S&P 500 climbed 0.75%, Dow Jones gained over 0.5%. Nasdaq led the pack with 1.22% increase| FXMAG.COM

DAILY MARKET NEWSLETTER

December 9, 2022

Pre-Market Session

News Sentiment

Technical Views

EUR/USD Euro Stoxx 50 (Eurex) Brent (ICE)

s p 500 climbed 0 75 dow jones gained over 0 5 nasdaq led the pack with 1 22 increase grafika numer 1

Please note that due to market volatility, some of the key levels may have already been reached and scenarios played out.

Price Movement

Analyst Views

Target

Pivot

Dax (Eurex)

14,312.00

+36.00 (+0.25%)

s p 500 climbed 0 75 dow jones gained over 0 5 nasdaq led the pack with 1 22 increase grafika numer 2

✕	Read the analysis

14,375.00

14,259.00

FTSE 100 (ICE Europe)

0.00

0.00 (0.00%)

s p 500 climbed 0 75 dow jones gained over 0 5 nasdaq led the pack with 1 22 increase grafika numer 4

✕	Read the analysis

7,514.00

7,474.00

S&P 500 (CME)

3,970.00

+4.25 (+0.11%)

s p 500 climbed 0 75 dow jones gained over 0 5 nasdaq led the pack with 1 22 increase grafika numer 6

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3,986.00

3,945.00

Nasdaq 100 (CME)

11,668.25

+22.75 (+0.20%)

s p 500 climbed 0 75 dow jones gained over 0 5 nasdaq led the pack with 1 22 increase grafika numer 8

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11,750.00

11,555.00

Dow Jones (CME)

33,818.00

+15.00 (+0.04%)

s p 500 climbed 0 75 dow jones gained over 0 5 nasdaq led the pack with 1 22 increase grafika numer 10

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33,935.00

33,660.00

Crude Oil (WTI)

72.16

+0.70 (+0.98%)

s p 500 climbed 0 75 dow jones gained over 0 5 nasdaq led the pack with 1 22 increase grafika numer 12

✕	Read the analysis

71.20

73.20

Gold

1,794.66

+5.522 (+0.31%)

s p 500 climbed 0 75 dow jones gained over 0 5 nasdaq led the pack with 1 22 increase grafika numer 14

✕	Read the analysis

1,803.00

1,785.00

MARKET WRAP

Market Wrap: Stocks, Bonds, Commodities

On Thursday, U.S. stocks halted their decline. The S&P 500 rose 29 points (+0.75%) to 3,963 breaking an eight-session losing streak. The Dow Jones Industrial Average jumped 183 points (+0.55%) to 33,781, and the Nasdaq 100 was up 140 points (+1.22%) to 11,637.

U.S. data showed that the latest initial jobless claims rose to 230,000 (vs 240,000 expected).

Semiconductors (+3.11%), consumer services (+1.70%), and consumer durables & apparel (+1.58%) sectors gained the most, while telecoms services (-1.19%), energy (-0.47%), and automobiles (-0.40%) sectors remained under pressure.

Nvidia (NVDA) jumped 6.51%, NXP Semiconductor (NXPI) rose 4.59%, and Marvell Technology (MRVL) was up 3.19%.

U.S.-listed Chinese tech stocks posted gains as China appears to move away from restrict Covid measures.

Baidu (BIDU) rose 5.02%, Alibaba (BABA) climbed 6.61%, and JD.com (JD) was up 3.28%.

The U.S. Federal Trade Commission (FTC) filed a complaint seeking to stop the purchase of video game maker Activision Blizzard (ATVI) by Microsoft (MSFT). Activision Blizzard (ATVI) slipped 1.54%, while Microsoft (MSFT) closed 1.24% higher.

The U.S. 10-year Treasury yield rebounded 6.9 basis points to 3.486%.

European stocks showed a lack of momentum. The DAC 40 was little changed, while the CAC 40 dipped 0.20%, and the FTSE 100 was down 0.23%.

U.S. WTI crude futures settled flat at $71.65 a barrel.

Gold price added $3 to $1,789 an ounce.

Market Wrap: Forex

The U.S. dollar softened against other major currencies. The dollar index declined to 104.79.

EUR/USD jumped 51 pips to 1.0557.

USD/JPY was flat at 136.62.

GBP/USD rose 35 pips to 1.2238.

AUD/USD gained 47 pips to 0.6772.

USD/CHF dropped 48 pips to 0.9360, and USD/CAD fell 70 pips to 1.3583.

Bitcoin advanced over 2% to $17,200.

Morning Trading

In Asian trading hours, USD/JPY fell to 135.82. The Bank of Japan reported that the M2 money stock grew 3.1% on year in November (vs +3.0% expected).

China’s data showed that consumer prices increased 1.6% on year in November (vs +1.8% expected). USD/CNH declined to 6.9588, while AUD/USD rose to 0.6787.

EUR/USD traded higher to 1.0578, and GBP/USD climbed to 1.2272.

Gold price advanced further to $1,794 an ounce.

Bitcoin held at levels above $17,200.

Expected Today

In the U.S., producer prices are expected to add 0.3% on month and 7.3% on year in November.

The University of Michigan consumer sentiment index is expected to dip to 56.4 in December.

UK MARKET NEWS

Berkeley Group, a property development company, posted half-year profit before taxation of 285 million pounds (vs 291 million pounds a year earlier), adding: "Revenue of 1,200.7 million pounds in the period (2021: 1,220.7 million pounds) arose primarily from the sale of new homes in London and the South East. (...) Basic earnings per share have decreased marginally to 200.4 pence per share (2021: 201.7 pence per share), (...) 2,080 new homes (2021: 1,828) were sold across London and the South East at an average selling price of £560,000 (2021: £647,000) reflecting the mix of properties sold in the period."

Associated British Foods, a packaged food company, issued a trading update: "We continue to expect the aggregate profit of our Food businesses to be ahead of our last financial year. (...) For the full year, we continue to expect significant growth in sales for the Group, and adjusted operating profit and adjusted earnings per share to be lower than the previous financial year."

Anglo American, a global mining giant, posted an investors update: "Anglo American to continue its improvement and growth momentum: 2022 Production down by c.3%: Quellaveco copper ramp-up and strong diamond production, offset by ore grades in Chile and lower production from Kumba and PGMs (...) Unit costs up c.16% (...) 2023 Production expected to increase by 5% as Quellaveco ramps up (...) Unit costs expected to increase by c.3%: inflation expected to moderate; and the benefit of Quellaveco (...) 2024 Production expected to increase by 5% (...) 2025 Production expected to be in line with 2024."

Oil & Gas, telecom and basic resources shares fell most in London on Wednesday.

In the telecommunications sector, BT Group (-3.72% to 112.55p) reached a new 3-month relative low against the FTSE 100.

From a relative strength vs FTSE 100 point of view, BAE Systems (+1% to 831.4p) crossed above its 50-day moving average.

From a technical point of view, BAT (-3.09% to 3305p) crossed under its 50-day moving average.

ECONOMIC CALENDAR

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