New York opening news digest
|Here’s what you need to know about the markets before you start your business day.|
|21st Century Fox said Wednesday that it has reached a new deal to buy Sky that values the UK broadcaster around £24.5 billion ($32.5 billion).|
|Trump threatens more tariffs on Made in China goods. China’s stock market takes another hit, as bears come out in full force in Shanghai.|
|Tesla is by far the dominant player in BEVs in the U.S., and I estimate their share of the nascent U.S. purely-electric BEV market at an incredible 75%, but Tesla does not even crack the list of top 10 pure electric vehicles sales in China|
|Technology shares certainly belong in every portfolio. With the recent run-up in tech share prices, smart investors are mindful of the composition of popular benchmarks and how tech representation in benchmarks affects their investment approach.|
|In an exclusive interview, Dr Hayaatun Sillem, Chief Executive of the Royal Academy of Engineering, says a holistic dialogue devoid of clichés is required when it comes to robotics and digitization.|
|Precious metals recently underwent a bounce, with gold doing so from a major threshold; looking for a higher-low to develop for another leg higher.|
|Bank of England Governor Mark Carney could determine the future direction of GBPUSD today when he speaks at a conference on the global financial crisis.|
|Spot gold bounced off support last week and may press ahead further, especially with US-China trade war starting to dominate the headlines once again.|
|AUDUSD Bears Eye 2018 Lows Amid Escalating US-China Trade War|
|Flows of money from risky assets to safe havens have been modest despite the US threatening tariffs on $200 billion of Chinese imports – suggesting|
|US President Donald Trump upped the ante in the ongoing US-China trade war by announcing an additional USD200 billion worth of tariffs on Chinese goods,|
|• Escalating US-China trade tensions prompts some aggressive selling on Wednesday.
• Resurgent USD demand adds to the already weaker sentimen
|DXY hourly chart
Daily high: 94.46
Daily low: 94.11
S1: 94.04 Fibo retracement
S2: 93.92 top of the cloud
S3: 93.84 55-day S
|Thomas Humblot, Research Analyst at BNP Paribas, suggests that the Q1 2018 profit and loss accounts of Italy’s biggest banks indicate an ongoing decli|
|United States MBA Mortgage Applications up to 2.5% in July 2 from previous -0.5%|
|• Resurgent USD demand prompts some fresh selling.
• UK political drama keeps GBP bulls on the defensive.
Having posted a session high leve
|The China-US trade war has escalated with the US planning to levy tariff on USD 200bn of Chinese goods and China vows retaliation, according to Amy Yu|
|Cristian Maggio, Head of Emerging Markets Strategy at TD Securities, suggests that their overall assessment of the new Turkish cabinet composition is|
|In May, US PPI report suggested moderate pipeline inflation as both processed and unprocessed material prices excluding food and energy did not show s|
|The Kiwi Dollar is expected to continue its consolidative theme vs. the greenback in the short-term horizon, noted FX Strategists at UOB Group.
|Samantha Amerasinghe, Economist at Standard Chartered, points out that their measure of global broad money supply, SC Divisia slowed to 6.6% y/y in Q1|
|CME Group’s flash figures for GBP futures markets noted investors trimmed their open interest positions by nearly 2.6K contracts on Tuesday from Monda|
|Reuters quotes sources within the Chinese state media, citing that the Chinese government has issued strict rules limiting the coverage on the US-Chin|
|According to the latest Reuters poll of 39 economists, China’s exports growth is expected to have eased only slightly last month, possibly further boo|
|Portugal Consumer Price Index (YoY) climbed from previous 1% to 1.5% in June|
|Portugal Consumer Price Index (MoM): 0.1% (June) vs previous 0.4%|
|• A strong follow-through USD buying helps build on this week’s recovery move.
• Weaker oil prices weigh on Loonie and remain supportive of t
|Livesquawk reports comments from the Chinese Vice Commerce Minister, noting that “the U.S. behavior represents a typical ‘trade bully,’ posing a grave|
|On 6 July PM May and her cabinet agreed on a blueprint for the future EU-UK economic relationship and the plan intends to de facto keep the UK in the|
|FX Strategists at UOB Group noted the pair’s stance remains on the neutral side, adding that a strong resistance lies at 111.50.
|Analysts at National Bank Financial notes that Canadian housing starts were significantly up in June due to a large upward swing in the urban multiple|
|The outlook for the European cross remains bid while above 0.8788, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.
|The Bank of Canada will announce its policy decision at 10:00 ET and analysts at TD Securities are looking for a 25bp rate hike along with most foreca|
|WTI (oil futures on NYMEX) witnessed good two-way businesses so far this Wednesday, now facing a double whammy amid risk-off in the European equities|
|• Repeated rejection near 20-day SMA constituted towards the formation of a bearish double-top chart pattern on the hourly chart.
|In light of preliminary figures for EUR futures markets from CME Group, open interest receded by more than 3.5K contracts on Tuesday vs. Monday’s fina|
|EUR/USD failed once again at higher levels and reversed nearly 30-pips to test the demand zone near the 1.1700 levels, as the US dollar catches fresh|
|• A goodish pickup in the USD demand prompts some fresh selling.
• Escalating US-China trade tensions fail to revive safe-haven demand.
|The greenback, in terms of the US Dollar Index, is sticking to the positive territory for the time being and is hovering over the 94.30 region, or da|
|Analysts at Deutsche Bank point out that the US Trade Representative office has released a list of an additional $200bn worth of Chinese imports to be|
|Bloomberg reports latest headlines citing that the US President Trump is scheduled to hold bilateral talks with his French counterpart Macro at the No|
|Oil Prices: Could Iran Push Crude Back Into the Triple Digits?
Trump’s Tariff Barrage Pushes China Fight to Point of No Return
Mobius Says Trade War
|An overcrowded bus seen during morning rush hour in Bangalore, India. AP/Aijaz Rahi Here is what you need to know.
Trump kicks the trade war with Chi
|The US administration late on Tuesday released a huge list of new tariffs on $200 billion worth of goods from China.|
|BI PRIME: Fourteen out of 19 signposts that Bank of America Merrill Lynch is watching for a bear market have now been triggered. The firm’s equity strategists say there’s reason for longer-term caution on stocks.|
|Avery Dennison Corp. AVY, +0.38% disclosed Wednesday that it will terminate its pension plan, effective Sept. 28. The labeling and packaging materials|
|President Donald Trump took aim at ally Germany in particular in his first public comments at an opening breakfast at NATO’s annual summit Wednesday.|
|Fastenal Co. shares FAST, -0.18% rose 4.6% in premarket trade Wednesday, after the wholesale distributor of industrial and construction supplies beat|
|Pfizer Inc. PFE, +0.73% announced Wednesday a plan to reorganize into three businesses, including a new hospital business unit for anti-infectives and|
|U.S. stock futures pointed to a sharp drop at the open Wednesday, with analysts blaming the fall on the Trump administration saying it would assess 10|
|Today, we looked at a few USD charts, but with only interest on a couple; CHF/JPY is readying for a move, gold could be posting a higher low soon, while the …|
|Stocks fell, and the Yen jumped, as the U.S. outlined more potential tariffs against Chinese imports. The EUR / USD currency pair has broken down from its sh…|
|With the resignation of two UK cabinet members outside a reshuffle for the first time since 1982, what are the implications for markets with the political un…|
Hot New IPO: A custom window ledge design company catering to Wall Street firms that specialize in high risk-taking. Protective railings are optional.
Image courtesy: www.profitf.com
Have a nice trading!