negative trend in European stock exchanges and contracts;  Porsche climbs in Frankfurt

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

12:35

In Europe, declines of more than 1% continue in the major stock indices and also on Wall Street contracts on the Nasdaq weaken by 1%. Porsche jumps by 4% in Frankfurt after its IPO, which was the largest in the last decade in Europe.

In the early trading arena in New York, declines of 1.3%-2% are recorded in technology stocks. Dark Drops by 1.4% after it turned negative yesterday in contrast to the strong positive trend in the market, due to a report by Bloomberg that it withdrew from plans to increase iPhone 14 production.

In the barrage market, the pound jumps by 1.6% and its value is NIS 3.84 (just yesterday it plunged to NIS 3.77). The euro jumps by 1.3% to NIS 3.42 and the dollar also started to climb slightly and its value is NIS 3.54. Against the dollar, the euro is down by 0.6 % to 96 cents and the pound retreated by 0.5% to $1.08.

11:20

The declines in Europe are getting stronger and range from 1.4% to 1.8% in the leading exchanges. In Hong Kong, trading in the Hang Seng index closed down 1%, led by real estate and technology stocks, led by Country Garden.

Dr. Ron Eichel, chief analyst at Colmax Capital Markets, issued a sell recommendation for the company fdx , after falling due to the withdrawal of the annual forecast and the profit warning, which it blamed on inflation and the expected global recession. “The company recorded an adjusted net profit of 905 million dollars, which is lower compared to the corresponding quarter last year, when it was close to 1.2 billion dollars. The company stated that macroeconomic weakness in the Asian region and challenges in the supply of services in Europe reduced about 500 million dollars from the revenues,” notes Eichel. “Technically, the FedEx share is in a strong negative trend for the coming week, with most indicators supporting a decrease in its price and giving a Sell rating. Both the Oscillators and the Momentum indicator give a Sell rating.”

Porsche (NYSE: P911) started trading this morning in Frankfurt and is climbing at this time by about 2.5%. The company was issued at a share price of $82.5 and now rises to $84.5.

10:10

The contracts on Wall Street went into the red, and the declines worsened and reached more than 1%, and accordingly Europe also opened with declines. The Dax index was cut by 0.8%, France’s CAC lost 0.9%, the FTSE fell 1.2% in London, and the pan-European Euro Stox 50 retreated 1%.

Bond yields in the UK are soaring. The 10-year bond yield jumps by almost 14 points to 4.14%, the two-year bond yield rises by 12 points to 4.36%.

In Asia, the Hang Seng index fell by 1.1%, and the Shanghai Stock Exchange lost about 0.1% before the closing. The Australian stock market closed up 1.4%, in Taiwan the flagship index rose by 0.5%, and in South Korea the Kospi reduced the daily increase to only 0.1%.

Macro Spain: The consumer price index, according to preliminary estimates, decreased in September by 0.6%, so that the annual inflation rate reached 9%. This is an encouraging figure, since the forecasts were for an annual increase of 10% in the price index. In Germany, the data will be published at 15:00 Israel time, and half an hour later growth data will be published in the USA.

09:15

The Nikkei index in Tokyo closed slightly more than 1% higher. The Japanese transport company Mitsui OSK Lines fell by about 13%, and the shipping company Nippon crashed by about 16%.

In Hong Kong, the trend has changed, and the Hang Seng index is now losing 0.4%, mainly affected by the real estate giant Country Garden, which plunges by 11% in the high turnover of the index, Xiaomi, which loses about 5%, and Lenovo, which sheds 7%. Alibaba rises by 2.5%.

The trend reversed on Wall Street as well, and the contracts moved to decreases of 0.6% to 1%. The futures on European indices also signal a red opening in about an hour.

08:00

The main stock indices in Asia are registering price increases. The Nikkei index rises by 1%, the Hang Seng by 1.1%, the Kospi in Seoul strengthens by 1.4%, and the flagship index in Sydney jumps by 2%. The trend is also positive in China, Taiwan and India.

Futures are stable with a slight upward trend this morning. Wall Street closed last night in sharp gains, snapping a 7-day losing streak for the Dow Jones and the S&P 500, which jumped 2% and 1.9% respectively. More than 80% of Nasdaq stocks traded higher, and the index ended the evening with a jump of 2.05%.

At the same time, bond yields in the US were cut substantially – the 10-year bond yield, which earlier climbed and crossed the 4% mark, plunged by 24 basis points to 3.71%. The two-year bond yield fell by -19 points to 4.11%. This is the sharpest daily drop in yields since 2009. This morning there is a slight recovery in yields – the 10-year bond yield rises to 3.76%, and the two-year bond yield to 4.14%.

stock porsche It will start trading this morning in Frankfurt, after the board of directors approved an offering at a price of 82.5 euros per share, in the upper range of the forecasts. The company is expected to raise 9.4 billion euros based on a market value of 75 billion euros, making it the fourth largest car manufacturer after Tesla Toyota and the parent company Volkswagen . This is the largest European IPO in the last decade.

At 15:30 Israel time, the final growth data for the US economy in the second quarter will be published. According to the measurements already published, the GDP in the second quarter is expected to decrease by 0.6% (a correction for the better after the initial data indicated a decrease of 0.9%). Also, during the day, preliminary data of the September consumer price indices will be published in Germany and Spain. In Germany, a sharp monthly increase of 1.3% is expected, which will bring the annual inflation to the level of 9.4%, after an increase of 7.9% in August.

Against the background of the change of direction in the markets last night, the Bank of England announced that it would purchase long-term government bonds to stabilize the state capital market, which also led to the recovery of the British pound, after it had plunged to an all-time low this week against the US dollar. The dollar lost ground last night against most currencies, but this morning the euro weakened against it by 0.5%, and its rate was 96 cents. The pound retreated by 0.7% to $1.08.

Slight declines are recorded in the commodity market after yesterday’s strong gains. American oil contracts jumped by 4.5% (and this morning are trading around $82 per barrel), partly amid fears that Hurricane Ian, which is attacking Florida, will disrupt supplies. Brent oil contracts jumped by 3.5% (and at this time retreated slightly to $88.9 per barrel). At the same time, gold jumped by 2% last night (and is now trading slightly lower around $1,654 per ounce), but still has not covered its weekly loss which was reduced to 1%.

By Editor

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