- Investors moods on european trading session were mixed, DAX ended Friday session with 0,17% decline, FTSE was slightly higher, and CAC40 ended week with 0,64% gain;
- UK retail sales surprised positively, raising the chances of another strong hike by the BoE (the market is wondering if it will be a 25bp or 50bp hike).
- The Japanese yen strengthened momentarily after comments from Japan talking about excessive currency volatility. On the other hand, Ueda's subsequent comments on the lack of need for changes in monetary policy led to continued weakness in the yen.
- S&P 500 is rising 0,42%, the Dow Jones and Nasdaq are gaining 0,3%. Wall Street futures initially gained strongly with the recovery from Tesla and Netflix. Weaker than expected Amercian Express revenues led to an approximate 4% stock discount. Despit of that company has record EPS in Q2 and American clients remain resilient;
- However, the indexes are finally gaining in today's session, and the DJIA may end today with its 10th consecutive session of gains. BofA 'Bull and Bear' indicator recorded highest level in 2023 because of bullish hedge fund postitiong on US equities, 2-y treasuries and japanese yen. At the same time US stocks recorder outflows, with more cash inflows signalling potentially risk averse trend;
- Retail sales in Canada disappointed with growth of 0.2% m/m against expectations of 0.5% m/m. CAD lost heavily after the reading, even despite high oil prices.
- WHEAT lost as much as 3.5% today, which may be related to the realization of weekly gains. Wheat contracts recorded strong rally this week due to US draught forecasts and Russia not extending the agreement on the export of agricultural goods from Ukraine. However, Russia has indicated that the agreement depends on third countries, and negotiations are underway
- WTI crude oil gained more than 1% today. OPEC+ indicates that there is no need to cut production harder at this point, but such a decision could be made at any time
- BITCOIN ends week slightly below $30,000. Among altcoins, MAKER is the strongest one with almost 10% rally.
Next week will be full of Wall Street earnings releases from companies such as Microsoft, Aphabet, Meta and automotive companies. On the other hand, we have the key decisions of major 3 central banks: Fed, ECB and BoJ.
OIL Brent on D1 interval. Source: xStation5
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