26 Сен 2018

Daily Market View

   

 Daily Market View

 Wednesday, September 26, 2018
          U.S Stock Market

 

DJIA S & P 500 NASDAQ
26519 2921.00 7595.25
-0.23% -0.12% +0.16%

U.S stocks edged lower as oil drillers rallied with crude while industrial shares lagged behind. Treasuries fell as the Federal Reserve started its two-day policy meeting. U.S benchmarks were mixed, with automobile and utility shares weighing on indexes as consumer companies gained. Stocks dipped after President Donald Trump told the United Nations that the trade deficit with China “is just not acceptable,” speaking fears of greater trade tensions, before mostly recovering. Brent oil climbed to a four-year high as benchmark Treasury yields touched 3.1 percent. Riskier assets are drifting in the face of mounting political, trade and policy headwinds and investors look toward what could be a long and bruising conflict between the U.S and China following the Asian nation’s decision to call off planned talks after the latest round of tariffs. Investors are also looking forward to the Federal Reserve. The central bank’s policy meeting this week will likely see interest rates increased for the third time in 2018 and feature fresh projections for the next few years.

 

 

Major Economic Releases for Today
Period Event GMT Forecast Previous

sep

New Zealand ANZ Activity Outlook 01:00   3.8

aug

U.K BBA Loans for House Purchase 08:30 39700 39584

sep

U.S MBA Mortgage Applications 11:00   1.6%

aug

U.S New Home Sales (MoM) 14:00 0.5% -1.7%

sep

DOE U.S. Crude Oil Inventories 14:30   -2057k

sep

FOMC Rate Decision (Upper Bound) 18:00 2.25% 2.00%

sep

FOMC Rate Decision (Lower Bound) 18:00 2.00% 1.75%

 

Fed’s Powell Holds Press Conference Following FOMC Decision 18:30    

sep

RBNZ Official Cash Rate 21:00 1.75% 1.75%
Dow Jones Industrial Average

The Dow Jones Industrial Average fell 0.26%. The best performers of the session on the Dow Jones Industrial Average were McDonald’s Corporation, which rose 1.90% or 3.10 points to trade at 166.41 at the close. Meanwhile, Walt Disney Company added 0.76% or 0.86 points to end at 113.63 and Apple Inc. was up 0.63% or 1.40 points to 222.19 in late trade. The worst performers of the session were Intel Corporation which fell 2.13% or 1.00 points to trade at 45.91 at the close. UnitedHealth Group Incorporated declined 1.44% or 3.85 points to end at 263.51 and Procter & Gamble Company was down 1.36% or 1.15 points to 83.12.

 

 

 

NASDAQ 100

The tech heavy NASDAQ index climbed 0.18%. The top performers on the NASDAQ Composite were Jaguar Health Inc. which rose 158.46% to 1.680, Optical Cable Corporation which was up 30.95% to settle at 5.500 and Oasmia Pharmaceutical AB which gained 29.53% to close at 4.650. The worst performers were SAExploration Holdings Inc. which was down 51.76% to 13.850 in late trade, TG Therapeutics Inc. which lost 44.32% to settle at 5.15 and FlexShopper Inc. which was down 37.10% to 1.170 at the close.

 

Oil

Oil prices rose yesterday but eased off a four-year high after U.S President Donald Trump called on OPEC to increase crude output, even he as called for heavier sanctions on major oil producer Iran. Trump reiterated calls on the Organization of the Petroleum Exporting Countries to pump more oil and stop raising prices in a speech before the United Nations. The so-called “OPEC+” group, which includes the likes of Russia, Oman and Kazakhstan, had met at the weekend to discuss a possible increase in crude output, but the upshot of the gathering was that the group was in no rush to do so. OPEC secretary general, said in Madrid yesterday that it is important for OPEC and its partners to cooperate to ensure they do not “fall from one crisis to another.” Prior to Trump’s remarks, oil had headed higher, with Brent hitting $82.55 per barrel, its highest since Nov. 10, 2014, on concerns about global supply shortages in the wake of U.S sanctions on Iran’s oil exports, which go into effect Nov. 4.

 

Precious and Base Metals

Gold edged higher yesterday as the dollar drifted ahead of a U.S Federal Reserve monetary policy meeting, but bullion’s upside remained capped by strong U.S economic data that continues to underpin the greenback. The U.S. dollar fell against a basket of currencies, with an expected Federal Reserve rate rise mostly priced in by traders, who will be looking for clues on the future pace of rate hikes from the central bank. Upside scenarios for gold are if the Fed sounds a bit more dovish, but there’s not a lot of room for that at the moment. U.S data hasn’t weakened and market positioning for rate hikes is not excessively hawkish compared to the Fed. In general, market dynamics are quite weak for gold. A strong dollar makes dollar-priced gold costlier for non-U.S investors, hile rising U.S interest rates typically deter investors from buying a non-yielding asset such as gold. Spot gold gained 0.2 percent at $1,200.60 per ounce. U.S gold futures for December delivery settled up 70 cents, or 0.1 percent, at $1,205.10 per ounce. The Fed is scheduled to complete its two-day policy meeting today. Gold has fallen around 12 percent since April, hit by rising U.S. interest rates and a global trade war that threatens growth and has led investors to choose the dollar as a safe haven rather than gold. A senior Chinese official said it was difficult to proceed with trade talks with the United States while Washington was putting “a knife to China’s neck”, a day after both sides heaped fresh tariffs on each other’s goods. In wider markets, European shares and Wall Street got a lift as oil’s rise boosted energy equities. Oil’s rise will fan inflation and growth concerns in many countries, and could in the long run benefit gold. Silver gained 1.6 percent at $14.45 an ounce, earlier reaching $14.56, its highest since Aug. 31. Spot palladium increased 0.3 percent at $1,062.20 per ounce after hitting $1,068.50, its highest since late January.

 

Traditional Agricultures

Soybean futures climbed to their highest prices in more than a month yesterday in a turnaround from recent declines that were driven by concerns about the U.S-China trade dispute hurting American exports. Corn and wheat pulled back after exceeding one-month highs on Monday.

 

 

Futures Settlement Price Tuesday, September 25, 2018
Instrument Contract Open High Low Settlement Net Change
DJIA DJM18 6620 26701 26499 26519 -89
S & P 500 SPM18 2926.5 2934 2918.25 2921 -4.5
NASDAQ 100 NDM18 7590.5 7603 7550.25 7595.25 9.75
Hang Seng HSH18 N/A N/A N/A N/A N/A
Nikkei 225 NKH18 23680 23790 23650 23740 10
FTSE 100 FTH18 7412.5 7478 7412.5 7440.5 27.5
Gold GCJ18 1203.2 1207.7 1201 1205.4 2.2
Silver SIK18 1428.5 1458.5 1423.5 1448 21
Copper HGK18 282.35 284.8 278.9 282.15 -0.15
Crude Oil CLK18 72.21 72.72 71.86 72.04 -0.19
Wheat WK18 525 525.25 516 520.25 -6
Soybeans SK18 840.25 857.75 837 845.25 4.5
Corn CK18 360 363.75 357 363.25 3

 

 

Daily Swings  (The Pivot Levels)
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2 R3
DJM18 26243 26371 26445 26573 26647 26775 26849
SPM18 2899.08 2908.67 2914.83 2924.42 2930.58 2940.17 2946.33
NDM18 7509.92 7530.08 7562.67 7582.83 7615.42 7635.58 7668.17
HSH18 N/A N/A N/A N/A N/A N/A N/A
NKH18 23523 23587 23663 23727 23803 23867 23943
FTH18 7343.83 7378.17 7409.33 7443.67 7474.83 7509.17 7540.33
GCJ18 1195.00 1198.00 1201.70 1204.70 1208.40 1211.40 1215.10
SIK18 1393.17 1408.33 1428.17 1443.33 1463.17 1478.33 1498.17
HGK18 273.20 276.05 279.10 281.95 285.00 287.85 290.90
CLK18 70.83 71.35 71.69 72.21 72.55 73.07 73.41
WK18 506.50 511.25 515.75 520.50 525.00 529.75 534.25
SK18 814.83 825.92 835.58 846.67 856.33 867.42 877.08
CK18 352.17 354.58 358.92 361.33 365.67 368.08 372.42

 

 Source: – News & Quotes (Courtesy:  Reuters)                                                                    

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