Morning wrap (31.08.2022)

6:48 AM 31 August 2022
  • In spite of launching yesterday's session higher, US indices finished the day lower. S&P 500 dropped 1.10%, Dow Jones moved 0.96% lower and Nasdaq declined 1.12%. Russell 2000 dropped 1.45%

  • Indices from the Asia Pacific traded without a common direction today. Nikkei and S&P/ASX 200 dropped, Kospi gained while indices from China traded mixed

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

  • Gas flows from Russia to Europe were halted as a 3-day maintenance of the only remaining Nord Stream gas turbine begins

  • Russian Gazprom said that it will completely halt gas supplies to French Engie starting from September 1, 2022 due to dispute over payments and will not resume them until dispute is resolved. France said that it is ready to Russian gas cutoff

  • Leadership congress of Chinese Communist Party during which Xi Jinping is expected to be awarded third term in power will begin on October 16, 2022

  • Official Chinese manufacturing PMI ticked higher in August from 49.0 to 49.4 (exp. 49.3) while the non-manufacturing index dropped from 53.8 to 52.6 (exp. 52.3)

  • Australian private sector credit increased 0.7% MoM in July (exp. 1.0% MoM)

  • Japanese industrial production increased 1.0% MoM in July (exp. -0.5% MoM)

  • API report pointed to a 0.59 million barrel build in US oil inventories (exp. -0.7 mb)

  • Oil is trading slightly higher after yesterday's steep declines. Price drop was triggered by Iraq saying that it is ready to increase exports to Europe as well as by unconfirmed reports that US-Iran deal could be signed with 2-3 weeks

  • Precious metals benefit on US dollar weakness. Silver gains 0.5%, platinum trades 0.9% higher while gold trades flat

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

Oil prices plunged yesterday amid some more positive media reports on crude supply. Brent (OIL) pulled back from the $103.50 resistance zone. Drop was halted by the $98 support zone. Source: xStation5

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