Daily Market Report - Thursday, Nov 18, 2021

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Chinese e-commerce giant Alibaba (NYSE: BABA) is set to report financial results for the quarter ended September 30, 2021, before the U.S. market opens today. The company is expected to post quarterly earnings of $1.93 per share and revenues are expected to be $32.07 billion.

During the last quarter, Alibaba earnings per share beat analyst expectations while the revenue missed estimates. The company revenue for the last quarter climbed 34% year-on-year to RMB 205.7 billion (US$31.8 billion).

$BABA key technical levels to watch today:

Support: $158 and $154

Resistance: $172 and $183

EQUITIES


Global stocks and US stock futures trading lower on Thursday as investors remain concerned about the new wave of COVID-19 infections in Europe. On Wednesday, Wall Street ended lower driven by dovish comments from US FED policymakers.

OIL

Crude oil prices fell to a new weekly low over escalating concerns about weakening demand due to a new wave of coronavirus infections across Europe. Meanwhile, the EIA inventory data showed the US crude inventories fell by 2.1 million in the latest week, compared to forecasts of a 1.398 million increase.

CURRENCIES

In the currency market, the commodity currencies Canadian, Australian, and New Zealand weakened against the US dollar after a heavy sell-off in crude oil prices. On the other hand, the British pound is trading steady against the US dollar.

GOLD

The precious metal holding the previous session highs as the investors waiting for the latest comments from Federal Reserve members. Recently Federal Reserve Bank President James Bullard said, “If inflation happens to go away, we are in great shape for that. If inflation doesn’t go away as quickly as many are currently anticipating it is going to be up to the Federal Open Market Committee (FOMC) to keep inflation under control,”

Economic Outlook

On the data front, US building permits surged up by 4% to an annual rate of 1.650 million in October while the Housing starts fell 0.7% mom to an annualized rate of 1.52 million in October.

Moving ahead today, the important events to watch:

US –Jobless claims: GMT – 13.30

US – Philly fed manufacturing index: GMT – 13.30

Coronavirus update:

Worldwide, more than 252 million people have been confirmed infected and more than 5 million have died. The United States has confirmed over 46.9 million cases and has had more than 762,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

Dollar Index:
The index slightly retreats from a 16-month high. Moving ahead to the North American session, the USD traders should closely monitor the release of U.S. weekly jobless claims data.

DXY


The important levels to watch for today: Support- 95.40 and 95.00 Resistance- 95.80 and 96.00.

GOLD: The precious metal trades above $1865. Overall, the momentum remained bullish throughout today. The important levels to watch today $1850 and $1875.

gold neww


The important levels to watch for today: Support- 1860 and 1850 Resistance- 1870 and 1875.

Quote of the day- "The longer you’re not taking action the more money you’re losing." – Carrie Wilkerson.

Read more- https://gulfbrokers.com/en/daily-market-report-405
 
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