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KoketsoIG

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Blog Entries posted by KoketsoIG

  1. KoketsoIG

    What are IG’s 2023 Christmas trading hours?

    By KoketsoIG,


    Trading hour changes
    There will be a few changes to our opening hours over Christmas and the New Year. Please make sure that you’re familiar with the changes, as they may affect your trades. Please note that all times are listed in UK time.
    Date
    Market hours
    Friday 22 December
    UK equities, close early at 12.30 pm.
    UK agricultural commodities close at 12.23 pm.
    Gilts stop trading at 1 pm, and 3m-SONIA will close at 12.15 pm.
    The FTSE 100 Index will be quoted out-of-hours from 12.50 pm.
    Brent Crude, ICE WTI, and London Gas Oil close at 8 pm.
    UK and EU natural gas stop trading at 5 pm.
    FX and our out-of-hours markets close at 10 pm
    Saturday 23 December
    Weekend markets are available.
    Sunday 24 December
    Weekend markets are available.
    Monday 25 December
    All markets are closed. FX markets reopen at 9 pm. Out-of-hours markets, US rates, US metals, US energies and the VIX reopen at 11 pm
    Tuesday 26 December
    UK markets are closed (except Brent Crude, ICE WTI, and London Gas Oil which will follow regular hours)
    Hong Kong and Australian markets are closed. European indices are closed and will be quoted out-of-hours.
    NY Coffee, NY Cocoa, NY Sugar and Cotton open late at 12.30 pm
    Grains and livestock reopen at 2.30 pm.
    Wednesday 27 December
    Normal trading hours on all markets
    Thursday 28 December
    Normal trading hours on all markets
    Friday 29 December
    UK equities close early at 12.30 pm.
    Gilts and 3m-SONIA stop trading at 12.15 pm.
    The FTSE 100 Index will be quoted out-of-hours from 12.50 pm.
    Brent Crude, ICE WTI, and London Gas Oil close at 8 pm.
    UK and EU natural gas stop trading at 5 pm.
    London Cocoa closes at 4.55 pm, Robusta Coffee at 5.30 pm, and London Sugar at 6 pm. 
    Saturday 30 December
    Weekend markets are available.
    Sunday 31 January
    Weekend markets are available.
    Monday 1 January
    All markets are closed. FX markets reopen at 9 pm. Out-of-hours markets, US rates, US metals, US energies and the VIX reopen at 11 pm
    Tuesday 2 January
    Japanese markets are closed.
    Grains open at 2.30 pm.
    Normal trading hours resume in other markets
    Wednesday 3 January
    Japanese markets are closed.
    These hours are accurate to the best of our knowledge, but it’s possible that they could change.
  2. KoketsoIG

    The Week Ahead On The Markets

    By KoketsoIG,


    Market News
    The Week Ahead
    Read about upcoming market-moving events and plan your trading week

     
    Week commencing 18 December
    Chris Beauchamp's insight
    After the excitement of last week, things are quieter across global markets, though the Bank of Japan (BoJ) meeting will be a key event after the recent dovish shift by the Federal Reserve (Fed). Canadian, UK and Japanese consumer price index (CPI) mean that the inflation story remains with markets right up until Christmas, especially with US Personal Consumption Expenditures (PCE) prices on Friday. Corporate data is thinning out as the festive season approaches, but cruise line Carnival and global delivery firm FedEx will provide some interest, along with fashion giant Nike.
    Economic reports
    Monday
    9 am – German IFO index (December): expected to rise to 88.1. Markets to watch: EUR crosses

    Tuesday
    3 am – BoJ rate decision: rates expected to be left at -0.1%. Markets to watch: JPY crosses
    1.30 pm – Canada inflation (November): previous reading 3.1% YoY and 0.1% MoM. Markets to watch: CAD crosses

    Wednesday
    7 am – UK CPI (November): prices to rise 4% YoY and fall 0.2% MoM from 4.6% and 0% respectively. Core CPI to rise 5.4%, from 5.7%. Markets to watch: GBP crosses
    3 pm – US consumer confidence (December), existing home sales (November): confidence index forecast to rise to 104 from 102. Markets to watch: USD crosses
    3.30 pm – US EIA crude oil inventories (w/e December): stockpiles rose by 400,000 barrels in the previous week. Markets to watch: Brent, WTI

    Thursday
    1.30 pm – US GDP (Q3, final), initial jobless claims (w/e 16 December): claims expected to rise to 209K from 202K. GDP rate to hold at 5.2% QoQ. Markets to watch: US indices, USD crosses
    11.30 pm – Japan CPI (November): prices are expected to rise 2.5% YoY from 2.9%. Markets to watch: JPY crosses

    Friday
    7 am – UK retail sales (November), GDP (Q3, final): sales to rise 0.6%, and GDP growth to be flat QoQ. Markets to watch: GBP crosses
    1.30 pm – US PCE price index, durable goods orders (November): PCE index expected to rise 0.1% MoM and 2.9% YoY, from 0% and 3% respectively. Core PCE to rise 0.2%, in line with October. Durable goods orders to rise 1.8% after -a 5.4% fall in October. Markets to watch: US indices, USD crosses
    3 pm – US new home sales (November): expected to rise 1.2% from a -5.6% fall in October. Markets to watch: USD crosses
      Company announcements
     
    Monday
    18 December
    Tuesday
    19 December
    Wednesday
    20 December
    Thursday
    21 December
    Friday
    22 December
    Full-year earnings
              Half/ Quarterly earnings
      De La Rue,
    FedEx,
    Accenture Carnival,
    Naked Wines,
    Micron,
    General Mills Nike   Trading update*
    Card Factory         * Please note these can change without notice
      Dividends
    FTSE 100: British American Tobacco, Halma, United Utilities
    FTSE 250: Britvic, IntegraFin
    Dividends are applied after the close of the previous day’s session for each market. So, for example, the FTSE 100 goes ex-dividend on a Thursday, but the adjustment is applied at the close of the previous day, e.g. Wednesday. The table below shows the days in which the adjustment is applied, not the ex-dividend days.
    Index adjustments
     
    Monday
    18 December Tuesday
    19 December Wednesday
    20 December Thursday
    21 December Friday
    22 December Monday
    25 December FTSE 100     5.68       Australia 200             Wall Street             US 500 0.38 0.55 0.02     0.03 Nasdaq 2.76           Netherlands 25             EU Stocks 50             China H-Shares   6.3         Singapore Blue Chip             Hong Kong HS50   18.2         South Africa 40   44.7         Italy 40             Japan 225            
  3. KoketsoIG
    Please see the interest rates that are used when IG calculates the overnight funding rate (per annum) on shares and indices. This does not include the IG admin fee. The information provided is an indication as of 18th Dec 2023 and will be published weekly on Mondays.

    *** It's important to note that the rates are subject to daily changes and are based on the currency of the underlying market, not the contract currency.
  4. KoketsoIG

    Dividend Adjustments 18th Dec - 25th Dec 2023

    By KoketsoIG,


    Dividend Adjustment
    Please see the expected dividend adjustment figures for a number of our major indices for the week commencing 18th Dec 2023. These are projected dividends and are likely to change. IG cannot be held responsible for any changes made.
    Dividends highlighted in red include a special dividend, therefore some or all of the amount will not be adjusted. The amount in brackets is the expected adjustment after special dividends are excluded (where shown on major indices). Dividend adjustments due to be posted on a bank holiday will usually be posted on the previous working day.

    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. 
    How do dividend adjustments work?  
    This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation, and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See the full non-independent research disclaimer and quarterly summary.
  5. KoketsoIG

    The Week Ahead On The Markets

    By KoketsoIG,


    Market News
    The Week Ahead
    Read about upcoming market-moving events and plan your trading week

    Week commencing 11 December
    Chris Beauchamp's insight
    It might nearly be the end of the year, but this week has three big central bank decisions, covering the Federal Reserve bank (Fed), Bank of England (BoE) and the European Central Bank (ECB). While all three are expected to leave rates unchanged, hints about the next steps in policy could give markets a jolt even at this late stage, especially given the huge rally in stock markets over the past seven weeks. Flash Purchasing Managers' Index (PMIs) round out the end of the week for economic data. By contrast, only Oracle in the US and Curry's in the UK will provide much interest on the equity side.
     
    Economic reports
    Weekly View
    Monday
    11.30 pm – Australia Westpac consumer confidence (December): index expected to rise to 85. Markets to watch: AUD crosses

    Tuesday
    7 am – UK employment data: October unemployment rate to rise to 4.3%, and average hourly earnings to rise 6.7%, down from 7.9%, for the three months to October. Markets to watch: GBP crosses
    10 am – German ZEW index (December): index expected to rise to 15 from 9.8. Markets to watch: EUR crosses
    1.30 pm US inflation data (November): Consumer Price Index (CPI) forecast to be -0.1% month on month (MoM) and 3.1% year-over-year (YoY), down from 0% and 3.2% respectively. Core CPI is expected to be 0.2% MoM and 4% YoY, in line with October. Markets to watch: US indices, USD crosses
    11.50 pm – Japan Tankan manufacturers’ index quarter 4 (Q4): index to rise to 12 from 9. Markets to watch: JPY crosses

    Wednesday
    7 am – UK gross domestic product (GDP): October growth to be flat both MoM and on a 3-month rolling average. Markets to watch: GBP crosses
    1.30 pm – US Producer Price Index (PPI) (November): prices expected to rise 0.1% MoM, from October’s -0.5%. Markets to watch: USD crosses
    3.30 pm – US EIA crude oil inventories (w/e 8 December): stockpiles fell by 4.6 million barrels in the previous week. Markets to watch: Brent, WTI
    7 pm – US Federal Open Market Committee (FOMC) rate decision: rates expected to hold at 5.5%. A press conference follows at 7.30 pm. Markets to watch: US indices, USD crosses

    Thursday
    12.30 am – Australia employment data: unemployment rate to hold at 3.7%. Markets to watch: AUD crosses
    12pm – Bank of England rate decision: no change in rates expected from current 5.25%. Markets to watch: GBP crosses
    1.15 pm – ECB rate decision: rates forecast to remain at 4.5%. Markets to watch: EUR crosses
    1.30 pm – US initial jobless claims (w/e 9 December): Markets to watch: US indices, USD crosses

    Friday
    2 am – China industrial production (November): expected to rise 5.8% YoY. Markets to watch: CNH crosses
    8.30 am – German PMI (December, flash): manufacturing to rise to 45.1 from 42.6. Markets to watch: EUR crosses
    9.30 am – UK PMI (December, flash): manufacturing to rise to 48 from 47.2 and services to increase to 51.1 from 50.9. Markets to watch: GBP crosses
    1.30 pm – US Empire State manufacturing index (December): index to fall to 6 from 9.1. Markets to watch: USD crosses
    2.45 pm – US PMI (December, flash): manufacturing PMI to fall to 49.2 and services PMI to drop to 50.7 from 50.8. Markets to watch: USD crosses
      Company announcements
     
    Monday
    11 December
    Tuesday
    12 December
    Wednesday
    13 December
    Thursday
    14 December
    Friday
    15 December
    Full-year earnings
              Half/ Quarterly earnings
    Oracle   Adobe Curry's ,
    Cost   Trading update*
          Bunzl    
        Dividends
    FTSE 100: Associated British Foods, Burberry
    FTSE 250: Sirius Real Estate, Cranswick, MITIE, Tritax Eurobox, discoverIE , Baltic Classifieds
    Dividends are applied after the close of the previous day’s session for each market. So, for example, the FTSE 100 goes ex-dividend on a Thursday, but the adjustment is applied at the close of the previous day, e.g. Wednesday. The table below shows the days in which the adjustment is applied, not the ex-dividend days.
    Index adjustments
     
    Monday
    11 December Tuesday
    12 December Wednesday
    13 December Thursday
    14 December Friday
    15 December Monday
    18 December FTSE 100     0.90       Australia 200     0.4       Wall Street     5.1       US 500 0.19 0.09 1.09 0.23 0.06 0.26 Nasdaq 0.67   3.39     2.63 Netherlands 25             EU Stocks 50             China H-Shares             Singapore Blue Chip             Hong Kong HS50 0.5           South Africa 40 9           Italy 40             Japan 225     * Please note these can change without notice
     
  6. KoketsoIG
    Please see the interest rates that are used when IG calculates the overnight funding rate (per annum) on shares and indices. This does not include the IG admin fee. The information provided is an indication as of 11th Dec 2023 and will be published weekly on Mondays.

    *** It's important to note that the rates are subject to daily changes and are based on the currency of the underlying market, not the contract currency.
  7. KoketsoIG

    Dividend Adjustments 11th Dec - 18th Dec 2023

    By KoketsoIG,


    Dividend Adjustment
    Please see the expected dividend adjustment figures for a number of our major indices for the week commencing 11th Dec 2023. These are projected dividends and are likely to change. IG cannot be held responsible for any changes made.
    Dividends highlighted in red include a special dividend, therefore some or all of the amount will not be adjusted. The amount in brackets is the expected adjustment after special dividends are excluded (where shown on major indices). Dividend adjustments due to be posted on a bank holiday will usually be posted on the previous working day. 


    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. 
    How do dividend adjustments work?  
    This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation, and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See the full non-independent research disclaimer and quarterly summary.
  8. KoketsoIG

    The Week Ahead On The Markets

    By KoketsoIG,


    Market News
    The Week Ahead
    Read about upcoming market-moving events and plan your trading week

     
    Week commencing 4 December
    Chris Beauchamp's insight
    Week commencing 4 December
    Chris Beauchamp's insight
    Key events this week include a rate decision in Australia from the Reserve Bank of Australia (RBA), as well as the monthly US job reports. Given the recent weakness in Chinese equities compared to other global indices, the Caixin purchasing managers index (PMI) and trade data will be in focus for that economy. Corporate news is lighter, though Ashtead, Frasers and Berkeley Group are notable UK highlights this week.
    Economic reports
     
    Weekly View
    Monday
    3 pm – US factory orders (October): expected to fall 2.3% MoM. Markets to watch: USD crosses

    Tuesday
    1.45 am – China Caixin services PMI (November): expected to rise to 51 from 50.4. Markets to watch: CNH crosses
    3.30 am – RBA rate decision: rates expected to remain unchanged at 4.35%. Markets to watch: AUD crosses
    3 pm – US ISM services PMI (November): expected to fall to 51.5 from 51.8. Markets to watch: US indices, USD crosse

    Wednesday
    12.30 am – Australia GDP (Q3): growth to slow to 0.3% from 0.4% QoQ, and to 1.7% from 2.1% YoY. Markets to watch: AUD crosses
    9.30 am – UK construction PMI (November): previous reading 45.6. Markets to watch: GBP crosses
    1.15 pm – US ADP employment report (November): 95,000 jobs expected to have been created, down from 113,000. Markets to watch: US indices, USD crosses
    3 pm – Canada Ivey PMI (November): previous reading 53.4. Markets to watch: CAD crosses
    3.30 pm – US EIA crude oil inventories (w/e 1 December): stockpiles rose by 1.61 million barrels in the preceding week. Markets to watch: Brent, WTI

    Thursday
    3 am – China trade data (November): exports are expected to have fallen 5.1% YoY and imports to rise 4% YoY. Markets to watch: China indices, CNH crosses
    1.30 pm – US initial jobless claims (w/e 2 December): claims forecast to rise to 225K from 218K. Markets to watch: US indices, USD crosses

    Friday
    1.30 pm - US non-farm payrolls (November): payrolls expected to rise 100K, from last month’s 150K. The unemployment rate is to hold at 3.9%, while average hourly earnings are expected to rise 0.2% MoM and 4% YoY, from 0.2% and 4.1% respectively. Markets to watch: US indices, USD crosses
    3 pm – US Michigan confidence index (December, preliminary): index forecast to rise to 61.4 from 61.3. Markets to watch: USD crosses
      Company announcements
     
    Monday
    4 December
    Tuesday
    5 December
    Wednesday
    6 December
    Thursday
    7 December
    Friday
    8 December
    Full-year earnings
      Victrex,
    On the Beach       Half/ Quarterly earnings
      Ferguson,
    Ashtead,
    Moonpig Naked Wines Frasers,
    DS Smith Berkeley Group Trading update*
          Balfour Beatty    
        Dividends
    FTSE 100: Next, JD Sports
    FTSE 250: Ninety One, Intermediate Capital, Energean, Investec, Pets at Home, LXi Reit, Assura
    Dividends are applied after the close of the previous day’s session for each market. So, for example, the FTSE 100 goes ex-dividend on a Thursday, but the adjustment is applied at the close of the previous day, e.g. Wednesday. The table below shows the days in which the adjustment is applied, not the ex-dividend days.
    Index adjustments
     
    Monday
    4 December Tuesday
    5 December Wednesday
    6 December Thursday
    7 December Friday
    8 December Monday
    11 December FTSE 100     0.35       Australia 200 0.1           Wall Street     10.3 2.0     US 500 0.22 0.13 0.73 0.10 0.02 0.19 Nasdaq 0.39   0.74     0.67 Netherlands 25             EU Stocks 50             China H-Shares             Singapore Blue Chip   0.14         Hong Kong HS50       0.8   0.5 South Africa 40   61.5       9 Italy 40         2.3   Japan 225             * Please note these can change without notice
     
    Dividends
    FTSE 100: Next, JD Sports
    FTSE 250: Ninety One, Intermediate Capital, Energean, Investec, Pets at Home, LXi Reit, Assura
    Dividends are applied after the close of the previous day’s session for each market. So, for example, the FTSE 100 goes ex-dividend on a Thursday, but the adjustment is applied at the close of the previous day, e.g. Wednesday. The table below shows the days in which the adjustment is applied, not the ex-dividend days.
  9. KoketsoIG
    Please see the interest rates that are used when IG calculates the overnight funding rate (per annum) on shares and indices. This does not include the IG admin fee. The information provided is an indication as of 4th Dec 2023 and will be published weekly on Mondays.

    *** It's important to note that the rates are subject to daily changes and are based on the currency of the underlying market, not the contract currency.
     
  10. KoketsoIG

    Dividend Adjustments 4th Dec 2023 - 11th Dec 2023

    By KoketsoIG,


    Dividend Adjustment
    Please see the expected dividend adjustment figures for a number of our major indices for the week commencing 4th Dec 2023. These are projected dividends and are likely to change. IG cannot be held responsible for any changes made.
    Dividends highlighted in red include a special dividend, therefore some or all of the amount will not be adjusted. The amount in brackets is the expected adjustment after special dividends are excluded (where shown on major indices). Dividend adjustments due to be posted on a bank holiday will usually be posted on the previous working day. 


    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. 
    How do dividend adjustments work?  
    This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation, and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See the full non-independent research disclaimer and quarterly summary.
  11. KoketsoIG
    Please see the interest rates that are used when IG calculates the overnight funding rate (per annum) on shares and indices. This does not include the IG admin fee. The information provided is an indication as of 27th Nov 2023 and will be published weekly on Mondays.

    *** It's important to note that the rates are subject to daily changes and are based on the currency of the underlying market, not the contract currency.
  12. KoketsoIG
    Changes to trading hours over the US Thanksgiving period
    There will be some changes to our normal opening hours over the US Thanksgiving period. Check the table below to find out how these could impact your trading. Note that all times listed below are UK time.
    Thanksgiving
     
    Thursday 23 November
    US equity markets are closed.
    US index futures close early at 6 pm. We’ll offer out-of-hours prices on Wall Street, US 500, US Tech 100 and US Russell 2000 until index futures reopen at 11 pm.
    The Volatility Index (VIX) closes early at 4.30 pm and reopens at 11 pm.
    Brent Crude, London Gas Oil and ICE WTI will close early at 6.30 pm.
    US rates close at 6 pm.
    Metals and US energies, including NYMEX Crude and Spot Gold, close at 7.30 pm.
    US soft commodities are closed.
    London Sugar closes early at 5 pm.
    Lumber and Livestock are closed.
    Black Friday
     
    Friday 24 November
    US equity markets close early at 6 pm, and there’ll be no post-market trading.
    US index futures close early at 6.15 pm. We’ll offer out-of-hours prices on Wall Street, US 500, US Tech 100 and US Russell 2000 until 9 pm.
    The Volatility Index (VIX) closes early at 6.15 pm.
    Brent Crude, London Gas Oil and ICE WTI will close at 7 pm.
    US rates and the US Dollar Index close at 6.15 pm.
    Metals and US energies, including NYMEX Crude and Spot Gold, close at 6.45 pm.
    New York Cotton opens late at 1 pm. New York Cotton and Orange Juice closes early at 6.30 pm.
    Normal trading hours on New York Sugar, New York Coffee and New York Cocoa.
    US grain futures open late at 2.30 pm and close early at 6.05 pm.
    Lumber trades from 3 pm to 6.05 pm, and Livestock trades from 2.30 pm to 6.05 pm.
    The futures desk and all 24-hour indices close at 9 pm, and FX closes at 10 pm.

    These hours are accurate to the best of our knowledge, but it’s possible that they could change.
     
  13. KoketsoIG
    Please see the interest rates that are used when IG calculates the overnight funding rate (per annum) on shares and indices. This does not include the IG admin fee. The information provided is an indication as of 13th Nov 2023 and will be published weekly on Mondays.

    *** It's important to note that the rates are subject to daily changes and are based on the currency of the underlying market, not the contract currency.
  14. KoketsoIG

    Dividend Adjustments 25th Sep - 2nd Oct 2023

    By KoketsoIG,


    Dividend Adjustments
    Please see the expected dividend adjustment figures for a number of our major indices for the week commencing 25th Sep 2023. These are projected dividends and are likely to change. IG cannot be held responsible for any changes made.
    Dividends highlighted in red include a special dividend, therefore some or all of the amount will not be adjusted. The amount in brackets is the expected adjustment after special dividends are excluded (where shown on major indices). Dividend adjustments due to be posted on a bank holiday will usually be posted on the previous working day. 
    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. 

    How do dividend adjustments work?  
    This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation, and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See the full non-independent research disclaimer and quarterly summary.
  15. KoketsoIG

    Dividend Adjustments 18th Sep 2023 - 25th Sep 2023

    By KoketsoIG,


    Dividend Adjustments
    Please see the expected dividend adjustment figures for a number of our major indices for the week commencing 18th Sep 2023. These are projected dividends and are likely to change. IG cannot be held responsible for any changes made.
    Dividends highlighted in red include a special dividend, therefore some or all of the amount will not be adjusted. The amount in brackets is the expected adjustment after special dividends are excluded (where shown on major indices). Dividend adjustments due to be posted on a bank holiday will usually be posted on the previous working day. 
    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. 

    How do dividend adjustments work?  
    This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation, and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See the full non-independent research disclaimer and quarterly summary.
  16. KoketsoIG

    The Week Ahead On The Markets

    By KoketsoIG,


    Market News
    The Week Ahead
    Read about upcoming market-moving events and plan your trading week
      Week commencing 18 September
    Chris Beauchamp's insight
    This week is dominated by central bank meetings, namely the Bank of Japan (BoJ), Federal Reserve (Fed), and the Bank of England (BoE). Canadian, UK, and Japanese consumer price index (CPI) will also be important events to monitor, as inflation and the potential for a resurgence in price growth, continue to dominate financial market newsflow, particularly in the wake of the increase in CPI and producer price index (PPI) in the US last month. Updates are expected from UK firms Next, ASOS, and Galliford Try.

     
    Economic reports
    Weekly View
    Monday
    None

    Tuesday
    2.30 am – RBA meeting minutes. Markets to watch: AUD crosses
    1.30 pm – Canada CPI (August): prices rose 3.3% YoY and 0.6% MoM in July. Markets to watch: CAD crosses

    Wednesday
    7 am – UK CPI (August): prices expected to rise 6.7% YoY and fall 0.2% MoM. Markets to watch: GBP crosses
    3.30 pm – US EIA crude oil inventories (w/e 15 September): stockpiles rose by 3.9 million barrels in the preceding week. Markets to watch: Brent, WTI
    7 pm – Fed rate decision: rates expected to be held at 5.5%. Press conference follows at 7.30pm. Markets to watch: US indices, USD crosses

    Thursday
    12pm – Bank of England rate decision: rates forecast to rise 25bps to 5.5%. Markets to watch: GBP crosses
    1.30 pm – US initial jobless claims (w/e 16 September): claims to rise to 222K from 220K. Markets to watch: USD crosses
    3 pm – US existing home sales (August): sales to rise 1.5% MoM. Markets to watch: USD crosses

    Friday
    12.30 am – Japan CPI (August): prices expected to rise 3% YoY. Markets to watch: JPY crosses
    4 a.m. – Bank of Japan rate decision: rates expected to be held at -0.1%. Markets to watch: Japanese indices, JPY crosses
    8.30 am – German mfg PMI (September, flash): expected to rise to 41.5. Markets to watch: eurozone indices, EUR crosses
    9 am – eurozone PMI (September, flash): manufacturing to rise to 44.9 and services to rise to 49.1. Markets to watch: eurozone indices, EUR crosses
    9.30 am – UK PMI (September, flash): services to fall to 49.1 and manufacturing to rise to 43.6. Markets to watch: GBP crosses
    2.45 pm – US PMI (September, flash): manufacturing to rise to 48.8 and services to fall to 49, from 50.5, signaling contraction. Markets to watch: US indices, USD crosses
      Company announcements
     
    Monday 18 September
    Tuesday 19 September
    Wednesday 20 September
    Thursday 21 September
    Friday 22 September
    Full-year earnings
        Galliford Try,
    Dunelm DFS Furniture   Half/ Quarterly earnings
      Kingfisher   Next,
    JD Sports Trading update*
    Sthree,
    Ocado,
    ASOS,
    TUI   Grainger   * Please note these can change without notice     Dividends
    FTSE 100: None
    FTSE 250: Crest Nicholson, FDM Group, Essentra, Grafton, JTC, Dowlais, Redrow
    Dividends are applied after the close of the previous day’s session for each market. So, for example, the FTSE 100 goes ex-dividend on a Thursday, but the adjustment is applied at the close of the previous day, e.g. Wednesday. The table below shows the days in which the adjustment is applied, not the ex-dividend days.

  17. KoketsoIG
    Please see the interest rates that are used when IG calculates the overnight funding rate (per annum) on shares and indices. This does not include the IG admin fee. The information provided is an indication as of 18th Sep 2023 and will be published weekly on Mondays.

    *** It's important to note that the rates are subject to daily changes and are based on the currency of the underlying market, not the contract currency.
  18. KoketsoIG
    The resumption of the FANG stocks long-term uptrend calls for new record highs.
    Source: Bloomberg   Shares Big Tech Meta Platforms Artificial intelligence Market trend Google    Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Thursday 24 August 2023 13:47 Where to next for FANG stocks?
    Following much-better-than expected results by the chip maker Nvidia and a surge in its after-hours share price by close to 10%, taking it to an all-time record high, how do FANG stocks fare?
    (Former) Facebook (Meta), Apple, Amazon, Netflix and Google (Alphabet) shares have benefitted from the ongoing Artificial Intelligence (AI) mania and have resumed their collective long-term uptrend when looking at the FANG index.
    FANG Daily Chart
    Source: ProRealTime The fact that the July-to-August resistance line at 7,660 has been breached and that a daily chart close above the 55-day simple moving average (SMA) at 7,747 has also been made with Wednesday’s close, indicates with a high probability that the recent correction has run its course.
    Once the June peak at 7,925 has also been overcome, not only is the current July all-time high at 8,298 likely to be exceeded but a new record high is also expected to be hit before the end of the year.
    FANG Weekly Chart
    Source: ProRealTime Only a currently unexpected slip back and fall through last week’s low at 7,179 would question the bullish outlook.
    Which stocks are likely to outperform?
    When looking at the FANG constituents one can clearly see that Meta has been a great outperformer year-to-date with its shares rising by 135%, driven by AI- and Threads- related profits, followed by Amazon’s near 58% rise, ahead of the other FANG companies’ around 45% advance.
    FANG comparison chart
    Source: Google Finance Over the past month Alphabet and Amazon have outperformed Meta, though, rising respectively by around 9% and 5%, compared to Meta’s 1% advance, as their AI projects have also gained investors’ attention and Meta’s share price took a nosedive over the past few weeks.
    Since much of the past month was spent in a downward corrective phase for all U.S. stocks, the relative out- or underperformance of individual FANG stocks during this time might not be representative. It is therefore hard to say which of these stocks will outperform on a relative basis until the year end.
    What about Microsoft?
    Stocks like Microsoft, although also involved with AI, still lag FANG stocks with a year-to-date gain of around 37% and are unlikely to outperform these in the near future.
    And Nvidia?
    Nvidia’s stellar share price rise of around 240% year-to-date dwarfs all others with the share expected to open above the psychological $500 mark in new record highs on Thursday.
    A 170% increase in Nvidia sales this quarter, doubling of its revenue quarter-on-quarter and significantly increased profits due its 60% market share and the growth in AI have propelled it and other technology mega stocks significantly higher.
    This upward momentum is likely to continue for the foreseeable future.
     
  19. KoketsoIG
    Outlook on FTSE 100, DAX 40 and S&P 500 amid S&P Global U.S. bank downgrades, U.S. long dated yields surging higher and Zoom beating estimates.
    Source: Bloomberg  Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Tuesday 22 August 2023 10:28 FTSE 100 continues to hover above support
    The FTSE 100 continues to precariously hover above key support which sits between its March and July lows at 7,228 to 7,204 as the UK’s public sector net borrowing came in slightly weaker-than-expected at 3.5 bn versus a forecast 3.8 bn.
    On Monday UK homebuilders fell following a downbeat update from Crest Nicholson Holdings but so far the UK blue-chip index continues to stabilise. Further low volatility trading above its 7,228 to 7,204 major support zone is expected to be seen on Tuesday, ahead of Thursday’s U.S. Jackson Hole symposium. Minor resistance above Monday’s 7,317 high sits at the 24 March low at 7,331 and more significant resistance between the May and June lows at 7,401 to 7,433.
    Source: ProRealTime DAX 40 probes accelerated downtrend line
    The DAX 40’s slide has taken it to marginally above its 15,455 July low last week before the index tried to recover despite U.S. 10-year yields rising to levels last seen in November 2007 and S&P Global downgrading several U.S. banks. In case of a break through the July-to-August accelerated downtrend line at 15,705 taking place, minor resistance around the 4 August low at 15,780 could be reached next. Further up meanders the 55-day simple moving average (SMA) at 16,001.
    While the index remains below the next higher 10 August high at 16,062, overall downside pressure remains in play, though. Strong support remains to be seen between the July and current August lows and the 200-day simple moving average (SMA) at 15,469 to 15,420.
    Source: ProRealTime S&P 500 recovers from near two-month low
    The S&P 500 is expected to recover further from last week’s 4,337 low, made marginally above its 4,328 late June low, and is seen heading back up towards the 55-day simple moving average (SMA) at 4,447 ahead of Thursday’s Jackson Hole symposium.
    Speeches by Federal Open Market Committee (FOMC) members Goolsbee and Bowman as well as U.S. existing home sales may still throw a spanner in the works beforehand. Having said that, rallies in Tesla, Zoom and Nvidia stocks, the former technology company having beat its Q2 earnings and revenue estimates and the latter announcing its Q2 earnings on Wednesday, currently underpin more positive market sentiment. Minor support can now be spotted at Friday’s 4,382 high and major support at 4,337 to 4,328.
    Source: ProRealTime  
  20. KoketsoIG
    UK retail sales fell more than expected in July, down 1.2% month-on-month, as the unusually wet weather saw shoppers stay inside.

    Forex Retail Inflation United Kingdom Bank of England Interest rate  
     Jeremy Naylor | Analyst, London | Publication date: Friday 18 August 2023 12:23 Economists had expected a drop, but by a far smaller -0.5%. As IGTV’s Jeremy Naylor explains, those very same economists will now be working out what this means for the Bank of England. Elevated inflation remains so there is still a need for another rate rise and with evidence of relatively robust growth in June there will be some of the Monetary Policy Committee that will want to keep the pressure on. However, these retail sales numbers show the consumer is finding the going tough.
    (Video Transcript)
    UK retail sales
    UK retail sales down in the month of July as a result of what was an unusually wet month mid-summer. July was appalling for many parts of the country. Discount shoppers pretty much across the board. Let's take a look at the figures as they broke this morning before the equity markets opened.
    We saw some movements in sterling as a result of this news. Retail sales down by 1.2% in July month-to-month expectations had been for a drop of just a half of 1%. The quantity of goods bought in the British shops fell 1.2% overall, but for the year you can see it's down 3.2%. If you look at the year overall, expectations there had been for a drop of 2.1%, so we took away your counted. These are weak numbers as illustrated by the recent news about the consumer under pressure.
    Candle chart
    Let me show you a 30-minute candle chart here for sterling against the USD. You can quite clearly see on the right-hand side here the drop that we saw in the wake of those figures taking us out to a daily chart. We've seen what has been overall a positive week so far. Here we are mid-morning on a Friday. I guess we'll end up holding on to much of the gains that we've seen overall in this week. The point to be made here is the fact that the economy is finding it going tough, and I think it's led by the consumer because of the rise in costs, most notably the rise in mortgage costs.
    Bank of England interest rates
    It's really beginning to dampen down a lot of the activity within this sector. We've already seen June gross domestic product (GDP) come out with a rise of half of 1%, which is far faster than had been expected. The big question for me is can that continue? The big thing here is what does all this mean for Bank of England interest rates? We've seen inflation hold up, retail price and consumer price inflation hold up, which would seem to indicate that the Bank of England needs to raise interest rates again by a quarter point come the next meeting, which is into September.
    But you get figures out like this, and clearly if they do raise rates they're going to have to keep one eye firmly on the consumer just to check to make sure it's not going to crumple what little activity there is out there. So clearly this number out today showing a weakness within the consumer around the British economy.
    For more videos from us here at IGTV, join us on Twitter at IG.com, Instagram and subscribe to our YouTube channel.
  21. KoketsoIG
    Walmart, an all-sessions stock, has upped its full-year forecasts as lower prices lured shoppers, but its CFO John David Rainey said "I don't want to declare that we are out of the woods here.’’

     
    Shares Walmart Retail Demand Profit Inflation  
     Angeline Ong | Financial Analyst, Presenter and Content Editor, London | Publication date: Thursday 17 August 2023 17:27 (Video Transcript)
    Walmart earnings
    Walmart, a big retail company in the US, has reported impressive numbers and is raising its expectations for sales and profit due to high demand. They credit this success to their affordable essentials and other products, which are attracting more customers.
    Despite some small decreases in their stock levels, there is still a lot of interest in Walmart's stock because it has been consistently growing over time. This shows how well Walmart is doing and can be seen as a sign of the US economy's strength and how the rising cost of living and inflation can affect consumer behavior.
    Q2 sales
    Walmart's sales for the second quarter exceeded expectations, and their margin rate also increased. This positive performance is thanks to lower costs in their supply chain and fewer discounts. It shows that people are still willing to buy cheaper products, even during these tough economic times.
    Overall, Walmart's ability to adapt to changing market conditions and meet the demands of consumers demonstrates their resilience. The company's numbers and adjusted predictions are a reflection of the strong and ongoing performance in the retail industry.
    Basically, Walmart is doing really well because they are offering affordable products that people want to buy. Even though the economy is not great right now, Walmart is still able to attract customers and make a profit.
    This is a good sign for the overall economy because it shows that people are still spending money, even with rising prices. Walmart's success also shows that they are able to adjust to changes in the market and give customers what they want.
    Overall, it seems like Walmart will continue to be successful in the retail industry.
  22. KoketsoIG
    Outlook on the Nvidia share price ahead of its upcoming Q2 results.
    Source: Bloomberg   Shares Nvidia Price Share price Integrated circuit Graphics processing unit  
     Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Wednesday 16 August 2023 17:00 When are Nvidia’s results expected?
    Nvidia is set to release its second quarter (Q2) 2023 results on 23 August 2023. The results are for the quarter ending July 2023.
    What is ‘The Street’s’ expectation for the Q2 results?
    ‘The Street’ expectations for the upcoming results are as follows:
    Revenue of $11.160 billion : +66.47% year-on-year (YoY)
    Earnings per Share (EPS) : $2.07: +405.88% (YoY)
    Nvidia – the great outperformer
    The ongoing global surge in the demand for Artificial Intelligence (AI) chips continues to squeeze the supply of these with gulf states such as Saudi Arabia and the United Arab Emirates (UAE) entering the fray and buying up thousands of high-performing Nvidia chips.
    According to the Financial Times (FT), “Saudi Arabia has bought at least 3,000 of Nvidia’s H100 chips — a $40,000 processor described by Nvidia chief Jensen Huang as “the world’s first computer [chip] designed for generative AI.”
    The FT furthermore reported that “the UAE has also secured access to thousands of Nvidia chips and has already developed its own open-source large language model, known as Falcon.”
    According to the newspaper, Nvidia is expected to sell over half a million of its high-end H100 computer graphic processing units (GPUs), raking in tens of billions of dollars in 2023.
    The period from October 2022 onwards saw increased recession fears and worries about declines in earnings, neither of which has yet occurred on a wider scale.
    With so much negative news baked into the share price, there was plenty of room for Nvidia to outperform forecasts, which it duly has. The question for investors now is whether the company’s exceptional gains can be sustained and whether Nvidia can live up to the undeniable hype surrounding AI.
    Since AI chip shipments are forecast to increase next year and beyond, Nvidia with a significant market share of around 60%, is expected to benefit massively. With gaming revenue picking up as well, another valuable revenue stream for the company could be further exploited.
    But just as Nvidia benefited from the lack of good news last year, this year it continues to face an uphill struggle, even if its share price has so far more than doubled.
    Investors remain positive with regards to the company’s coming quarters, but at today’s multiples Nvidia trades at 228 times current earnings. That is an awful lot of good news in the share price, and it seems reasonable to expect that the gravy train will at some stage come to a halt. The question is when exactly this will be.
    How to trade Nvidia into the results
    Source: Refinitiv Refinitiv data shows a consensus analyst rating of between ‘buy’ for Nvidia – 15 strong buy, 29 buy, 6 hold and 1 sell - with the median of estimates suggesting a long-term price target of $500.00 for the share, roughly 13.8% higher than the current price (as of 16 August 2023).
    Source: IG IG sentiment data shows that 52% of clients with open positions on the share (as of 16 August 2023) expect the price to fall over the near term, while 48% of clients expect the price to rise. Trading activity over this week and month shows 54% and 51% of sells, respectively.
    Nvidia – technical view
    The Nvidia share price has risen by an impressive 207% year-to-date, but has given back around 16% from its mid-July $480.88 all-time high before recouping half of these losses in the course of this week.
    According to the 9-Day Relative Strength Index (RSI), the share price is currently bouncing off its oversold level of around 27%. The last time it did so was in January, at the beginning of this year’s impressive bull run.
    Nvidia Daily Chart
    Source: Tradingview It looks as if the Nvidia share price has ended its recent consolidation phase and has resumed its ascent towards the $500 region.
    Only a fall through and daily chart close below not only this year’s uptrend line at $383.90 but also the post Q1 earning’s results low at $366.35, would question our medium-term bullish outlook.
    In this scenario the Nvidia share price is expected to at least partially fill the May price gap. The area between the November 2021 high and the mid-May high at $346.47 to $318.28 would then represent a great long-term buying opportunity.
    Nvidia Weekly Chart
    Source: Tradingview
  23. KoketsoIG

    The Week Ahead On The Markets

    By KoketsoIG,


    Market News
    The Week Ahead
    Read about upcoming market-moving events and plan your trading week
      Week commencing 14 August
    Chris Beauchamp's insight
    This week sees the release of UK inflation data, along with figures on employment and wages plus monthly retail sales. Minutes from the latest Federal Reserve bank (Fed) and Reserve Bank of Australia (RBA) meetings will be worth monitoring, along with the German ZEW reading. On the earnings front, UK insurers such as Legal & General and Aviva report, and in the US Home Depot, Cisco and Walmart provide earnings updates.
     
     
     
    Economic reports
    Weekly View
    Monday
    None
    Tuesday
    12.50am – Japan GDP (Q2): growth expected to be 3.2% YoY and 1% QoQ. Markets to watch: JPY crosses
    2.30am – RBA meeting minutes: these will cover the decision to leave rates unchanged at 4.1%. Markets to watch: AUD crosses
    7am – UK employment data: June unemployment rate to hold at 4%, while average earnings including bonus to rise 6.8%. Markets to watch: GBP crosses
    10am – German ZEW index (August): index to fall to -16. Markets to watch: EUR crosses
    1.30pm – US retail sales (July): expected to rise 0.3% MoM. Markets to watch: USD crosses
    1.30pm – Canada CPI (July): prices to rise 2.8% YoY and 0.1% MoM, in line with last month. Markets to watch: CAD crosses
    Wednesday
    7am – UK CPI (July): prices in the UK expected to rise 7.4% YoY, from 7.9% in June, and 0.1% MoM, in line with the previous month. Core CPI to be 6.8% YoY, down from 6.9%. Markets to watch: GBP crosses
    3.30pm – US EIA crude oil inventories (w/e 11 August): stockpiles rose by 5.8 million barrels in the previous week. Markets to watch: Brent, WTI
    7pm – FOMC minutes: these will cover the July meeting and the decision to raise rates by 25bps. Markets to watch: US indices, USD crosses
    Thursday
    2.30am – Australia employment data (July): unemployment rate to hold at 3.5%. Markets to watch: AUD crosses
    1.30pm – US initial jobless claims (w/e 12 August): claims to rise by 241K, down from 248K in the previous week. Markets to watch: USD crosses
    Friday
    12.30am – Japan CPI (July): prices to rise 3.4% YoY and core CPI to rise 3.1%. Markets to watch: JPY crosses
    7am – UK retail sales (July): sales rose 0.7% MoM in June. Markets to watch: GBP crosses
    3pm – US Michigan consumer sentiment (August): index to drop to 70.9 from 71.6. Markets to watch: USD crosses
     
     
     
    Company announcements
     
     
     
    Monday
    14 August
    Tuesday
    15 August
    Wednesday
    16 August
    Thursday
    17 August
    Friday
    18 August
    Full-year earnings
              Half/ Quarterly earnings
      Legal & General,
    Just Group ,
    Home Depot Balfour Beatty,
    Admiral,
    Aviva,
    Target,
    Cisco Walmart
    Trading update*
          * Please note these can change without notice
        Dividends
    FTSE 100: Pershing Square, Imperial Brands, GlaxoSmithKline, Schroders, Anglo American, Convatec, London Stock Exchange, Abrdn, Hiscox, Entain, Berkeley Group
    FTSE 250: Investec, Chemring, ICG Enterprise Trust , Bridgepoint, Keller, Rotork, Tritax Eurobox, 4imprint, Lancashire Holdings, TI Fluid Systems
  24. KoketsoIG

    Dividend Adjustments 14th Aug 2023 - 21st Aug 2023

    By KoketsoIG,


    Dividend Adjustments
    Please see the expected dividend adjustment figures for a number of our major indices for the week commencing 14th Aug 2023. These are projected dividends and are likely to change. IG cannot be held responsible for any changes made.
    Dividends highlighted in red include a special dividend, therefore some or all of the amount will not be adjusted. The amount in brackets is the expected adjustment after special dividends are excluded (where shown on major indices). Dividend adjustments due to be posted on a bank holiday will usually be posted on the previous working day. 
    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. 

    How do dividend adjustments work?  
    This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation, and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See the full non-independent research disclaimer and quarterly summary.
     
  25. KoketsoIG
    An initial move higher in Wall Street last Friday eventually faded into the close, as market participants took the opportunity for further profit-taking into the seasonally weaker month of August.
    Source: Bloomberg   Forex Indices United States dollar AUD/USD Bank of Japan Japanese yen  
     Yeap Jun Rong | Market Strategist, Singapore | Publication date: Monday 07 August 2023 04:07 Market Recap
    An initial move higher in Wall Street last Friday eventually faded into the close (DJIA -0.43%; S&P 500 -0.53%; Nasdaq -0.36%), as market participants took the opportunity for further profit-taking into the seasonally weaker month of August.
    The focus was on the US July non-farm payroll report, which saw a miss in job addition for the second straight month (187,000 vs 200,000 consensus) but nevertheless, a downtick in unemployment rate (3.5% vs 3.6% consensus) and pull-ahead in wage growth (4.4% YoY vs 4.2% consensus) still denote signs of a tight labour market.
    The data may support soft landing hopes, but persistent wage pressures seem to suggest keeping an eye on inflation risks ahead, alongside recent upmove in commodities prices over the past month. For now, market participants will want to see more evidence of inflation back on the rise to price for additional tightening, which will leave all eyes on the US Consumer Price Index (CPI) data this week.
    US Treasury yields reacted to the downside, which put the US dollar on a slight breather (-0.3%) following its recent rally. For the Nasdaq 100, the index continues to hover below its 15,400 level, which serves as a neckline for a near-term double-top formation. An attempt to reclaim the level last Friday was met with some resistance, which still denotes near-term exhaustion to its recent rally. Further downside may place the 14,800 level on watch next, where the upper edge of its Ichimoku cloud support stands.
     
    Source: IG charts Asia Open
    Asian stocks look set for a weak open, with Nikkei -0.67%, ASX-0.03% and KOSPI -0.06% at the time of writing, largely displaying a cautious tone following last Friday’s reversal on Wall Street. The release of the Bank of Japan (BoJ)’s summary of opinions this morning revealed wide consensus for its yield curve control policy to be more flexible, which saw some firming in the Japanese Yen upon its release.
    Nevertheless, the bias for the USD/JPY still seems to lean on the upside for now, having defended the lower trendline of its ascending channel pattern lately with a bullish pin bar formation. The 138.90 level could be a crucial support confluence to hold for the pair, where its 100-day moving average (MA) coincides with the lower channel trendline and the lower edge of its Ichimoku cloud support. For now, its relative strength index (RSI) continues to trend above the 50 level, which puts buyers in control.
    The 145.00 will remain an immediate resistance to overcome ahead, having seen a sell-off in early-July this year from renewed speculations around currency intervention. Heading towards the 145.00-145.80 level, where previous intervention efforts were delivered back in September 2022, could potentially trigger some jawboning from authorities once more, which may reignite some resistance for the pair.
     
    Source: IG charts On the watchlist: AUD/USD moves below key support
    A rate hold from the Reserve Bank of Australia (RBA) last week, alongside a more subdued risk environment and mixed economic data out of China, has prompted the AUD/USD to fall below its horizontal support at the 0.659 level. This seems to point towards a breakdown of a near-term double-top formation, with a retest of the 0.659 level last Friday met with a bearish rejection.
    Its moving average convergence/divergence (MACD) has crossed back below the zero mark, with its RSI sliding further below the 50 level, which seems to put sellers in control for now. Further downside may leave its year-to-date low at the 0.645 level on watch next, while on the other hand buyers may have to reclaim the 0.659 level to support a move back towards the 0.678 level.
     
    Source: IG charts Friday: DJIA -0.43%; S&P 500 -0.53%; Nasdaq -0.36%, DAX +0.37%, FTSE +0.47%
     

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