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Market data to trade on Wednesday: Hang Seng; EUR/USD; USD/CAD; MMR

With the June CPI reading in the US approaching, IGTV’s Daniela Sabin Hathorn looks at charts of the Hang Seng, EUR/USD, USD/CAD, and Delta Airlines (MMR) ahead of the latest economic and corporate data out on Wednesday 13 July.

 

 

 

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Today’s coverage:

 

Lockdown’s in China again giving rise to more demand concerns

Indices: Mkts have little or no direction as IMF cuts US GDP forecast for the second time in a month. CAC to hold above 6,000

Equities: TWTR formally sues Musk for collapse of proposed deal. GOOG slows hiring. Earnings – JDW PAGE

FX: EURUSD holds above parity having hit 1-1 yesterday - watching US CPI today as a possible trading opportunity. NZDUSD little move RBNZ raises 50bps. USDKRW down BOK raises 50bps. Awaiting BOC today

Commods: Copper 21mth low. NY Cotton breaks to go to 1yr low. Gold continues to test 1721 support. Oil 3mth lows after big declines yesterday

 

 

 

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Early Morning Call: focus on central banks; watching GBP, USD

EUR/USD holds above parity having hit 1-1 yesterday - watching US CPI today as a possible trading opportunity. NZD/USD little moved as RBNZ raises 50bps; USD/KRW down as BoK raises 50bps; awaiting BoC today.

 

 Jeremy Naylor | Writer, London | Publication date: Wednesday 13 July 2022

Indices outlook

Equity markets in the Asia-Pacific region rose overnight, despite a fall in US indices on Tuesday.

The International Monetary Fund (IMF) says avoiding recession in the US will be "increasingly challenging" as it cut its 2022 US growth forecast for the second time in a month, this time from 2.9% in late June to 2.3%, as recent data showed weakening consumer spending.

Central banks in focus

Two central banks raised interest rates in the last few hours. As expected the Reserve Bank of New Zealand (RBNZ) hiked by 50 basis points (bps) to 2.50%. In its statement the bank said its "Committee agreed it remains appropriate to continue to tighten monetary conditions at pace to maintain price stability and support maximum sustainable employment."

The Bank of Korea also raised key interest rate to 2.25% from 1.75%. Its governor said a gradual 25bps hike was "desirable" for some time.

This afternoon, it will be the turn of the Bank of Canada (BoC) to decide on rates. Economists see an increase of 75 basis points, which would take the bank's overnight rate to 2.25%.

The BoC began its hiking process a bit later than other central banks but ranks as one of the highest rates in the world's main economies. Up to January this year, the BoC's rate was at 0.25%. A 75bps hike today would mean that 200bps had been added in the past six months.

Economic news

In the UK, monthly GDP unexpectedly rose by 0.5% in May compared to April. Economists expected it to be flat. Industrial production was better than expected, showing an increase of 1.4% in May year-on-year (YoY), against expectations of a 0.3% fall.

US consumer price index (CPI) is due out later today an nmay show an increase in inflation for June. Analysts expect headline inflation to increase to 8.8% year-over-year. That would be a 0.2 percentage point y/y increase from May, taking it to the highest pace since December 1981.

Core inflation, a measure that removes food and energy prices, is seen easing to 5.7% y/y from 6.0%.

Equities

On the corporate front, JD WetherspoonJD Wetherspoon has signaled higher-than-expected losses for the current financial year as labour and fuel costs continue to weigh on its bottom line.

The group, which had said in May its profit would break even this year, now expects to report an annual loss of £30 million.

PageGroup reports a 25.5% rise in second quarter (Q2) gross profit, supported by strong hiring demand from companies amid staff shortages and higher resignations. Quarterly gross profit reached £280.9 million, compared with £219.8 million reported a year earlier.

 

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Charting the Markets: 13 July

Recession fears continue to outweigh equity performance - we look at the S&P 500, DAX 40 and FTSE 100. USD dominance shows no signs of stopping: USD/JPY, EUR/USD, EUR/GBP. And XAU/USD heads for 11- month low.

 

 

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Market data to trade on Thursday: ASOS and JPMorgan

As the second quarter (Q2) earnings season kicks off, IGTV’s Daniela Sabin Hathorn looks at charts of ASOS and JPMorgan ahead of their releases on Thursday the 14th of July.

 

 

 

 

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Today’s coverage:

 

Indices: Europe expected marginally higher after losses yesterday and gains across APAC overnight

FX: EURUSD briefly broke parity yesterday, but is trading higher today. EU has raised its inflation forecasts and cut its GDP expectations. USDJPY another new 24yr high. AUDUSD up after record low Aussie unemployment rate   

Equities: Earnings – BDEV HAS JPM MS CAG. TSLA AI chief resigns

Commods: Gold briefly dropped below 1721 support but quickly recovered but is now losing Wednesday’s gains. Oil up slightly for a 2nd day  

 

 

 

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Early Morning Call: recession fears rise; EUR/USD briefly breaks parity

EUR/USD briefly broke parity yesterday, but is trading higher today. EU has raised its inflation forecasts and cut its GDP expectations. Earnings updates today from BDEV, HAS, JPM, MS and CAG.

 

 

 Jeremy Naylor | Writer, London | Publication date: Thursday 14 July 2022 

Indices outlook

It was a mixed session in Asia-Pacific, with the Japan 225 outperforming the region, helped by yen weakness.

In Australia the ASX 200 benefited from the latest job data. The unemployment rate fell to a record low of 3.5% in June, from 3.9% in May, and significantly beat market forecasts of 3.8%.

Singapore's GDP grew 4.8% in the second quarter, missing forecasts. Singapore's central bank also said gross domestic product (GDP) growth is expected to come in at the lower half of the 3-5% forecast range for 2022, while core inflation is now expected to rise further than previously anticipated.

In an off-cycle move, the bank decided to tighten its monetary policy for the second time this year, saying the action would slow inflation as the city-state joins other economies scrambling to fight mounting price pressures. Singapore’s central bank wasn’t the only one to hike. The Philippine central bank raised its interest rates by 75 basis points (bps).

And yesterday, the Bank of Canada (BoC) surprised the markets with a full percentage point hike, taking the main rate up to 2.5%.

Yesterday, US consumer price index (CPI) data beat forecasts, accelerating its pace to 9.1% year-on-year. Economists had expected an 8.8% increase.

US swaps markets are now showing that there's a one in two chance that the Federal Reserve (Fed) will take rates up by a full percentage point when it meets next.

Equity markets

Equity markets are gaining attention.

In the UK, Hays posted a record 23% jump in its fourth quarter net fees and expects its full-year operating profit to come in at about £210 million, the top end of its previous guidance.

Barratt Developments forecasts annual profit to be in the range of £1.05 billion to £1.06 billion, marginally ahead of company-compiled analysts' estimates.

Over in the US, investors await JPMorgan Chase & Co (All Sessions) and Morgan Stanley quarterly reports before the market open. They’ll be followed by Citigroup Inc (All Sessions) and Wells Fargo & Co (All Sessions) on Friday, and Bank of America Corp (All Sessions) and Goldman Sachs Group Inc (All Sessions) on Monday.

In Europe, equity markets showed small gains at the start of today’s session. Yesterday, the European Commission adjusted its GDP and inflation forecast, saying the rebound from the pandemic will be weaker than anticipated while inflation will be faster because of Russia's war in Ukraine.

The Euro area gross domestic product is likely to grow 2.6% this year, down from 2.7% and 1.4% in 2023, down from predictions of 2.3%. Inflation forecasts have gone up for this year from 6.1 to 7.6% and in 2023 up from 2.7 to 4% next year.

Forex

In this context of soaring inflation and weakening growth, the US dollar continues to strengthen.

EUR/USD trade broke parity following the stronger-than-expected US CPI data yesterday. USD/JPY set a fresh 24-year high, climbing above ¥138.

Commodities

Oil prices are little changed. Yesterday, EIA inventory data confirmed the rise in crude, gasoline and distillate stocks announced by the API on Tuesday.

 

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Charting the Markets: 14 July

Indices calmer as investors await the start of US earnings season. EUR/USD flirts with parity, USD/JPY trades in fresh 24-year highs while AUD/USD holds. And gold, Brent, and lumber head lower as dollar strength dents sentiment.

 

 

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Market data to trade on Friday: USD/CNH; Citigroup

As the second quarter earnings season gets underway, IGTV’s Daniela Sabin Hathorn looks at a chart of Citigroup Inc as the banking sector braces itself for the potential impact of a recession in 2023.

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Daniela Sabin Hathorn | Presenter and Analyst, London | Publication date: Thursday 14 July 2022 

She also looks at a chart of USD/CNH ahead of the latest data out from China on Friday the 15th of July.

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Today’s coverage:

 

Indices: Europe expected higher after big declines yesterday on poor US bank earnings… late day recovery on Wall St saw NDAQ climb on the day. APAC mkts mostly down, but NKY up benefitting from JPY weakness

FX: USD maintains strength – DXY above 109 for the first time in almost 2 decades. CNH weakness today poor China GDP data. EURUSD is still broadly supported by 1-1 parity level. Another new 24yr high for USDJPY

Equities: Earnings today - RIO profit warning on staff shortages and inflation effects. US banks BNY C WFC and UK luxury good company BRBY. BABA down 7% on reports of data theft enquiry. PINS up 22% post mkt on reports Elliott is building a stake  

Commods: Copper biggest weekly loss since before Covid on poor China economic data and Rio warning. Gold continues its slump. Brent and WTI both weak and both broke the 200 day SMA yesterday, but recovered

 

 

 

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Early Morning Call: copper hits new lows; USD maintains strength

Copper makes it biggest weekly loss post-Covid on poor China economic data and Rio Tinto warning. USD maintains strength – DXY above 109 for the first time in almost two decades. US banking sector set for more bad news?

 

 Jeremy Naylor | Writer, London | Publication date: Friday 15 July 2022

Indices outlook

Indices' performance was mixed in the Asia-Pacific region.

The Nikkei outperformed the region, rising for a send day, as the yen continued to weaken against the dollar.

Australia’s ASX 200 fell, affected by China’s gross domestic product (GDP) and factory output data, and Rio Tinto's profit warning.

China's economy contracted sharply in the second quarter (Q2). Gross domestic product fell 2.6% in Q2 from Q1. Economists had expected a 1.5% decline. This translated to 0.4% growth on a year-on-year (YoY) basis, missing forecasts of a 1.0% gain, and a sharp slowdown from the 4.8% recorded in the first quarter.

China industrial output also missed expectations. It grew 3.9% in June from a year earlier, below the 4.1% increase forecast. Retail sales recorded their quickest growth in four months, rising 3.1% from a year ago in June. Markets expected the index to remain flat.

Commodities

China data also impacted the commodities sector.

Copper set a fresh eight-month low and is on track to record its biggest weekly loss since March 2020.

Rio Tinto also weighed on the ASX 200. The miner warned that Covid-19-related labour shortages in Western Australia and rising inflation will impact its underlying earnings in the second half. The company's iron ore shipments rose 4.7% to 79.9 million tonnes (Mt) in the second quarter, narrowly missing estimates, but maintained its guidance for the full year.

US overview

Over in the US, markets await retail sales and industrial production data. Yesterday, the dollar reached new highs after the release in producer prices for June. The index rose by 11.3% YoY, beating economists’ forecast of 10.7%. The US Dollar Basket reached new highs on the news. It has partly retraced yesterday’s rally but remains above 108.

EUR/USD had another brief dip below parity, and gold went as low at $1,698.

Equities

Fevertree announced this morning that it had lowered its annual profit forecast, as the tonic-maker signaled a hit from cost pressures and logistical issues. The company now expects full-year operating profit to be in the range of 37.5 million pounds to £45 million, down from its earlier forecast of between £63 million and £66 million.

Burberry also released a trading statement. Its comparable store sales were up 1% in Q1, affected by China lockdowns. Excluding China, comparable sales rose 16%.

Citigroup Inc (All Sessions) and Wells Fargo & Co (All Sessions) are scheduled to report their quarterly earnings before the opening bell. Yesterday, both JPMorgan Chase & Co (All Sessions) and Morgan Stanley reported lower-than-expected earnings and revenue, the former setting aside over $1 billion to cover future credit losses.

Those dreadful results from JPMorgan were accompanied by the CEO, Jamie Dimon, telling the markets that the Federal Reserve's stress tests were crippling the sector and it was that regulatory process that forced his bank to suspend its stock buybacks. He said that the stress tests were "inconsistent, not transparent and too volatile".

 

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Charting the Markets: 15 July

Indices recover after difficult start to earnings season. Dollar eases back overnight, but the EUR/USD, GBP/USD and USD/JPY trends are likely to swiftly resume. And natural gas rallies, but gold and oil remain under pressure.

 

 

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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.

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Today’s coverage:

 

Indices: Europe expected up as global mkts rise for a 2nd day.  Hopes that Friday’s positive earnings momentum can continue

FX: NZ inflation at 32yr high rising up 7.3% forecasts had been for 7.1% - NZD little changed. USD holding Friday’s losses

Equities: Earnings – IBM BAC GS. VOD has sold its NZ mobile tower div to PE Firms for $1.05bln

Commods: Base metals recover for 2nd day. Oil up again. Gold lifts off 11mth low

 

 

 

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Early Morning Call: watching euro, yen; US earnings gather pace

Forex traders await an array of central bank announcements. Europe expected up as global markets rise for a second day. US earnings gather pace with reports from IBM, BAC and GS today.

 

 Jeremy Naylor | Writer, London | Publication date: Monday 18 July 2022 

Equities outlook

The US session was positive on Friday, with the Dow Jones Industrial Average up 2.15%, led by financial stocks.

JPMorgan Chase & Co (All Sessions), Goldman Sachs Group Inc (All Sessions) and American Express Co (All Sessions) clinched the best performances among the index constituents. Today marks the conclusion of the main US banks quarterly reports. While JPMorgan, Morgan Stanley and Wells Fargo & Co (All Sessions) disappointed investors with earnings and revenue below expectations, Citigroup Inc (All Sessions) surprised the market in a positive manner, sending its share price 6% higher during last Friday's session.

Today we are expecting reports from Bank of America Corp (All Sessions) and Goldman Sach. Analysts anticipate the Bank of America will produce earnings of 78 cents per share, a decrease of 2.8% compared to the same quarter a year ago. Revenues are expected to rise by 5.6% to $22.82 billion. Bank of America shares have tumbled year-to-date, losing more than 30%.

Goldman Sachs is forecast to report earnings of $6.77 on revenue of $10.84bn. Last year was a strong year for Goldman Sachs, as it benefitted fully from upbeat underwriting and M&A activity. This year is very different though. In the first quarter (Q1), the bank saw a decline of 36% of its investment banking unit, and many analysts expect second quarter (Q2) performance along those lines.

Tonight, after the US closing bell, IBM Corp (All Sessions) will be the first of the big tech firms to produce quarterly earnings. Analysts expect earnings per share (EPS) of $2.27, on revenue of just over $15bn.

The US earnings season will be gathering pace this week, with reports expected from Johnson & Johnson (All Sessions), Netflix Inc (All Sessions), Tesla Inc, American Airlines Group Inc and American Express Co (All Sessions) to name just a few.

Macro outlook

There are very few macroeconomic indicators expected today.

In New Zealand, consumer price index (CPI) increased by 7.3% in the second quarter, its fastest pace in 32 years. Most economists expect the Reserve Bank of New Zealand (RBNZ) to raise rates by another 50 basis points (bps) next month, but this latest data raises the possibility of a supersized hike.

Several central bank announcements are scheduled throughout the week. On Tuesday, the Reserve Bank of Australia (RBA) will release the minutes of its July meeting, when it announced a 50 basis-point hike for its cash rate to 1.35%.

China Loan Prime Rates are due on Wednesday. Markets don't see any change to the one-year and five-year rates, as the country continues to reopen after some easing of coronavirus restrictions.

Then on Thursday, the Bank of Japan (BoJ) is expected to remain on its very own path of ultra-accommodating policy.

And, last but not least, the Eurpean Central Bank (ECB) is expected to kick off with a 25 basis-point rate hike. This will be its first rate increase in more than a decade.

Commodities

Oil prices remain near three-month lows as the rising number of Covid cases in China feed concerns about global demand.

Last Friday, Baker Hughes total rig count rose by four to 756. The number of oil rigs in operation rose by two to 599, the number of working gas rigs also rose by two to 157.

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Charting the Markets: 18 July

Are indices heading for a retracement or recovery? The dollar is down, but not out as reason to buy remains. Commodities are up today, but there's a lot of ground to make up before the bulls return.

 

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Market data to trade on Tuesday: AUD/USD; JNJ; NFLX

Join IGTV’s Daniela Sabin Hathorn as she looks at charts of AUD/USD, Johnson & Johnson, and Netflix ahead of the latest economic and corporate data out on Tuesday the 19th of July.

 

 

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Today’s coverage:

 

Indices: Late session losses on Wall St will drive losses in Europe at the start. APAC down

FX: Watching GBP around UK jobs data. 3rd day in a row of gains for AUDUSD after RBA said it remains hawkish and rates still remain low   

Equities: Earnings – NFLX JNJ NOVN KIE. AAPL says it will slow hiring in 2023. BHPs iron ore output short of forecasts. IBM fell 5.5% after its Q2

Commods: Base metals reversing Monday’s brief gains. Gold lost all of Monday’s early gains and is now holding losses. Oil is holding all Monday’s rise  

 

 

 

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Early Morning Call: AUD/USD still rising; mining sector under pressure

AUD/USD rises for a third day after the RBA said it remains hawkish and rates remain low; watching GBP around UK jobs data. Base metals are reversing Monday’s brief gains. Earnings today from NFLX, JNJ, NOVN and KIE.

 Jeremy Naylor | Writer, London | Publication date: Tuesday 19 July 2022 

Equities outlook

It was a mixed session for equity markets in the Asia-Pacific region, following a fall of the three main US indices yesterday.

Japan’s Nikkei closed higher, while Hong Kong’s Hang Seng posted the worst performance.

In Australia, minutes of the Reserve Bank of Australia's (RBA) July policy meeting revealed that there was a need for more tightening, and even with recent hikes, interest rates were still too low to constrain inflation expectations amid a strong labour market. The central bank raised rates by 50-basis points (bps) at its last meeting, to 1.35%.

In the UK, the unemployment rate remained at 3.8% in May. Economists were expecting an increase to 3.9%. April's employment change came in much higher than expected: 296,000, versus expectations of 170,000.

BHP Group PLC (LSE)'s iron ore output missed expectations in the three months to June 30. Iron ore production reached 71.7 million tonnes, falling short of a consensus estimate of 76 million, and the 72.8 million it reported a year ago.

Like Rio Tinto PLC last week, BHP warned that inflationary pressures, supply chain and labour market issues will continue through fiscal year 2023, but added that China is expected to contribute positively to growth.

In the US, IBM Corp (All Sessions) posted earnings of $2.31 per share, four cents better than analysts' expectations. Revenue came in at $15.54 billion. The group reiterated its full-year forecast but warned the market that both currency headwinds and impact from exiting Russia operations have put pressure on IBM's near-term results. The impact of a strong dollar on its sales could be to the tune of $3.5bn.

Today, the market is waiting for reports from Johnson & Johnson (All Sessions) before the opening bell. Earnings per share are forecast to fall by around 4% year-on-year (YoY) to $2.55. Revenue is expected to rise by 2.4% YoY to $23.80bn.

Other companies also reporting before the bell are Halliburton Co, Manpowergroup Inc and Hasbro Inc.

Tonight, it will be Netflix Inc (All Sessions)'s turn to post its quarterly report. For the second quarter (Q2), analysts anticipate earnings of $2.96 per share on revenue of $8.03bn.

Last quarter, the group suffered a loss in subscribers for the first time in over a decade. Subscriptions were down by 200 000, leading Netflix to miss out on revenue. Analysts expect another loss in subscribers in Q2 by as much as two million.

Commodities

On the commodity market, oil prices have settled overnight, after a sharp rise in yesterday’s session due to the fall of the dollar.

Industrial metals reacted similarly on Monday, but copper, zinc, aluminium and lead resumed their downward trend overnight.

 

 

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Charting the Markets: 19 July

FTSE, DAX and Dow show positive signs after intraday upside breaks. EUR/USD and GBP/USD move up, while USD/JPY weakens. And WTI and natural gas prices rally while gold slides.

 

 

 

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Market data to trade on Wednesday: GBP/USD; RMG; ASML; TSLA

With earnings season in full swing, IGTV’s Daniela Sabin Hathon looks at charts of Royal Mail Group, ASML, and Tesla ahead of their earnings releases on Wednesday the 20th of July.

She also looks at a chart of GBP/USD ahead of the UK CPI, PPI, and RPI data.

 

 

 

 

 

 

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Today’s coverage:

 

Indices: Global rally takes hold as USD softens, earnings improve and piped Russian gas resumes. Europe expected to open up strongly. Wall St indices all break minor resistance. APAC indices all up

FX: USD down for 4th day, giving relief to EURUSD ahead of the ECB rate meeting. Watching GBP ahead of UK inflation data  

Equities: Earnings – RMG ASML TSLA AA. NFLX rose 13% last night on improved subscriber outlook. TWTR ct date with Musk fast-tracked as judge believes in speedy resolution for social media giant

Commods: Despite USD weakness gold little moved. Oil holds recent gains. Base metals regain some upside poise

 

 

 

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Early Morning Call: Reprieve as USD softens

 

 

 

 

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Today’s coverage:

 

Indices: Little move for European mkts. APAC mixed following a climb on Wall St yesterday taking INDU to 6wk cash closing high

FX: No move for JPY as BoJ leaves rates and mkt support on hold. EURUSD awaiting a possible 50bps from EBC today

Equities: Earnings – OCDO BVIC DNLM ROGN SNAP. Last night AA climbed 5% on its Q2 while TSLA reported good numbers but shrinking margins stk up 1.5%. 

Commods: Gold down and closing in on 16mth support. Oil down for a 2nd day in a row

 

 

 

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Early Morning Call: Six week highs on Wall Street

 

 

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Today’s coverage:

 

Indices: 5th week of declines in VIX keeps risk assets supported. Europe expected to open marginally higher

Equities: Earnings TWTR before the mkt open today. SNAP last night down 22% on ad slump

FX: GBP little direction after Gfk cons conf remains at record low- awaiting UK retail sales data  

Commods: Gold hit 1678 support and bounced, but area remains vulnerable. Base metals first week of gains in almost 2mths of losses. Oil mixed

 

 

 

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Early Morning Call: VIX down for a fifth week

 

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Today’s coverage:

 

Indices: European markets expected to open down after losses on Wall St and APAC overnight as recession fears resurface – techs doing much of the damage

FX: Mkts little moved as traders await FOMC decision Wednesday

Equities: Earnings – VOD STEM PHIA RYA

Commods: Oil drops again on fears Fed hike this week will hit fuel demand – WTI drops below 200 day SMA. Gold holds last 2 days of gains

 

 

 

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Early Morning Call: equity markets down as recession fears remain

European markets are expected to open down after losses on Wall Street and APAC overnight as recession fears resurface, with tech stocks doing much of the damage.

 

 Jeremy Naylor | Writer, London | Publication date: Monday 25 July 2022

Indices outlook

APAC indices mostly fell, following the negative session recorded on Friday. And, like in the US, tech stocks led the losses. In Europe, indices started the week in negative territory, amid renewed recession fears.

Currency markets

Today, only the Germany Ifo business climate could shake the currency market. Economists forecast a fall to 90.2 in July, after 92.3 the previous month. But currency traders are already bracing for the Federal Reserve (Fed) interest rate decision on Wednesday. Currency traders expect another 75-basis points (bps), after a similar decision at the bank’s previous meeting.

But what is next? According to a Bloomberg survey, the Fed’s hikes could slow down to peak at 4.75% in February next year.

Corporate news

Like last week, corporate news for the next five days will be dominated by US earnings with a focus on tech giants.

On Tuesday MicrosoftMicrosoft Corp (All Sessions) and Alphabet Inc - A (All Sessions) will publish their quarterly reports, followed by Meta Platforms Inc on Wednesday, and Amazon.com Inc (All Sessions), Apple Inc (All Sessions) and Intel Corp (All Sessions) on Thursday.

Markets will be particularly attentive to those depending on advertising. Last Friday, Snap Inc (All Sessions) stock slumped nearly 40% after signalling a slowdown in advertising revenue.

More traditional firms will also be represented this week. Markets await updates in the consumer staples sector, with reports from Coca-Cola Co (All Sessions), The Kraft Heinz Company, and Colgate-Palmolive Co.

The automotive sector will be represented by General Motors Co (All Sessions) and Ford Motor Co (All Sessions). Oil firms, Exxon Mobil Corp (All Sessions) and Chevron Corp (All Sessions) will conclude the week.

European earnings also gather pace this week. This morning Vodafone Group PLC said its first quarter (Q1) group service revenue rose by 2.5%, a performance supported by an acceleration of growth in the UK market, up by 6.5%, more than offsetting a decline of 0.5% in Germany, its biggest market.

Elsewhere in Europe, Ryanair Holdings PLC (LSE) posted its first profit for the June quarter in three years, but is still well below pre-pandemic levels. Its CEO, Michael O'Leary, warned investors the “any guidance is subject to a very rapid change from unexpected events which are well beyond our control during what remains a very strong but still fragile recovery."

Philips reported a worse-than-expected fall in second quarter (Q2) earnings. Adjusted EBITA came in at €216 million, less than half the €532m recorded in the same quarter a year ago. Philips says its Q2 performance was impacted by supply chain issues and China lockdowns. The Dutch group insists that its order book remains strong, and expects its profitability to improve in the second half of this year onwards.

This week, the UK banking sector will take centre stage, with half-year earnings expected from Lloyds Banking Group PLC on Wednesday, Barclays PLC on Thursday, and NatWest Group PLC and Standard Chartered PLC (LSE) on Friday.

Commodities

Finally, after three weeks of decline, the oil sector starts the week on the back foot. On Friday, Baker Hughes total rig count rose by two to 758, an increase solely due to the number of gas rigs in operation, up by two to 159. Oil rigs in operation remained at 599.

 

 

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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.

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Charting the Markets: 25 July

Tech is where the trading opportunities are - we look at the FTSE 100, DAX, Dow and Nasdaq. Trading non-dollar crosses: EUR/USD, GBP/USD, EUR/AUD and GBP/AUD. And short oil seems the place to be: US crude, gold.

 

16 Candlestick Patterns Every Trader Should Know | IG US

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.

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What market data to trade on Tuesday: tech earnings; easyJet

US tech earnings get going on Tuesday with Microsoft (MSFT) and Alphabet (GOOG). Both companies trade all-sessions on the IG platform as do General Motors (GM) and Coca-Cola (KO). IGTV’s Jeremy Naylor looks at the charts.

On the FX market, the release of the minutes of the Bank of Japan’s last meeting may provide a trading opportunity for USD/JPY.

 

 

 

look ahead Tuesday.PNG

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