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Economic Updates
US Markets finish mostly down in quiet session as Big Tech drags down the Nasdaq
US Indices were mixed to start the week in Monday’s session in a low volatility session, Big Tech gave back some of their recent gains with a major pullback in Tesla (-6% on a Goldman Sachs downgrade) and Meta, Amazon and Microsoft all falling 2-3% saw the Nasdaq down over 1% to be the worst performing index. The Russell 200 was the only m...
June 27, 2023
Read More > The Week Ahead – More Fed speak, Inflation and the Charts to Watch, AUD, USD, JPY, BTC
Despite a pull back last week, Global markets are coming into the last week of June and marking the half year point on an impressive run, with the Nasdaq remaining up more than 28% and the S&P500 +13% throughout the first half of the year. The week ahead is fairly light on tier one economic releases, but there will be some flash points that wil...
June 26, 2023
Read More > Asia looking to open in the red on Wall St lead, Bitcoin bounces, Gold and Silver tumble
US indices drifted lower in Tuesday’s session in choppy action in what has been framed as preliminary month/quarter end selling in the absence of any US tier one economic releases. The Nasdaq was the “least worst” index (-0.16%) held up by another surge in momentum darlings Tesla (TSLA +5.34%) and Nvidia (NVDA +2.61%) which both surged on tec...
June 21, 2023
Read More > The Week ahead – BoE and SNB set to hike, RBA minutes and Jerome’s jawboning.
More Central bank action is set to dominate the news flow this week with the FOMC and ECB decisions done, coming up we have the Bank of England and the Swiss National bank with monetary policy meetings, sprinkled with a slew of Fed speakers which should keep markets interesting. US – Dollar Index holding critical support. US markets will ge...
June 19, 2023
Read More > Asian stocks looking to open in the green after a volatile post-FOMC session on Wall St
US markets finished mixed in a chaotic session as the long-awaited June FOMC monetary policy meeting concluded. As expected, the Fed held rates steady after 10 straight hikes, the tone of the accompanying statement was quite hawkish, signalling higher for longer in rates and the possibility of more hikes to come. More mixed signals were given by Ch...
June 15, 2023
Read More > Wall St rallies on softer CPI ahead of FOMC, USD down, Yields up
Another day, another stock rally on Wall St in Tuesday’s session with a softer than expected headline CPI print seeing US rate hike odds completely evaporate before today’s pivotal FOMC meeting. Small caps led the way with the Russell 2000 rising 1.23%, and another record for TSLA, surging 41% in the last 13 green trading sessions. U...
June 14, 2023
Read More > Asian markets looking to open strongly as big tech pushes US markets higher ahead of CPI
US markets rallied strongly again to start the week with lower yields, on the back of hopes of a Fed pause this week, saw big tech surge and the Nasdaq (+1.53%) lead major indices to print fresh YTD highs. Another day, another up day for Tesla (TSLA) with its stock price rising for the 12th straight day - the longest winning streak in the co...
June 13, 2023
Read More > Wall St rally sees S&P 500 enters technical bull market – VIX dumps, Gold pumps
A tech led rally saw the S&P 500 index enter a technical bull market after rallying 20% from the October 2022 lows, a big miss on unemployment claims which saw it hit 19-month highs added to the “bad news is good news” narrative, sending yields lower, chances of a Fed rate hike next week tumbling and risk assets soaring. Big mover in...
June 9, 2023
Read More > US markets lower as rally takes a breather on disappointing data, Apple underwhelms
US stock indices were broadly lower in Monday’s session after an impressive start to June took a breather on a quiet news day, with the only tier one release being ISM services PMI which had a surprise miss coming in at 50.3 vs an expected 52.6 indicating the US economy is struggling to remain in expansion (a reading above 50). Apple (AAPL) he...
June 6, 2023
Read More > US stocks rise to start the new month on debt ceiling optimism, data and Fed speak – NFP ahead
Major US indices broadly rallied in Thursdays session as the US debt ceiling can got kicked another two years down the road after a deal was passed through Congress, US data and Fed speak also supported a narrative shift in expectations of how hawkish the Fed is going to be going forward. The Nasdaq again led gains, (+165 points / 1.28%) , The N...
June 2, 2023
Read More > Hot CPI fails to hold AUDUSD above key level
Australian CPI released today surprised to the upside coming in at 6.8% y/y , well above the consensus of 6.4% which itself was an increase on March’s figure of 6.3% Coming into the figure futures markets had priced in a measly 2.5% chance of a hike next week by the RBA, that changed dramatically with odds jumping to 18.8% for a 25bp hike ac...
May 31, 2023
Read More > Asian markets looking to open lower after mixed US session
Major US indices finished mixed in the US Tuesday session with AI-mania propping up the Nasdaq to a green finish while continuing debt ceiling jitters kept risk appetite muted for the broader market. Continuing Ai mania saw Nvidia (NVDA) briefly crossed into the $1 trillion market cap club before pulling back later in the session, still up 3% fo...
May 31, 2023
Read More > The Week ahead – Debt ceiling deal, NFP and Aussie CPI – charts to watch
News over the weekend of a tentative debt ceiling deal had been achieved should see investors in the week ahead return to their usual programming of trying to predict the next move from the Federal Reserve, which this week’s jobs data will be a critical component. Late Saturday, the White House and Republican negotiators announced a debt ceili...
May 29, 2023
Read More > US stocks finished mixed – Nasdaq surges on NVDA earnings boost – Gold down again
US indices finished mixed in Thursdays session two up, two down though with an overall positive bias on debt ceiling progress and strong economic data. The Nasdaq easily outperformed as a huge up day from Nvidia (NVDA + 24%) after a positive earnings report saw the tech heavy index surge over 200 points. Strong data was also released...
May 26, 2023
Read More > US stocks sink as debt ceiling impasse continues to weigh on investors, RBNZ rate decision today
Major US indices were lower on Tuesday, extending to the downside through the session, as debt limit negotiations extend further to the edge after little progress was made in further talks between the White House and Republican negotiators. The Nasdaq slumped 160 points 1.26% as the risk off tone and tightening economic conditions hit growth stocks...
May 24, 2023
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