Market Brief: Trade Fatigue

By FOREX.com (Fawad Razaqzada)Stock MarketsNov 26, 2019 12:04

uk.investing.com/analysis/article-200434623

Market Brief: Trade Fatigue

By FOREX.com (Fawad Razaqzada) | Nov 26, 2019 12:04

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Market update at 11:45 GMT: In FX, USD was the strongest and GBP the weakest in a lacklustre session. European stock indices and US index futures were mostly lower, with the exception of the FTSE which was supported by a weaker pound.

Gold and silver rebounded as benchmark government bond yields edged lower. Bitcoin (BitfinexUSD) fell back after yesterday’s short-covering bounce. Crude Oil was up a little.

Daily % Candles

GBP fell on the back of an opinion poll by Kantar showing support for Tories weakened a little in favour of Labour. Tories still lead by 11 points.

AUD rose then fell back as RBA’s Lowe said "...we have no appetite to undertake outright purchases of private sector assets as part of a QE program". But if they did, Lowe says they "would purchase government bonds, and we would do so in the secondary market." Was that a hint of looser policy to come?

NZD was unable to break through key resistance circa 0.6425 despite data showing New Zealand retail sales rose in the third quarter by 1.6%, beating expectations of 1.5% and up from 0.2% prior.

Stocks: Unfortunately, once again, the focus remains firmly fixated on US-China trade negotiations, as there’s very little in the way of ley macro data or other major news to drive sentiment. On that front, talks continue and apparently the two sides have reached a degree of consensus about resolving the issues standing in the way of a phase one trade deal. Given this doesn’t actually cover any new ground at all, there has been very little market reaction. Indeed, index futures initially rallied to fresh highs overnight before paring their gains as Asia sold off, leading to a weaker open in Europe. US index futures were little changed.

Cash Indices % Change

Stocks in focus by my equity market expert colleague Ken Odeluga:

○ A big slate of UK groups with results saw Topps Tiles (LON:TPT) tank the most. It blamed the upcoming general election for increasingly challenging trading conditions that unexpectedly trashed same-store sales growth, sending the shares as much as 11% lower.

○ Building materials supplier CRH (LON:CRH) rose 2.8%, after pitching full-year underlying earnings guidance above the market's forecast of €4.15bn. 9-month sales rose 9.5% on the year.

○ Utility group Pennon (LON:PNN) rose 1.7%, after H1 results were in line with forecasts, with revenues down 4.6%.

○ Full-year revenues from catering services firm Compass (LON:CPG) also met expectations but its shares tumbled 5.6%. The £31bn group noted it would adjust its cost base amid a deteriorating environment in Europe

○ US firms reporting ahead of Wall Street's open include Hormel Foods (NYSE:HRL). Its Q4 earnings and net sales met forecasts, though it raised its 2020 sales outlook above estimates. The shares trade slightly higher pre-market.

○ Best Buy (NYSE:BBY) is also set to report ahead of the US open.

Coming up: A hand full of second tier US macro data including trade balance and wholesale inventories at 13:30 GMT, followed by CB consumer confidence, Richmond Manufacturing Index and New Home Sales at 15:00 BST. FOMC’s Brainard will be speaking at 18:00.

Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

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Disclaimer: Disclaimer: The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient.

Any references to historical price movements or levels is informational based on our analysis and we do not represent or warrant that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, the author does not guarantee its accuracy or completeness, nor does the author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

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Central Banks

Interest Rates

Next Meeting

BOE

4.50%

Mar 20, 2025

ECB

2.90%

Mar 06, 2025

FED

4.50%

Mar 19, 2025

SNB

0.50%

Mar 20, 2025

RBA

4.10%

Apr 01, 2025

BOC

3.00%

Mar 12, 2025

RBNZ

3.75%

Apr 09, 2025

BOJ

0.50%

Mar 19, 2025

CBR

21.00%

Mar 21, 2025

RBI

6.25%

Mar 10, 2025

PBOC

3.10%

BCB

13.25%

Mar 19, 2025

FTSE 100	8,809.74	+53.53	+0.61%
DAX	22,551.43	+0.54	+0.00%
Euro Stoxx 50	5,466.65	-4.70	-0.09%
S&P 500	5,954.50	+92.93	+1.59%
Nikkei 225	37,152.50	-1109.50	-2.90%
Dow Jones	43,840.91	+601.41	+1.39%
FTSE 100 Futures	8,780.5	+58.5	+0.67%

Brent Oil	72.81	-0.76	-1.03%
Crude Oil WTI	69.76	-0.59	-0.84%
Gold	2,862.20	-47.50	-1.63%
Silver	31.346	-0.606	-1.91%
Copper	4.5690	-0.0680	-1.51%
London Cocoa	7,195.00	-188.00	-2.55%
London Wheat	172.00	+1.00	+0.58%

U.K. 10Y	4.4835	-0.0275	-0.67%
U.K. 5Y	4.1750	-0.0130	-0.24%
U.K. 2Y	4.1745	+0.0030	+0.00%
Germany 10Y	2.3865	-0.0270	-1.24%
U.S. 10Y	4.202	-0.063	-1.41%
U.S. 5Y	4.010	-0.067	-1.72%
U.S. 2Y	3.985	-0.066	-1.73%

Lloyds Banking	72.98	+1.26	+1.76%
Vodafone Group PLC	70.180	+0.840	+1.21%
Barclays	311.30	+10.25	+3.40%
BT Group	159.80	+2.20	+1.40%
HSBC	933.60	+21.30	+2.33%
BHP Group Ltd	1,945.50	-26.50	-1.34%
Exxon Mobil	111.33	+1.18	+1.07%

Market Brief: Trade Fatigue

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