Heads-up News 

New York Trading Session Heads Up Wednesday, July 11, 2018

New York opening news digest

Trade threats hit markets; Pfizer surprise; Fox ups bid for Sky

Here’s what you need to know about the markets before you start your business day.

 

Fox has a new deal to buy Sky at a higher price

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).

 

Good Morning, China! Make That $200 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.

 

Mr. Musk Goes To China, But It Is Too Late For Tesla To Ride The Chinese EV Boom

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

 

Why Smart Investors Don’t Size Their Tech Allocations To Benchmark

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.

 

Automation Is An Opportunity Not A Threat, Says Top U.K. Engineering Academic

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.

 

Gold & Silver Technical Forecast – Looking for Larger Rebound to Unfold

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.

 

GBPUSD In Focus Ahead of Keynote Speech by Carney

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.

 

Gold Price Analysis: Support Must Hold to Prime Further Gains

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

AUDUSD Bears Eye 2018 Lows Amid Escalating US-China Trade War

 

US-China Trade War Accelerates, Prompts Only Limited Risk Aversion

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 Dollar, Gold, JPY; Unfazed by US-China Trade War Escalation

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,

 

AUD/USD Review: Fresh US-China trade concerns drag it back below 0.7400 mark

•  Escalating US-China trade tensions prompts some aggressive selling on Wednesday.

   •  Resurgent USD demand adds to the already weaker sentimen

 

DXY Technical Analysis: current up move needs to reclaim 95.00 in order to allow extra gains.

DXY hourly chart

 

Daily high: 94.46

Daily low: 94.11

Support Levels

S1: 94.04 Fibo retracement

S2: 93.92 top of the cloud

S3: 93.84 55-day S

 

Italy: Towards an improvement in the quality of bank balance sheets? – BNP Paribas

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%

United States MBA Mortgage Applications up to 2.5% in July 2 from previous -0.5%

 

GBP/USD drops to session low, below mid-1.3200s amid notable USD demand

•  Resurgent USD demand prompts some fresh selling.

   •  UK political drama keeps GBP bulls on the defensive. 

Having posted a session high leve

 

China-US trade war has escalated – Nordea Markets

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

 

Turkey: New cabinet, old habits – TDS

Cristian Maggio, Head of Emerging Markets Strategy at TD Securities, suggests that their overall assessment of the new Turkish cabinet composition is

 

US: Focus on PPI inflation data today – Nomura

In May, US PPI report suggested moderate pipeline inflation as both processed and unprocessed material prices excluding food and energy did not show s

 

NZD/USD expected to extend the sideline theme – UOB

The Kiwi Dollar is expected to continue its consolidative theme vs. the greenback in the short-term horizon, noted FX Strategists at UOB Group.

Key Q

 

Global money supply: Surprise slowdown warning – Standard Chartered

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

 

GBP futures: sidelined near term

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

 




China Govt to state media – keep calm, don’t inflame trade row with US – Reuters

Reuters quotes sources within the Chinese state media, citing that the Chinese government has issued strict rules limiting the coverage on the US-Chin

 

China’s June exports seen solid as trade war with US intensifies – Reuters poll

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 (YoY) climbed from previous 1% to 1.5% in June

 

Portugal Consumer Price Index (MoM): 0.1% (June) vs previous 0.4%

Portugal Consumer Price Index (MoM): 0.1% (June) vs previous 0.4%

 

USD/CAD rises to over one-week tops, BoC in focus

•  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

 

China’s Vice CommMin: US behaviour represents a typical ‘trade bully’ – Livesquawk

Livesquawk reports comments from the Chinese Vice Commerce Minister, noting that “the U.S. behavior represents a typical ‘trade bully,’ posing a grave

 

Brexit: The day of reckoning – Rabobank

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

 

USD/JPY now looks to 111.50 near term – UOB

FX Strategists at UOB Group noted the pair’s stance remains on the neutral side, adding that a strong resistance lies at 111.50.

Key Quotes

24-hour

 

Canada: Strong housing data – NBF

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

 

EUR/GBP stays bid above 0.8788 – Commerzbank

The outlook for the European cross remains bid while above 0.8788, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EU

 

BoC: 25bp rate hike coming – TDS

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: Bears target $ 73 mark ahead of EIA data

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

 




NZD/USD Technical Analysis: breaks below a bearish double-top neckline support

•  Repeated rejection near 20-day SMA constituted towards the formation of a bearish double-top chart pattern on the hourly chart.

   •  US-China

 

EUR futures: further downside not sustained

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 breaks lower to test 1.1700 on resurgent US dollar demand

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

 

Gold holds weaker near one-week lows, around $1250 level

•  A goodish pickup in the USD demand prompts some fresh selling.

   •  Escalating US-China trade tensions fail to revive safe-haven demand.

Gold

 

US Dollar flirts with session highs near 94.30

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

 

US: Trade friction escalating with China – Deutsche Bank

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

 

Trump to hold bilateral talks with Macron at NATO today – BBG

Bloomberg reports latest headlines citing that the US President Trump is scheduled to hold bilateral talks with his French counterpart Macro at the No

 

Morning News: July 11, 2018 Crossing Wall Street

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

 

10 things you need to know before the opening bell

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

 

Markets around the world are getting pummeled as Trump’s trade war intensifies

The US administration late on Tuesday released a huge list of new tariffs on $200 billion worth of goods from China.

 

Another signal that Bank of America is watching for a bear market has been triggered, and the countdown is on

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 to terminate its pension plan, to record charges of up to $600 million

Avery Dennison Corp. AVY, +0.38% disclosed Wednesday that it will terminate its pension plan, effective Sept. 28. The labeling and packaging materials

 




Trump opens NATO summit by saying Germany is a ‘captive’ of Russia

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 shares surge 4.6% premarket after earnings top estimates

Fastenal Co. shares FAST, -0.18% rose 4.6% in premarket trade Wednesday, after the wholesale distributor of industrial and construction supplies beat

 

Pfizer to reorganize into 3 business units, including a new hospital medicines business

Pfizer Inc. PFE, +0.73% announced Wednesday a plan to reorganize into three businesses, including a new hospital business unit for anti-infectives and

 

Dow set to fall more than 200 points after U.S. unveils new China tariffs

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

 

Trading Outlook for EUR/USD, USD/JPY, CHF/JPY, Gold Price, DAX & More

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 …

 

Daily Market Roundup (July 11, 2018) – By DailyForex

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…

 

Resignations ‘unify’ the Cabinet

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…

 

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Have a nice trading!




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