DAILY MARKET REPORT - Thursday, Oct 22, 2020

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The electric car maker Tesla (NASDAQ: TSLA) reported its fifth consecutive quarterly profit on Wednesday, with revenue of US$8.8 billion. Tesla delivered 139,300 vehicles this quarter, beating the company’s previous record of 112,000 vehicle deliveries in the fourth quarter of 2019. "Achieving this target depends primarily on a quarter over quarter increases in Model Y and Shanghai production," the company said. $TSLA gained 4% in after-hours trading on the strong earnings report and the shares have gained 405% this year.

  • Earnings per share: $0.76 vs. $0.57 expected
  • Revenue: $8.77 billion vs. $8.36 million expected

EQUITIES

Global stocks and US futures trading lower on Thursday amid continuing uncertainty over U.S. coronavirus stimulus. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin failed to announce a deal on Wednesday, but talks are set to continue on Thursday. Meanwhile, Asian shares declined after the IMF downgraded its growth forecast for Asia-Pacific to a contraction of 2.2% in 2020.

OIL

Crude oil prices extend lower on Thursday following weaker-than-expected EIA inventory data. The data showed US crude oil stockpiles fell by 1,001 million barrels in the week ended October 16th.

CURRENCIES

In the currency market, the US Dollar index slightly recovered from the early session losses. During the previous session, the index fell to a new monthly low after the U.S. President Donald Trump and House Speaker Nancy Pelosi boosted hopes an agreement on stimulus was close.

GOLD

Gold price retreated from the previous session highs after doubts emerged whether an agreement on a new U.S. fiscal coronavirus aid package could be reached before the election.

Economic Outlook

On the data front, the Canadian Consumer Price Index rose 0.5 percent year-on-year in September, above market expectations of 0.4 percent, according to Statistics Canada on Wednesday.

On Wednesday, US Federal Reserve Governor Lael Brainard said that the recovery remains highly uncertain and uneven, emphasizing the need for additional fiscal support.

Moving ahead today, the important events to watch:

US – Initial jobless claims: GMT – 12.30

US – Existing home sales: GMT – 14.00

Coronavirus update:

Worldwide, the number of people infected with the coronavirus surpassed 41.2M, of which at least 1.13M people have died and 28.12M have recovered, according to data released by the Johns Hopkins University. More than 60,000 new COVID-19 cases were reported across the United States on Tuesday, according to a tally from Johns Hopkins University. Canada added 2,668 new cases of the novel Coronavirus while Spain has surpassed 1 million Covid-19 cases on Wednesday.

Technical Outlook

EUR/USD:
The currency pair slightly retreated from the highs after German consumer confidence declined to the lowest since July.

gold neww


The important levels to watch for today: Support- 1.1810 and 1.1780 Resistance- 1.1870 and 1.1910.



GOLD: The yellow metal trading lower as the greenback rebounded across the board. At the time of writing, the gold price trades around $1916.

usdcad


The important levels to watch for today: Support- 1910 and 1900 Resistance- 1920 and 1926.

Quote of the day: Everyone has the brainpower to follow the stock market. If you made it through fifth-grade math, you can do it – Peter Lynch.

Read more- https://gulfbrokers.com/en/daily-market-report-192
 
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