Morning wrap (18.08.2022)

• US indices finished yesterday's session lower despite dovish FOMC minutes. S&P 500 fell 0.72%, Dow Jones moved 0.50% lower while Nasdaq lost 1.25%. Russell 2000 dropped 1.64%

• Also indices from Asia-Pacific traded mostly lower today. S & P / ASX 200 fell 0.23% while Nikkei lost 0.85%. Indices from China traded lower. Kospi dropped 0.42%

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

• Odds of a 50 bps rate hike in the US next month move up after the FOMC meeting minutes

• Water level at a key waypoint on the Rhine River is forecast to rise above a critical level this weekend, according to Bloomberg

• Goldman Sachs and Nomura cut their forecasts for China's GDP, to 3% from 3.3% and to 2.8% from 3.3%, each, citing weak July economic data and near-term energy issues.

• US and Taiwan will commence formal negotiation on trade agreement

• Russia has started to gradually increase oil production amid easing sanctions-related curbs and increased purchases from Asian buyers, prompting Moscow to raise its forecast for output and exports until the end of 2025, Reuters reported. 

• Russia's earnings from energy exports this year up 38% on 2021

• OPEC's secretary Al Ghais forecasts global oil demand rising 3 million bpd by year end

• Australia employment change in July -40.9K (expected +25K), unemployment rate 3.4% (expected 3.5%)

• Cryptocurrencies are trading higher today. Bitcoin rose over 1.3% and Ethereum jumped more than 1.0%

• Oil is trading slightly higher. WTI trades near $ 87.90 per barrel while Brent is approaching $ 93.80 mark

• Mixed moods prevail on the precious metals market. Gold trades 0.25% higher while silver fell 0.40% amid stronger dollar

• JPY and CHF are the best performing major currencies while EUR and GBP lag the most

Gold pulled back sharply during yesterday's session and is currently testing major support at $1760.00 Source: xStation5