Traders May Cash In On Recent Gains Amid Lingering Uncertainty

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Friday, 24 September 2021 10:05:18 [ADVFN Twitter]( [Monitor]( [Quote]( [Charts]( [News]( [Toplists]( [Boards]( [His incredible discovery is changing lives]( Virtually no traders even knew what this red line meant - until an Arizona multimillionaire showed everyone that it points to hidden profits in unlikely stocks. [Find out more now...]( --------------------------------------------------------------- US Market Bitcoin [Bitcoin]( DAX [DAX]( Dow Jones [Dow Jones]( Nasdaq [Nasdaq]( The major U.S. index futures are currently pointing to a lower open on Friday, with stocks likely to give back ground after moving sharply higher over the two previous session. Traders may look to cash in on the rally seen on Wednesday and Thursday, which helped offset the sell-off seen on Monday. Uncertainty about the outlook for markets may contribute to the profit taking, as the Federal Reserve prepares to begin scaling back its asset purchases as soon as November. China?s crackdown on bitcoin may also weigh on the markets, with the People?s Bank of China saying all cyptocurrency-related activities are illegal. Traders are also expressing uncertainty about the situation with China Evergrande, as the indebted property company has not provided clarification about a key interest payment. Stocks moved sharply higher during trading on Thursday, adding to the strong gains posted in on Wednesday. With the continued advance, the major averages more than offset the sell-off seen on Monday, turning positive for the week. The major average pulled back off their best levels in late-day trading but remained firmly positive. The Dow soared 506.50 points or 1.5 percent to 34,764.82, the Nasdaq jumped 155.40 points or 1 percent to 15,052.24 and the S&P 500 surged up 53.34 points or 1.2 percent to 4,448.98. Stocks continued to regain ground following the slump seen earlier this month, which dragged the Dow to its lowest closing level in three months on Tuesday. The strength on Wall Street also came amid easing concerns about Evergrande after the Chinese property developer reached a settlement with mainland bondholders. The People's Bank of China's infusion of massive capital into the country's banking system has also eased concerns about a potential default by Evegrande. Meanwhile, traders largely shrugged off a report from the Labor Department showing first-time claims for U.S. unemployment benefits unexpectedly increased for the second straight week in the week ended September 18th. The Labor Department said initial jobless claims rose to 351,000, an increase of 16,000 from the previous week's revised level of 335,000. With the uptick, jobless claims climbed further off the pandemic-era low of 312,000 set in the week ended September 4th. The continued rebound surprised economists, who had expected jobless claims to dip to 320,000 from the 332,000 originally reported for the previous month. Traders also continue to digest the Federal Reserve's monetary policy announcement on Wednesday, when the central bank signaled tapering asset purchases could be coming "soon." Oil service stocks turned in some of the market's best performances on the day, driving the Philadelphia Oil Service Index up by 5.2 percent. The rally by oil service stocks came amid another sharp increase by the price of crude oil. Substantial strength was also visible among banking stocks, as reflected by the 3.5 percent spike by the KBW Bank Index. Airline stocks also saw considerable strength, with the NYSE Arca Airline Index soaring by 3 percent to its best closing level in over two months. Natural gas, brokerage, and computer hardware stocks also moved notably higher, while gold stocks were among the few groups to buck the uptrend amid a steep drop by the price of the precious metal. --------------------------------------------------------------- [How do A.I. algorithms predict a market crash?]( Wanted to give you a friendly reminder that your free A.I. live training will be expiring soon. When you enter the room, please have some ticker symbols ready so we can demonstrate our artificial intelligence algorithms for you. The theme of today's class is how A.I. can warn you of an approaching market crash. This invite expires at the end of the day. [Click here for the sign up. Have fun and protect your capital.]( --------------------------------------------------------------- U.S. Economic Reports CADUSD [CADUSD]( Oil [Oil]( Gold [Gold]( EURUSD [EURUSD]( The Commerce Department is scheduled to release its report on new home sales in the month of August at 10 am ET. Economists expect new home sales to drop 1.1 percent to an annual rate of 700,000 in August from a rate of 708,000 in July. Also at 10 am ET, Federal Reserve Chair Jerome Powell is due to give openings remarks at a virtual ?Fed Listens: Perspective on the Pandemic Recovery? event. During the event, Fed Governor Michelle Bowman and Fed Vice Chair Richard Clarida will moderate a discussion among members of the Federal Reserve Board and representatives from non-profits, small businesses, unions, the hospitality and entertainment industries, and the education sector. Kansas City Federal Reserve President Esther George is also scheduled to speak on the economic and monetary policy outlook before virtual a American Enterprise Institute event at 10 am ET. At 12 pm ET, Atlanta Federal Reserve President Raphael Bostic is due to speak and participate in moderated question-and-answer session before a Lincoln Institute of Land Policy event. --------------------------------------------------------------- [A Backdoor Way To Profit From Today's Crypto Bull Market]( Even if you're not actively in crypto, you deserve to know what's actually going on... Because while leading assets such as Bitcoin (BTC) and Ethereum (ETH) are climbing in value, a select group of public "crypto stocks" are surging right along with them. More importantly, these stocks are outpacing the returns these leading crypto assets aren already producing. [Click here to get the full story](? along with our long list of backdoor Bitcoin strategies. It's free. --------------------------------------------------------------- Stocks in Focus Shares of CalAmp (CAMP) are moving sharply lower in pre-market trading after the wireless communications company reported better than expected fiscal second quarter earnings but its revenue fell short of estimates. Athletic apparel and footwear giant Nike (NKE) may also come under pressure after reporting fiscal first quarter earnings that beat estimates but lowering its revenue guidance due to supply chain issues. On the other hand, shares of Progress Software (PRGS) are seeing significant pre-market strength after the company reported better than expected fiscal third quarter results and raised its full-year guidance. --------------------------------------------------------------- Europe European stocks are exhibiting weakness on Friday, weighed down by a batch of weak economic data from the region and uncertainty about Evergrande's ability to pay the interest due on dollar-denominated bonds. Meanwhile, European Central Bank President Christine Lagarde stated that Europe had limited direct exposure to Evergrande. Investors continue to react to the policy statements from the Federal Reserve and the Bank of England, which had announced their policies on Wednesday and Thursday, respectively. Investors are also making cautious moves ahead of elections in Germany this weekend to elect the nation's new Chancellor. Profit taking after three straight days of gains has also contributed to the markets' weakness. While the French CAC 40 Index has slumped by 1.1 percent, the German DAX Index is down by 0.8 percent and the U.K.?s FTSE 100 Index is down by 0.4 percent. In the French market, Essilor, Kering, Hermes International, Dassault Systemes and LOreal are posting notable losses, while, Sodexo, Renault, and Accor are posting strong gains. HelloFresh, Adidas, Merck, Sartorius, Porsche Automobil, Puma and Zalando are under pressure In Germany, while Covestro, Daimler, Deutsche Bank, BMW and HeidelbergCement are notably higher. In the UK market, Rentokil, Halma, RightMove, Croda International, Bunzl, JD Sports Fashion, Ferguson and Barratt Developments have moved to the downside. Rolls-Royce Holdings is posting a notable gain along with IAG and AstraZeneca. On the economic front, survey results from the market research group Gfk showed U.K. consumer confidence weakened to a five-month low in September, as consumers were concerned about their personal financial situations as well as wider economic prospects. The consumer confidence index fell to -13 from -8 in August, the report said. This was the lowest reading since April 2021, when the score was -15. U.K. retail sales grew at the slowest pace in six months in September, the latest Distributive Trades Survey data from the Confederation of British Industry showed. Survey results from the ifo Institute showed German business confidence weakened for the third straight month in September. The business climate index dropped to 98.8 in September from 99.6 in August. The score was forecast to fall to 98.9. Companies were less satisfied with their current business. They were also more skeptical about the coming months, the survey showed. The current situation index unexpectedly declined to 100.4 from 101.4 in the previous month. The expected level was 101.8. At the same time, the expectations index fell less than expected to 97.3 from 97.8 in August. The reading was seen at 96.5. --------------------------------------------------------------- Do you have a full view of the market? Level 2 lets you see all of the orders to buy and sell shares, allowing you to see what is really going on in the market. If you don?t have this in your trading toolkit, you?re at a serious disadvantage. [Learn More / Upgrade]( --------------------------------------------------------------- Asia USDCAD [USDCAD]( USDEUR [USDEUR]( USDGBP [USDGBP]( USDJPY [USDJPY]( Stock markets in Asia were on tenterhooks on Friday, as no tangible progress was noted on the Evergrande scenario and no clarifications were forthcoming from the company on the payment of coupon on the debt-ridden company's dollar denominated bonds. The beleaguered property group's shares on the Hong Kong Stock Exchange dropped more than 11 percent as a potential debt default sent chills through debt and equity markets in the region. China's Shanghai Composite Index lost 29.15 points or 0.8 percent to finish at 3,613.07 as Evergrande jitters dampened any aggressiveness in stocks. The PBoC continued its liquidity infusion, pumping in CNY 120 billion. The Japanese benchmark Nikkei 225 jumped 609.41 points or 2.1 percent from the previous close to end Friday's trading at 30,248.81. Water transportation businesses were the top performers in the index. Kawasaki Kisen Kaisha spiked 11 percent, Nippon Yusen surged 8.1 percent and Mitsui O.S.K. Lines jumped 6.7 percent. Meanwhile, data released by Japan's Ministry of Internal Affairs and Communications showed that in August, consumer prices declined by 0.4 percent on a year-on-year basis versus the 0.3 percent decline in the previous period amidst slack demand due to the ongoing pandemic. On a month-on-month basis, the decline was 0.2 percent. The Jibun Bank flash PMI releases for September indicated that the Manufacturing PMI fell to 51.2 from 52.7 in the prior month; the Services PMI increased to 47.4 from 42.9 in August; and the Composite PMI strengthened to 47.7 from 45.5 in August. Hong Kong?s Hang Seng Index lost 318.82 points or 1.3 percent from previous close to finish trading at 24,192.16. The day's high was at 24,636.64 and the low was at 24,095.79. Ping An Insurance (Group) Company of China was the best performer in the index, climbed 2.2 percent. Glass manufacturer Xinyi Glass Holdings was the most beaten down stock in the index, as it slid 7.3 percent. China Evergrande group dropped 11.6 percent even as the fate of the coupon payments on dollar bonds due on Thursday remained unknown. The Korean Stock Exchange's Kospi Index edged down 2.34 points or 0.1 percent to close at 3125.24. The day's trading range was between 3,119.40 and 3,146.86. Meanwhile, reports showed that Producer Prices in South Korea rose 0.4 percent on a month-on-month basis and 7.3 percent on a year-on-year basis. Apparel and accessories maker Shin Won Corporation and water transportation business Heung A Shipping Corporation surged close to 30 percent, while steel products maker Bookook Steel shed 10.8 percent. Australia's S&P/ASX200 Index closed trading at 7,342.60, dropping 27.60 points or 0.4 percent as Evergrande and Covid-19 bothered investors. The index is currently 3.8 percent below its 52-week high of 7,632.80. Information Technology business Computershare was the lead gainer with a 5.7 percent rally. Specialty fashion retailer Premier Investments Ltd also gained more than 5 percent following upbeat results. Gold miners lost heavily in sync with the global correction in the yellow metal's prices. Ramelius Resources declined by 6.1 percent and topped the decliners list in the index. Perseus Mining shed 5.7 percent closely followed by Silver Lake Resources, which lost 5.1 percent. Real Estate Investment Trust Centuria Industrial dropped 6 percent after completing a $300 million institutional placement. --------------------------------------------------------------- Do you day trade? Trader Alerts streams stocks reaching new highs and lows as well as stocks breaking out of previous volume highs as they happen. It?s a powerful tool for day trading ideas. [Learn More / Upgrade]( --------------------------------------------------------------- Commodities Crude oil futures are edging down $0.12 to $73.18 a barrel after jumping $1.07 to $73.30 a barrel on Thursday. Meanwhile, after tumbling $29 to $1,749.80 an ounce in the previous session, gold futures are slipping $2.20 to $1,747.60 an ounce. On the currency front, the U.S. dollar is trading at 110.54 yen versus the 110.33 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1709 compared to yesterday?s $1.1739. --------------------------------------------------------------- To unsubscribe from this news bulletin or edit your mailing list settings click [here](. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +1 888-992-3836. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49