07 Dec 2018

Daily Market View

Daily Market View

Friday, December 07, 2018
          U.S Stock Market

 

DJIA S & P 500 NASDAQ
24907 2691.50 6825.75
-1.57% -1.41% -0.61%

A rout on Wall Street deepened yesterday after news of the arrest of a top executive at Chinese telecommunications giant Huawei stoked fears it could hinder progress in U.S.-China trade talks. The Dow dropped more than 600 points, or 2.4 percent, in early trading. The decline represents a continuation of Tuesday’s 800-point plunge in the blue-chip index before trading was closed Wednesday in observance of a national day of mourning for former President George H.W. Bush. Other indices also lost ground yesterday. The S&P 500 index fell more than 1 percent, while the tech-heavy NASDAQ index slipped 0.8 percent. The news of Huawei CFO Meng Wanzhou’s arrest sent shares sharply lower on fears of rising tensions between China and the U.S. The incident heightens concerns that the trade truce between President Donald Trump and his Chinese counterpart Xi Jinping won’t hold, pushing the two economic powers into a trade war. Meanwhile, oil prices dropped as OPEC countries gathered yesterday for a two-day meeting.

 

 

Major Economic Releases for Today
Period Event GMT Forecast Previous

nov

BoE/TNS Inflation Next 12 Mths 09:30   3.0%

3Q

Euro-Zone Gross Domestic Product s.a. (YoY) 10:00 1.7% 1.7%

nov

Canada Unemployment Rate 13:30 5.8% 5.8%

nov

Canada Net Change in Employment 13:30 10.0k 11.2k

nov

U.S Change in Non-farm Payrolls 13:30 198k 250k

nov

U.S Unemployment Rate 13:30 3.7% 3.7%

nov

U.S Average Hourly Earnings (YoY) 13:30 3.1% 3.1%

dec

U.S U. of Mich. Sentiment 15:00 97 97.5

oct

U.S Consumer Credit 20:00 $15.000b $10.923b
Dow Jones Industrial Average

The Dow Jones Industrial Average declined 0.32%. The best performers of the session on the Dow Jones Industrial Average were Cisco Systems Inc., which rose 2.20% or 1.04 points to trade at 48.39 at the close. Meanwhile, International Business Machines added 1.90% or 2.31 points to end at 123.91 and Visa Inc. was up 1.74% or 2.41 points to 141.05 in late trade. The worst performers of the session were Boeing Co, which fell 3.09% or 10.60 points to trade at 331.90 at the close. JPMorgan Chase & Co declined 1.90% or 2.04 points to end at 105.19 and Exxon Mobil Corp was down 1.31% or 1.04 points to 78.39.

NASDAQ 100

The NASDAQ index gained 0.42%. The top performers on the NASDAQ were TheStreet Inc. which rose 35.53% to 2.060, Uxin Ltd which was up 31.47% to settle at 3.76 and Remark Holdings Inc. which gained 31.39% to close at 1.800. The worst performers were Conatus Pharmaceuticals Inc. which was down 56.89% to 1.940 in late trade, Tonix Pharmaceuticals Holding Corp which lost 25.36% to settle at 3.150 and Hexindai Inc. which was down 25.33% to 2.24 at the close.

Oil

Oil prices tumbled about 3 percent yesterday as OPEC reportedly agreed to cut production, but ended its closely-watched meeting without a decision on how much crude the cartel will take off the market. OPEC agreed in principle to cut production during a meeting at its headquarters in Vienna, Austria yesterday, two sources told Reuters. However, the cartel delayed a decision on specific quotas until it consults Russia today. OPEC began capping supply in partnership with Russia and several other nations last year in order to end a punishing downturn in oil prices. However, Moscow has not yet specified how much it will cut production during the fresh round of supply caps that is now under consideration. U.S crude oil ended yesterday’s session down $1.40, or 2.7 percent, at $51.49, bouncing from a session low of $50.08. Oil prices briefly pared losses after government data showed U.S crude stockpiles fell by 7.3 million barrels in the week through Nov. 30. Oil prices have fallen more than 30 percent over the last two months.

 

 

Precious and Base Metals

Gold prices edged lower yesterday in range-bound trade as investors booked profits and the dollar strengthened, while palladium fell from a record high hit in the previous session. Spot gold fell 0.2 percent to $1,235.57 per ounce, while U.S gold futures were 0.1 percent lower at $1,240.8 per ounce. Gold has been near key levels of $1,240, so there might be some technical-level profit-taking. A meeting of the Organization of the Petroleum Exporting Countries (OPEC) and U.S nonfarm payroll data expected on Friday are keeping gold investors on guard. U.S Federal Reserve policymakers are to gather at a Dec. 18-19 meeting, at which the central bank is widely expected to raise interest rates. Although a rate hike is already priced in, markets will be closely watching the meeting for clues on rate-hike timings in 2019. The dollar held steady as a spike in risk aversion pressured equities and U.S. Treasury yields. The spread between the two-year and five-year Treasury yields inverted this week and the two-year/10-year spread was at its flattest in more than a decade amid a sharp fall in long-term rates. A yield curve inversion indicates higher borrowing cost in short term, so for safe-haven assets in the longer run it’s going to be very positive. Meanwhile, palladium prices stayed near gold’s after outshining the yellow metal for the first time since 2002 on Wednesday, with prices soaring by around 50 percent in less than four months to record levels. Spot palladium dropped 2.3 percent to $1,215.43 per ounce, still hovering near its record high hit in the previous session. The market now awaits today’s U.S nonfarm payrolls data for November, which is expected to show unemployment remains at 3.7 percent. Investors are seen adopting a cautious stance ahead of the U.S jobs report which could offer insight over the health of the U.S labor force. Amongst other metals, silver fell 0.9 percent to $14.37 per ounce.

 

Traditional Agricultures

Soybean futures fell for the first time in five sessions yesterday. Corn followed soybeans lower, although declines were largely offset by solid export demand. Wheat was pressured by muted export demand as rival suppliers such as Russia continue to challenge U.S grain in global markets.

 

Futures Settlement Price Thursday, December 06, 2018
Instrument Contract Open High Low Settlement Net Change
DJIA DJM18 25132 25135 24253 24907 -249
S & P 500 SPM18 2713 2713.75 2621 2691.5 -26.25
NASDAQ 100 NDM18 6834.25 6853.75 6629.75 6825.75 -22.5
Hang Seng HSH18 26487 26487 26001 26154 -605
Nikkei 225 NKH18 21740 21745 21220 21390 -490
FTSE 100 FTH18 6859 6879 6669.5 6783 -132
Gold GCJ18 1243.5 1249.6 1239.8 1242.8 0.4
Silver SIK18 1457 1457.5 1440.5 1452.5 -3.5
Copper HGK18 277.05 277.15 270.8 274.8 -2.4
Crude Oil CLK18 52.9 53.26 50.05 51.68 -1.21
Wheat WK18 517.75 517.75 509.75 515.25 -2.25
Soybeans SK18 910.25 911.75 896.5 909 -4.25
Corn CK18 383.75 384.25 379.75 382.5 -1.5

 

Daily Swings  (The Pivot Levels)
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2 R3
DJM18 23513 23883 24395 24765 25277 25647 26159
SPM18 2544.33 2582.67 2637.08 2675.42 2729.83 2768.17 2822.58
NDM18 6461.75 6545.75 6685.75 6769.75 6909.75 6993.75 7133.75
HSH18 25455 25728 25941 26214 26427 26700 26913
NKH18 20633 20927 21158 21452 21683 21977 22208
FTH18 6465.83 6567.67 6675.33 6777.17 6884.83 6986.67 7094.33
GCJ18 1228.73 1234.27 1238.53 1244.07 1248.33 1253.87 1258.13
SIK18 1425.83 1433.17 1442.83 1450.17 1459.83 1467.17 1476.83
HGK18 265.00 267.90 271.35 274.25 277.70 280.60 284.05
CLK18 46.86 48.45 50.07 51.66 53.28 54.87 56.49
WK18 502.75 506.25 510.75 514.25 518.75 522.25 526.75
SK18 884.50 890.50 899.75 905.75 915.00 921.00 930.25
CK18 375.58 377.67 380.08 382.17 384.58 386.67 389.08

 

 Source: – News & Quotes (Courtesy:  Reuters)                                                                    

Disclaimer

This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.

The firm or its staff members may trade on their own account and may from time to time hold or act as market makers in investments mentioned in this document. Please note that the firm makes no warranty, expressed or implied, as to the accuracy or completeness of the information and opinions herein. All parties are advised to seek independent professional advice as to the suitability of any products and to their tax, accounting, legal or regulatory implications. City Credit Capital (UK) Ltd is authorized and regulated by the Financial Conduct Authority, reg 232015.

 

 

 

 

 

 

06 Dec 2018

Daily Market View

Daily Market View

Thursday, December 06, 2018
          U.S Stock Market

 

DJIA S & P 500 NASDAQ
25156 2717.75 6848.25
+0.10% +0.24% +0.40%

U.S stock futures closed higher yesterday, pointing to a slight rebound from the steep losses seen in regular trading. Dow Jones Industrial Average futures climbed 110 points, indicating a gain of 113.93 points. S&P 500 and NASDAQ 100 futures also pointed to slight gains. U.S stock futures closed earlier on Tuesday out of respect for former President George H.W. Bush’s funeral. The U.S stock market was also closed yesterday. The Dow Jones Industrial Average plunged 799.36 points on Tuesday, while the S&P 500 dropped more than 3 percent. The NASDAQA, meanwhile, fell 3.8 percent to close in correction territory. The yield on the three-year Treasury note surpassed its five-year counterpart on Monday. When a so-called yield curve inversion happens — short-term yields trading above longer-term rates — a recession could follow, though it is often years away after the signal triggers. Stocks began falling to their lows of the day after Jeffrey Gundlach, CEO of Doubleline Capital, told Reuters this inversion signals that the economy “is poised to weaken.”

 

 

Major Economic Releases for Today
Period Event GMT Forecast Previous

nov

U.S Challenger Job Cuts (YoY) 12:30   153.6%

oct

U.S Trade Balance 13:30 -$55.0b -$54.0b

dec

U.S Initial Jobless Claims 13:30 225k 234k

nov

U.S Continuing Claims 13:30 1695k 1710k

nov

U.S ISM Non-Manufacturing/Services Composite 15:00 59 60.3

oct

U.S Factory Orders 15:00 -2.0% 0.7%

oct

U.S Durable Goods Orders 15:00 -2.4% -4.4%

nov

DOE U.S. Crude Oil Inventories 16:00   3577k

 

U.S Powell Gives Brief Welcome Remarks at Housing Conference 23:45    
Dow Jones Industrial Average

Dow Jones futures fell earlier in the session, after the arrest of the CFO of Chinese telecom gear giant Huawei. Canada’s arrest, at the behest of the U.S, enraged China. Investors can find parallels to the current choppy stock market rally from this past spring and summer. But there are key differences that aren’t encouraging. Long-term support lines are acting as resistance. Stock market rallies are short-lived, while the stock market struggles to make higher highs. Apple and FANG stocks Facebook, Amazon.com, Netflix and Google parent Alphabet are all in worse shape than earlier this year.

 

NASDAQ 100

The tech-heavy NASDAQ index fell nearly 4 percent on Tuesday, with tech stocks like Apple, Amazon, Alphabet and Facebook weighing most heavily. The losses extend pain periods for Apple, which has seen downturn in recent weeks, and Facebook, which is suffering a down year on the heels of several scandals.

Oil

Oil prices edged higher yesterday as global investors’ awaited clarity on a possible, but far-from-assured, output cut by major producers gathering in Vienna. The Joint OPEC-Non-OPEC Ministerial Monitoring Committee, or JMMC, which includes the Organization of the Petroleum Exporting Countries member Saudi Arabia and nonmember Russia, met yesterday. It recommended a production cut from the September-October output levels, Oman’s oil minister told reporters, according to Dow Jones. The minister also said Russia agreed on the need for an output cut. OPEC will hold its official meeting today, with another key meeting between the group’s members and nonmember allies to be held Friday. Saudi Arabia’s oil minister had cast fresh doubt on whether that production-cut agreement would be reached by OPEC, plus Russia and other producers, in Vienna today, the Wall Street Journal reported, citing news reports from the region. West Texas Intermediate crude for January delivery tacked on 15 cents, or 0.3%, at $53.40 a barrel on the New York Mercantile Exchange. The contract tumbled 22% in November, the biggest monthly fall since October 2008.

 

 

Precious and Base Metals

Gold prices edged lower yesterday, a day after hitting their highest level in more than five weeks, as comments from a Federal Reserve official kept alive the prospect of gradually rising U.S interest rates. Meanwhile, palladium hit a new record high of $1,263.44 an ounce, widening its premium over gold to around $25, helped by a sustained supply deficit and increased speculative interest. It was 2.1 percent higher at $1,259.05 per ounce. Spot gold was down 0.1 percent at $1,237.31 per ounce, after hitting its highest since Oct. 26 at $1,241.86 on Tuesday. U.S gold futures were down 0.3 percent at $1,243.20 per ounce. The U.S Federal Reserve talking about the gradual increase in rates is going against some of the expectations that have been building up recently. The U.S central bank has increased interest rates three times this year but concerns about weaker growth have stoked bets that the Fed will end its tightening campaign sooner than previously thought. However, New York Fed President John Williams on Tuesday said the Federal Reserve should expect to continue raising interest rates “over the next year or so” even while it pays close attention to possible risks highlighted by financial markets. The central bank is widely expected to raise rates at its policy meeting on Dec. 18-19 and investors are keeping a close eye on signals for the future path of interest rates next year. Higher interest rates increase the opportunity cost of holding non-yielding bullion. World stocks tumbled to one-week lows yesterday, as declines by long-dated U.S. bond yields and a renewal of trade concerns stoked fears of a downturn in the United States, the world’s biggest economy, and pressured the dollar. Gold prices have recovered about 7 percent from 19-month lows hit in mid-August. The momentum certainly appears to be with the bulls at the moment, especially if the dollar remains under pressure in the aftermath of the trade war truce. Spot silver was steady at$14.52 per ounce.

 

 

Traditional Agricultures

Soybeans inched lower, consolidating after multi-month highs this week as investors sought clues as to whether a truce between Washington and Beijing in their trade dispute would revive U.S soybean sales to China.

 

 

 

Futures Settlement Price Wednesday, December 05, 2018
Instrument Contract Open High Low Settlement Net Change
DJIA DJM18 25023 25188 25003 25156 110
S & P 500 SPM18 2699.5 2720.5 2698 2717.75 16
NASDAQ 100 NDM18 6795.5 6861.25 6791.75 6848.25 45.75
Hang Seng HSH18 26784 26942 26720 26759 -507
Nikkei 225 NKH18 21645 21975 21630 21880 -155
FTSE 100 FTH18 6965.5 6978 6908.5 6915 -25
Gold GCJ18 1243.8 1244.6 1238.75 1242.4 -1.2
Silver SIK18 1459.5 1461 1448 1456 -3
Copper HGK18 275.85 277.7 274.5 277.2 1.35
Crude Oil CLK18 52.56 54.4 52.12 52.89 0.33
Wheat WK18 521.25 521.75 513.25 517.5 -4.5
Soybeans SK18 909.75 916.25 908 913.25 2
Corn CK18 383 386.25 382.25 384 -0.25

 

 

Daily Swings  (The Pivot Levels)
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2 R3
DJM18 24858 24931 25043 25116 25228 25301 25413
SPM18 2681.17 2689.58 2703.67 2712.08 2726.17 2734.58 2748.67
NDM18 6736.75 6764.25 6806.25 6833.75 6875.75 6903.25 6945.25
HSH18 26450 26585 26672 26807 26894 27029 27116
NKH18 21337 21483 21682 21828 22027 22173 22372
FTH18 6820.17 6864.33 6889.67 6933.83 6959.17 7003.33 7028.67
GCJ18 1233.38 1236.07 1239.23 1241.92 1245.08 1247.77 1250.93
SIK18 1436.00 1442.00 1449.00 1455.00 1462.00 1468.00 1475.00
HGK18 272.03 273.27 275.23 276.47 278.43 279.67 281.63
CLK18 49.59 50.86 51.87 53.14 54.15 55.42 56.43
WK18 504.75 509.00 513.25 517.50 521.75 526.00 530.25
SK18 900.50 904.25 908.75 912.50 917.00 920.75 925.25
CK18 378.08 380.17 382.08 384.17 386.08 388.17 390.08

 

 Source: – News & Quotes (Courtesy:  Reuters)                                                                    

Disclaimer

This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.

The firm or its staff members may trade on their own account and may from time to time hold or act as market makers in investments mentioned in this document. Please note that the firm makes no warranty, expressed or implied, as to the accuracy or completeness of the information and opinions herein. All parties are advised to seek independent professional advice as to the suitability of any products and to their tax, accounting, legal or regulatory implications. City Credit Capital (UK) Ltd is authorized and regulated by the Financial Conduct Authority, reg 232015.

 

 

 

 

 

 

05 Dec 2018

Daily Market View

Daily Market View

Wednesday, December 05, 2018
          U.S Stock Market

 

DJIA S & P 500 NASDAQ
25046 2701.75 6802.50
-3.10% -3.24% -3.80%

U.S stocks plunged, with the Dow Jones Industrial Average tumbling almost 800 points, as a litany of concerns wiped out the rally in risk assets. Trade-sensitive shares sank as angst mounted that the U.S and China made no meaningful progress on the trade front this weekend. Financial shares got hammered as the yield curve continued to flatten, with the latest nudge from a hawkish comment by a Federal Reserve official. Losses accelerated and trading volumes in S&P 500 futures spiked after contracts for broke below their 200-day moving average. Adding to the risk aversion was news that U.K. Prime Minister Theresa May’s push to avoid a so-called “hard Brexit” may be at risk. President Donald Trump suggested Tuesday that he could extend a 90-day truce in his trade war with China, while his top White House economic adviser backtracked from the president’s announcement that Beijing had agreed to reduce tariffs on U.S.-made cars. Traders are even starting to bet that the Fed will cut interest rates as soon as 2020.

 

Major Economic Releases for Today
Period Event GMT Forecast Previous

nov

Nikkei Japan PMI Services 00:30 52.4

3Q

Australia Gross Domestic Product (YoY) 00:30 3.3% 3.4%

nov

Caixin China PMI Services 01:45 50.8 50.8

oct

Euro-Zone Retail Sales (YoY) 10:00 2.0% 0.8%

nov

U.S MBA Mortgage Applications 12:00 5.5%

nov

U.S ADP Employment Change 13:15 195k 227k

dec

Bank of Canada Rate Decision 15:00 1.75% 1.75%

nov

U.S ISM Non-Manufacturing/Services Composite 15:00 59 60.3

nov

DOE U.S Crude Oil Inventories 15:30 3577k
Dow Jones Industrial Average

The Dow Jones Industrial Average declined 3.10%. The best performers of the session on the Dow Jones Industrial Average were Procter & Gamble Company, which fell 0.01% or 0.01 points to trade at 93.31 at the close. Meanwhile, Verizon Communications Inc. fell 0.12% or 0.07 points to end at 58.09 and Johnson & Johnson was down 0.12% or 0.18 points to 146.03 in late trade. The worst performers of the session were Caterpillar Inc., which fell 6.93% or 9.63 points to trade at 129.32 at the close. Boeing Co declined 4.85% or 17.46 points to end at 342.50 and Intel Corporation was down 4.75% or 2.38 points to 47.75.

 

NASDAQ 100

The NASDAQ index lost 3.80%. The top performers on the NASDAQ Composite were Pernix Therapeutics Holdings Inc. which rose 41.63% to 0.575, American Electric Technologies Inc. which was up 37.96% to settle at 1.490 and Novelion Therapeutics Inc. which gained 32.65% to close at 1.300. The worst performers were Determine Inc. which was down 25.04% to 0.494 in late trade, ConforMIS Inc. which lost 22.46% to settle at 0.56 and Smaaash Entertainment Inc. which was down 19.64% to 2.67 at the close.

Oil

Oil prices pared gains in a volatile trade yesterday as fears flared that demand would stall due to a trade war between the U.S and China, and as Russia remained a stumbling block to a deal to cut global crude supply. U.S President made clear he would revert to tariffs on China if the two sides could not resolve their differences. The comments put a damper on market enthusiasm that drove oil about 4 percent higher on Monday after Trump and Chinese counterpart Xi Jinping agreed at a meeting of the Group of 20 industrialized nations to pause an escalating trade dispute. In Monday’s session, expectations of a production cut by the OPEC and its allies, when they meet on Thursday and Friday in Vienna, had also supported prices. OPEC and its allies are working towards a deal to reduce oil output by at least 1.3 million barrels per day, four sources said yesterday, adding that Russia’s resistance to a significant production cut was so far the main stumbling block.

 

Precious and Base Metals

Gold rose to its highest in more than five weeks yesterday as the dollar sagged after the United States and China agreed a 90-day pause on fresh trade tariffs, while palladium hit a record high, leaving it about $4 short of parity with bullion. Palladium rose more than 2 percent to $1,231.50 per ounce, after scaling an all-time high of $1,235. The market is structurally in a significant deficit, so there are clearly concerns about that. We’ve got a lot momentum and positive investor sentiment flowing into the market at the moment. The metal, used mainly used in emissions-reducing auto catalysts for vehicles, has gained about 48 percent since mid-August, but not all analysts think the price is justified. The high price premium on palladium is not justified in our opinion because car sales have been fairly weak on all key markets of late. U.S. tariffs have been threatened on imports of cars and car parts from the European Union. Meanwhile, spot gold rose for the second straight session, up 0.6 percent at $1,238.90. Prices touched $1,241.10 earlier in the session, their highest since Oct. 26. U.S. gold futures were up 0.4 percent at $1,244.70 per ounce. The dollar weakened against its major peers, pressured by a thaw in trade tensions between Washington and Beijing, making gold cheaper for holders of other currencies. Primarily it is the weaker dollar that is providing assistance and that will be the key driver in the short term. However, it is going to find it difficult to sustain the current rally unless there is even more dollar weakness, simply because the overall investor sentiment for riskier assets has improved and that would prove to be a drag in the short term. The temporary freeze on further hostilities in the trade war sparked a global rally in equity markets on Monday. Global trade tensions over the past few months have seen investors opt for the safety of the U.S currency rather than bullion, a traditional safe haven asset. Among other precious metals, spot silver rose 1 percent to $14.52 per ounce.

 

 

Traditional Agricultures

Soybeans were little changed yesterday as dealers awaited concrete indications that China will resume its huge imports of U.S soy halted by the trade war between the two countries. Corn and wheat are being undermined by the lack of strength in soybeans.

 

Futures Settlement Price Tuesday, December 04, 2018
Instrument Contract Open High Low Settlement Net Change
DJIA DJM18 25835 25837 25016 25046 -800
S & P 500 SPM18 2789.75 2790.25 2697 2701.75 -89.25
NASDAQ 100 NDM18 7054.25 7055 6788 6802.5 -256
Hang Seng HSH18 27108 27292 27037 27266 -15
Nikkei 225 NKH18 22590 22600 22015 22035 -570
FTSE 100 FTH18 7055 7098.5 6924.5 6940 -153
Gold GCJ18 1243.8 1244.4 1239.2 1240.2 -3.4
Silver SIK18 1459.5 1461 1449 1452 -7
Copper HGK18 275.85 276.95 275.5 276.1 0.25
Crude Oil CLK18 53.1 54.52 52.41 52.56 -0.49
Wheat WK18 521.25 521.75 519.5 520.25 -1.75
Soybeans SK18 903.25 912.5 899.25 911.25 5.75
Corn CK18 383 383.75 382.5 383.5 -0.75

 

Daily Swings  (The Pivot Levels)
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2
DJM18 23941 24479 24762 25300 25583 26121 26404
SPM18 2575.83 2636.42 2669.08 2729.67 2762.33 2822.92 2855.58
NDM18 6441.67 6614.83 6708.67 6881.83 6975.67 7148.83 7242.67
HSH18 26850 26943 27105 27198 27360 27453 27615
NKH18 21248 21632 21833 22217 22418 22802 23003
FTH18 6702.83 6813.67 6876.83 6987.67 7050.83 7161.67 7224.83
GCJ18 1232.93 1236.07 1238.13 1241.27 1243.33 1246.47 1248.53
SIK18 1435.00 1442.00 1447.00 1454.00 1459.00 1466.00 1471.00
HGK18 273.97 274.73 275.42 276.18 276.87 277.63 278.32
CLK18 49.70 51.05 51.81 53.16 53.92 55.27 56.03
WK18 517.00 518.25 519.25 520.50 521.50 522.75 523.75
SK18 889.58 894.42 902.83 907.67 916.08 920.92 929.33
CK18 381.50 382.00 382.75 383.25 384.00 384.50 385.25

 

 Source: – News & Quotes (Courtesy:  Reuters)                                                                    

Disclaimer

This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.

The firm or its staff members may trade on their own account and may from time to time hold or act as market makers in investments mentioned in this document. Please note that the firm makes no warranty, expressed or implied, as to the accuracy or completeness of the information and opinions herein. All parties are advised to seek independent professional advice as to the suitability of any products and to their tax, accounting, legal or regulatory implications. City Credit Capital (UK) Ltd is authorized and regulated by the Financial Conduct Authority, reg 232015.

 

 

 

 

 

 

30 Nov 2018

Daily Market View

Friday, November 29, 2018
          U.S Stock Market

 

DJIA S & P 500 NASDAQ
25388 2743.75 6911.75
-0.26% -0.33% -0.30%

U.S stocks traded lower yesterday as investors’ hopes of a trade deal between China and the U.S dimmed. The Dow Jones Industrial Average fell 71 points, while the S&P 500 pulled back 0.3 percent. The NASDAQ fell 0.4 percent. The market fell to its low of the day — with the Dow dropping more than 160 points — after the South China reported that White House advisor Peter Navarro would be attending the dinner between President Donald Trump and Chinese leader Xi Jinping in Buenos Aires at the G-20. CNBC later confirmed Navarro’s attendance. News of his attendance dampened hopes that a trade deal could be hatched at the dinner given his longstanding hawkish tone on U.S-China trade. Earlier this month, Navarro said any deal between the U.S. and China would be on Trump’s terms, not Wall Street’s. These comments were later disavowed by Larry Kudlow, director of the National Economic Council. Trading in U.S stocks became even more volatile after Dow Jones reported, citing sources, the U.S and China were looking into a deal to de-escalate trade tensions.

 

Major Economic Releases for Today
Period Event GMT Forecast Previous

nov

China Manufacturing PMI 01:00 50.2 50.2

nov

Japan Consumer Confidence Index 05:00 43.2 43

oct

Japan Housing Starts (YoY) 05:00 -0.1% -1.5%

oct

German Retail Sales (YoY) 07:00 1.4% -2.6%

oct

Euro-Zone Unemployment Rate 10:00 8.0% 8.1%

nov

Euro-Zone Consumer Price Index Core (YoY) 10:00 1.1% 1.1%

sep

Canada Gross Domestic Product (YoY) 13:30 2.3% 2.5%

nov

U.S Chicago Purchasing Manager 14:45 58.5 58.4

nov

Baker Hughes U.S Rig Count 18:00   1079
Dow Jones Industrial Average

The Dow Jones Industrial Average declined 0.11%. The best performers of the session on the Dow Jones Industrial Average were Boeing Co, which rose 2.72% or 9.06 points to trade at 342.56 at the close. Meanwhile, Pfizer Inc. added 1.36% or 0.61 points to end at 45.51 and Merck & Company Inc. was up 0.88% or 0.68 points to 77.91 in late trade. The worst performers of the session were Intel Corporation, which fell 2.37% or 1.16 points to trade at 47.70 at the close. Visa Inc. declined 1.61% or 2.28 points to end at 139.10 and American Express Company was down 1.40% or 1.58 points to 111.31.

 

 

 

NASDAQ 100

The NASDAQ index fell 0.25%. The top performers on the NASDAQ were Adial Pharmaceuticals Inc. which rose 100.00% to 2.80, Tonix Pharmaceuticals Holding Corp which was up 83.42% to settle at 6.970 and Kirklands Inc. which gained 34.13% to close at 10.10. The worst performers were ShiftPixy Inc. which was down 32.35% to 2.99 in late trade, Bio Path Holdings Inc. which lost 26.57% and Cleantech Solutions International Inc. which was down 24.23%.

 

 

Oil

Oil reversed course and rose yesterday, after industry sources said Russia had accepted the need to cut production, together with OPEC. The price is still set for its biggest one-month fall in November since the depths of the financial crisis in 2008, having lost more than 22 percent so far. U.S crude futures rose 81 cents, or 1.6 percent, to $51.10, after earlier dropping below $50 for the first time in over a year. OPEC and non-OPEC producers meet in Vienna next week to discuss a new round of supply cuts of 1 million to 1.4 million bpd and possibly more to prop up prices. The Russian Energy Ministry held a meeting with the heads of domestic oil producers on Tuesday. Russian President Vladimir Putin, whose country is the world’s second biggest oil producer, said on Wednesday he was in touch with OPEC and ready to continue cooperation on supply if needed, but he was satisfied with an oil price of $60. U.S. crude inventories have hit their highest in a year, and are now only 80 million barrels below March 2017’s record 535 million barrels.

 

 

 

Precious and Base Metals

Gold rose yesterday after Federal Reserve Chair Jerome Powell’s comments boosted perception the central bank would go slow on interest rate hikes next year, while palladium was trading at record levels due to a shortage in supply. Spot gold was up 0.3 percent at $1,224.86 per ounce. U.S gold futures were steady at $1,224.1 per ounce. The hint from the Fed that they are closer to ending the current rate hike cycle caught the markets somewhat by surprise. Treasury yields and dollar dropped back, and that was quite supportive of gold. Higher interest rates increase bond yields and tend to make non-yielding bullion less attractive. They also tend to boost the dollar, in which gold is priced. Gold prices jumped as much as 1 percent after Powell’s speech on Wednesday, recovering from a two-week low of $1,210.65 hit earlier. But gains in the precious metal were limited as Powell’s dovish tone helped revive risk appetite, driving world stocks to their highest in more than two weeks, while the dollar and bond yields fell. Powell said the central bank’s policy rate is now “just below” estimates of a level that neither brakes nor boosts a healthy U.S. economy. Investors were waiting the release of the minutes of the U.S central bank’s November meeting for further clues on the Fed’s monetary tightening path. Palladium was down 0.1 percent at $1,182.50 per ounce, after earlier hitting a record high of $1,186.50. This is a very fundamental story of demand outstripping the supply. It’s been six or seven years of sustained market deficit, which has kept the market exceedingly tight. Spot silver was down 0.2 percent to $14.29 per ounce. Platinum rose 0.2 percent to $823 per ounce after falling to a seven-week low of $809.50 on Wednesday. Copper also extended gains yesterday as investors bought riskier assets on speculation U.S interest rates may be near a peak.

 

 

 

 

Traditional Agricultures

Wheat gained more ground on expectations of higher demand for U.S supplies as the Black Sea region runs of surpluses next year. Soybean futures were largely unchanged yesterday, as the market took a breather after strong gains in the last two sessions, ahead of trade talks between Washington and Beijing at the G20 meeting this week.

 

 

Futures Settlement Price Thursday, November 29, 2018
Instrument Contract Open High Low Settlement Net Change
DJIA DJM18 25316 25480 25204 25388 44
S & P 500 SPM18 2738.5 2754.5 2723.25 2743.75 1.75
NASDAQ 100 NDM18 6909 6943.25 6843.25 6911.75 -7.25
Hang Seng HSH18 26869 26948 26397 26463 -154
Nikkei 225 NKH18 22395 22435 22235 22245 10
FTSE 100 FTH18 7049 7080.5 7017.5 7046.5 -29
Gold GCJ18 1220.88 1228.87 1220.4 1224.09 3.21
Silver SIK18 14.306 14.369 14.244 14.284 -0.022
Copper HGK18 279 279.6 276.75 277.7 -1.2
Crude Oil CLK18 50.26 52.16 49.38 51.23 0.96
Wheat WK18 511.25 514 505.75 507.5 -3.75
Soybeans SK18 889.5 894 882.25 887.25 -2.5
Corn CK18 373 375.25 371.25 372.75 0

 

 

Daily Swings  (The Pivot Levels)
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2 R3
DJM18 24959 25081 25235 25357 25511 25633 25787
SPM18 2695.25 2709.25 2726.50 2740.50 2757.75 2771.75 2789.00
NDM18 6755.58 6799.42 6855.58 6899.42 6955.58 6999.42 7055.58
HSH18 25706 26052 26257 26603 26808 27154 27359
NKH18 21975 22105 22175 22305 22375 22505 22575
FTH18 6952.83 6985.17 7015.83 7048.17 7078.83 7111.17 7141.83
GCJ18 1211.57 1215.98 1220.04 1224.45 1228.51 1232.92 1236.98
SIK18 14.10 14.17 14.23 14.30 14.35 14.42 14.48
HGK18 273.58 275.17 276.43 278.02 279.28 280.87 282.13
CLK18 46.91 48.14 49.69 50.92 52.47 53.70 55.25
WK18 495.92 500.83 504.17 509.08 512.42 517.33 520.67
SK18 869.92 876.08 881.67 887.83 893.42 899.58 905.17
CK18 366.92 369.08 370.92 373.08 374.92 377.08 378.92

 

 Source: – News & Quotes (Courtesy:  Reuters)                                                                    

Disclaimer

This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.

The firm or its staff members may trade on their own account and may from time to time hold or act as market makers in investments mentioned in this document. Please note that the firm makes no warranty, expressed or implied, as to the accuracy or completeness of the information and opinions herein. All parties are advised to seek independent professional advice as to the suitability of any products and to their tax, accounting, legal or regulatory implications. City Credit Capital (UK) Ltd is authorized and regulated by the Financial Conduct Authority, reg 232015.

 

 

 

 

29 Nov 2018

Daily Market View

Daily Market View

Thursday, November 29, 2018
          U.S Stock Market

 

DJIA S & P 500 NASDAQ
25344 2742.00 6919.00
+2.49% +2.30% +2.95%

U.S stock indexes rallied more than 1.5percent yesterday after Federal Reserve Chairman Jerome Powell said the policy rate was ‘just below’ neutral, easing worries of a faster pace of interest rate hikes next year. The Fed’s gradual interest-rate hikes are meant to balance risks as it tries to keep the economy on track, Powell said, but offered few clues on how much longer the U.S. central bank would raise interest rates in the face of a global slowdown and market volatility at home. Ten of the 11 major S&P sectors were higher. Markets also took heart from White House economic adviser Larry Kudlow’s comments on Tuesday that opened the possibility that the United States and China would reach a trade deal at the upcoming G20 Summit. The Dow Jones Industrial Average was up 477.47 points, or 1.93 percent, the S&P 500 was up 42.76 points, or 1.59 percent and the NASDAQ was up 142.77 points, or 2.02 percent. Advancing issues outnumbered decliners by a 3.45-to-1 ratioon the and by a 2.96-to-1 ratio on the NASDAQ.

 

 

Major Economic Releases for Today
Period Event GMT Forecast Previous

3Q

French Gross Domestic Product (YoY) 07:45 1.5% 1.5%

nov

German Unemployment Change (000’s) 08:55 -10k -11k

nov

German Consumer Price Index (YoY) 13:00 2.4% 2.5%

oct

U.S Personal Income 13:30 0.4% 0.2%

oct

U.S Personal Spending 13:30 0.4% 0.4%

oct

U.S PCE Core (YoY) 13:30 2.1% 2.0%

nov

U.S Initial Jobless Claims 13:30 220k 224k

oct

U.S Pending Home Sales (YoY) 15:00 -2.8% -3.4%

nov

U.S FOMC Meeting Minutes 19:00    
Dow Jones Industrial Average

The Dow Jones Industrial Average added 2.50%. The best performers of the session on the Dow Jones Industrial Average were Caterpillar Inc., which rose 4.95% or 6.17 points to trade at 130.77 at the close. Meanwhile, Boeing Co added 4.86% or 15.47 points to end at 333.50 and Visa Inc. was up 4.02% or 5.47 points to 141.38 in late trade. The worst performers of the session were Verizon Communications Inc, which fell 0.97% or 0.59 points to trade at 60.06 at the close. United Technologies Corporation added 0.04% or 0.05 points to end at 122.73 and Dow DuPont Inc. was up 0.07% or 0.04 points to 57.22.

 

 

 

NASDAQ 100

The NASDAQ index gained 2.95%. The top performers on the NASDAQ were Gaming Partners which rose 70.80% to 13.13, Alliqua BioMedical Inc. which was up 60.24% to settle at 2.660 and Ferroglobe PLC which gained 25.56% to close at 2.26. The top performers on the NASDAQ Composite were Gaming Partners which rose 70.80% to 13.13, Alliqua BioMedical Inc. which was up 60.24% to settle at 2.660 and Ferroglobe PLC which gained 25.56% to close at 2.26.

 

 

Oil

Oil prices fell yesterday, continuing a recent run of losses, after U.S crude inventories rose for the 10th week in a row. The market also remains nervous over whether OPEC-led producing countries will reach an accord next week on output cuts. Saudi Arabia said yesterday it would not cut output alone and Nigeria stopped short of committing to a new push to curb supplies. U.S West Texas Intermediate crude fell $1.27, or 2.5 percent, to $50.29, the lowest settle price since early October 2017. U.S crude stockpiles rose by 3.6 million barrels in the week to Nov. 23, exceeding expectations. After falling to 2½-year lows in September, crude stocks have risen 14 percent with 10 straight weeks of increases. The market continues to come under pressure due to worries of a supply glut and slowing global demand growth. Crude’s drop since October is on a par with the 2008 price crash and steeper than that of 2014-2015, both of which prompted OPEC to agree output curbs to support the market.

 

 

 

Precious and Base Metals

Gold prices recovered from two-week lows, rising as much as 1 percent as the dollar fell after Federal Reserve Chairman Jerome Powell offered little clues on the pace of future interest rate hikes in a cautious speech. Meanwhile, palladium prices hit a fresh record high at $1,186.30 per ounce. While there was “a great deal to like” about U.S. prospects, the bank’s gradual interest-rate hikes are meant to balance risks as it tries to keep the economy on track, Powell said. Powell’s comments suggest that 2019 may be more of a wait-and-see approach and the assumption of any hikes may be premature. Spot gold was up 0.6 percent at $1,221.68 per ounce after rising as much as 1 percent to $1,226.24. Prices fell to its lowest level since Nov. 15 at $1,210.65 earlier in the session. U.S gold futures were up 0.7 percent at $1,222. Investors will also keep a close watch for the minutes from the central bank’s Nov. 7-8 meeting, scheduled to be released today, for indications on the rate hike trajectory in 2019. The Fed has raised rates three times this year. The dollar index, which measures the greenback against a basket of currencies, was down 0.3 percent after the Fed speech. Meanwhile, U.S President Donald Trump is likely to meet his Chinese counterpart on the sidelines of the G20 meeting later this week to discuss the trade dispute between the major economies. Bullion has largely lost out to the dollar as a safe haven asset this year as the U.S-China trade war unfolded against a backdrop of rising U.S interest rates. Silver rose 1.1 percent to $14.29 per ounce, while platinum fell 1.1 percent to $821.30, having earlier touched its lowest in more than a month, at $814.50. Copper edged higher yesterday after declining for three straight sessions, while other industrial metals moved in tight ranges amid uncertainty over the direction of the U.S.-China trade war.

 

Traditional Agricultures

Soybean futures rose yesterday on short-covering as investors waited to see if expected talks between Washington and Beijing at a G20 summit this week will defuse a trade dispute that has choked U.S soybean exports to China. Corn and wheat followed the firm tone, drawing additional support from a sharply weaker Dollar.

 

 

Futures Settlement Price Wednesday, November 28, 2018
Instrument Contract Open High Low Settlement Net Change
DJIA DJM18 24771 25367 24724 25344 601
S & P 500 SPM18 2686 2744.75 2681 2742 58.25
NASDAQ 100 NDM18 6724.5 6923 6709 6919 207
Hang Seng HSH18 26353 26717 26286 26608 356
Nikkei 225 NKH18 22075 22235 22035 22235 245
FTSE 100 FTH18 7058 7075.5 6987.5 7075.5 36.5
Gold GCJ18 1214.2 1227.4 1210.4 1220.8 6.6
Silver SIK18 1410 1435 1406 1427 18.5
Copper HGK18 271.55 280.2 271.4 278.9 7.45
Crude Oil CLK18 52.05 52.52 50.03 50.27 -1.79
Wheat WK18 497.75 500.5 494.25 497.25 -0.5
Soybeans SK18 876 894.5 873.75 889.75 14
Corn CK18 355.75 361 355.75 360.25 4.25

 

 

Daily Swings  (The Pivot Levels)
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2 R3
DJM18 24280 24502 24923 25145 25566 25788 26209
SPM18 2636.67 2658.83 2700.42 2722.58 2764.17 2786.33 2827.92
NDM18 6563.67 6636.33 6777.67 6850.33 6991.67 7064.33 7205.67
HSH18 25926 26106 26357 26537 26788 26968 27219
NKH18 21902 21968 22102 22168 22302 22368 22502
FTH18 6928.83 6958.17 7016.83 7046.17 7104.83 7134.17 7192.83
GCJ18 1194.67 1202.53 1211.67 1219.53 1228.67 1236.53 1245.67
SIK18 1381.33 1393.67 1410.33 1422.67 1439.33 1451.67 1468.33
HGK18 264.67 268.03 273.47 276.83 282.27 285.63 291.07
CLK18 46.87 48.45 49.36 50.94 51.85 53.43 54.34
WK18 487.92 491.08 494.17 497.33 500.42 503.58 506.67
SK18 856.75 865.25 877.50 886.00 898.25 906.75 919.00
CK18 351.75 353.75 357.00 359.00 362.25 364.25 367.50

 

 Source: – News & Quotes (Courtesy:  Reuters)                                                                    

Disclaimer

This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.

The firm or its staff members may trade on their own account and may from time to time hold or act as market makers in investments mentioned in this document. Please note that the firm makes no warranty, expressed or implied, as to the accuracy or completeness of the information and opinions herein. All parties are advised to seek independent professional advice as to the suitability of any products and to their tax, accounting, legal or regulatory implications. City Credit Capital (UK) Ltd is authorized and regulated by the Financial Conduct Authority, reg 232015.

 

 

 

 

 

 

28 Nov 2018

Daily Market View

Daily Market View

Wednesday, November 28, 2018
          U.S Stock Market

 

DJIA S & P 500 NASDAQ
24743 2683.75 6712.00
+0.33% +0.29% -0.05%

U.S stocks made small gains yesterday after White House economic adviser Larry Kudlow said a meeting between President Trump and his Chinese counterpart on was an opportunity to “turn the page” on a trade war. All three major U.S indexes turned positive after spending much of the session in negative territory, after Kudlow’s comments days ahead of the high-stakes dinner between the two leaders after the G20 summit in Buenos Aires. But Kudlow also said the White House has been disappointed so far in China’s response to trade issues with the United States. On Monday, Trump threatened to move ahead with additional tariffs on Chinese goods, due to take effect on Jan. 1. Industrials were also the biggest drag on the Dow, led by United Technologies Corp which was down 5.5 percent following its announcement late Monday that it would divide its aerospace, elevators and building segments into three discrete companies. The Dow rose 25.41 points, or 0.1 percent, the S&P 500 gained 3.54 points, or 0.13 percent and the NASDAQ added 4.69 points, or 0.07 percent.

 

Major Economic Releases for Today
Period Event GMT Forecast Previous

 

BOE Financial Stability Report and stress test results 07:00    

nov

U.S MBA Mortgage Applications 12:00   -0.1%

dec

German GfK Consumer Confidence 12:00 10.5 10.6

oct

U.S Advance Goods Trade Balance 13:30 -$77.0b -$76.3b

3Q

U.S Gross Domestic Product Annualized (QoQ) 13:30 3.5% 3.5%

3Q

U.S Personal Consumption 13:30 3.9% 4.0%

oct

U.S New Home Sales (MoM) 15:00 4.0% -5.5%

nov

DOE U.S. Crude Oil Inventories 15:30   4851k

 

U.S Fed’s Powell Speaks to Economic Club of New York 17:00    
Dow Jones Industrial Average

The Dow Jones Industrial Average added 0.44%. The best performers of the session on the Dow Jones were Verizon Communications Inc., which rose 2.50% or 1.48 points to trade at 60.65 at the close. Meanwhile, Walgreens Boots Alliance Inc. added 2.23% or 1.82 points to end at 83.52 and Home Depot Inc. was up 2.00% or 3.40 points to 173.22 in late trade. The worst performers of the session were United Technologies Corporation, which fell 4.14% or 5.30 points to trade at 122.68 at the close. Nike Inc. declined 0.85% or 0.62 points to end at 72.09 and DowDuPont Inc. was down 0.83% or 0.48 points to 57.18.

 

 

NASDAQ 100

The tech heacy NASDAQ index added 0.01%. The top performers on the NASDAQ were Arsanis Inc. which rose 255.17% to 4.12, Wins Finance Holdings Inc. which was up 33.82% to settle at 34.79 and Aethlon Medical Inc. which gained 25.64% to close at 1.470. The worst performers were Ferroglobe PLC which was down 62.26% to 1.80 in late trade, Smaaash Entertainment Inc. which lost 40.11% to settle at 3.30 and Intellipharmaceutics International Inc. which was down 39.70% to 0.340 at the close.

 

 

Oil

Oil prices turned firmly lower during midday trading yesterday. Crude futures were little changed earlier in the session, depressed by a report of record Saudi production but supported by expectations that oil exporters would agree to cut output at an OPEC meeting next week. U.S West Texas Intermediate crude fell 2 cents to $51.61. In the previous session, WTI fell to $50.10, its lowest level since mid-October 2017. Oil prices have lost almost a third of their value since early October, weighed down by an emerging supply overhang and widespread financial market weakness. Prices rallied sharply on Monday, with Brent rising almost 2.9 percent, but the market has struggled to stay positive. Leaders of the Group of 20 nations, the world’s biggest economies, meet on Nov. 30 and Dec. 1, with the trade war between Washington and Beijing top of the agenda. With the top three crude producers — Russia, the United States and Saudi Arabia — all present, oil policy is expected to be discussed.

 

 

Precious and Base Metals

Gold fell to its lowest in more than a week yesterday as the dollar rallied after comments from U.S. Federal Reserve vice Chair Richard Clarida bolstered expectations that the central bank would continue hiking interest rates. Spot gold fell 0.6 percent to $1,214.71 per ounce, after touching its lowest since Nov. 16 at $1,213.94. U.S gold futures dropped 0.7 percent to $1,214.50 an ounce. Most of those comments from Fed officials so far have been along the lines of continuing along the path of current rate hikes, certainly some of those comments have supported the dollar and pressured gold. The dollar gained after Clarida said the central bank should continue to gradually raise interest rates, but it is “especially important” to closely monitor new economic data as monetary policy is getting close to a neutral stance. Clarida softened gold with body blows and the stronger dollar on the back of consumer confidence (data) just delivered a left hook. I think gold will be dependent on the dollar for rest of day, and we could see a bounce if the dollar retraces. Higher interest rates tend to boost the dollar, making the gold more expensive for holders of other currencies. In a separate interview, St. Louis Fed President James Bullard said the central bank may face a year of difficult decisions, with rates still low by historic standards but growth ebbing. Meanwhile, investors are also racing for position going into the G20 summit. Ahead of a meeting with Chinese President Xi Jinping at the summit in Argentina this week, U.S. President Donald Trump said that he was “highly unlikely” to accept China’s request to hold off from raising tariffs due to take effect on Jan. 1. The dollar has been the preferred safe haven this year as the U.S.-China trade war unfolded, thereby denting the appeal of bullion. Investors also awaited the minutes from the U.S. Fed’s meeting on Nov.7-8 for indications on the future path of rate hikes in 2019, while Fed Chairman Jerome Powell is due to speak today.

 

 

 

 

Traditional Agricultures

Soybean futures fell about two per cent and neared a four-week low on Monday on chart-based selling and worries about export prospects for U.S supplies amid a trade war with China.

 

 

 

Futures Settlement Price Tuesday, November 27, 2018
Instrument Contract Open High Low Settlement Net Change
DJIA DJM18 24518 24750 24403 24743 156
S & P 500 SPM18 2661.25 2684 2655.25 2683.75 15
NASDAQ 100 NDM18 6640.5 6722.5 6613 6712 42
Hang Seng HSH18 26314 26425 26133 26252 -145
Nikkei 225 NKH18 21960 22000 21810 21990 160
FTSE 100 FTH18 7034.5 7085 6983.5 7039 -8.5
Gold GCJ18 1222.3 1224.9 1211.1 1214.2 -7.9
Silver SIK18 1420 1425 1403.5 1408.5 -16
Copper HGK18 274.55 275.15 270.55 271.45 -3.1
Crude Oil CLK18 51.5 52.34 50.27 52.06 0.49
Wheat WK18 506.25 509.75 497.25 497.75 -9.25
Soybeans SK18 858.5 879.5 858.5 875.75 14.25
Corn CK18 355.75 358 355.25 356 0.5

 

 

Daily Swings  (The Pivot Levels)
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2 R3
DJM18 24167 24285 24514 24632 24861 24979 25208
SPM18 2635.92 2645.58 2664.67 2674.33 2693.42 2703.08 2722.17
NDM18 6533.00 6573.00 6642.50 6682.50 6752.00 6792.00 6861.50
HSH18 25823 25978 26115 26270 26407 26562 26699
NKH18 21677 21743 21867 21933 22057 22123 22247
FTH18 6885.17 6934.33 6986.67 7035.83 7088.17 7137.33 7189.67
GCJ18 1194.77 1202.93 1208.57 1216.73 1222.37 1230.53 1236.17
SIK18 1378.17 1390.83 1399.67 1412.33 1421.17 1433.83 1442.67
HGK18 265.02 267.78 269.62 272.38 274.22 276.98 278.82
CLK18 48.70 49.49 50.77 51.56 52.84 53.63 54.91
WK18 480.92 489.08 493.42 501.58 505.92 514.08 518.42
SK18 842.00 850.25 863.00 871.25 884.00 892.25 905.00
CK18 352.08 353.67 354.83 356.42 357.58 359.17 360.33

 

 Source: – News & Quotes (Courtesy:  Reuters)                                                                    

Disclaimer

This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.

The firm or its staff members may trade on their own account and may from time to time hold or act as market makers in investments mentioned in this document. Please note that the firm makes no warranty, expressed or implied, as to the accuracy or completeness of the information and opinions herein. All parties are advised to seek independent professional advice as to the suitability of any products and to their tax, accounting, legal or regulatory implications. City Credit Capital (UK) Ltd is authorized and regulated by the Financial Conduct Authority, reg 232015.

 

 

 

 

 

 

27 Nov 2018

Daily Market View

 

Daily Market View

Tuesday, November 27, 2018
          U.S Stock Market

 

DJIA S & P 500 NASDAQ
24587 2668.75 6670.00
+1.46% +1.55% +2.06%

U.S stocks rallied yesterday as oil prices and global equities gained ground on a day that is arguably one of the most important for retailers as shoppers go hunting for deals on Cyber Monday. The Dow Jones Industrial Average climbed 278 points, or 1.2%, while the S&P 500 index rose 30 points, or 1.1%. The NASDAQ rallied 96 points, or 1.4%. Last week, the NASDAQ tumbled 4.3%, the Dow ended the week 4.4% lower, while the S&P 500 notched a week-on-week decline of 3.8%, marking the worst Thanksgiving week since 2011 for all three U.S indexes. Losses for oil prices pushed stocks lower last week, and the reverse was true for yesterday. After losing 7.7% in Friday’s session alone, U.S crude futures rose more than 2% to trade above $51 a barrel, while Brent crude jumped nearly 3% to above $60. The retail industry was in focus as investors digested initial data on consumers’ willingness to spend this holiday season after shoppers began deal-hunting in earnest ahead of the holidays.

 

 

Major Economic Releases for Today
Period Event GMT Forecast Previous

oct

German Retail Sales (YoY)     -2.6%

nov

U.K CBI Reported Sales 11:00 10 5

 

U.S Fed Vice Chairman Clarida Speaks in New York 13:30    

sep

U.S House Price Index (MoM) 14:00 0.4% 0.3%

3Q

U.S House Price Purchase Index (QoQ) 14:00   1.1%

sep

S&P/Case-Shiller US Home Price Index (YoY) 14:00   5.77%

nov

U.S Consumer Confidence Index 15:00 136.0 137.9

nov

U.S Conf. Board Present Situation 15:00   172.8

nov

U.S Conf. Board Expectations 15:00   114.6
Dow Jones Industrial Average

The Dow Jones Industrial Average gained 1.46%. The best performers of the session on the Dow Jones Industrial Average were American Express Company, which rose 3.73% or 3.94 points to trade at 109.68 at the close. Meanwhile, Microsoft Corporation added 3.30% or 3.40 points to end at 106.47 and The Travelers Companies Inc. was up 2.95% or 3.74 points to 130.34 in late trade. The worst performers of the session were United Technologies Corporation, which fell 0.82% or 1.06 points to trade at 127.98 at the close. Coca-Cola Company declined 0.31% or 0.15 points to end at 48.87 and Johnson & Johnson was up 0.03% or 0.04 points to 141.37.

 

 

 

NASDAQ 100

The NASDAQ index gained 2.06%. The top performers on the NASDAQ Composite were Tyme Technologies Inc. which rose 30.23% to 2.80, Safe-T Group Ltd ADR which was up 29.18% to settle at 5.8000 and Adial Pharmaceuticals Inc. which gained 24.81% to close at 1.66. The worst performers were Zafgen Inc. which was down 40.55% to 5.41 in late trade, Mercantil Bank Holding Corp which lost 22.58% to settle at 12.00 and Tenax Therapeutics Inc. which was down 19.69% to 2.610 at the close.

 

 

Oil

Oil rose yesterday, recovering some of the previous session’s sharp fall, although uncertainty over global economic growth limited the gains. U.S crude futures were up $1.25, or 2.5 percent, at $51.67 a barrel. The gains partly made up for Friday’s 7.7 percent drop. Prices on Friday hit their lowest since October 2017 amid intensifying fears of a supply glut. Supporting oil prices, U.S stock markets broadly rallied as Cyber Monday, the largest online shopping day of the year, began. Crude futures at times track with the equities market. Prices found some support as crude stockpiles at the U.S. hub of Cushing, Oklahoma, rose just 126 barrels from Tuesday to Friday, traders said, citing a report from market intelligence firm Genscape. However, demand concerns and record output from Saudi Arabia limited Monday’s rebound. Saudi crude oil production hit 11.1-11.3 million bpd in November, an all-time high.

 

Precious and Base Metals

Gold firmed yesterday, supported by uncertainty over the future pace of U.S interest rate hikes and the outcome of the G20 summit later this week when global leaders will focus on trade tensions. Spot gold was mostly unchanged at $1,222.70 per ounce. U.S gold futures were steady at $1,222.20 per ounce. U.S President Donald Trump and his Chinese counterpart Xi Jinping are expected to discuss their trade dispute at the G20 summit in Argentina, which begins on Friday. If Trump and Xi can’t come to an agreement at the G20 meeting, I think there will be a pause in the U.S Federal Reserve’s rate increases next year, which in turn will help gold prices go higher. Uncertainties related to Brexit and Italy are also helping build a base for gold, which was helped by a slight retreat in the dollar earlier in the session, he added. The euro gained against the dollar on signs Italy may cut its budget deficit target to satisfy the European Union, while the sterling rose after the EU and Britain sealed a Brexit deal. Analysts remain cautious, however, as the Brexit deal faces stiff opposition in the British parliament. Gold’s direction in the near term would be determined by moves in the greenback, which could be pressured if the Fed takes a more cautious approach to future policy tightening amid concern of an economic slowdown next year, analysts said. The metal could be in for a sizeable drop should support at $1,220 break, in which case a return back down to the next support at $1,205 would become likely. With the 10-year U.S bond yields on the rise again, this may support the greenback and simultaneously prevent gold from going higher. Gold prices have lost about 10 percent from their April peak and are down 6 percent so far this year. Speculators increased their net short positions in Comex gold and silver contracts in the week to Nov. 13. Among other precious metals, silver was steady at $14.23 an ounce and platinum rose 0.3 percent to $840.99.

 

 

 

Traditional Agricultures

Soybean futures fell more than 2 percent and neared a four-week low yesterday on chart-based selling and worries about export prospects for U.S supplies amid a trade war with China. Corn futures followed soybeans lower. But wheat futures rose.

 

Futures Settlement Price Monday, November 26, 2018
Instrument Contract Open High Low Settlement Net Change
DJIA DJM18 24273 24662 24269 24587 333
S & P 500 SPM18 2633 2676 2631.5 2668.75 40.25
NASDAQ 100 NDM18 6539.5 6696 6530.25 6670 140
Hang Seng HSH18 25981 26421 25973 26397 506
Nikkei 225 NKH18 21525 21835 21525 21830 110
FTSE 100 FTH18 6976 7051 6976 7047.5 100.5
Gold GCJ18 1222.7 1228.3 1221.5 1222.1 -1
Silver SIK18 14274 1424.5 1423.5 1424.5 -0.5
Copper HGK18 276.3 278.1 273.7 274.55 -1.45
Crude Oil CLK18 50.56 52.21 50.32 51.57 1.19
Wheat WK18 502.25 507.5 501.5 507 7.75
Soybeans SK18 881.75 882.5 856.75 861.5 -18.75
Corn CK18 359.25 359.25 355 355.5 -3.25

 

Daily Swings  (The Pivot Levels)
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2 R3
DJM18 23957 24113 24350 24506 24743 24899 25136
SPM18 2597.00 2614.25 2641.50 2658.75 2686.00 2703.25 2730.50
NDM18 6402.42 6466.33 6568.17 6632.08 6733.92 6797.83 6899.67
HSH18 25658 25816 26106 26264 26554 26712 27002
NKH18 21315 21420 21625 21730 21935 22040 22245
FTH18 6923.67 6949.83 6998.67 7024.83 7073.67 7099.83 7148.67
GCJ18 1212.83 1217.17 1219.63 1223.97 1226.43 1230.77 1233.23
SIK18 1422.83 1423.17 1423.83 1424.17 1424.83 1425.17 1425.83
HGK18 268.40 271.05 272.80 275.45 277.20 279.85 281.60
CLK18 48.63 49.48 50.52 51.37 52.41 53.26 54.30
WK18 497.17 499.33 503.17 505.33 509.17 511.33 515.17
SK18 825.58 841.17 851.33 866.92 877.08 892.67 902.83
CK18 349.67 352.33 353.92 356.58 358.17 360.83 362.42

 

Source: – News & Quotes (Courtesy:  Reuters)                                                             

Disclaimer

This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.

The firm or its staff members may trade on their own account and may from time to time hold or act as market makers in investments mentioned in this document. Please note that the firm makes no warranty, expressed or implied, as to the accuracy or completeness of the information and opinions herein. All parties are advised to seek independent professional advice as to the suitability of any products and to their tax, accounting, legal or regulatory implications. City Credit Capital (UK) Ltd is authorized and regulated by the Financial Conduct Authority, reg 232015.

 

 

 

 

 

 

26 Nov 2018

Daily Market View

Daily Market View

Monday, November 26, 2018
          U.S Stock Market

 

DJIA S & P 500 NASDAQ
24254 2628.50 6530.00
-0.73% -0.66% -0.48%

U.S stocks fell on Friday as oil prices plunged to their lowest in more than a year, dragging down energy shares, while U.S-China trade talks at the G20 summit next week kept investors on edge in a truncated trading session. Benchmark Brent crude was down more than 6 percent on mounting concerns over rising global surplus, even as producers considered cutting output to curb supply. Oil majors Exxon Mobil Corp and Chevron Corp fell more than 3 percent and were the leading decliners on the Dow Jones Industrial Average. Oilfield service providers Schlumberger NV and Halliburton Co also fell nearly 3 percent. That pressured the S&P energy index, which fell 3.4 percent, the most among the 11 major S&P sectors. The energy sector has lost 16.5 percent since the beginning of October, making it the worst performing S&P sector during the period and putting it on pace for its biggest two-month drop since September 2011. Investors will be focusing on the G20 summit in Buenos Aires, where U.S President Donald Trump and his Chinese counterpart Xi Jinping are expected to hold talks.

 

Major Economic Releases for Today
Period Event GMT Forecast Previous

nov

Nikkei Japan PMI Manufacturing 00:30   52.9

nov

German IFO Business Climate 09:00 102.3 102.8

nov

German IFO Expectations 09:00 99.3 99.8

nov

German IFO Current Assessment 09:00 105.6 105.9

 

ECB’s Praet Speaks in Frankfurt 09:00    

oct

U.K BBA Loans for House Purchase 09:30   38505

oct

U.S Chicago Fed Nat Activity Index 13:30   0.17

 

ECB’s Draghi Speak in European Parliament in Brussels 14:00    

 

BOE Governor Carney, former Fed Chairman Greenspan Speak 18:30    
Dow Jones Industrial Average

The Dow Jones Industrial Average fell for the fourth consecutive session on Friday. The Dow fell .73%, or 179 points. Shares of beleaguered social media company Snap Inc. fell 2.2% on Friday after rising more than 4% Wednesday on reports that the company was making it easier for businesses to create augmented reality lenses designed for the site. General Electric Co. was also declining Friday after getting a small reprieve Wednesday on reports that the company has set up $41 billion in credit lines from dozens of banks. GE shares fell 3.2%. The slide downward came after a post-Thanksgiving slump in pre-market trading that followed an underwhelming opening.

 

 

 

NASDAQ 100

The tech heavy NASDAQ pushed further into correction territory as markets add to their year-to-date losses. The major indices started trading in the red for the year this week after spending most of 2018 in positive territory. The NASDAQA fell .48% on Friday. Apple Inc. was down 2.54% to $172.29; Facebook was down 2.29% to $131.73 and Intel and Microsoft also slumped.

 

 

Oil

Oil prices slumped up to nearly 8 percent to the lowest in more than a year on Friday, posting the seventh consecutive weekly loss, amid intensifying fears of a supply glut even as major producers consider cutting output. Oil supply, led by U.S producers, is growing faster than demand and to prevent a build-up of unused fuel such as the one that emerged in 2015, the Organization of the Petroleum Exporting Countries is expected to start trimming output after a meeting on Dec. 6. But this has done little so far to prop up prices, which have dropped more than 20 percent so far in November, in a seven-week streak of losses. Prices were on course for their biggest one-month decline since late 2014. A trade war between the world’s two biggest economies and oil consumers, the United States and China, has weighed upon the market. U.S oil lost $4.21, or 7.7 percent, to trade at $50.42, also the weakest since October 2017. In post-settlement trade, the contract continued to fall. For the week, WTI posted a 10.8 percent decline.

 

 

Precious and Base Metals

Gold prices slipped on Friday as investors banked on the safety of the dollar over worries about a slowdown in the global economy, exacerbated by a sharp decline in oil prices. Spot gold fell 0.32 percent to $1,222.74 per ounce, while U.S gold futures for December delivery were down 0.39 percent to $1,223.10 per ounce. The dollar index is up and we are waiting for the U.S Federal Reserve this week, with Chairman Jerome Powell speaking. We expect he will be on course to continue with the interest rate hike in December. Prospects of higher U.S interest rates are negative for dollar-priced gold as they raise the opportunity cost of holding bullion. Crude prices are down and that pulls down the buying power of commodity accounts, so people are not buying gold. The dollar was on track to notch its biggest weekly percentage increase in a month, as markets were rattled by a steep drop in oil prices that suggested global growth is slowing. The greenback also benefited from a retreat in the euro, which slumped half a percent following a Purchasing Managers Index (PMI) survey that showed business growth in the euro zone had slowed much faster than expected this month. Gold, a traditional safe store of value during times of political and economic uncertainty, has lost out to the dollar this year, with the metal having fallen more than 10 percent from a peak in April against the backdrop of a U.S-China trade tussle. As far as gold is concerned, the dollar has become the more important driver for prices this year and that trend remains in place. Gold market participants have now turned eyes towards a G20 summit in Argentina at the end of the month, where leaders from the United States and China are expected to hold talks. Investors’ reluctance to react to trade tensions casts uncertainty on gold, raising the question of when demand will return. Meanwhile, silver fell 1.45 percent to $14.27 per ounce.

 

 

 

 

Traditional Agricultures

Wheat futures topped one-week highs on Friday on hopes for improved export demand after sales to Egypt, while corn and soybean futures slumped. Egypt’s state grain buyer, the General Authority for Supply Commodities, said it bought 240,000 tonnes of wheat in an international purchasing tender.

 

 

Futures Settlement Price Friday, November 23, 2018
Instrument Contract Open High Low Settlement Net Change
DJIA DJM18 24339 24424 24244 24254 -69
S & P 500 SPM18 2635.5 2647.25 2626 2628.5 -4
NASDAQ 100 NDM18 6524.5 6601 6494.75 6530 9.25
Hang Seng HSH18 25970 26031 25752 25891 -34
Nikkei 225 NKH18 N/A N/A N/A N/A N/A
FTSE 100 FTH18 6963.5 6989 6912.5 6947 -15
Gold GCJ18 1227.4 1228.9 1220.1 1223.1 -4.6
Silver SIK18 1445.5 1447 1415 1425 -20.5
Copper HGK18 276.55 276.85 275.95 276 -0.55
Crude Oil CLK18 51.22 51.28 50.12 50.38 -0.85
Wheat WK18 500.75 507.25 498.75 499.25 0.5
Soybeans SK18 881 884 879.5 880.25 -2.25
Corn CK18 358.75 359 358.5 358.75 0

 

 

Daily Swings  (The Pivot Levels)
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2
DJM18 24011 24127 24191 24307 24371 24487 24551
SPM18 2599.33 2612.67 2620.58 2633.92 2641.83 2655.17 2663.08
NDM18 6376.58 6435.67 6482.83 6541.92 6589.08 6648.17 6695.33
HSH18 25473 25612 25752 25891 26031 26170 26310
NKH18 N/A N/A N/A N/A N/A N/A N/A
FTH18 6833.50 6873.00 6910.00 6949.50 6986.50 7026.00 7063.00
GCJ18 1210.37 1215.23 1219.17 1224.03 1227.97 1232.83 1236.77
SIK18 1379.00 1397.00 1411.00 1429.00 1443.00 1461.00 1475.00
HGK18 274.78 275.37 275.68 276.27 276.58 277.17 277.48
CLK18 48.75 49.43 49.91 50.59 51.07 51.75 52.23
WK18 487.75 493.25 496.25 501.75 504.75 510.25 513.25
SK18 874.00 876.75 878.50 881.25 883.00 885.75 887.50
CK18 358.00 358.25 358.50 358.75 359.00 359.25 359.50

 

 

 Source: – News & Quotes (Courtesy:  Reuters)                                                                    

Disclaimer

This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.

The firm or its staff members may trade on their own account and may from time to time hold or act as market makers in investments mentioned in this document. Please note that the firm makes no warranty, expressed or implied, as to the accuracy or completeness of the information and opinions herein. All parties are advised to seek independent professional advice as to the suitability of any products and to their tax, accounting, legal or regulatory implications. City Credit Capital (UK) Ltd is authorized and regulated by the Financial Conduct Authority, reg 232015.

 

 

 

 

 

 

20 Nov 2018

Daily Market View

Tuesday, November 20, 2018
          U.S Stock Market

 

DJIA S & P 500 NASDAQ
25028 2696.25 6671.75
-1.56% -1.66% -3.03%

Stocks retreated sharply lower yesterday, with shares of technology and internet-related companies dragging the market lower. The main equity benchmarks saw losses accelerate in morning trade after a report showed home-builders’ confidence plummeted in November. U.S financial markets will be closed Thursday for the Thanksgiving Day holiday. The NASDAQ led the markets lower, closing down 219.4 points, or 3%. The Dow Jones Industrial Average tumbled 395.8 points, or 1.6%, and the S&P 500 index retreated 45.5 points, or 1.7%. Last week, the Dow posted a weekly decline of 2.2%, the S&P 500 index declined by 1.6% while the NASDAQ shed 2.2%. Investor anxiety, evidenced by last week’s declines, continued Monday, following a report on home-builder confidence that showed sector executives less upbeat than at any point in more than two years. Trade issues have been a key driver of volatility, as investors consider the possibility that U.S. tariff rates on a swath of Chinese goods could rise from 10% to 25% in January, as they will under current policy, absent a resolution.

 

Major Economic Releases for Today
Period Event GMT Forecast Previous

nov

Australia RBA Meeting Minutes 00:30    

oct

Japan Convenience Store Sales (YoY) 07:00   3.5%

oct

Switzerland Swiss Watch Exports (YoY) 07:00   -6.8%

oct

German Producer Price Index (YoY) 07:00 3.3% 3.2%

 

Australia RBA’s Lowe gives speech in Melbourne 08:20    

 

BOE’s Carney, Haldane, Cunliffe and Saunders Testify in London 10:00    

oct

U.S Housing Starts (MoM) 13:30 2.4% -5.3%

oct

U.S Building Permits (MoM) 13:30 -0.8% -0.6%

oct

Australia Westpac Leading Index (MoM) 23:30   -0.1%
Dow Jones Industrial Average

The Dow Jones Industrial Average fell 1.56% yesterday. The best performers of the session on the Dow Jones Industrial Average were Pfizer Inc., which rose 1.54% or 0.67 points to trade at 44.18 at the close. Meanwhile, The Travelers Companies Inc. added 1.36% or 1.75 points to end at 130.52 and Johnson & Johnson was up 1.19% or 1.74 points to 147.73 in late trade. The worst performers of the session were Boeing Co, which fell 4.47% or 15.01 points to trade at 320.94 at the close. Apple Inc. declined 3.96% or 7.67 points to end at 185.86 and Visa Inc. was down 3.87% or 5.42 points to 134.76.

 

 

 

NASDAQ 100

The tech heavy NASDAQ index fell 3.03%. The top performers on the NASDAQ Composite were Cesca Therapeutics Inc. which rose 51.32% to 0.4600, Akers Biosciences Inc. which was up 42.28% to settle at 1.750 and Yulong Eco-Materials Ltd which gained 25.69% to close at 6.410. The worst performers were Arcimoto Inc. which was down 21.77% to 2.30 in late trade, Sonoma Pharmaceuticals Inc. which lost 18.47% to settle at 0.901 and Champions Oncology Inc. which was down 17.89% to 10.1900 at the close.

 

 

Oil

Oil prices rose in choppy trade yesterday, under pressure from growing supply but supported by a reported drawdown of U.S oil inventories, potential EU sanctions on Iran and possible OPEC production cuts. U.S futures ended yesterday’s session 68 cents higher at $56.76, after dropping as far as $55.08, near last week’s one-year low. Traders said futures pared losses when energy information provider Genscape reported that crude inventories fell in the latest week. EU foreign ministers endorsed a French government decision to sanction Iranian nationals accused of a bomb plot in France, three diplomats said. The United States has granted waivers to some of Iran’s oil customers. OPEC, led by Saudi Arabia, is pushing for the group and its partners to reduce output by 1 million to 1.4 million barrels per day to prevent a build-up of unused fuel. U.S. crude stockpiles have grown for eight straight weeks, and data last week showed inventories swelled by the most in more than a year.

 

 

Precious and Base Metals

Gold inched up yesterday as the dollar fell, but the metal stayed in a tight range as investors held off on big moves ahead of the U.S Thanksgiving holiday on Thursday. Spot gold was 0.2 percent higher at $1,224.13 per ounce after hitting a one-week high of $1,225.29 in the previous session. U.S gold futures settled up $2.30, or 0.2 percent, at $1,225.30. The dollar fell to two-week lows after Federal Reserve officials’ comments about the U.S. economy suggested the central bank may be nearing the end of its tightening cycle. A softer dollar makes gold cheaper for holders of other currencies. There has been a lot of back and forth language (on) whether or not the Federal Reserve will implement a neutral interest rate or will they take it above neutral, temporarily. Markets are waiting for a little more clarity on (a possible) December rate hike as well as the outlook for 2019. Gold is taking a sideways approach in this environment. Trading volumes are expected to remain subdued before Thanksgiving. I expect prices to consolidate around the $1,220 level throughout the remainder of the week. There is not a lot of news action in the market. We are expecting the Fed to raise interest rates at the next meeting in December. Most likely that will keep gold from getting above the recent highs. Higher rates dampen the appeal of gold, which pays no interest and incurs costs to store and insure. Indicative of investor sentiment towards bullion, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.2 percent to their lowest in a week on Friday. Hedge funds and money managers boosted their net short position in gold to the highest in five weeks. Palladium fell 1.4 percent to $1,160.70 per ounce, after hitting a record high of $1,185.40 in the previous session. Silver rose 0.2 percent to $14.43 an ounce.

 

 

 

 

Traditional Agricultures

Soybean futures fell 2.1 percent yesterday, hitting their lowest since Nov. 8, as a lack of consensus at a meeting of Asia-Pacific leaders cooled hopes of Washington and Beijing resolving a trade dispute that has disrupted U.S soybean exports to China. Wheat prices also fell sharply, shedding 1.7 percent as investors continued to wait for an upturn in U.S exports.

 

 

 

Futures Settlement Price Monday, November 19, 2018
Instrument Contract Open High Low Settlement Net Change
DJIA DJM18 25384 25490 24888 25028 -416
S & P 500 SPM18 2732.75 2748 2681.5 2696.25 -45.75
NASDAQ 100 NDM18 6874.75 6933.75 6632 6671.75 -222
Hang Seng HSH18 26080 26373 26063 26284 173
Nikkei 225 NKH18 21685 21850 21620 21840 205
FTSE 100 FTH18 7017 7064.5 6963.5 6989 -34
Gold GCJ18 1223.7 1226 1218.3 1224.5 1.6
Silver SIK18 1438 1438 1436 1436.5 0
Copper HGK18 277.65 280.9 276 279.9 -0.3
Crude Oil CLK18 57.26 57.54 55.24 57.35 0.69
Wheat WK18 506.25 507 495.75 498.5 -8
Soybeans SK18 890.25 891.25 871 874 -17.5
Corn CK18 364.5 366 361 362 -2.5

 

 

Daily Swings  (The Pivot Levels)
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2
DJM18 24179 24533 24781 25135 25383 25737 25985
SPM18 2602.67 2642.08 2669.17 2708.58 2735.67 2775.08 2802.17
NDM18 6256.17 6444.08 6557.92 6745.83 6859.67 7047.58 7161.42
HSH18 25797 25930 26107 26240 26417 26550 26727
NKH18 21460 21540 21690 21770 21920 22000 22150
FTH18 6845.83 6904.67 6946.83 7005.67 7047.83 7106.67 7148.83
GCJ18 1212.17 1215.23 1219.87 1222.93 1227.57 1230.63 1235.27
SIK18 1433.67 1434.83 1435.67 1436.83 1437.67 1438.83 1439.67
HGK18 272.07 274.03 276.97 278.93 281.87 283.83 286.77
CLK18 53.58 54.41 55.88 56.71 58.18 59.01 60.48
WK18 482.58 489.17 493.83 500.42 505.08 511.67 516.33
SK18 846.00 858.50 866.25 878.75 886.50 899.00 906.75
CK18 355.00 358.00 360.00 363.00 365.00 368.00 370.00

 

 Source: – News & Quotes (Courtesy:  Reuters)                                                                    

Disclaimer

This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.

The firm or its staff members may trade on their own account and may from time to time hold or act as market makers in investments mentioned in this document. Please note that the firm makes no warranty, expressed or implied, as to the accuracy or completeness of the information and opinions herein. All parties are advised to seek independent professional advice as to the suitability of any products and to their tax, accounting, legal or regulatory implications. City Credit Capital (UK) Ltd is authorized and regulated by the Financial Conduct Authority, reg 232015.

 

 

 

 

 

 

19 Nov 2018

Daily Market View

Daily Market View

Monday, November 19, 2018
          U.S Stock Market

 

DJIA S & P 500 NASDAQ
25444 2742.00 6839.75
+0.49% +0.22% -0.15%

U.S stocks closed mostly higher Friday after comments from President Donald Trump once again sparked hopes that a trade dispute with China could be resolved in the near term. But the NASDAQ bucked the trend to finish lower as a decline in chip maker shares, led by Nvidia Corp., dented sentiment in the technology sector. The Dow Jones climbed 123.95 points, or 0.5% and the S&P 500 index rose 6.07 points, or 0.2%. The NASDAQ shed 11.16 points, or 0.2%. For the week, the Dow fell 2.2%, the S&P 500 dropped 1.6%, while the NASDAQ declined 2.2%. Trump expressed guarded optimism over U.S.-China trade ties, telling reporters that it may not be necessary to add new tariffs or raise existing ones on Chinese imports, and that he doesn’t want to “put China in a bad position.” Trump and Chinese President Xi Jinping are scheduled to meet at the sidelines of the G-20 summit in Buenos Aires later this month. Uncertainties around tariff spats have taken center stage this week and the vacillating narratives around progress in negotiations continue to whipsaw equity benchmarks.

 

 

Major Economic Releases for Today
Period Event GMT Forecast Previous

nov

U.K Rightmove House Prices (YoY) 00:01   0.9%

 

BOJ Outright Bond Purchase 1~3 Years 01:10    

 

BOJ Kuroda speaks at EuroPlus in Tokyo 03:30    

sep

Euro-Zone Current Account s.a. (euros) 09:00   23.9b

nov

Switzerland Domestic Sight Deposits 09:00   475.6b

sep

Euro-Zone Construction Output w.d.a. (YoY) 10:00   2.5%

nov

U.S NAHB Housing Market Index 15:00 67 68

 

U.S Fed’s Williams Speaks in Moderated Q&A in the Bronx 15:45    

nov

ANZ Roy Morgan Weekly Consumer Confidence Index 22:30   119.8
 

Dow Jones Industrial Average

The Dow Jones Industrial Average added 0.49%. The best performers of the session on the Dow Jones were The Travelers Companies Inc., which rose 2.53% or 3.18 points to trade at 128.77 at the close. Meanwhile, UnitedHealth Group Incorporated added 2.33% or 6.17 points to end at 271.11 and McDonald’s Corporation was up 2.20% or 4.03 points to 187.59 in late trade. The worst performers of the session were Walmart Inc., which fell 1.86% or 1.85 points to trade at 97.69 at the close. Boeing Co declined 1.65% or 5.62 points to end at 335.95 and Visa Inc. was down 1.17% or 1.66 points to 140.18.

 

 

 

NASDAQ 100

The tech heavy NASDAQ index declined 0.15%. The top performers on the NASDAQ Composite were TESARO Inc. which rose 31.48% to 34.96, EMC Insurance Group Inc. which was up 30.26% to settle at 31.25 and The Dixie Group Inc. which gained 15.98% to close at 0.980. The worst performers were Rewalk Robotics Ltd which was down 45.45% to 0.24 in late trade, Limbach Holdings Inc. which lost 27.46% to settle at 6.05 and Euroseas Ltd which was down 25.45% to 1.230 at the close.

 

 

Oil

Oil ended slightly firmer after volatile trading on Friday, supported by expectations that the Organization of the Petroleum Exporting Countries would agree to cut output next month, though prices fell for the sixth straight week amid global oversupply concerns. OPEC kingpin Saudi Arabia is keen for the major producers to cut output by about 1.4 million barrels per day, around 1.5 percent of global supply, to support the market, sources told Reuters this week. But other producers, including Russia, have been reluctant to agree to a cut. U.S. crude settled unchanged at $56.46 a barrel after trading between $55.89 and $57.96. The contract, which had its steepest one-day loss in more than three years on Tuesday, fell 5.6 percent in the week, also its sixth straight weekly decline.  After Tuesday’s sharp fall, the market was due for a slight correction, and was now stabilizing. OPEC ministers meet on Dec. 6 in Vienna to decide on production policy for the next six months amid a growing surplus in world markets.

 

 

 

Precious and Base Metals

Gold rose as much as 1 percent on Friday as the dollar fell after U.S Federal Reserve officials made cautions comments that fed doubt about the outlook for interest rate hikes, while palladium hit a record high driven by worries about short supplies. Spot gold rose 0.7 percent to $1,221.04 an ounce. The session high was the highest since Nov. 8 at $1,225.29. Gold was on track to gain about 1 percent this week. U.S gold futures gained 0.5 percent to $1,221.50. Two Fed officials cautioned that global economic growth was slowing and the dollar fell to one-week lows against a basket of major currencies, making bullion cheaper for buyers using other currencies. When you get people talking about the economy slowing down, they may not raise rates so quickly or as aggressively and that is bearish for the dollar. Further support for gold came from weaker global stock markets and lower U.S. Treasury yields. A weaker dollar and lower yields are pretty much tailor made to benefit gold. Palladium climbed 1.7 percent to $1,176.70 an ounce, up more than 5 percnt since the start of the week. The metal hit a record high of $1,185.40 during the session, within a whisker of parity with gold for the first time in 16 years. The market is in a big deficit. There is a lot of funds interest in palladium because the funds like to buy something when it’s moving, but the supply is of concern now. Used mainly in emissions-reducing auto catalysts for vehicles, palladium, the only precious metal on track for an annual gain, was also helped by speculation Beijing may provide a stimulus to Chinese auto markets. Car dealers in the world’s biggest car market have been pushing for Beijing to support the sector. Silver rose 0.3 percent at $14.33 an ounce, on course for a weekly gain of over 1 percent. Copper was set to end the week 2.5 percent higher as signs of supply tightness supported prices, but worries about the outcome of the U.S.-China trade dispute limited gains.

 

 

 

 

Traditional Agricultures

Soybean futures ended higher on Friday after rebounding on President Donald Trump’s comments that his administration may not have to impose further tariffs on China, the world’s biggest soybean buyer. Wheat added to early advances on Friday.

 

 

 

Futures Settlement Price Friday, November 16, 2018
Instrument Contract Open High Low Settlement Net Change
DJIA DJM18 25313 25502 25093 25444 131
S & P 500 SPM18 2731.75 2748.75 2708.5 2742 6.5
NASDAQ 100 NDM18 6876 6912 6805.75 6893.75 -22.25
Hang Seng HSH18 26119 26187 25784 26111 72
Nikkei 225 NKH18 21860 21870 21630 21635 -170
FTSE 100 FTH18 7061.5 7087.5 6961 7023 -67
Gold GCJ18 1213.6 1225.7 1213.4 1222.9 9.3
Silver SIK18 1425.5 1438.5 1421 1436.5 11
Copper HGK18 274.35 280.25 273.3 280.2 5.7
Crude Oil CLK18 56.75 58.13 56.08 56.66 -0.09
Wheat WK18 505 508.25 502.5 506.5 2
Soybeans SK18 889.25 894.5 881.25 891.5 2.5
Corn CK18 367 368.5 363 364.5 -2.5

 

 

Daily Swings  (The Pivot Levels)
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2
DJM18 24782 24937 25191 25346 25600 25755 26009
SPM18 2677.17 2692.83 2717.42 2733.08 2757.67 2773.33 2797.92
NDM18 6722.75 6764.25 6829.00 6870.50 6935.25 6976.75 7041.50
HSH18 25465 25624 25868 26027 26271 26430 26674
NKH18 21313 21472 21553 21712 21793 21952 22033
FTH18 6833.67 6897.33 6960.17 7023.83 7086.67 7150.33 7213.17
GCJ18 1203.33 1208.37 1215.63 1220.67 1227.93 1232.97 1240.23
SIK18 1408.00 1414.50 1425.50 1432.00 1443.00 1449.50 1460.50
HGK18 268.63 270.97 275.58 277.92 282.53 284.87 289.48
CLK18 53.73 54.91 55.78 56.96 57.83 59.01 59.88
WK18 497.50 500.00 503.25 505.75 509.00 511.50 514.75
SK18 870.42 875.83 883.67 889.08 896.92 902.33 910.17
CK18 356.67 359.83 362.17 365.33 367.67 370.83 373.17

 

 

 Source: – News & Quotes (Courtesy:  Reuters)                                                                    

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