CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% 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. 76% 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: Downward Session After US Data

18:53 6 September 2024
  • European indices end the day in the red. Polish market performed the worst on the continent today. WIG20 decreased by almost 2%. The German DAX fell by over 1.6%, while the French CAC40 and Spanish IBEX35 dropped by more than 1%.
  • American indices remain in the red, with Nasdaq 100 losing the most. Nasdaq 100 is down over 2%, and declines dominate among American Big Tech companies. All of the so-called "Magnificent Seven" stocks are losing today, led by Tesla, whose shares are falling by over 5%.
  • NFP data from the US labor market came in lower than expected. In August, employment in non-farm and non-governmental sectors increased by 142,000 against forecasts of 160,000. At the same time, July figures were revised down to 89,000 (previous reading: 114,000). The unemployment rate fell by 0.1 percentage point to 4.2%, which was in line with forecasts.
  • One of the largest American chip manufacturers, Broadcom (AVGO.US), is losing almost 10% today after quarterly results and lower-than-expected forecasts for the entire 2024. Meanwhile, Guidewire Software (+12%) and Smartsheet (+7%) are rising sharply after publishing better reports for Q2 2024.
  • JP Morgan downgraded SMCI from a "buy" rating and now recommends taking a "neutral" position on this stock. The revised target price, which is $500, makes a big impression.
  • Weak reading in Germany: industrial production for July: -2.4% m/m (expected: -0.4% m/m; previously: 1.7% m/m).
  • The unemployment rate in Canada reached its highest result in 7 years (excluding the COVID-19 pandemic period). The unemployment rate in August 2024 was 6.6% vs. Forecast 6.5% and was higher than the previous value of 6.4%. The employment change in August 2024 was lower than expected at 22.1k vs 25k.
  • Gold is losing almost 1% today and breaking through 2500 on the downside. Strong declines are also seen in silver. Contracts for this metal are losing over 3% today, falling to values from early August.
  • WTI is down over 2% and is at its lowest this year, which may indicate concerns about the state of the economy.
  • The VIX volatility index is up 10% today after declines in the broad market. It has grown by 35% over the week.
  • Bitcoin is falling by over 3.5% today and is approaching support at 53480. At the moment, the main cryptocurrency is losing 0.3% intraday and is trading close to $54,000. Ethereum is giving up over 4% and costs around $2,270.
  • Among G10 currencies, the Australian dollar is performing the worst today, losing over 1%. Declines are also seen in the New Zealand dollar (-0.8%) and the Norwegian krone (-0.8%). The strongest currencies remain the Japanese yen (+0.8%) and the Swiss franc (+0.1%). Despite many macroeconomic data publications, the US dollar remains at a similar level as at the beginning of the day.

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 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. XTB 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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