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- Trading day in one post 26.07.2017
Trading day in one post 26.07.2017
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Loading...Asian Markets wrap: Asian markets traded in positive territory on Wednesday after Wall Street gains on Tuesday and rising oil prices. Japan's Nikkei 225 rose 0.63 percent while the dollar stabilized against the yen. Shares of Japanese manufacturers also contributed to profits after Mitsubishi Motors beat analysts' expectations. The Kospi index in South Korea rose by 0.09% and ASX200 up by 0.94% due to solid earnings in energy and materials sub-indices, which grew by 2.76% and 2.08%, respectively. China's bigger markets are also on the rise. The Hang Seng Index of Hong Kong grew by 0.55%. On the mainland, Shanghai Composite rose 0.53% and Shenzhen Composite climbed 0.169%.
Currency market: The weakest currency during the Asian session remained the Australian dollar after worse than expected Consumer price index data, which had a negative impact on AUD. On the other hand, the New Zealand dollar is at the forefront, due to the better data from the Asian session and the increase in risk appetite. The yen occupies the penultimate position behind the list, with a strong risk appetite adversely affecting the Japanese currency. The dollar, for its part, remains almost unchanged in anticipation of the Fed meeting later today. The Briton and the euro are trading a slight increase today that can quickly change if we see surprises from the Fed. The Canadian is slightly down but today we expect US oil inventories that can support the Canadian currency if the data comes out better than expected due to the strong correlation between black gold and the Canadian dollar.
Commodities Markets: Gold is trading lower for a second consecutive day due to investors' caution before the Fed's interest rate decision. Oil prices rose after rising by more than 3% overnight, said chief oil maker Anadarko has announced plans to cut capital spending due to lower oil prices. Market sentiment was also raised when OPEC leader Saudi Arabia said he would limit crude oil exports in an attempt to tackle oversupply. Currently, black gold is trading a slight decline at $ 48.36 a barrel.
European stock market: European markets closed in positive territory. Today, we expect some caution, with investors waiting the Fed's decision and statement. The London FTSE is expected to open at 7434 with a 5 points decrease, the French CAC with a 3-point drop in price at 5161 and a German DAX with a 14 points lower at 12255. The reports of the European companies are rather mixed and may give another prerequisite for short-term declines. Banking stocks will remain supported, with reports beating the analysts' expectations. Following the rise in the commodity market, we can expect increases in mining companies as well. The industrial sub-sector in Europe will remain under pressure, with data from the latest reports below analysts' expectations. Larger companies that will release earnings reports today are Peugeot, LVMH, Bankia, Syngenta, Fresnillo and Tullow Oil.
US stock market: US shares closed on Tuesday after many of the big companies reported better-than-expected quarterly results. The S & P 500 appreciated by 0.3%, reaching record highs during the day and closing, with financial, material and energy stocks rising by more than 1%. The index closed at 2,477.08 Dow Jones grew by 100.26 points to 21,613.43, with Caterpillar and McDonald's contributing the most. Nasdaq rose only by 0.02%, but managed to record a record during the day and closing. The index ended the session at 6,412.17. Today we expect the reports of Coca-Cola, Facebook, Ford Motor Company and PayPal Holdings.
Economic data today:
11:30 UK - BBA Mortgage Approvals
11:30 UK - GDP
14:00 USA - Mortgage Market Index
17:00 USA - New Home Sales
17:30 USA - Crude Oil Inventories
21:00 USA - Fed Interest Rate Decision
US Equity Upgrades
B&G FOODS (BGS) UPGRADED TO BUY FROM NEUTRAL AT CITI
BUFFALO WILD WINGS (BWLD) UPGRADED TO OUTPERFORM FROM NEUTRAL AT WEDBUSH
HP INC. (HPQ) UPGRADED TO OUTPERFORM FROM SECTOR PERFORM AT RBC CAPITAL
HP INC. (HPQ) UPGRADED TO OVERWEIGHT FROM EQUAL WEIGHT AT MORGAN STANLEY
NIKE (NKE) UPGRADED TO OVERWEIGHT FROM EQUAL WEIGHT AT MORGAN STANLEY
ROYAL CARIBBEAN (RCL) UPGRADED TO OVERWEIGHT FROM NEUTRAL AT JPMORGAN
U.S. BANCORP (USB) UPGRADED TO BUY FROM HOLD AT ARGUS
US Equity Downgrades
ADVANTAGE OIL & GAS (AAV) DOWNGRADED TO SECTOR PERFORM FROM OUTPERFORM AT RBC CAPITAL
CARRIZO OIL & GAS (CRZO) DOWNGRADED TO NEUTRAL FROM OVERWEIGHT AT JPMORGAN
CUBESMART (CUBE) DOWNGRADED TO UNDERPERFORM FROM NEUTRAL AT BOFA/MERRILL
ENERGEN (EGN) DOWNGRADED TO NEUTRAL FROM OVERWEIGHT AT JPMORGAN
EP ENERGY (EPE) DOWNGRADED TO SECTOR PERFORM AT RBC CAPITAL
EP ENERGY (EPE) DOWNGRADED TO SECTOR PERFORM FROM OUTPERFORM AT RBC CAPITAL
EXTRA SPACE STORAGE (EXR) DOWNGRADED TO NEUTRAL FROM BUY AT BOFA/MERRILL
FAIRMOUNT SANTROL (FMSA) DOWNGRADED TO NEUTRAL FROM OUTPERFORM AT CREDIT SUISSE
FAIRMOUNT SANTROL (FMSA) DOWNGRADED TO SELL FROM NEUTRAL AT GOLDMAN SACHS
GUARANTY BANCORP (GBNK) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT KEEFE BRUYETTE
GULFPORT ENERGY (GPOR) DOWNGRADED TO NEUTRAL FROM OVERWEIGHT AT JPMORGAN
JONES ENERGY (JONE) DOWNGRADED TO NEUTRAL FROM OVERWEIGHT AT JPMORGAN
MARATHON PETROLEUM (MPC) REMOVED AS FRANCHISE PICK AT JEFFERIES
NEW RELIC (NEWR) DOWNGRADED TO EQUAL WEIGHT FROM OVERWEIGHT AT MORGAN STANLEY
NVE CORP. (NVEC) DOWNGRADED TO HOLD DUE TO VALUATION AT CRAIG-HALLUM
PFIZER (PFE) DOWNGRADED TO NEUTRAL FROM OUTPERFORM AT CREDIT SUISSE
RINGCENTRAL (RNG) DOWNGRADED TO EQUAL WEIGHT FROM OVERWEIGHT AT MORGAN STANLEY
RITE AID (RAD) DOWNGRADED TO NEUTRAL FROM BUY AT MIZUHO
SMART SAND (SND) DOWNGRADED TO NEUTRAL FROM OUTPERFORM AT CREDIT SUISSE
US Equity Initiations
CISION (CISN) INITIATED WITH AN OUTPERFORM AT CREDIT SUISSE
COUPA SOFTWARE (COUP) INITIATED WITH AN OVERWEIGHT AT CANTOR
DISCOVERY (DISCA) INITIATED WITH A MARKET PERFORM AT WELLS FARGO
ELDORADO RESORTS (ERI) INITIATED WITH AN OVERWEIGHT AT JPMORGAN
JOHNSON & JOHNSON (JNJ) REINSTATED WITH AN OUTPERFORM AT CREDIT SUISSE
MERIT MEDICAL INITIATED WITH A BUY AT BOFA/MERRILL
SCRIPPS NETWORKS (SNI) INITIATED WITH A MARKET PERFORM AT WELLS FARGO
SOLARIS OILFIELD (SOI) INITIATED WITH AN OUTPERFORM AT RAYMOND JAMES
SPRING BANK PHARMACEUTICALS (SBPH) INITIATED WITH AN OVERWEIGHT AT CANTOR
TESLA (TSLA) INITIATED WITH A NEUTRAL AT CITI
TILE SHOP (TTS) INITIATED WITH A HOLD AT LOOP CAPITAL
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