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Charting the Markets: 8 June

Equities struggle to keep positive momentum despite improved risk appetite. USD/JPY continues to soar past 20-year highs as more central banks raise rates to combat inflation. And WTI consolidates within ascending channel.

 

 

 

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

[MongiIG]

Market data to trade on Thursday: HSI; EUR/USD; S&P 500

As more central banks ramp up their efforts to combat soaring inflation, it will be the ECB’s turn on Thursday to deliver their updated monetary policy mandate and projections.

IGTV’s Daniela Sabin Hathorn has the latest charts on EUR/USD, Hand Seng (HSI), and the S&P 500.

 

 

 

 

 

[MongiIG]

For more up to date news on how markets will open, the latest earnings and economic news, watch IGTV live in the platform at 07:30am UK.

Today’s coverage:

 

Indices: Europe expected to open down, breaking rising support as mkts fear continued upward inflation. NKY pretty much the only mkt up  

FX: Watching EURUSD ahead of the ECB rate decision, expected to prepare the ground for a July hike. CNH up after better than expected China trade balance

Equities: Earnings – TATE BATS MTO. Watching for further news of a possible takeover of CSGN by STT. Meta halts development of a 2-camera smartwatch   

Commods: Lumber closes below support to 9mth low. Brent breaks to $123.52 – price target $131.51. Gold 3^rd day in a row of gains

 

https://community.ig.com/igtv/

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Early Morning Call: equity markets mixed; ECB to end stimulus; WTI at 13-week high

Europe expected to open down, breaking rising support as markets fear continued upward inflation. Watching EUR/USD ahead of ECB rate decision, expected to prepare for a July hike. And Brent and WTI at 13-week highs.

 

 

 

 

 

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

[MongiIG]

Charting the Markets: 9 June

Indices taking a knock ahead of ECB meeting. EUR/USD and EUR/GBP await ECB decision while GBP/JPY falters at April peak. And gold moves sideways, as oil rebounds, while corn prices pause for breath.

 

 

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

[MongiIG]

Market data to trade on Friday: Nikkei; DXY; Brent

Inflation is going to be the key topic on Friday with CPI readings expected in the US and China, and PPI in Japan.

IGTV’s Daniela Sabin Hathorn looks at charts of the Dollar Index (DXY), the Nikkei, and Brent crude ahead of the latest economic data out on Friday.

 

 

 

[MongiIG]

For more up to date news on how markets will open, the latest earnings and economic news, watch IGTV live in the platform at 07:30am UK.

Today’s coverage:

 

Indices: Europe expected to open down as global markets fall for a third day in a row on renewed inflation worries. UKX on for worst week in 7mths on global growth concerns

FX: USD awaiting US CPI data after yesterday’s gains for the dollar. China inflation data out as expected. Watching CAD ahead of Canada jobs data. EURUSD holding all its losses after ECBs rate decision

Equities: STT says not interested in CSGN bid. NVAX down 17% on Covid jab delay  

Commods: Lumber short trade continues to reap rewards. Oil down for 2^nd day. Gold still awaiting a breakout for a trading opportunity

 

https://community.ig.com/igtv/

[MongiIG]

Early Morning Call: Euro indices expected lower; inflation in focus; Novavax down 16%

The overarching theme for the markets remains the global concern about growth.

 

 

Global concerns about growth affecting markets

The overarching theme for the markets remains the global concern about growth.

With bond yields rising in almost all western economies, central banks are having to take action, leading to traders choosing to avoid risk assets.

Volatility is coming off the biggest move up since 18 May with technology stocks leading losses in the US. Novavax plunged 16% on a report of possible further delays to its Covid-19 vaccine clearance, while Moderna shares also fell heavily. Amazon, Netflix, Coinbase and NIO were among the worst performers. All these stocks are all-sessions on the IG platform and can be traded from 9am.

Nikkei follows poor US lead

In Japan, the Nikkei followed this poor US lead, falling back to a one-week low. China mainland and Hong Kong outperformed the region, as consumer price index (CPI) in China rose by 2.1% in May from a year ago, just below expectations of a 2.2% increase.

Factory gate prices were in line with expectations at 6.4% year-on-year (YoY), cooling down to a 14-month low. Hit by Covid-19 restrictions, the world’s second largest economy has slowed significantly in recent months, alongside demand for steel, aluminium and other key industrial commodities.

Australia’s ASX 200 edged lower on the news, completing a week of daily losses and recording its worst weekly performance since January.

European outlook

In Europe, indices follow suit.

The FTSE 100 and DAX are on track to record their worst weeks since the beginning of the Ukraine war.

The main macro-economic event of the day will be the publication at 1.30pm of consumer price index in the US. Economists forecast a rise of 8.3% in May YoY, same pace as in April.

Core CPI rise is anticipated to decelerate to 5.9%, after 6.2% recorded in April, which would be a second straight month of decline for this indicator. The euro is relatively stable this morning after losing ground yesterday.

While considering that inflationary pressures have increased, the European Central Bank (ECB) failed to surprise the markets, saying a 25 basis point (bps) is on the cards for July, and confirming the end of the net asset purchase programme on 1 July.

Enery price rally

The rally in the price of energy is marking a pause, after new lockdown restrictions were imposed yesterday in parts of Shanghai.

US crude oil is back below $120 after setting a new 13-week high earlier this week. Investors are awaiting the Baker Hughes oil rig count published at 6pm. Oil and gas rig in operations have failed to increase in the previous two weeks.

[MongiIG]

Charting the Markets: 10 June

FTSE 100, DAX and S&P 500 all under selling pressure again. EUR/USD and EUR/GBP drop post ECB meeting while USD/CAD rallies. And gold and Brent prices slightly lower while lumber drops to nine-month lows.

 

 

 

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

[MongiIG]

For more up to date news on how markets will open, the latest earnings and economic news, watch IGTV live in the platform at 07:30am UK.

Today’s coverage:

 

Risk-off across all markets as VIX rises substantially for a third day

Indices: After the worst week for many markets since mid-January, it would seem to have cast a die for the start today in Europe as markets now await rate decisions from (most importantly) the Fed, but also BoE and BoJ this week

FX: Big gains for USD after the strong inflation number. USDJPY breaks 20yr resistance and goes to highest since Oct 1998. GBPUSD down again, today CBI warns of increasing UK recession risk

Equities: Watching ORCL ahead of earnings and TSLA after 3-1 stk split & Larry Ellison leaving the board

Commods: Gold down after 1mth peak on Friday. Lumber seasonal decline keeps going. Oil down for 3rd day on China covid climb. BTC lowest since Dec 2020. Aluminium breaks down to 2021 levels  

 

https://community.ig.com/igtv/

[MongiIG]

Early Morning Call: UK recession risk; gold climbs; Oracle earnings

Confederation of British Industry warns of increasing UK recession risk. Gold down after Friday's 1-month peak. And watching Oracle ahead of earnings and Tesla after its 3-1 stock split and Larry Ellison leaving the board.

 

 

 Jeremy Naylor | Writer, London | Publication date: Monday 13 June 2022 

APAC indices post heavy losses

Unsurprisingly, APAC indices posted heavy losses overnight, matching Friday’s US and European performances.

US consumer price index (CPI) rose to 40-year highs and Michigan consumer confidence plunged to an all-time low which also strengthened the dollar against all major currencies and pushed up gold to a one-month high.

On Friday, the Nasdaq 100 was the worst performer of the US indices, falling by nearly 4%. Likewise, losses in the Asia-Pacific region were led by tech stocks, sending most indices down around 3%. Note that Australia markets are closed for a holiday.

UK outlook

In the UK, the latest data shows that the economy shrank 0.3% in April month-on-month (MoM), missing forecasts of a 0.1% expansion.

This weekend the Confederation of British Industry (CBI) warned that the UK is facing stagnation and recession risk, and downgraded its growth outlook to 3.7% for this year, from 5.1% previously, and just 1% in 2023, from 3%.

Currency markets

Central bank decisions will punctuate the currency market this week.

The Federal Reserve (Fed) takes centre stage on Wednesday, followed by the Bank of England (BoE) on Thursday and the Bank of Japan (BoJ) on Friday.

If there is little doubt regarding the Fed and BoJ announcements, markets will be particularly attentive to Andrew Bailey’s comments. Even though the BoE was one of the first central banks to start hiking rates, sterling could endure the same fate as the euro last week, when the European Central Bank (ECB) president, Christine Lagarde’s messaged was perceived as a lack of commitment.

Stocks and earnings

Tesla proposed a three-to-one stock split after the close of US markets on Friday, which will be put to vote on the 4th of August. Meanwhile Larry Ellison, CEO and founder of Oracle and key supporter of Elon Musk, has decided not to stand for re-election to Tesla's board when his term ends.

Also watch out for Oracle earnings tonight. Investors will be particularly interested in the group’s revenue and guidance.

Revenue growth has been slowing in the last few quarters, but thanks to the sustained demand for the company's cloud products, Oracle has managed to keep its top line increasing.

Other divisions of the group have been directly impacted by the economic uncertainty as a result of Covid, and the subsequent supply chains issues.

Commodities

On the commodity markets, traders will keep an eye on aluminium which set a new 2022 low on Friday and is approaching an important area of support.

Also down is lumber, a victim of higher interest rates and a drop in consumer confidence. The lumber price broke nine-month support on Friday, and there is nothing in sight that would suggest a change in trend.

[MongiIG]

Charting the Markets: 13 June

Recession risk stalks equity markets with losses globally. USD continues its climb while GBP drops on ‘recession risk’. And gold hits a one-month high before falling, while oil is down on China's Covid-19 concerns.

 

 

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

[MongiIG]

Market data to trade on Tuesday: GBP/USD; DAX; AHT

The UK unemployment rate released on Tuesday will be the last key economic data point released before the Bank of England meeting on Thursday.

IGTV’s Daniela Sabin Hathorn has the latest on GBP/USD as market sentiment worsens. She also looks at charts of the DAX and Ashtead (AHT).

 

 

 

 

[MongiIG]

For more up to date news on how markets will open, the latest earnings and economic news, watch IGTV live in the platform at 07:30am UK.

Today’s coverage:

 

Big spike in Volatility yesterday with a new higher high, drifting lower today but just a small reversal

Indices: Europe expected to open up by a small margin. All global indices up in a tiny technical reversal with many benchmarks, yesterday, close to or breaking recent lows. The move lower does not seem to be over  

Equities: Earnings today BWY CRST AHT FERG. Last night ORCL rose 9% in a stunning set of results going some way to prove that good companies make good investments

FX: USD basket new 19½ yr highs on rate speculation – some now pricing in a 75bps rate rise from the Fed tomorrow. Cable looking most bearish vs USD. 10am release today of German Zew

Commods: That rate speculation hit gold which had its biggest sell-off since 9 March with a massive bearish engulfing candle. Oil little moved. BTC completes 1yr head and shoulders pattern, time for a rally?

 

https://community.ig.com/igtv/

[MongiIG]

Early Morning Call: Bear market taking a breather

 

 

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

[MongiIG]

Charting the Markets: 14 June

European indices at major support ahead of FOMC, EUR/USD and GBP/USD near critical support, EUR/GBP breaks resistance while gold and Brent stabilise and lumber drops to ten-month lows.

 

 

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

[MongiIG]

Market data to trade on Wednesday: AUD/USD; USD/JPY; SMWH

The main market-moving event to happen on Wednesday will be the Federal Reserve meeting as markets price in a sure chance of a 50bps hike. IGTV’s Daniela Sabin Hathorn looks at a chart of USD/JPY ahead of the meeting.

 

 

 

[MongiIG]

For more up to date news on how markets will open, the latest earnings and economic news, watch IGTV live in the platform at 07:30am UK.

Today’s coverage:

 

Indices: Losses continue to build with most markets dropping below recent lows indicating more downside to come. Europe expected to hold recent losses at the start. CAC below 6000. ASX200 16mth low as Aus consumer confidence drops again

FX: Today’s big swing point will be on whether the Fed will pull 75bps out the bag. DXY continues to climb with much of the damage being inflicted on the beleaguered Yen…USDJPY at 23½yr highs 

Equities: Earnings – SMWH WTB

Commods: Gold small retracement after 2 day’s of losses BUT death cross looms. Oil – Brent consolidates below $120.  Lumber another notch lower taken out although the drop is shallowing

 

https://community.ig.com/igtv/

[MongiIG]

Early Morning Call: Small respite for some markets

 

 

 

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

[MongiIG]

For more up to date news on how markets will open, the latest earnings and economic news, watch IGTV live in the platform at 07:30am UK.

Today’s coverage:

 

Central banks: Fed raises rates 75bps – will this put any pressure on the BoE to go 50bps?  

Indices:  Wall St closed higher. European markets looking to open slightly higher at the start Asia mostly higher

FX: USD pulled back but not before DXY hit a new 19½yr high and USDJPY a new 23½yr high. GBP awaiting the BoE and CHF the SNB rate announcements. USDJPY little move on biggest Japan trade deficit since 2014

Equities: Watch a potential slump in THG shares after reports prospective bidder pulls out. Earnings HFD BOO ADBE

Commods: Fed’s economic projections weighing on oil down for a third day. Gold holding gains in the metal following the rise on the Fed

 

https://community.ig.com/igtv/

[MongiIG]

Early Morning Call: Fed on full-throttle...now the BoE

 

 

 

 

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

[MongiIG]

Charting the Markets: 16 June

FTSE 100, DAX 40 and Nasdaq 100 remain bearish despite 75 bps Fed rate hike and EUR/USD, EUR/GBP and GBP/USD near key technical levels ahead of BoE meeting. Gold, Brent crude oil and aluminium continue to slide.

 

 

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

[MongiIG]

For more up to date news on how markets will open, the latest earnings and economic news, watch IGTV live in the platform at 07:30am UK.

Today’s coverage:

 

Indices: New lower lows for Wall St yesterday INDU very close to bear mkt. Europe expecting small recovery today after big declines yesterday…UKX remains least worst performer by a big margin

FX: JPY weakness returns after BoJ maintains policy and says it is closely following  ¥ moves. Elsewhere 3 days of USD weakness comes to an end with a small rise today

Equities: Earnings TSCO. ADBE last night fell despite good earnings and rev – outlook cut on war in UKR and withdrawal of business in RUS

Commods:  Recession fears steer base metals lower Aluminium 11mth lows. Oil on for second weekly loss. Gold back up over 200-day SMA. BTC worst week since May 2021

 

https://community.ig.com/igtv/

[MongiIG]

Early Morning Call: BoJ stays put; TSCO trading update; recession fears

JPY weakness returns after BoJ maintains policy and says it is closely following ¥ moves. Earnings today from TSCO; ADBE fell last night despite good earnings and revenue. And recession fears steer base metals lower.

 

 

 Jeremy Naylor | Writer, London | Publication date: Friday 17 June 2022 

European indices outlook

European indices have shown small gains this morning after recording heavy losses yesterday.

The FTSE 100 closed 228 points lower, and later in the evening even tested the major psychological support of 7,000 points on IG's 24-hour market.

Investors were spooked by the Bank of England's (BoE) expectations. The bank sees the economy shrinking by 0.3% in the second quarter (Q2) and inflation topping 11% in October, higher than the “just above 10%” previously announced.

As for sterling, it initially fell against the dollar when the BoE announced its 25 basis point (BPS) hike, but rallied later.

US indices

In the US, the Dow Jones fell by 2.42%, the S&P 500 ended 3.25% lower, and the Nasdaq composite plunged 4.08%, setting a new 18-month low.

The dollar lost ground falling to a one-week low yesterday afternoon before recouping some of its losses. The Dollar Basket now hovers around 104.

APAC

In the Asia-Pacific region, trading was mixed.

The Nikkei and ASX 200 recorded losses of around 2%, while the Hang Seng and CSI 300 posted small gains.

In Japan, the Bank of Japan (BoJ) decided to keep its short-term interest rate target unchanged at -0.1%. It also kept its massive stimulus in place, pledging to buy unlimited amounts of 10-year Japanese government bonds at 0.25% every business day.

The yen fell on the news against all major currencies.

Macro outlook

Very little is expected on the macroeconomic front today, other than US industrial production at 2.15pm UK.

In its trading statement for quarter 1 (Q1), Tesco maintained its full-year (FY) profit guidance despite reporting a 1.5% drop in ex-fuel, and sees “early indications of changing customer behaviour as a result of the inflationary environment."

Over in the US, Adobe shares fell in extended trading despite beating earnings and revenue forecasts. The group posted earnings of $3.35 per share. Analysts had expected $3.31. Revenue was also above expectations, rising 14% to $4.39 billion.

But the group signalled that the third quarter (Q3) would be impacted by the ongoing war in Ukraine, and its decision to cease all new sales in Russia and Belarus. Adobe sees earnings and revenue below what analysts had anticipated.

Commodities

On the commodities front, the Federal Open Market Committee (FOMC) and BoE economic projections weighed on industrial metals prices.

Copper is trading near one-month lows, and aluminium set a new 11-month low.

Oil prices are also feeling the impact of gloomy forecast. WTI and Brent are about to post their second straight week of losses.

Finally, on the cryptocurrency market, bitcoin is set to post its worst weekly performance since May 2021.

 

 

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

[MongiIG]

Charting the Markets: 17 June

FTSE 100, DAX and S&P 500 move off their lows following on from Thursday’s falls. EUR/USD and GBP/USD rebounds stall, while USD/JPY recovers. And gold and oil recover, while orange juice comes under pressure.

 

 

 

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

[MongiIG]

For more up to date news on how markets will open, the latest earnings and economic news, watch IGTV live in the platform at 07:30am UK.

Today’s coverage:

 

Indices: Recession fears rising again pushing mkts lower again Europe to open down. No cash session on Wall St. CAC lowest since March as Macron loses political influence in legislative elections  

FX: USDCNH China left its LPR rate unchanged as other central banks (ex BoJ) push rates up.  

Equities: Earnings – ABF STEM

Commods: BTC rebounding after taking out $18,000 on Saturday, lowest since Nov 2020. Recession fears takes base metals down and oil hits 4 wk lows. Gold little changed. Base metals down

 

https://community.ig.com/igtv/

[MongiIG]

Early Morning Call: mixed session in APAC; recession fears persist; cryptos rout

Recession fears are rising again which are pushing markets lower; Europe to open down; no cash session on Wall Street. Recession fears also take base metals down and oil hits 4-week lows; gold little changed.

 

 

 Jeremy Naylor | Writer, London | Publication date: Monday 20 June 2022 

APAC equity markets overview

Equity markets in the APAC region started the week mainly in the red with Japan’s Nikkei and South Korea’s KOSPI leading the losses.

China indices outperformed the region, as the People’s Bank of China kept its key rates unchanged in June. The one-year loan prime rate (LPR) was left at 3.7%, and the five-year rate, which is the reference rate for mortgages, remained at 4.45%. In May, the 5-year LPR was cut by 15 basis points.

European outlook

In Europe, indices showed very small gains at the start of the session. Investors will be particularly attentive to what French President Emmanuel Macron will do next. His centrist party lost absolute majority in parliamentary elections on Sunday. This means he can’t pass laws alone and will have to create an alliance with another party. But can he?

The left-wing alliance has become the main opposition party, while Marine Le Pen's party managed to win an unprecedented number of seats (89).

Here in the UK, low-cost airline easyJet has decided to cut more flights this summer in an attempt to manage operational problems. Also watch out for Associated British Foods and SThree, both having produced quarterly trading updates.

In Germany, the producer price index rose 1.6% in May on a month-on-month basis. Economists had expected an increase of 1.5%. Year on year, factory gate prices are up 33.6%. Note that US equity and bond markets will be closed this Monday for Juneteenth, a day that commemorates the emancipation of enslaved people in the country.

FX overview

After a tumultuous week punctuated by key – scheduled or unscheduled – central bank meetings, this is a relatively quiet start to the week on the FX market.

The dollar is down against main currencies, but the dollar basket remains above 104.

Commodities

Oil prices have settled after a volatile end of week. Last Friday WTI and Brent fell in excess of 6% as the dollar rallied on global recession fears.

Also on Friday, Baker Hughes reported a lift in the total rig count for the second week in a row, up by seven to 740. Oil rigs in operations rose four to 584, while the number of active gas rigs increased by three to 156.

Recession fears also sent industrial metals lower. Copper fell below $9,000 on Friday, an 8-½-month low, also an important area of support for copper over the last few months.

Aluminium, zinc and lead are also trading at or near support levels.

And finally, bitcoin is trading back above $20,000. Over the weekend the cryptocurrency took out $20,000 then $19,000 then went below $18,000. It's the first time it's closed below that level since November 2020.

 

 

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

[MongiIG]

Charting the Markets: 20 June

Indices show small retracements in a long-term downtrend. USD/JPY ready to strike new 23-year highs? And recession fears hit base metals.

 

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

[MongiIG]

Market data to trade on Tuesday: AUD/NZD; EUR/CAD; USD/JPY

Join IGTV’s Daniela Sabin Hathorn as she looks at charts of AUD/NZD, EUR/CAD, and USD/JPY ahead of the latest economic data out on Tuesday.

 

 

 

[MongiIG]

For more up to date news on how markets will open, the latest earnings and economic news, watch IGTV live in the platform at 07:30am UK.

Today’s coverage:

 

Longest day….

Indices: After gains yesterday Europe expected up today. CAC worst performer as Macron’s political leadership in a tight corner to negotiate a coalition. Wall St back today and gains expected. Asia up with NKY leading the gains  

FX: USD down for a second day (small moves) AUDUSD up after RBA minutes raised Aus CPI from 6% to 7%. Watching USDCAD ahead of Canadian retail sales

Equities: Earnings – SMDS. JBLU ups its offer for SAVE to fend off other offers  

Commods: Oil rises after Monday’s hammer candle indicating a bottom?  Gold continues to hold below 200-day SMA. Iron Ore bounces off 725 support  

 

https://community.ig.com/igtv/