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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Daily summary: Dow, Tesla surge higher

18:01 14 January 2020

US stocks mostly higher, lifted by Tesla, JP Morgan
FX calm, US inflation in line with expectations
Cryptocurrecnies soar

Tuesday started the earnings season on Wall Street and this factor alone brought the US30 back to 29000 points. JP Morgan (JPM.US) rose 2% after earnings that showed both EPS and revenues above expectations. The Bank surprised with a surge in sales&trading revenues. Better earnings were also presented by Citigroup (C.US) while Wells Fargo (WFC.US) disappointed. The last one is not included in the Dow but it’s part of the S&P500, explaining relative weakness of US500 today. Tesla (TSLA.US) remains in the spotlight – at one point its price reached $546, 207% gain in just 7.5 months!

Tesla (TSLA.US) continues its meteoric rise on Tuesday. Source: xStation5

The macroeconomic data was just the background. China saw better trade report for December, albeit partly due to base effects. US inflation was in line with expectations at 2.3% (both headline and core) having no impact on the FX. While the majors saw moderate moves, EURCHF slid to 1.0765, the lowest level since April 2017. Markets are seeing some yield recovery in Europe and that seems to among factors supporting CHF. Unusual strength was also seen on the Polish zloty – EURPLN broke a lower limit of a nearly 2-year old consolidation and dove to 4.19 before recovering to 4.22.

On the commodity market OIL recovered slightly from a multi-week lows while Gold and Silver moved lower amid a general risk-on approach. These moved were dwarfed by the crypto market where Bitcoin soared to 2-month highs (above $8500) and Bitcoincash leaped by 25%. It seems like some fresh capital has been entering the market since the start of the year.

Wednesday will see an official signing of the PhaseOne US-China deal. It’s obviously better than new tariffs been so much hyped that it’s hard to see how it could deliver another positive surprise. Let’s recall that existing tariffs will mostly remain in place and unless there’s some kind of road-map for tariff rollback, the deal might do little to revive global growth.

This content has been created by X-Trade Brokers Dom Maklerski S.A. This service is provided by X-Trade Brokers Dom Maklerski S.A. (X-Trade Brokers Brokerage House joint-stock company), with its registered office in Warsaw, at Ogrodowa 58, 00-876 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. X-Trade Brokers Dom Maklerski S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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