Daily Market Report - Friday, Oct 15, 2021

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The second-largest US bank, Bank of America (NYSE: BAC) shares climb to a fresh 52-week high of $45 on Thursday after the company announced better-than-expected third-quarter financial results. The stock ended almost 5% higher on Thursday and gained more than 40% in 2021.

BAC reported a 12% growth in revenue to $22.8 billion in the last quarter and the bank's loans grew by $21 billion from the previous three months.

  • Earnings per share: $0.85 vs. $0.71 expected
  • Revenue: $22.8 Billion vs. $21.65 Billion expected
"We had loan growth in every loan product at the company. It was very broad based," BofA, CFO, Paul Donofrio said.

EQUITIES

Wall Street ended higher on Thursday boosted by better-than-expected Q3 earnings results and strong weekly US initial jobless claims numbers.

OIL

Crude oil prices rose to a new session high on Friday despite the U.S. crude inventories rose by more than anticipated. The EIA data showed US crude oil inventories jumped by 6.088 million barrels in the week ending October 8th.

CURRENCIES

In the currency market, the U.S. dollar is mostly flat against a broad basket of currencies on Friday. Meanwhile, the commodity currencies like the Canadian dollar and New Zealand dollar bounced to the fresh weekly high on Thursday boosted by the oil prices rally.

GOLD

The safe-haven metal retreat from the previous session gains. The gold traders should continue to monitor the developments in U.S. government bond markets and US dollar movement today.

Economic Outlook

On the data front, the Labor Department released the latest US jobless claims data. The data showed the U.S. jobless claims fell to its lowest level since the pandemic began, dropping 36,000 to 293,000, the second straight drop.

Moving ahead today, the important events to watch:

US – Retail sales: GMT – 12.30

US – Michigan consumer sentiment: GMT – 14.00

Coronavirus update:

Worldwide, more than 239.3 million people have been confirmed infected and more than 4.8 million have died. The United States has confirmed over 48.5 million cases and has had more than 703,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EURUSD:
Technically the overall momentum remains bullish, the immediate support for the Euro stands near the level of 1.1580. On the flip side, the first resistance at 1.1620 any break above this level will open 1.1640 minimum.

eurusd


The important levels to watch for today: Support- 1.1580 and 1.1550 Resistance- 1.1620 and 1.1640.

GOLD: The precious metal trades near the $1790 area. On the upside, a move above $1800 will push the metal towards the next resistance area of $1808/10. In case if it settles above this level, it will head towards the next resistance at $1820.

gold neww


The important levels to watch for today: Support- 1785 and 1780 Resistance- 1800 and 1808.

Quote of the day- “We don’t have to be smarter than the rest. We have to be more disciplined than the rest.” – Warren Buffett.

Read more- https://gulfbrokers.com/en/daily-market-report-386
 

Forex_swiz

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The second-largest US bank, Bank of America (NYSE: BAC) shares climb to a fresh 52-week high of $45 on Thursday after the company announced better-than-expected third-quarter financial results. The stock ended almost 5% higher on Thursday and gained more than 40% in 2021.

BAC reported a 12% growth in revenue to $22.8 billion in the last quarter and the bank's loans grew by $21 billion from the previous three months.

  • Earnings per share: $0.85 vs. $0.71 expected
  • Revenue: $22.8 Billion vs. $21.65 Billion expected
"We had loan growth in every loan product at the company. It was very broad based," BofA, CFO, Paul Donofrio said.

EQUITIES

Wall Street ended higher on Thursday boosted by better-than-expected Q3 earnings results and strong weekly US initial jobless claims numbers.

OIL

Crude oil prices rose to a new session high on Friday despite the U.S. crude inventories rose by more than anticipated. The EIA data showed US crude oil inventories jumped by 6.088 million barrels in the week ending October 8th.

CURRENCIES

In the currency market, the U.S. dollar is mostly flat against a broad basket of currencies on Friday. Meanwhile, the commodity currencies like the Canadian dollar and New Zealand dollar bounced to the fresh weekly high on Thursday boosted by the oil prices rally.

GOLD

The safe-haven metal retreat from the previous session gains. The gold traders should continue to monitor the developments in U.S. government bond markets and US dollar movement today.

Economic Outlook

On the data front, the Labor Department released the latest US jobless claims data. The data showed the U.S. jobless claims fell to its lowest level since the pandemic began, dropping 36,000 to 293,000, the second straight drop.

Moving ahead today, the important events to watch:

US – Retail sales: GMT – 12.30

US – Michigan consumer sentiment: GMT – 14.00

Coronavirus update:

Worldwide, more than 239.3 million people have been confirmed infected and more than 4.8 million have died. The United States has confirmed over 48.5 million cases and has had more than 703,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EURUSD:
Technically the overall momentum remains bullish, the immediate support for the Euro stands near the level of 1.1580. On the flip side, the first resistance at 1.1620 any break above this level will open 1.1640 minimum.

eurusd


The important levels to watch for today: Support- 1.1580 and 1.1550 Resistance- 1.1620 and 1.1640.

GOLD: The precious metal trades near the $1790 area. On the upside, a move above $1800 will push the metal towards the next resistance area of $1808/10. In case if it settles above this level, it will head towards the next resistance at $1820.

gold neww


The important levels to watch for today: Support- 1785 and 1780 Resistance- 1800 and 1808.

Quote of the day- “We don’t have to be smarter than the rest. We have to be more disciplined than the rest.” – Warren Buffett.

Read more- https://gulfbrokers.com/en/daily-market-report-386
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