During the early trading session, Asian stocks rallied as expectations over positive earnings reports attracted foreign investors. Profits in financials, automakers and other large cap shares pushed up the share average of a number of Indexes. Furthermore, Japan’s Trade Balance showed a surplus of 229B, significantly higher than the expected figure of 50B and the highest increase in over two years. The Nikkei share average was up 1.13%, closing at 20,133, a new 15 year high. Following the release of Australian data, the AUD rallied against the Dollar.
During the European session, the British pound rallied against the Dollar following the BoE vote hike and the BoE Meeting Minutes. Bank of England officials voted to keep the interest the same with a 0-0-9 majority. Furthermore, board members stated at the Meeting minutes that the Central Bank is working on reaching the 2% inflation target, but admitted in order to do so, and increase in wages and prices would be required.
The price of U.S. Oil dropped yesterday following a halt in airstrikes from Saudi Arabia in Yemen. Tensions in the Middles East eased after the month long military operation against Houthi rebels. The commodity is currently trading below $56/barrell. The U.S. is to release the weekly Crude Oil Inventories later today, a rise in Oil stored by firms could lower the price further.
Currency traders are currently awaiting important economic reports from the U.S. and China including the U.S. Existing Home Sales, Crude Oil Inventories and the Chinese HSBC Manufacturing PMI. Better than expected data, could have a positive effect on that particular currency for the short term.
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Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:
1. Earnings explosion
Earnings season is in full swing and many big-name companies are reporting results.
Boeing (BA), Coca-Cola (CCE), and McDonald's (MCD) are reporting ahead of the open.
Facebook (FB, Tech30), eBay (EBAY, Tech30), and AT&T (T, Tech30) will release their quarterly results after the close.
2. Stock market movers -- Chipotle, Tesco, Rolls-Royce
Shares in Chipotle (CMG) fell by about 6% in extended trading after the company's earnings missed Wall Street expectations.
Shares in Tesco (TSCDY) were edging up by about 2% in London after the U.K. grocery chain reported a record-setting annual loss of £6.4 billion ($9.6 billion). The company has been struggling for a long time, but investors are betting that management can turn things around.
Rolls-Royce Holdings (RYCEY) shares are rising by 3% in London after the engineering group said it was bringing in a new CEO, Warren East, who previously headed up ARM Holdings (ARMH, Tech30).
3. Stock market overview
U.S. stock futures suffered an early fall after France said it had foiled a new terrorist plot to attack "one or two churches."
"The sell-off took place on the back of the terrorist news ... and this caused a little bit of panic in the market," explained Naeem Aslam, chief market analyst at AvaTrade.
European markets are also dipping into the red in early trading. Asian markets ended with mixed results.
In Japan, the Nikkei closed above the 20,000 level for the first time in 15 years. The index has surged by just over 15% since the start of the year.
4. Economics
Existing home sales numbers from March will come out at 10 a.m. ET.
Then at 10:30, data on U.S. crude oil inventories will be released.
Crude futures are declining in advance of the report, down by over 1% to trade around $56 per barrel.
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What is it? It checks the level of a diffusion index based on surveyed purchasing managers in the manufacturing industry.
It's a leading indicator of economic health - businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy.
When? April 22nd at 9:45pm Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the CNY to rise.
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Three things you should do when trading with indictors:
During the early trading session, Asian stocks traded higher as investors await earnings reports from major automakers and electronics manufacturers. Forecasts for Toyota predict EPS for the quarter is $2.59, up from the EPS for the same quarter last year, profits are also expected for Nissan Motor Corporation. The Nikkei share average was up 1.4%, closing at 19,909. Following the Reserve Bank of Australia Meeting Minutes, the AUD strengthened against a basket of major currencies. Official board members had voted to keep the current interest rate unchanged and acknowledged that the current monetary policy is supporting the economy.
At the open of the European trading session, the Euro traded lower as Greek concerns continued to weigh on sentiment. Greece is yet to reach an agreement on the current bailout with its creditors, if economic reforms are not laid out, then the country could go into default. Following mixed European data the EUR/USD is trading with high volatility and bullish sentiment. The German ZEW Economic Sentiment came out negative with a reading of 53.3, lower than the expected figure of 55.3, however, the Eurozone ZEW Economic Sentiment showed a higher than expected reading of 64.8. The pair is currently trading above 1.073.
During early U.S. trade, the Dollar rallied against the CAD following negative data from Canada. The Wholesale sales for the month of February showed a sharp decline of 0.4%, analysts had expected a rise of 0.5%.
Traders are awaiting a number of important releases tomorrow, including, the Australian first quarterly CPI figures, the UK BoE MPC Meeting Minutes and the U.S. monthly Existing Home Sales.
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Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:
1. Perky stocks
There's a feeling of confidence in the markets right now.
U.S. stock futures are pushing up, European markets are all rising in early trade and many Asian markets closed the day with big gains.
The main Chinese indexes all surged by about 2% to 4% Tuesday, recovering from a sharp drop Monday.
The latest reading from CNNMoney's Fear & Greed Index shows investors are feeling increasingly greedy.
2. Endless earnings
We're in the middle of earnings season and many big companies are reporting Tuesday.
Harley-Davidson (HOG), Lockheed Martin (LMT), Under Armour (UA), Verizon (VZ, Tech30) and Kimberly-Clark (KMB) are reporting ahead of the open.
Chipotle (CMG), Yahoo (YHOO, Tech30), and YUM Brands (YUM) will report after the close.
British-based tech firm ARM Holdings (ARMH, Tech30) reported a double-digit surge in revenue and earnings, which impressed investors. Shares are up about 6% premarket.
Meanwhile, shares in Credit Suisse (CS) dipped by about 3% in Europe. The bank's quarterly numbers were solid but investors are still not entirely happy with its financial strength. A key metric tracking the bank's capital levels has deteriorated.
"The issue today will be capital for a bank where concerns linger," said Jefferies analyst Omar Fall.
3. Greece is the word
While European markets are making gains Tuesday, concerns about Greece remain in the back of everyone's minds.
On Monday, the Greek government asked all public sector organizations to hand over their cash reserves, just in case it needs to borrow the money.
This is the latest indication that the government is running short of money to service its debts and pay wages and pensions.
"Several very large payments are due at the end of April and in May, which are making people nervous about the prospect of default," said Angus Campbell, senior analyst at FxPro.
If Greece defaults on its debt, the country may be forced to start printing its own money and abandon the eurozone, which would cause a wave of uncertainty. The euro was 0.7% weaker against the dollar.
4. Monday market recap
Wall Street posted a solid performance Monday. The Dow Jones industrial average rose by 209 points, the S&P 500 edged up by 0.9% and the Nasdaq gained 1.3%. That followed a sharp drop Friday.
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What is it? It checks the change in the price of goods and services purchased by consumers.
Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate.
When? April 21st at 9:30am Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the AUD to rise.
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What is it? It checks the change in the total value of sales at the wholesale level.
It's a leading indicator of consumer spending - retailers generally order more goods from wholesalers when they expect consumer sales to increase.
When? April 21st at 8:30am Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the CAD to rise.
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During the early trading session, Asian stocks traded lower as concerns over China’s economy weighed on market sentiment. Chinas Central Bank announced that the required bank reserves will be lowered to 18.5% from 19.5%, hence, adding more currency into circulation. This move came following data showing that China’s economy grew 7% in the past year, the slowest increase since 2008. The Nikkei share average was down 0.09%, closing at 19,634 points. Following the release of negative data from New Zealand, the AUD/USD traded higher. The yearly and quarterly Consumer Price Index figures both showed lower than expected figures.
During the European session, the EUR/USD moved lower and is currently trading above 1.072 following weak European data. The monthly and yearly German Producer Price Index figures came out lower than expected. Furthermore, Concerns over Greece continue as the nation is yet to reach an agreement with its creditors. Greece could go into default and exit the European Union if a list of economic reforms have not been laid out in order to extend its existing bailout accord.
The open of the U.S. trading session is moving with little volatility as few economic reports are to be released today. We may see more movement later today as BoC Governor Stephen Poloz is to speak. As head of the Bank of Canada’s board, traders will listen closely to his remarks for any hints on future monetary policy.
Gold is currently trading at a weekly low as traders sell the usually safe haven asset as they remain cautious over the economic situation in China. China is the second biggest buyer of the yellow metal and news of easing measure introduced by the Central bank spurred demand.
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Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:
1. Earnings flow
Halliburton (HAL), Hasbro (HAS), Royal Caribbean (RCL) and Morgan Stanley (MS) are all reporting ahead of the open.
IBM (IBM, Tech30) will report after the close.
2. China boosts economy
The Chinese central bank launched new stimulus measures Sunday that are designed to counter the country's slowest economic growth in six years.
The central bank is allowing large banks to hold lower levels of cash reserves, which should free up money for banks to lend out into the economy.
3. U.S. stocks ready for rebound
U.S. stock futures are pushing up, indicating Wall Street will have a positive start to the week.
This comes after a sharp drop Friday when the Dow Jones industrial average lost 280 points, the S&P 500 fell 1.1% and the Nasdaq closed with a 1.5% loss.
4. International overview
European markets are all rising in early trading, with many key indexes up by nearly 1%.
But nearly all Asian markets ended the day with significant losses.
Chinese markets were swinging around during the day, but ultimately ended in the red. The Shanghai Composite index, Shenzhen Composite index and the Hang Seng in Hong Kong all declined by about 2%. While investors were optimistic about the new stimulus announced Sunday, sentiment was weighed down by new margin trading rules introduced Friday by China's securities regulator.
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What is it? It's a detailed record of the RBA Reserve Bank Board's most recent meeting, providing in-depth insights into the economic conditions that influenced their decision on where to set interest rates.
When? April 20th at 9:30pm Eastern Time.
Trading Tip: If the announcement will hint towards higher interest rates, you can expect the AUD to rise.
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