Technical Analysis Report, Economic News & Price Chart – 03 May 2022
03 May 2022
The Biggest Interest Rate Hike Since 2000?
Asia Pacific stocks were mostly down on Tuesday morning. The Shanghai Composite is up 2.41% at 3,047.06. Overall, the Singapore MSCI is up 0.76% at 312.35. Over in Hong Kong, the Hang Seng Index is up 0.10% at 21,024. In Japan, the Nikkei 225 is up 0.26% at 26,880.00, while the Topix index is up 0.18% at 1899.50. South Korea’s Kospi is down 0.17% at 2683.60. Australia S&P/ASX 200 down 0.26% at 7327.60.
Top News of the Day:
Investors await the U.S. Federal Reserve’s policy decision, due to be handed down on Wednesday, where the central bank is expected to unveil the biggest interest-rate hike since 2000. Other central banks will also hand down their policy decisions throughout the week, including the Bank of England on Thursday.
Market Summary as per 02/05/2022:
European equities Monday closing. The DAX futures contract in Germany traded down 0.13% at 13,939.07, CAC 40 futures down 1.66% at 6425.62 and the UK 100 futures contract in the U.K. up 0.47% at 7,544.56.
In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.26% at 33061.51. The S&P 500 up 0.57% at 4155.39 and the Nasdaq 100 up 1.72% at 13075.85, NYSE closes down 0.04% at 15609.28.
Top Market News Today:
In the Forex market, GBPUSD up 0.14% at 1.2507. The USDJPY down 0.01% at 130.108. The USDCHF up 0.08% at 0.9785. EURUSD down 0.01% at 1.0502, EUR/GBP down 0.09% at 0.8398. The USD/CNY flat at 6.6080 at the time of writing.
In the Commodity market U.S. Gold futures down 0.15% at $1,860.40. Elsewhere, Silver futures down 0.10% at $22.602 per ounce, Platinum down 0.05% at $935.50 per ounce, and Palladium up 1.06% at $2236.50.
Crude Oil mix on Tuesday; Brent crude oil down 0.24% at $107.31 per barrel while U.S. West Texas Intermediate (CLc1) up 0.05% at $104.01.
In the Cryptocurrency Markets, Bitcoin at 38490.00 down 0.13%, Ethereum down 0.51% at 2841.66, Litecoin at 100.66 up 0.10%, at the time of writing.
Top Market Segment to Watch Out Today:
HSBC Holdings: Shares in HSBC Holdings (NYSE:HSBC) gained on Tuesday after its largest shareholder, Chinese insurance giant Ping An, urged a break-up of the London-headquartered bank in a bid to improve returns.
Sources familiar with the situation said on Friday that Ping An had called on HSBC to look at options including spinning off the Asian business, where it earns two-thirds of its pre-tax profits, or taking other steps to boost its valuation.
US: All tools are on the table to address rising inflation, including reductions of tariffs on Chinese imports, U.S. Trade Representative Katherine Tai said on Monday, but she stressed that any policy shift needed to keep medium-term goals in mind.
Such goals include building a more resilient, durable, global economy that served workers as well as consumers, she noted.
Monetary, tax and policy have a role in addressing surging food and energy prices, Tai told a conference hosted by the Milken Institute in Los Angeles.
The Biden administration has come under increasing fire from industry for not cancelling tariffs on hundreds of billions of dollars of Chinese imports that were imposed by former President Donald Trump, especially given inflation rates at 40-year highs.
Eurozone: Euro zone manufacturing output growth stalled last month as factories struggled to source raw materials while demand took a knock from steep price increases and fears about the economic outlook, a survey showed.
Russia’s invasion of Ukraine, coupled with renewed COVID-19 related lockdowns in China, have exacerbated supply chain bottlenecks and left factories struggling and forward-looking indicators in the survey did not point to an imminent turnaround.
But an index measuring output, which feeds into a composite PMI due on Wednesday and seen as a good gauge of economic health, sank to 50.7 from 53.1, its lowest since June 2020, when the bloc was enduring the first wave of the coronavirus pandemic.
Top Economic Releases Today:
- GERMANY Unemployment Change (Apr) today at 3:55 this time estimated -15K, previously which was -18K.
- AUSTRALIA RBA Interest Rate Decision (May) today at 3:55 this time estimated 0.25%, previously which was 0.10%.
- U.K. Manufacturing PMI (Apr) today at 4:30 this time estimated 55.30, previously which was 55.30.
- NEW ZEALAND Employment Change (QoQ) (Q1) today at 18:45 this time estimated 0.1%, previously which was 0.1%
- AUSTRALIA Retail Sales (MoM) (Mar) today at 21:30 this time estimated 0.6%, previously which was 1.8%.
TRADE SUGGESTION- SELL AT 1.2527, TAKE PROFIT AT 1.2469 AND STOP LOSS AT 1.2594
TRADE SUGGESTION- SELL AT 1.0517, TAKE PROFIT AT 1.0489 AND STOP LOSS AT 1.0541
TRADE SUGGESTION- BUY AT 0.8390, TAKE PROFIT AT 0.8414 AND STOP LOSS AT 0.8374
TRADE SUGGESTION- SELL AT 137.018, TAKE PROFIT AT 136.450 AND STOP LOSS AT 137.938
TRADE SUGGESTION- SELL AT 33001.00 TAKE PROFIT AT 32802.00 AND STOP LOSS AT 33210.00
WTI CRUDE OIL
TRADE SUGGESTION- BUY AT 104.62 TAKE PROFIT AT 107.65 AND STOP LOSS AT 102.85
TRADE SUGGESTION- SELL AT 1855.43, TAKE PROFIT AT 1820.77 AND STOP AT 1869.66
TRADE SUGGESTION- SELL AT 99.40 TAKE PROFIT AT 96.70 AND STOP AT 106.30