27 Авг 2018

Daily Market View

Daily Market View

Monday, August 27, 2018
          U.S Stock Market

 

DJIA S & P 500 NASDAQ
25797 2877.25 7496.75
+0.53% +0.65% +0.97%

U.S stocks rose Friday, with the S&P 500 and the NASDAQ closing at records, after Federal Reserve Chairman Jerome Powell affirmed the central bank’s strategy of gradually normalizing monetary policy, highlighting the strength in the economy and robust corporate results that have helped to support investment appetite for equities. The S&P 500 index added 17.71 points, or 0.6%, its first since record since Jan. 26. The NASDAQ climbed 67.52 points, or 0.9%, carving out its first all-time high since July 25. The Dow Jones Industrial Average rose 133.37 points, or 0.5%, 3.2% away from its record close on Jan. 26. For the week, the S&P logged a 0.9% gain—a second straight weekly rise. The NASDAQ advanced by 1.7% for the period, while the Dow booked a 0.5% climb. At the Kansas City Federal Reserve’s annual monetary policy symposium in Jackson Hole, Wyo., Powell said he sees two risks surrounding rate hikes, which he outlined as “moving too fast and needlessly shortening the expansion, versus moving too slowly and risking a destabilizing overheating.”

 

 

Major Economic Releases for Today
Period Event GMT Forecast Previous

        jul

German Retail Sales (YoY)     3.0%

jul

China Industrial Profits (YoY) 01:30   20.0%

aug

German IFO Business Climate 08:00   101.7

aug

German IFO Expectations 08:00   98.2

aug

German IFO Current Assessment 08:00   105.3

aug

Switzerland Domestic Sight Deposits CHF 08:00    

jul

U.S Chicago Fed Nat Activity Index 12:30   0.43

aug

U.S Dallas Fed Manufacturing Activity 14:30   32.3

aug

ANZ Roy Morgan Weekly Consumer Confidence Index 23:30    
Dow Jones Industrial Average

The Dow Jones Industrial Average added 0.52% on Friday. The best performers of the session on the Dow Jones Industrial Average were DowDuPont Inc., which rose 1.61% or 1.10 points to trade at 69.21 at the close. Meanwhile, Visa Inc. added 1.48% or 2.10 points to end at 144.20 and Intel Corporation was up 1.45% or 0.68 points to 47.66 in late trade. The worst performers of the session were Nike Inc., which fell 0.55% or 0.46 points to trade at 82.45 at the close. Goldman Sachs Group Inc. declined 0.52% or 1.23 points to end at 235.11 and Walmart Inc. was down 0.24% or 0.23 points to 94.95.

 

NASDAQ 100

The tech-heavy NASDAQ index climbed 0.86% on Friday. The top performers on the NASDAQ Composite were Alliance MMA Inc. which rose 110.32% to 0.42, Seven Stars Cloud Group Inc. which was up 38.97% to settle at 5.420 and Geron Corporation which gained 28.78% to close at 5.190. The worst performers were Hibbett Sports Inc. which was down 30.19% to 20.52 in late trade, China Biologic Products Inc. which lost 15.85% to settle at 84.91 and TMSR Holding Company Ltd which was down 15.59% to 4.06 at the close.

Oil

Oil prices gained more than 1 percent on Friday, ending a run of weekly declines on signs that Iran sanctions may limit global supply and that a trade war may not curb China’s appetite for U.S crude. U.S crude was up 89 cents, or 1.3 percent, at $68.72. U.S crude rose more than 4 percent on the week, after seven consecutive declines, and Brent rose 5.3 percent after three weeks of falling prices. Concerns that an escalating trade war between China and the U.S. could slow economic growth and weigh on crude purchases eased slightly after sources told Reuters that China’s Unipec will resume purchases of U.S. crude oil in October, after a two-month halt due to the fight. Worries that Mexico’s incoming administration would not strike a bilateral agreement over NAFTA with the U.S. also weighed on the market, traders said. A dispute over opening up the oil and gas sector is weighing on the talks, Bloomberg reported, citing two people familiar with negotiations.

 

 

Precious and Base Metals

Gold prices rose on Friday as the Dollar came under pressure from clues about the direction of U.S monetary policy from Federal Reserve Chairman Jerome Powell, which market watchers interpreted as dovish. The greenback weakened as Powell, speaking in Jackson Hole, Wyoming, said a gradual approach to raising rates remained appropriate to protect the U.S. economy and keep job growth as strong as possible with inflation under control. It sounds like the Fed is starting to lean a little bit dovish and that is taking the wind out of the U.S. dollar’s sail now. Spot gold had increased 1.8 percent to $1,206.14 an ounce, heading for a 1.9 percent weekly gain. U.S gold futures for December delivery settled up $19.30, or 1.6 percent, at $1,213.30 per ounce. U.S political uncertainty, heightened by the legal woes of two of U.S. President Donald Trump’s former advisers this week, is keeping the dollar under pressure despite tighter U.S. monetary policy, analysts say. A weaker U.S. currency makes dollar-denominated gold cheaper for holders of other currencies, which could boost demand and prices. A Reuters survey published on Thursday showed analysts expecting U.S. rates to rise twice more this year and twice next year. The Fed next meets over Sept. 25-26. Higher rates raise the opportunity cost of holding gold, which can be costly to store and insure. Investor appetite for gold has been in the doldrums in recent months. Rate hikes, low inflation, rising equity markets and a strong dollar have significantly diminished the appeal of gold. Last week’s data showed hedge funds and money managers raising their net short position for the sixth straight week to another record in the week to Aug. 14. Spot silver was up 2 percent at $14.76 an ounce, barely changed from last week’s close. Copper rose on Friday, clocking its first weekly gain in four on a softer dollar, though worries about Chinese demand are expected to cap gains as the country’s trade dispute with the United States drags on.

 

 

Traditional Agriculture

Wheat futures dropped for the fifth consecutive session on Friday, touching a one-month low on sluggish export demand for U.S wheat despite tightening global supplies. Corn and soybean futures stabilized on Friday after sharp declines.

 

 

Futures Settlement Price Thursday, August 24, 2018
Instrument Contract Open High Low Settlement Net Change
DJIA DJM18 25677 25826 25651 25797 129
S & P 500 SPM18 2858 2877.25 2856.25 2877.25 19.5
NASDAQ 100 NDM18 7426.25 7499 7422.25 7496.75 72.5
Hang Seng HSH18 27538 27776 27443 27602 -85
Nikkei 225 NKH18 22460 22590 22435 22575 165
FTSE 100 FTH18 7551 7581.5 7541.5 7569.5 33
Gold GCJ18 1191.5 1215 1189.2 1213.5 21.9
Silver SIK18 1445.5 1484 1444 1481 35
Copper HGK18 264.5 271.65 264.1 270.45 6.1
Crude Oil CLK18 67.86 69.28 67.75 68.78 0.96
Wheat WK18 519.75 521.25 512.5 515.5 -6.5
Soybeans SK18 841.75 848 841 842.75 0.75
Corn CK18 346.25 349.5 346 349 2.75

 

 

Daily Swings  (The Pivot Levels)
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2 R3
DJM18 25515 25583 25690 25758 25865 25933 26040
SPM18 2842.25 2849.25 2863.25 2870.25 2884.25 2891.25 2905.25
NDM18 7369.58 7395.92 7446.33 7472.67 7523.08 7549.42 7599.83
HSH18 27105 27274 27438 27607 27771 27940 28104
NKH18 22322 22378 22477 22533 22632 22688 22787
FTH18 7506.83 7524.17 7546.83 7564.17 7586.83 7604.17 7626.83
GCJ18 1171.00 1180.10 1196.80 1205.90 1222.60 1231.70 1248.40
SIK18 1415.33 1429.67 1455.33 1469.67 1495.33 1509.67 1535.33
HGK18 258.27 261.18 265.82 268.73 273.37 276.28 280.92
CLK18 66.40 67.07 67.93 68.60 69.46 70.13 70.99
WK18 502.83 507.67 511.58 516.42 520.33 525.17 529.08
SK18 832.83 836.92 839.83 843.92 846.83 850.92 853.83
CK18 343.33 344.67 346.83 348.17 350.33 351.67 353.83

 

  

 Source: – News & Quotes (Courtesy:  Reuters)                                                                    

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