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JoeIG

IG Market News
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  1. Amazon's net income for its first quarter more than doubled to $3.6bn, or $7.09 a share, from $1.6bn in the same quarter last year, beating analysts' expectations of $4.72 a share. Revenue rose 17%, in line with consensus estimates, although it was the lowest YoY growth rate since the beginning of 2015. Operating expenses increased by 13%, down from 41% growth in the same quarter of 2018. Amazon plans to roll out one-day shipping worldwide for its Prime members this year, which will likely drive up further spending. Meanwhile, other after hours earnings in the U.S. yesterday were posit
  2. Wall Street ended in the negative on Monday as investors digested mixed results from the latest batch of bank earnings. Goldman Sachs reported better than expected earnings, however its shares fell 3.8% due to first quarter numbers showing net profits fell by 21% YoY. Citigroup earnings also beat expectations, although saw a 2% fall in overall revenue. The S&P 500 slipped 0.1% to 2,905.58 after having three consecutive weeks of gains. The Dow Jones ended the day down 27 points at 26,384.77. Asian markets traded just below 9-month highs after bank earnings dented U.S. indices.
  3. Asian Pacific markets were mixed on afternoon trading, edging off seven-month peaks as investors digested a rebound in U.S. jobs data and reports of more progress in the trade negotiations between Washington and Beijing, but still cautious on the outlook of the global economy and the U.S. earnings season. The U.S economy added 196,000 jobs in March, beating economists' expectations of a figure of 175,000. Chinese blue chip stocks climbed in the initial session, however slipped slightly as the Shenzhen composite fell 0.822%. MSCI's index of APAC shares outside Japan traded flat af
  4. Confidence returns to the markets as Asian stocks rallied on Monday over positive Chinese factory gauges and signs of progress in US-China trade talks boosted investor sentiment. Manufacturing activity in China expanded at its fastest pace in eight months in March, reading 50.8 and beating analysts' expectations of 49.9. Bloomberg has announced that Chinese government bonds will be included in its Bloomberg Barclays Global Aggregate index, a global benchmark of government securities. This move could attract around $2 trillion of foreign inflows into China's onshore debt market and is exp
  5. US-China trade talks have restarted in Beijing as U.S. Treasury Secretary Steven Mnuchin said on Friday that he had a "productive working dinner" the previous night. Investors are hopeful that progress will be made to resolve the bitter trade dispute between the two largest global economies, amid growing concern of a slowing economy as the bond market signals a possible incoming recession. Theresa May is set to make a third attempt to pass a Brexit deal today, as the MPs are asked to vote for a "blindfold Brexit" on the day that Britain was originally due to exit the EU. The format for
  6. Lyft, the ride-hailing company and one of Uber's main competitors, has begun its investor roadshow to pitch its Nasdaq listing as it looks to raise $2bn at a valuation of around $23bn. The company suggested a price range between $62 and $68 per share in its filing to the SEC on Monday, and will use the ticker symbol LYFT when it begins trading. This is a first indication of what ride sharing companies could be worth in public markets as we await Uber's IPO in the coming months. Theresa May's Brexit plans faces further hurdles as Speaker John Bercow ruled yesterday that she could not all
  7. Amid the political uncertainty surrounding Brexit, the Bank of England has advised UK lenders to triple their holdings of liquid assets in the run-up to Brexit to prepare for a forecast market meltdown if the UK leaves the EU without a deal later this month. Banks are also being told to adjust their balance sheets on the assumption that they will not be able to swap sterling for USD. Worries over an economic slowdown intensified on Friday after US jobs data significantly missed forecasts, creating only 20,000 jobs in February, compared to the expected 180,000. This comes after China show
  8. Global tensions reach new heights as Chinese tech giant Huawei files a lawsuit against the U.S, claiming that a law that bans government agencies from buying the company's equipment is unconstitutional. This comes after Huawei's CFO also filed legal proceedings against Canada. Meanwhile, there has been a report that North Korea are moving to rebuild a nuclear missile site, following a break down last week in the summit between Trump and Kim Jong Un. In Europe, there is the ECB's board meeting later today. The central bank is expected slash growth forecasts and is likely to provide stron
  9. Barrick Gold has announced an unsolicited plan to merge with Newmont Mining in a $19 billion all-share transaction. The merger, if successful, would create the world's largest gold mining company and could potentially re-shape the industry, along with gold prices. This comes after Barrick completed their $6.1 billion acquisition of Randgold Resources last month. Tesla shares fell almost 5% yesterday after the SEC asked a judge to hold CEO, Elon Musk, in contempt for failing to abide by a settlement deal that was agreed last year. This relates to a tweet last week from Musk about Tesla's
  10. Asia share markets began the week with strong gains as investors hope for both further progress at US-China trade talks in Washington this week and more stimulus from major central banks. Trump stated in a White House news conference that he would be "honored" to remove current tariffs if an agreement can be reached, and to possibly extend the March 1st deadline for a deal. The Shanghai Composite was up around 1.8% by the end of the morning trading session, whilst the Hang Seng and the Nikkei gained 1.51% and 1.8%, respectively. Australia's ASX 200 traded 0.35% higher. US stock mar
  11. Alphabet, Google's parent company, saw its share prices fall over 3% in extended trading on the back of continuing pressure on advertising prices and decreasing margins - adding to the concern over the company's periodic surges in spending. This comes despite the company beat expectations across the board in its Q4 results. Theresa May will travel to Ireland today to try to ease concerns over a hard border situation in Ireland upon Brexit. Meanwhile, UK Steel has warned that a no-deal Brexit would severely impact the British steel industry, worth £2.8bn a year in sales. The US Fed
  12. The 35 day partial US government shutdown has ended after Trump conceded his demand for $5.7 billion to build his border wall as a condition for reopening the government. The temporary measure will fund the government for three weeks while Congress try to craft an immigration deal that pleases the president. US equities closed at a high on Friday as a solution for the partial government shutdown is reached. The Dow closed 0.8% higher at 24,737.20, whilst the S&P 500 also gained 1% and the Nasdaq edged higher on the back of strong earnings from Starbucks. In Asia, China's CSI
  13. The IMF has cut its forecasts for growth as it says the global economic expansion is losing its momentum, projecting a 3.5% growth rate worldwide for 2019, 0.2 percentage points less than its forecasts in October. This comes just hours after China announced its slowest economic growth in almost three decades. Meanwhile, over at the World Economic Forum in Davos, there are ongoing talks over an array of current or potential crises, from the US-China trade war to the uncertainty surrounding Brexit. US markets were closed on Monday for the Martin Luther King holiday. In Asia, th
  14. Asian stocks fell as China's export data indicated a shock contraction, declining by 7.6% since July 2016. This points to deepening cracks in the world's second largest economy and increased fears of a significant slowdown in global growth and businesses. The CSI 300 was down 0.8%, falling from a 3 week high reached on Friday. The Hang Seng slipped 1.4% as both the financial and technology sectors took a hit. US equities ended Friday with marginal losses, however the S&P 500 maintained a weekly gain of 2.5%. The US Dollar Index was 0.1% lower after reaching a 3 month lo
  15. US Index Futures fell and Asian shares toppled on Thursday after a revenue warning from Apple on its Q1 results adds to fears of slowing global growth. Dow futures point to a decline of over 400 points at the open. The Dow is currently trading at 23015, the S&P at 2476 and the Nasdaq at 6211. MSCI's Index of Asia-Pacific shares excluding Japan dropped 0.6%, whilst the Nikkei futures fell 2.2%. The news from Apple sparked a 'flash crash' in the currency markets, sending the safer assets such as the Japanese Yen soaring against most other currencies, rising by as much a
  16. The FOMC will begin its 2 day meeting today, with the markets expecting a 25 basis points interest rate increase upon its announcement on Wednesday, which would make this its fourth hike this year. Homebuilder sentiment in the US declined in December to its lowest point in over 3 years, and could be an early indication of an economic softening. Theresa May has announced that the "meaningful vote" for her Brexit Withdrawal Agreement is due to be held in the third week of January, after it was postponed last week amid fears of a defeat. US stocks closed at the lowest level in
  17. Theresa May will begin the five days of her House of Commons debate today, culminating in a historic vote on her Brexit compromise deal on December 11. The Dow Jones closed 1.13% higher at 25,826.43 yesterday, whilst both the S&P and Nasdaq posted gains of 1.09% and 1.51 percent, respectively. Asian shares fell on Tuesday as the optimism gathered from the US-China trade truce ends over doubts of a final resolution: the Hang Seng lost 0.3% as the ASX gave up 0.8% and Japan's Nikkei dropped 1.3% lower. USD was 0.3% weaker against the yen, at 113.28. Oil prices continu
  18. The G20 summit in Argentina begins today, where discussions around trade, Brexit, and tensions between Russia and Ukraine are expected to be the dominant topics to take centre-stage. FOMC minutes released yesterday pointed towards another rate hike in December, with concerns that trade tensions and corporate debt could impact growth. China’s official PMI fell to 50.0 in November from 50.2 last month, adding pressure on the country to implement more economic support measures amid the trade war. The Dow Jones fell 0.11% on Thursday, whilst the S&P 500 and the Nasdaq Compos
  19. FAANG stocks have now shed more than $1 trillion in market value since recent highs, whilst Target leads the fall in retail as its shares dropped 10.5% yesterday after posting worse than expected earnings figures. The Nasdaq ended the day down 1.7%, whilst the S&P was down 1.8%. The Dow Jones dropped 550 points to close on Tuesday, erasing this year’s gains as it moved into negative territory. Asian stocks slipped on Wednesday as intensifying fears on global economic growth and trade tensions grip the markets. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.45
  20. Global stocks rebound after worst month since 2012. Corporate earnings in the US and Europe have helped ease lingering worries over rising interest rates, trade tensions and a slowing global economy. The S&P 500 rose 1.1% and the Nasdaq Composite gained 2%. The Dow is currently trading flat after jumping more than 350 points at yesterday’s open. Asia-Pacific Indices mostly started November on a stronger footing. The Hang Seng was 1.8% higher and Taiwan’s Taiex gained 0.4%, however, Topix was down 0.5% whilst the ASX was roughly flat. The pound sterling rose by almost 0.7%
  21. Asian stock market retreats as China rally fades a day after Chinese stocks posted their biggest one-day advance in over 2 years. The Hang Seng is down 3.3% whilst the CSI 300 is currently down 3.5%. The Dow Jones and the S&P closed lower on Monday, currently both down around 1% amidst worries over corporate earnings reports due in the coming week and rising geopolitical tensions. The Saudi All-Share Index is down 4.4% this month, almost its worse month since October last year, all amidst a dumping of Saudi stocks from foreign investors which coincide with the Khashoggi scandal
  22. Recent global sell-offs and the ongoing US-China trade war have caused copper prices to decline to their weakest levels since July 2017. The price of the metal currently sits at around $6300 a tonne after recovering from its slump below $6000 in August this year. The relationship between prices of base metals and future growth has proved to be evident in the past, so much so that this specific commodity is often referred to as ‘Dr Copper’. [Copper] has served as a key economic barometer and as such, a weak price over the past few months is discerning for the outlook of global economi
  23. U.K. monthly average earnings and monthly unemployment release today at 9:30 BST. Earnings forecast to be stable at 2.6% whilst the unemployment rate is forecast to be 4%. The releases could be an important signal to the current economic health of the UK. The US federal budget deficit rose 17% to $779 billion in the 2018 fiscal year due to a surge in government spending. EM currencies rallied to a 2-month high as the Turkish Lira leads the way, climbing as much as 2.1%. The Brazilian Real and the SA Rand were also up, bolstered by the weaker Dollar caused by lower than expected US
  24. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3 percent, while Japan's Nikkei dropped 0.5. Global bond sell-off triggers the biggest decline in US equities in nearly four months. As 10-year treasury yields surge to the highest level since 2011, fears that current rates could restrain growth has hit stocks across the US, Europe and Asia. FTSE 100 posting its biggest drop since August yesterday. The Dow Jones drops more than 250 points as treasury yield rates surge, while the S&P 500 lost 0.82 percent and the Nasdaq Composite dropped 1.81 percent.
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