20 12月 2018

Daily Market View

Daily Market View

Thursday, December 20, 2018
          U.S Stock Market

 

DJIA S & P 500 NASDAQ
23312 2504.75 6352.50
+0.95% +0.54% +0.93%

U.S stocks gained earlier in yesterday’s trading session before the outcome of a key policy announcement from the Federal Reserve. The Dow Jones Industrial Average advanced 193 points, or 0.8%, while the S&P 500 index rose 20 points, or 0.8%. The NASDAQ climbed 48 points, or 0.7%. Investors are expecting the Fed to help assuage brewing anxieties that have underpinned a recent bout of market tumult as the central bank’s interest-rate setting committee. Meanwhile, U.S Treasury Secretary Steven Mnuchin gave investors reason for optimism regarding U.S-China trade relations, when he said the U.S and China will meet in January to broker a trade-war truce, in an interview with Bloomberg News on Tuesday. Previously, the Trump administration hadn’t given a specific timetable for face-to-face negotiations. With volume so light this time of year, investors should brace for more volatility. Existing home sales rose 1.9%, to a seasonally adjusted annual rate of 5.32 million from October to November, according to the National Association of Realtors.

 

 

Major Economic Releases for Today
Period Event GMT Forecast Previous

dec

BOJ 10-Yr Yield Target     0.00%

dec

BOJ Rate Decision     -0.10%

nov

Australia Employment Change 00:30 20.0k 32.8k

nov

Australia Unemployment Rate 00:30 5.0% 5.0%

dec

Bank of England Bank Rate 12:00 0.75% 0.75%

dec

BOE Asset Purchase Target 12:00 435b 435b

dec

U.S Philadelphia Fed Business Outlook 13:30 15.5 12.9

dec

U.S Initial Jobless Claims 13:30 219k 206k

nov

Japan National Consumer Price Index (YoY) 23:30 0.8% 1.4%
Dow Jones Industrial Average

The Dow Jones Industrial Average lost 1.49% to hit a new 52-week low. The best performers of the session were Verizon Communications Inc., which rose 0.38% or 0.21 points to trade at 55.86 at the close. Meanwhile, The Travelers Companies Inc. fell 0.12% or 0.14 points to end at 119.16 and International Business Machines was down 0.19% or 0.22 points to 116.43 in late trade. The worst performers of the session were Intel Corporation, which fell 4.55% or 2.17 points to trade at 45.57 at the close. Apple Inc. declined 3.12% or 5.18 points to end at 160.89 and Nike Inc. was down 3.06% or 2.18 points to 68.97.

NASDAQ 100

The NASDAQ index declined 2.17%. The top performers on the NASDAQ were Marin Software Inc. which rose 78.76% to 6.650, China Automotive Systems Inc. which was up 42.06% to settle at 3.040 and Evine Live Inc. which gained 41.85% to close at 0.558. The worst performers were Surface Oncology Inc. which was down 47.50% to 3.89 in late trade, Biocept Inc. which lost 29.82% to settle at 0.800 and Toughbuilt Industries Inc. which was down 24.00% to 1.14 at the close.

Oil

Oil prices rose about 3 percent yesterday, recovering somewhat from a sharp sell-off during the previous session, after U.S data showed strong demand for refined products. Sentiment remains negative, however, as investors grapple with weakening demand and worries about oversupply. U.S light crude contract rose $1.44 a barrel to $48.04. The markets slumped on Tuesday, extending a recent run of poor performance. Global benchmark Brent tumbled 5.6 percent on Tuesday, just above a 14-month low reached during the session, while WTI lost 7.3 percent, falling to its lowest level since August 2017. Crude inventories fell by 497,000 barrels in the week to Dec. 14, smaller than the decrease of 2.4 million barrels analysts had expected. The decline was the third consecutive decrease, the U.S Energy Information Administration said. The OPEC and other oil producers including Russia agreed this month to curb output by 1.2 million barrels per day (bpd) in an attempt to drain tanks and boost prices.

 

 

Precious and Base Metals

Gold rose to a one-week high yesterday, helped by a weaker U.S dollar and a fall in global stock markets, but moves were limited as investors sought clarity on the path of U.S interest rates as concerns about a slowing global economy deepened. Spot gold was up 0.1 percent at $1,247.06 per ounce, having earlier touched its highest since Dec. 10 at $1,250.27, just short of a five-month peak of $1,250.55 hit last week. U.S gold futures were steady at $1,251.30 per ounce. There has been a slight increase in the minority view that the Fed might not raise rates, given the recent weakness in the equity markets. It would be quite a shock if they didn’t increase rates in this week’s meeting. Most of the attention will be on how many more interest rates rises there may be next year. The Fed is widely expected to raise interest rates for the fourth time this year at its two-day policy meeting ending today. But weak stock markets and slowing global growth may prompt the central bank to signal a slowdown in rate increases. We have seen quite a broad-based sell-off across many other markets, from equities to other commodity markets, and an increase in risk aversion. In that climate, gold is edging gradually higher towards a multi-months peak. World stock markets tumbled as fears about a slowing global economy gripped investors, while the dollar index slipped 0.3 percent against a basket of major currencies. Gold tends to gain when interest rate hike expectations ease because lower rates reduce the opportunity cost of holding non-yielding bullion and weigh on the dollar, in which it is priced. In euro terms, gold reached its highest since June at 1,100.57 euro an ounce. Gold, considered a safe investment during times of financial, economic and geopolitical uncertainty, has risen more than 7 percent from 19-month lows hit in mid-August. It is also set to post its biggest quarterly gains since March 2017. Among other precious metals, silver was down 0.2 percent to $14.63.

 

Traditional Agricultures

Soybean futures edged higher yesterday as the oilseed market awaited signs of further demand from China as part of a trade truce with Washington. Wheat eased after gaining ground on Monday while corn ticked upwards in cautious trading.

 

 

 

Futures Settlement Price Wednesday, December 19, 2018
Instrument Contract Open High Low Settlement Net Change
DJIA DJM18 23571 24073 23168 23312 -282
S & P 500 SPM18 2531.75 2590.25 2489.5 2504.75 -32.25
NASDAQ 100 NDM18 6464 6601.5 6301 6352.5 -127.25
Hang Seng HSH18 25847 25935 25798 25919 103
Nikkei 225 NKH18 20985 21100 20805 20935 -170
FTSE 100 FTH18 6639 6723.5 6598 6613.5 -17
Gold GCJ18 1253.6 1261.9 1245.1 1246.4 -6.7
Silver SIK18 1470 1489 1460.5 1465 -4
Copper HGK18 265.45 271.9 265.4 267.5 2.3
Crude Oil CLK18 46.27 48.32 46.26 47.38 1.17
Wheat WK18 531.75 532 521.25 522.5 -9.75
Soybeans SK18 906.5 909.5 898.75 899.5 -7.75
Corn CK18 384.75 384.75 381.5 381.5 -3.5

 

 

Daily Swings  (The Pivot Levels)
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2 R3
DJM18 22057 22613 22962 23518 23867 24423 24772
SPM18 2365.33 2427.42 2466.08 2528.17 2566.83 2628.92 2667.58
NDM18 5934.67 6117.83 6235.17 6418.33 6535.67 6718.83 6836.17
HSH18 25696 25747 25833 25884 25970 26021 26107
NKH18 20498 20652 20793 20947 21088 21242 21383
FTH18 6441.00 6519.50 6566.50 6645.00 6692.00 6770.50 6817.50
GCJ18 1223.57 1234.33 1240.37 1251.13 1257.17 1267.93 1273.97
SIK18 1425.50 1443.00 1454.00 1471.50 1482.50 1500.00 1511.00
HGK18 258.13 261.77 264.63 268.27 271.13 274.77 277.63
CLK18 44.26 45.26 46.32 47.32 48.38 49.38 50.44
WK18 507.75 514.50 518.50 525.25 529.25 536.00 540.00
SK18 884.92 891.83 895.67 902.58 906.42 913.33 917.17
CK18 377.17 379.33 380.42 382.58 383.67 385.83 386.92

 

 

 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.

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