back to some sort of normality by late summer? Or will there be a second wave of cases during the autumn/winter, forcing new lockdowns or leading to fear and voluntary social distancing (a W-recession scenario). For how long are you immune after having had the virus, a long time or a couple of months? Will there be a vaccine and when?
Our best advice is stay rational and be prepared for many alternatives, either way. With crisis comes opportunity. From a market point of view this is not unprecedented, many other bubbles have popped with similar results. What is unprecedented is the pandemic, the mass media and social media fear mongering, the massive QE and printing and the strange era of entitlement and no responsibilty fed down from politicians to the youth of today for electoral purproses. Put all that together and we see the result. Again this isn’t unprecendented just a different catalyst and fuel. Stay tuned. take a breath and think clearly. Oh and now we have the riots to throw on the kindling ….
Remember, nothing is as it seems.
Stay alert to the political and geopolitical shifts with the world in flux. Government policies related to the environment, trade and tech sit high on the watch list. Political and economic agendas that Influence policy-making is top of the list. For the US it is not just external threats, including increased political tensions between countries but also internal threats highlighted by the partisan impeachment devide.
Politics influence all, directly or indirectly. The virus and psychological affect on domestic and trade relationships have the potential to impact growth strategies with unexpected consequences with this markets are also vulnerable. In a fully fledged stock mania, nothing matters until it does. That is the feral nature of greed. Is Coronavirus that dreaded black swan?
Behind it all is world wide low interest rates and QE pump priming by the world’s major central banks, the Federal Reserve, Swiss National Bank and ECB all preached more of the same. This has just been ramped up a notch.
Meanwhile tje Fed is committed to about 50 Billion a day in repo, funds into the system to maintain liquidity, in its not QE4 repo program.The consumer had been keeping the economy robust. How will they act to alleviate the panic of the market drop, this is essential given the security of the repos they have out.
“Negative yields on long-dated government securities are more reflective of distorted market conditions than of stronger sovereign credit profiles, Fitch Ratings says. Lower interest service costs support sovereign creditworthiness, but this must be weighed against the impact of the economic conditions leading to lower yields and historically high government debt levels in a number of countries.- Fitch”
The Week Ahead – Have a Trading Plan
In the new week there are some important economic reports, including CPI inflation data Tuesday and retail sales Thursday. Last month, retail sales rose 17.7% but this month the affect of the reversal of some openings and delays is impacting consumer spending.
Overall with the Nasdaq at all time highs earnings will dominate thinking. With the latest Covid worries halt any rebound in the U.S. economy ? Improvements in some economic indicators, such as home sales, manufacturing activity and another larger than expected bounce in employment data last month, have bolstered investor confidence and helped extend the rally in stocks. Support in markets comes from the Fed’s balance sheet which has ballooned to $7.2 trillion, and last Wednesday the central bank committed to monthly purchases of $80 billion in Treasury securities and $40 billion in mortgage securities.
Again Weekly jobless claims will be important Thursday to see if there’s a drop in continuing clams, after May’s employment report showed a surprising record gain of 2.5 million jobs One component of Congress’ fiscal aid, a $600 per week supplement to unemployment insurance payments, is set to expire at the end of July.
Will the markets remain fixated on the COVID-19 news such as the infections count update, vacinations and the like?
There is some important data in the week ahead,
- Monday: US New York Fed President John Williams in event with Bank of England, Federal budget
- Tuesday: US NFIB small business survey, CPI. St. Louis Fed President James Bullard, Fed Governor Lael Brainard, API Oil Inventories
- Wednesday: US Mortgage Applications, Empire State survey, Import prices, Industrial production, EIA Crude Oil Invemtories, Philadelphia Fed President Patrick Harker, Fed’s beige book
- Thursday: US Weekly jobless claims, Retail sales, Philadelphia Fed survey, Business leaders survey, Business inventories NAHB survey, EIA Natural Gas Storage, New York Fed’s Williams, Chicago Fed President Charles Evans, TIC data
- Friday:US Housing starts, Consumer sentiment, Baker Hughes Oil Rig Count and CFTC Speculative net positions
For emerging markets the high US dollar means the Fragile 5 continue to shake. Argentina and Turkey are red letter risks. Voters will also be going to the polls in Poland, Indonesia, the Philippines and Thailand this year.
Over $4 trillion of EM debt matures by the end of 2020, of which around a third is denominated in foreign currency, according to the Institute of International Finance. Nevertheless Banks are telling investors to buy, buy, buy, who is selling you should ask?
If you wanted to play in the big room at Vegas, you are living it. Understand risk and the madness of crowds for your own sanity and wealth.
Focus on yourself and what YOU CAN INFLUENCE, set your trading plan and goals in be set for 2019. One suspects it will be a year long Groundhog day for Trump, the GOP and the Democrats. We still have trade wars.
A new earnings season in the week ahead led off by Pepsico, Netflix and the major banks. Earnings for the S&P 500 are expected to decline by 44%, the worst drop since the fourth quarter of 2008, when profits fell 67%. Given thatis a known investors (and algos) will focus pn the conference calls and outlooks. Everyone is expecting the worse. We will see critical updates on production in coronavirus impacted regions and if there is extended halting of operations weighing on multi-nationals.
Last week we heard from Paychex, Levi Straus, Bed Bath & Beyond and Walgreens Boots Alliance
We start off on Monday with earnings from: Pepsico
Tuesday Earnings Include: JPMorgan, Wells Fargo, Citigroup, Fastenal, Delta
Wednesday Earnings Include: Goldman Sachs, United Healthcare, US Bancorp, PNC, Bank of NY Mellon, Infosys, Alcoa
Thursday Earnings Include: Bank of America, Morgan Stanley, Netflix, Trust Financial, Johnson and Johnson, Abbott Laboratories, PPG Industries, Taiwan Semiconductor, Domino’s Pizza
Friday Earnings Include: BlackRock, Ally Financial, Regions Financial, Citizens Financial, Kansas City Southern, LM Ericsson
-comment section below data-
Geopolitical Tinderbox Radar
Last Week’s Big Stories
The Week That Was – Last Weeks Recap
- Zuora Cloud Based Subscription Management Revenue Grows on Stay at Home Demand
- Cybersecurity firm CrowdStrike Swung To A Profit and Raised Guidance
- Zoom Revenue Soars 169 Percent on Stay at Home Demand
- Toll Brothers Earnings Helped By Cost Reductions as Contracts Fall on Economy Lockdown
- Splunk Cloud Revenue Driving Machine Learning Earnings
- NVidia Earnings and Revenue Led By Data Center With Over $1 Billion in Revenue for First Time
- Manchester United Debt Soars as Broadcasting Revenue Falls 51 percent
- Grand Theft Auto and NBA 2K20 Help Gaming Heavyweight Take-Two Crush Earnings
US Major Stock Indices
US Stock Indices Performance
- The Dow gained 369 points, or 1.43%, its second positive session in three.
- The Dow gained 0.96% for the week, its second positive week in a row and third positive week in four
- Goldman Sachs has the most positive impact on the Dow on Friday, adding 60 points to the index
- The Nasdaq Composite gained 70 points, 0.66%, its third positive session in a row and eighth positive session in nine
- The Nasdaq gained 4.01% for the week, its second positive week in a row and third positive week in four
- The Russell 2000 gained 1.70% on Friday but fell -0.64% for the week
- The S&P 500 gained 1.04%, its second positive session in three
- The S&P 500 gained 1.75% for the week, its second positive week in a row and third positive week in four
- Nine of 11 S&P Sectors were positive in Friday’s session, led by financials, up 3.48%.
- Health care was the laggard down 0.22%
Biggest Stock Winners and Losers Last Week*
S&P 500 Index via @KnovaWave
Impulse on impulse .. $SPX corrected the impulse down as expected at a completion of a C Wave or a Wave 1. Very similar to the initial move down in March. continued with it’s sharp move,
From there we closed Friday down sharply to test Kijun as Chikou rebalanced. Important to note the high was a retest of that breakdown and MM +1/8 (yellow) our initial target with a rebalanced Chikou. The 3nd week above the 200dma swayed the balance. The balance from sharp reversal after the initial 3 wave down from the SPX wave 5 extension as Covid19 fed impulse accelerated under the tenkan. From there we had seen the ABC or 1-2-3 spinning around the 61.8% of the move. Support began at the October 2019 lows
A manic wave 5 or 3 of some degree was a resolution for the ages. Note the 100% extension from the emotive element and MM levels when the spit kicks in.
Friday’s quad expiration is a reminder that one violent rebalance in the SPX, comes another after markets take a breath. Gann called this the harmony of the markets or natures way. Keep an eye on the putcall ratio with recognition to the sheer size of contracts AND keep in mind the stimulus distortion The spit per channel fractal and Adams rule launched back over the cloud where we were encased AND we are back testing it. Watch Chickou rebalance off the 3 waves post spit. Weekly tenkan key, Kijun and tenkan kisses to be watched. Watch if a spit or clear break support as chickou rebalances
Semiconductors ETF – SMH
( Leading underlying strength of US Indices)
10 Year Treasury Note
Energy and Commodities
US Crude Oil (WTI)
WTI (AUG) gained 2.35% to settle at $40.55, down 0.25% for the weekWTI completed it’s A or 1 this week with impulse after its move higher after the violent wave 5 down had accelerated through the Tenkan 50 dma cross breaking the recent flag – we retested that this week The reversal had been a sustained impulse off the tenkan which also gave away – that is now resistance. Key is crowd behavior to help tell the story, ignorance into a slew of resistance. We watch ABC corrections from here.
WTI has again exhibited extreme crowd behavior, a series of fractals. expected in algorithm dominated price action. We have completed 5 waves as marked, from here we watch 3 develop to confrm. These are special times, recall “After we regained the pattern 261.8% from the extreme (-$40) move. The climax of the larger acceleration lower after broke the weekly uptrend, a fractal of the sharp and all the way to all time lows to negative pricing we have seen mirror replications.” Support is previous channels, tenkan and Kijun. Above we have 50wma and Murrey Math time and price.
US Natural Gas (Henry Hub)
US Natural Gas closed right under the kijun with rejection of Tenkan/50dma break locked in the flagging formation since the May peak. Consistent failed breaks despite the strength of spitting the previous low and -2/8 with an island reversal to test the Kijun and downtrend line but fell back to Tenkan The big question is was that a completed move down there or a 3? Support at cloud.
Natty ran under the weekly tenkan but failed to run lower Above weekly Kijun and 50wma. Talking fractals, remember the tenkan/kijun kiss of death brought it down from the $2 range. Much work here churning away.
Baltic Dry Index (BDI)
Gold (AUG) fell 0.11% to settle at $1,801.9 but gained 0.66% for the week kGold exudes strength after it back tested the previous wave 3 after finally cracked the Tenkan after correcting in 3 waves from 1556 to Murrey Math +3/8. In sight of the intraday high of $1765.43 reached on May 18. We have overcome the negative divergence between the weekly chikou, Silver spread and the recent highs. Support Tenkan & Kijun. From there does the 5 play out? Watch Fibs and chikou.
Silver did a fractal of the sharp C up to breakdown level above the cloud fed by divergence from gold reverting. no Silver reverseds with much more violent impulse than gold . Given that we have to repsect this is a iii but here is also a chance this is an A
Australian Dollar – AUDUSD
Aussie dollar continues higher after it competed 5 waves in emotive fashion. with vigor spitting the 100% panic muster. It has closed over the 50 Wma in 5 waves Resistance cloud is a long way off. Support Tenkan and Kijun. From here we watch for 2 or X
New Zealand Dollar – NZDUSD
The Kiwi mirrored the AUD and has closed over the panic breakdown (0%) correcting all of the panic muster wave. We are now above the Tenkan, which is pivotal. Resistance 50wma
Canadian Dollar – USDCAD
The Loonie continues to correct in ABC after spitting the 261% Fib & Weekly 8/8 after 5 waves lower. We closed at the old 100% 61.8% confluence. Use Fib s for support and resisitance until Tenkan and Kijun catch up,
Euro – EURUSD
The Euro tested and held both the channel and cloud spits after so many false breaks to close at its best level since the BRexit spike. We are still in 3 waves so we need to see development for continuation. Resistance is Fibs as marked. Watch for impulse off Chikou rebalance and Kijun above. Again governed by EURGBP and Bund volatility.
EuroPound – EURGBP
Back testing top of outer band and tenkan of Brexit. Johnson price reaction.after its classic ABC out of failure following the X wave. Tenkan will give us a clue if normalcy is returning to the channel trade.
Japanese Yen – USDJPY
Classic channel trade, has been a series of failures and sharp bounces after X led 3 wave panic. Any change will come from the weekly Kijun Tenkan kiss. Use your Murrey 6/8 0/8 grid for now. #EURJPY #AUDJPY will determine risk on/off
Mexican Peso USDMXN
The Peso has been correcting in ABC since it collapsed and spat 261% right back to the 100% Fib We have seen violent moves with outisde uncertainty from oil and COVID19. Use the Gann octave and the extension fibs to help measure the noise.
Turkish Lire USDTRY
USDTRY after completing the large 5 waves corrected back to the channel acceleration point and finished testing Tenkan. Alternative is we are still in Wave 5 and this is another 1- Kijun support well above cloud Impulse is needed to pull away from here. Keep an eye on geopolitical risk factors.
Nothing new for Bitcoin, more of the same as it continues to falter after 61.8% spit. Well under the tenkan and kijun. Needs to test downtrend for higher correction. Use your MM rules as algos control the herd here, support is the cloud – we said be wary of sharp ABC, 1-2 moves.
The Week Ahead
Key US Economic and Central Bank Events This Week
Sunday, July 5, 2020
- 20:30 HKD Manufacturing PMI (Jun)
- 21:00 AUD MI Inflation Gauge (MoM)
- 21:00 NZD ANZ Commodity Price Index (MoM)
- 21:30 AUD ANZ Job Advertisements (MoM)
Monday, July 13, 2020
- 00:30 JPY Tertiary Industry Activity Index (MoM)
- 02:00 EUR German WPI (MoM) (Jun)
- 05:30 EUR ECB’s Panetta Speaks
- 11:30 GBP BoE Gov Bailey Speaks
- 11:30 USD 3-Month Bill Auction
- 11:30 USD 6-Month Bill Auction
- 11:30 USD FOMC Member Williams Speaks
- 13:00 USD FOMC Member Kaplan Speaks
- 14:00 USD Federal Budget Balance (Jun)
- 18:45 NZD External Migration & Visitors (May)
- 18:45 NZD Permanent/Long-Term Migration (May)
- 19:01 GBP BRC Retail Sales Monitor (YoY) (Jun)
- 20:00 SGD GDP (QoQ) (Q2)
- 21:30 AUD NAB Business Confidence (Jun)
- 21:30 AUD NAB Business Survey (Jun))
Tuesday, July 14, 2020
- All Day Holiday France – National Holiday
- 00:30 JPY Capacity Utilization (MoM) (May)
- 00:30 JPY Industrial Production (MoM) (May)
- 02:00 GBP U.K. Construction Output (YoY) (May)
- 02:00 GBP Construction Output (MoM) (May)
- 02:00 GBP GDP (MoM)
- 02:00 GBP Index of Services
- 02:00 GBP Industrial Production (MoM) (May)
- 02:00 GBP Manufacturing Production (MoM) (May)
- 02:00 GBP Monthly GDP 3M/3M Change
- 02:00 GBP Trade Balance (May)
- 02:00 EUR German CPI (MoM) (Jun)
- 02:00 EUR German HICP (MoM) (Jun)
- 02:30 CHF PPI (MoM) (Jun)
- 03:00 EUR Spanish CPI (MoM) (Jun)
- 03:00 EUR Spanish HICP (MoM) (Jun)
- 04:00 EUR ECB Bank Lending Survey
- 05:00 EUR German ZEW Current Conditions (Jul)
- 05:00 EUR German ZEW Economic Sentiment (Jul)
- 05:00 EUR Industrial Production (MoM) (May)
- 05:00 EUR ZEW Economic Sentiment (Jul)
- 05:30 ZAR Gold Production (YoY) (May)
- 05:30 ZAR Mining Production (May)
- 06:00 USD NFIB Small Business Optimism (Jun)
- 07:00 USD OPEC Monthly Report
- 08:30 USD CPI (MoM) (Jun)
- 08:30 USD Real Earnings (MoM) (Jun)
- 08:55 USD Redbook (MoM)
- 10:00 GBP NIESR GDP Estimate
- 10:00 CHF SNB Chairman Thomas Jordan speaks
- 11:00 USD Cleveland CPI (MoM) (Jun)
- 11:30 USD 52-Week Bill Auction
- 14:00 USD FOMC Member Brainard Speaks
- 14:30 USD FOMC Member Bullard Speaks
- 16:30 USD API Weekly Crude Oil Stock
- 17:00 KRW Export Price Index (YoY) (Jun)
- 17:00 KRW Import Price Index (YoY) (Jun)
- 18:45 NZD Visitor Arrivals (MoM)
- 19:00 KRW Unemployment Rate (Jun)
- 19:00 JPY Reuters Tankan Index (Jul)
- 20:00 AUD HIA New Home Sales (MoM)
- 20:30 AUD Westpac Consumer Sentiment (Jul)
- 22:00 KRW Trade Balance (Jun)
- 23:00 KRW M2 Money supply (May)
- 23:00 JPY BoJ Outlook Report (YoY)
Wednesday, July 15, 2020
- 02:00 GBP CPI (MoM) (Jun)
- 02:00 GBP PPI Input (MoM) (Jun)
- 02:00 GBP PPI Output (MoM) (Jun)
- 02:00 GBP RPI (MoM) (Jun)
- 04:00 GBP MPC Member Tenreyro Speaks
- 04:00 EUR Italian CPI (MoM) (Jun)
- 04:00 EUR Italian HICP (MoM) (Jun)
- 04:00 EUR German Buba Beermann Speaks
- 06:00 EUR Reserve Assets Total (Jun)
- 07:00 USD MBA 30-Year Mortgage Rate
- 07:00 USD MBA Mortgage Applications (WoW)
- 07:00 USD MBA Purchase Index
- 07:00 USD Mortgage Market Index
- 07:00 USD Mortgage Refinance Index
- 08:30 USD Export Price Index (MoM) (Jun)
- 08:30 USD Import Price Index (MoM) (Jun)
- 08:30 USD NY Empire State Manufacturing Index (Jul)
- 08:30 CAD CPI (MoM) (Jun)
- 08:30 CAD Manufacturing Sales (MoM) (May)
- 09:15 USD Capacity Utilization Rate (Jun)
- 09:15 USD Industrial Production MoM) (Jun)
- 09:35 USD Seevol Cushing Storage Report
- 10:00 CAD BoC Monetary Policy Report
- 10:00 CAD BoC Rate Statement
- 10:00 CAD BoC Interest Rate Decision
- 10:30 USD Crude Oil Inventories
- 11:15 CAD BOC Press Conference
- 12:00 USD FOMC Member Harker Speaks
- 14:00 USD Beige Book
- Tentative USD Treasury Department Report
- 18:45 NZD CPI (QoQ) (Q2)
- 20:00 AUD HIA New Home Sales (MoM)
- 21:00 KRW Interest Rate Decision (Jul)
- 21:00 AUD MI Inflation Expectations
- 21:30 AUD Employment Change (Jun)
- 21:30 AUD Full Employment Change (Jun)
- 21:30 AUD NAB Quarterly Business Confidence
- 21:30 AUD Participation Rate (Jun)
- 21:30 AUD Unemployment Rate (Jun)
- 21:30 CNY House Prices (YoY) (Jun)
- 22:00 CNY Fixed Asset Investment (YoY) (Jun)
- 22:00 CNY GDP (QoQ) (Q2)
- 22:00 CNY Chinese GDP YTD (YoY) (Q2)
- 22:00 CNY Industrial Production (YoY) (Jun)
- 22:00 CNY Chinese Industrial Production YTD (YoY) (Jun)
- 22:00 CNY Retail Sales (YoY) (Jun)
- 22:00 CNY Chinese Retail Sales YTD (YoY) (Jun)
- 22:00 CNY Chinese Unemployment Rate
- 22:00 CNY NBS Press Conference
- 23:00 NZD RBNZ Offshore Holdings (Jun)
Thursday, July 16, 2020
- 02:00 GBP Average Earnings
- 02:00 GBP Car Registration (MoM) (Jun)
- 02:00 GBP Claimant Count Change (Jun)
- 02:00 GBP Unemployment Rate (May)
- 02:00 EUR Italian Car Registration (MoM) (Jun)
- 02:00 EUR German Car Registration (MoM) (Jun)
- 02:00 EUR French Car Registration (MoM) (Jun)
- 02:45 EUR French CPI (MoM) (Jun)
- 02:45 EUR French HICP (MoM) (Jun)
- 03:04 CNY FDI (Jun)
- 04:00 EUR Italian Trade Balance (May)
- 04:30 GBP BOE Credit Conditions Survey
- 05:00 EUR Trade Balance (May)
- 06:45 GBP BoE MPC Member Haldane Speaks
- 07:15 GBP BoE Gov Bailey Speaks
- 07:45 EUR Deposit Facility Rate (Jul)
- 07:45 EUR ECB Marginal Lending Facility
- 07:45 EUR ECB Monetary Policy Statement
- 07:45 EUR ECB Interest Rate Decision (Jul)
- 08:30 USD Continuing Jobless Claims
- 08:30 USD Initial Jobless Claims
- 08:30 USD Jobless Claims 4-Week Avg.
- 08:30 USD Philadelphia Fed Manufacturing Index (Jul)
- 08:30 USD Retail Sales (MoM) (Jun)
- 08:30 CAD ADP Nonfarm Employment Change
- 08:30 CAD Foreign Securities Purchases (May)
- 08:30 CAD Foreign Securities Purchases by Canadians (May)
- 08:30 EUR ECB Press Conference
- 10:00 USD Business Inventories (MoM) (May)
- 10:00 USD NAHB Housing Market Index (Jul)
- 10:00 USD Retail Inventories Ex Auto (May)
- 10:30 USD Natural Gas Storage
- 11:10 USD FOMC Member Williams Speaks
- 11:30 USD 4-Week Bill Auction 11:30 USD 8-Week Bill Auction
- 13:30 USD Chicago Fed President Evans Speaks
- 16:00 USD US Foreign Buying, T-bonds (May)
- 16:00 USD Overall Net Capital Flow (May)
- 16:00 USD TIC Net Long-Term Transactions (May)
- 16:00 USD TIC Net Long-Term Transactions including Swaps (May)
- 18:30 NZD Business NZ PMI (Jun)
- 19:01 GBP GfK Consumer Confidence (Jul)
- 19:30 JPY National Core CPI (YoY) (Jun)
- 20:30 SGD Trade Balance
Friday, July 17, 2020
- 04:00 EUR Italian Industrial New Orders (MoM) (May)
- 04:00 EUR Italian Industrial Sales (MoM) (May)
- 04:00 EUR Spanish Trade Balance
- 04:30 EUR ECB’s De Guindos Speaks
- 04:30 EUR ECB’s Schnabel Speaks
- 05:00 EUR Construction Output (MoM) (May)
- 05:00 EUR CPI (MoM) (Jun)
- 05:00 EUR HICP ex Energy and Food (MoM) (Jun
- ) 05:30 EUR German Buba Mauderer Speaks
- 06:00 GBP BoE Gov Bailey Speaks
- 08:30 USD Building Permits (MoM) (Jun)
- 08:30 USD Housing Starts (MoM) (Jun)
- 08:30 CAD Wholesale Sales (MoM) (May)
- 10:00 USD Michigan Consumer Sentiment (Jul)
- 13:00 USD U.S. Baker Hughes Oil Rig Count
- 13:00 USD U.S. Baker Hughes Total Rig Count
- 15:30 USD CFTC Speculative net positions
Saturday, July 11, 2020
Stock Buyback Watch
Note these charts, opinons news and estimates and times are subject to change and for indication only. Trade and invest at your own risk.