25 Jun 2018

 Daily  Market View

    Daily  Market View

  Monday, June 25, 2018
          U.S Stock Market

 

DJIA S & P 500 NASDAQ
24607 2760.00 7224.00
+0.49% +0.19% -0.26%

U.S stocks rose on Friday with the Dow Jones Industrial Average looking to snap its 8-day losing streak, powered by a surge in oil prices, but losses in technology stocks curbed some gains. The benchmark Brent crude jumped $1.83 to $74.88 a barrel, following three days of losses, after OPEC agreed to modest crude output increases to compensate for losses in production at a time of rising global demand. A recent rally in oil prices due to an OPEC decision to restrict supply in an effort to drain global inventories has helped S&P energy be the best performing S&P sector in the last three months. U.S President Donald Trump, in his latest move, threatened to impose a 20 percent tariff on all European Union car imports, a month after the administration launched a probe into whether auto imports pose a threat to national security. The gains were broad-based with 10 of the 11 main S&P sectors higher. The technology sector was the only one in the red, down 0.3 percent. Leading the decliners among tech was open source software provider Red Hat Inc, which slumped 11.9 percent.

 

 

 

Major Economic Releases for Today
Period Event GMT Forecast Previous

apr

Japan Leading Index CI 05:00   105.6

apr

Japan Coincident Index 05:00   117.7

jun

German IFO Business Climate 08:00   102.2

jun

German IFO Expectations 08:00   98.5

jun

German IFO Current Assessment 08:00   106

may

U.S Chicago Fed Nat Activity Index 12:30   0.34

may

U.S New Home Sales (MoM) 14:00 0.5% -1.5%

jun

U.S Dallas Fed Manufacturing Activity 14:30   26.8

may

Japan Corporate Service Price (YoY) 23:50   0.9%
Dow Jones Industrial Average

The Dow Jones Industrial Average added 0.49% on Friday. The biggest gainers of the session on the Dow Jones Industrial Average were Dow DuPont Inc., which rose 2.63% or 1.72 points to trade at 67.00 at the close. McDonald’s Corporation added 2.50% or 4.02 points to end at 164.55 and Verizon Communications Inc. was up 2.32% or 1.13 points to 49.76 in late trade. Biggest losers included JPMorgan Chase & Co, which lost 1.64% or 1.76 points to trade at 105.75 in late trade. Home Depot Inc. declined 1.45% or 2.90 points to end at 197.41 and Microsoft Corporation shed 0.72% or 0.73 points to 100.41.

NASDAQ 100

The tech-heavy NASDAQ index fell 0.26% on Friday. The top performers on the NASDAQ Composite were Apollo Medical Holdings Inc. which rose 50.60% to 30.00, Restoration Robotics Inc. which was up 33.33% to settle at 3.64 and Soleno Therapeutics Inc. which gained 33.05% to close at 3.100. The worst performers were Inpixon which was down 33.07% to 0.1941 in late trade, Research Frontiers Incorporated which lost 27.44% to settle at 0.595 and Xenetic Biosciences Inc. which was down 21.67% to 2.820 at the close.

Oil

Oil prices soared on Friday after oil producers agreed to modest crude output increases to compensate for losses in production at a time of rising global demand. The OPEC and other top crude producers, meeting in Vienna, agreed to raise output from July by about 1 million barrels per day (bpd). The real increase, however, will be around 770,000 bpd, according to Iraq, because several countries that recently suffered production declines will struggle to reach full quotas, while other producers may not be able to fill the gap. The actual output increases set a bullish tone, as they came in below some of the highest figures that had been discussed prior to the meeting. U.S. crude rose $3.04, or 4.6 percent, to $68.58 a barrel, getting an additional boost after a surprisingly large drawdown at the storage hub at Cushing, Oklahoma. For about three weeks ahead of the OPEC meeting, prices had retreated from 3-1/2-year highs.

Precious and Base Metals

Gold prices rose from six-month lows on Friday as the dollar slipped, but the modest nature of the recovery suggested speculators might still be poised to punish the metal further. Spot gold gained 0.2 percent at $1,268.76 per ounce, headed for a 0.8 percent weekly drop. In the prior session, bullion touched $1,260.84, its lowest since Dec. 19, 2017. U.S gold futures for August delivery settled up 20 cents, 0.02 percent, at $1,270.70 per ounce. Gold is up with the dollar being a little weak. A weaker greenback makes dollar-denominated gold cheaper for holders of other currencies. Subdued gold reaction shows there’s more downside risk. People think since gold failed at the $1,300 level, they are seeing how far they can push it down and then move it up again. I would say it should bottom out anywhere between $1,250 and $1,200. Gold tumbled last Friday after repeatedly failing to surmount the $1,300 level as speculators rushed to liquidate long positions and others added bearish positions. The dollar dropped from an 11-month peak against a currency basket as the euro strengthened after a survey showed Euro zone private business growth recovered in June. Commerzbank agreed gold was unlikely to recover in the near-term. If gold is not even in demand as a result of the escalating trade dispute between the U.S. and China, we do not believe that the other upcoming events will do much to sway the opinion of market participants. In Asia, gold demand picked up in most centers this week, with bullion selling at a premium in India for the first time in seven weeks. Platinum increased 1 percent at $870.24 per ounce, poised for a weekly drop of over 1 percent. Silver was up 0.8 percent at $16.44 an ounce after falling to its lowest since May 2 at $16.16 in the previous session, headed for a 0.3 percent weekly drop.

Wheat, Corn , and Soybeans

Soybean and corn futures posted losses for the fourth straight week on worries about the escalating trade dispute between the U.S and China, although prices rose for the day on Friday as some traders covered short positions. Soybeans ended 1.2 per cent lower on the week, after plunging to their lowest price in nearly a decade on Tuesday.

 

 

Futures Settlement Price Friday, June 22, 2018
Instrument Contract Open High Low Settlement Net Change
DJIA DJM18 24454 24662 24443 24607 140
S & P 500 SPM18 2750.25 2768.25 2749 2760 8
NASDAQ 100 NDM18 7225.5 7273.75 7198.25 7224 -12.5
Hang Seng HSH18 29042 29422 29041 29346 49
Nikkei 225 NKH18 22370 22485 22360 22470 -125
FTSE 100 FTH18 7502 7631 7496.5 7604 120.5
Gold GCJ18 1269.4 1272.7 1268.2 1271 2.2
Silver SIK18 1631 1648 1630 1648 18
Copper HGK18 302.7 304.5 301.3 303.15 0.35
Crude Oil CLK18 65.89 68.78 65.69 68.65 2.89
Wheat WK18 496.5 497 486.75 491.5 -3.5
Soybeans SK18 882.5 895.75 879.75 895 15.25
Corn CK18 358 359.25 354.75 358 1

 

 

Daily Swings  (The Pivot Levels)
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2 R3

 

DJM18 24260 24352 24479 24571 24698 24790 24917
SPM18 2730.67 2739.83 2749.92 2759.08 2769.17 2778.33 2788.42
NDM18 7114.75 7156.50 7190.25 7232.00 7265.75 7307.50 7341.25
HSH18 28736 28889 29117 29270 29498 29651 29879
NKH18 22267 22313 22392 22438 22517 22563 22642
FTH18 7388.83 7442.67 7523.33 7577.17 7657.83 7711.67 7792.33
GCJ18 1264.07 1266.13 1268.57 1270.63 1273.07 1275.13 1277.57
SIK18 1618.00 1624.00 1636.00 1642.00 1654.00 1660.00 1672.00
HGK18 298.27 299.78 301.47 302.98 304.67 306.18 307.87
CLK18 63.54 64.62 66.63 67.71 69.72 70.80 72.81
WK18 476.25 481.50 486.50 491.75 496.75 502.00 507.00
SK18 868.58 874.17 884.58 890.17 900.58 906.17 916.58
CK18 350.92 352.83 355.42 357.33 359.92 361.83 364.42

 

 

 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.