30 Авг 2018

Daily Market View

 

Daily Market View

Thursday, August 30, 2018
          U.S Stock Market

 

DJIA S & P 500 NASDAQ
26145 2914.75 7668.75
+0.22% +0.52% +0.85%

U.S stock index futures were little changed yesterday as investors stayed focused on trade, awaiting progress on talks between the United States and Canada and eyeing next week’s deadline for consultations on the next round of China-U.S tariffs. After the United States and Mexico announced a bilateral deal on Monday, U.S-Canada is working to salvage the North American Free Trade Agreement amid signs Ottawa was open to taking a more conciliatory approach. The next round of U.S tariffs on $200 billion worth of Chinese goods are expected to take effect in late September after a public comment period ends on Sept. 5. Investors will continue to concentrate on trade talks now with Canada and the enthusiasm will continue until we get some concrete news on whether or not the U.S. and Canada reach a deal. The benchmark S&P 500 index hit record highs over the last two days after strong gains on Friday following Federal Reserve Chairman Jerome Powell’s comments and then on the U.S-Mexico trade deal on Monday.

 

 

Major Economic Releases for Today
Period Event GMT Forecast Previous

        aug

German Unemployment Change (000’s) 07:55 -8k -6k

        aug

German Unemployment Claims Rate s.a. 07:55 5.2% 5.2%

jul

U.K Net Consumer Credit 08:30 1.5b 1.6b

jul

U.K Mortgage Approvals 08:30 65.0k 65.6k

aug

German Consumer Price Index (YoY) 12:00 2.0% 2.0%

jun

Canada Gross Domestic Product (YoY) 12:30 2.3% 2.6%

jul

U.S Personal Income 12:30 0.4% 0.4%

jul

U.S Personal Spending 12:30 0.4% 0.4%

aug

U.S Initial Jobless Claims 12:30 213k 210k
Dow Jones Industrial Average

The Dow Jones Industrial Average gained 0.23% to hit a new 6-month high. The biggest gainers of the session on the Dow Jones Industrial Average were Microsoft Corporation, which rose 1.60% or 1.76 points to trade at 112.02 at the close. Apple Inc. added 1.49% or 3.28 points to end at 222.98 and Visa Inc. was up 1.26% or 1.83 points to 147.03 in late trade. Biggest losers included Walgreens Boots Alliance Inc., which lost 0.89% or 0.62 points to trade at 68.66 in late trade. United Technologies Corporation declined 0.65% or 0.88 points to end at 133.62 and American Express Company shed 0.53% or 0.57 points to 106.71.

 

NASDAQ 100

The NASDAQ index gained 0.99%. The top performers on the NASDAQ were Opiant Pharmaceuticals Inc. which rose 37.64%, GreenPro Capital Corp which was up 30.11% to settle at 7.546000 and Sophiris Bio Inc which gained 24.61% to close at 3.190. The worst performers were Carver Bancorp Inc. which was down 14.46% to 4.850 in late trade, One Stop Systems Inc. which lost 11.53% to settle at 3.65 and ScanSource Inc. which was down 12.75% to 37.65 at the close.

Oil

Oil prices rose about 1 percent yesterday, supported by a drawdown in U.S crude and gasoline stockpiles and on news of falling Iranian crude shipments as U.S sanctions deter buyers. U.S. crude was 77 cents higher at $69.30 a barrel. U.S crude inventories fell 2.6 million barrels last week, the Energy Information Administration said, exceeding the 686,000-barrel draw forecast by analysts polled by Reuters. U.S crude futures bounced briefly to $69.55, their highest in three weeks, on the inventory data before retreating. Increased gasoline demand was particularly supportive to the market given that crack spreads had been weak. Iran’s crude oil and condensate exports in August are set to drop below 70 million barrels for the first time since April 2017, preliminary trade flows data on Thomson Reuters show. Many crude buyers have already reduced orders from Iran, OPEC’s third-biggest producer, ahead of the Nov. 4 start date for U.S. sanctions. The reduction in Iranian exports implies global supply tightening.

 

 

Precious and Base Metals

Gold climbed yesterday as funds bet prices would find short-term support at $1,200 per ounce, but a stronger dollar and expectations for increases in U.S interest rates limited gains. Spot gold was up 0.1 percent at $1,204.43 an ounce. Prices hit their highest since Aug. 10 at $1,214.28 on Tuesday but closed 0.8 percent lower as U.S. Treasuries rose after the United States and Mexico struck a trade deal. Analysts and traders are closely watching the psychologically important level of $1,200. Gold dipped below that this month for the first time since March 2017, giving it momentum to touch a low of $1,159.96. Gold is a tad higher now because we have managed to find support at $1,200 and that is attracting some intra-day bids at this stage. The market is more balanced than we have seen recently but we are still one spark short of a sustained rally here. Gold is still pinned down by a stronger dollar, which makes commodities it is priced in more expensive for holders of other currencies and can cap a rising gold market. The dollar rose as relief about a U.S.-Mexico trade deal gave way to concern among investors that the conflict over trade between the United States and China was not about to end soon. Adding to gold’s woes are expectations for further U.S. interest rate increases this year, record bets on prices falling and liquidations in exchange-traded funds (ETFs). There is still a lot of uncertainty and the monetary policy backdrop is not positive for gold prices. Higher rates would dent the appeal of non-interest yielding gold. Gold prices are on track to fall for the fifth straight month, which would make it the longest losing streak since early 2013. U.S. gold futures were down 0.3 percent at $1,210.60. Holdings in the largest gold-backed ETF, SPDR Gold Trust GLD, have declined 3.6 million ounces from a peak in late April. Spot silver was up 0.2 percent at $14.67. Copper drifted down yesterday, pressured by a recovery in the dollar and worries over softer demand from top consumer China.

 

 

Traditional Agriculture

Wheat futures rose nearly 4 percent yesterday on technical buying and rumors that Russia might curb wheat exports. Soybeans and corn followed wheat higher.

 

 

Futures Settlement Price Wednesday, August 29, 2018
Instrument Contract Open High Low Settlement Net Change
DJIA DJM18 26089 26183 26048 26145 60
S & P 500 SPM18 2900.25 2917.25 2897.5 2914.75 15.5
NASDAQ 100 NDM18 7580.75 7671.5 7580.75 7668.75 90.5
Hang Seng HSH18 28321 28468 28246 28341 55
Nikkei 225 NKH18 22805 22965 22800 22855 80
FTSE 100 FTH18 7627.5 7632 7536.5 7562 -46
Gold GCJ18 1207.5 1213.3 1207.2 1212.6 5.7
Silver SIK18 1464.5 1471.5 1457.5 1468 5.5
Copper HGK18 272.15 273.45 269.5 270.6 -1.6
Crude Oil CLK18 68.51 69.72 68.33 69.66 1.17
Wheat WK18 497 519.25 495.75 514.25 16.25
Soybeans SK18 821.75 830.25 819.25 822.5 2
Corn CK18 340.75 343.25 339.75 341 0

 

 

Daily Swings  (The Pivot Levels)
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2 R3
DJM18 25933 25990 26068 26125 26203 26260 26338
SPM18 2882.67 2890.08 2902.42 2909.83 2922.17 2929.58 2941.92
NDM18 7518.42 7549.58 7609.17 7640.33 7699.92 7731.08 7790.67
HSH18 28013 28130 28235 28352 28457 28574 28679
NKH18 22617 22708 22782 22873 22947 23038 23112
FTH18 7426.17 7481.33 7521.67 7576.83 7617.17 7672.33 7712.67
GCJ18 1202.67 1204.93 1208.77 1211.03 1214.87 1217.13 1220.97
SIK18 1445.83 1451.67 1459.83 1465.67 1473.83 1479.67 1487.83
HGK18 264.97 267.23 268.92 271.18 272.87 275.13 276.82
CLK18 67.36 67.85 68.75 69.24 70.14 70.63 71.53
WK18 476.75 486.25 500.25 509.75 523.75 533.25 547.25
SK18 806.75 813.00 817.75 824.00 828.75 835.00 839.75
CK18 335.92 337.83 339.42 341.33 342.92 344.83 346.42

 

 

 Source: – News & Quotes (Courtesy:  Reuters)                                                                    

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