Archives of “November 2019” month

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Overnight US Market : Major US indices all close at record levels

  
Analysis, US Market

The hat trick for the 3 major indices in the US

It’s a hat trick.  In gains with goals, a hat trick is when a player scores 3 goals in the same game.
Well stock trading is not goal scoring, but there are 3 major indices in the US and today, for the first time in a number of months (since mid July), each of the major indices closed at a record levels.  The Dow joined the S&P and Nasdaq in making new all-time highs . The S&P and NASDAQ started to make new highs last week .
Happy days are here again.
The final numbers are showing:
  • The S&P index +11.36 points or 0.37% at 3078.27
  • The NASDAQ index is up 46.802 points or 0.56% at 8433.19
  • The Dow is up 114.75 points or 0.42% at 27462.13.

Uber reported earnings after the close and the market is disappointed with a loss of $0.68 a share versus the loss expected of -$0.81%. Uber sees FY Adj EBITDA loss of $2.8B-2.9B. See loss of $3B -$3.2B. The price is down over 5% in extended hours trading.

Euro Stoxx 600 trades at the highest level in nearly 2 years

  
Analysis, Global Indices

France, Germany and Italy reach 52 week highs

The Euro Stoxx 600 traded to the highest level in nearly 2 years. The high for the day reached 403.99.  France, Germany, and Italy all reached 52 week highs in trading today, with France trading at its highest level in 12 years.
France, Germany and Italy reach 52 week highs
The provisional closes are showing:
  • Euro Stoxx +1.1%
  • German DAX, +1.3%
  • France’s CAC, +1%. It hits it’s highest high in 12 years today
  • UK’s FTSE, +0.9%
  • Spain’s Ibex, +0.9%
  • Italy’s FTSE MIB, +1.6%
  • Portugal’s PSI 20, +1.7%
In the debt market, the benchmark 10 year yields are higher as well. Italy yields rose a scant 0.1 basis points, while UK yields increased by 6 basis points on the day.
European yields are higher

European PMI’s largely ignored as risk on tones dictate European trade

  
  Analysis

Market unfussed

The eurozone remains stuck in its deepest decline for seven years in October which means that the good producing sector is on track to pull down GDP in Q4.
However, the figures are slightly off lows with glimmers of hope from the German data that new orders are starting to pick up for the first time in 4 months.  EURUSD staying in a 25 pip recent range for now.
Market unfussed

Chinese yuan rises to the highest levels since mid-August

  
Analysis, Forex
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USD/CNH falls below the 100-day moving average

USD/CNH falls below the 100-day moving average
Here’s your chart of the day.
USD/CNH is down 0.2% today and the decline has taken out both the Sept low, the Oct low and the 100-day moving average.
Notably, it’s the first time below the 100-dma since the broke on gap when Trump tweeted to restart the trade war. The next big hurdle is 7.000 but we’re on the way.
Take it as a great sign for global growth and risk trades.

Trump invites southeast Asian leaders to US for special summit

  
  Analysis
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Trump makes a move

The geographical battleground of the trade war is in southeast Asia.
It’s an area where China is trying to expand and solidify ties while the US is trying to beat back Beijing. There’s a military component as well as China tries to dominate the South China Sea.
This weekend, Trump skipped the ASEAN summit, which is attempting to finalize the Regional Comprehensive Economic Partnership — a massive trade deal.
Trump’s move to invite Southeast Asian leaders will undoubtedly raise eyebrows in Beijing and further convince leaders there that the Phase One deal will probably only be a ceasefire and that the US is planning to curb China’s growth and influence.

An Update :USD ,EURO ,YEN ,GBP ,CAD ,INR ,AUD ,PESO ,Chinese Yuan ,WTI ,BRENT -Anirudh Sethi

  
Analysis, Forex
The move against the US dollar was led by those currencies that one often associates with robust risk appetites, namely the Antipodean and Scandinavian currencies.  They all appreciated by more than 1%.  The dollar fell against most emerging market currencies, though the South African rand (-2.3%), the Chilean peso (-1.7%), and the Mexican peso (-0.3) were notable exceptions.  The dollar fell 0.4% against the Chinese yuan.  It was the fourth consecutive weekly decline.  Ahead of the weekend, the PBOC leaned against further yuan appreciation.
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