Trade overview: current reports, trends, indices, stock prices, bonds, foreign exchange and commodities and analyst recommendations
18:59
The positive trend on Wall Street continues. The Nasdaq rises by 0.3%, the S&P 500 rises by a similar rate and the Dow Jones adds about 0.1% to its value.
Tesla Jumps by about 5% after Barclays left the stock’s rating at ‘equal weight’ and noted that the company’s vehicle delivery figures in the third quarter of this year are expected to be higher than expected and give the stock a boost.
stock General Motors Down by more than 3% after Bernstein lowered the rating of the company that produces, among others, Chevrolet and Cadillac cars, to market performance from overperformance. At the same time, Bernstein lowered the target price of the stock.
Planetir Technologies Interest is gathering after the financial company Raymond James downgraded the stock to ‘market perform’.
18:41
The trading day in Europe closed with price increases. The Dax added to its value by about 0.6%, the Putsi rose by 0.4% and the KAC rose by 0.1%.
18:18
The slight gains on Wall Street continue. The Nasdaq rises 0.1%, the S&P 500 adds about 0.2% and the Dow Jones trades around base levels.
The stock of chips Micron Increases by more than 2% after JP Morgan indicated that they remain with their recommendation for the stock in the ‘overweight’ rating and emphasized that they expect the financial results to be in line with the early expectations in light of the strong demand for artificial intelligence.
16:51
US Macro: The Purchasing Managers’ Index in the manufacturing sector dropped to 47 points in September. The early forecast was 48.6 points. The Purchasing Managers’ Index in the services sector was a bit of a surprise when it dropped to 55.4 points while the expectation was 55.3 points.
16:35
The trading day on Wall Street opened with slight price increases. The Nasdaq rises by 0.1%, the S&P 500 adds about 0.2% to its value and the Dow Jones rises by a similar rate.
15:05
Wall Street futures are up slightly – Nasdaq up 0.2%, Dow Jones and S&P 500 up 0.1%.
Mixed trend in Europe, Dax rises by 0.4%, KAC and POTSI fall by 0.2%.
The global chip giants Taiwan Semiconductor The Taiwanese company and Samsung are in talks with the United Arab Emirates to build mega-factories in the Middle East, according to a Wall Street Journal report yesterday. TSMC executives recently visited the Gulf state to discuss plans to build factory complexes similar to some of the company’s largest and most sophisticated facilities in Taiwan, it said. Samsung from South Korea is also considering investing in the construction of chip manufacturing facilities in the country in the coming years. Senior executives of the South Korean company recently visited the country to explore the concept.
14:19
Kamada The biopharmaceutical company with a portfolio of commercial products for the treatment of serious and rare diseases, and the plasma products announces today the expansion of its plasma collection activities with the opening of a new plasma collection center in Houston, Texas. The new center, which has an area of approximately 1,115 square meters, is operated by Kamada Plasma, a wholly owned subsidiary of Kamada, and is planned to contain over 50 donor beds and has a potential total collection capacity of approximately 50,000 liters of plasma per year.
Kamada intends to submit to the FDA an application to expand the company’s current registration file (the BLA) for site approval in Houston, as well as an application for site approval by the European Medicines Agency (EMA), during the first half of 2025. The regulatory process for obtaining FDA approvals and EMA for the plasma collection center will include an on-site audit. During the regulatory process to obtain the aforementioned approvals, the company is allowed to collect plasma donations at the center. Kamada estimates receiving the approvals within 9-12 months from the date of their submission.
In addition to the new center in Houston, the company has begun construction of its third plasma collection site in San Antonio, Texas, which is expected to open during the first half of 2025. Each collection center is expected to contribute $8 to $10 million in annual revenue from sales of normal plasma upon reaching full capacity.
13:51
UniCredit announced today that it has increased its stake in the German bank Commerzbank
to around 21% and submitted a request to increase the holding to up to 21%. Earlier this month, Unicredit announced that it had purchased 9% of Commerzbank’s shares, and confirmed that half of them were purchased from the German government. Germany has been a major shareholder of Commerzbank since it pumped in 18.2 billion euros ($20.2 billion) to save the bank during the 2008 financial crisis.
Commerzbank shares fell sharply today after the German government said over the weekend that it did not plan to sell any more shares in the bank, according to Reuters.
12:42
Intel jumps in pre-trade on Wall Street by about 4% following the latest reports. According to a report by the Wall Street Journal from Friday night, Qualcomm approached Intel with a purchase offer. However, many obstacles face the possibility of a merger between the two, and in the meantime it is also not clear what this purchase will include. However, it is possible that Intel’s development center in Haifa, which is responsible for some of the core activities of the company’s computer chips, may be an important asset that will influence the decision.
In addition, last night it was published in Bloomberg thatThe investment company Apollo Global Management offered to invest billions of dollars in Intel. According to the report, Apollo has expressed a willingness to invest up to $5 billion in Intel, in a move that may be interpreted as an expression of confidence in the chip maker’s renewal strategy. Further according to the report, Intel managers are currently considering the proposal, but a final decision has not yet been made.
Trading in Europe continues and is now running in a mixed trend after the business activity data in the Eurozone, the UK and Germany showed a slowdown this morning. As a result, the dollar strengthens against the other currencies and in particular against the euro and against the pound. Dax increases by 0.4%, CAC decreases by 0.2 and Potsi is unchanged.
11:24
Trade in Europe is currently running in a mixed trend after the data on business activity in the Eurozone, the United Kingdom and Germany showed a slowdown this morning. As a result, the dollar strengthens against the other currencies and in particular against the euro and the pound.
Dax increases by 0.4%, Kac decreases by 0.2 and Putsy increases by 0.3%.
10:20
Trading in Europe this morning is conducted with small changes and a mixed trend – DAX rises by 0.2%, CAC and POTSI decrease by 0.1% and 0.2% respectively.
In Asia this morning closed in trading with a mixed trend, the Shanghai index rose 0.4%, the Hang Seng fell 0.2% and the South Korean Kospi rose 0.3%.
08:49
The trading week in Asia opened this morning with gains. The positive sentiment following the Fed’s interest rate cut last week continues and to this is added the interest rate cut on short-term loans in China. Shanghai and Hang Seng by 0.7%, the Kospi by 0.3%. There is no trade in Japan today.
Wall Street futures indicate gains, Nasdaq up 0.6%, Dow Jones up 0.2% and S&P 500 up 0.3%.
Last Friday, trading in the US closed in a mixed trend with the NASDAQ shedding 0.3%, the Dow Jones rising 0.1% and the S&P 500 falling 0.2%.
Despite the negative reputation of September on Wall Street, a “recalibration” of the interest rate, as Powell defined it, together with the hope of a soft landing, led to optimism in the markets and breaking new records. Meanwhile, September is a positive month. In a weekly summary, the stock indices on Wall Street recorded price increases with the S&P500 index rising 1.4%, the Nasdaq rising 1.5% and the Dow Jones rising 1.6%.
According to a report by the Wall Street Journal from Friday night, Qualcomm approached Intel with a purchase offer. However, many obstacles face the possibility of a merger between the two, and in the meantime it is also not clear what this purchase will include. However, it is possible that Intel’s development center in Haifa, which is responsible for some of the core activities of the company’s computer chips, may be an important asset that will influence the decision.
In addition, last night it was published in Bloomberg thatThe investment company Apollo Global Management offered to invest billions of dollars in Intel. According to the report, Apollo has expressed a willingness to invest up to $5 billion in Intel, in a move that may be interpreted as an expression of confidence in the chip maker’s renewal strategy. Further according to the report, Intel managers are currently considering the proposal, but a final decision has not yet been made.
Stocks that gathered interest on Friday: fdx fell 15% after reporting much lower-than-expected revenue and profit in the first fiscal quarter. The company reports a weaker demand than expected, mainly in the local delivery market in the USA. Nike It jumped about 7% after the announcement that John Donahue, the company’s CEO, will step down next month after almost five unsuccessful years in the job. Constellation Energy jumped 22% after announcing it was restarting the Three Mile Island nuclear plant through which it would sell electricity toMicrosoft .
On Friday, during the lockdown, an update was made to the various S&P indices. poor , Ari indemnity andPalantir The S&P 500 index will start trading today. The exposure associated with joining a leading index and the passive purchases of funds on the indices are expected to support these stocks. left the index, American Airlines , Etsy andBio-Rad Labortoris .
At the end of the report season, two intriguing reports will be published this week, the report of Micron Will give another look at the chip market and the retail giant’s report Costco on private consumption in the US.
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In the American debt market, yields in the short part of the curve decreased, among other things due to the reduction in interest rates, while in the medium-long part there was an increase. At the Phoenix Group, Chief Economist Matan Shatrit stated that as far as the interest rate pricing in the contract market is concerned, investors estimate that the rate will decrease cumulatively by approximately 74 basis points by the end of the year (across 2 decisions) and that in 2025 the interest rate in the US will decrease by approximately 120 basis points .
Oil prices traded in a mixed trend last weekend. The price of a WTI barrel increased by 0.1% to $70.3, and the price of Brent oil decreased by 0.2% and stood at $74.7 per barrel. Bank Leumi states that “the geopolitical risks around the world, with an emphasis on the Middle East, are at a high level. An escalation of the war in our region, and its expansion to other arenas, could pose a risk to the global oil supply. This, by preventing exports and/or damaging approximately 4 million barrels oil per day produced in Iran and about 20% of the global oil output, which passes through the Persian Gulf.
In addition, it is worth paying attention to the gold prices which soared last Friday to a new record of $2,622 per ounce (spot), according to FactSet data, an increase of 27% since the beginning of the year, more than the S&P 500 index which increased by 20%. Gold is on track for its best annual return since 2010, in the year of the Corona, 2020 is up 25%. The last tailwind for the price of gold was the interest rate cut on Wednesday. But it is not only US monetary policy that supports the price of gold, as experts link the increased appetite for gold to geopolitical risks around the world, the US elections and the ongoing wars between Russia and Ukraine and the Middle East.
In the Capital Markets Leader, they commented on the interest rate cut in the US: “The Fed’s 0.5% cut in interest rates surprised the macro forecasters a bit. There is a significant lag between the change in monetary policy and the effect on the real economy, so the Fed works to advance and soften the cooling in the labor market. The Fed does not want to ‘follow the train’ as it did in implementing the restraining monetary policy in exiting the corona. Even after the interest rate cut, the monetary policy is still very restraining, and the continuation of the policy will depend on the data,” the leader writes.
“Some of our concerns: when it’s convenient for him, the Fed emphasizes total inflation and not core inflation,” Bleder adds. “Core CPI inflation has been at 3.2% and 2.6% in PCE for three months now. The Fed is also ignoring an expansionary fiscal policy which is expected to continue to support inflation.”
In addition, it turns out that there was no complete agreement among the members of the Fed on the sharp interest rate cut. While most agreed with the decision, Fed Chair Michelle Bowman clarified on Friday why she opposed the 50 basis point rate cut. “I preferred a smaller first move. I see a risk in restraining action that could be interpreted as a premature declaration of victory over inflation. Such an approach could increase demand. I believe that moving at a measured pace towards a more neutral policy will ensure further progress in returning inflation to the 2% target.”
In the US, some data will be published this week: the update to the GDP data for the second quarter – the original data published last month indicated a growth of 3% in the second quarter, above the expectation of a growth of 2.8%, and the expectation for the first update on Thursday this week is that the data will remain unchanged.
On Friday, the personal consumption price index (PCE) for the month of August, which is considered the Fed’s preferred inflation index, will be published. The expectation is for a monthly increase of 0.2% and an annual rate of 2.5%, unchanged from the previous month.