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- Trading day in one post 03.08.2017
Trading day in one post 03.08.2017
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Loading...Overview of the Asian Markets: Asian stocks fell after surging to the highest level in almost 10 years, with investors assessing the strength of company earnings before American labor-market data provides the latest clues on the health of global growth. Stocks from Japan to Australia retreated, dragging down the MSCI Asia Pacific Index from its highest since December 2007. South Korea’s index tumbled 1.7 percent, pulled lower by Samsung Electronics Co. and engineering stocks that declined on additional government measures to cool the housing market. Japan's Topix fell 0.3%. Australia's S&P/ASX 200 Index also lost 0.3%. Hong Kong's Hang Seng Index was down 0.3%, with the Shanghai Composite Index also trading lower.
Overview of FX market: The Bloomberg Dollar Stop Index added 0.1% after slipping 0.1% on Wednesday. The euro fell 0.2% to $1.1837 after climbing 0.5% in the previous session. The yen rose 0.1% against the dollar to 110.58. The dollar is testing a major support against the yen for the third time in four months and a break below this level could well see the greenback weakening toward 105. The 52-week moving average, currently at 110.09, has provided resilient support for the greenback against the yen in April and June but was tested again this week. The key will be whether dollar-yen can hold above Tuesday’s low.
Commodities Markets: West Texas Intermediate crude slipped 0.2% in early trading to $49.48 per barrel. It rose 0.9% on Wednesday. Call them gasoholics: U.S. drivers aren’t slowing down when it comes to using gasoline. Demand across the U.S. hit a record high of 9.84 million barrels per day last week, the most in weekly data going back to June 1990. American consumers have benefited from oil’s three-year slump, filling up at prices that are 79 cents a gallon below the 10-year average in August. Shares of Chinese steel producers have risen after the rise in metal prices, as well as government vows to cut production. China's steel gauge reached its highest levels since May 2012.
Overview of the European market: European bourses closed lower on Wednesday, as investors monitored mixed earnings reports. The pan-European Stoxx 600 ended the day down by 0.43% with the most sectors and major bourses in negative territory. Basic resources led the losses on Wednesday, down more than 1.3%, amid earnings news. Banking stocks were also lower on Wednesday after mixed results from European lenders. Societe Generale said net profit slumped 28% in the three months through June, as the Paris-based lender was hit by litigation costs and stubbornly low-interest rates. Its shares slipped more than 4%. During today's trading session investors will keep a close eye on the Retail Sales data from the Eurozone, as well as the BoE Interest Rate Decision in the UK.
Overview of the American market: Most U.S. stocks fell, though Apple Inc. dragged major indexes higher, propelling the Dow Jones Industrial Average past 22,000 for the first time. Renewed weakness in the dollar weighed on small caps, while crude failed to hold above $50 a barrel. Apple’s 5 percent gain, sparked by an optimistic sales forecast, took the Dow to a record, boosted the Nasdaq 100 Index and left the S&P 500 Index little changed even as most groups fell. European equities slid as a drop in industrial metals weighed on miners. The euro, coming off its best month since March 2016, continued its surge versus the ailing dollar. Oil rose as record gasoline demand allayed shale boom worries, though it settled off highs for the day.
Economic calendar for the European and U.S. trading session:
10:55 Germany - German Services PMI
11:00 Europe - ECB Economic Bulletin
11:30 UK - Services PMI
12:00 Europe - Retail Sales
14:00 UK - BoE Inflation Report
14:00 UK - BoE Interest Rate Decision
14:30 UK - BoE Gov Carney Speaks
15:30 USA - Initial Jobless Claims
16:45 USA - Services PMI
17:00 USA - ISM non-Manufacturing Employment
17:30 USA - Natural Gas Storage
US Equity Upgrades
AMERICAN AIRLINES (AAL) UPGRADED TO OVERWEIGHT FROM NEUTRAL AT JPMORGAN
ASTRAZENECA (AZN) UPGRADED TO HOLD FROM SELL AT PARETO
CABOT OIL & GAS (COG) UPGRADED TO OVERWEIGHT FROM EQUAL WEIGHT AT MORGAN STANLEY
CIRCOR (CIR) UPGRADED TO BUY FROM HOLD AT SUNTRUST
COUSINS PROPERTIES (CUZ) UPGRADED TO BUY FROM HOLD AT STIFEL
CREDIT ACCEPTANCE (CACC) UPGRADED TO MARKET PERFORM FROM UNDERPERFORM AT RAYMOND JAMES
DISCOVERY (DISCA) UPGRADED TO BUY FROM NEUTRAL AT CITI
HILLTOP HOLDINGS (HTH) UPGRADED TO BUY FROM NEUTRAL AT COMPASS POINT
NATIONAL GRID (NGG) UPGRADED TO BUY FROM HOLD AT BERENBERG
ROCKWELL COLLINS (COL) UPGRADED TO BUY FROM HOLD AT CANACCORD
SCANA (SCG) UPGRADED TO OVERWEIGHT FROM EQUAL WEIGHT AT BARCLAYS
SCRIPPS NETWORKS (SNI) UPGRADED TO NEUTRAL FROM SELL AT CITI
SOUTHERN COMPANY (SO) UPGRADED TO BUY FROM HOLD AT DEUTSCHE BANK
SPIRIT AIRLINES (SAVE) UPGRADED TO OVERWEIGHT FROM NEUTRAL AT JPMORGAN
US Equity Downgrades
BOARDWALK PIPELINE DOWNGRADED TO SECTOR PERFORM FROM OUTPERFORM AT RBC CAPITAL
CORPORATE OFFICE PROPERTIES (OFC) DOWNGRADED TO SELL FROM HOLD AT STIFEL
OIL STATES (OIS) DOWNGRADED TO NEUTRAL FROM BUY AT GUGGENHEIM
REGENERON (REGN) DOWNGRADED TO UNDERPERFORM FROM NEUTRAL AT BAIRD
SCRIPPS NETWORKS (SNI) DOWNGRADED TO HOLD FROM BUY AT NEEDHAMDISCOVERY
US Equity Initiations
CELLDEX (CLDX) ASSUMED WITH A BUY AT H.C. WAINWRIGHT
CENTENNIAL RESOURCE DEVELOPMENT (CDEV) INITIATED WITH AN OVERWEIGHT AT JPMORGAN
CRITEO (CRTO) INITIATED WITH AN OUTPERFORM AT BMO CAPITAL
HAIN (HAIN) CELESTIAL INITIATED WITH A HOLD AT LOOP CAPITAL
NEOS THERAPEUTICS (NEOS) INITIATED WITH AN OVERWEIGHT AT CANTOR
SALESFORCE INITIATED (CRM) WITH AN OUTPERFORM AT CREDIT SUISSE
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