Whereas the earnings season is entering into full swing – Financial institution of America, Morgan Stanley, Financial institution of New York but in addition Novartis and Ocado will report at the moment – the inventory market in the DMs can not assist however be bid: the US indices are very near their annual highs whereas the European indices will not be removed from them. On the one hand now we have the Italian FTSE MIB near highs since 2008, on the opposite the French CAC which ”suffers” significantly when Asian classes are within the pink (in all probability given the prevalence of luxurious in that index). Right now, HK performs the catch up (in adverse) after yesterday’s session was suspended because of a hurricane, dragged by actual property (once more?) and tech shares. Proper now, the 5.58% September due bond of Dalian Wanda -China’s main industrial property investor and operator- are extending their fall to 60! All APAC is in pink, with a fractional exception from Japan. Additionally, most US banking giants reduce their Chinese language development estimates to five% yesterday after poor knowledge. RBA minutes persist with the identical previous rhetoric. Specializing in some company information, Activision Blizzard gained (+3.49%) after Microsoft and British regulators held “productive” talks to finalize the $69 billion merger; Ford fell after reducing the value of its electrical F-150 truck (by 10k). Yesterday, the Reuters’ wire report of a Saudi voluntary reduce prolonged to December 2024 (!!) was declassified as a ”fats fingers” mistake after inflicting a pointy upward after which downward motion of about $2 inside minutes.

• FX – USDIndex stays sub-100.00, EURUSD hovers round 1.1250, Cable is eyeing a check of 1.31 to the upside. JPY, CHF, CNH strengthened.
• Shares – US Futures are flat, Hong Kong -1.84%. Subsequent week, US regulators set to suggest new capital laws (mortgages).
• Commodities – USOil is flat and again the place it was earlier than the obvious error of one of many world’s main information companies. Copper weak yesterday on China (-2.26%), flat at the moment (+0.08%).
• Gold – attacking $1960 once more after falling as little as $1945.86 yesterday; authorities bonds on the lengthy finish try to defy the burden of gravity.

Right now – US retail gross sales (between inflation and powerful job market), Industrial manufacturing / Capability Utilization / Enterprise inventories, CAD CPI, EU Fee’s Financial Progress Forecast.

Greatest Mover @ (06:30 GMT) Espresso (-3.07% @ $154.45) buying and selling decrease, testing final week’s lows, RSI (31.61) and MACD are each adverse, 50DMA & 200DMA are each negatively inclined within the $177 space proper now.

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Marco Turatti

Market Analyst

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