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Morning wrap (05.08.2022)

  • US indices finished yesterday's session slightly lower. However, tech stocks managed to gain. S&P 500 dropped 0.08%, Dow Jones moved 0.26% lower while Nasdaq gained 0.41%. Russell 2000 dropped 0.13%

  • Indices from Asia-Pacific traded higher today. Nikkei gained 0.8%, S&P/ASX 200 added 0.5% while Kospi moved 0.9% higher. Indices from China traded mixed

  • DAX futures point to a flat opening of the European cash session

  • China has reportedly blocked shipments to Taiwanese iPhone assembler Pegatron. The move is said to be retaliation for Pegatron's executives meeting with US House Speaker Nancy Pelosi

  • According to Reuters report, Saudi Arabia and United Arab Emirates still have some spare oil production capacity but are unlikely to tap into it unless a major energy crisis occurs during winter

  • Japan demanded China halts its military drills immediately after 4 Chinese ballistic missiles were fired into Japan's exclusive economic zone

  • RBA Monetary Policy Statement for August showed that the Bank is ready to do what is necessary to bring inflation to 2-3% range. However, document also noted that there is a narrow path to restraining inflation without hurting economy

  • Japanese household spending increased 3.5% YoY in June (exp. 1.0% YoY)

  • Reserve Bank of India delivered a 50 basis point rate hike, to 5.40% (exp. 5.25%)

  • Cryptocurrencies are trading higher today with Bitcoin adding 2.6% and Ethereum rallying 4%

  • Oil is trading over 1% higher. WTI trades near $89 per barrel while Brent is testing $94.50 mark

  • Precious metals gain in spite of USD strength. Gold trades flat but silver (+0.5%) and platinum (+0.8%) gain

  • USD and CAD are the best performing major currencies while JPY and CHF lag the most

Brent (OIL) plunged to the lowest level since February 25, 2022 yesterday as recession fears continue to exert pressure on crude. An attempt to launch a recovery move can be observed this morning although the scale of moves looks small compared to yesterday. Source: xStation5

Daily summary: Dollar continues to strengthen, EURUSD and GBPUSD 1% on the downside
Stock of the week - Bed Bath & Beyond (18.08.2022)
Massive drop in US gas inventories!
DE30: Setback in the short-term upward trend
BREAKING: US jobless claims unexpectedly fall back to 250k