- WTI and Brent front-month futures saw upside momentum fade alongside a marginal Dollar-rebound off lows
Newsquawk Mon 08 Aug 2022 10:22- - DXY has pulled back from Friday's peaks to the modest benefit of peers while core Fixed experience similar respite Newsquawk Mon 08 Aug 2022 10:22
- - APAC trade was torn between strong Chinese trade data and hawkish Fed repricing post-NFP Newsquawk Mon 08 Aug 2022 10:22
- - Similar directional performance in US futures, though magnitudes are more contained amid limited newsflow with little scheduled ahead, ES +0.3% Newsquawk Mon 08 Aug 2022 10:22
- Happy Monday to our US friends! - European bourses are firmer across the board after shrugging off mixed APAC trade, Euro Stoxx 50 +0.8% Newsquawk Mon 08 Aug 2022 10:22
Analysis details (10:03)
Equities in Europe kicked off the session on the front foot following a mixed and choppy APAC lead after traders in the region digested the US jobs report and its potential implications, ahead of the US and Chinese inflation metrics this week. In terms of broader equity commentary, Goldman Sachs suggests the macro-economic outlook is deteriorating, with firms set to face continued input cost pressures. Thus, the bank forecasts a 2023 margin contraction in every sector – led by materials, energy, and healthcare, and cut their 2023 SPX EPS growth to 3% from 5% but maintained the 8% 2022 forecast. The desk also maintained its year-end SPX target of 4,300. Morgan Stanley, meanwhile, believes that the next leg lower in equities will be in September as company profits see the negative effects of falling inflation – the desk believes that estimates for margin expansion in 2023 are “unrealistic” amid “sticky cost pressures and falling...
- **Patting ourselves on the back** Our clients heard our squawk about US House Speaker Pelosi is to land in Taiwan on Tuesday night and meet lawmakers on Wednesday. Look at that jump in the chart! Try hearing the news first for 14 days free: Link https://t.co/F1TRrPCuYm Newsquawk Mon 08 Aug 2022 09:07
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Analysis details (09:18)
DXY
The index has pulled back further from Friday’s post-NFP 106.93 high after market bets on Friday tilted more towards a 75bps September hike by the FOMC, whilst Fed’s Daly and Bowman kept options open over the weekend. Participants are looking ahead to this week’s highlight - the US CPI metrics - headline CPI is expected to rise 0.2% M/M in July, easing from the 1.3% monthly pace printed in June; core inflation, however, is expected to continue ticking higher. If the core metrics surprise to the downside, many will dust off arguments that core consumer prices have peaked, which could help the Fed move to a lower increment of rate hikes at the September FOMC. From a technical standpoint, the DXY sees its 10 DMA at 106.25 (matching the current intraday low) ahead of the 106.00 psychological mark, whilst upside levels include the 21 DMA at 106.87 ahead of Friday’s best.
AUD, NZD, CAD
Non-Dollar G10s are gaining...
- European movers: Legal & General +2.9% Veolia Environnement +2.4% E.ON +2.4% Rheinmetall +2.1% Playtech +1.7% Saipem +1.5% Richemont +1.3% PostNL -4% M&G -2.7% Just Eat Takeaway -1.2% Newsquawk Mon 08 Aug 2022 07:11
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- - Looking ahead, highlights include EZ Sentix, Earnings from BioNTech, Barrick Gold, Porsche SE & Siemens Energy. Newsquawk Mon 08 Aug 2022 05:26
- - DXY is contained after Friday's gains, AUD outperforms G10 FX, JPY lags, EUR/USD sits on a 1.01 handle. Newsquawk Mon 08 Aug 2022 05:26
- - Fed’s Bowman (voter) said the Fed should consider more 75bps rate hikes at coming meetings. Newsquawk Mon 08 Aug 2022 05:26
- - European equity futures are indicative of a higher open with the Euro Stoxx 50 future +0.6% after the cash market closed with losses of 0.8% on Friday. Newsquawk Mon 08 Aug 2022 05:26
- Morning all! - APAC stocks traded mixed with price action choppy as participants reflected on encouraging Chinese trade data and hawkish Fed repricing. Newsquawk Mon 08 Aug 2022 05:26
- Asia-Pac stocks trade mostly subdued as strong Chinese trade data is counterbalanced by hawkish Fed pricing, geopolitical concerns and China COVID woes... https://t.co/95xaMlC8Vk Newsquawk Mon 08 Aug 2022 02:40
- Asia-Pac stocks are lacklustre as the region digests the post-NFP hawkish pricing of Fed rate hike expectations, with markets also cautious amid geopolitical concerns and ahead of this week's CPI data from both the US and China; ASX 200 (-0.3%), Nikkei 225 (Flat), KOSPI (-0.4%) Newsquawk Mon 08 Aug 2022 00:15
- US equity futures begin the week with mild losses after last Friday's US NFP and wages data spurred hawkish pricing of Fed rate hike expectations, while weekend Fed rhetoric and lingering geopolitical concerns add to the early headwinds. Newsquawk Sun 07 Aug 2022 22:09
- RT @Newsquawk: "**Newsquawk self-promotion warning** We squawked to our clients first wind of reports that PM Johnson was expected to resi… Newsquawk Sun 07 Aug 2022 15:03
- USER REPORTS INDICATE SOUTHWEST AIRLINES SERVICES HAVING PROBLEMS - DOWNDETECTOR The dude on flight wifi seeing this https://t.co/qwgfOZqOFc Newsquawk Thu 16 Sep 2021 13:51
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- Retail Control: +2.5% (exp. -0.1%, prev. -1%); A positive sign for Q3 GDP Newsquawk Thu 16 Sep 2021 12:36
- Philly Fed (Sept) bounces to 30.7 vs exp. 19 But, unlike Empire Survey, New Orders and Employment sub-indices both fall. A mixed print under the hood for this initial September data after August misses. Newsquawk Thu 16 Sep 2021 12:36
- US RETAIL SALES (AUG) Retail Sales: +0.7% (exp. -0.8%, prev. -1.1%) Ex Autos: +1.8% (exp. -0.1%, prev. -0.4%) https://t.co/06GNFX2CNk Newsquawk Thu 16 Sep 2021 12:36
- Initial iPhone 13 pre-orders through Apple’s store on JD.com reached more than 2 million as of Thursday The new iPhone 13 models are expected to sell for less than the cost of corresponding iPhone 12 models in China
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