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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 to open higher, taking 24hr mkts up for a third day in a row. SPX at 6 week highs NKY back up over 200 day SMA 

FX: EURUSD continues to rise. Watching USD EUR & GBP ahead of US, UK and eurozone flash PMI data 

Equities: Earnings – SAGA ABF JNJ MSFT

Commods: Gold up on USD weakness. Oil holding recent gains, same for base metals on continued hopes that China will deliver improved growth this year 

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Early Morning Call: gold enters bull market as dollar weakness continues

Gold is up on USD weakness while oil is holding recent gains. The picture is similar for base metals on continued hopes that China will deliver improved growth this year.

 Jeremy Naylor | Writer, London | Publication date: Tuesday 24 January 2023 

Equity market overview

While a great part of the APAC region observes Lunar Year holidays, equity markets in Japan and Australia rose overnight, following the lead of US indices.

Yesterday the Nasdaq Composite continued to outperform the Dow Jones and S&P 500, with a gain of 2.01%.

In Australia, NAB business confidence rose for a second straight month to -1 in December, from -4 the previous month. Economists expected the index to increase to 3.

In Europe the FTSE 100, DAX and CAC 40 open today’s session higher, building on the gains recorded yesterday.

Germany Gfk consumer confidence rose to -33.9 for the month of February, after -37.6 the previous month. Later this morning, Eurozone headline manufacturing PMI is expected at 48.5 versus 47.8 in December, services PMI is expected at 50.2 versus 49.8 in December, and the composite is expected at 49.8 versus 49.3 in December.

Later in the day, in the US, none of the PMI readings are expected to have reached the 50 level meaning that the services and manufacturing remain in contraction territory.

Earnings

Elsewhere on the equity markets, Associated British Foods posted a group revenue increase of 20% to £6.7 billion in the 16 weeks to 7 January.

Primark like-for-like sales rose by 11%, total sales by 15%, ahead of group expectations. Adjusted operating profit is forecast to be better than previously expected but lower than the previous year.

In the US, Johnson & Johnson is due to report fourth quarter (Q4) earnings before market open. Earnings are expected at $2.24 per share while revenue is expected to decline by 2.5% to $23.90bn. The group's pharma business is expected to grow as some J&J best-selling drugs are gaining market share, but this should be more than offset by forex headwinds.

Microsoft is scheduled to report its quarterly earnings tonight after the US closing bell. The market forecasts earnings of $2.30 per share, which would be a 6.7% contraction from the previous year, the weakest earnings growth since 2016. Second quarter (Q2) revenue is expected to come in just above $53bn, an increase of around 2.4% year-on-year (YoY), which would be the slowest top-line growth since June 2017.

In detail, Refinitiv estimates suggest that revenue for its 'More Personal Computing' segment may fall over 15.6% compared to the same quarter a year ago. The traditional PC market still faces headwinds, with global shipments still down 28% in Q4 YoY, according to an international Data Corporation survey. This will have a direct impact on Microsoft's Windows operating system businesses and productivity software. Likewise, its 'Productivity and Business Processes' segment is also expected to moderate further to 5.4% growth from previous 9.5%. Both segments account for a combined 59% of Microsoft's overall revenue. Investors will focus on the group's Intelligent Cloud segment, now accounting for 41% of overall revenue, and its fastest-growing business.

 

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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: 24 January

FTSE, DAX and Nasdaq at risk of another move lower. EUR/USD and GBP/USD appreciate while EUR/GBP stalls. And Brent crude oil, gold and aluminium prices push higher.

 

Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Tuesday 24 January 2023

 

 

 

 

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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Look ahead to 25/1/23: Aussie inflation; EZJ, TSLA, BA earnings

Inflation remains front and centre and on Wednesday it’s the turn of Australian trimmed mean CPI. We're watching the Australia ASX 200.

The earnings schedule has some interesting numbers to follow including discount airline easyJet (EZJ). IGTV’s Jeremy Naylor also looks at the charts for Tesla (TSLA) and Boeing (BA).

 

Jeremy Naylor | Writer, London | Publication date: Tuesday 24 January 2023

 

 

 

 

 

 

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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 to open little changed 

FX: AUD up vs all other main FX pairs as Aussie trimmed mean CPI stronger than forecast. USD holding recent losses EURUSD new 9mth high ahead of German Ifo.  

Equities: Earnings – EZJ JDW ASML TLW BA TSLA IBM. Last night Q2 at MSFT stk down all sessions 

Commods: Gold taking a breather after turning bull yesterday. Oil holding losses from Tuesday after another steep rise in inventories from API

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Early Morning Call: Mkts mixed but AUD given a boost by CPI data

The big move in the markets this Wednesday has been the Australian dollar, against a whole basket of FX pairs after string trimmed mean CPI. Meanwhile MSFT down after a clouded outlook.

 

 

 

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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 January

FTSE 100, DAX 40, S&P 500 stall ahead of major US earnings. AUD/USD leads the way after AU inflation spike, while EUR/USD, GBP/USD follow. Gold, natural gas continue to trend, while Brent reverses lower from resistance.

 

 

 

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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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.

igtv.PNG

Today’s coverage:

Indices: Europe expected up after a late rally on Wall St. Overnight HSI returned after the Chinese new year break and is climbing to near 8mth highs. AUS closed for Australia Day

FX: Mkts eagerly awaiting US Q4 GDP expected to show solid growth BUT economists are still suggesting a recession is possible   

Equities: Earnings – DGE BVIC SAP STM AAL VISA INTC. Last night TSLA rose 8% on record earnings (up 50% in 3wks) while IBM beat earnings ests, stk fell 2.3% on outlook. CVX buyback could push stk to record high ahead of earnings out Friday   

Commods: Gold 9mth high. Oil holding recent lows after inventory build. Lumber breaks higher up 33% in 3wks 

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Early Morning Call: gold hits fresh 9-month high as market awaits US Q4 GDP

Gold has reached a new nine-month high as markets eagerly await US Q4 GDP, which is expected to show solid growth, but economists are still suggesting a recession is possible.

 Jeremy Naylor | Writer, London | Publication date: Thursday 26 January 2023 

Equity market overview

Some equity markets reopened in Asia after the Lunar Year holiday.

The Hang Seng and Kospi posted strong gains. In South Korea, fourth quarter (Q4) gross domestic product (GDP) fell for the first time since Q2 2020, by 0.4%.

The market awaits US gross domestic product for the fourth quarter. Economists expect a 2.6% rise in Q4 quarter-on-quarter (QoQ). Also, at 1.30pm, initial jobless claims expectations are for 205,000 new claimants last week.

Durable goods orders are forecast to rise by 2.5% in December month-on-month (MoM). At 3pm, new home sales for the month of December are expected to fall by 2% MoM.

Earnings

The world's largest spirits maker Diageo said net sales rose 9.4% in the six months to 31 December, beating analyst forecasts for a 7.9% rise. Net sales grew 19% in North America, primarily driven by a favourable impact from foreign exchange. European net sales grew 13%.

Britvic recorded strong Christmas trading, with December revenue up 9%, led by the UK which showed a 13.8% increase. Its competitor Fevertree said full-year revenue rose 11% to £344 million and it expects revenue to grow between 13 and 18% in 2023.

In the US, Tesla shares rose by nearly 6% in extended hours. The electric car maker reported earnings of $1.19 per share after the US market close yesterday. That's four cents higher than analysts’ expectations. Revenue was just short of expectations at $24.32 billion.

In a call to investors, CEO Elon Musk said he expected a "pretty difficult recession this year," but demand for Tesla vehicles "will be good despite probably a contraction in the automotive market as a whole", adding that, absent external disruptions, 2023 deliveries could hit two million vehicles.

IBM posted earnings of $3.60 per share in the fourth quarter, broadly in line with analysts’ expectations. Total revenue was flat at $16.70bn in the period, compared with analysts' estimates of $16.13 billion. For 2022, IBM recorded revenue growth of 5.5%, its highest in a decade.

In terms of guidance, the company expects annual revenue growth in the mid-single digits on constant currency terms, weaker than the 12% it reported last year. Besides earnings, IBM announced 3,900 layoffs, or 1.5% of the group's workforce. The layoffs will cause a $300 million charge in the current quarter.

American Airlines is set to report its quarterly earnings before market open today. Analysts forecast EPS at 84 cents, estimates that American Airlines could easily top.

In a filing earlier this month, the airline company said it expected to earn between $1.12 to $1.17 per share in the period, far more than its previous estimate of 50 cents to 70 cents. These earnings will in any case represent a rebound from the $1.42 loss per share recorded in the same quarter last year.

Visa is expected to post its Q1 earnings after the closing bell tonight. Analysts anticipate earnings of just over $2 per share on revenue of $7.70bn.

The market also awaits earnings from Intel, Dow and Comcast.

On Friday, Chevron will report its earnings for Q4, and it is expected to post record profit for 2022, more than $37bn, double what it recorded the previous year. Ahead of its earnings, Chevron announced it was tripling its share buyback programme to $75 billion, with a quarterly dividend of 6%. It didn't set a timetable for the buybacks.

The announcement goes against last year's call by the Biden administration to invest in production to reduce energy prices for consumers and raise investments in renewable energy. Unsurprisingly, the White House wasn't long to express its disapproval. A White House spokesperson said that "For a company that claimed not too long ago that it was 'working hard' to increase oil production, handing out $75 billion to executives and wealthy shareholders sure is an odd way to show it."

Commodities

Yesterday afternoon the EIA reported a small increase in crude oil inventories. Crude stocks rose by 500,000, contrasting with the cumulative 27 million barrel increase of the first two weeks of the year.

Gasoline stocks rose by 1.8 million barrels, distillates stocks fell by 500,000

 

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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: 26 January

FTSE 100, DAX and S&P 500 looking for fresh gains. EUR/USD remains bid ahead of US Q4 GDP while EUR/GBP and USD/CAD stabilise. And gold and natural gas trends remain in play, as Brent builds potential bearish reversal.

Shaun Murison | Senior Market Analyst, Johannesburg | Publication date: Thursday 26 January 2023 

 

 

 

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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Look ahead to 27/1/23: US personal spending; AMEX, CVX earnings

With US Q4 GDP coming in a little stronger than expected, it shows that there is a resilience in the US economy, despite the recent record rise in US rates.

This being the case traders will be wanting to see this repeated in the personal income and spending and inflation data.

Earnings see both American Express (AMEX) and Chevron (CVX) on their respective fourth quarter earnings.

 

 

 

 

 

 

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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, but MACD turning down - is the rally fading? Gains pretty much across all APAC, ASX200 150pts from an all time record high

FX: USD up for 2nd day after better than forecast GDP. Today its US cor PCE data and personal spending. JPY up as Tokyo core CPI higher than forecast, keeping pressure on BoJ

Equities: Earnings – HMB CVX AMEX. INTC last night down 8% on poor Q4 and outlook. VISA last night climbed <1% 

Commods: Gold down for a second day. Oil up for a third day 

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Early Morning Call: earnings update - fashion retailers in the doldrums

Yesterday afternoon, after the European market close, LVMH posted sales of €22.7 billion for the fourth quarter of 2022.

 Jeremy Naylor | Writer, London | Publication date: Friday 27 January 2023 

Equity market overview

Equity markets closed higher in APAC region, the Australian S&P/ASX 200 posting its fourth week of gains.

In Japan, Tokyo consumer price index (CPI), seen as a leading indicator of nationwide trends, increased by 4.4% in January compared to the same month a year ago. Core CPI in the capital rose 4.3% in January from a year earlier, accelerating from 3.9% in December, and beating market expectations of 4.2%. It was the fastest annual gain in nearly 42 years.

Price increases are likely to moderate from next month as government's energy subsidies start. Still, inflation is likely to remain above the Bank of Japan's (BoJ) 2% target in the coming months.

In the US, the market awaits core PCE price index at 1.30pm. Economists anticipate a 0.3% rise in December month-on-month (MoM), which would take it to 4.4% year-on-year (YoY).

Also, at 1.30pm, personal income and spending for the month of December, and at 3pm, pending home sales for December. Consensus is for a fall of 0.9% MoM.

Earnings

Yesterday afternoon, after the European market close, LVMH posted sales of €22.7 billion for the fourth quarter (Q4) of 2022, up 9% on Q4 2021, higher than the 7% increase anticipated by analysts.

This is a deceleration compared to the first nine months of the year when the luxury goods group's sales rose by 20%. That marked a deceleration from the 20% growth recorded in the first nine months of the year, but still to full-year (FY) revenue to €79.2bn, compared to the €64.2bn of 2021. FY net income reached €14.1bn, and the group will propose a dividend of €12 per share.

Intel Q4 earnings took shares down heavily last night. The chipmaker issued fourth quarter results that failed to meet analysts' estimates and gave a weaker-than-expected forecast. The group posted earnings of 10 cents per share, adjusted, versus the 22 cents forecast. Revenue reached $14.04bn vs. $14.57bn as expected by analysts.

Intel's revenue declined 32% year-over-year in the fourth quarter which was the fourth consecutive quarter of falling sales as the market for personal computers fell from the Covid boom. Investors can expect more pain in the first quarter. Intel called for adjusted net loss of 15 cents per share after earlier estimates of 24 cents, on $10.5bn to $11.5bn in revenue. Forecasts recently were for $13.93 billion in revenue.

Visa posted earnings of $2.18bn on revenue of $7.9bn, up 12%, its slowest pace of growth in seven quarters. Analysts had expected earnings per share (EPS) of $2.01 and revenue of $7.7bn.

Cross-border volumes jumped 22% year-over-year, lower than a 40% surge in cross-border volumes in the first quarter of 2021. The group's CFO said that "Year-over-year growth rates are going to moderate as we get past the pandemic recovery."

It will be American Express’ turn to post earnings before market open today. Analysts expect earnings of $2.23 per share on revenue of $14.22bn.

Chevron is also scheduled to post its quarterly report. EPS is expected at $4.42 and revenue at $53.83bn. Earlier this week, Chevron announced it was tripling its share buyback programme to $75 billion with a quarterly dividend of 6%.

 

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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: 27 January

FTSE 100, DAX 40 and Dow post better-than-expected US GDP numbers. Dollar likely to weaken across EUR/USD, GBP/USD and USD/JPY. And gold prices decline, while WTI drifts sideways and lumber consolidates around 3-month high.

 

Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Friday 27 January 2023

 

 

 

 

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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