News MARKET OUTLOOK AND NEWS BY CAPITAL STREET FX

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capitalstreetfx

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Jul 16, 2020
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TOP 5 MARKET NEWS - 19th Aug 2020

MARKET OUTLOOK AND NEWS BY CAPITAL STREET FX


1. FED Meetings Minutes Out At 2 PM EST.
The minutes of the latest Federal Reserve meeting will be published in the afternoon. The wise words may provide some insight into how the central bank sees the recovery playing out, Reuters said. The Fed has cut rates to near zero to bolster business through the pandemic.
The minutes offer detailed insights regarding the FOMC's stance on monetary policy, so currency traders carefully examine them for clues regarding the outcome of future interest rate decisions.

2. No New U.S.-china Trade Talks Scheduled: White House Chief Of Staff.
No new high-level trade talks have been scheduled between the United States and China but the two sides remain in touch about implementing a Phase 1 deal, White House Chief of Staff Mark Meadows told reporters aboard Air Force One on Tuesday.
U.S. President Donald Trump earlier told reporters during a visit to Yuma, Arizona, that he had postponed an Aug. 15 review of the trade agreement signed with China in January given his frustration over Beijing's handling of the coronavirus pandemic.

3. U.S. Official Sees 'real Desire' For Smaller Coronavirus Relief Bill
Some Democrats and Republicans have a "real desire" to reach agreement on a smaller coronavirus relief bill that could be worth around $500 billion, a senior Trump administration official said late on Monday.
The official said the agreement could include funding for the U.S. Postal Service, additional funding for loans to small- and medium-sized businesses to keep workers on their payrolls and potentially added money for schools.

4. Oil Prices Skid As Concerns Over U.S. Demand Recovery Seep Through Market
Oil prices slid on Wednesday as concerns grew that U.S. fuel demand may not recover quickly amid stalled talks on a post-coronavirus economic stimulus package, overshadowing a bigger-than-expected drawdown in U.S. crude stocks.
With investors keeping one eye on a key producer countries' ministerial meeting later in the day, Brent Crude futures fell 38 cents, or 0.8%, to $45.08 a barrel, having edged up 9 cents on Tuesday. U.S. WTI crude futures was down 25 cents, or 0.6%, at $42.64 a barrel.

5. Earnings Watch: Nvidia, Lowe, Target And More.
Nvidia is expected to report earnings per share of $1.98 on sales of $3.65 billion. The company has beat expectations over the past five quarters. Lowe's is estimated to report $2.83 on sales of $23.88 billion. Home Depot fell despite the good news, as stimulus dries up and reality hits.
TJX is expected to publish a loss per share of 11 cents on sales of $6.46 billion. Shares are up 63% since March. Target may report earnings per share of $1.58 on sales of $19.87 billion. The stock is up 50% since March, and will follow Walmart's record online sales published Tuesday.



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capitalstreetfx

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Jul 16, 2020
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TOP 5 MARKET NEWS - 20th Aug 2020


1. Initial Jobless Claims Out At 8:30 AM EST. Initial jobless claims fell below 1 million in August for the first time since the coronavirus pandemic began almost five months ago, signaling a steady if slow revival in a battered U.S. labor market. New applications for unemployment benefits are expected to decline to 925K from 963K last week.

2. Fed To Cut One-week Dollar Swap Operations With Major Central Banks. The U.S. Federal Reserve will cut the number of seven-day swap operations with major central banks to one tender per week from three from Sept. 1 as funding conditions have improved, the European Central Bank said in a statement on Thursday. The Fed will, however, maintain its schedule for 84-day tenders with the Bank of England, the Bank of Japan, the ECB and the Swiss National Bank at one per week, the ECB said.

3. China, United States Agree To Hold Trade Talks, Chinese Commerce Ministry Says. China and the United States have agreed to hold trade talks "in the coming days" to evaluate the progress of their Phase 1 trade deal six months after it took effect in February, the Chinese commerce ministry said on Thursday. Ministry spokesman Gao Feng made the comments at a weekly briefing held online, but did not elaborate. They followed Tuesday's remarks by White House Chief of Staff Mark Meadows that no new high-level trade talks were scheduled, though both sides were in touch about implementing the Phase 1 deal.

4. China Vows All Necessary Measures To Protect Firms Following U.S. Curbs On Huawei. China will take "all necessary measures" to protect its firms' legitimate interests, the Commerce Ministry said on Thursday, in response to the U.S. move this week to further tighten restrictions on Huawei Technologies Co. The Trump administration on Monday expanded restrictions announced in May aimed at preventing the Chinese telecommunications giant from obtaining semiconductors without a special license, and added 38 Huawei affiliates in 21 countries to the U.S. government's economic blacklist in its crackdown on its access to commercially available chips.

5. Facebook Wins Preliminary Approval To Settle Facial Recognition Lawsuit. Facebook Inc. won preliminary approval late on Wednesday from a federal court for settlement of a lawsuit that claimed it illegally collected and stored biometric data of millions of users without their consent. The social media company had in July raised its settlement offer by $100 million to $650 million in relation to the lawsuit, in which Illinois users accused it of violating the U.S. state's Biometric Information Privacy Act.






Capital Street Intermarkets Limited is a Global Business Company (GBC1) incorporated and regulated by the Financial Services Commission, Mauritius.
 
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TESLA STOCK PLUNGES AFTER BEING LEFT OUT OF S&P 500 INDEX - CAPITAL STREET FX




Tesla stock cratered Tuesday as the electric-car maker failed to gain admission into the S&P 500 index, as many expected, during the quarterly rebalancing.
Expectations that Tesla would be added to the index are among the reasons shares had more than doubled since July 1. Investors bet the company’s inclusion could mean a sudden jump in demand for passive funds that track the benchmark. In addition, Tesla stock got another jolt when it announced a 5-for-1 stock split on Aug. 11. Trading began on a stock split-adjusted basis on Aug. 31.

The decision to leave Tesla (TSLA) off the index was made late Friday, even though the company had met all the eligibility criteria. The S&P 500 is a market capitalization-weighted index of the 500 largest U.S. publicly traded companies.
Tesla stock dropped 21.1%, closing at 330.21 on the stock market today. Last week, Tesla stock dropped 16% amid a broad sell-off of technology stocks. S&P Global did not comment on why TSLA was not added to the index this cycle. Tesla did not respond to a request for comment.

The companies that were added to the S&P 500 index are e-commerce company Etsy (ETSY), pharmaceutical company Catalent (CTLT) and test equipment maker Teradyne (TER). Etsy's stock fell 1.3%, to 110.56. Catalent dipped 1.1%, to 83.07. Teradyne dropped 3.9%, to 75.53.
On the technical front, the RSI is at 22.64% and suggests that the market can move in the downward direction. The current price is trading below all the moving averages and above 50 days moving averages. The stochastic is forming a downside crossover.
Overall Bias is negative and Short-term sell trades can be initiated with below mentioned Stop Loss and Profit targets.

Trade Suggestion – SELL Tesla Share at 330.05 Take Profit at 314.13 Stop Loss at 348.99






Capital Street Intermarkets Limited is a Global Business Company (GBC1) incorporated and regulated by the Financial Services Commission, Mauritius.
 

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