Daily Market Report by GulfBrokers 2020-2021

[davtrent55]

Thanks, will be watching....

 

[syamfx2020]

Asian markets trading unchanged due to the China New Year holidays. Chinese shares closed for a week-long holiday from Thursday with trade resuming on Feb. 18. While Hong Kong markets are set to reopen on Tuesday next week.

EQUITIES

On Wednesday, the Wall Street slightly retreated from the highs following the weaker-than-expected Inflation data and bearish comments from Federal Reserve Chairman Jerome Powell. He said monetary policy needs to stay “patiently accommodative” to support labour market challenges.

On the earnings front, PepsiCo (NASDAQ: PEP) and AstraZeneca (NASDAQ: AZN) reporting earnings today before the bell while Walt Disney (NYSE: DIS) and Dexcom (NASDAQ: DXCM) is scheduled to report results after the market close.

OIL

Crude oil price ended higher on Wednesday supported by better-than-expected EIA inventory data. The data showed that US crude oil stocks fell by 6.6 million barrels in the week ended February 5.

CURRENCIES

In the currency market, the British pound retreated from the highs ahead of UK GDP data that will come out tomorrow.

GOLD

The gold price trading in a range between $1832 support and $1855 resistance. During the previous session, the metal rose to a fresh weekly high of $1855 boosted by the dovish comments from the Fed Chair Powell.

Economic Outlook

On the data front, the U.S. Consumer Price Index for January came in lower than expected. The CPI came at 1.4% in January of 2021, the same as in December and slightly below market forecasts of 1.5%, meanwhile, the Core CPI dropped to 0.0% against the projected 0.2%

Coronavirus update:

Worldwide, more than 107 million people have been confirmed infected and more than 2.34 million have died. The United States has confirmed over 27.1 million cases and has had more than 469,400 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EUR/USD: The currency pair trading steady above 1.2130 on Thursday. If the bullish momentum continues the next upside levels to watch 1.2180 and 1.2210.

The important levels to watch for today: Support- 1.2110 and 1.2080 Resistance- 1.2160 and 1.2200.

GOLD: The yellow metal trading steady above $1840 ahead of US jobless claims data. Overall, the momentum remains bullish throughout the European session.

The important levels to watch for today: Support- 1837 and 1830 Resistance- 1848 and 1860.

Quote of the day: Investing money is the process of committing resources in a strategic way to accomplish a specific objective – Alan Gotthardt.

Read more- https://gulfbrokers.com/en/daily-market-report-258

 

[syamfx2020]

Walt Disney (NYSE: DIS) shares rose about 3% in after-market trading and reached a new all-time high of $193.89 after the company surprised Wall Street with the last quarter financial results. Disney+ subscribers totalled 94.9 million at the end of the quarter, more than double the subscriber base a year ago.

• Earnings per share (EPS) $.32 vs. -$.41 expected
• Revenue $16.25 billion vs. $15.9 billion expected

“We’re confident that, with our robust pipeline of exceptional, high-quality content and the upcoming launch of our new Star-branded international general entertainment offering, we are well-positioned to achieve even greater success going forward.” CEO, Bob Chapek said.

EQUITIES

Global stocks trading mixed on Friday as U.S.-China Tension rises again. On Thursday, US president Joe Biden said he spoke Wednesday with Chinese President Xi Jinping for two hours. "If we don't get moving, they're going to eat our lunch," Biden warned the senators after the two hours conversation.

OIL

Crude oil prices retreated from the 13-month highs after both OPEC and EIA revised down their fuel demand outlook for 2021.

CURRENCIES

In the currency market, the British pound trading below 1.3700 following on weaker economic data. While the US dollar slightly rebounded from the fresh monthly lows supported by better-than-expected US jobless claims data.

GOLD

The gold price slipped to near the weekly lows after the US dollar trades higher for the second consecutive day. Overall, the movement remains bearish throughout the European session.

Economic Outlook

On the data front, the UK GDP rose 1% in the fourth quarter following 16.1% growth in the third quarter. On the other hand, UK manufacturing production fell 2.5% year-on-year in December of 2020, following a downwardly revised 2.6% fall in November.

On Thursday, the U.S. Labor Department released the weekly jobless claims data. The data showed that U.S. initial jobless benefit claims in states fell to 793,000 from revised 812,000 in early February.

Coronavirus update:

Worldwide, the number of COVID-19 cases reported is more than 107.5 million and more than 2.35 million have died. The United States has confirmed over 27.3 million cases and has had more than 472,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

Dollar index: The greenback once again found strong buyers above the psychological area 90. At the time of writing, the index trading steady above 90.50

The important levels to watch for today: Support- 90.20 and 89.90 Resistance- 90.70 and 91.00.


GOLD: The yellow metal below the $1820 during the European session. If the bearish momentum continues the next downside levels to watch $1806 and $1800.

The important levels to watch for today: Support- 1806 and 1800 Resistance- 1820 and 1826.

Quote of the day: What seems too high and risky to the majority generally goes higher and what seems low and cheap generally goes lower – William O’Neil.

Read more- https://gulfbrokers.com/en/daily-market-report-259

 

[syamfx2020]

Ride-hailing giants Lyft and Uber reported fourth-quarter financial results this week. Even though 2020 was a brutal year for both the companies, the Uber (NYSE: UBER) and Lyft (NASDAQ: LYFT) shares have rallied more than 80% over the last six months.

Lyft reported better-than-expected Q4 earnings and revenue on Tuesday after market close. While the company revenue fell 44% compared to a year ago in the fourth quarter, to $570 million.

• Earnings per share (EPS) -$.58 vs. -$.72 expected
• Revenue $570 million vs. $ 563 million expected

Lyft reported active riders in the quarter of 12.55 million versus a predicted 13.2 million but up from 12.5 million and 8.7 million in the preceding two quarters. For full-year fiscal 2020, Lyft reported revenue of $2.4 billion versus $3.6 billion in 2019, with a net loss of $1.8 billion, down from 2019’s $2.6 billion net loss.

“Even as we’ve strengthened our financial position, we’ve continued to fund strategic investments that build on our core competencies and on our marketplace flywheel, to lower costs and deliver more value to drivers, riders and partners,” Lyft CEO, Logan Green said.

On Wednesday, Lyft stock rose more than 10% in pre-market trading and reached a fresh all-time high of $59.40.

Uber announced its Q4 2020 financial results after the closing bell on Wednesday. The company beat Wall Street’s expectations on earnings but missed on revenue expectations.

• Earnings per share (EPS) -$.54 vs. -$.56 expected
• Revenue $3.17 billion vs. $3.58 billion expected

“While the external environment remains uncertain, I am more optimistic than ever about Uber’s future,” CEO Dara Khosrowshahi said.

The company’s ride-hailing service brought in revenue of $1.48 billion in the quarter, a 52% drop from the prior year. Meanwhile, revenue in Uber’s food-delivery service more than tripled from the previous year to $1.37 billion.

Uber stock was up more than 6% and hit a new 52-week high during the market hours on Wednesday but it gave back most of that gain after the company reported mixed Q4 results.

Read more- https://gulfbrokers.com/en/ride-hailing-giants-beat-earnings-estimates

 

[syamfx2020]

The markets in the U.S. will be closed on Monday in observance of the President's Day holiday. Foreign financial markets are open Monday and currency markets are expected to remain open for trading.

EQUITIES

Global stocks started the new week on a positive note supported by a strong Q4 earnings report and prospects of additional fiscal stimulus in the US. On Friday, President Biden appealed to a bipartisan group of local officials for their support in passing his proposed $1.9 trillion stimulus package.

OIL

Crude oil prices climbed to a fresh year high on Monday lifted by the rising tensions between the Iran-backed Houthis rebels and Saudi Arabia.

CURRENCIES

In the currency market, the EURO trading steady above 1.2130 on Monday. The key data for Euro for this week will once again be the FOMC as we get the latest minutes from their most recent meeting, German ZEW Economic Sentiment on Tuesday and Eurozone manufacturing & services PMI Figures on Friday.

GOLD

The safe-haven edged lower on Monday as a slowdown in the rate of coronavirus infections, and risk appetite improved. The metal also faced bearish pressure after the benchmark US Treasury yields soared to an almost 11-month high on Friday.

Economic Outlook

This week the main highlights of the economic calendar will be the retail sales data from the US, UK and Australia, FOMC and RBA meeting minutes and inflation data from the UK.

The other main attraction for this week Investors waiting for Wal-Mart earnings report. The world's biggest retailer will announce its holiday season results on Thursday.

Coronavirus update:

Worldwide, the number of COVID-19 cases reported is more than 108.6 million. The United States has confirmed over 27.5 million cases and has had more than 484,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

GBP/USD: The Pound enjoying the upside rally. The price crossed 1.3900 resistance level on Monday European session. The next important level to watch 1.3920 and 1.3940.

The important levels to watch for today: Support- 1.3860 and 1.3830 Resistance- 1.3920 and 1.3950.

GOLD: The yellow metal trading weaker below $1820 supported by $1800. Today, gold is again expected face resistance around $1,832 along with the support around $1806 and $1800.

The important levels to watch for today: Support- 1806 and 1798 Resistance- 1826 and 1832.

Quote of the day: If most traders would learn to sit on their hands 50 percent of the time, they would make a lot more money – Bill Lipschutz.

Read more- https://gulfbrokers.com/en/daily-market-report-260

 

[syamfx2020]

The GBPUSD enjoying the upside rally. The price crossed 1.3900 resistance level on Monday European session.

The next upside levels to watch 1.3920/40 and 1.3990. On the flip side, the first immediate support can be found in 1.3860/30 and then 1.3770.

 

[syamfx2020]

Important economic events this week: RBA and FOMC meeting minutes, US and UK retail sales.

US Earnings to watch: Walmart, Palantir and Shopify

 

[Keithstyles1]

The GBPUSD enjoying the upside rally. The price crossed 1.3900 resistance level on Monday European session.

The next upside levels to watch 1.3920/40 and 1.3990. On the flip side, the first immediate support can be found in 1.3860/30 and then 1.3770.
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Cheers will do

 

[syamfx2020]

The UK has given the first dose of coronavirus vaccine to almost a quarter of the population, the Britain Government data showed the total receiving first vaccines doses was 15 million. Britain has reported over 117,000 virus-related deaths, the highest pandemic toll in Europe. Meanwhile, UK prime minister Boris Johnson will set out on February 22 the government's plans to end the lockdown. He has said he wants schools to reopen on March 8.

EQUITIES

European and UK shares closed higher on Monday amid optimism about rapid economic recovery. On Tuesday, US futures slightly retreated from the early session highs because of renewed tensions between the US and China.

OIL

Crude oil price slightly retreated from the highs after it closed fresh year high on Monday by hopes for global economic recovery and lower supplies from OPEC+ countries.

CURRENCIES

In the currency market, the commodity currencies leading the gains supported by higher oil. On the other hand, the British pound climbed to a fresh year high on Tuesday lifted by the UK's successful COVID-19 vaccination programme and lessening expectations of negative interest rates.

GOLD

The safe-haven struggling to find an upside momentum as the risk sentiment in global markets improves over-optimism related to the ongoing mass vaccination efforts in the UK and US.

Economic Outlook

On Tuesday, during the Asian session, the RBA released the minutes of its February policy meeting. "In Australia, the economic recovery was well underway and had been stronger than expected previously," the minutes said. RBA also noted that consumption growth is still expected to remain positive in the coming months, and while wage growth has fallen to its lowest level in at least two decades.

Moving ahead today, the important events to watch:

Germany – ZEW economic sentiment: GMT – 10.00

Eurozone – GDP: GMT – 10.00

Coronavirus update:

Worldwide, the number of COVID-19 cases reported is more than 108.9 million. The United States has confirmed over 27.6 million cases and has had more than 485,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

GBP/USD: The British pound rose to fresh weekly high after USD gives back some of the gains. The pair currently trading below 1.3920 levels after climbed to near 1.3950 on Tuesday morning session.

The important levels to watch for today: Support- 1.3900 and 1.3860 Resistance- 1.3950 and 1.3990.

GOLD: The yellow metal hovers near the short-term support of $1818 on Tuesday. During the previous session, the metal closed slightly higher but failed to break above the $1830 zone.

The important levels to watch for today: Support- 1810 and 1798 Resistance- 1826 and 1834.

Quote of the day: Given the nature of the market, the chance of a crash is always greater than the chance of an overnight runaway euphoria.

Read more- https://gulfbrokers.com/en/daily-market-report-261

 

[syamfx2020]

The popular online dating app Bumble (NASDAQ: BMBL) shares commenced trading on the NASDAQ stock exchange on February 11th under the symbol $BMBL. The Bumble app is open to those who are looking to date, find friendships or even business connections. The company annual revenue has grown from $100 million in 2017 to $417 million in the first 9 months of 2020.

Bumble offered 50 million shares at a price of $43 each, allowing it to raise more than $2.1 billion. The stock jumped 63.51% to $70.31 dollars in its first trading session, given the company a market capitalization of $13 billion. On Friday, the Bumble shares climbed another 10% higher to $84. Overall, the stock increased by more than 75% since the IPO launched.

“The world has recognized the power of online dating, and the world is about to recognize the power of finding community and connections around whatever you're looking for on the internet.” – CEO Whitney Wolfe said.

Since Bumble’s launch, the dating app has grown to 100 million users in more than 150 countries and 42 million active monthly users, as of the third quarter of 2020. The app gets most of its revenue from in-app purchases and different subscription offerings like Bumble Boost and Bumble Premium. Bumble also operates dating app Badoo, which launched in 2006 and is used widely in Europe and Latin America.

Read more- https://gulfbrokers.com/en/dating-app-bumble-raises-22b-in-wall-street-debut