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It seems the hopes for a dialogue between US-China, to reach a compromise in the ongoing trade spats, which boosted market moral Friday were short lived. According to sources, US President Trump as already approved the unleashing of another set of tariffs amount to nearly $200 billion on Chinese goods. Naturally, the announcement put investors on the edge with some shorting Asian stocks.
Global Stocks: Asian Stocks plummeted as a vast majority of market participants cautious attempt to divert funds. The dismal outlook in Asia weighs on European stocks and may affect Wall street negatively when the US Market opens, later during the day at 1:30 GMT.
Germany30 was on a downward spiral between 12,085.45 -12,047.71 by the time of print at 07:30 GMT it had lost 0.53% jumpy around12.059.17.
France40 shed 0.29% to at 5,332.34 with further downside in view ranging between 5,331.76 – 5,347.01
UK100 Dropped 0.13% trading in reverse from 7,300.00-7,275.92.
Italy 40 While most EU stocks slid the Italian Shares managed to hold gains in check trading up 0.33% in a range from 20,680.00 – 20,845.00 likely to be boosted further by the Italian Trade balance.
Commodities: It seems too early to overstand ultimate direction of the commodities, however, the Metals are currently under pressure mostly due to the trade tiffs.
XAU/USD remains very volatile, it was seen at the time of print ranging from 1,192.89 – 1,197.35
Copper Prices have been languishing low between 2.638- 2.607 with a loss of 0.57%
WTI Oil amid the commotion Oil prices was least affected by the Baker Hughes Rig Count which rose from 860 to 867. The current forecast in a bullish trend ranging from 68.53 – 69.23 up 0.63%
FX Market: With the Financial calendar light yet laced with reports of Eurozone’s CPI, the German Buba Monthly Report,
EUR/USD remains in a trend of 1.1618 – 1.1661 up 0.22%
GBP/USD meanwhile held onto its gains above the 1.30 level trading between 1.3070 – 1.3104.
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Asian Markets continues to be bolstered by the cordial reception of both the US and China to enter further rounds to curb the escalating trade tiffs. The optimistic mood was carried to the European Markets, helped by Apple.Inc shares. Global Stocks: Are thus hawkish for the most part and flat in the worst case scenario
Germany30by the time of print 07:32 GMT had risen 0.53% to 12,119.17 ranging between12,093.80 – 12,124.34 with more uptrends possible.
France40 Similarly, was up 0.53% at 5,358.08 trending from 5,344.67 – 5,358.34
The UK100 surged 0.56% to 7,321.26 oscillating up and down from 7,307.00 – 7,323.74
Italy 40 was late in joining the up trends nonetheless was seen up 0.31% ranging from 20,805.00 – 20,960.00
Commodities: The USD lost a bit of it grounds sending the DXY to 94.44 a drop of 0.08% in a tight range from 94.43 – 94.57 with the USD down investors sort to capitalize on a semi profit-taking ahead of the weekend
XAU/USD gathered momentum for up streams. Climbing up 0.54% at 1,208.04
WTI Oil after crossing the $70bbl physiological threshold deep to $68 before correcting upwards ahead of the release of various US economic indicators like the Core Retail report and the Baker Hughes Rig Count WTI Crude Oil prices are currently set in a path ranging from 68.70 – 69.08 up 0.67% at 69.05
Other Metal Commodities like Silver, Copper etc. were also bullish.
FX Market: Following the announcement of both the BoE Bank of England and ECB European Central Banks Interest rate decisions which were at large in expectations to market consensus i.e. both stood pat with forwarding guidance in view of their various policies to begin Tapering. The EUR and GBP both rallied.
EUR/USD was spotted between 1.1688 – 1.1720 up 0.27% at 1.1721
GBP/USD crossed the 1.30 threshold hold on to gains up 0.21% at 1.3134 ahead of Gov. Mark Carney speech today and the release of the BOE’s Quarterly Bulletin. If the speech does not resound well with market participants or the quarterly bulletin is dismal we could see the GBP fall into a bearish mood again.
USD/JPY shed 0.09% from 112.08-11.84 with lows in view down up to 111.79 or further down should the reports of the US fail to uplift the USD.
Meanwhile, as correlations and inverse correlation seem to be fairly squared the Cryptocurrencies recently acting like commodities have surged. Only 20 out of the currently 2260 tokens were down. Although optimistic for a long-term rise there is still room for abrupt swings in either direction until the regulator and operation reforms are ironed out not to mention, Mt Gox must liquefy as much of its assets in order not to upset the BTC Market trends
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Markets shrug off trade war jitters, throwing some bright light on global stocks. Amid the report from both the ECB and BOE on their interest rate decisions. although both are likely to stand pat volatility is highly expected during the release.
Reports claim the US and China have agreed to further Trade Talks which the market has taken as positive strides to avert or intensive the ongoing saga. China promises to retaliate should the US press on. Amid Hurricane Florence eminent arrival to the coast of South Carolina likely disrupting Wall Street for any amount of time has not been ruled out.
Global Stocks:
Meanwhile, Asian Shares closed bullish while EU Shares pursue a similar path.
Germany30Rose to 12,061.00 by the time of print with lows set at 12,015.24 and current resistance at 12,068.19 Analysts forecast a possible climb of 0.50% or more to 12,102.02 or beyond before any corrections.
France40 Also surged in tandem up 0.24% and oscillating 5,327.80 – 5,353.94.
The UK100 struggles in and out of gains trending between 7,293.12 – 7,319.45
Italy40 and the UK 100 seem to be experiencing similar mood swings jumping in and out of loses from 20,883.50 – 21,048.50
Commodities: As the USD firmed, commodity prices and holders of the various commodity assets find prices exuberantly high. Thus some SELLOFF is experienced
As with Oil. On Wednesday Oil prices rose as the EIA reported a drop of nearly 4 million barrels in Crude Oil Inventories and warnings of the approaching Hurricane. Lifted WTI Oil prices to $70.37bbl before giving up gains to 69.33 by the time of print, it was down 1.44% trading in a range of 69.06-70.28
XAU/USD was indecisive trading up and down between 1,203.45-1207.31, Silver and Copper were also indecisive.
The Cryptocurrencies are demonstration signs of a short rival with almost 85% of all tokens with a bullish undertone.
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Last week’s market bloodbath left many participants scared. However, with the weekend taken to reflect on the effects and actions which eroded some notable positions. The US continues to throw punches.
Some brave traders are at the helm ready to stir to profits amid the turbulent market conditions Investors held on to their wallets, prudent to avoid getting caught, should US President Trump decide to effect the threats of tariffs of $200 billion worth of Chinese imported goods. Beijing has vowed to retaliate should this become an eventuality. Putting Market participants on a cautious lookout.
Meanwhile, the DXY retains a bullish sideways look between 95.10-95.28 evidence of the USD apparent strength against other majors such as the EUR. GBP, AUD & CHF, JPY the safe haven currencies all saw a petite sell-off. While currencies of Emerging Markets grasps unto straws for dear life.
Global Stocks: Got punch in the “Nini” with Asian stocks down to 14 months’ lows as investors stay clear of any crossfire in the trade tiffs between the US and China.EU Shares are likely to be mixed to the upside.
Germany30 was spotted up 0.45% between 11,979.18 – 12,031.08
While France40 rose 0.84% to ranging from 5,293.62 – 5,326.73 with more up winds
While The UK100 had also turned bullish trading up 0.12% from. 7,264.01 – 7,290.25
Italy40 Likewise rose 0.39% by the time of print 08:15 GMT to trade between 20,810.00 – 20,945.00.
Seasoned traders will also pay attention to news from the Tech Industry. with rumors of Apple’s announcement today of its biggest phone yet.
Commodities are also unstable with many jumping in and out of gains Gold was the most notable loser Wednesday set in a course from 1,197.80 – 1,203.90.
XAU/USD was down 0.21% oscillating between 1,192.81 – 1,198.73
Crude oil WTI: With Traders on the lookout for today’s EIA, Crude Oil Inventories report, coupled with Tuesday’ API stockpile report, suggesting a draw in stockpile levels. Have bolstered oil prices even so the excitement around the Hurricane Florence. Is adding to the volatility.
FX Market:
98. 4% of Market participants seem to believe the Fed will raise interest rates to come 26th September 2018 most investors are long on the USD.
The EUR/USD was caught swinging from 1.1527 – 1.1650 in a sideways lockdown.
GBP/USD: The pressure is still on the GBP as Brexit talks and negotiations linger.
The pair was seen trending 1.2994 – 1.3048 sensitive to any talks for or against
Emerging Currencies such as TRY, MXN, remain battered.
Cryptocurrencies:
After small Hawkish uptrends, the cryptocurrencies are down again BTC/USD was seen a 6,230.0
Following Thursdays Market bloodbath. Traders are still on edge, however, looking to decipher the throng of economic reports coming out of the Euro-zone and later at the US jobs report for direction. On the financial calendar docket due to be released are the following: The French Industrial Production (MoM), Italian Retail Sales (MoM), UK’s Halifax House Price Index (MoM) followed by the EUR’s GDP Euro-group meetings. Then a deluge of US reports namely, Non-farm payrolls. Amid speeches from some FOMC members like Mester, and Kaplan, Canada will also report on its Ivey PMI.
Commodities: In the commodities arena, the Metals and Oil were seen correcting to the upside following their slide the previous day.
Crude oil WTI was seen between 67.70 – 68.08 up 0.31% by the time of print 08:35 GMT.
Although the EIA, reported a draw of – 4.302M vs the estimated -1.294M prices dropped almost to the $66 bbl before making correction ahead the EU Market open. Price sagged due as result of 1. A built-in Gasoline Inventories, 2. Emerging Market woes, 3. Trade tariffs saga and 4. India and China’s wish to pursue Iranian Oil despite the US-led sanctions. Currently, prices are bullish ahead of the Baker Hughes Rig Count which stands at 864
The Gold spot rallies cautiously between 1,203.60 – 1,209.00. as the USD takes a breather ahead of the NFP reports. While the XAU/USD jumps in and out of gains from 1,198.42 – 1,203.59. Silver and Copper were unable to get out of the bearish zone.
Global Stocks: After the bloodbath the market was plunged into, due to impending or possible enactment of the $200 billion which President Trump is considering to impose on Chinese goods, a stalemate between Canada & US on the NAFTA retweaking, and Trade tensions in Europe amid driving the Tech giants like Facebook, Twitter and Amazon amongst others to testify before Congress and the plunge of Nike stocks since the Colin Kaepernicks promotion has rattled Global markets not to mention. The dire situation with emerging markets.
Germany30 was trying to remain hopeful up 0.07% at the time of print 08:35GMT at 11,964 and ranging from 11,902.31 – 11,990.63. Investors were hoping German Industrial Production reports and others may lift stocks. This remains to be seen.
The France40 had risen 0.19% to 5,254.34 and trending between 5,227.50 – 5,266.63
While The UK100 could not hold its head above water for too long at 7,318.27.00 range bound between 7,268.17 – 7,329.25.
Italy40 Opened at 20,563.50 however soon found support and resistance between 20,407.50 – 20,598.50.
The earlier rise in the EU shares may not last, as investors aim to take profits before the weekend and fears of heightening trade tiffs plague sentiment. Asians shocks are still in bearish terrain. and the 7 companies reporting on Q2 earnings are likely not going to have any major impact.
FX Market:
Thursday’s Economic reports from the US were mostly disappointing. The ADP Nonfarm Employment Change came in at 163,000 vs. the estimated 188,000 this report which is usually correlated to the NFP, may have dampened investors mood to seek other avenues.
The EUR/USD was up 0.18% at 1.1645 with lows of 1.1614 and highs at 1.1649 in case the EU GDP report comes in negative while USD gains support, the EUR may be seen shedding gains. Unless some other EU factors grant support.
GBP/USD was also up awaiting reports from Halifax House Price Index. Trading up 0.10% at 1.2939 ranging from 1.2914-1.2948. GBP is still vulnerable to Brexit uncertainties. A surprise boost could still be in play should there be any positive headwinds via the Chief Brexit negotiators office.
USD/JPY: was stuck in the 110 zones Oscillating between 110.38-110.75 as investors fled the USD. Anything is possible at this stage thus caution must be exercised.
USD/MXN has been indecisive in a range of 19.1221 – 19.2745 once again volatility is a play.
USD/TRY was spotted shedding heading down into a downward trajectory from 6.6072- 6.4151.
Cryptocurrencies:
About 87% of the tokens were bullish XRP, Ripple was adopted by TransferGO a London based crossed border payment solution elevating share prices. Other Currencies were looking for support.
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