Daily Market Report - Friday, Oct 29, 2021

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Shares of e-commerce platform provider Shopify (NYSE: SHOP) jumped 8% on Thursday despite weaker-than-expected Q3 earnings results. The stock has gained almost 27% in 2021. Shopify’s revenue for the quarter rose to $1.12 billion from $767 million, but it came slightly below the Wall Street expectation of $1.15 billion.

The company’s subscription solutions revenue jumped by 37% to $336.2 million in the last quarter and Merchant Solutions revenue amounted to $787.5 million, up 51%.

  • EPS: $0.81 vs. $1.23 expected
  • Revenue: $1.12 billion vs. $1.15 billion expected
“We continue to expect the fourth quarter to contribute the largest share of full-year revenue and that the revenue spread will be more evenly distributed across the four quarters than it has been historically,” the company said.

EQUITIES

Wall Street ended higher on Thursday supported by strong weekly jobless claims data and better-than-expected earnings results. On the earnings front, Chevron, ExxonMobil, and AbbVie are amongst those reporting the last quarter financial results today.

OIL

Crude oil prices holding the previous session gains, but the overall momentum remains after this week US inventories showed surprise gain. On the other hand, the oil investors turned their attention to the next week meeting of the Organization of the Petroleum Exporting Countries and its allies.

CURRENCIES

In the currency market, the Australian dollar traded steady after the release of the retail sales report. The data showed the retail sales rose 1.3% in September from August. Meanwhile, the EURO rises to fresh a fresh monthly high against the US dollar after the European Central Bank decided Thursday to leave its monetary policy unchanged.

GOLD

The precious metal struggling to hold above $1800. During the previous session, the metal rises to $1809 but failed to break above the key resistance $1815 level. At the time of writing, the gold price trade below $1800.

Economic Outlook

On the data front, U.S. Commerce Department reported on Thursday that U.S. GDP rose only 2% in the third quarter, down from 6.7% growth in the second quarter. While the Jobless claims dropped by 10,000 to 281,000, the lowest since mid-March 2020, the Labor Department said Thursday.

Moving ahead today, the important events to watch:

EUROZONE – CPI: GMT – 09.00

US – Personal income: GMT – 12.30

Coronavirus update:

Worldwide, more than 245 million people have been confirmed infected and more than 5 million have died. The United States has confirmed over 46 million cases and has had more than 735,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EURUSD:
The currency pair slightly retreat from the early session highs. On the downside, the next key support area to watch today is 1.1640/10. On the flip side, the immediate resistance is at 1.1690 and 1.1720.

eurusd


The important levels to watch for today: Support- 1.1640 and 1.1610 Resistance- 1.1690 and 1.1720.

GOLD: Currently the gold price is supported at $1790 levels, any break below this level will open the doors to $1782 and $1774. On the flip side, the immediate resistance at $1810 and $1815.

gold neww


The important levels to watch for today: Support- 1790 and 1782 Resistance- 1810 and 1815

Quote of the day- “Games are won by players who focus on the playing field – not by those whose eyes are glued to the scoreboard.” - Warren Buffett.

Read more- https://gulfbrokers.com/en/daily-market-report-394
 
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