DAILY MARKET REPORT -Wednesday, Feb 03, 2021

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American biopharmaceutical giants Pfizer (NYSE: PFE) and Amgen (NASDAQ: AMGN) reported mixed fourth-quarter financial results on Tuesday. Amgen Q4 earnings and revenue exceeded Wall Street estimates while Pfizer earnings miss alongside better-than-expected revenue.

Among major Pharma companies reporting quarterly results this week including:

AbbVie (NYSE: ABBV) - before the markets open on Wednesday

Biogen (NASDAQ: BIIB) - before the markets open on Wednesday

Bristol-Myers Squibb (NYSE: BMY) - before the markets open on Thursday

Merck & Co (NYSE: MRK) - before the markets open on Thursday

Gilead Sciences (NASDAQ: GILD) - after market close on Thursday

Regeneron Pharmaceuticals (NASDAQ: REGN) - before the markets open on Friday

EQUITIES

US futures trading steady on Wednesday boosted by strong Q4 financial results from Amazon and Alphabet. While Chinese shares traded lower following weaker-than-expected PMI data.

On the US earnings front, Biogen (NASDAQ: BIIB), AbbVie (NYSE: ABBV) and Spotify (NYSE: SPOT) reporting earnings today before the bell while PayPal (NASDAQ: PYPL), eBay (NASDAQ: EBAY) and QUALCOMM (NASDAQ: QCOM) is scheduled to report results after the market close.

OIL

Crude oil price trading strong on Wednesday supported by better-than-expected API inventory data and renewed hopes for US Biden's proposed 1.9 trillion stimulus plans. Meanwhile, Saudi Arabia set to implement a unilateral production cut of 1 million barrels a day starting in February.

CURRENCIES

In the currency market, the commodity currencies both the Australian dollar and New Zealand dollar climbed to a fresh session high during the Asian session after Crude oil prices advanced for the third consecutive day.

GOLD

The gold price remained under pressure after the US dollar gained bullish momentum. Overall, the metal momentum remained bearish throughout this week.

Economic Outlook

On the data front, New Zealand unemployment rate dropped back to 4.9%, down from 5.3%, much better than the expectation of 5.6%. On the other hand, China Caixin PMI Services dropped to 52.0 in January, down from 56.3, missed expectation of 55.5.

Moving ahead today, the important events to watch:

US – ADP employment report: GMT – 13.15

US – ISM services PMI: GMT – 15.00

US – EIA crude inventories: GMT – 15.30

Coronavirus update:

Worldwide, the number of COVID-19 cases reported is more than 103.6 million. The United States has confirmed over 26.3 million cases and has had more than 444,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EUR/USD:
The currency pair trading unchanged on Wednesday. If the bearish momentum continues the next downside levels to watch today 1.2000 and 1.1980.

eurusd


The important levels to watch for today: Support- 1.2000 and 1.1980 Resistance- 1.2070 and 1.2100.

GOLD: The precious metal trading near the $1830 crucial support area, any break below $1830 will open the doors to $1820 and $1816.

gold neww


The important levels to watch for today: Support- 1830 and 1816 Resistance- 1846 and 1856.

Quote of the day: All the math you need in the stock market you get in the fourth grade – Peter Lynch.

Read more- https://gulfbrokers.com/en/daily-market-report-252
 
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