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Shares of one of the world's largest and most diverse healthcare firm Johnson & Johnson (NYSE: JNJ) rose more than 6% on Thursday after the company reported stronger-than-expected last quarter financial results. Johnson & Johnson is a diversified healthcare products company. The Company is engaged in the research and development, manufacture, and sale of a range of products in the healthcare field.
Reporting higher-than-expected earnings in the second quarter, the company’s operational sales guidance for 2023 has also been raised. J&J increased the 2023 full-year guidance to $98.8 billion to $99.8 billion from prior guidance of $97.9 billion to $98.9 billion, driven by cancer drugs and medical devices.
EQUITIES
Global stock markets appear to be consolidating ahead of next week’s central bank meetings but are still set to end the week with strong gains. The solid rally was boosted by better-than-expected earnings results from the US investment banks and also by hopes that the Federal Reserve is close to the end of its current monetary policy tightening cycle.
OIL
Crude oil futures rose Friday to clinch weekly gains despite another build in the latest weekly inventory report. The upside momentum was lifted by positive comments from China’s top economic planner. Moving ahead to the North American session, oil prices are expected to trade flat on a daily basis as investors remain cautious ahead of the highly anticipated US FED decision on Wednesday next week.
CURRENCIES
In the currency market, GBPUSD found buyers near the first support and rebounded back to above 1.2900 after the UK released stronger-than-expected Retail Sales data for June. Retail sales rose 0.7% in June, up from a 0.1% rise in May. As of this writing, GBPUSD retreats back to the previous session lows after the pair failed to extend the gains above 1.2900. USDJPY bounced more than 150 pip in the last 1 hour following the comments from the Bank of Japan. BOJ said It's still likely to discuss yield control change even if there is no tweak.
GOLD
The precious metal extends the recent fall. As of this writing, the metal hovers near $1960. The recent bearish sentiment was fueled after the release of robust US employment claims data. The data indicates strength in the US labor market and reinforces expectations for further policy tightening by the Federal Reserve (Fed).
Economic Outlook
On the data front, US Jobless claims fall more than expected to 228k beating an expectation of 242k showing the labor market remains robust. This marked the lowest level of unemployment claims since mid-May. While Philly Fed Survey shows Manufacturing continues to shrink for the 11th straight month. In July, the Philly Fed index measuring manufacturing activity in the Philadelphia district was -13.5 from -10.0 expected.
Technical Outlook and Review
EURUSD: Technically the short-term trend still looks bearish, and the next immediate support is at 1.1100 then 1.1080. On the upper side, 1.1180 is the key resistance zone to watch for today, If the pair breaks and closes above this area then the next supply level to watch is around 1.1230/50.
The important levels to watch for today: Support- 1.1100 and 1.1080 Resistance- 1.1180 and 1.1210.
GOLD: The metal needs to stay above 1965; otherwise. $1956/50 may be visible soon. On the upper side, 1974 is the key resistance zone to watch, if the metal breaks and closes above this area then the next resistance area to watch is around 1980 and 1985.
The important levels to watch for today: Support- 1960 and 1954 Resistance- 1975 and 1980.
Quote of the day – There is no single market secret to discover, no single correct way to trade the markets. Those seeking the one true answer to the markets haven’t even gotten as far as asking the right question, let alone getting the right answer - Jack Schwager.
Check out the original article here - https://gulfbrokers.com/en/daily-market-report-691
- Earnings per share (EPS): $2.80 vs. $2.62 expected
- Revenue: $25.53 billion vs. $24.63 billion expected
Reporting higher-than-expected earnings in the second quarter, the company’s operational sales guidance for 2023 has also been raised. J&J increased the 2023 full-year guidance to $98.8 billion to $99.8 billion from prior guidance of $97.9 billion to $98.9 billion, driven by cancer drugs and medical devices.
EQUITIES
Global stock markets appear to be consolidating ahead of next week’s central bank meetings but are still set to end the week with strong gains. The solid rally was boosted by better-than-expected earnings results from the US investment banks and also by hopes that the Federal Reserve is close to the end of its current monetary policy tightening cycle.
OIL
Crude oil futures rose Friday to clinch weekly gains despite another build in the latest weekly inventory report. The upside momentum was lifted by positive comments from China’s top economic planner. Moving ahead to the North American session, oil prices are expected to trade flat on a daily basis as investors remain cautious ahead of the highly anticipated US FED decision on Wednesday next week.
CURRENCIES
In the currency market, GBPUSD found buyers near the first support and rebounded back to above 1.2900 after the UK released stronger-than-expected Retail Sales data for June. Retail sales rose 0.7% in June, up from a 0.1% rise in May. As of this writing, GBPUSD retreats back to the previous session lows after the pair failed to extend the gains above 1.2900. USDJPY bounced more than 150 pip in the last 1 hour following the comments from the Bank of Japan. BOJ said It's still likely to discuss yield control change even if there is no tweak.
GOLD
The precious metal extends the recent fall. As of this writing, the metal hovers near $1960. The recent bearish sentiment was fueled after the release of robust US employment claims data. The data indicates strength in the US labor market and reinforces expectations for further policy tightening by the Federal Reserve (Fed).
Economic Outlook
On the data front, US Jobless claims fall more than expected to 228k beating an expectation of 242k showing the labor market remains robust. This marked the lowest level of unemployment claims since mid-May. While Philly Fed Survey shows Manufacturing continues to shrink for the 11th straight month. In July, the Philly Fed index measuring manufacturing activity in the Philadelphia district was -13.5 from -10.0 expected.
Technical Outlook and Review
EURUSD: Technically the short-term trend still looks bearish, and the next immediate support is at 1.1100 then 1.1080. On the upper side, 1.1180 is the key resistance zone to watch for today, If the pair breaks and closes above this area then the next supply level to watch is around 1.1230/50.
The important levels to watch for today: Support- 1.1100 and 1.1080 Resistance- 1.1180 and 1.1210.
GOLD: The metal needs to stay above 1965; otherwise. $1956/50 may be visible soon. On the upper side, 1974 is the key resistance zone to watch, if the metal breaks and closes above this area then the next resistance area to watch is around 1980 and 1985.
The important levels to watch for today: Support- 1960 and 1954 Resistance- 1975 and 1980.
Quote of the day – There is no single market secret to discover, no single correct way to trade the markets. Those seeking the one true answer to the markets haven’t even gotten as far as asking the right question, let alone getting the right answer - Jack Schwager.
Check out the original article here - https://gulfbrokers.com/en/daily-market-report-691
