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- Trading day in one post 20.07.2017
Trading day in one post 20.07.2017
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Loading...Overview of the Asian markets: The Asian markets traded in positive territory today, as the investors awaited the rate decision from the Japanese Central bank. BoJ left the rate unchanged at -0.1%. The Nikkei was higher by 0.57%, Kospi went up by 0.10%. The ASX 200 traded up by 0.62% at the back drop of the strong AUD, after the data for the unemployment percent came in at 5.6% in line with the expectations. The markets in China were also up with Shanghai composite 0.17%. Investors remain positive on the markets, despite the fact that China and USA did not reach a trade deal. We can expect that the long move to resume in the absence of any geo political risks.
FX market Overview: During the Asian session the data for the unemployment report came out as expected in Australia and that supported the currency in addition, also there added 14K new positions in the labor market. We can expect that the next target for the pair is the level around 0.81. The greenback was not able to make large moves during the Asian session but it was traded slightly higher. The USD is again under pressure due to the delay of the health care reform. EUR/USD broke up its resistance at 1.15 and its heading higher for now. Today we expect the ECB rate decision at 14:45 (our time) and it is widely expected that the ECB will stay pad and not take any action. The JPY also did not make any significant moves even after the Central Bank there left rate unchanged at -0.1%. We might see higher Euro and pound and weaker JPY.
Commodities Markets: The price of Oil was higher, reaching $47.10 per barrel. Even that the price remains below $50, it continue to climb, despite of all forecast for lower prices. Gold fell slightly during the early hours. The political situation in Washington supports the metal. The technical analysis shows that the price is above the 200 SMA with is bullish for the commodity. The weaker dollar is also supporting its higher price. The price of Silver is trading around $16.22 as it is following the Gold price to the upside.
Overview of the American markets: American stocks closed higher today, supported by the better than expected corporate financial results. NASDAQ and S&P 500 added to already record highs. Investors are broadly optimistic about the corporate results for the quarter. The markets continue to march up despite of the situation in Washington and the delay of the health care reforms. In the absence of any negative news and no geo-political risks also support the indices. The US data for the housing starts and building permits added to the positive optimism. So far out of the 53 corporations that reported results in the S&P index, 77% of them had better than expected results. Some of the analysts think that there is divergence between the bond market and the stock market, as the bond prices are signaling a possibility of slowing economy but the stock market continue to climb up. The VIX index fell below 10. It is possible that the positive sentiment will dominate the markets and higher prices of the indices, the chance for a correction is slim.
DJIA: 66.02 points/ 0.31% - 21,640.75
S&P: 13.22 points/ 0.54% - 2,473.83
NASDAQ: 40.74 points/ 0.64% - 6,385.04
RUSS 2000: 13.31 points/ 0.93% - 1,440.92
VIX: 9.75
Overview of the European markets: European markets closed higher on Wednesday. DAX reached 12490.95, French CAC to 5227.00, as the UKX reached higher 7395.95. The Tech sector was up by around 2%, as it moved up. Investors will await the rate decision from the ECB and its possible that all traders think that there will be no change from the Central Bank. Some of the analysts think that the European indices are better situated and might bring higher profits from the indices in the USA. By the open today investors will be cautious but then we might see higher prices again.
Economic data and news, which will have an impact on the markets:
09:00 - Swiss - Trade Balance (Jun)
09:00 - Germany - German PPI (MoM) (Jun)
09:30 - JPY - BoJ Press Conference
11:00 - Euro - Current Account (May)
11:30 - UK - Retail Sales (MoM) (Jun)
14:45 - Euro - ECB Interest Rate Decision (Jul)
15:30 - USA - Initial Jobless Claims
15:30 - USA - Philadelphia Fed Manufacturing Index (Jul)
15:30 - Euro - ECB Press Conference
16:45 - USA - Bloomberg Consumer Confidence
US Equity Upgrades
BOEING (BA) UPGRADED TO NEUTRAL FROM UNDERPERFORM AT BOFA/MERRILL
CHIPOTLE (CMG) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT TELSEY ADVISORY
CORNERSTONE ONDEMAND (CSOD) UPGRADED TO OUTPERFORM FROM NEUTRAL AT CREDIT SUISSE
ENERGIZER (ENR) UPGRADED TO OVERWEIGHT FROM SECTOR WEIGHT AT KEYBANC
GARMIN (GRMN) UPGRADED TO BUY FROM NEUTRAL AT LONGBOW
PPL CORP. (PPL) UPGRADED TO BUY FROM HOLD AT JEFFERIES
SELECT COMFORT (SCSS) UPGRADED TO NEUTRAL FROM UNDERPERFORM AT BOFA/MERRILL
SONOCO PRODUCTS (SON) UPGRADED TO OUTPERFORM FROM NEUTRAL AT BAIRD
VERTEX (VRTX) UPGRADED TO BUY FROM NEUTRAL AT JANNEY CAPITAL
VERTEX (VRTX) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT COWEN
VERTEX (VRTX) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT RAYMOND JAMES
VERTEX (VRTX) UPGRADED TO OVERWEIGHT FROM EQUAL WEIGHT AT BARCLAYS
US Equity Downgrades
A.V. HOMES (AVHI) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT JMP SECURITIES
AMC ENTERTAINMENT (AMC) DOWNGRADED TO EQUAL WEIGHT FROM OVERWEIGHT AT BARCLAYS
CHIPOTLE (CMG) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT WELLS FARGO
DANA HOLDING (DAN) DOWNGRADED TO EQUAL WEIGHT FROM OVERWEIGHT AT BARCLAYS
FORTUNE BRANDS (FBHS) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT WELLS FARGO
GOLDMAN SACHS (GS) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT KEEFE BRUYETTE
J.M. SMUCKER (SJM) DOWNGRADED TO EQUAL WEIGHT FROM OVERWEIGHT AT STEPHENS
PAYPAL (PYPL) DOWNGRADED TO HOLD FROM BUY AT SUNTRUST
SILGAN HOLDINGS (SLGN) DOWNGRADED TO NEUTRAL FROM OUTPERFORM AT BAIRD
US Equity Initiations
AGILE THERAPEUTICS (AGRX) INITIATED WITH A BUY AT H.C. WAINWRIGHT
AUTODESK (ADSK) INITIATED WITH A BUY AT DEUTSCHE BANK
CAESARS (CZR) RE-INITIATED WITH AN OUTPERFORM AT IMPERIAL CAPITAL
EURONET (EEFT) INITIATED WITH A BUY AT DA DAVIDSON
LULULEMON (LULU) INITIATED WITH A BUY AT NEEDHAM
NIKE (NKE) INITIATED WITH A HOLD AT NEEDHAM
OXFORD INDUSTRIES (OXM) INITIATED WITH A BUY AT NEEDHAM
QUANEX (NX) COVERAGE ASSUMED WITH AN OUTPERFORM AT WEDBUSH
RALPH LAUREN (RL) INITIATED WITH A HOLD AT NEEDHAM
SIGNET JEWELERS (SIG) INITIATED WITH A BUY AT NEEDHAM
TIFFANY (TIF) INITIATED WITH A HOLD AT NEEDHAM
TYSON FOODS (TSN) REINSTATED WITH A NEUTRAL AT CREDIT SUISSE
UNDER ARMOUR (UA) INITIATED WITH A HOLD AT NEEDHAM
XG TECHNOLOGY (XGTI) INITIATED WITH A BUY AT MAXIM
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