DAILY MARKET REPORT -Wednesday, Jan 27, 2021

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The tech giant Microsoft released last quarter financial results on Wednesday after the market close. Microsoft (NASDAQ: MSFT) shares climbed more than 3% in the after-hours trading and hits a new all-time high after the company’s financial Q2 results exceeded Wall Street estimates. During the last quarter, the company Revenue is up 17%, and net income has increased by 33%
  • Earnings per share (EPS) $2.03 vs. $1.64 expected
  • Revenue $43.1 billion vs. $40.12 billion expected
“What we have witnessed over the past year is the dawn of the second wave of the digital transformation sweeping every company and every industry,” Microsoft CEO Satya Nadella said.

EQUITIES

US futures trading lower on Wednesday. During the previous session, Wall Street ended lower as investors remain concerned about rising coronavirus infections.

On the US earnings front, Boeing (NYSE: BA), AT&T (NYSE: T) and Abbott Laboratories (NYSE: ABT) reporting earnings today before the bell while Tesla (NASDAQ: TSLA), Apple (NASDAQ: AAPL) and Facebook (NASDAQ: FB) is scheduled to report results after the market close.

OIL

Crude oil price trading higher on Wednesday supported by API data. The data showed in the US the crude inventories unexpectedly fell by 5.3 million barrels, after a build of 2.56 million barrels the previous week.

CURRENCIES

In the currency market, the Dollar index trading near the strong support area 90/89.80 ahead of Fed’s monetary policy decision due later in the session. Meanwhile, the Australian dollar trading steady boosted by better-than-expected inflation data.

GOLD

The safe-haven metal fell to a fresh weekly low on Thursday after the International Monetary Fund raised its outlook for global economic growth this year to 5.5% from 5.2% projected earlier.

Economic Outlook

On the data front, Australia CPI increased by 0.9% on a quarterly basis – beating forecasts for 0.7% and down from 1.6% in the three months prior. On the other hand, on Tuesday the US released the latest consumer confidence data. The data showed January Conference Board consumer confidence 89.3 points vs 89.0 expected.

Moving ahead today, the important events to watch:

US Durable goods orders – 13.30 GMT

US crude oil inventories– 15.30 GMT

US FOMC Interest rate decision – 19.00 GMT

US FOMC Press Conference – 19.30 GMT

Coronavirus update:

Global coronavirus cases surpassed 100 million on Tuesday. The United States has confirmed over 25.4 million cases and has had more than 424,000 deaths from COVID-19, the highest totals in the world. Meanwhile, US President Joe Biden said Tuesday that he aims to secure an additional 200 million doses of virus vaccines from Pfizer/BioNTech and Moderna by summer.

Technical Outlook

EUR/USD:
The currency pair slips back to below 1.2150. During the previous session, the bulls have been unable to break above 1.2180.

eurusd


The important levels to watch for today: Support- 1.2100 and 1.2070 Resistance- 1.2160 and 1.2190.



GOLD: The precious metal trading remains under pressure. Due to the Fed meeting decision and press conference, we may witness huge volatility in the gold price during the North American session.

gold neww


The important levels to watch for today: Support- 1842 and 1830 Resistance- 1866 and 1875.

Quote of the day: Remind yourself that today is not the last day you will ever have to trade. You have time, the market isn’t going anywhere – Nial Fuller.

Read more- https://gulfbrokers.com/en/daily-market-report-247
 
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