Trading Review: Ongoing Reports, Trends, Indices, Stocks, Bonds, Forex and Commodities and Analyst Recommendations
Trading in Europe continues to be a mixed trend, although gains have intensified and reached more stock exchanges in the bloc. Dax is up 0.3%, Kak is up 0.2% and the pan-European Eurostox 50 index is up 0.1%.
Potsey, on the other hand, is down 0.5%, in part due to a 3% drop in energy giant BP’s high turnover, after it released results. Although the company beat forecasts in the net profit line, it noted that it lost $ 2.5 billion in the third quarter as a result of “significant adverse accounting effects of fair value.” These caused the company to suffer a $ 6.1 billion hit that it attributed to the “abnormal” rise in gas prices going forward towards the end of the quarter.
After flying 8.5% yesterday, Tesla shares are down about 5.7% in early trading on Wall Street. The Israeli Teva, which is strengthening in Israel after a lawsuit against it was rejected in the opioid case, is also soaring more than 7%.
China and Hong Kong closed today in declines. The Shanghai index was down 1%, the Shenzhen index was up 0.7% and the Hang Seng was down 0.2%.
Trading in Europe opened in a mixed trend, with the German DAX index recording a minimal increase but most of the stock exchanges in the bloc weakened. Kak is down 0.1%, Potsey is down 0.3%.
The ones that mainly obscure trading today are the banks and investment bodies, including the British charter standard that erases 5%, Barclays, HSBC and Deutsche Bank.
The British energy giant BP Released third-quarter results, beating market forecasts and making a profit of $ 3.3 billion, mainly due to rising oil prices. Analysts had forecast a profit of $ 3.1 billion, compared to a net profit of $ 2.8 billion in the previous quarter and only $ 100 million in the same period in 2020, when oil prices collapsed as a result of the corona plague. This year, Brent oil prices have so far risen by around 60%.
Trading in Japan closed this morning down 0.4%, partly following declines by Nomura Investment Bank, which published reports yesterday that quarterly net profit plunged 95% to $ 28.3 million (3.2 billion yen). Insurance giant Mitsui also clouded the index when it lost about 4%.
In the futures market, there are still slight declines, as well as in the bond segment – and the yield on the US administration’s 10-year bond is cut to 1.55%.
On the Asian stock markets, there is a mixed trend today, with the Nikkei index in Tokyo retreating by about 0.6% and on the other hand the Hang Seng index in Hong Kong traded up by about 0.5%. Trading in Wall Street indices is down slightly.
This is after trading in the US ended last night with gains. The Nasdaq index rose 0.6% to a new high, thanks in part to a windfall provided by electric vehicle maker Tesla that jumped more than 8%. The S&P 500, which traded slightly lower or more stable throughout the day, closed up 0.2% to a high, and the Dow Jones also rose 0.3% to a new high.
In Australia today the central bank decided to leave the interest rate unchanged.
In its weekly review, Oppenheimer’s technical strategist Ari Wald highlights the recovery in the US S&P 500 during October, both in absolute terms and relative to the global MSCI index. Wald sees the breakout of the S&P 500 above the resistance level of 4,545 basis points as a sign of strengthening a positive trend, and maintains the target of 4,800 points for the US stock index by early 2022.
At the same time, Wald expects a further recovery in the Russell 2000 small stock index after the index stabilized in a narrow range throughout 2021. Oppenheimer’s strategist emphasizes that increases in the Russell 2000 index are accompanied in 92% of cases even by a rise in the broad S&P 500 index. “In, thus the breakthrough of Russell 2000 above the level of resistance should accelerate the rally in the general market.
In the crypto market, Bitcoin is trading at an increase of about 1% around $ 61,700. In the commodity trading arena, a Brent oil contract is trading at a slight increase around $ 84.9 a barrel.