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AUD embraces a turbulent July, what comes next? Source: Bloomberg Forex AUD/USD Australian dollar United States dollar Australia Inflation Hebe Chen | Market Analyst, Melbourne | Publication date: Wednesday 19 July 2023 The Australian dollar has experienced a "fire and ice" July, with the exchange rate of AUD/USD soaring nearly 4% in the first two weeks of the month and then turning decisively south since the 14th of July. Will the downtrend continue to the end of the month, or is there a chance to see a rebound soon? What happened to AUD/USD July has been a data-and-event-heavy month for the AUD/USD pair. The first event that hit the Australian dollar was the RBA's decision to pause rates in the July interest rate meeting. Following the announcement, the AUD dipped for two consecutive days. However, shortly thereafter, cooler-than-expected inflation data in the United States challenged the strength of the US dollar and shifted support towards the Australian dollar, pushing the exchange rate towards 0.69. Towards the mid-point of the month, on July 14th, a significant turnaround occurred for the AUD/USD pair. The Australian government announced a new RBA governor, replacing the current RBA boss Philip Lowe, who had led the RBA to raise interest rates 11 times since May 2022. As a result, the market forecasted that this may signify a new chapter for the RBA's policy cycle, with an increased likelihood of fewer rate hikes. Furthermore, the latest economic data from China placed additional pressure on the AUD/USD pair. As a commodity currency, any signs of a slowdown in China's economic recovery will inevitably impact the demand for Australia's exports, leading to a weaker Australian dollar. As of Wednesday (July 19th), the Australian dollar has been declining for five consecutive days. AUD/USD: what are the key challenges in store? In fact, the volatility of the Australian dollar is likely far from over. On Thursday, July 20th, Australia will release its unemployment rate for June. Currently, market expectations are that Australia's unemployment rate will remain at a historic low of 3.6%, indicating a sustained tight labor market. The incoming new governor of the Reserve Bank of Australia has previously stated that to maintain a sustainable and reasonable inflation rate, the unemployment rate ideally should be around 4.5%. In other words, the current unemployment rate poses a significant uncertainty to the still elevated inflation. Additionally, even more impactful data will come in the last week of July. On July 26th, Australia will release the inflation rate for the second quarter, with market expectations at 6.3%. Although it shows a significant decrease compared to the previous quarter's 7%, Australia is likely to become one of the developed countries with the highest inflation rates. Therefore, we cannot rule out the possibility of the Reserve Bank of Australia persisting with a rate hike in August under the pressure of this trend, which could potentially lead to a strong recovery of the Australian dollar in late July. AUD/USD Technical Analysis Turning to the daily chart for AUD/USD, after failing to break through the key 0.69 level on July 14th, a clear double-top pattern has formed completely. The neckline of this double-top pattern aligns perfectly with the uptrend line since early June. Currently, the AUD/USD pair is being supported at the level of 0.68, which used to be a significant resistance level from April to June this year. If the price continues to drop below this level, it may likely retest the 200-day moving average as a key support and potentially reverse the medium-term trend if moving further down. However, from a longer term perspective, only a breach below this month-long trendline can we confirm a bear reversal for the pair.

The UK legalised medical cannabis in 2018. Today, several marijuana companies are listed in the country. Explore the details on UK cannabis stocks – from how you can buy and sell shares, to regulation and stocks to watch. Source: Bloomberg Indices Shares Medical cannabis United Kingdom Cannabis Cannabidiol Charles Archer | Financial Writer, London What’s on this page? 1. Best British marijuana stocks to watch 2. Other UK cannabis stocks to watch 3. Cannabis in the UK: what you need to know 4. How to invest in UK cannabis stocks 5. What is the future for cannabis in the UK? 6. IG Cannabis Index: trading a basket of stocks Best British marijuana stocks to watch Although there are plenty of hurdles for cannabis companies to overcome, several cannabis-related businesses have listed in the UK. Most of the ‘cannabis companies’ listed on the London Stock Exchange (LSE) and the Alternative Investment Market (AIM) are not pure plays, meaning they have other activities outside of marijuana. Most smaller pure play stocks in the UK are listing on the Aquis Stock Exchange (formerly NEX Exchange), which is known as AIM’s younger brother and designed for small businesses looking to raise smaller amounts of money from the public. Below, we explore our top picks for the top UK cannabis stocks that you can invest in with us, and we explain how you can gain broad exposure to the market rather than ploughing your cash behind one individual stock. But, please always bear in mind that all investment incurs risk, and that it’s essential to be aware of your risks before taking a position. Read about the top cannabis stocks in the world Kanabo Founded in 2016, Kanabo became the second medical cannabis company to list on the LSE’s main market in February 2021. Kanabo develops medical treatment products such as its 'VapePod' vaporiser, the first medically certified cannabis vaporiser in the world, and a range of non-smoking consumption solutions. The company maintains a strong focus on research and development, and it is in scale-up mode, with plans to become Europe’s largest public cannabis company. In March 2022, Kanabo launched its first eCommerce platform to distribute its cannabidiol (CBD) vaping products across the UK and Europe. Currently, it has operations in Israel and the UK. Cellular Goods Retired footie great David Beckham owns a 5% stake in Cellular Goods, which listed on the LSE in late February 2021. Since its inception in 2018, the company has focussed on developing wellness products which use a breakthrough cannabinoid called cannabigerol (CBG), as well as the better-known compound CBD. The benefits of CBG include inflammation reduction, skin protection, anti-bacterial properties and pain relief. The company’s first skincare products hit the shelves in December 2021 to mixed reviews and poor sales. Following this, founder and CEO Alexis Abraham left, and his replacement – Anna Chokina – announced a new strategy for the business focusing on three key verticals. At the time of writing, the company had a market cap of circa £4 million, having fallen by 74% over the past year. Jazz Pharmaceuticals Jazz Pharmaceuticals is an Ireland-domiciled biopharmaceutical firm focused primarily on treatments for sleeping disorders and indications in neuroscience and haematology-oncology. It earns a spot on our list owing to its $7.2 billion acquisition of GW Pharmaceuticals in May 2021. GW Pharmaceuticals has long been a leader in the UK medical marijuana space. The firm was founded in 1998 and listed on the AIM in 2001, before it left London to join the NASDAQ in 2013. Over the past decade, GW Pharmaceuticals developed two of the world’s leading cannabis-based treatments and grew into a company larger than the main North American cannabis stocks such as Aurora and Tilray. However, like many cannabis stocks, it's seen negative price action, down 9% over the past year. Associated British Foods Associated British Foods (AB Foods) is a diverse company consisting of a variety of agricultural and ingredients businesses, such as sugar and corn, as well as its clothing retail arm, Primark. But it’s less known that the company is also one of the UK’s largest producers of legal cannabis. However, this diversification can be attractive for thse looking for some exposure to the fledgling sector with less of the assocaited risk. In 2016, it converted a large amount of capacity in Norfolk to produce CBD-based cannabis rather than tomatoes, which is supplied to GW Pharmaceuticals to make its medical treatments, specifically Epidiolex. With a market cap of over £15 billion at the time of writing, AB Foods is the largest company to be picked as one of our cannabis stocks to watch. Futura Medical Futura Medical is a research and development business, based in Guilford, that specialises in producing transdermal technologies (essentially gels and creams) that can be used to deliver medicinal treatments through the skin. It calls its transdermal technology DermaSys, and its lead product helps with erectile dysfunction. In 2019, Futura Medical established a joint venture with CBDerma Technology to explore how its transdermal system could be used to make cannabis-based products for patients. Together, the companies developed the ‘CBD 100’ gel, and the companies are now exploring commercial avenues for the product. Futura trades on the AIM and as of 30 March 2023, had a market cap of £129 million, having risen by 80% over the past year. Oxford Cannabinoid Technologies Oxford Cannabinoid Technologies Holdings is the holding company of Oxford Cannabinoid Technologies Ltd (OCT). The UK company aims at developing a selection of cannabinoid-based prescription medicines and inhalers focused on the pain market. It was admitted to the LSE main market in May 2021. Since its establishment in 2017, OCT has undertaken four rounds of investment and expanded its research into the therapeutic effects of cannabinoid derivatives. The company hopes to receive regulatory approval to distribute its products in the UK, US and Europe by 2027. As a penny stock, the company is prone to volatily and has sunk by 74% over the past five years. DeepVerge DeepVerge is a vertically integrated business, meaning that it manages its value and supply chain through ownership of, and collaborations with, its suppliers and distributors. It uses artificial intelligence (AI), clinical research, water technologies, medical device and life science businesses to provide technology for comprehensive skincare, healthcare, pharmaceutical and cosmetic product testing. DeepVerge’s CBD products include pain relief creams and wound dressings with anti-inflammatory and pain relief properties. The company listed on AIM in April 2017 and, as of March 2023, its market cap was at £11.4 million. Chill Brands Group Formerly Zoetic International, Chill Brands Group changed its name in late July 2021 and transformed itself into a vertically-integrated CBD business. The company sells products in the UK, Europe and the US. These include CBD oils, gels, cosmetic products, vapes and chew pouches, and nicotine free tobacco alternatives. Since buying the chill.com domain name, the company has significantly grown its revenues. After struggling with supply chain issues throughout 2021, Chill Brands announced a new retail strategy which is less dependent on its existing, bricks and mortar distribution channels. However, the company has only recovered to a market cap of just £9.9 million, despite scattered reports of a future comeback. Sunrise Resources Sunrise Resources is another natural resources company that has found itself chasing the momentum behind legalised cannabis. The company is developing a mining project in Nevada, US. It’s hoping to produce pozzolan, used in cement and concrete, and horticultural-grade perlite. It’s planning on supplying the product to cannabis growers in the US, which mines less perlite than it needs, meaning it has to import the rest, mostly from Greece. So, Sunrise is hoping to benefit from that deficit. The company said that demand for horticultural perlite 'has been invigorated by the growth in cannabis cultivation' in the US and Canada. The stock is down 33% over the past year to £3.4 million, but postive momentum could eventually develop from its collaborative agreement to mine and test at its Nevada deposit. Source: Bloomberg Other UK cannabis stocks to watch There are other UK-listed cannabis stocks to watch, and some of them offer greater direct exposure to the legal marijuana market. These include: Goodbody Health, formerly known as Sativa Wellness Group on the Aquis stock market, is a wellness company which specialises in the production, processing, retailing and distributing of CBD products across the UK and Europe. During the pandemic, Goodbody also provided Covid-19 testing services and expanded its network of clinics to provide blood testing for a range of diagnoses Ananda Developments is an investment firm that backs cannabis companies, including iCan Israel-Cannabis and Tiamat Agriculture. It also provides a platform for investors to gain exposure to the cannabis-growing sector and legal cannabis market Pharma C Investments was created in August 2018 to take advantage of the growing medicinal cannabis market. In May 2021, it began trading on the Aquis stock exchange, after completing a £1 million funding round. Since then it has made two key investments, in a hemp-themed event company and a hydroponic growing facility Love Hemp Group specialises in producing and supplying a range of CBD products, including oils, sprays, tinctures, and gummies. It is fronted by boxer Anthony Joshua, and stocked in leading retailers such as Sainsburys and Holland & Barrett, making it one of the best-known cannabis brands in the UK Voyager Life is based in Perth, Scotland and specialises in supplying CBD and hemp seed oil products. In December 2021,Voyager Life acquired skincare brands Cannafull and Ascend Skincare for £9000, and plans to expand into the CBD skincare and cosmetics market Greencare Capital is an investment vehicle which seeks out opportunities in the medicinal cannabis and CBD markets. Greencare also owns a 2.8% stake in Voyager Life Oscillate invests in the medical psychedelic industry and medical cannabis. It has had a number of name changes over the past few years, and has formerly been known as DiscovOre, Eurocann International, and Valiant Investments Hellenic Dynamics is a recently-launched Main Market cannabiss stock which operates as a licensed cultivator and suplier of pharmaceutical-grade cannabis products out of Northern Greece. The company hopes to sell these products into the UK and Germany as initial target markets. Cannabis in the UK: what you need to know The UK’s attitude toward marijuana has changed dramatically over the last decade. Even though the UK has become the world’s largest legal medical cannabis producer, the drug is still illegal for recreational use. According to a 2020 report by the Crime Survey for England and Wales (CSEW), around 3.2 million people had taken the drug over a one-year period – that is around 5% of the UK’s population – valuing the country’s black market at well over £5 billion. Meanwhile, the UK’s CBD market was estimated to be worth £690 million in 2021, and is expected to surpass £1 billion annually within the next few years. There has been a surge of public support for the legalisation of medical marijuana, and there are signs that the UK government is softening its approach towards cannabis production and distribution. In December 2021, a bill was introduced in the House of Commons which – if passed – would make it legal for general practitioners (GPs) to prescribe medical cannabis for a range of uses in England and Wales. However, Home Secretary Suella Braverman has indicated she seeks to reclassify Cannabis as a Class A drug, despite Germany's recent move to legalise the plant for recreational use. The war on drugs is likely to continue to be a complex political battleground. A guide to the cannabis industry: all you need to know Marijuana regulation in the UK The UK’s regulatory stance toward cannabis is complex and, in some cases, contradictory. Medicinal cannabis was legalised in November 2018, following several high-profile cases about children with severe forms of epilepsy being unable to access potentially life-changing cannabis-based treatment. Yet, access to legal medicinal marijuana remains extremely limited. It cannot be prescribed by your average general practitioner (GP), only by those listed on the Specialist Register of the General Medical Council. However, this may soon change, if the Medical Cannabis Access Bill becomes law. Public perception is improving and although the number of doctors able to prescribe medicinal cannabis is growing, they are not being encouraged to give it to patients. The response from the medical community has been underwhelming. Institutions like the Royal College of Physicians and the British Paediatric Neurology Association have said cannabis should only be prescribed as a last resort, while the UK National Institute for Health and Care Excellence – which effectively chooses what drugs can be funded on the National Health Service (NHS) – have also imposed strict guidelines for prescriptions. There is only a handful of conditions that doctors will consider treating with cannabis, including multiple sclerosis, epilepsy and to help alleviate the effects of chemotherapy treatment. And when someone is suffering from one of these conditions, doctors are effectively directed to try every other possible treatment before prescribing cannabis. Recreational cannabis is still illegal in the UK under all circumstances. UK cannabis exports While the government’s tone implies it does not have great belief in the medicinal applications of marijuana, a few select firms are allowed to legally grow and produce cannabis. In fact, a report released by the UN's International Narcotics Control Board in 2018 found that the UK is the world’s largest producer and exporter of legal medicinal cannabis in the world. The UK government doesn’t disclose the list of companies that can legally produce marijuana on British soil, but we do know that only three pharmaceutical cannabis products are licensed in the country. Sativex and Epidyolex are produced by GW Pharmaceuticals (acquired by Jazz Phamaceticals in May 2021) and Nabilone is produced by Eli Lilly & Co. Outside of the medical applications, the UK has also relaxed its rules on CBD and hemp oil. Again, these must contain less than 0.2% THC. These oils can be bought legally in the UK, but they have been banned from making any medical claims without obtaining a medical licence, which is expensive to obtain. This means the majority of those offering CBD or hemp oil can’t claim the products offer any medicinal benefits. This has created a further grey area in the market and has forced many producers to rely on informal marketing techniques, such as word of mouth, to flog their oils. UK’s indecisiveness on marijuana It’s clear that the UK government remains undecided when it comes to legalising cannabis. It is quite happy to profit from the vast amounts of legal medicinal cannabis being produced legally by a small handful of companies. While medicinal cannabis is exported to other countries, it’s still very difficult for UK patients to gain access to the handful of legal treatments available. This highlights contradictions in the government’s policy, which could cause further problems for an industry still in its infancy. A potential consequence could be inadvertently creating a monopoly among the handful of licensed producers. The stringent rules, high costs and complex regulation means there are high barriers to entry. This could lead to new start-ups setting up shop elsewhere, in more favourable jurisdictions, like Canada. For example, there has been a debate over how UK-based investors can gain exposure to legal cannabis firms at home or abroad, and not fall foul of anti-money laundering laws when receiving dividends or income. This is also causing companies to delay going public because they fear operating in a grey area of regulation. Likewise, some investors are wary of backing operations that might be illegal. David Barfoot, director at Rize ETF recently stated that 'Due diligence on medical cannabis companies is capital and labour intensive'. How to invest in UK cannabis stocks With us, you can invest in all the UK cannabis stocks we mention below via our share dealing platform. When share dealing, you’ll buy and own company stock. This entitles you to voting rights and dividend payments if the company grants them. You’ll pay from just £3 commission on UK shares,2 but you can only profit from price movements if you sell your shares for more than you paid for them. Steps to investing in cannabis If you’re ready to start investing in cannabis stocks, follow the below steps: Create a share dealing account: it’ll take less than five minutes to open. When your account is up and running, log in to our share dealing platform Search for your preferred stocks: when you’ve found the shares you want to buy, you can purchase these in two different ways – at quote or on-exchange Monitor your investment: once you’ve bought shares, log in to monitor your investments, collect dividends (if paid) and reinvest. And when the time comes to sell, do so at a click of a button Learn more about how to trade and invest in cannabis Whereas we offer leverage on our trading products – ie spread bets and CFDs – leverage isn’t available for investments. This means that you’ll have to commit the full value of your position upfront. But, this also caps your maximum risk at the initial cost of your position. Keep in mind, though, that investments can rise or fall in value, so you might receive back less than you initially invested. Learn more about share dealing What is the future for cannabis in the UK? The UK’s approach to medicinal cannabis is more complex than in other nations. While the UK produces and sells medicinal cannabis to other countries, it’s not easily accessible in the UK . The country has taken a tentative step toward legalisation – for now, it has only legalised medicinal cannabis in name. Legalisation has been featured prominently in electoral campaigns by the likes of the Liberal Democrats and the Green Party. Even the institutions that have so far proved a roadblock to widespread access have changed their views – eg the Royal College of Psychiatrists has said it’s willing to reconsider its view. Still, there have been concerns that progress in the UK could stagnate, especially with all the political energy that was consumed by Brexit. However, if ignited, the flame could catch quickly. Germany was in a similar position to the UK a few years ago but has now grown into the largest medicinal cannabis market in Europe. Since legalising medicinal cannabis in 2017, Germany has allowed big North American companies, like Aphria and Aurora, to set up shop in the country and cultivate cannabis. While the UK has established a large production base, it has concentrated it among a handful of businesses, meaning other countries could become manufacturing hubs for the European market rather than the UK. Germany offers both a domestic market and the potential to export, while the UK only offers the latter in addition to the far and few between prescriptions. The same is true for investors and financiers which, keen to tap into the momentum building before it’s too late, will flee to where the regulatory environment is more favourable. The opportunity on offer is huge. Prohibition Partners estimates the UK’s medicinal cannabis market could be worth over £7.8 billion by 2028. Plus, estimates show that a recreational market could represent a bigger opportunity, with a forecasted value of £8.5 billion. That means the total value of a fully-legalised cannabis market in the UK could be over £16 billion within less than ten years. IG Cannabis Index: trading a basket of stocks An alternative to investing in UK cannabis stocks is to take a basket approach, and trade using our leveraged products – spread bets and CFDs. For example, you can use either of these to trade the IG Cannabis Index which tracks the top 20 largest publicly listed cannabis companies in North America. This allows you to spread risk and trade the industry as a whole. Leverage comes with a high risk of losing money as profits and losses are amplified (not limited to your margin). Make sure you understand how it works and take steps to manage your risk before opening a position. Don’t miss your opportunity to trade cannabis markets To get exposure to volatility in this rapidly growing market: Go long or short on available cannabis shares, ETFs or our cannabis index Get 10:1 leverage on our Cannabis Index, and from 5:1 on available cannabis stocks Protect against risk with stops and other tools Footnotes: 1 The IG Cannabis Index is only available on spread betting and CFD trading accounts. 2 Trade in your share dealing account three or more times in the previous month to qualify for our best commission rates. Please note published rates are valid up to £25,000 notional value. See our full list of share dealing charges and fees.

As the EV revolution accelerates and energy security takes political centre stage, one of the UK’s only lithium explorers could be an exceptional opportunity. Source: Bloomberg Shares Commodities Lithium Cornish Lithium IPO Cornwall Charles Archer | Financial Writer, London Cornish Lithium IPO: how to buy shares if the company lists 1. Do your research on Cornish Lithium 2. Decide whether you want to trade or invest 3. Open an account 4. Search for Cornish Lithium on our platform or app and open your position If you want to buy Cornish Lithium shares and own them, you'd open a share dealing account. If Cornish Lithium lists in the UK and offer a primary market, you'd be able to buy shares at the IPO price with us ahead of the listing for zero commission. Otherwise, you can invest in Cornish Lithium stock right away on the day of the listing. It'll cost £3 commission if you've traded 3+ times in the previous calendar month, or £8 if you have not. If you want to trade Cornish Lithium shares with derivatives, you would open a spread betting or CFD trading account. Spread bets are commission-free, while CFDs incur a £10 commission on UK shares. When trading, you can go long or short and you'll trade on leverage. This means you could gain or lose money much faster than you'd expect, as your trade size is much larger than your initial outlay. What is Cornish Lithium's business model? Why is lithium important? How fast could lithium demand rise? Who are Cornish Lithium's competitors? Why is Cornish Lithium delaying its IPO? What is Cornish Lithium’s business model? Cornish Lithium is an explorer, and eventual potential developer, of environmentally sustainable lithium found in both hard rock mines and geothermal waters across the county of Cornwall. The private company has secured agreements with multiple owners of mineral rights across the county and is utilising modern technology in combination with historical maps to re-evaluate the historical tin mining region for its lithium potential. Cornish Lithium has the rights to explore for lithium within 300km of Cornwall and is currently using 3D models to test the best locations for extraction boreholes to be drilled. Some initial drilling is ongoing, and promising results are being evaluated. The company has benefitted from cash injections from TechMet Limited worth £18 million since November 2021, raised £12 million via crowdfunding, and received ‘additional funding from Innovate UK through the Automotive Transformation Fund’s (“ATF”) Scale up Readiness Validation competition (“SuRV”).’ CEO Jeremy Wrathall, also the company’s founder and a former investment banker, enthuses that government funding ‘will accelerate our progress towards the commercial production of battery grade lithium hydroxide in the UK. We believe that a secure, sustainable domestic supply of lithium is essential for the development of a resilient electric vehicle supply chain for the British automotive industry. The award of this grant provides further validation of the Trelavour Project’s potential.’ The company is planning to conventionally mine lithium at Trevalour near St Austell, and use experimental tech to extract lithium from geothermal waters (brine) near Redruth. It's constructing a demonstration plant at its maiden lithium hydroxide resource, Trevalour. While only nominal amounts of lithium were produced last year, Cornish Lithium has hailed its sources as ‘globally significant grades.’ During its lithium brine exploration, the company has found 220mg/litre in some geothermal waters, far less than the 2,000mg/litre in a typical South African, but more than enough to be commercially viable. Despite the promising start, it’s worth noting that until the company turns profitable, it remains a relatively small, speculative player. Source: Bloomberg Why is lithium important? Lithium is a silvery alkali metal, with unique chemical properties that make it an ideal component in the batteries that power electric cars, laptops, phones, e-bikes, and dozens of other applications. However, most of the lithium mined today is destined for EV batteries. The metal comes in multiple forms and is typically non-fungible; one source of lithium is not the same as another. The two main types are spodumene, otherwise referred to as hard rock lithium, and brine, an accumulation of lithium-containing groundwater extracted as a salt. Cornish Lithium is planning to mine both types. Lithium is typically sold in two chemical forms: lithium carbonate, and lithium hydroxide. The hydroxide version comes with a price premium, as it is better for use in EV battery manufacturing. For context, lithium extracted from spodumene can be made into either the hydroxide or carbonate form, while brine-origin lithium must be turned into carbonate before being converted into hydroxide. This makes spodumene far more economically efficient. However, it’s important to note that brine extraction is almost always more environmentally friendly. How fast could lithium demand rise? With all fossil fuels expected to be used up before the turn of the century, lithium is becoming an increasingly important metal to help power the green revolution. Legislation across the developed world has been passed to ban the sale of new ICE cars during the 2030s, including in the UK. The IEA’s 2021 Global Electric Vehicle Outlook report saw EV sales double last year to 6.6 million, and exponentially further growth is expected over the next decade. In the US, President Biden has invoked the 1950 Defense Production Act and delivered the 2022 Inflation Reduction Act, both of which offer significant financial incentives to businesses and individuals to induce them to move to EVs. Similar legislation could well follow in the UK, if proven successful. Accordingly, lithium prices are near record highs, having risen fivefold compared to pre-pandemic levels. However, it is not currently traded as a commodity given its non-fungible nature, so putting a true price on the metal is not an exact science. But for perspective, Benchmark Mineral Intelligence reports that Chinese battery-grade lithium carbonate is now at a record $74.475 a tonne, having more than doubled year-to-date. However, this price is influenced by falling lithium production due to energy and water shortages in China. There is no globally agreed price for the metal. Source: Bloomberg Who are Cornish Lithium’s competitors? Cornish Lithium is contending with many global operators, including Ganfeng Lithium, Tianqui Lithium, and Albemarle, alongside dozens of regionally important producers. However, there simply isn’t enough lithium production today for anticipated future demand. In addition, recent political events such as Shanghai port closures, pandemic supply chain challenges, and the Ukraine war have all demonstrated the fragility of relying on global supply chains. Cornish Lithium cannot realistically compete against the global giants in terms of revenue or production but could still warrant an investment given global supply shortages. And it has a huge advantage in the location of its lithium, easily accessible within both the UK and the EU. In addition, it could benefit from strong ESG credentials. Most of the world’s lithium supply comes from Australia and South America and transporting the metal around the world is heavily carbon intensive. As lithium mining isn’t particularly environmentally friendly in many cases already, a domestic supply could easily be viewed as a greener source. On a smaller scale, Cornish Lithium’s key competitor is British Lithium, the other UK lithium explorer, which is also exploring lithium mining in Cornwall. Like Cornish Lithium, the company remains private, and speculative. Commonly, exploratory miners like Cornish Lithium and British Lithium use their IPOs to generate enough cash to prove mine feasibility and establish initial profitability. Once confirmed, larger competitors often swoop in with cash offers, and both companies are likely to be popular acquisition possibilities given their unique geolocation. It’s worth noting that while lithium is relatively abundant, it is only concentrated in an economically feasible amount in very few areas around the globe. Exploratory projects are expensive and often end in failure. And even when feasibility is established, new mines take up to ten years to begin extraction. Why is Cornish Lithium delaying its IPO? The wider IPO market has suffered in 2022, as tightening monetary policy has put a squeeze on growth. IPO launches are significantly down, and Cornish Lithium is not immune to wider market pressures. While the company had planned to launch its IPO this year, Wrathall has told the Times it’s now ‘unlikely to happen’ until 2023, explaining that ‘the problem is the markets are all over the place, very difficult to read…in times of great uncertainty, when we don’t need to IPO, we decided that we wouldn’t for the time being.’ Further, he notes that ‘tech has fallen out of favour — anything remotely tech-focused has been really hammered — and I think that we get lumped into that basket, as sort of a quasi-tech company. The lithium price has been off the charts and yet lithium equities are way below their previous peaks.’ The hard truth is that the company is not currently generating revenue. And if it expects to start producing lithium at Trevalour over the next few years, it will need hundreds of millions of pounds of funding. Of course, further private investment could well come from forward-thinking car companies looking to diversify their lithium sources, who are looking to the EV future where lithium supply remains scarce and demand even higher than today. However, while Cornish Lithium made a £1.5 million pre-tax loss in 2021, it ended the year with £11.7 million in cash. It can continue to operate without additional funding for the foreseeable, without further liquidity injections. But it’s likely that IPO cash will eventually be needed, and further that the IPO will be a popular investor event.

The Porsche IPO took place on 29 September, and you can now buy their shares with us. The Porsche listing was one of the biggest in European history. Source: Bloomberg Shares Ferdinand Porsche Porsche Volkswagen IPO CFD Charles Archer | Financial Writer, London How to buy Porsche shares: trading or investing Update: the Porsche IPO is live, and you can trade or invest in Porsche shares with us now: • Invest and own Porsche stock with share dealing • Trade Porsche shares either long or short with spread bets and CFDs Just search for 'Porsche AG' in our platform. Shares were priced at the top range, at €82.50, and opened at €84. You can invest in Porsche shares from €10 commission in our share dealing account. If you'd rather trade the stock with derivatives, you can do so commission and tax-free with spread bets, or from €10 commission with CFDs. All this on the UK’s No.1 platform.* Learn more about buying shares with us, or open an account to get started today. Please remember that spread betting and CFD trading is leveraged - this means that you'll only need a fraction of the total trade size to open your position, but your profit and loss will be based on the full position size. Therefore, you could stand to gain or lose money much faster than you'd expect. How are Porsche AG shares structured? Volkswagen floated 12.5% of Porsche in its IPO, raising around €9bn for the company. Porsche AG was split into two halves, comprising ordinary shares and preference shares. The ordinary shares are not listed, instead remaining with Volkswagen. Porsche AG’s financial statements remain inside Volkswagen’s results, Volkswagen retain a controlling share, and the companies continue to benefit from ‘industrial cooperation.’ However, Porsche Automobil Holding SE, which is controlled by the Porsche and Piëch families, bought 25% plus one share of the ordinary shares at a 7.5% premium. Up to 25% of the preference shares, worth 12.5% of the company, floated in the IPO, and these are the ones available to purchase. Preference shares hold no voting rights, but holders are prioritised for dividends and also in the event the company is ever wound up. Source: Bloomberg Why is the Porsche share structure so complicated? Welcome to investing, where company A can buy shares in company B, which owns shares in company C, which owns shares in company A. Unravelling who or what ‘owns’ a company can be hard to understand with the Volkswagen-Porsche share structure more complex than most. Ferdinand Porsche and Anton Piëch founded Porsche in 1931, while the German Labour Front founded Volkswagen in 1937. The two companies have a complex history that could take dozens of pages to cover. But the key issue is that the descendants of Porsche and Piëch own all of the ordinary shares of Porsche SE (which is separate to Porsche AG), while some preference shares are held by institutional and private investors. Porsche SE owns 31.4% of Volkswagen shares, but 53.3% of voting rights. The State of Lower Saxony holds 11.8% of shares and 20% of voting rights, while Qatar holding owns 10.5% of shares and 17% of the voting rights. Therefore, the Porsche and Piëch families together control Porsche SE, which controls Volkswagen, which controls Porsche AG. The distilled takeaway is that the original families retain a stranglehold over Porsche AG, both via Volkswagen and through direct ownership. What is Porsche AG's business model? Porsche AG is one of Volkswagen’s most important brands, generating $5.5 billion out of its $21 billion operating profit in 2021, despite making up only 3.5% of all deliveries. And Porsche is consistently profitable, generating $3.9 billion operating profit in 2019 and $4.2 billion in 2020. The business model is simple; it’s effortlessly one of the top luxury automotive brands in the world. Porsche AG has six core models, including the 911 and Macan. The company produced a record 301,915 vehicles in 2021, up from 272,162 the year before. And the brand is popular worldwide, including in the Americas, Europe, and its biggest market China. Of course, Porsche AG is facing the same headwinds as the rest of the automotive industry, including sky-high inflation and supply chain chaos exacerbated by the Russia-Ukraine war. However, its market position as a luxury good should stand it in good stead through this turbulent period; the kind of customers purchasing a Porsche are unlikely to be the same ones worrying about the rising cost of bread. Its long-term strategy is set out in ‘Porsche Strategy 2030,’ which highlights the expected move towards EVs and even autonomous driving. One central issue will involve its transition to EVs; while 25% of the cars it sold last year were electric, the company also plans to offer ICE cars for the foreseeable future as well. This transition will need to be carefully managed so that Porsche can maintain its industry-leading profit margins while also keeping its heritage, a unique selling point against competitors ranging from German SUV makers like BMW and Mercedes, to luxury car manufacturers like Ferrari and McLaren.

DJIA continues to rise US equity markets recorded another day of gains on Wednesday, with the Dow Jones Industrial Average setting a new 15-month high. Jeremy Naylor | Analyst, London | Publication date: Thursday 20 July 2023 US equity markets US equity markets recorded another day of gains on Wednesday, with the Dow Jones Industrial Average setting a new 15-month high. Overnight in Asia, it was a mixed session. Australian unemployment In Australia, the unemployment rate stood at 3.5% in June, below market expectations of 3.6%. Full-time employment climbed by 39.300, while part-time employment decreased by 6.700 thousand. The balance of 32.600 easily surpassed market forecasts of 15,000. This persisting strength of the labour market lifted the AUD. BHP Group BHP Group said overnight that its iron ore production from Western Australia reached 72.7 million metric tonnes, a touch lower than the 73 million metric tonnes anticipated. Like Rio Tinto on Tuesday, BHP warns of rising costs. In the UK, easyJet returned to profit in Q3 with a profit before tax of £203 million. The airline said that revenue per seat rose 23% year-on-year (YoY). Dunelm and Premier Foods also released trading statements. Netflix Netflix shares fell as much as 9% in extended trading on Wednesday. Even though earnings per share came in at $3.29, better than the $2.834 anticipated, and even though the streaming giant added 5.9 million subscribers between April and June, investors were a lot more interested in the top line. Revenue rose to $8.19 billion but missed expectations of $8.27 billion. Revenue forecasts were also disappointing. Netflix forecast that third-quarter revenue would hit $8.5 billion. Wall Street had been forecasting $8.7 billion. Tesla Tesla shares fell almost 5% in extended trading but not at the release of earnings. These were better than expected for both earnings and sales. Earnings came in at 91 cents per share on revenue of $24.93 billion. The Street had anticipated earnings per share (EPS) of 79 cents and revenue of $24.29 billion. There was hardly any reaction at that point on the stock. It was only later, when Elon Musk commented on Tesla's past quarter, that its share tumbled. Musk said he would cut prices again, even after Tesla's margins had already been squeezed. IBM, Alcoa, and United Airlines also reported on Wednesday evening. Later on Thursday, the market awaits quarterly earnings from American Airlines and Johnson & Johnson. 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.

Hi @Bash4j Welcome to the community! Looking forward to the crypto knowledge you will share with the community. All the best - MongiIG

Mixed earnings from Netflix and Tesla after the bell in the US meant that Asian markets were mixed once again. The Nikkei fell 1.2%, putting its rebound under pressure. The Australian dollar was boosted by stronger-than-expected employment data, causing the currency to rally against its US counterpart on expectations of another rate hike by the RBA. Stocks have been supported by a good start to earnings season, though after the huge gains so far this year the tech sector has struggled to build fresh enthusiasm for further upside. Earnings from American Airlines and Johnson & Johnson are on the calendar for today, along with US weekly jobless claims and existing home sales.

Look Ahead to 20/7/23: American Airlines; easyJet; Johnson & Johnson; German PPI Travel and health related numbers from American Airlines, easjyJet, and Johnson & Johnson could steer the investor mood music on Thursday. Plus, German producer price data may add to signs inflation pressures are finally starting to ease. Angeline Ong | Financial Analyst, Presenter and Content Editor, London | Publication date: Wednesday 19 July 2023

Charting the Markets: 19 July Stock indices continue to rise on solid U.S. earnings and weaker UK CPI. Sharp losses for GBP/USD following inflation print, while USD/JPY rises, and EUR/USD holds steady. Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Wednesday 19 July 2023 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.

@phillo what are you predicting here? Upwards momentum or a reversal to the downside? Thanks

Thanks for sharing @tradinglounge

Equities up, GBP down on slower than expected UK inflation The Bank of England (BoE) is now expected to only raise rates a half a percentage point rather than the full 100 basis points as UK inflation comes in weaker than anticipated. Jeremy Naylor | Analyst, London | Publication date: Wednesday 19 July 2023 Headline consumer price inflation has fallen to a 16-month low year-on-year - a 7.9% rise in the year to June, down from 8.7% in May. It's a larger fall than expected, with City economists having predicted a fall to 8.2%, which will cheer policymakers at the BoE. (Video Transcript) Consumer price index Now key UK inflation data has fallen to a 16-month low. Year on year. Let's take a look at the numbers, as they were just recently broken. The consumer Price index rose by 7.9% in June. Yet the consensus had been for 8.2%. This is down from 8.7%. Now the fall is larger than expected, said Citi economists, having predicted 4 to 8.2%, which will cheer policymakers at the Bank of England. We've got to be mindful of what's happening in the context of all this, and we must remember that it still remains at painfully high levels. And this faster than expected fall is against a steep rise last year. So, we mustn't lose sight of the fact that prices are still climbing on top of last year's gains, making everybody poorer still. Producer price index Producer prices are on the rise. Point one: We were expecting a rise to point five. The retail price is also weaker than expected. So, the way to trade this is with a weaker sterling and a stronger equity market. And look at what we've got here. GBP/USD The early trade These are 10-minute candles for GBP/USD. And you can see clearly here the market reaction, and we're punching still lower and further down for sterling against us. Dollar one: 2933 I want to show you this in terms of the daily candles because it gives you a better idea. And for those day traders, you can see no buyers at this level. If you are short on this and if you missed the trade on the way down, you'll stop below the 130 level. Your next price target is here at 2848, which are the highs we saw back on the 16th of June. You get a punch through there. Then on the way down to next Monday's support, which are the highs we saw back on the 10th of May, which were the 2679 level potentially more downside to go. You put your foot-tool on that, and I think you'll find out that, in fact, what we've got here are those support levels to watch out for. Support levels Here we are, support coming through for you on Sterling at 128 ten. Not too far away from this line at one 2848 | was talking about, which is not a support to watch out for. It's not just against the US dollar. We've got Sterling on the way down. Look at this as well. This is sterling against the euro. Same sort of price action. We got ten-minute candles showing us a lot lower on the basis that we've got this number coming through on UK inflation weaker than expected. The Bank of England The big question is, now, just how much more heavy lifting does the Bank of England need to do to quell inflation further? We must not lose sight of the fact that we are still above the 2% inflation target, which means we are still painfully inflating. Wages on keeping up. So, any price reductions are going to be good news. Sterling is now at levels that we've seen against the euro since the 30th of May.

Anticipating a significant increase in revenue, Tesla is set to release its Q2 results on Wednesday, July 19. With record sales in China, can it sustain its growth and justify its valuation in an increasingly competitive market? Source: Bloomberg Shares Tesla, Inc. Tesla Forecasting Relative strength index Valuation Monte Safieddine | Market analyst, Dubai | Publication date: Thursday 13 July 2023 Anticipation for Tesla's Q2 results When is Tesla’s results date? Wednesday, July 19, after the market closes, is when we can expect Tesla, Inc. to release its figures for the second quarter of this year. Tesla predictions post Q2 results Following what were clear beats on deliveries, the forecasts are for an increase in revenue. This increase is expected to best first quarter figures and what we saw for the same quarter a year earlier. Insight into Tesla's delivery numbers Breaking down the deliveries, the preliminary print showed 466K, an increase of over 10% quarter-on-quarter (q/q). Production was higher at 480K, up 9% over the same period. This reduced the gap between it and deliveries, though a gap still exists, raising the net tally after consecutive quarters of excess supply. As a percentage, Model X and S rose to 4% of total deliveries, a big increase for the quarter. Consequently, the share of the lower-margin Model 3 and Y dropped, even if retaining an obvious and near-full majority. Record sales in China of over 93K for the month of June were a big plus, according to data from China’s Passenger Car Association. These sales showed gains of nearly 19% from a year earlier. Keys to justifying Tesla's valuation This quarter has seen big moves in partnerships in the EV charging space for Tesla. It includes automakers choosing its Supercharger network and/or adopting its charging standard. Price reductions have been less pronounced compared to the first quarter’s ‘EV price war’ cuts. Along with eligibility for the Inflation Reduction Act’s $7,500 tax credit, this is seen as a boon. It aids in maintaining price stability and competitive price ranges. This comes after pushing for high volumes compared to the previous “lower volume and high margin” approach, as CEO Elon Musk pointed out after the Q1 earnings release. Forecasts for Tesla's revenue and EPS Forecasts suggest revenue is expected to rise to $24.57bn, up from Q1's $23.33bn and Q2 2022's $16.93bn. However, earnings per share (EPS) is anticipated to drop to $0.82, down from Q1's $0.85 but higher than Q2's $0.76. This figure has been revised higher over the past two months (source: Refinitiv). While it might not have bested estimates last time around, Tesla does have a decent history of beats. Analyst recommendations on Tesla's shares Analyst recommendations are more spread out compared to previous months. There's been an uptick in those venturing into ‘sell’ and ‘heavy underweight territory’, rising to two and four respectively. The number of those in ‘strong buy’ territory has dropped to six, 'buy' stands at 12. A larger group of 19 are opting to 'hold'. The average target is $213.9, which is beneath its current share price (source: Refinitiv). Trading Tesla’s Q2 results: Weekly technical overview What a difference a quarter can make. With a change in the key technical indicators on the weekly time frame for Tesla’s share price, a breach is not just out of its previous bear channel covered in the first quarter earnings preview, but now in a smaller and narrower bull channel as seen in the chart below. Strong technical indicators in the weekly time frame The technicals are naturally stronger on the daily time frame but here on the weekly time frame, we’re seeing the price above all its main moving averages and near the upper end of both the Bollinger Band and the bull channel. The RSI (Relative Strength Index) is just beneath what is considered to be overbought territory. There is a sizable margin on the DMI (Directional Movement Index) front between the +DI and -DI. The ADX (Average Directional Movement Index) reading isn’t far off a decent trending figure. However, combined with a sizable channel (even if narrower than the prior weekly bear), it makes its technical overview more ‘bull average’ for now than ‘stalling bull trend’. Strategic standpoint for buying and selling Tesla stocks From a strategic standpoint, that puts buys into the conformist camp and allots sells for contrarians but this doesn’t mean conformists ought to initiate without caution, especially on any pullback that could take the price to the lower end of the channel. As a result, buying off the weekly 1st Support level should ideally be done only after a significant reversal for those opting to go conformist. It's crucial to understand what’s on offer in terms of upside follow-through for breakouts above its 1st Resistance. Contrarian approach and impact of earnings release Those who don’t expect the recent bullish moves to last and favour going contrarian should consider shorting the 1st Resistance level only after a reversal. Sell-breakouts for more follow-through should be considered if eying a price near or beneath key weekly moving averages (such as the 50-week and 200-week). It's important to remember that the earnings release is a fundamental event. Depending on how far results veer from expectations, it can easily test even longer-term weekly technical levels. This could result in a more breakout vs. reversal strategic scenario when the figures hit the wires. Source: IG Tesla weekly chart with key technical indicators (from IG’s trading platform) Source: IG Tesla weekly chart with IG client sentiment Source: IG IG Client sentiment* and short interest for Tesla shares Looking at the weekly chart, where the IG client sentiment (as an average for the week) is plotted as a blue-dotted line with the left axis representing % long, it's clear that the majority have remained in buy territory throughout this period. They reached extreme levels when prices dipped beneath $150, but fell back closer to heavy buy during the recovery. The latest reading from this morning (see image below) shows a heavy long position of 67% among retail traders, higher than the 64% at the start of this month. Short interest has averaged higher over the past quarter, reaching over 96.48m shares, now representing 3.04% of the total, up from 2.7% at the start of the second quarter. These figures, however, are nowhere near the levels seen in 2019 when they briefly topped 600m (source: Refinitiv). Source: IG *The percentage of IG client accounts with positions in this market that are currently long or short. Calculated to the nearest 1%, as of the start of the week for the outer circle. Inner circle is from the first trading day of this month, Monday, July 3rd.

The upcoming Netflix results are expected to show a 3% increase in revenue for Q2 2023, or 6% growth on a foreign exchange neutral basis. Source: IG Indices Forex Shares Revenue Netflix Company Shaun Murison | Analyst, Johannesburg | Publication date: Tuesday 11 July 2023 Key Takeaways: Netflix is set to report its Q2 2023 earnings on July 19th, and the company has projected an optimistic financial forecast for the fiscal year 2023 The company's main financial indicators for profitability include revenue growth and operating margin, and Netflix aims to maintain double-digit revenue growth, expand operating margins, and generate increasing positive free cash flow Netflix anticipates a 3% increase in revenue for Q2 2023, reaching $8.2 billion, or 6% growth on a foreign exchange neutral basis The introduction of paid sharing has been well-received, and the company has rescheduled the broad launch from late Q1 to Q2, which means that some expected membership growth and revenue benefit will be reflected in Q3 instead of Q2 Netflix expects constant currency revenue growth to accelerate in the second half of 2023, facilitated by the broader rollout of paid sharing and the expansion of its advertising business. The company also targets a 2023 operating margin of 18%-20% and anticipates year-over-year operating profit growth When is the Netflix Inc. earnings date? Netflix Inc. (NASDAQ: NFLX), the Nasdaq listed, world leading internet television network will report its second quarter earnings for 2023 (Q2 2023) on Wednesday the 19th of July. Netflix results Q2 2023 earnings preview, what does ‘The Street’ expect? Netflix Inc. has projected an optimistic financial forecast for the fiscal year 2023. The company's main financial indicators remain revenue growth and operating margin for profitability. The firm's long-term financial goals remain consistent, aiming to maintain double-digit revenue growth, expand operating margins, and generate increasing positive free cash flow. The company is on course to meet its financial objectives for the full year 2023. For the second quarter of 2023, the company anticipates a revenue of $8.2 billion, a 3% increase year over year, or 6% growth on a foreign exchange neutral basis. The recent introduction of paid sharing has been met with positive reception. Despite opportunities to launch broadly in the first quarter, the company identified ways to enhance the user experience. With each launch, the company gains valuable insights, leading to improved results. As a result, the broad launch was rescheduled from late Q1 to Q2. This delay implies that some expected membership growth and revenue benefit will be reflected in Q3 instead of Q2. The majority of Netflix's year-over-year foreign exchange neutral revenue growth in Q2 is anticipated to come from an increase in its paid membership base. This is expected to result in Q2 paid net additions like Q1'23 and a slight increase in year-over-year foreign exchange neutral Average Revenue Per User (ARM). For Q2'23, Netflix forecasts an operating income of $1.6 billion, roughly flat year over year, and an operating margin of 19%, compared to 20% in Q2'22. The year-over-year decline in operating margin is due to the appreciation of the US dollar against most other currencies over the past year. As the company continues to enhance its service, it expects constant currency revenue growth to accelerate in the second half of 2023. This will be facilitated by the broader rollout of paid sharing in Q2 and the expansion of its advertising business. The company also anticipates year-over-year operating profit growth and operating margin expansion for the full year, targeting a 2023 operating margin of 18%-20%. A consensus of estimates from Refinitiv arrives at the following expectations for the Q2 2023 Netflix results: Revenue $8.27bn (+3.70% y/y) Net income on an adjusted basis $1.270bn (-11.01% y/y) Earnings Before tax Depreciation and Amortization (EBITDA) $1.789bn (-1.30% y/y) EPS of $2.84 (-11.37% y/y) Netflix's ability to meet its long-term financial targets will depend on increasing engagement and improving monetization to fuel revenue growth and increased profitability. This provides a promising outlook for traders looking to invest in a company with a solid growth strategy and a robust financial forecast. How to trade the Netflix results Source: Refinitiv A Refinitiv poll of forty-three analysts maintain a long-term average rating of buy for Netflix (as of the 10th of July 2023. Netflix Inc.: trading view Source: IG The share price of Netflix trades within a short-term range between levels 41315 (support) and 44930 (resistance). The long-term trend for the share remains up as we see the price trading firmly above the 200-day simple moving average (blue line) (200MA). The longer-term uptrend suggests keeping a long bias to trades on the company. Long entry might be considered on either a bullish price reversal near range support (41315) or a break of (close above) range resistance (44930). In this scenario 48335 becomes a longer-term upside resistance target. Should the price instead move to break a confluence of support at around 41315, 36775 becomes the next support target. In this scenario trend followers might prefer to wait for weakness to play out before looking for a bullish price reversal closer to the 36775 level for long entry.

Bitcoin (BTC/USD) Fades Lower as Bulls Tire, Support Coming Under Pressure Jul 18, 2023 | Nick Cawley, Senior Strategist BITCOIN (BTC) PRICES, CHARTS, AND ANALYSIS: Lack of follow through after ETF-hope-inspired rally. Support coming pressure as traders wait for next week’s FOMC meeting. The announcement in mid-June that BlackRock had put in an application with the SEC for a spot Bitcoin ETF sent crypto markets spiraling higher as investors bet that the fund titan would succeed where others had so far failed. A spot BTC ETF is seen as one of the best ways of spreading Bitcoin adoption to a wider investment audience. BlackRock CEO Larry Fink has been vocal since saying that interest in a Bitcoin ETF is broad-based and worldwide, telling CNBC that ‘as with any new market if BlackRock’s name is going to be on it, we’re going to make sure it’s safe and sound and protected’. While BlackRock is making bullish noises, the price of Bitcoin post-announcement has been flat and range bound with only short-term bouts of volatility. Bitcoin has made a bullish flag formation, suggesting that prices will go markedly higher, but as yet BTC/USD has been unable to close and open above $31k, the April 14 swing high. Bitcoin is also back below the recently supportive 20-day simple moving average and is close to testing the recent $29,500 low made at the end of June. For Bitcoin to push higher it needs to make a confirmed break of $31k. If this plays out then $32.4k (May 2022 swing high) is the next level of resistance before $37.3k comes into play. A confirmed break of $29.5k leaves BTC/USD at risk of further losses. Next week’s FOMC policy decision – rates are expected to be pushed 25 basis points higher – is the likely catalyst for the next move in Bitcoin. BITCOIN (BTC/USD) DAILY PRICE CHART – JULY 18, 2023 What is your view on Bitcoin @Incarts – bullish or bearish?

The GBP edges lower after UK inflation data The British Pound fell as the consumer price index rose less than expected by 7.9% in June YoY. Jeremy Naylor | Analyst, London | Publication date: Wednesday 19 July 2023 U.S. retail sales The USD was up on Wednesday morning, from the 15-month low against a basket of currencies it hit on Tuesday after core retail sales saw strong gains in June. Headline U.S. retail sales rose less than expected in June, with a 0.2% increase during the month. Data for May was also revised higher to show sales gaining 0.5% instead of 0.3% as previously reported. The GBP fell as the consumer price index rose less than expected by 7.9% in June year-on-year (YoY). Rio Tinto Rio Tinto, as the world's second-largest miner behind BHP, can be considered a bellwether for the global economy, and looking at the group's operational report, prospects aren't so great. The world's biggest iron ore producer shipped 79.1 million metric tons down slightly from a year earlier and short of an estimate of 81 million metric tonnes. It, however, said it was on track for full-year shipments in the upper half of its forecast range of 320 million to 335 million metric tons. Prices of iron ore have eased over the second quarter. ASML At the same time, the miner warned of rising operational costs, so we could expect a real squeeze on margins. ASML posted a second-quarter net profit of €1.9 billion, beating analysts' expectations, who had seen a net profit of €1.82 billion. Revenue came in at €6.74 billion, compared with €5.4 billion a year ago. ASML raised its full-year sales growth forecast to 30%, up from a previous forecast of 25%. Goldman Sachs Over in the US, Goldman Sachs is due to report quarterly earnings before the market opens. While it is fairly normal for analysts to differ, we have rarely had such a spread in earnings expectations. Some expect earnings as low as 33 cents; others see the Earnings per share (EPS) reaching $4.99. The market agrees on one thing; Goldman Sachs is not different from its peers. It has to deal with a drop in investment banking fees and a slowdown in stock and bond trading. But what could explain this unusual spread of analysts' expectations is whether the investment bank will tidy up its books. Goldman Sachs could take a write-down on GreenSky which was acquired last year for £2.2 billion, the home improvement lending business is already for sale. Last week, Semafor said there's a chance Goldman's will take a $2 billion write-down. Tesla Tesla is scheduled to release its quarterly report tonight after market close. The street expects earnings of 79 cents per share on revenue of $24.29 billion. In the same quarter a year ago, the electric car maker posted EPS of almost 76 cents and revenue of just under $17 billion. This illustrates very well the shift in strategy Elon Musk put in place at the beginning of the year. To be able to compete with cheaper Chinese EV makers, Musk said Tesla needed to prioritise sales over profits. Netflix Also expected after the market closes is Netflix. This quarter could mark a turning point in the group's history, as we will see whether the big strategy shift is bearing fruit. Netflix customers are no longer able to share passwords, and every household now must have its own. Margins could be affected by the number of people who decide to switch to the ad-tier offer. For the April-June period, Netflix is expected to post earnings of $2.84 per share, which would be lower than the $3.20 posted for the same quarter a year ago. Revenue is forecast to reach a new record of $8.27 billion. 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.

UK (GBP) Breaking News: UK CPI Miss Troubles Pound UK inflation rose 7.9% in June compared to a year earlier, below the expected 8.2%, while the monthly figure rose just 0.1% compared to the forecast 0.4%. This has put some pressure on the pound, but one inflation figure may not be enough to allow the Bank of England to pause its hiking campaign.

Chinese markets fell again overnight, as worries about the outlook for that country's economy bedeviled investors. Other indices were more positive, with Japan's Nikkei 225 up 0.75% and the ASX 200 up 0.5%. US markets made firm headway yesterday after solid results from Morgan Stanley and Bank of America, while retail sales pointed towards further strength in US consumption. UK inflation rose 7.9% in June compared to a year earlier, below the expected 8.2%, while the monthly figure rose just 0.1% compared to the forecast 0.4%. This has put some pressure on the pound, but one inflation figure may not be enough to allow the Bank of England to pause its hiking campaign. Netflix, Tesla and Goldman Sachs are all on the schedule for earnings today.

Hi @Jmac Welcome to the community! Looking forward to your posts you will share with the community. I hope you will enjoy learning from others in the community. All the best - MongiIG

Great!

Hi @BashJasper Welcome to the community! Looking forward to the ideas and experience you will share with the community. All the best with learning how to trade forex. All the best - MongiIG

Following a buoyant performance from the S&P 500, investors are questioning if European stock markets will mirror the trend. As uncertainties linger, technical analysis hints at an optimistic future for DAX and FTSE. Source: Bloomberg Forex Indices Inflation DAX FTSE 100 United States Tony Sycamore | Market Analyst, Australia | Publication date: Tuesday 18 July 2023 Post last week's softer-than-expected US CPI data, the benchmark US equity index, the S&P 500, has made fresh cycle highs, shaping the question of whether the DAX and the FTSE will follow suit. Early 2023: A spotlight on European market outperformance During the first five months of 2023, European equities outperformed relative to US stock markets. The main drivers of this outperformance were a rebound in European growth as the energy crisis abated. The debt ceiling debacle overshadowed US equity performance, and AI mania was still in its infancy. Since May, however, European data has since rolled over. Q1 GDP data released in early June confirmed that the Euro Zone entered a technical recession in Q1 of 2023. Europe's exposure to a slowing China economy is more pronounced, and despite growth slowing, inflation remains sticky. The rates market is priced for another two 25bp rate hikes by year-end, which would take the ECB's official deposit rate to 4%. In the UK, a similar muddled story. GDP released last week showed no growth in the three months to May. Despite a rise in the unemployment rate in May to 4% from 3.8%, the whole economy pay surprisingly rose to 7.3% from 7.1% expected. Attention in the UK turns to tomorrow night's June inflation data release. The market is looking for headline inflation to ease to 8.2% YoY from 8.7% prior due to strong base effects, particularly in energy. Core inflation is expected to remain stable at 7.1%. Heading into the inflation data, the rates market is fully priced for another 100bp of rate hikes from the BoE over the next eight months, taking the BoE's official cash rate to 6.00%. DAX technical analysis In last week's update, we noted that if the DAX remained below resistance at 16,000, we would remain with a bearish bias and that on a move "above 16,000, a more neutral bias is warranted." The DAX has since rebounded back above 16,000 and as the decline from the mid-June 16,572 high unfolded in three waves, we view the recent decline as a correction rather than the early stages of a reversal lower. Looking forward, providing the DAX holds above trend channel support at 15,660 and the recent swing low at 15,559, a positive bias is in place, looking for a retest and break of the mid-June 16,572 high. DAX daily chart Source: TradingView FTSE technical analysis Furthermore to last week's update, we noted that the FTSE had reached our downside target and that the decline from the February 8047 high had unfolded in three waves which we viewed as a corrective or countertrend move. We also suggested moving to a neutral bias watching for signs of basing. At this point, we still don't have the confirmation that a base is in place at last week's 7229 low. However, should the FTSE reclaim trend line support at 7450 and the 200-day moving average at approximately 7560 on a sustained basis, we would move to a more positive bias looking for the rally to extend, initially towards 7800. FTSE daily chart Source: TradingView TradingView: the figures stated are as of July 18, 2023. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation.

Brent crude oil and Chicago wheat decline while orange juice prices remain bid Outlook on Brent crude oil, Chicago wheat and orange juice amid a depreciating greenback. Source: Bloomberg Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Tuesday 18 July 2023 Brent crude oil comes off its three-and-a-half-month highs Brent crude oil’s three-week rise on the back of total OPEC+ output cuts of over 5 million barrels per day until the end of August has taken it to levels last traded in late April at $81.56. Then it slipped back to its previous resistance, now support, zone at $78.52 to $77.51 on weaker-than-expected Q2 GDP growth in China. This support area is expected to hold on Tuesday. Were this not to be the case, the late June high at $77.24 may be reached as well. Resistance above the May peak at $78.52 can be spotted at the breached June-to-July support line, now because of inverse polarity a resistance line, at $79.14. Further minor resistance sits at Thursday’s $79.75 low. Source: ProRealTime Chicago Wheat prices remain under pressure Chicago Wheat’s swift rally to Monday’s high at $6.95 on news that Russia pulled out of the Black Sea grain deal which led to worries of tighter supply and increased inflation has been followed by a sell-off to the 55-day simple moving average (SMA) at $6.50. Below it beckon the early July low at $6.42, the May-to-July support line at $6.31 and the current July trough at $6.27, provided that no rise above Monday’s $6.95 peak is taking place. Minor resistance below this level can be found at the 11 July high at $6.69 and at the 5 July high at $6.82. Source: ProRealTime Orange juice tries to break through resistance Front month orange juice futures have been unsuccessfully trying to break trough a resistance zone over the past week despite a depreciating dollar which helped other commodity prices rise. Orange juice futures so far reached $2.7152, a daily chart close above which looks ever more likely, though, and is needed for the early June high at $2.7546 to be reached next. The price of orange juice will retain its bullish bias while it remains above last week’s low at $2.6398 on a daily chart closing basis. Below it meanders the 55-day simple moving average (SMA) at $2.6207. Source: ProRealTime