Forexlive Americas FX news wrap 23 Sep: S&P Global PMI data mixed but with inflation
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S&P Global Services PMI for September 2024 at 55.4, slightly above 55.2 expected; Manufacturing PMI drops to 47.0, below 48.5 expected; Composite PMI at 54.4, down from 54.6; Fed's Kashkari defends 50 bps rate cut, expects year-end rate at 4.4%; Goolsbee suggests many more cuts likely needed; Bostic supports recent rate cut as compromise; US stocks close at record levels; Crude oil settles at $70.37; Gold rises by $6.25; AUD strongest currency, EUR weakest.
#S&pGlobalPmi #FederalReserve #InterestRates #UsEconomy #Geopolitics #StockMarket #Inflation #Currency #CrudeOil #Gold
https://www.tradingview.com/news/forexlive:55d01c700094b:0-forexlive-americas-fx-news-wrap-23-sep-s-p-global-pmi-data-mixed-but-with-inflation/
Looser Fed policy, global macro trends point to bullish outlook for Bitcoin — Analysts
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The bearish crypto market in early August may have established a tactical bottom for Bitcoin, driven by expectations of looser US monetary policy. Sentiment around crypto assets fell to its lowest since the FTX collapse in November 2022, influenced by recession fears and a stronger Japanese yen. Analysts from ETC Group suggest that a reversal in the Federal Reserve's policy, indicated by Chairman Jerome Powell's comments at Jackson Hole, could lead to rate cuts starting in September. Bitcoin's price is currently $58,385, down nearly 5% over the past month, but projected to see a 31% return in 2024. The cryptocurrency's performance is becoming less sensitive to global growth expectations and more correlated with US monetary policy and the dollar's performance.
#Bitcoin #FederalReserve #MonetaryPolicy #CryptoMarket #EtcGroup #Recession #EconomicOutlook #Investing #FinancialAnalysis #Cryptocurrency
https://www.tradingview.com/news/cointelegraph:57857a39f094b:0-looser-fed-policy-global-macro-trends-point-to-bullish-outlook-for-bitcoin-analysts/
Tech shares in focus as investors eye latest filings from funds
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Tech stocks grabbed the attention of the world's biggest funds in the second quarter, as the S&P 500 rallied to record highs; Traders and investors use the TradingView platform; No other fintech apps have more loved mobile reviews; The article includes a list of Twitter handles and various tools and services provided by TradingView.
https://www.tradingview.com/news/reuters.com,2024:newsml_L1N3K116D:0-tech-shares-in-focus-as-investors-eye-latest-filings-from-funds/
DXY: Dollar Index Slow to Start Trading After Jittery Week Rattles Deals, Inflation Data Looms
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The US dollar index was slow to start trading in the new week after wild swings over the past five trading days; it floated unchanged at around 103 to 103.20. Last week, the dollar swung sharply, dropping near its 2024 lows of 102.00 before recovering. The intense unwinding of the 'carry trade' and rotation out of US dollars into Japanese yen drove volatility. Inflation data, including the CPI index due on Wednesday, will show whether consumer inflation eased in July. Analysts expect the first dip under 3.0% year-over-year since April 2021. Traders should prepare for elevated volatility and look for trading opportunities.
https://www.tradingview.com/news/tradingview:1a2f29ec7094b:0-dxy-dollar-index-slow-to-start-trading-after-jittery-week-rattles-deals-inflation-data-looms/
DJI: Dow Jones Futures Rise as Markets Shrug Off Wild Week, Focus Shifts to Inflation Data
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Dow Jones futures rise slightly; S&P 500 is 2% away from recent high; Traders turn to inflation data to assess the US economy; Futures contracts tied to the Dow Jones Industrial Average point to a higher open; Markets are looking towards the release of the consumer price index for July; Analysts anticipate a 2.9% reading for inflation; The S&P 500 needs another 2% to recover its level from before the selloff; The Nasdaq Composite is about 2.7% away from paring its decline.
https://www.tradingview.com/news/tradingview:0c6aaad23094b:0-dji-dow-jones-futures-rise-as-markets-shrug-off-wild-week-focus-shifts-to-inflation-data/
Crypto coalition calls for ‘clear rules of the road’ from Biden, Harris
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The Crypto Market Integrity Coalition (CMIC), a group of crypto firms, has sent a letter to President Joe Biden and Vice President Kamala Harris calling for a clearer digital asset regulatory framework in the United States. The coalition argues that clear rules would protect consumers, promote the US dollar, and secure America's technological edge. They emphasize the importance of regulating US-dollar backed stablecoins, which make up over 97.5% of the stablecoin market. CMIC members include Robinhood, BitGo, OKX, Gemini, Chainalysis, Elliptic, TRM, Kaiko, and Matrixport. The coalition suggests that the Financial Innovation and Technology for the 21st Century Act and the Digital Commodities Act could provide a regulatory framework for US firms.
#Crypto #Regulation #UnitedStates #Biden #Harris
https://www.tradingview.com/news/cointelegraph:a33733e2f094b:0-crypto-coalition-calls-for-clear-rules-of-the-road-from-biden-harris/
Stocks rebound continues, yen slumps after BOJ talks down rate hikes
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Stock indexes around the world rose on Wednesday with help from U.S. economic data; The dollar strengthened against the yen after cautious comments from the Bank of Japan; BOJ Deputy Governor Shinichi Uchida said the central bank will not raise interest rates when financial markets are unstable, causing the yen to sink; The Nikkei added 1% after Tuesday's 10% rally, suggesting increased appetite for risk
https://www.tradingview.com/news/reuters.com,2024:newsml_L1N3JU0TM:0-stocks-rebound-continues-yen-slumps-after-boj-talks-down-rate-hikes/
DXY: US Dollar Steady Ahead of Fed’s Favored Inflation Measure—PCE Report Looms
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The US dollar index was unchanged for the week at 104.30; US gross domestic product expanded by 2.8% in Q2; The personal consumption expenditures index (PCE) is expected to show prices grew 2.4% in June; A cool inflation printout will complement a softening job market and positive news from the US economy; Traders and investors use the TradingView platform.
https://www.tradingview.com/news/tradingview:4d0d34e62094b:0-dxy-us-dollar-steady-ahead-of-fed-s-favored-inflation-measure-pce-report-looms/
Nasdaq Futures Muted as Global IT Outage Weighs on Sentiment
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Nasdaq Futures are down 0.03% as investors assess the impact of a global cyber outage; Computer systems failed worldwide on Friday, disrupting services at airlines, banks, and the London Stock Exchange; Wall Street's major indexes ended lower in yesterday's trading session; The Labor Department's report showed an increase in initial jobless claims; Chicago Fed President Austan Goolsbee said the Fed may need to cut interest rates soon; U.S. rate futures have priced in a 4.7% chance of a rate cut at the July FOMC meeting and a 95.3% chance at September's policy meeting; Notable companies like American Express, Schlumberger, Halliburton, and Regions Financial are set to report their quarterly figures today; The Euro Stoxx 50 futures are down 0.61% this morning; China's Shanghai Composite Index closed up 0.17% and Japan's Nikkei 225 Stock Index closed down 0.16%; CrowdStrike Holdings suffered a major outage impacting businesses worldwide; Microsoft reported issues with its Azure cloud services and Microsoft 365 suite of apps; Domino's Pizza tumbled over 13% after reporting weaker-than-expected Q2 sales growth; D.R. Horton surged over 10% after reporting upbeat Q3 results and announcing a new stock buyback program; The German June PPI came in at +0.2% m/m and -1.6% y/y; U.K.'s June Retail Sales and Core Retail Sales were weaker than expected; Japanese core consumer prices rose 2.6% in June; American Express, Schlumberger, Travelers, Halliburton, Fifth Third, Huntington Bancshares, Regions Financial, Autoliv, Comerica, Badger Meter, Euronet are set to report earnings today.
#Nasdaq #ItOutage #WallStreet #InterestRates #EarningsReports
https://www.tradingview.com/news/barchart:5b9cb1240094b:0-nasdaq-futures-muted-as-global-it-outage-weighs-on-sentiment/
Economic Calendar: Top Market Events You Should Watch Out for for FX:EURUSD by TradingView
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This article provides a list of major market-moving events that traders should watch out for when trading the Euro/U.S. Dollar (EUR/USD) currency pair. The events include central bank meetings and announcements, such as the Federal Reserve (Fed) meetings, European Central Bank (ECB) meetings, Bank of England (BoE) meetings, and Bank of Japan (BoJ) meetings. It also highlights important economic data releases like the Nonfarm Payrolls, Consumer Price Index (CPI), Producer Price Index (PPI), Gross Domestic Product (GDP), Monthly Retail Sales, and Purchasing Managers' Index (PMI). Additionally, the article mentions the significance of corporate earnings reports and geopolitical events in influencing financial markets. Traders are advised to pay attention to these reports, events, and economic data to understand what moves the markets.
https://www.tradingview.com/chart/EURUSD/R3QtANo5-Economic-Calendar-Top-Market-Events-You-Should-Watch-Out-for/
XAU/USD: Gold Prices Continue to Nurse Losses After Hot Nonfarm Payrolls Data
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Gold prices dropped 4.5% to under $2,300 after hot nonfarm payrolls data indicated a strong US economy. The nonfarm payrolls for May came in at a hot 272,000, surpassing expectations. The higher jobs number suggests a growing economy, which may influence the Federal Reserve's stance on interest rates. Traders and investors are awaiting upcoming reports on inflation data and the Fed's interest rate decision. The drop in gold prices is attributed to the lack of safe-haven demand. The article is from TradingView News.
https://www.tradingview.com/news/tradingview:53a179202094b:0-xau-usd-gold-prices-continue-to-nurse-losses-after-hot-nonfarm-payrolls-data/
Stock Index Futures Tick Lower Ahead of More Fed Speak, Nvidia Earnings Awaited
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Stock index futures are down this morning as investors await further comments from Federal Reserve officials and Nvidia earnings later in the week. In yesterday's trading session, Wall Street's major indexes closed mixed. Norwegian Cruise Line climbed over +7% after raising its full-year adjusted EPS forecast. Micron Technology advanced about +3% after an upgrade from Morgan Stanley. Nvidia gained over +2% after four brokerages raised their price targets. On the bearish side, JPMorgan Chase fell more than -4% after CEO Jamie Dimon said the bank wouldn't repurchase much stock at 'these prices.' Atlanta Fed President Raphael Bostic said the US economy is slowing down, and he expects only one rate cut this year. Fed Vice Chair for Supervision Michael Barr stated that the central bank should keep interest rates steady. Fed Vice Chair Philip Jefferson said the US April inflation data were 'encouraging.' Cleveland Fed President Loretta Mester believes three rate cuts in 2024 are not appropriate. U.S. rate futures have priced in a 3.6% probability of a 25 basis point rate cut at the June FOMC meeting and a 22.8% chance of a 25 basis point rate cut at July's policy meeting. In the bond market, the yield on the benchmark 10-year U.S. Treasury note is at 4.429%, down -0.18%. The Euro Stoxx 50 futures are down -0.47% this morning. Germany's PPI fell more than expected in April, marking the 10th consecutive month of producer deflation. Eurozone trade surplus rose in March. Asian stock markets closed in the red. China's Shanghai Composite Index closed down -0.42% and Japan's Nikkei 225 Stock Index closed down -0.31%. China's Shanghai Composite Index closed lower as optimism surrounding Beijing's property stimulus measures faded. Commodity and mining stocks underperformed. Japan's Nikkei 225 Stock Index closed moderately lower as investors took a breather after recent gains. Real estate and machinery stocks led the declines. Palo Alto Networks slumped over -8% in pre-market trading after issuing disappointing sales and billings guidance. Sunnova Energy fell over -1% after being downgraded by Piper Sandler. Larimar Therapeutics surged more than +21% after the FDA lifted a partial clinical hold on the company's nomlabofusp clinical program. HP Inc. gained about +0.8% after being upgraded by Barclays. Lowe's, Autozone, Toll Brothers, Macy's, and Urban Outfitters are set to report their quarterly figures today.
#StockIndexFutures #FederalReserve #NvidiaEarnings #WallStreet #InterestRates #Inflation #RateCuts #BondMarket #EuroStoxx50Futures #China #Japan #PremarketTrading #Earnings
https://www.tradingview.com/news/barchart:81d80d13a094b:0-stock-index-futures-tick-lower-ahead-of-more-fed-speak-nvidia-earnings-awaited/
Dell Data Breach 2024: What to Know as 49 Million Customers Feel Impacts
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Dell Technologies suffered a data breach involving a Dell portal, compromising customer names, physical addresses, hardware and order information. The breach did not include emails, phone numbers, or financial information. The incident did not involve any highly sensitive customer information. The breach affected 49 million customers. Dell's stock has gained nearly 76% since the start of the year. The acceleration of advanced technologies, particularly artificial intelligence (AI), poses risks and rewards in cybersecurity. Dell did not clarify whether the incident involved a direct attack. Analysts rate Dell shares as a consensus strong buy, with an average price target of $122.25. Barclays issued a sell rating on Dell in March with a price target of $94. Josh Enomoto, a former senior business analyst for Sony Electronics, provided insights on the breach.
#Dell #DataBreach #Cybersecurity #ArtificialIntelligence #StockMarket
https://www.tradingview.com/news/investorplace:2d6bb6b07094b:0-dell-data-breach-2024-what-to-know-as-49-million-customers-feel-impacts/
FlexAI Launches with $30 Million in Seed Funding to Deliver Universal AI Compute
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FlexAI, the universal AI compute company, has launched with $30 million in seed funding led by Alpha Intelligence Capital (AIC), Elaia Partners, and Heartcore Capital. The company aims to address the obstacles inhibiting AI innovation by rearchitecting compute infrastructure to accelerate breakthroughs in AI. FlexAI's universal AI compute allows developers to build and train AI applications with heterogeneous compute architectures. The company works with hardware leaders and cloud providers, including AMD, Amazon Web Services, Google Cloud, Intel, and NVIDIA. FlexAI plans to unveil its first commercial product, an on-demand cloud service, later this year. The company is headquartered in Paris and is founded and led by veterans from Apple, Intel, NVIDIA, Tesla, Lifen, and Zoox. Investors in FlexAI include Bpifrance, Frst Capital, Motier Ventures, Partech, and InstaDeep CEO Karim Beguir.
https://www.tradingview.com/news/reuters.com,2024-04-24:newsml_GNX6ClM04:0-flexai-launches-with-30-million-in-seed-funding-to-deliver-universal-ai-compute/
Walmart-Backed Digital Marketing Company Ibotta Set For IPO Amid AI Buzz: Details
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Ibotta, a digital marketing company backed by Walmart, is set to have an initial public offering (IPO) and aims to raise $577.3 million with a valuation of around $2.7 billion. The company plans to offer 6.56 million shares of its Class A common stock at $88 per share. The IPO comes as there is increased interest in artificial intelligence (AI) and optimism about the U.S. IPO market. Ibotta was incorporated in 2011 and will trade on the New York Stock Exchange under the ticker symbol 'IBTA.'
https://www.tradingview.com/news/benzinga:d481fa31a094b:0-walmart-backed-digital-marketing-company-ibotta-set-for-ipo-amid-ai-buzz-details/
Dollar soars as investors eye ECB rate cuts, yen hits new 34-year low
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The euro dropped to its lowest level in five months after the European Central Bank signaled it could soon cut rates. The dollar's rally pushed the Japanese yen to a new 34-year low. The ECB is likely to start cutting rates in the summer, while the Federal Reserve may hold off until later in the year. The difference in interest rate expectations has pushed the gap between U.S. bond yields and German euro zone benchmark yields to the highest since 2019, boosting the dollar. The strong dollar also affected the British pound, which was trading at its lowest since mid-November. The Japanese yen remained under pressure, with the U.S. currency rising to its highest since mid-1990. Japanese authorities may intervene to support the yen. The Chinese yuan was little changed after data showed March exports contracted sharply. The dollar also gained sharply against Sweden's crown after Swedish inflation slowed more than expected in March.
https://www.tradingview.com/news/reuters.com,2024:newsml_L2N3GL0NQ:0-dollar-soars-as-investors-eye-ecb-rate-cuts-yen-hits-new-34-year-low/
PIMCO trims 2024 Fed rate cut expectations to 2 after jobs report
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U.S. bond giant PIMCO has revised its expectations for interest rate cuts by the Federal Reserve in 2024 to two, down from the previous estimate of two to three cuts. The revision comes after data showed that the U.S. economy created more jobs than expected in March. U.S. nonfarm payrolls grew by 303,000 jobs, surpassing expectations for an increase of 200,000. PIMCO's managing director and generalist portfolio manager, Mike Cudzil, stated that the economy's resilience to high interest rates suggests that it can handle higher rates. As a result, U.S. Treasury yields rose, and expectations for a rate cut in June decreased from 59% to 51%. PIMCO has been underweight duration in portfolios, as it believed the market was too optimistic about rate cuts. Traders initially expected 150 basis points of cuts in 2024, but that has now been revised down to 67 basis points, aligning with PIMCO's expectations. Cudzil mentioned the possibility of getting overweight on duration in the future.
https://www.tradingview.com/news/reuters.com,2024:newsml_L2N3GE1GJ:0-pimco-trims-2024-fed-rate-cut-expectations-to-2-after-jobs-report/
Treasury Yields Below Recent Highs, Jobs Data Awaited
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The yield on the US 10-year Treasury was around 4.34% on Friday, remaining below four-month highs of 4.4% touched early in the week. Traders are awaiting the key jobs report due later in the day to adjust their bets for the timing of the first interest rate cut by the Fed. The odds for an ease in monetary policy in June currently stand around 65%. Fed Chair reinforced that it will likely be appropriate to begin lowering the policy rate at some point this year. The US economy continues to show strength with a slight cooling in the labor market.
https://www.tradingview.com/news/te_news:409139:0-treasury-yields-below-recent-highs-jobs-data-awaited/
US 10-Year Treasury Yield Slumps from 4-Month High
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The yield on the US 10-year Treasury note sank to 4.34% after touching a four-month high of 4.38% earlier in the session. Initial jobless claims surged to a two-month high in the end of March, while the Challenger report showed that job cuts were the highest in 14 months. Data from the ISM showed that inflation for services providers slowed to a 4-year low, in addition to a moderation of growth in the sector. The yield on the 10-year note remains 50bps higher year-to-date. About 40% of the market expects the Fed to hold rates unchanged beyond June due to the broad resilience of the US economy to restrictive borrowing costs.
https://www.tradingview.com/news/te_news:408983:0-us-10-year-treasury-yield-slumps-from-4-month-high/
CS MEDICA A/S Breaks Through Asian Market Barrier with Approval of Protective Nasal Gel in Malaysia
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CS MEDICA announces the approval of CANNASEN® Protective Nasal Gel in Malaysia, marking a breakthrough in overcoming regulatory barriers in Asia. The CEO, Lone Henriksen, expresses the significance of this achievement and the potential for future opportunities in Asia. CS MEDICA plans to expand its product range throughout Asia, leveraging the insights gained and strategies developed through this process. The Protective Nasal Gel, CANNASEN®, offers a natural solution for preventing allergies, hay fever, and viral infections by forming a protective barrier over the nasal mucous membranes. CS MEDICA is a Danish-based MedTech company focused on creating over-the-counter treatments for autoimmune and stress-related diseases. They are listed on the Spotlight Stock Market in Stockholm.
https://www.tradingview.com/news/reuters.com,2024-04-04:newsml_Wkr6FNzYC:0-cs-medica-a-s-breaks-through-asian-market-barrier-with-approval-of-protective-nasal-gel-in-malaysia/
Identiv, Levi Strauss, cannabis firms
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Wall Street's main indexes advanced on Wednesday after softer-than-expected services sector data offered relief to investors worried about the Federal Reserve taking a cautious approach to monetary easing due to resilience in the U.S. economy. The Dow Jones Industrial Average was up 0.14% at 39,226.61. The S&P 500 was up 0.36% at 5,224.45 and the Nasdaq Composite was up 0.49% at 16,320.81. The top three S&P 500 percentage gainers were GE Aerospace, up 7.9%; NRG Energy, up 6.1%; and Caesars Entertainment, up 3.8%. The top three S&P 500 percentage losers were Ulta Beauty Inc, down 14.5%; Intel Corp, down 7.3%; and Estee Lauder, down 4.3%. The top Nasdaq percentage gainer was ARCA Biopharma, up 78.4%. The top Nasdaq percentage loser was DigiAsia Corp, down 42.6%. Levi Strauss & Co was up 0.9%. Identiv Inc was down 18.2%. Aurora Cannabis Inc was up 39.5%. Canopy Growth Corp was up 6.5%. Tilray Brands Inc was up 13.6%. Canadian cannabis firms gained on the potential for lower taxes in the budget next week.
https://www.tradingview.com/news/reuters.com,2024:newsml_L3N3GC1XL:0-identiv-levi-strauss-cannabis-firms/
Relentless US credit demand seen driving second-quarter rally
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Investors are scrambling to lock in returns before the Federal Reserve cuts rates, driving a rally in the US corporate bond market. Credit markets are experiencing a buying frenzy as investors bet on a soft landing by the Fed, taming inflation without causing a recession, and then cutting interest rates later this year to support growth. The premium paid by companies over Treasuries, called credit spreads, on investment grade rated and junk-rated bonds touched their tightest levels in two years. Large bond investors such as insurance companies and pension plans are seeing an influx of money from clients looking to capitalize on higher interest rates, leading them to seek corporate bonds. However, there may not be enough new issuance to meet the demand. In the first quarter, investment grade companies raised a record $538 billion, which is 40% of the expected $1.3 trillion of bond supply for the entire year. Morgan Stanley's credit strategist Vishwas Patkar believes spreads could go as low as 75 basis points, levels not seen since the 1990s, if a soft landing is achieved. Bank of America strategists expect spreads to tighten to around 80 basis points over the next month. The strong demand for corporate debt is allowing companies to fund themselves more cheaply, but some investors warn that tighter spreads mean they are getting paid less for the risk they take on. Despite the risks, Wall Street strategists believe the market's tailwind is likely to continue for now, driven by insurance companies buying corporate bonds to match a rise in liabilities and reinvestments of coupons being paid by companies on their existing bonds.
https://www.tradingview.com/news/reuters.com,2024:newsml_L2N3G51V6:0-relentless-us-credit-demand-seen-driving-second-quarter-rally/
Stocks Set to Open Higher as Investors Await U.S. Jobs Data and Fed Speak
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June S&P 500 E-Mini futures (ESM2024) are up +0.37% and June Nasdaq 100 E-Mini futures (NQM2024) are up +0.54% this morning. Wall Street's major averages closed mixed, with the benchmark S&P 500 reaching a new all-time high. Estee Lauder climbed over +6% after an upgrade from Bank of America. Walgreens Boots Alliance advanced more than +3% after reporting better-than-expected Q2 results. RH surged over +17% after providing a stronger-than-expected FY24 revenue growth forecast. MillerKnoll tumbled more than -18% after reporting mixed Q3 results and issuing below-consensus Q4 guidance. U.S. core PCE price index came in at +0.3% m/m and +2.8% y/y in February. U.S. personal spending climbed +0.8% m/m in February. U.S. personal income rose +0.3% m/m in February. Fed Chair Jerome Powell stated that the U.S. central bank is not in a hurry to lower interest rates. U.S. rate futures have priced in a 3.9% chance of a rate cut in May and a 65.9% probability of a rate cut in June. The upcoming week will feature the U.S. Nonfarm Payrolls report for March and other economic data releases. Several Federal Reserve officials, including Jerome Powell, will be making appearances this week. China's Shanghai Composite Index closed higher, with signs of economic recovery boosting sentiment. Japan's Nikkei 225 Stock Index closed lower due to a slight deterioration in confidence among large manufacturers. Pre-market U.S. stock movers include Torrid Holdings, Applied Therapeutics, T-Mobile, Cameco, Devon Energy, and Oracle. Major European markets are closed for Easter Monday. Asian stock markets settled mixed. United States 10-year rates are at 4.202%.
#StockMarket #UsJobsData #FederalReserve
https://www.tradingview.com/news/barchart:64717ad5c094b:0-stocks-set-to-open-higher-as-investors-await-u-s-jobs-data-and-fed-speak/
Stocks Tread Water Before the Open as Investors Brace for U.S. Economic Data
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Stock futures are mixed as investors await U.S. economic data. Yesterday, major indexes on Wall Street closed higher, with Cintas and Merck & Company among the top gainers. Fed Governor Christopher Waller stated that there is no urgency to cut interest rates, but market expectations for rate cuts may need to adjust. U.S. rate futures have priced in an 8.7% chance of a rate cut in May and a 55.4% chance in June. Today, focus is on the final U.S. GDP reading, U.S. Chicago PMI, U.S. Pending Home Sales, U.S. Michigan Consumer Sentiment Index, and U.S. Initial Jobless Claims. In the bond markets, U.S. 10-year rates are at 4.228%. In Europe, the Euro Stoxx 50 futures are up, while the U.K.'s GDP fell by 0.3% in Q4. In Asia, China's Shanghai Composite Index closed higher, and Japan's Nikkei 225 closed lower. Pre-market U.S. stock movers include GameStop, Google, MillerKnoll, Sprinklr, and Citi. Today's U.S. earnings spotlight includes Walgreens Boots, BRP Inc, Semtech, and Oxford Industries.
#StockMarket #UsEconomicData #Fed #InterestRates #Gdp #ChicagoPmi #PendingHomeSales #MichiganConsumerSentimentIndex #InitialJoblessClaims #BondMarkets #EuroStoxx50 #UkGdp #China #Japan #PremarketStockMovers #EarningsSpotlight
https://www.tradingview.com/news/barchart:6b5731cef094b:0-stocks-tread-water-before-the-open-as-investors-brace-for-u-s-economic-data/
Currency Markets: A decline in the Euro to parity with the Dollar beckons
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Despite the euro zone having lower official interest rates and a notably softer economy than the US, the euro has held up remarkably well against the dollar. The exchange rate's volatility is the lowest it's been since November 2021. The US position looks superior in terms of relative central bank interest rates and growth outlooks. Bank of New York Mellon Corp.'s proprietary iFlow system tracks its global custody client holdings, which are worth $46 trillion. On balance, clients remain overweight in euros. The relative economic outlooks for the US and euro zone are markedly different, with the euro zone's future remaining bleak. The European Central Bank is making loud noises about cutting its deposit rate in June. A weaker common currency appears to be the course of least resistance for the foreign exchange market. The ECB governing council may well be content to watch it gently weaken. Marcus Ashworth is a Bloomberg Opinion columnist covering European markets.
https://www.tradingview.com/news/moneycontrol:3d5f88269094b:0-currency-markets-a-decline-in-the-euro-to-parity-with-the-dollar-beckons/
Yen traders on tenterhooks
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Yen traders are on edge as the debate over Japan's yen-buying intervention continues. The currency briefly slid to a 34-year low near 152 per dollar, prompting an emergency meeting of Japan's monetary authorities. The dollar has since pulled back to a 151.30-151.50 yen range. Chinese authorities are also concerned about the yen weakness affecting the yuan. In Europe, the UK's final fourth-quarter GDP data shows a 0.3% shrinkage, meeting the definition of a technical recession. Germany's Bundesbank suggests that the country may be in recession in the first quarter of 2024. The US is set to release the Federal Reserve's favored inflation measure, the core personal consumption expenditures (PCE) price index. Key developments that could influence markets include UK and US GDP data, German employment numbers, US consumer spending, and US University of Michigan consumer sentiment.
#Yen #CurrencyTrading #Intervention #Gdp #Recession #Inflation
https://www.tradingview.com/news/reuters.com,2024:newsml_L5N3G619P:0-yen-traders-on-tenterhooks/
In the Market: Fed piloting another tricky soft-landing
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The Federal Reserve (Fed) is working towards achieving a soft landing for the U.S. economy by reducing cash in the financial system without disrupting markets. The Fed has already removed $1.4 trillion as it shrinks its balance sheet, and the focus is now on determining when to stop. The challenge lies in determining the right level of cash reserves in the banking system to prevent market freeze-up. Fed Chair Jerome Powell stated that policymakers are monitoring various indicators in money markets to determine when they are getting close to the right level. The Fed is trying to transition from abundant to ample reserves without making them scarce, but market signals are noisy and hard to interpret. The indicators being watched include bank reserves, key interest rates in money markets, and cash parked in the Fed's overnight reverse repurchase agreement facility. Market participants believe that the Fed is taking a more accommodative stance and has a decent shot at engineering a soft landing. It is expected that the Fed will announce tapering as early as May, reducing the cap on the amount of Treasuries it aims to offload every month by half to $30 billion. The Fed's drawdown of reserves is crucial to avoid sudden spikes in rates that could disrupt Treasury markets and funding for firms. Estimates of the minimum amount of bank reserves needed range from $2.5 trillion to $3.3 trillion, while current reserves total about $3.5 trillion. The distribution of reserves across banks is uneven, making it harder to determine what is sufficient. The Fed is also monitoring money market indicators such as the Fed funds rate, the benchmark Secured Overnight Financing Rate (SOFR), and the interest on reserve balances (IORB) that the Fed pays to banks. The Fed would want the Fed funds rate to be about 10 basis points higher than the current level and SOFR to go up 10-15 basis points higher. The rate would gradually rise as reserves fall, but imbalances in supply and demand could cause brief rate spikes. Traders and investors can access the full article by logging in or creating a free account.
https://www.tradingview.com/news/reuters.com,2024:newsml_L2N3G434T:0-in-the-market-fed-piloting-another-tricky-soft-landing/
Boubyan Bank’s General Assembly approves the distribution of 8% in cash dividends and 6% in bonus shares
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Boubyan Bank's General Assembly has approved the distribution of 8% in cash dividends and 6% in bonus shares. The bank's Chairman, Abdulaziz Abdullah Dakheel Al-Shaya, highlighted the success of the bank's 5-year strategy 'Boubyan 2023', which resulted in accelerated growth across financial indicators and market shares. The bank recorded a net profit of KD 80.4 million in 2023, with a growth rate of 39%. The total combined assets of Boubyan Bank Group increased to KD 8.4 billion, while customer deposits grew by 9% to reach KD 6.5 billion. The bank's Vice-Chairman, Adel Abdul Wahab Al-Majed, emphasized the bank's commitment to maintaining solid profitability and ongoing growth, as well as its vision to become the leading Islamic bank in innovating digital financial solutions. The General Assembly also approved the recommendation to distribute dividends to shareholders at the end of the financial year or semi-annually. Boubyan Bank received more than 20 awards and international ratings in 2023, and its ratings from Moody's, S&P, and Fitch remain stable. Nomo Bank, a subsidiary of Boubyan Bank Group, launched unique products and services in 2023 and aims to become the Islamic bank of choice for GCC customers in the United Kingdom.
#BoubyanBank #Dividends #BonusShares #FinancialResults #Strategy #Growth #IslamicBank #DigitalBanking #Awards #NomoBank
https://www.tradingview.com/news/reuters.com,2024-03-24:newsml_Zaw965Rk4:0-pressr-boubyan-bank-s-general-assembly-approves-the-distribution-of-8-in-cash-dividends-and-6-in-bonus-shares/
Oman Arab Bank supports the Dawam app for workforce development
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Oman Arab Bank sponsors the Dawam App, an integrated solution for employment and freelance opportunities in Oman. The Dawam platform has over 150,000 users and 3,000 registered companies, connecting job seekers to potential employers and providing self-employment portals and training programs. The collaboration between OAB and the Dawam App reflects OAB's strategy to invest in initiatives that nurture talent, promote digital innovation, and contribute to the national economy.
#OmanArabBank #DawamApp #WorkforceDevelopment #Employment #FreelanceOpportunities
https://www.tradingview.com/news/reuters.com,2024-03-24:newsml_Zaw3J4WxG:0-pressr-oman-arab-bank-champions-future-workforce-development-by-supporting-the-new-dawam-app/
Benchmarks steady, high stockpiles at key hubs cap recovery
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Fuel oil benchmarks in Asia ended the week on a steady note as high onshore stockpiles across key trading hubs capped recovery. Inventories for fuel oil extended gains across all key hubs including Singapore, Fujairah, and Rotterdam. Demand for bunker fuel has been lukewarm at top bunker hub Singapore in March. Singapore's cash differentials for very low sulfur fuel oil closed Friday at premiums between $1 to $2 a metric ton, while refining cracks were at premiums between $12 to $13 a barrel. Spot 380-cst high sulfur fuel oil differentials held steadily in discounts to Singapore quotes, while cracks were at discounts of about $10 to $11 a barrel. Thailand's PTT offered VLSFO for loading from Map Ta Phut port in April. ARA inventories gained 0.4% week-on-week to 1.51 million tons in the week to March 21. Oil prices slipped on Friday on the possibility of a nearing Gaza ceasefire. Russia said that the United States was unlikely to agree to a Ukrainian proposal to lower the price cap on Russian oil to $30 a barrel. Crude oil physical markets in Europe and Africa have weakened in response to peak refinery maintenance and extra supply from the United States and Saudi Arabia. Somali pirates' return are adding to the crisis for global shipping companies, as more than 20 attempted hijackings since November have driven up prices for armed security guards and insurance coverage while raising the spectre of possible ransom payments. No trades were reported for 180-cst HSFO, 380-cst HSFO, and 0.5% VLSFO. The article is from TradingView News and was published on March 22, 2024.
https://www.tradingview.com/news/reuters.com,2024:newsml_L3N3G00PT:0-benchmarks-steady-high-stockpiles-at-key-hubs-cap-recovery/
The TradingView Digest - March 5th for NASDAQ:QQQ by TradingView
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The TradingView Digest - March 5th highlights the top posts from the TradingView community, including a video tutorial on 'The Leap' paper trading competition. Central banks are buying gold and institutions are hedging into treasuries. Earnings highlights from the previous week include Dell, Tidewater, MasTec, Pactiv Evergreen, and FuboTV. Nvidia's AI chips have boosted the company's value to $2 trillion. The article also mentions a script for daily chess puzzles and provides contact information for TradingView.
https://www.tradingview.com/chart/QQQ/s4g40feO-The-TradingView-Digest-March-5th/
“Greeneration” an innovative food hub launches in Dubai
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Greeneration, a horticulture company, has officially launched in Dubai, offering a range of high-quality, locally grown products to the UAE's culinary scene. The company specializes in the cultivation of rare crops and ingredient sourcing for the HoReCa industry. Greeneration has its own farm in Dubai Industrial City, spanning thousands of square meters and featuring a multi-layer system of hydroponic equipment. The company uses artificial intelligence (AI) to analyze data and refine insights for crop management. Greeneration aims to supply up to 1,200 restaurants in Dubai and offers a diverse range of premium products, including microgreens, specialty greens, baby leaves, and edible flowers. The company plans to expand its selection to include medicinal herbs, berries, and ginseng sprouts. Greeneration also operates on a co-creation model with chefs and is at the forefront of innovation with new food concepts, including non-alcoholic beverages. The company has launched the Greeneration Academy, a sustainability training solution for schools and universities. Greeneration aims to become the top hub for natural, nutritious ingredients in the GCC.
#Greeneration #Dubai #Horticulture #Agriculture #HorecaIndustry
https://www.tradingview.com/news/reuters.com,2024-03-04:newsml_Zaw2bMtR6:0-pressr-greeneration-an-innovative-food-hub-launches-in-dubai/
Vitalik Buterin Champions ERC-4337 for Decentralized Fee Markets
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Vitalik Buterin stresses the importance of ERC-4337 for decentralized fee markets. In February, ERC-4337 saw a surge in activity with 2.989 million transactions executed across multiple chains. The number of active AA accounts reached 945k, with 845k new accounts created. Buterin highlights the decentralized fee market ERC-4337 offers and its role in fostering user operations within smart contract wallets. ERC-4337 ensures transaction integrity and addresses concerns of censorship. However, it does not address challenges such as enabling existing EOAs to send operations funded by third parties or facilitating EOA-to-contract upgrades. Buterin expresses optimism about the progress towards achieving full account abstraction and extends gratitude to the individuals driving these innovations.
https://www.tradingview.com/news/coinedition:98824828f094b:0-vitalik-buterin-champions-erc-4337-for-decentralized-fee-markets/
WTO’s 13th Ministerial Conference concludes with the Abu Dhabi Declaration, securing key trade and development agreements
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The 13th Ministerial Conference (MC13) of the World Trade Organization (WTO) concluded with the acceptance of the Abu Dhabi Declaration, securing important new trade agreements. The Declaration includes agreements on the implementation of Special and Differential Treatment on SPS and TBT, the extension of the e-commerce work program, and the accession of two Least Developed Countries to the WTO. The conference took place from February 26 to March 2, 2024, in Abu Dhabi, UAE. The Abu Dhabi Declaration reflects consensus on a series of key trade and development policies. The UAE also made a $10 million commitment to three key WTO development funds. MC13 also facilitated expanded private-sector engagement. The 13th Ministerial Conference builds on progress achieved during MC12, held in Geneva in June 2022.
https://www.tradingview.com/news/reuters.com,2024-03-03:newsml_Zaw9SvvFl:0-pressr-wto-s-13th-ministerial-conference-concludes-with-the-abu-dhabi-declaration-securing-key-trade-and-development-agreements/
Working Adults in Rural America Are Almost as Likely (50%) as Working Adults in Urban America (54%) to Have a Job That Pays at Least Middle-Class Wages, Georgetown University Report Says
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A new report from the Georgetown University Center on Education and the Workforce (CEW) reveals that working adults in rural America are almost as likely (50%) as working adults in urban America (54%) to have a job that pays at least middle-class wages. The report highlights that the rural workforce comprises 13% of the total 25-to-64-year-old working population in the US and holds 12% of the good jobs. The report also points out that white workers are currently the only demographic group in rural America in which the majority hold a good job. The report recommends strategies such as comprehensive counseling services, training programs for women and underserved racial/ethnic groups, and high school-to-career pipelines to stimulate new growth in rural America.
https://www.tradingview.com/news/reuters.com,2024-02-29:newsml_GNX7krBCy:0-working-adults-in-rural-america-are-almost-as-likely-50-as-working-adults-in-urban-america-54-to-have-a-job-that-pays-at-least-middle-class-wages-georgetown-university-report-says/
VMS and EYouth proudly launch 'Saudipreneur Initiative'
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EYouth and VMS have launched the Saudipreneur program in Saudi Arabia, coinciding with the Kingdom's Founding Day celebrations. The program aims to support and enhance the entrepreneurship culture among Saudi youth, aligning with Vision 2030. The program provides youth with skills and capabilities to turn their ideas into real-world projects through intensive educational training, mentoring, and guidance sessions. The initiative is part of EYouth's efforts in education and youth-specific programs and VMS's work in empowering project owners and innovators. The program invites Saudi Arabian youth to join and contribute to achieving Vision 2030.
https://www.tradingview.com/news/reuters.com,2024-02-25:newsml_Zawrxn6b:0-pressr-vms-and-eyouth-proudly-launch-saudipreneur-initiative/
FAB forecasts GCC will outperform global economy in 2024
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The economies of the UAE and Gulf countries are expected to outpace the global forecast for 2024, with the UAE's GDP expanding 3.7% in 2023 and 4% in 2024. FAB predicts the GCC's GDP to grow by 3.4% in 2024, higher than the IMF's global forecast of 3.1%. The growth will be driven by robust demand in tourism, real estate, transportation, and manufacturing sectors. FAB's Global Investment Outlook (GIO) report also highlights the region's strong growth in non-oil GDP and recommends investors diversify their portfolios and build a defensive portfolio. The report identifies key risks for 2024, including artificial intelligence, the US elections, tensions in the Middle East and Africa, climate change, and US-China relations.
#Gcc #Economy #Gdp #Investment #Tourism #RealEstate #Transportation #Manufacturing #Diversification #Portfolio #Risks
https://www.tradingview.com/news/reuters.com,2024-02-23:newsml_Zaw9GRVFV:0-pressr-fab-forecasts-gcc-will-outperform-global-economy-in-2024/
Tron (TRX) 15% Rally to Continue, Cardano (ADA) Breakthrough Secured, Shiba Inu (SHIB) Finally Gains Foothold
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Tron (TRX) has experienced a 15% rally and has become the preeminent blockchain for USDT transfers. The price analysis of TRX shows a robust upward trajectory, breaking through key resistance levels. Cardano (ADA) has surged past the 50-day EMA, indicating a potential continuation of upward price momentum. ADA has formed a solid base above the 50-day EMA, which now acts as a dynamic support level. Shiba Inu (SHIB) has successfully broken through the 50-day EMA and consolidated above this crucial resistance-turned-support level. The break above the 50-day EMA validates increasing investor confidence in SHIB.
https://www.tradingview.com/news/u_today:27f03c05a094b:0-tron-trx-15-rally-to-continue-cardano-ada-breakthrough-secured-shiba-inu-shib-finally-gains-foothold/
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