Technical Analysis Report - 09 August 2022

09 Aug

Technical Analysis Report – 09 August 2022

/ CSFX Analytics

U.S. STOCK’S SLIGHTLY HIGHER AFTER AVERAGING EARNINGS & INFLATION

Asia-Pacific shares eked out modest gains on Tuesday. The Shanghai Composite is up 0.29% at 3,246.22. Overall, the Singapore MSCI is down 0.36% at 305.10. Over in Hong Kong, the Hang Seng Index is down 0.04% at 19,816.00. In Japan, the Nikkei 225 is down 0.99% at 27,960.00, while the Topix index is down 0.74% at 1935.00. South Korea’s Kospi is up 0.42% at 2,503.46. Australia S&P/ASX 200 up 0.13% at 7029.80.

Top News of the Day:

U.S. stock futures were slightly higher during Monday’s evening deals, after major benchmark averages finished mixed during regular trading as market participants parsed a fresh deluge of corporate earnings reports ahead of key inflation data due on Wednesday.

Market Summary as per 08/08/2022:

European equities Monday closing. The DAX futures contract in Germany traded flat at 13,687.69, CAC 40 futures up 0.80% at 6524.45 and the UK 100 futures contract in the U.K. up 0.57% at 7,482.38.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.09% at 32832.55. The S&P 500 down 0.12% at 4140.05 and the Nasdaq 100 down 0.37% at 13159.16, NYSE closes up 0.21% at 15305.79

Top Market News Today:

In the Forex market, GBPUSD up 0.06% at 1.2083. The USDJPY up 0.01% at 134.964. The USDCHF down 0.03% at 0.9542. EURUSD up 0.16% at 1.0206, EUR/GBP up 0.13% at 0.8448. The USD/CNY up 0.05% at 6.7536 at the time of writing.

In the Commodity market U.S. Gold futures down 0.15% at $1,785.44. Elsewhere, Silver futures down 0.09% at $20.623 per ounce, Platinum flat at $939.50 per ounce, and Palladium down 2.19% at $2191.00.

Crude Oil down on Tuesday; Brent Crude Oil down 0.56% at $95.94 per barrel while U.S. West Texas Intermediate (CLc1) down 0.40% at $89.45.

In the Cryptocurrency Markets, Bitcoin at 23835.00 down 0.63%, Ethereum down 0.35% at 1772.20, Litecoin at 62.33 down 0.49%, at the time of writing.

Top Market Segment to Watch Out Today:

TESLA: Tesla sold 28,217 Chinese-made vehicles in July, nearly two-thirds less than a month earlier as a scheduled upgrade to its factory lines in Shanghai disrupted production.

The U.S. carmaker exported 19,756 Model 3s and Model Ys from China last month, the China Passenger Car Association (CPCA)said. In June, it sold 78,906 vehicles and exported 968.

Economic News:

US: The U.S. Securities and Exchange Commission (SEC) on Monday proposed new rules aimed at preventing conflicts of interest in management and governance of clearing houses.

Clearing houses provide essential plumbing for financial markets, ensuring that securities or derivatives trades are completed, even if one side of a transaction goes bust.

Under the SEC’s proposal, registered clearing houses would be required to disclose more details on board composition, independent directors, and nominating and risk management committees, among other details, the agency said.

“I think these rules would help to build more transparent and reliable clearing houses, SEC Chair Gary Gensler said in a statement.

“This in turn would help ensure our markets are more resilient, protecting investors and building trust in our markets,” Gensler said.

Eurozone: The Bank of England will probably have to raise interest rates further from their current 14 year-high to tackle inflation pressures that are gaining a foothold in Britain’s economy, BoE Deputy Governor Dave Ramsden said.

Inflation’s spread was now showing up in rising British pay and companies’ pricing plans, having originally been triggered by the reopening of the world economy from COVID-19 lockdowns and then by Russia’s invasion of Ukraine, Ramsden told Reuters.

Inflation is expected to return to the BoE’s 2% target – down from above 9% now and a projected peak of 13% in October – as the economy goes into a recession and borrowing costs rise.

But there was also a risk of an inflation mentality developing, Ramsden said.

Top Economic Releases Today:

U.S. API Weekly Crude Oil Stock today at 16:30 previously which was 2.165M.
this time estimated 9.5%, previously which was 12.60%.
JAPAN PPI (YoY) (Jul) today at 19:50 this time estimated 8.40%, previously which was 9.20%.

BRAZIL CPI (MoM) (Jul) today at 8:00 this time estimated -0.65%, previously which was 0.67%.
U.K. 30-Year Treasury Gilt Auction today at 5:00 previously which was 2.531%.