14 Nov 2018

Daily Market View

 

Daily Market View

Wednesday, November 14, 2018
          U.S Stock Market

 

DJIA S & P 500 NASDAQ
25327 2727.00 6851.50
-0.51% -0.10% +0.08%

U.S stocks declined as a slump in oil prices dragged down energy companies, extinguishing earlier gains that were spurred by progress in the American-Chinese trade dispute. The pound rallied on reports of advancement toward a Brexit deal. The S&P 500 retreated yesterday as West Texas crude hit a nine-month low, falling the most intraday since 2011, after U.S President Donald Trump criticized Saudi Arabia’s plan to cut output. The Dow Jones Industrial Average slid as Boeing, Exxon Mobil and Pfizer dropped. Treasuries climbed and the dollar fell from an 18-month high. Stock indexes had advanced earlier in the session after White House economic adviser Larry Kudlow told CNBC that the U.S and China are talking on “all levels” of government. That followed an overnight report that China’s Vice Premier Liu He will pave the way for a meeting between the leaders of the two biggest economies later this month. Caterpillar, 3M and mega cap technology shares that react to trade headlines had paced gains in major equity benchmarks.

 

Major Economic Releases for Today
Period Event GMT Forecast Previous

oct

China Retail Sales (YoY) 02:00 9.2% 9.2%

oct

China Industrial Production (YoY) 02:00 5.8% 5.8%

sep

Japan Industrial Production (YoY) 04:30   -2.9%

3Q

German Gross Domestic Product n.s.a. (YoY) 07:00 1.2% 2.3%

oct

U.K Consumer Price Index (YoY) 09:30 2.5% 2.4%

3Q

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

oct

U.S Consumer Price Index (YoY) 13:30 2.5% 2.3%

oct

U.S Real Avg. Hourly Earnings (YoY) 13:30   0.5%

 

U.S Fed’s Powell to Discuss Economy at Dallas Fed Event 23:00    
Dow Jones Industrial Average

The Dow Jones Industrial Average lost 0.40%. The best performers of the session on the Dow Jones Industrial Average were Intel Corporation, which rose 1.59% or 0.74 points to trade at 47.39 at the close. Meanwhile, American Express Company added 1.29% or 1.37 points to end at 107.86 and Procter & Gamble Company was up 0.83% or 0.77 points to 93.47 in late trade. The worst performers of the session were Exxon Mobil Corp, which fell 2.29% or 1.83 points to trade at 78.00 at the close. Boeing Co declined 2.11% or 7.52 points to end at 349.51 and Chevron Corp was down 1.74% or 2.04 points to 115.35.

 

 

NASDAQ 100

The NASDAQ index added 0.03%. The top performers on the NASDAQ Composite were Pyxis Tankers Inc. which rose 53.89% to 2.9700, EyeGate Pharmaceuticals Inc. which was up 34.66% to settle at 0.420 and Hudson Technologies Inc. which gained 32.96% to close at 0.960. The worst performers were EverQuote Inc Class A which was down 43.49% to 6.73 in late trade, PHI Inc. which lost 25.27% to settle at 4.76 and CTI Industries Corporation which was down 24.30% to 3.02 at the close.

 

Oil

Oil prices fell for a 12th straight session yesterday, the longest streak on record, after President Donald Trump pushed back against Saudi Arabia’s plan to increase its output. Crude oil and Brent crude oil, the international benchmark, were both down by about 4.3%, at $56.36 and $65.92 a barrel. “Hopefully, Saudi Arabia and OPEC will not be cutting oil production,” Trump tweeted on Monday. “Oil prices should be much lower based on supply!” Late Sunday, Saudi Arabia’s energy minister, Khalid Al-Falih, told reporters in Abu Dhabi that the kingdom was going to reduce its oil production by about 500,000 barrels a day in December.  Oil prices have tumbled into a bear market — down at least 20% from their October peaks — amid concerns of growing stockpiles. And data released last week by the Energy Information Agency showed US oil inventories climbed by 5.8 million barrels in the week to November 2, while production hit a weekly record of 11.6 million barrels per day.

 

Precious and Base Metals

Gold shook off earlier losses yesterday to move back above the key $1,200 an ounce support level, benefiting from a slight retreat in the dollar following a rally backed by rising U.S interest rates. Spot gold edged up 0.2 percent at $1,202.90 per ounce, having fallen to its lowest since Oct. 11 at $1,195.90 earlier in the day. U.S. gold futures were steady at $1,203.70 per ounce. Bullion was also on track to snap a seven session-long losing streak, supported by limited buying on the dips by price-sensitive customers. The weaker dollar is supporting gold, and a lot of people are anxious to purchase the metal below $1,200. There is widespread liquidation in some of the markets, including energy. Investors may be shifting money around through new asset allocation by selling those positions and buying gold futures. The dollar index, which measures the U.S. unit’s performance against a basket of major currencies, eased 0.4 percent, having hit its highest since June 2017 in the previous session, making gold less expensive for holders of other currencies. The dollar has benefited over the last week from expectations for further U.S. interest rate hikes, as well as concerns over Italy’s budget and ongoing Brexit talks. There has been a bit of physical demand around the $1,200 levels. The continued weight on the gold market of late has been due to the slowly rising interest rate environment. Bullion had traded between $1,211 and $1,243 an ounce for much of the last month before slipping sharply over the last two sessions. Gold’s fall has done a lot of technical damage so the bounce we see could be short-lived. Meanwhile, holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, rose 0.90 percent to 762.00 tonnes on Monday. Holdings hit their lowest since early 2016 last month after declining over the summer. Silver rose 0.6 percent to $14.04 per ounce, having touched a more than two-month low of $13.92 earlier in the session.

 

 

 

 

Traditional Agricultures

Wheat futures were lower yesterday, retreating from a three-week high touched in the previous session, as the market’s focus remained on whether an expected pick-up in the pace of exports will materialize in the near future. Corn prices also fell yesterday.

 

 

 

Futures Settlement Price Tuesday, November 13, 2018
Instrument Contract Open High Low Settlement Net Change
DJIA DJM18 25405 25564 25180 25327 -59
S & P 500 SPM18 2731.25 2755.75 2714.5 2727 -1.5
NASDAQ 100 NDM18 6846.75 6961 6800.75 6851.5 15.5
Hang Seng HSH18 25056 25854 25002 25834 286
Nikkei 225 NKH18 21810 21820 21470 21750 -495
FTSE 100 FTH18 7044.5 7082 6993.5 7019 -8
Gold GCJ18 1201.4 1205.3 1196.4 1202.4 1.9
Silver SIK18 1397 1409 1391 1395 -21
Copper HGK18 266.8 274.8 266.3 268.2 1.35
Crude Oil CLK18 58.96 59.48 54.87 55.41 -3.57
Wheat WK18 519.25 520.25 505.75 507.5 -11.5
Soybeans SK18 882.25 890.25 876.75 878 -5
Corn CK18 369.25 370.5 365 366 -4.75

 

 

Daily Swings  (The Pivot Levels)
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2 R3
DJM18 24766 24973 25150 25357 25534 25741 25918
SPM18 2667.83 2691.17 2709.08 2732.42 2750.33 2773.67 2791.58
NDM18 6620.92 6710.83 6781.17 6871.08 6941.42 7031.33 7101.67
HSH18 24421 24711 25273 25563 26125 26415 26977
NKH18 21190 21330 21540 21680 21890 22030 22240
FTH18 6892.50 6943.00 6981.00 7031.50 7069.50 7120.00 7158.00
GCJ18 1188.53 1192.47 1197.43 1201.37 1206.33 1210.27 1215.23
SIK18 1369.67 1380.33 1387.67 1398.33 1405.67 1416.33 1423.67
HGK18 256.23 261.27 264.73 269.77 273.23 278.27 281.73
CLK18 49.08 51.98 53.69 56.59 58.30 61.20 62.91
WK18 487.58 496.67 502.08 511.17 516.58 525.67 531.08
SK18 859.58 868.17 873.08 881.67 886.58 895.17 900.08
CK18 358.33 361.67 363.83 367.17 369.33 372.67 374.83

 

 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.