Daily Market Report by GulfBrokers 2020-2021

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The American software company Palantir Technologies (NYSE: PLTR) stock went public on September 30, 2020. The company shares gained nearly 200% and made a spectacular 3-month rally from closing their trading first session at $9.50 on Sept. 30 to $45 on Jan 2021. While the $PLTR dropped more than 50% since it reached the fresh all-time high of $45.

Palantir helps to provide software solutions for counterterrorism investigations and helps companies to better analyze, manage, secure, and understand their data.

Palantir posted 40% increase in Q4 revenue growth

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The software firm released the fourth-quarter financial results on Feb 16. The results were impressive but the stock fell more than 10% after the announcement. The company reported 40% revenue growth of $322.1 million for the quarter and for the full year 2020, the company posted 47% growth. The company expects that growth to be bigger than 30% for 2021. The tech company will release the next financial results in May. 18.

“We told the Wall Streeters that we will focus on building the long-term health of our company, that we are going to invest in our product development and in our clients, and you just have to battle it out with them,” Palantir CEO, Alex Karp said recently in an interview.

$PLTR Technical analysis

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During the last week, the stock slightly rebounded after a few week’s downsides move and it closed on Friday at $23. The $PLTR currently supported at $20 and the short-term resistance around $25 and $28. While considering the last few weeks bearish moves the price reached an important area. So there are chances the stock may eventually rise if the stock holds above $20. On the flip side, If the recent selling pressure continues the next strong support levels to watch $20 and $17.

Read more- https://gulfbrokers.com/en/palantir-stock-dips-to-near-20-is-now-a-good-time-to-buy
 
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The British pound trading strong against the US dollar and Euro on Monday boosted by the fastest vaccination figures in the UK. In the UK, the number of people vaccinated passes 5 million. On Saturday, the country reported the lowest number of daily Covid deaths since mid-September.

“We've reached another milestone in our vaccination program, with over five million people now having received their second jab,” UK Prime Minister Boris Johnson said.

On the other hand, India’s Health Ministry reported the highest daily spike in cases, more than 100k and the country's total number of cases 12.5 million Monday.

EQUITIES

US stock futures started the new week on a positive note supported by the robust US employment data and faster vaccination. Meanwhile, the markets in China, UK and Europe remain closed due to Easter Monday.

OIL

Crude oil prices trading unchanged on Tuesday due to lack of volume as several markets are still closed due to the Easter holidays. During the last week, the OPEC+ agreed to slowly ease some of its production cuts between May and July.

CURRENCIES

In the currency market, the US dollar trading steady above 93 during the European session after a slight correction last Friday. Overall, the momentum remains bullish supported by the upbeat U.S. employment report.

GOLD

The safe-haven metal struggling to find the upside momentum after last week's strong U.S. employment report. Moving ahead to the North American session, the gold investors should closely monitor the release of the ISM Services PMI, which is set to be released at 14:00 GMT.

Economic Outlook

On the data front, on Friday the US Labor Department released the strong March NFP data. The data showed an increase in the number of nonfarm payrolls in March by 916K, after rising by 468K in the previous month. Meanwhile. the Unemployment rate fell from the previous month’s 6.2% to 6.0% in March.

This week the main highlights of the economic calendar will be the release of the RBA Interest rate decision, FOMC and ECB meeting minutes and the UK, US, and Europe Services PMI data.

Coronavirus update:

Worldwide, more than 131.2 million people have been confirmed infected and more than 2.85 million have died. The United States has confirmed over 30 million cases and has had more than 560,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EUR/USD:
The currency pair slightly retreated from the Friday highs after the US dollar Index rebounded back to above 93.

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The important levels to watch for today: Support- 1.1730 and 1.1700 Resistance- 1.1765 and 1.1790.

GOLD: The yellow metal trading weaker below $1730 supported by $1720. Today, gold is again expected to face resistance around $1736 along with support around $1720 and $1714.

gold neww


The important levels to watch for today: Support- 1720 and 1714 Resistance- 1730 and 1736.

Quote of the day: If you have trouble imagining a 20% loss in the stock market, you should not be in stocks – John C. Bogle.

Read more- https://gulfbrokers.com/en/daily-market-report-278
 
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The EUR/USD slightly retreated from the daily highs after the Eurozone unemployment rate came above the forecasts. The unemployment rate came at 8.3% in February 2021, above market expectations of 8.1%.

EQUITIES

Wall Street ended higher on Monday boosted by strong ISM service PMI data, both Dow Jones and S&P500 surged to record closing highs overnight. The ISM Service PMI for March rose from 55.3 to 63.7 points and Markit Service PMI increased slightly, from 60.0 to 60.4 points.

OIL

Crude oil prices recovered from the previous session losses. On Monday, the oil prices plunged worries about rising oil supply receded amid a further easing of lockdown restrictions in the UK.

CURRENCIES

In the currency market, the commodity currencies Australian dollar fell to a fresh week low following the bearish comments from RBA governor Philip Lowe. Meanwhile, the US dollar Index struggling to find the upside momentum after the index falls back to below 93.00 psychological level.

GOLD

The safe-haven metal climbed to a fresh weekly high of $1738 on Tuesday supported the slow vaccine rollouts in Europe and rising COVID-19 cases in India and Brazil.

Economic Outlook

On the data front, RBA holds the cash rate steady at a record low of 0.10%. “The board will not increase the cash rate until actual inflation is sustainably within the 2 to 3 per cent target range.” RBA governor Mr Lowe said in the statement. "The board does not expect these conditions to be met until 2024 at the earliest," Mr Low added.

Coronavirus update:

Worldwide, more than 131.2 million people have been confirmed infected and more than 2.85 million have died. The United States has confirmed over 30.7 million cases and has had more than 560,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EUR/USD:
The currency pair trading steady above 1.1800 after the US Dollar gives back some of the previous week gains.

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The important levels to watch for today: Support- 1.1780 and 1.1740 Resistance- 1.1820 and 1.1840.

GOLD: The yellow metal trading weaker below $1740 supported by $1720. Today, gold is again expected to face resistance around $1744 along with support around $1720 and $1714.

gold neww


The important levels to watch for today: Support- 1730 and 1720 Resistance- 1738 and 1744.

Quote of the day: The markets are unforgiving, and emotional trading always results in losses- Alexander Elder.

Read more- https://gulfbrokers.com/en/daily-market-report-279
 
US stock futures trading lower as investors pause ahead of the minutes from the last FOMC meeting. While there are some other key economic events and earnings to watch this week
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Eurozone and Germany reported better-than-expected March service PMI data. While the UK services PMI came below the forecast. Moving ahead to the North American session, Canada will release the latest Ivey PMI figures.

  • UK services PMI – Actual: 56.3 Forecast: 56.8 Previous: 49.5

  • Eurozone services PMI - Actual: 49.6 Forecast: 48.8 Previous: 45.7

  • Germany Services PMI - Actual: 51.5 Forecast: 50.8 Previous: 45.7

EQUITIES

US stock futures trading lower as investors pause ahead of the minutes from the last FOMC meeting which is set to be released at 18.00 GMT.

OIL

Crude oil prices slightly rebounded from the early session lows ahead of the EIA inventory report. Meanwhile, API data released on Tuesday showed the US crude oil stockpiles fell more than expected last week.

CURRENCIES

In the currency market, EUR/USD climbed to a fresh weekly high boosted by better-than-expected economic data from Germany and Eurozone.

GOLD

The safe-haven metal retreated from the previous session high after International Monetary Fund raised this year’s global economic growth forecast to 6 percent from its earlier estimate of 5.5 percent.

Economic Outlook

On the data front, the reserve bank of India kept its key policy repo rate unchanged at 4% and reverse repo rate at 3.35%. "The MPC judged that monetary policy should remain accommodative till prospects of sustained recovery are well secured," RBI governor Shaktikanta Das said.

Moving ahead today, the important events to watch:

CANADA – Ivey PMI: GMT – 14.00

US – EIA crude inventories: GMT – 14.30

US – FOMC minutes: GMT – 18.00

Coronavirus update:

Worldwide, more than 132 million people have been confirmed infected and more than 2.87 million have died. The United States has confirmed over 30.7 million cases and has had more than 560,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EUR/USD:
The currency pair trading near to the 1.19 psychological level. Any break above this level will open the doors to 1.1920/30.

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The important levels to watch for today: Support- 1.1860 and 1.1820 Resistance- 1.1920 and 1.1950.

GOLD: The yellow metal trading below $1740 resistance area and supported by $1727. Today, gold is again expected to face resistance around $1750 along with support around $1727 and $1718.

gold neww


The important levels to watch for today: Support- 1727 and 1718 Resistance- 1745 and 1750.

Quote of the day: Don’t blindly follow someone, follow the market and try to hear what it is telling you.

Read more- https://gulfbrokers.com/en/daily-market-report-280
 
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Tech giants Microsoft, Facebook and Alphabet shares climbed to new heights on Wednesday. Social media company Facebook (NASDAQ: FB) shares hit a new all-time high of $314 and the stock is up more than 13% since the beginning of the year. While Microsoft (NASDAQ: MSFT) and Alphabet (NASDAQ: GOOGL) shares also rose to new record highs of $250 and $2244 on Wednesday.

EQUITIES

Wall Street ended higher on Wednesday after US president Joe Biden signaled that he will consider changing his tax proposals. On the other hand, the stocks also received additional bullish support after FOMC minutes suggested the U.S. central bank is in no rush to raise interest rates.

OIL

Crude oil price remains under pressure despite better-than-expected API and EIA inventory data. During this week, OPEC said that it will add about two million barrels of oil each day to the market from May to July, easing production cuts.

CURRENCIES

In the currency market, The British pound fell to a fresh weekly low after British authorities recommended Wednesday that the AstraZeneca Covid-19 vaccine not be given to adults under ’30s. Meanwhile, the Euro trading lower ahead of ECB meeting minutes.

GOLD

The safe-haven metal trading steady above $1740 on Thursday boosted by a decline in US Treasury yields and the weaker US dollar. The metal has risen more than 3% from the previous week low.

Economic Outlook

On the data front, UK Construction PMI jumped to 61.7 in March 2021, from 53.3 in the previous month and well above market expectations of 54.6.

On Wednesday, the Federal Reserve released the last meeting minutes. The FED officials remained hopeful about the US economy posting a faster recovery and noted they would need to see more progress on the recovery before tapering.

Moving ahead today, the important events to watch:

Eurozone – ECB meeting minutes: GMT – 11.30

US – Jobless claims: GMT – 12.30

US – FED chair Jerome Powell speech: GMT – 16.00

Coronavirus update:

Worldwide, more than 133.7 million people have been confirmed infected and more than 2.87 million have died. The United States has confirmed over 30.7 million cases and has had more than 560,000 deaths from COVID-19, the highest totals in the world. Brazil reported a record number of coronavirus deaths yesterday – more than 4,000.

Technical Outlook

EUR/USD:
The currency pair slightly retreated from the previous session high after the release of FOMC minutes. On Wednesday, the pair hit a fresh weekly high of 1.1914.
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The important levels to watch for today: Support- 1.1850 and 1.1820 Resistance- 1.1920 and 1.1950.

GOLD: The precious metal rose to a fresh weekly high. If the bullish momentum continues the next upside levels to watch $1750 and $1759(previous month high). On the downside, the immediate support at $1736

gold neww


The important levels to watch for today: Support- 1736 and 1727 Resistance- 1750 and 1756.

Quote of the day: Wise spending is part of wise investing. And it's never too late to start – Rhonda katz.

Read more- https://gulfbrokers.com/en/daily-market-report-281
 
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China consumer price index (CPI) increased by 0.4 percent year on year in March, data from the National Bureau of Statistics (NBS) showed Friday. Meanwhile, on a month-over-month basis, the inflation declined to -0.5% from 0.6%. On the other hand, the producer prices rose by 4.4 percent year-on-year in March, increased from a 1.7 percent gain in the prior month.

EQUITIES

Wall Street ended higher on Thursday following the bullish comments from the FED chair Jerome Powell. While Chinese shares ended lower on Friday after mixed inflation data and the tensions over Taiwan after a US warship sailed close to the Chinese-claimed island.

OIL

Crude oil prices struggling to find the upside momentum on renewed concerns about global fuel demand after a number of coronavirus cases increasing across Europe and India.

CURRENCIES

In the currency market, the British pound slightly rebounded from the early session lows after better-than-expected UK house price index data. During the early session, the currency pair hit a new weekly low of 1.3670 over rising worries about the AstraZeneca vaccine.

GOLD

Gold price retreated back to below $1750 on Friday. The safe-haven metal climbed to a fresh weekly high on Thursday after the disappointing US jobless claims data.



Economic Outlook

On the data front, the German industrial production fell by 1.6 percent in February of 2021, compared to market forecasts of a 1.5 percent increase.

On Thursday, the US released the weekly jobless claims data. The data showed the jobless claims increased to 744,000, against the 680,000 claims in forecasts.

Moving ahead to the North American session, the investors should closely monitor the latest US PPI

numbers for March and the Canada employment report.

Coronavirus update:

Worldwide, more than 133.7 million people have been confirmed infected and more than 2.87 million have died. The United States has confirmed over 30.9 million cases and has had more than 560,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

GBP/USD:
The currency pair slightly rebounded from the short-term demand zone. At the time of writing, the pair trades above 1.3700.

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The important levels to watch for today: Support- 1.3670 and 1.3640 Resistance- 1.3710 and 1.3740.



GOLD: The yellow metal reversed from the previous session highs. Meanwhile, the overall momentum remains bullish for this whole week.

gold neww


The important levels to watch for today: Support- 1740 and 1736 Resistance- 1750 and 1756.

Quote of the day: if you can’t take a small loss, sooner or later you will take the mother of all losses – Ed Seykota.

Read more- https://gulfbrokers.com/en/daily-market-report-282
 
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The denim maker Levi Strauss & Co (NYSE: LEVI) reported better-than-expected last quarter financial results on Thursday. While during the last quarter the company revenue declined by 13% year-on-year to $1.31 billion but the results beat the Wall Street estimates of $1.25 billion. Levi’s e-commerce sites and online business saw revenues grow by 41% year-on-year in the last quarter.

  • Earnings per share: 0.34 vs. 0.25 expected
  • Revenue: $1.31 billion vs. $1.25 billion expected

Read the more detailed report here- https://gulfbrokers.com/en/levis-stock-soars-after-the-company-lifts-revenue-forecast
 
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