Daily Market Report - Tuesday, Nov 16, 2021

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The world’s largest retailer Walmart (NYSE: WMT) kicks off retailers’ earnings week on Tuesday. Walmart is expected to post quarterly earnings of $1.39 per share and revenues are expected to be $135.5 billion.

Meanwhile, Home Depot (NYSE: HD) and Jumia (NYSE: JMIA) also releasing their quarterly results on Tuesday. On Wednesday, the leading retailer Target (NYSE: TGT) is scheduled to report third-quarter results. Other retailers including Macy’s, Inc. (NYSE: M) and Lowe’s (NYSE: LOW) are both scheduled to report earnings on November 18th.

EQUITIES

US stock futures trade flat as investors wait for the release of the US retail sales report. The data is expected to show a 1.2% rise in sales for October. On the other hand, the UK stock trading unchanged after the release of strong UK employment data.

OIL

Crude oil prices slightly retreat from the early session gains amid continuing worries about the spread of the delta variant across several parts of Europe.

CURRENCIES

In the currency market, the British pound surged to a fresh weekly high of 1.3470 on Tuesday boosted by a stronger-than-expected UK employment report. However, considering the recent rebound in the British pound, the US dollar movement will continue to play a vital role in this currency pair's future direction.

GOLD

The precious metal remained in favour as a safe haven due to a dramatic spike in US consumer inflation. Moving ahead to the North American session, the gold traders and investors should closely watch the release of the US retail sales numbers.

Economic Outlook

On the data front, the Reserve Bank of Australia (RBA) released the last meeting minutes on Tuesday. The central bank said that it is prepared to be patient until wage and inflation targets are met, and that a 2024 rate hike is still its central case.

"Given the latest data and forecasts, the central scenario for the economy continued to be consistent with the cash rate remaining at its current level until 2024," the RBA minutes said.

Moving ahead today, the important events to watch:

US – Retail sales: GMT – 13.30

US – Industrial production: GMT – 14.15

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 760,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

Dollar Index:
The greenback currently faces an important resistance area at 95.60/70. On the downside, the immediate support will be the same as last week low 95.25, below which the slide could further get extended towards 94.90 then 94.60.

DXY


The important levels to watch for today: Support- 95.25 and 95.00 Resistance- 95.60 and 95.90.

GOLD: Gold price trades steady above $1870. If the bullish momentum continues the next upside levels to watch $1876 and $1880. On the downside, any meaningful pullback now seems to find some support near the $1855 zones, below which the slide could further get extended towards the $1842/40 region.

gold neww


The important levels to watch for today: Support- 1866 and 1855 Resistance- 1874 and 1880.

Quote of the day- “The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions” – Seth Klarman.

Read more- https://gulfbrokers.com/en/daily-market-report-403
 
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