Pinchas Cohen | Jul 15, 2019 08:22
Futures on the NASDAQ 100 extended the Fed-driven rally this morning, with SPX contracts hitting a fresh all-time high ahead of more central bank's speeches and earnings reports from some of the U.S. largest banks.
Europe's STOXX 600 wavered, with automobile producers and chemical firms pushing prices higher.
Trading was thin in the earlier Asian session due to a Japanese holiday, but regional shares still managed to notch higher after China’s GDP slowed to 6.2%, the weakest pace in over 27 years. The market's narrative banked on economic stabilization that would stem from what was seen as a likely move, by Chinese policymakers, to step up economic stimulus.
The country’s AMP ) was the top loser on both the sub-index and the benchmark, shedding nearly 16% on the day, to a record low. Its shares dived after the company said regulatory constraints in New Zealand will most likely push it to shelve sale plans for its life insurance and wealth protection business. The firm also cancelled its interim dividend. Miners shares, however, offset a deeper selloff.
The nonfarm payroll numbers.
Meanwhile, yields on 10-year Treasurys pared an advance but continued to edge higher, after they completed a bullish, falling flag on the 4-hour chart, suggesting more upside potential.
The Dollar Index edged lower, posting a fourth consecutive drop after falling back below the medium-term uptrend line and into the short-term falling channel. The greenback has been fluctuating above the 200 DMA, which has proved support this month.
Bitcoin has plunged about 14% since Friday as criticism from President Donald Trump, attacking cryptos' high volatility and legal risks, reignited doubts over the validity of this year’s rally. Technically, the price found support at the 50 DMA and the previous low at July 2. However, it also failed to best the June highs, which means that, as of now, the digital currency is contracting.
reawakened fears that fuel demand by the world’s largest crude importer is slowing. Technically, the price for WTI may be setting up for a repeat of last week’s 6% jump as it develops a bullish, falling flag.
h2 Up Ahead/h2Canadian Foreign Securities Purchases and Foreign Securities Purchases by Canadians for May are released Tuesday.
Stocks
Canada’s S&P/TSX Composite closed down 0.24 percent last Friday.
Currencies
The Canadian loonie was up 0.04 percent against the U.S. greenback early Monday, trading at 0.7675.
Bonds
Canada’s 10-year yield was down early Monday at 1.606, a 0.19-percent decrease.
Commodities
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