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: USDJPY surges 1.8% as US dollar gains 🗽Mixed sentiments on Wall Street; oil prices drop

17:56 2 October 2024
  • Wednesday's session on European stock markets ended in a mixed mood. Germany's DAX closed the session nearly 0.33% lower, while France's CAC40 added 0.05%, and Poland's WIG20 managed to resist supply pressure and closed 0.08% higher. The bullish rally was extended today by the Hang Seng index, although individual Chinese companies listed on Wall Street no longer show this optimism, to such an extent. 
  • On Wall Street, declines dominate. The only index that gains intraday is the Nasdaq (+0.1%). The worst performer at the moment is the Russell 2000, which is down 0.22%. Although sentiment in the U.S. stock market is quite weak, the VIX index is down 1%
  • The S&P 500 failed to rebound and is trading down slightly in the second part of the session. Estimated deliveries reported by Tesla disappointed investors today, at 462 890 vs 463,897 exp. while production came in above forecasts. Tesla loses today almost 6%

 

  • Production of 469,796 vehicles vs. 465,828 forecasts
  • Model 3/Y Deliveries 439,975, vs. 435,920 forecasts
  • Other models Production 26,128, vs. 17,640 forecasts

 

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  • Humana shares record 15% sell-off driven by lower demand for the company's pension insurance. Nike shares reprice nearly 7% in response to disappointing sales and a pullback in annual forecasts; not helped by improved margins and a positive surprise in net income
  • In the FX market, the number one theme remains the Japanese yen, which is already weakening nearly 1.8% against the dollar on an intraday basis, following dovish comments by Japan's new Prime Minister Ishiba. 
  • Fed's Barkin commented that: 'I am watching closely how lower interest rates influence home and auto sales to see if demand risks outrunning supply. 50 BPS of cuts shown as the median Fed policymaker projection for the rest of this year would also take a little bit of the edge off rates.'
  • A lack of common direction also characterizes the precious metals market today, where on the one hand we see 0.6% increases in silver prices, and on the other 0.5% declines in gold prices. 
  • ADP non-farm employment change in the US (Sep): Current: 143k; Forecast: 124k; Previously: 89k. We see a strengthening of the dollar today, evident in a 0.2% drop in the eurodollar; stronger labor market data supported yields 
  • Oil prices fall and erase some of the gains after yesterday's rally. Israel has so far failed to respond to Iran's attack, although the White House as well as the IDF are still considering a military response. The OPEC+ cartel has agreed to ease production cuts in December, WSJ reports. In addition, OPEC said the organization is working with Russia, Kazakhstan and Iraq to offset past overproduction. Oil is also trading under pressure from higher-than-expected US inventories.

US crude oil inventories:: +3.8900 million Forecast -1.500 million; Previously -4.471 million 

  • Distillate: -1,284 million (Estimated -2,000 million; Previously -2,227 million)
  • - Cushing: +840 thousand (previously +116 thousand)
  • - Gasoline: +1.119 million (estimated +200 thousand; previously -1.538 million)

Wheat contracts rose more than 2% today, supported by escalation in the Middle East, weather premium; drought in the Black Sea region, Russia and the southern plains of the US. Cryptocurrency market sentiment remains weak, with Bitcoin trading at $61,500.

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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