Asia Morning Sep 23
Asia Morning: U.S. Stocks Rebound
S&P 500 Index: Daily Chart
Sources: GAIN Capital, TradingView
In his prepared testimony to a congressional panel, Federal Reserve Chairman Jerome Powell said: "Many economic indicators show marked improvement, (...) Both employment and overall economic activity, however, remain well below their pre-pandemic levels, and the path ahead continues to be highly uncertain."
Retailing (+3.64%), Consumer Durables & Apparel (+2.57%) and Media (+2.24%) sectors performed the best. Twitter (TWTR +6.87%), Amazon.com (AMZN +5.56%) and Ralph Lauren (RL +4.76%) were top gainers. Meanwhile, Tesla (TSLA) fell 5.60% and Gamestop (GME) soared 20.69%.
Approximately 56% (61% in the prior session) of stocks in the S&P 500 Index were trading above their 200-day moving average and 14% (41% in the prior session) were trading above their 20-day moving average.
European stocks closed mixed. The Stoxx Europe 600 Index rebounded 0.20%, Germany's DAX 30 rose 0.41% and the U.K.'s FTSE 100 was up 0.43%, while France's CAC 40 declined 0.40%.
The benchmark U.S. 10-year Treasury yield was little changed at 0.663%.
Spot gold was down for a second session as it fell $12 to $1,900 an ounce.
U.S. WTI crude oil futures (October) advanced 0.7% to $39.60 a barrel.
On the forex front, the ICE U.S. Dollar Index rose 0.4% on day to 93.97, the highest level since late July. Chicago Federal Reserve President Charles Evans said the Fed could start raising rates before inflation averages 2%.
EUR/USD dropped 0.5% to 1.1708, posting a three-day decline. Official data showed that the eurozone's Consumer Confidence Index improved to -13.9 in September (-14.7 expected) from -14.7 in August. Later today, research firm Markit will post the eurozone's Manufacturing PMI (51.9 expected) and Services PMI (50.6 expected) for September.
GBP/USD slid 0.6% to 1.2734, the lowest level since July 23. Bank of England Governor Andrew Bailey said the central bank has "looked hard" at cutting interest rates and while negative rates remain an option, the markets had read too much into the central bank's statement last week. Meanwhile, the Markit U.K. Manufacturing PMI (54.0 expected) and Services PMI (56.0 expected) for September will be released later today.
USD/JPY advanced 0.3% to 105.00.
NZD/USD lost 0.5% to 0.6630. The Reserve Bank of New Zealand is expected to keep its benchmark rate at 0.25% unchanged later in the day.
Other Commodity-linked currencies were mixed against the greenback. AUD/USD sank 0.8% to 0.7169, while USD/CAD was little changed at 1.3305.
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
StoneX Financial Pte. Ltd. is not under any obligation to update this report.
Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.cityindex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.
ALL TRADING INVOLVES RISKS. LOSSES CAN EXCEED DEPOSITS.
City Index is a trading name of StoneX Financial Pte. Ltd. (“SFP”) for the offering of dealing services in Contracts for Differences (“CFD”). SFP holds a Capital Markets Services Licence issued by the Monetary Authority of Singapore for Dealing in Exchange-Traded Derivatives Contracts, Over-the-Counter Derivatives Contracts, and Spot Foreign Exchange Contracts for the Purposes of Leveraged Foreign Exchange Trading. SFP is also both Derivatives Trading and Clearing member of the Singapore Exchange (“SGX”). SFP is a wholly-owned subsidiary of StoneX Group Inc.
The information provided herein is intended for general circulation. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should take into account your specific investment objectives, financial situation or particular needs before making a commitment to invest, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk.
The information does not represent an offer of, or solicitation for, a transaction in any investment product. Any views and opinions expressed may be changed without an update. To understand the risks and costs involved, please visit the section captioned “Important Information” and the “Risk Disclosure Statement”.
The information herein is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation.
StoneX Financial Pte. Ltd. 1 Raffles Place, #18-61, One Raffles Place Tower 2, Singapore 048616. Tel: 6309 1000. Co. Reg. No.: 201130598R.
This advertisement has not been reviewed by the Monetary Authority of Singapore.
© City Index 2024