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Casino sector stocks showing positive price momentum this week despite the overall market sell-off. Shares of the Casio giants Wynn Resorts (NASDAQ: WYNN) and Las Vegas Sands (NYSE: LVS) registered strong gains on Monday after the world’s largest gaming hub Macau, government officials signaled that COVID-19 travel restrictions would be lifted in November for the first time in almost three years. Both the casino operator’s stocks ended almost 10% higher on Monday.
Macau's Prime Minister Ho Iat Seng said e-Visas for visitors from mainland China will resume in a month. Macau is the only place in China where it is legal for citizens to gamble in casinos.
EQUITIES
Losses on Wall Street deepen on Tuesday following the hawkish comments from Chicago Fed President Charles Evans and St. Louis Fed President James Bullard. Fed's Evans expects to raise rates further and hold its stance for quite a while. “I think we need to stay at that higher rate for some time to make sure we’ve got the inflation problem under control.” - Fed President James Bullard said on Tuesday.
OIL
Crude oil futures extend the decline in the Asian session after the release of API inventory data. The data showed that US crude stockpiles declined more than 4 million barrels last week. On the other hand, the strong bearish sentiment is expected to continue in the coming weeks due to demand concern as recession fear puts pressure on energy prices. Moving ahead, the oil traders should closely monitor the release of the inventory data by the Energy Information Administration (EIA).
CURRENCIES
In the currency market, the US Dollar Index, which measures the greenback’s value against the basket of six major currencies price extended the bullish rally against the Euro, AUD, and NZD. Moving ahead to the North American session, the USD traders will now be focused on the speech from Fed chair Jerome Powell.
GOLD
The safe-haven metal has fallen to fresh lows and market sentiment remains weak however the recent sell-off is a little overstretched and we may see some recovery later in the US session. However, the overall momentum remained bearish throughout this month as the central bank's aggressive rate hike policy has dented the bullion’s safe-haven appeal.
Economic Outlook
On the data front, a survey by the Conference Board showed that the consumer confidence index rose to 108 in September, the highest level since April, from 103.6 in August. Meanwhile, new orders for the US manufactured durable goods declined 0.2% month-over-month in August of 2022, following a revised 0.1% drop in July.
Moving ahead today, the important events to watch:
US – Pending home sales: GMT – 14.00
US – EIA crude inventories: GMT – 14.30
Coronavirus update:
Worldwide, more than 614 million people have been confirmed infected and more than 6.51 million have died. The United States has confirmed over 96 million cases and has had more than 1.05 million deaths from COVID-19, the highest total in the world.
Technical Outlook and Review
EURUSD: Technically the overall momentum remains bearish. On the downside, the immediate support will be 0.9540, below which the slide could extend towards 0.9500. On the upper side, if the pair break above 0.9600 it would open doors towards the next resistance area of 0.9670 and above that 0.9710 is next.
The important levels to watch for today: Support- 0.9540 and 0.9500 Resistance- 0.9600 and 0.9670.
GOLD: The precious metal needs to stay above $1620; otherwise. $1610/00 may be visible soon. On the upper side, $1640 is the key resistance zones to watch, if the metal breaks and closes above this area then the next resistance area to watch is around $1658/65.
The important levels to watch for today: Support- 1618 and 1610 Resistance- 1630 and 1640.
Quote of the day - Think for yourself and don’t let the market direct you. Security prices sometimes fluctuate, not based on any apparent change in reality, but on changes in investor perception- Seth Klarman.
Read more - https://gulfbrokers.com/en/daily-market-report-561