31 8月 2018

Daily  Market View

 

Daily  Market View

Friday, August 31, 2018
          U.S Stock Market

 

DJIA S & P 500 NASDAQ
26008 2901.75 7648.25
-0.66% -0.59% -0.41%

Gains in U.S stocks came to a halt yesterday as concerns rose among investors that the U.S.-Chinese trade dispute will intensify, while economic turmoil in Turkey and Argentina sent those countries’ currencies tumbling. Stock markets and major government bond yields have risen in recent weeks on hopes that a global trade war can be averted, particularly with the leaders of the United States and Canada optimistic they could reach a new North American Free Trade Agreement (NAFTA) by today. Investor sentiment darkened, however, on the prospect that U.S. tariffs on an additional $200 billion worth of Chinese goods may likely take effect in late September. U.S. Treasury yields fell yesterday morning after a measure of underlying inflation hit the Federal Reserve’s 2 percent target for the third time this year. The Dow Jones Industrial Average fell 111.9 points, or 0.43 percent, the S&P 500 lost 8.55 points or 0.29 percent and the NASDAQ dropped 10.86 points, or 0.13 percent.

 

 

Major Economic Releases for Today
Period Event GMT Forecast Previous

aug

China Non-manufacturing PMI 01:00 53.7 54

aug

China Manufacturing PMI 01:00 51 51.2

jul

Japan Housing Starts (YoY) 05:00 -4.3% -7.1%

jul

German Retail Sales (YoY) 06:00 1.3% 3.0%

jul

Euro-Zone Unemployment Rate 09:00 8.2% 8.3%

aug

Euro-Zone Consumer Price Index Core (YoY) 09:00 1.1% 1.1%

aug

U.S Chicago Purchasing Manager 13:45 64 65.5

aug

U.S U of Mich. Sentiment 14:00 95.5 95.3

aug

Baker Hughes U.S Rig Count 17:00   1044
Dow Jones Industrial Average

The Dow Jones Industrial Average fell 0.53%. The best performers of the session on the Dow Jones Industrial Average were Apple Inc., which rose 0.92% or 2.05 points to trade at 225.03 at the close. Meanwhile, Walmart Inc. added 0.48% or 0.46 points to end at 96.10 and Verizon Communications Inc. was up 0.33% or 0.18 points to 54.75 in late trade. The worst performers of the session were Caterpillar Inc., which fell 1.97% or 2.80 points to trade at 139.06 at the close. Nike Inc. declined 1.68% or 1.39 points to end at 81.40 and Walgreens Boots Alliance Inc. was down 1.25% or 0.86 points to 67.80.

 

NASDAQ 100

The NASDAQ index declined 0.26%. The top performers on the NASDAQ were Bridgeline Digital Inc. which rose 53.40% to 1.3800, CPI Card Group Inc. which was up 38.52% to settle at 3.74 and Insys Therapeutics Inc. which gained 34.05% to close at 10.67. The worst performers were Cronos Group Inc. which was down 28.41% to 9.1200 in late trade, GreenPro Capital Corp which lost 20.49% to settle at 6.000000 and Kirklands Inc. which was down 18.78% to 9.34 at the close.

Oil

Oil prices rose yesterday to the highest in more than a month, extending gains on growing evidence of disruptions to crude supply from Iran and Venezuela and after a fall in U.S crude inventories. U.S crude was 89 cents higher at $70.40, after earlier hitting a session high of $70.50. Both contracts were at their highest in more than one month. A rally that started earlier in the day accelerated as U.S crude rose above $70 a barrel, and more speculators entered the market. There are pretty good tailwinds here that will keep people jumping on board. Iranian crude exports are likely to drop to a little more than 2 million barrels per day (bpd) in August, against a peak of 3.1 million bpd in April, as importers bow to American pressure to cut orders. Crude exports from crisis-struck OPEC member Venezuela have also fallen sharply, halving in recent years to about 1 million bpd. Official U.S oil inventory data on Wednesday also helped the bullish trend. U.S. commercial crude inventories fell by a larger than expected 2.6 million barrels.

 

 

Precious and Base Metals

Gold slid below key support of $1,200 an ounce yesterday, undermined by a firmer dollar following strong U.S economic data. Spot gold lost 0.6 percent to $1,198.84 an ounce, while December U.S gold futures settled down $6.50, or 0.5 percent, at $1,205. Spot gold hit a six-day low of $1,195.95. Although we have quite a high conviction for higher prices in the medium and long term, we see a little bit of a challenge in the short term as long as the dollar remains strong. The dollar index gained against a basket of major currencies after U.S. consumer spending increased in July, making gold more expensive for buyers using other currencies. Even with all of the geopolitical and trade tensions, we’re still seeing good earnings by companies and that’s supporting higher equity markets too pressuring gold. Spot gold has been trading within an $8 range over the past two sessions, with investors keenly watching the psychological $1,200 level after the metal broke below that mark and hit a 1-1/2 year low of $1,159.96 early this month. The greenback’s strength against the yuan was making bullion expensive for buyers in the world’s biggest bullion consumer, China, yesterday. Gold investors also trimmed positions ahead of the long U.S. holiday weekend. While a relatively stronger Dollar and U.S economic growth are hurting the bullion’s appeal, concerns that Turkey’s financial crisis could spread may give the metal a reversal of fate. Spot silver fell 1.2 percent at $14.54 an ounce, earlier sliding to $14.47, a six-day low. Platinum lost 0.7 percent at $790.49 per ounce, while palladium was unchanged at percent at $965 after hitting its highest since June 19 at $983.75. Copper prices fell for the second straight session yesterday, with some investors still nervous about the impact of recent trade tensions on global growth.

 

 

Traditional Agricultures

Wheat futures rose for a third consecutive session yesterday, adding to a steep rise the day before on concerns that Russia may curb exports after a drought pushed prices higher. Wheat closed up 4.4 percent on Wednesday. Soybeans and corn rose, but gains were limited by expectations of all-time high output in the United States. Soybeans were up 0.5 percent while corn also added 0.5 percent.

 

 

Futures Settlement Price Thursday, August 30, 2018
Instrument Contract Open High Low Settlement Net Change
DJIA DJM18 26156 26166 25944 26008 -137
S & P 500 SPM18 2915.5 2916.25 2895.5 2901.75 -13
NASDAQ 100 NDM18 7672.25 7696.75 7626 7648.25 -20.5
Hang Seng HSH18 28468 28510 28039 28065 -212
Nikkei 225 NKH18 23050 23070 22830 22880 25
FTSE 100 FTH18 7542 7546.5 7480.5 7490 -72
Gold GCJ18 1213 1213.8 1201.8 1205.6 -7
Silver SIK18 1467.5 1469.5 1441.5 1445 -23
Copper HGK18 270.8 271.35 265.5 267.35 -3.25
Crude Oil CLK18 69.68 70.46 69.52 70.01 0.35
Wheat WK18 546.25 549 529.75 535.25 -5.5
Soybeans SK18 838 844.25 828.75 831 -4.25
Corn CK18 357 358.5 355.5 356 0

 

 

Daily Swings  (The Pivot Levels)
  Trading Range  
Contract S3 S2 S1 Pivot R1 R2 R3
DJM18 25691 25817 25913 26039 26135 26261 26357
SPM18 2872.00 2883.75 2892.75 2904.50 2913.50 2925.25 2934.25
NDM18 7546.50 7586.25 7617.25 7657.00 7688.00 7727.75 7758.75
HSH18 27428 27734 27899 28205 28370 28676 28841
NKH18 22543 22687 22783 22927 23023 23167 23263
FTH18 7398.83 7439.67 7464.83 7505.67 7530.83 7571.67 7596.83
GCJ18 1188.33 1195.07 1200.33 1207.07 1212.33 1219.07 1224.33
SIK18 1406.50 1424.00 1434.50 1452.00 1462.50 1480.00 1490.50
HGK18 258.93 262.22 264.78 268.07 270.63 273.92 276.48
CLK18 68.59 69.06 69.53 70.00 70.47 70.94 71.41
WK18 507.75 518.75 527.00 538.00 546.25 557.25 565.50
SK18 809.58 819.17 825.08 834.67 840.58 850.17 856.08
CK18 351.83 353.67 354.83 356.67 357.83 359.67 360.83

 

 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.