These are the stocks posting the largest moves in the premarket.
UK’s embattled Metro Bank expected to struggle to raise capital with ’no easy solutions‘
Metro Bank will likely struggle to raise fresh capital, according to analysts, who outlined bleak prospects for the beleaguered bank.
China plans to ease one of the biggest hurdles for foreign business
Chinese authorities are signaling a softer stance on once-stringent data rules, among recent moves to ease regulation for business, especially foreign ones.
JPMorgan’s Marko Kolanovic braces for 20% market plunge, delivers recession warning
Institutional Investor hall-of-famer Marko Kolanovic warns high interest rates are creating a breaking point for stocks.
Ken Griffin’s hedge fund Citadel bucks the downtrend in September, up nearly 13% this year
Citadel’s multistrategy flagship Wellington fund gained 1.7% in September, bringing its 2023 performance to 12.6%.
Levi Strauss cuts full-year sales forecast again, as inflation takes a toll
The denim retailer said momentum at its own stores and website did not offset weaker wholesale trends in the U.S.
Gold Q4 Fundamental Forecast: Weakness to Persist as Real Yields Rise Further
Waning demand for the yellow metal amid rising real rates and a stronger US dollar have continued to undermine gold. The scenario seems unlikely to change until the year end.
Forexlive European FX news wrap: Schnabel won’t rule out more ECB rate hikes
- ECB’s Schnabel: If risks materialize, further rate hikes may be necessary
- Halifax says downward pressure on UK house prices likely to last into next year
- German industrial orders rebounded in August
- Italy August retail sales -0.4% vs +0.4% prior
- Mohamed El-Erian on 2 factors that makes a US recession more likely
- JPMorgan’s Marko Kolanovic is preparing for a possible 20% drop in the S&P 500
Markets:
- Gold up $1 to $1821
- US 10-year yields up 2.9 bps to 4.74%
- WTI crude oil up 18-cents to $82.48
- S&P 500 futures up 0.2%
- GBP leads, JPY lags
The news was mostly positive in Europe as German industrial orders rebounded from a dreadful July and Schnabel kept the door open to rate hikes, though the later may have only served to reinforce that it will take a surprise to jar the ECB from the sidelines.
The euro was under some pressure early in Europe as the dollar strengthened broader but it’s since turned around and is trading at the highs of the day. The pound also has some momentum in its third day of gains.
The yen is weaker though as global yields tick higher again. Perhaps the most-intriguing news is that President Biden scheduled an appearance to talk about the jobs report at 11:30 am ET. That’s the kind of thing a President would do to take a victory lap after a good report.
This article was written by Adam Button at www.forexlive.com.
USD/JPY climbs above above 149.00 as yields rise
It’s likely a fool’s errand to try to make sense of price action in the hour before the non-farm payrolls report but USD/JPY is at the highs of the day, up 58 pips to 149.09. It’s getting help from a 3.4 bps rise in 5-year yields to 4.71% the rest of the curve is up 2.5-3.5 bps as well.
The pair is starting to brush against some post-intervention highs but continue to run to 149.31 and those surely won’t be tested before non-farm payrolls. Afterwards, a strong jobs report would leave some room to the upside before the 150.00 level puts intervention back on the agenda.
This article was written by Adam Button at www.forexlive.com.
Nasdaq Composite Technical Analysis – Watch these levels for the next direction
Despite the strength in the US data this week and
another beat in Jobless Claims
yesterday, the Nasdaq Composite didn’t sell off like we saw in the past week.
The index is hovering around a key support level and it looks like the soft
landing vibes might be returning now that the hangover from the more hawkish
than expected FOMC dot plot might be in the rear view mirror.
Nasdaq Composite Technical
Analysis – Daily Timeframe
Nasdaq Composite Daily
On the daily chart, we can see that the Nasdaq
Composite continues to consolidate around the key support at
13174. It’s all bout having the patience to wait for a clear breakout with the
target on the upside standing at the downward trendline around
the 13800 level and on the downside at the 12274 support.
Nasdaq Composite Technical
Analysis – 4 hour Timeframe
Nasdaq Composite 4 hour
On the 4 hour chart, we can see that the recent
rally got rejected from the red 21 moving average and the
38.2% Fibonacci retracement level. The
lack of a follow through from the rejection, and the consolidation around the
support level might be a signal that the Nasdaq Composite could be about to
start a correction to the upside.
Nasdaq Composite Technical
Analysis – 1 hour Timeframe
Nasdaq Composite 1 hour
On the 1 hour chart, we can see more
closely that we have a clear range between the low around the 12965 level and
the resistance at the 38.2% Fibonacci retracement level. In such instances, the
best strategy may be to wait for a clear breakout and go with the flow, but one
can also “play the range” by selling at resistance and buying at support.
Upcoming
Events
Today it’s all about the NFP report which is the only one the Fed will
see before its next rate decision. The US jobs data going into the NFP was
strong, so the expectations might be skewed to the upside.
This article was written by FL Contributors at www.forexlive.com.