Morning wrap (27.07.2022)

• US indices finished yesterday's trading lower. S&P 500 fell 1.15%, Dow Jones dropped 0.71% and Russell 2000 lost 0.70%. Nasdaq was performer, dropping 1.87%

• Mixed moods could be spotted during the Asia-Pacific session. Nikkei rose 0.40%, S&P/ASX 200 gained 0.1%, Kospi fell 0.48% and indices from China traded up to 0.2% lower. 

• DAX futures point to a slightly lower opening of the European cash session

• Goldman Sachs slashed its forecast for MSCI China index due to deteriorating property market

• Chinese city Wuhan implements new lockdowns

• Alphabet rose over 4.8% in the after-hours trading following the release of Q2 2022 earnings report.  Company reported EPS at $1.21 (exp. $1.29) and revenue at $69.7 billion (exp. $70.04 billion). Advertising and cloud revenue both beat analysts’ expectations

• Microsoft jumped nearly 4.0% in the after-hours trading following the release of Q4 2022 earnings report.  Company reported EPS at $2.23 (exp. $2.29) and revenue at $51.9 billion (exp. $52.45 billion). Azure growth and cloud revenue both came in below market projections

• EU has put forward a new draft text to revive the Iran nuclear deal

• Crypto 'exchange' Kraken is under investigation by the US Treasury Department for alleged sanctions violations

• Australia’s annual CPI jumped 6.1% in Q2 from 5.1% in Q1, which is the highest level since 2001. 

• API report pointed to a -4.037 million barrel draw in US oil inventories (exp. -1.121 mb)

• Cryptocurrencies are gaining slightly. Bitcoin rose 1.2% while Ethereum trades 5% higher. 

• Oil and industrial metals fell despite USD weakness. Gold and other precious metals traded slightly lower

• GBP and EUR are the best performing major currencies while AUD and USD lag the most

Silver remains stuck in consolidation around major support at $18.70. Source: xStation5