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- Trading day in one post 14.07.2017
Trading day in one post 14.07.2017
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Loading...Overview of Asian indices: The Asian markets closed the last day of the trading week in a positive territory. Only the indices in China posted negative close. The speech from Janet Yellen had a positive impact and calm the investors and they started buying risk assets again. During the second speech Yellen said that the President's plans for 3% growth are very optimistic and it will be difficult to be reached. The positive sentiment spilled over from Wall Street over to the Asian markets. Japanese index Nikkei climbed by 0.19% as the JPY weakened. Kospi marched up by 0.17%. The Australian ASX went up after comments from the CEO of ANZ that "The weak Aussie is positive for the economy". The Chinese markets where down, with Shanghai composite fell by -0.14%, and Shenzhen composite by -0.204%.
FX overview: During the Asian session we did not see serious moves. Investors are cautious and await US data for the inflation and retail sales. If the data for the inflation are better than expected, this will support the USD and will dictate the moves of the currency next week. Also it probably means that the path of the FED to increase rates also becomes easier. The USD strengthen towards the JPY and trade around 113.42. The sentiment around the CAD remain positive, after the BoC lift rates for the first time since 2010 and continue with rhetoric for the next increase and this supports the currency. In medium and short term we look for long positions. The Japanese yen registered a fall during the session, as after the speech from Yellen, traders risk appetite increase for risk and JPY looks unattractive. The BoJ is probably the only Central bank that will not increase rates and clearly communicated that they have no limit to 5 and 10 year bond purchases, which puts additional pressure on the JPY.
Commodities Markets - OIL fell during the Asian hours. Black gold still remains in a bear market. Today we expect Crude Oil inventories and US Oil Rig Count, which are important data for the Oil market. Better than expected data today will show that shell exploration firms are active and producing Oil. If we see higher numbers, we may expect lower price of Oil. GOLD remains without change during the Asian session, as it remains close to its 4 month bottom. If we see a break below horizontal support at $1,200, it will likely cause an additional strong impulse to the down side.
Overview of the American indices and futures: The USD stock indices closed higher yesterday, as DJIA made a new high at 21,533.09. S&P climbed up by 0.19% to 2,447.84 and Nasdaq with 0.21% to 6274.44. The market had a positive reaction to Yellen's comments as she said that the next rise will be likely delayed. This increased the risk appetite and DJ made a new high. The positive sentiment passed over to the Asian markets and then will likely go over the European session.
Economic data and news, which will influence the indices:
12:00 EU - Търговски баланс
15:30 USA - CPI
15:30 USA - Retail salesПродажби на дребно
16:15 USA - Industrial production 16:30 USA - FOMC - Kaplan speech
17:00 USA - Business Inventories
17:00 USA - Michigan Consumer Expectations
20:00 USA - U.S. Baker Hughes Oil Rig Count
The technical picture of the FX market:
The technical picture of the US indices:
US Equity Upgrades
AGILENT (A) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT WELLS FARGO
ARCONIC (ARNC) UPGRADED TO BUY FROM NEUTRAL AT SEAPORT GLOBAL
CAMPING WORLD (CWH) UPGRADED TO OVERWEIGHT FROM NEUTRAL AT JPMORGAN
CNH INDUSTRIAL (CNHI) UPGRADED TO BUY FROM NEUTRAL AT SEAPORT GLOBAL
FASTENAL (FAST) UPGRADED TO STRONG BUY FROM OUTPERFORM AT RAYMOND JAMES
HAEMONETICS (HAE) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT JMP SECURITIES
HALCON RESOURCES (HK) UPGRADED TO EQUAL WEIGHT FROM UNDERWEIGHT AT BARCLAYS
INFINITY PROPERTY (IPCC) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT RAYMOND JAMES
INTERCONTINENTALEXCHANGE (ICE) UPGRADED TO OUTPERFORM FROM SECTOR PERFORM AT RBC CAPITAL
INTERNATIONAL PAPER (IP) UPGRADED TO BUY FROM NEUTRAL AT GOLDMAN SACHS
METTLER-TOLEDO (MTD) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT WELLS FARGO
NATIONAL GRID (NGG) UPGRADED TO BUY FROM HOLD AT HSBC
PACKAGING CORP. (PKG) UPGRADED TO NEUTRAL FROM SELL AT GOLDMAN SACHS
PROGRESSIVE (PGR) UPGRADED TO STRONG BUY FROM OUTPERFORM AT RAYMOND JAMES
PULTEGROUP (PHM) UPGRADED TO NEUTRAL FROM UNDERPERFORM AT WEDBUSH
QUANTA SERVICES (PWR) UPGRADED TO BUY FROM NEUTRAL AT UBS
SL GREEN REALTY (SLG) UPGRADED TO BUY FROM NEUTRAL AT UBS
SNAP (SNAP) UPGRADED TO BUY FROM HOLD AT STIFEL
VANTIV (VNTV) UPGRADED TO OVERWEIGHT FROM SECTOR WEIGHT AT KEYBANC
US Equity Downgrades
AT&T (T) DOWNGRADED TO NEUTRAL FROM BUY AT BOFA/MERRILL
BRUKER (BRKR) DOWNGRADED TO UNDERPERFORM FROM MARKET PERFORM AT WELLS FARGO
LEGG MASON (LM) DOWNGRADED TO NEUTRAL FROM BUY AT CITI
MONOGRAM RESIDENTIAL TRUST (MORE) DOWNGRADED TO NEUTRAL FROM BUY AT JANNEY CAPITAL
PACIFIC COAST OIL (ROYT) DOWNGRADED TO HOLD FROM BUY AT STIFEL
SEAGATE (STX) DOWNGRADED TO UNDERWEIGHT FROM EQUAL WEIGHT AT BARCLAYS
SILGAN HOLDINGS (SLGN) DOWNGRADED TO SELL FROM NEUTRAL AT GOLDMAN SACHS
WABTEC (WAB) DOWNGRADED TO HOLD FROM BUY AT DEUTSCHE BANK
US Equity Initiations
BIO-RAD (BIO) INITIATED WITH AN OUTPERFORM AT WELLS FARGO
BIO-TECHNE (TECH) INITIATED WITH A MARKET PERFORM AT WELLS FARGO
C&J ENERGY SERVICES (CJ) INITIATED WITH A BUY AT JEFFERIES
CHARLES SCHWAB (SCHW) INITIATED WITH A NEUTRAL AT ROSENBLATT
CONDOR HOSPITALITY TRUST (CDOR) INITIATED WITH A NEUTRAL AT BAIRD
DANAHER (DHR) INITIATED WITH A MARKET PERFORM AT WELLS FARGO
ENERGY TRANSFER EQUITY (ETE) INITIATED WITH A BUY AT STIFEL
E-TRADE (ETFC) INITIATED WITH A BUY AT ROSENBLATT
FULTON FINANCIAL (FULT) INITIATED WITH AN EQUAL WEIGHT AT STEPHENS
INVESTORS BANCORP (ISBC) INITIATED WITH AN OVERWEIGHT AT STEPHENS
PENNANTPARK (PNNT) INITIATED WITH A BUY AT COMPASS POINT
PERKINELMER (PKI) INITIATED WITH A MARKET PERFORM AT WELLS FARGO
TD AMERITRADE (AMTD) INITIATED WITH A BUY AT ROSENBLATT
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