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- Trading day in one post 17.07.2017
Trading day in one post 17.07.2017
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Loading...Overview of Asian indices: The Asian stock markets started the first day of the trading week in a positive territory. Only the indices in China fell. The speech from RBNZ Bascand said that weaker and lower New Zealand dollar is needed to help with the economic recovery and NZD fell right away. The positive sentiment from Wall Street was transferred to the Asian markets. Kospi went up by 0.33%. Australian ASX was trading at same level as it opened, with no change. Even after the GDP and Industrial product data from China were better than expected, the indices in the country fell. Shanghai composite fell by -1.03%. Nikkei in Japan remained closed today. Investors in China are focused on regulatory concerns.
FX overview: During the Asian session we saw lower NZD, after the comments from Bascand from the RBNZ, calling for a weaker and lower currency and NZD/JPY fell to 82.450. The JPY also fell with the Nikkei closed today. USD/JPY was trading slightly higher up to 112.700, after the fall on Friday. The Canadian dollar remains well supported by the expectations that the BoC raised rate and also looking to hike again in the near term. The AUD was the strongest currency overnight and its likely that this will continue. On Tuesday we expect meeting minutes from the RBA and on Thursday we expect the Employment numbers, it likely that then we will see a bigger movement of the AUD after the data. The USD went up slightly, but there were no major moves.
Commodities Markets - OIL remained subdued, without any significant change during the Asian hours. The black gold is still in bearish trend and if the price is to fall, this will be negative for the indices. Today there no economic data that could move the price of Oil. Gold was higher, but it remained largely in a range after the big spike last week. If the indices are to go up again, then the price of the metal will have a hard time moving up. With the positive sentiment increasing, the Gold trade becomes unattractive.
Overview of the American indices and futures: American stock indices closed in a positive territory on Friday as the DJIA made a new high - 21,637.74. S&P climbed by 0.47% to 2,459.27 and Nasdaq with 0.61% to 6,312.46. The market took Janet Yellen's comments in a positive manner as she mentioned that the next hike maybe delayed. The sentiment from Wall Street was transferred into the Asian session. The markets await for the corporate financial reports, which may be the catalyst for new highs, if the reports are better than expected. Investors do pay attention at the situation around the White House and the inability of the two side to make any headway in regards to the important changes to the health bill, which again will be delayed. The change to the tax code is taking a back seat as well.
Overview of the European indices: The European indices closed mix on Friday, after the first financial reports from the US bank corporations. FTSE closed at 7,378.39, DAX closed at 12,631.72, CAC finished the session at 5,235.31. It is possible that we will see higher prices of the indices today as the risk sentiment is in play. Investors are awaiting rate decision from the ECB on Thursday and many expect no change to the rate and the QE program. The inflation goal of the bank has not been met yet and the economic recovery is very weak yet.
Economic data and news, which will influence the indices:
12:00 - Euro zone - CPI (YoY) (Jun)
15:30 - USA - NY Empire State Manufacturing Index (Jul)
15:30 - CAD - Foreign Securities Purchases (May)
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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