Morning wrap (28.08.2024)

05:50 28 August 2024
  • Yesterday's session on Wall Street was dictated by buyers. The Nasdaq100 gained 0.33%, the S&P 500 gained 0.24%, and the DJIA closed the session flat. The main event of the day in the markets will be the results of Nvidia, after the session on Wall Street.
  • Volatility in global markets, ahead of the awaited Nvidia quarterly report, dropped slightly, illustrating the 'waiting phase' for the investors. Yesterday, Nvidia shares gained more than 2%, with the options market implying possible double-digit volatility after the today, Q2 earnings report
  • China's Hang Seng Index fell more than -1% today, while mainland benchmark CSI dropped to the lowest level since February. Bottled water manufacturer Nongfu Spring shares fell 13% on the release of its weaker than expected half-year earnings growth - the lowest in 4 years.
  • The Asian session was mostly flat; the Nikkei and Topix closed the session near the opening. South Korea's KOSPI lost -0.3%. India's benchmarks Sensex and Nifty50 also posted a slight 0.05% gain
  • Australia's CPI inflation came in at 3.5% y/y, up from 3.4% forecast and 3.8% previously. The construction sector rose 0.1% quarter-on-quarter, below the 0.7% forecast and -2.9% in the previous quarter
  • The change in crude oil inventories according to API yesterday indicated a decline of -3.4 million barrels, larger than the -3 million forecast, versus 0.34 million previously. Gasoline inventories fell by more than -1.8 million barrels, down just over -1 million in the previous month. Distillate stocks declined slightly less, with -1.4 million barrels reported, compared to -2.4 million previously
  • EURUSD is losing more than -0.34% today. Yields on 10-year U.S. Treasury bonds fell slightly, to 3.825%.  
  • Dollar index contracts are recovering and are up from around 100.5 to 100.8 today, adding more than 0.3%. Gold loses -0.8%, and silver retreats nearly -1.8%
  • Commodities on the CBOT and ICE exchange are trading mostly down gently. Cotton contracts are losing -1%, with wheat and soybeans giving back a small portion of yesterday's gains
  • Bitcoin has settled below $60,000 and remains below a key resistance level. Sentiment in the crypto market is mostly weak. Ethereum managed to recover some of its losses and rose from $2,400 to near $2,500 today
  • Donald Trump announced a debate with Kamala Harris, on September 10, on ABC News television. White House security spokesman Kirby conveyed that Iran appears determined to finally mount a more serious military response against Israel. He also conveyed that the U.S. would commit to defending Israel if it came to it
  • Analysts at Vanguard Global issued a report indicating that corporate earnings would have to rise 40% this year to justify current stock valuations. They also commented rather reticently on AI and the impact of the technology on business and company valuations, indicating that investors 'should start connecting the dots and making expectations more realistic;'

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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