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Top content from across the community, hand-picked by us.

View 'Percentage' scale on IG charts
On the back of client feedback our charting team have just delivered a new feature on mobile and desktop. You can now quickly and easily see the percentage movement on any given period for any market.
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Post in Dr Copper shows the way for stocks
Dr Copper, so called because it's reputed the metal has a Ph.D. in economics because of it's ability to predict turnings points in the global economy, is back under the microscope for one Community member: "Been a while since I looked at Copper.  The consolidation I was looking at back in November 2018 didn't spark a rally until there was a fresh lower low but since then the rally I was looking for has occurred and interestingly it has done so in a rising triangle formation that is consistent with a Pennant."
Post in Indices
As the trading week in the UK starts up again after a three day weekend and Bank Holiday on Monday, the markets have seen relative volatility (and potentially opportunity). Get up to date with the well update Community thread and continue the discussion with your own thoughts, opinions and questions:

"Another dip down after US market close on basically what was confirmation of Trump's weekend tweets of a tariff increase being imposed on Friday. This is inline with Bannons comments in the interview posted in this thread last week, and is said to be a response to China attempting to renegotiate past agreements."
US trade showed greater equanimity: APAC brief - 7 May
A rocky start to the week: The first day of the week’s trade can be reasonably said to have ended – and it was a tumultuous one. US President Trump’s tweeting of new tariffs on the Chinese economy sparked a level volatility not experienced in the financial markets for several months. It certainly had the effect of waking some (perhaps) complacent market participants from their slumber. And although the panic has abated somewhat, sentiment has been dented again this morning, after an announcement from Robert Lighthizer this morning that US tariffs on Chinese goods will be increased this coming Friday.

US trade showed greater equanimity: Wall Street was closed when this information became public. However, during US trade, the S&P500 progressively climbed over night, after gapping considerably at its open. On any other day, one would suggest that the action seen in US equities overnight was negative: the S&P500 is down just shy of 0.5 per cent, with market breadth a lowly 26 per cent. But considering the circumstances, along with lead handed to US traders from Europe and Asia, the price action ought to be viewed with a silver lining. The buyers in the market still seem to outweigh the sellers in the big picture, for now.

Volatility is re-awoken: Volatility has spiked and remains elevated globally. That dynamic may linger for some time yet, too. Arguably, measures of volatility were mispriced anyway, with the VIX trading as low as 11 up until only recently. It’s at 15 now, after lifting above 19 at stages yesterday. The dust will settle this morning in Asia’s trade, despite this morning’s new trade-war developments. So much is being portrayed in futures markets: our ASX200 for one, after shedding 0.82 per cent in rapid fashion in yesterday’s trade, will regain 25 points at today’s open, according to the SPI Futures contract.
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A good end to last week; a rough start to this week: APAC brief 6 May
A good end to last week; a rough start to this week: Markets are going to be digesting some conflicting information to begin the week. Wall Street ended last week’s trading with a boost, following another economic release, this time Non-Farm Payrolls figures, that could reasonably be dubbed “goldilocks”. However, the weekend proved to bring with it some tumult that market participants thought they’d left behind in 2018: an agitated North Korea has gone back to firing missiles into the ocean, and there’s been threats of higher tariffs from the US President on the Chinese economy. So, although the economic data delivered a small-dose of positivity, old risks have resurfaced to renew anxiety about the immediate future.

US NFPs another “just right” print: Beginning with the good news for risk-assets: US Non-Farm Payrolls figures were met with a swell of bullishness on Friday night. After Thursday morning’s “less-dovish-than-expected” US Federal Reserve meeting, at which that central bank emphasized its belief disinflationary pressure within the US economy were “transitory”, traders had their focus-fixed on NFPs for signs that this bias may be true.
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Post in Brent Crude is following my roadmap
"Brent still going according to technical set ups but a pivotal point is coming up, the Daily chart supporting trend-line off the late 2018 turn and rally.  A breakout of this would indicate a trend change and herald a Bear market, which could run for some time to complete the full journey from peak of Oil to bottom of the market...  However my technical set up suggest another leg up is the more likely scenario this time so I will be watching for a bounce once the A-B-C retrace is completed."
Gold Silver Ratio
"Is there a possibility to view the Gold/Silver ratio in a live chart format?" See how to set up a differential trade by buying one and selling the other with IG.
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Stocks fall as markets adjust US rate expectations: APAC brief 3 May
Stocks fall as markets adjust US rate expectations: Traders have gone about repricing a world without the same imminence of rate cuts from the US Federal Reserve overnight. US Treasury yields have climbed markedly, during the North American session in particular, dragging with it stock indices. The S&P500 has traded 0.21 per cent lower, as traders apparently take their profits and adjusted their forecasts in line with the new dynamic. The action seen in the last 48 hours has given undue merit to the “sell-in-May-and-go-away” maxim; but however shallow the saying, profit-taking from all-time highs, and at that, overbought levels, has (ostensibly) proven the rational course of action for market participants right now.

The necessity of a pullback in US stocks: It’d be of little surprise to any clued-up investor or trader as to why the markets’ pull back has transpired. Leading into yesterday’s US Fed meeting, the risk was widely called, and very well telegraphed by pundits. There was a sense US interest rate expectations weren’t on par with reality. But the short-term vagaries of market psychology drove rational folk to buy into the market, chasing momentum, after the S&P500 hit its all-time highs. The giddiness is over now, and what is being witnessed is a sensible recalibrating of market participants’ positions, more aligned with current market fundamentals.
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A night loaded with information: APAC brief - 2 May
The pointy end of the week is under-way, and if only relatively speaking, markets are moving on the back of several key stories. Naturally, the centrepiece of this is Wall Street; and there’s been a timely mix of corporate data, economic developments, central bank meetings, and politics for market participants to digest. The intra-day battle of these narratives has caused some modest, but interesting enough, price action in financial markets overnight; with Apple’s earnings beat, weak ISM Manufacturing PMI data, a more neutral US Federal Reserve, and sputtering trade-talks between the US and China combining to twist market sentiment in interesting ways.
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APAC brief - 1 May
A flat, but generally positive, night’s trade: Wall Street closed flat to slightly higher overnight, in a day of soft activity that might well be chalked up to the numerous event risks awaiting markets in the second half of the week. The key stories in European and North American trade centred around European growth data; along with the ongoing US earnings season. And on balance, belying the lukewarm day in global stocks, the news was relatively positive. European economic data broadly beat expectations, resulting in a lift in the Euro and European yields; and after the US close, Apple Inc reported, and is trading higher in post-market trade.

Chinese economic numbers disappoint: The big news in the Asia region yesterday was China’s highly anticipated manufacturing PMI numbers. Recall: it’s been this data-point that has been the centre of fears about China’s economic slowdown – and has been used as the barometer for policy makers success in re-stimulating the Middle Kingdom’s economic activity. For one, yesterday’s print was underwhelming. Anticipated to print at 50.5, it came in at 50.1, stoking concerns that manufacturing in China could be slipping back towards a “contractionary” condition – that is, a print below 50, and forecasts a potential slip in activity in the broader Chinese economy.
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Fed rate decision; trade wars versus earnings; Dollar, Nasdaq and Oil breaks - DailyFX Key Themes
There is a lot of high-profile event risk – both data and events – on the docket this week. The distinction of importance for these potential catalysts is defined by their capacity to tap into more systemic fundamental themes.
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APAC brief - 30 April
Wall Street adds to its record-highs: The first day of the financial week has been done and won, and its resulted in another small victory for Wall Street indices. US stocks have added to their record highs overnight, as market participants become increasingly bullish across asset classes. The story wasn’t quite so rosy for markets in other geographies yesterday: Asian equities generally slid amid low activity, while European stocks were positive, yet tepid in their trading. Still, it seems, the one clear bright-light in global financial markets is in the US, with the question once more becoming: how long can this latest bull-run last?

Momentum picking-up in US equities? There remains a general reluctance from market participants (to use an American idiom) to drink the Kool-Aid in this market. The fundamentals, though solid-enough, don’t seem to justify it entirely. Valuations aren’t stretched, but they are largely as attractive as they are due to discount factors, rather than true earnings growth. Nevertheless, perceptions are shifting, with some of that FOMO-money, long sitting on the sidelines in this rally, apparently making its way into US equities. The great momentum play stocks, are exhibiting some of the behaviour they did during last-years run-up, suggesting a growing exuberance in the market.

US tech playing catch-up: As one with a clear enough memory may recall, the centre of last year’s flow chasing rallies and busts was the US tech-sector. Perhaps remarkably, and reassuringly for the bulls in the market, although valuations across the S&P500 has crept towards levels reminiscent of October last year, valuations in tech stocks have so far lagged the broader market, this time around. It’s a state of affairs that’s rapidly changing, but using the NASDAQ as the barometer, valuations in US tech, at 35:1 price-to-earnings, is still well below the eye-watering 48:1 and 53:1 P/E ratios registered in October 2018 and December 2017.  
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Dividend Adjustments 29 Apr - 6 May
Please see the expected dividend adjustment figures for a number of our major indices for the week commencing 29 April 2019. If you have any queries or questions on this please let us know in the comments section below. For further information regarding dividend adjustments, and how they affect  your positions, please take a look at the video. 
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APAC brief 29 April
US GDP data capped-off last week’s trade: Trade closed last week on something of a puzzling note. The attention, from a macro-economic point-of-view, was fixed in on US GDP data. Amidst all the fears of slower global growth on one hand and hope for a nascent global economic turnaround on the other, the US growth figures were being viewed as a tangible insight into the cogency of each point of view. Ultimately, the data provided little support for one over the other – and perhaps even deepened the divide. The headline figure was good for the bulls, however below the surface, there was plenty for the bears to find vindication, too.

US economy in a mixed state: The news flow, naturally and rightly, focused on the headline figure: against an expectation of a 2.2 per cent print, it came-in at a robust 3.2 per cent, reversing (apparently) a multi-month decline. The underpinning driver of the strength was in the exports and inventories component of the data, which greatly exceeded expectations. However, for market participants, there were some far more significant details in the fine-print to drive market action. Consumption was much weaker than expected, adding to concerns that the US consumer may be displaying some late-cycle behaviour; while the price-growth component revealed softening price pressures within the US economy.

S&P500 rallies as US Treasury yields and USD fall: It’s for this combination of reasons that US stocks rallied, and the US Dollar and US Treasury yields fell, throughout Friday’s North American session. The S&P500 put in a solid performance, on heightened activity, as the confluence of better than expected earnings, stronger than expected economic growth, lower bond yields, and a weaker currency bolstered equities.
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Amazon's Profits More Than Double in First Quarter - EMEA Brief 26 Apr
Amazon's net income for its first quarter more than doubled to $3.6bn, or $7.09 a share, from $1.6bn in the same quarter last year, beating analysts' expectations of $4.72 a share. Revenue rose 17%, in line with consensus estimates, although it was the lowest YoY growth rate since the beginning of 2015. Operating expenses increased by 13%, down from  41% growth in the same quarter of 2018. Amazon plans to roll out one-day shipping worldwide for its Prime members this year, which will likely drive up further spending.
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A mixed day for global stocks: APAC brief 26 Apr
A mixed day for global stocks: It’s been a mixed 24 hours for global markets. A series of conflicting messages are being delivered to traders, after the release of some major corporate reports in the past 24-48 hours. Market participants are truly in the meatiest part of earnings season now. The trader’s eye has been fixed on earnings from US tech and industrial giants yesterday and overnight; with the former, thanks to Facebook and Microsoft, beating expectations overall, but with the latter, courtesy of Caterpillar and 3M, undershooting consensus estimates. It’s all culminated in a high activity, but effectively flat, day for the S&P500, which has added trade 0.1 per cent.

ASX200 seemingly to follow suit: Given the mixed lead delivered by Wall Street (and that of Asian markets yesterday, for that matter) SPI Futures are pointing to a slim 3-point gain for the ASX200 this morning. Two trading days in a row like that which was experienced on Wednesday may be difficult to come by, especially given the lack of a clear catalyst, for now. Perhaps its slightly academic, but the question for many now is how long this rally for the ASX200 can last. With new 11-year highs made, technical levels become difficult to ascertain. However, one useful guide may be the index’s multi-year trend channel: it suggests there remains room for the ASX200 to test higher levels from here.


Wednesday’s CPI numbers: To jump back slightly to Wednesday’s trade, local market participants had their attention firmly fixed on Australian CPI numbers and that data’s implications for the AUD and RBA monetary policy. After a considerable miss last week in New Zealand’s CPI numbers, traders were wary as to whether comparable disinflation was emerging within the Australian economy. These suspicions proved valid: the numbers greatly underwhelmed: inflation printed flat on a quarterly basis, taking the year-on-year figure to 1.3 per cent.
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JPY hedging activity surges ahead of Golden Week - EMEA Brief 24 Apr
Hedging activities in JPY are building up as the Golden week in Japan approaches. Japanese markets will be shut for 10 days from Friday’s close in occasion of the accession of the new emperor to the throne.
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Wall Street clocks new highs: APAC brief 24 April
Wall Street clocks new highs: Wall Street achieved a milestone overnight: it registered an all-time closing high. It in some way punctuates one of the more bemusing runs in US equities, following (what felt like) the near-cataclysmic market correction at the end of 2018. The S&P500 closed at 2933 this morning – a mere 10 points from that index’s all-time intraday high. As had been expected, the catalyst for US stocks’ latest burst higher came directly from US reporting season. A series of companies, including the likes of Coca-Cola, Twitter and Procter and Gamble, beat analysts’ expectations, inspiring hope that the feared “earnings recession” isn’t confronting the market after all.

Can the good times last? The natural question to ask in these circumstances is: how far further can this run? This is especially pertinent give that the last two occasions Wall Street hit record levels, it was followed by major market corrections. A familiar point too: the previous market pullbacks were characterized by the evacuation of momentum chasers from the market, after US indices began to test “overbought” levels, somewhat like they are beginning to do now. The growth and earnings outlook then, as compared to what it is currently, was also much more favourable, giving credence to the notion that this market isn’t being supported by strong enough fundamentals.
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Oil Prices Surge as Trump Cuts Iran's Oil Exports - EMEA Brief 23 Apr
Oil prices have surged as Trump aims to cut Iran's oil exports after the White House announced that waivers from countries buying oil from Iran would end in May, a decision made to slash revenue for the Iranian government. Brent crude futures are trading at $74.29 a barrel, up 0.3%, whilst WTI crude reached its highest level since October last year currently trading at $65.95 per barrel.
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APAC brief 23 April
Traders have plenty to catch up on: As one might expect after (effectively) four days-off, there’s plenty of macro-economic news for Australian market participants to catch-up on following the Easter-holiday break. Chinese and Japanese markets have traded without interruption; while the US jumped back in to action overnight. And although price action won’t be the cause of any conniptions across trading floors this morning, there’s still enough information there to inspire a few novel ideas in the minds of traders. It will be this digesting of old news that will be the most significant determinant of market activity this morning: the corporate and economic calendars are rather bare to begin the week.

Stocks tread water as US earnings news pauses: SPI Futures are pointing to a very modest jump for the ASX200 this morning of 5-points, after a more-or-less flat session on Wall Street. The S&P500 added a paltry 2-points, or-so, during North American trade, as the steady flow of corporate earnings that began last week was suspended for the holiday-break. The relative lull in price action speaks-of a market primarily preoccupied with company earnings – despite ample market moving news impacting individuals market sectors. As has been said before: traders are searching for validation from US corporates that earnings, along with global growth, can be expected to turnaround. 

Data supports US economic outlook: To an extent, such a view is being priced-in marginally, at least as it applies to the US economic growth. US GDP figures will punctuate the end of this week’s trade; but in the lead-up, rates and bond markets have been slightly upgrading their outlook for US growth. Much of this centred on the US Retail Sales print last Thursday night, which surprised considerably to the upside, and alleviated some of the concerns relating to the state of the American consumer.
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Could the price of pork increase by 78% in China by 2020? - EMEA Brief 18 Apr
The African swine fever disease has reached Southeast Asia and parts of Europe, including the world’s biggest producer of Pork, China. A prediction from the Japanese bank Nomura, is that this could cause prices to rise by 78% in China by 2020, to 33 yuan per kilogram from 18.5 yuan

Global PMIs come into focus today, with eurozone and US figures released in the wake of a poorer Japanese number this morning. Pinterest has priced its IPO at $19 per share, above the previously indicated range but still lower than in private funding rounds two years ago.
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China’s data inspires relief: APAC brief 18 Apr
China’s data inspires relief: The Middle Kingdom was at the centre of financial market focus yesterday. Informally dubbed the “monthly economic data-dump”, market participants were granted the opportunity to test the thesis that the global economy’s Q1 malaise is turning around. And though it was only one set of numbers, the answer received from the Chinese data to this quandary was to the affirmative. China’s GDP figures beat economist’s estimates, printing at 6.4 per cent against the 6.3 per cent forecast; and the litany of other data-points, most notably retail sales, industrial production and fixed asset investment, all either exceeded forecasts, or showed signs of improvement.

The global economy’s resurrection? The Chinese data has added further credence to the notion that China’s economy, and therefore that of the rest of the globe, isn’t about to fall off the cliff. Judging by the improvement in the numbers, policymakers intervention and receptiveness to market and economic trouble, not just in China but globally, is apparently feeding through into economic activity. Although global equities, and especially Chinese equities, resisted reacting to the good news – the lower likelihood of greater monetary stimulus can explain that one – growth exposed assets conveyed the market’s greater optimism and risk appetite, boding well for risk-assets into the longer term.
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Drag to set your stops and limits on charts before you have placed a deal (and view % change in HLOC)
You can now use a 'drag and drop' functionality to set the stops and limits on your chart before you have placed a trade. This is available for anyone who has 'Position Preview' enabled. If you don't have this turned on, simply right click on your charts and make sure 'Position Preview' is ticked.
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US Equities Rise as Corporate Earnings Season Continues - EMEA Brief 17 Apr
The Dow was up 0.11% as positive news from Boeing boosted the index, the Federal Aviation Administration said that the software update to the 737 Max aircraft is "operationally suitable". The S&P increased marginally by 0.05% whilst the Nasdaq gained 0.3%.
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ASX to keep trading on own themes: APAC brief 17 Apr
ASX to keep trading on its own themes: SPI Futures are presently indicating an 18-point jump at the open for the ASX200. Once again, Australian equities look as though they’ll march to the beat of their own drum today. It comes on the back of a reasonably solid day for the ASX yesterday – though admittedly it was another day of relatively low activity. A general driver for the session’s activity was hard to pinpoint, perhaps fortunately, with the market trading much more on the basis of the myriad micro-concerns impacting individuals shares and sectors. It may be a dynamic that set not to last, as market participants prepare for a significant “macro” day today.

A dovish tilt from the RBA? Not that such themes were entirely absent in the local market yesterday, just that they proved insufficient to markedly change the narrative for the ASX. The RBA’s meeting minutes were released yesterday, and more-or-less confirmed the suspicions of market participants: the central bank is entertaining the idea of possible interest rate cuts in the future. Always the first to take the conservative route, the RBA was clear to state it merely discussed under what circumstances a rate cut would be necessary and were explicit in their view that such a set of circumstances aren’t present within the Australian economy right now.
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