Mixed trend in Asia; The Nikkei climbs by about 1.3%

Trade overview: current reports, trends, indices, stock prices, bonds, foreign exchange and commodities and analyst recommendations

08:16

In Asia, the leading indices are trading in a mixed trend this morning. The Nikkei is up 1.3%, the Shanghai Stock Exchange is down 0.5%, the Hang Seng is down 1.3% and the Kospi is up 0.2%.

● Wall Street celebrates two years of rallying, and history shows that this is only the beginning

In the US, futures trade in a positive trend.

Last night (Monday), the trading day on Wall Street closed with a positive trend. The Dow Jones rose 0.5%, the S&P 500 broke an all-time high and added about 0.8% to its value and the Nasdaq rose 0.9%.

Nvidia gathered interest and climbed by about 2.5% after Goldman Sachs raised the target price of the stock from $135 to $150 and left their recommendation on a buy rating. In the meantime, Nvidia recorded a new record last night when it closed at 138 dollars and was traded at a market value of 3.4 trillion dollars. The last time Nvidia broke a record was on June 18, when its share price was around $135. Nvidia is the second largest company in the world in terms of market value, with Apple occupying the first place with a market value of approximately 3.55 trillion dollars.

Tesla Recovered last night from the sharp drop it recorded last weekend following the company’s “We, Robot” event in question on Thursday evening. The event revealed the Robotaxis. Tesla CEO Elon Musk, who arrived almost an hour late and was on stage for barely 20 minutes, failed to impress investors. On the contrary. Analysts highlighted the lack of details on Tesla’s execution strategy.

The report season for the third quarter of the year is gaining momentum and so far about 30 companies from the S&P 500 index have published their reports in which they beat the profit forecasts by an average of 5%. Later today (Tuesday), they will publish their bank statements Goldman Sachs , Bank of America andCitigroup .

In the commodities market, oil prices fell by 2.5% last night. The price of a barrel of Brent oil was 77.7 dollars and the price of a barrel of WTI traded around 74.2 dollars.

Gil Befman, the Chief Economist of Bank Leumi noted in his review: “Further escalation of the ‘Iron Swords’ war, and its possible expansion to additional arenas, could pose a risk to the global oil supply. This, by preventing exports and/or harming approximately 4 million barrels of oil per day produced in Iran and about 20% of the global oil output, which passes through the Persian Gulf.

“At the same time, the countries of the Persian Gulf, including Saudi Arabia, Qatar, and the United Arab Emirates, urged the United States to act to prevent possible damage to the oil facilities in Iran. This, as a result of a direct threat from Iran against the oil facilities in the Gulf countries in the event that damage of this type occurs. It is possible that The Iranian threat contributed to a further increase in the risk premium last week and put the global oil supply at risk. The United States, which will be affected by such a development if it materializes, is expected to try and prevent a possible damage to the global oil supply. The more successful the US’s efforts, the greater the chances of a drop in the price of oil in the future “.

In the macro sector, later today (Tuesday) the labor market data in Great Britain, the consumer price index in Spain and France, the industrial production in the Eurozone and the consumer price index in Canada are expected to be published.

Boffenheimer explains that based on historical performance, during the fourth quarter, the shares of small companies on Wall Street tend to close gaps against the leading indices: “In this way, we believe that the Israeli technology stocks may also show better performance, and return to show overperformance, which characterized the list of recommendations of the department The Oppenheimer Israel study in previous years”.

Ahead of the upcoming report season among Israelis, Oppenheimer is updating the composition of the recommended technology list: “We are adding to the recommended list the stock of Camtech, a supplier of chip testing equipment, which we recently began to cover with an “outperform” recommendation, with a target price of $100, and the Similrave company, A digital business intelligence platform provider that is also rated as “outperform” with a target price of $10. These shares replace the shares of Tabula and Ituran, given the caution of the ability to achieve the business goals in the fourth quarter of 2024 and in 2025, when the consensus forecasts embody over-optimism in our opinion. for their growth in the coming year.