NY Open: New iPhones not boosting the Nasdaq... yet
FX Trader, Loonieviews.net
Nothing says September like a new iPhone announcement. Apple (AAPL:xnas) is expected to unveil a suite of products today including super-sized phones, watches, and airbuds. They are also expected to announce higher prices which seems defiant in the face of President Trump’s 25% tariff threat on China imports. Unfortunately, investors are nearly as defiant about the China trade threat. They are even less impressed with the increasing risk of harsher regulatory oversight on the major tech stocks. AAPL is down 1.35% this morning helping to drag the Nasdaq lower as well. The DJIA and the S&P 500 are only slightly better than flat.
Oil prices have been blown higher, in part due to fears that Hurricane Florence, a Category 5 storm, will disrupt production in the US. Opec announced it trimmed its 2019 global oil demand growth forecast, saying the risk to the economic outlook was to the downside. Nevertheless, its 2019 forecast still calls for an increase of 1.41 million/barrels per day.
The Energy Information Administration’s weekly crude inventory report showed a larger-than-expected decline in stocks; WTI oil climbed from $67.50/barrel yesterday to $70.84/b as of this writing.
FX markets are spinning their wheels ahead of tomorrow’s European Central Bank and Bank of England policy meetings until just after 14:00 GMT. The US dollar slid against the G-10 majors although this morning’s US data were mostly a non-event.
USDCAD accelerated lower this morning on fresh reports of a US/Canada trade talk breakthrough. Apparently, yesterday's end-of-day rumours that Canada would make concessions on supply management and give the Americans access to the dairy industry. USDCAD dropped from 1.3130 yesterday afternoon to 1.3055 at the New York open. Prices crashed through 1.3040 support on the latest news.
The intraday USDCAD technicals are bearish with the break below 1.3020 targeting 1.2975 and then 1.2900.
Quarterly Outlook Q2 2022
Quarterly Outlook Q2 2022: The End Game has arrived
- Shocks from covid and the war in Ukraine have forced the global financial and political world to change, but what will the end game be?
Productivity and innovation have never been more importantAs the world economy hits physical limits and central banks tighten their belts, could equities be facing a 10-15% downside?
The great EUR recovery and the difficulty of trading itIf the terrible fog of war hopefully lifts soon, the conditions are promising for the euro to reprice significantly higher.
Tight commodity markets – turbocharged by war and sanctionsWith supply already tight, commodities keep powering on. But will it last for yet another quarter?
Between a rock and a hard placeGeopolitical concerns will add upward price pressures and fears of slower growth, while volatility will remain elevated.
The Great ErosionInflation is everywhere and central banks try to combat it. But will they get it under control in time?
Australian investing: Six considerations amid triple Rs: rising rates, record inflation and likely recessionWhile global financial markets are struggling in an uncertain world, the commodity-heavy Australian ASX index is poised to keep a positive momentum.
Cybersecurity – the rush to catch up with realityWith the invasion of Ukraine, governments and private companies are rushing to reinforce their cyber defenses.