DAILY MARKET REPORT - Tuesday, Sep 21, 2021

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England’s most-legendary soccer team Manchester United PLC (NYSE: MANU) shares holding the previous week gains. The soccer club announced mixed fourth-quarter results On Friday, 17 September. The club posted a quarterly loss of £107.7 million, while revenue climbed 15% to £94 million.

Manchester united stock received strong bullish momentum recently after the Portuguese star Cristiano Ronaldo return to Old Trafford. $MANU has risen more than 6% since the beginning of the year.

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EQUITIES

US stock futures and European shares rebounded from the previous session global stock market selloff weighed down by the Evergrande Group’s solvency challenges and rising Covid-19 cases. While Asian markets are mixed with Mainland China and South Korea closed today.

On the earnings front, FedEx, Adobe and AutoZone are amongst those reporting the last quarter financial results today.

OIL

Crude oil price slightly recovered from the early session losses ahead of API crude inventory data. Meanwhile, Oil investors remain concerned about the economic slowdown, due to the fast-spreading Delta variant of the coronavirus.

CURRENCIES

In the currency market, the US dollar Index pause the upside momentum ahead of the FED meeting. The Index retreated back to near the short-term support area of 93.10 after it failed to break above the 93.45 resistance level.

GOLD

The safe-haven metal up for the second consecutive day supported by the rising uncertainty with regards to China’s Evergrande. Overall, the momentum remained bullish throughout the European session.

Economic Outlook

On the data front, the Reserve Bank of Australia released the last meeting minutes. The minutes revealed that the central bank still expects to keep rates at 0.1% until at least 2024 as its struggles to lift wage growth and inflation.

While RBA governor Philip Lowe said recently, he expects the economy to contract by at least two per cent in the September quarter as a result of virus lockdowns in NSW and Victoria.

Moving ahead today, the important events to watch:

US – Building permits: GMT – 12.30

US – Housing starts: GMT – 12.30

Coronavirus update:

Worldwide, more than 224 million people have been confirmed infected and more than 4.6 million have died. The United States has confirmed over 40 million cases and has had more than 659,900 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EURUSD:
Technically the overall trend still looks bearish, and the short-term support is still around 1.1700. If the pair breaks and closes below 1.1700 the next important support is at 1.1680/1.1660.

eurusd


The important levels to watch for today: Support- 1.1700 and 1.1685 Resistance- 1.1750 and 1.1770.



GOLD: The yellow metal trading above $1765. If the bullish momentum continues the next upside levels to watch $1770 and 1774. On the downside, the immediate support is around $1755 followed by $1750.

gold neww


The important levels to watch for today: Support- 1760 and 1754 Resistance- 1770 and 1775.

Quote of the day- To make money in stocks you must have the vision to see them, the courage to buy them, and the patience to hold them – Warren Buffet.

Read more- https://gulfbrokers.com/en/daily-market-report-377
 
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