Archives of “August 24, 2021” dayrss
There is only in a 24 pip trading range
The good news for the buyers is that the EURUSD is trading to a new session high in early North American trading. Also positive in a negative way sort of, is that the range is extended to 26 pips. That is well below the 51 pips average over the last 22 trading days. So although the price activity is very limited, there is room to roam.
Is the tide finally turning on Merkel
Not a whole lot going on in European morning trade
A piece in the Asian press on how the acceleration of infections in Malaysia will likely further curtail semi availability.
- Malaysia a major centre for chip testing and packaging, with Infineon Technologies AG, NXP Semiconductors NV and STMicroelectronics NV among the key suppliers operating plants there.
- infections … jeopardising plans to lift lockdowns and restore full production capacity
- Ford Motor Co said last week it would temporarily suspend production of its popular F-150 pickup truck at one United States plant because of “a semiconductor-related part shortage as a result of the Covid-19 pandemic in Malaysia”.
The early week optimism stays the course
- Eurostoxx +0.4%
- Germany DAX +0.3%
- France CAC 40 +0.5%
- UK FTSE +0.3%
- Spain IBEX +0.3%
- Italy FTSE MIB +0.4%
Reuters had this out a few hours ago, posting now as a bit of a catch up for those interested.
- Some Chinese companies have now started to receive detailed instructions from the SEC about greater disclosure of their use of offshore vehicles known as variable interest entities (VIEs) for IPOs; implications for investors and the risk that Chinese authorities will interfere with company operations.
I bolded that bit as its been a key concern on Chinese equities
Via Reuters comes the report that the Taliban requested Iranian oil
- “The Taliban sent messages to Iran saying ‘you can continue the exports of petroleum products’,” Hamid Hosseini, board member and spokesperson of Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, in Tehran, told Reuters.
- Iran lifted a ban on fuel exports to Afghanistan, which had been in place since Aug. 6 because of Iran’s concerns about the safety of trading in the country.
- Those concerns have been eased by the Taliban’s attitude, Hosseini said.
Senior officials of the ruling Chinese Communist Party have been bandying about a new catchphrase to guide economic policy: a cross-cyclical approach.
S&P and NASDAQ close at record levels
The US major indices had a solid gains today led by the NASDAQ index which increased 1.54%. The Russell 2000 also had a solid gain of near 1.9%.
- NASDAQ closed at a record high
- the S&P and NASDAQ hit new all-time intraday record levels. The S&P could not stay above its previous record closing level.
- Dow is up for the second straight day
- NASDAQ and S&P client for the third straight day
- Dow up 215 points or 0.61% at 35335.71
- S&P index up 37.84 points or 0.85% at 4479.51
- NASDAQ index up 228 points or 1.55% at 14942.65
- Russell 2000 up 40.70 points or 1.88% at 2208.30