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Stock Analysis 01st-2nd (June)
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By HFblogNews · Posted
Date: 12th June 2024. Market News – Steady ahead of the Big Day! Economic Indicators & Central Banks: Asian stocks edged up, driven by the technology sector, while the US Dollar remained firm ahead of the US inflation report and Fed policy decision. China’s CPI gains held above zero in May while factory-gate prices remained stuck in deflation, signalling ongoing weak demand. UK GDP stagnated in April. Monthly GDP numbers came in a tad better than anticipated, with activity stagnating, rather than contracting -0.1% m/m, as Bloomberg consensus forecasts had predicted. The recovery remains uneven though. The FOMC began day 1 of its 2-day meeting with the decision and the new quarterly forecasts (SEP) at 21:00 GMT following by Chair Powell’s press conference at 21:30 GMT. The Fed is universally expected to maintain a steady rate stance, leaving all of the focus on the new forecasts, Chair Powell’s press conference, and the policy statement. It is widely expected that the “dovish” dot plot from March that showed three cuts (though it was a close call for two) will be revised toward a more hawkish stance. Asian & European Open: Treasuries steadied after rising on a solid $39 billion sale, which reflected speculation that inflation reading will help make the case for the Fed to cut rates this year. The NASDAQ rebounded and advanced 0.88% into the close to another record at 17,343. Similarly the S&P500 rose 0.27% to 5375, also a new record (27th of the year). A surge in Apple shares (7%) supported. The Dow slumped -0.3%, hurt by financials and industrials that overshadowed a gain in IT. China Evergrande New Energy Vehicle Group plunged 20% after warning of losing assets. Financial Markets Performance: The USDIndex had a good first half, rising to a high of 105.46 before fading to 105.24. However, it’s above the 105 level for a second straight session (first time since May 13,14) and the highest since early May. The EURUSD was down for a fourth session at 1.0737 amid political turmoil in Europe. OIL prices extended gains for a third session, with UKOIL futures up 0.5% to $82.36 a barrel and USOIL up 0.7% to $78.45 a barrel. Industry data pointed to shrinking US crude stockpiles ahead of a report from the IEA on the market outlook. Gold prices edged 0.1% lower to $2,313.72 per ounce. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi Market Analyst HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission. -
By Stocks4life · Posted
SPY S&P 500 ETF bull flag breakout, doesn't get get much better than this, https://stockconsultant.com/?SPY -
By Stocks4life · Posted
ABUS Arbutus Biopharma stock attempting to move higher off the 3.13 double support area, https://stockconsultant.com/?ABUS -
By Stocks4life · Posted
TEVA TevaPharmaceutical stock narrow range breakout, https://stockconsultant.com/?TEVA -
By Stocks4life · Posted
SILK Silk Road Medical stock, strong day, breakout watch, https://stockconsultant.com/?SILK
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