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ASX200 Afternoon Report July 26th 2022
The ASX200 trades 22 points higher at 6812 at 2.55 pm Sydney time, ahead of tomorrow's release of earnings from Microsoft and Alphabet as well as Australian Q2 inflation data.
Reality check for risk as China data misses
Data from China clearly pointed the wrong way and knocked sentiment, but news that Shanghai is aiming to reopen threw in a degree of support.
Tencent Music Q1 preview: Where next for TME stock?
People continue to subscribe to the company’s music streaming services but its social entertainment apps are struggling to attract users amid intense competition.
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USD/JPY eyes a near 20-year high ahead of US inflation
USD/JPY's epic rally has stalled just beneath the 2015 high, a break above which would see the pair trade at its highest level since June 2002.
USD/CAD in focus for Canadian employment
USD/CAD has put in a strong rally these past two days, yet stalled at a key zone of resistance ahead of Canada's employment report set for today.
Commodity currencies track futures markets lower
Those who ignored the multiple warnings from Fed officials seem to have taken notice of the highly hawkish FOMC minutes, with markets tracking Wall Street lower overnight.
Several Central Bankers scheduled, USD/JPY in focus
Over the next few hours we have members of ECB, BOE and the Fed speaking. Separately, USD/JPY is hinting that a swing low could be approaching.
Shelling at nuclear plant in Ukraine jolts markets
Reports that a fire has broken out at Europe’s largest nuclear plant in Ukraine has more than set alarm bells ringing.
Are commodity currencies poised for a big 2022?
Once the excitement of Fed tightening fades, we suspect cyclical markets such as AUD, NZD and CAD could outperform next year (with varying degrees of success).
What does Plan B mean for UK markets?
The UK government could be about to trigger Plan B and unleash a new wave of restrictions. We look at how markets are responding and explain how to prepare.
European Open: ‘Jack in the box’ trading continues
When the force which keeps prices suppressed is removed, price action behaves like a freshly-opened Jack in the box. And that’s what we saw during Asian indices overnight.
European Open: Equities broadly lower, GBP/AUD breaks out
US markets are closed just after lunch today. But that is not to say it will be a dull session if price action overnight is anything to go by.
European Open: RBNZ hike, FTSE holds support, Lira in freefall
Technically we suspect the FTSE has seen an important low around 7200 (but we cannot say the same for the flailing Lira). Up later is US GDP and revised consumer sentiment.
Three key themes to watch for Black Friday and Cyber Monday 2021
As the three themes below imply, there’s a strong case for a stronger-than-usual holiday shopping period this year
European Open: USD/JPY breaks 115 – onwards and upwards?
Yields differentials remain favourable for the USD/JPY bull case, which finally broke above 115 for the fort time since March 2017.
Stagflation headlines abound: How likely is it and how can traders prepare?
If we do enter a stagflationary environment, there may be relatively few investments that perform well - see what they are and what to avoid!
US open: Stocks drop as treasury yields rise, Powell in focus
US futures trade sharply lower as treasury yields rise to a 3 month high. The tech heavy Nasdaq is set to under-perform. Concerns over China are adding into the hit on stocks. Energy stocks are a rare bright spot as oil prices extend gains.
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US open: Futures steady, tech stocks in focus
Wall Street looks set for a steady open after Tuesday's losses. Doubts remain over the health of the economic recovery and the timing of the Fed's next move, keeping gains muted.
Why the Dow Jones and the NZDUSD appear vulnerable
The month of September is statistically the weakest month of the year for U.S equities. The average decline in September over the past ten years has been -0.60%. Negative prints can be observed in five of the ten years, including a -7% fall in 2011, a -2.5% fall in 2015, and a -4% fall in 2020.
ASX200 edges higher ahead of Wednesday AU Q2 GDP release
Wednesday sees the release of Australia's Q2 GDP report at 11.30 am. The report predates current lockdowns in Sydney and Victoria, and because of this, the data is less valuable than usual.
Bank of Korea raises rates sparking falls in Kospi and other risk assets
Today, the Bank of Korea (Bok) became the first central bank in Asia to raise rates after the Reserve Bank of New Zealand (RBNZ) was forced to defer its interest rate hike last week.
ASX200 caught in cross currents ahead of key capex and retail sales data
A dark day in Sydney today, both from a weather perspective and as a record 919 new covid cases, were reported in the 24 hours until 8 pm last night. According to Goldman Sachs, the worsening situation will push the timeline for a gradual re-opening in Sydney until late October and Melbourne until Mid-September.
US open: Futures trade lower as retail sales slump
Stocks point to a softer start as retail sales tumble more than expected. The impact of rising covid cases are starting to be reflected in macro data.