Cathie Wood said the U.S. is already in an economic downturn, and she admitted that she underestimated the severity and lasting power of inflation.
Archiv für den Monat: Juni 2022
Stocks making the biggest moves in the premarket: Nike, Spirit Airlines, Occidental Petroleum and more
The stocks making the biggest moves in premarket trading include Nike, Spirit Airlines, Occidental Petroleum, and more.
China cuts quarantine time for international travelers in big step toward easing Covid controls
Overseas travelers now only need to quarantine at a centralized facility for seven days upon arrival in mainland China, followed by three days at home.
Credit Suisse vows to overhaul its risk management after a litany of scandals
Credit Suisse vows to forge ahead with its risk management overhaul, despite what its CEO called a „challenging“ environment.
Nike earnings top Wall Street’s expectations, despite inflation in the U.S. and Covid lockdowns in China
Nike posted better-than-expected sales and profit for its fiscal fourth quarter.
Oil stays in the hunt for a third straight day of gains
With OPEC+ meeting later this week, oil prices are looking more buoyed to start the new week after the rebound on Friday.
The breakdown last week threatened to turn the technical picture to be even uglier but dip buyers stepped back in to at least salvage the situation at the weekly close. Now, WTI crude is up to $111.40 – its highest level since 17 June.
There are a couple of headlines that has been stirring the oil market as of late:
- US EIA says no data coming today on US inventories
- Looks like US oil inventory data is going to be delayed again this week
- Ecuador says its oil output may stop completely in 48 hours
- G7 moving closer to a U-turn on the vow to end fossil-fuel financing
- Macron overheard at G7: Saudi Arabia and UAE barely have any spare oil capacity
- UAE tries to spin the report that it’s maxed out of spare capacity
And all of that just adds to the narrative that OPEC+ is almost certainly going to keep the status quo later in the week.
The takeaway from the headlines is arguably that the market remains rather tight and the worst-case scenario, or should I say extremely bullish scenario, is that Saudi Arabia and the UAE are really tapped out. The sense of the word appeals differently to different people in the market but if that’s the only thing that they will offer up, it is the only bit of information that market players can work with.
This article was written by Justin Low at www.forexlive.com.
Here’s a Stock To Consider Buying as China Eases Covid Restrictions
- Visitors to Macau casinos are expected to rise and Las Vegas Sands (stock ticker: LVS) presents a very interesting reward vs risk opportunity for the long term buyer
- LVS stock seems to be rising from the bottom of a range going back to 2015
- This stock buying opportunity is worth a consideration, especially in light of the possibility that the chinese stock market may have already bottomed for this year
- Other casino related stocks may present an opportunity to buy
- Watch the following technical analysis video for LVS stock
Remember: “You’ll always miss 100% of the shots you don’t take.” – Wayne Gretzky
So should you take the shot with Las Vegas Sands or other casino stocks, in light of the Chinese COVID easing? That’s up to you, as always, trade at your own risk.
Follow ForexLive.com as we present indices or stocks to consider buying and other interesting technical analysis supported opportunities.
This article was written by ForexLive at www.forexlive.com.
USD/JPY on approach to 136.00 again
It’s looking like buyers are poised to push towards a retest of last week’s high around 136.70 as the yen slips again in trading this week. The better risk mood and higher Treasury yields are underpinning the pair, with a climb from around 135.30 in Asia trading to 135.95 at the moment.
Nothing has really changed in the big picture outlook for the pair as policy divergence continues to play a fundamental role in driving price action higher since the break of 120.00 in March. The fact that the BOJ is still refusing to throw in the towel on easy policy will just continue to keep the pressure on the yen in general.
And higher bond yields will not help with that as they continue to throw the kitchen sink at trying to defend their yield curve control policy.
One threat to a further jump in USD/JPY is that if the bond market doesn’t play ball and that would require a repricing of the Fed’s policy outlook. While the terminal rate pricing has come down, policymakers aren’t shying away from rate hikes yet and that should be enough to also keep the selling pressure on bonds.
The other big threat will be risk of intervention by Japanese authorities but again, that isn’t likely until we get to 140.00 or perhaps even higher, with the velocity of the climb likely to be the more important factor instead.
Looking at other yen pairs, it is still very much sunny skies for CHF/JPY as it breaches 142.00 today.
This article was written by Justin Low at www.forexlive.com.
G7 communique to reflect agreement in exploring price cap for Russian oil
Yeah, that’s pretty much all they can do at this point with the communique set to add that: „We invite all like-minded countries to consider joining us in our actions“.
I’m guessing that will not include India or China then.
This article was written by Justin Low at www.forexlive.com.
ECB Wunsch: Anti-fragmentation tool should have no limits if market moves are unwarranted
- ECB should avoid hard triggers based on spreads for anti-fragmentation tool
- Comfortable with a 50 bps rate hike in September
- 200 bps worth of rate hikes are needed „relatively fast“
- Inflation is at risk of moving to a higher regime
In case you missed it, the ECB is pretty much likely to go with a „QE but not QE“ option though there will be controversy surely when it is all about backstopping Italy at the expense of others.
This article was written by Justin Low at www.forexlive.com.