Tesla slides ☔ Stocks reverse 📉 Oil & metals drop 🙈 RBA interest rate decision 👀

FlowBank's hand-curated fresh financial news [header_noDither] 06.12.2022 Good morning FlowBankers! Here's the latest market news, hand-curated by our research team. The Big Story [shutterstock_666188899-1] Tesla fell more than 6% after news that it intends to reduce output at its Shanghai manufacturing, the latest indication that demand in China isn't as strong as anticipated. Tesla stock (TSLA) is down 51% year-to-date. [Start Trading](113/cXx8Z04/MWr21n3xqJqW92qt7T7rNBJlW70RWGB4TcXhGN2nfYx52-MK5V1-WJV7CgY87W5pgdCG48Sn2KVjFg1Z2nmxJ1N3GylxWrKVt9W2BBxsV6_Kwj_W4QRgV27jvsQ7W8cX3N74m545QN2_vh6-4Qr1NW5fR1sM1CdjpYW4zp3Hr8l2ptpW4BQCM44hYRWyW4JYrbl9kx1xbW5B6FgF6GM4-gW4qB4hW4ZXKtBW5gWy9j56XSH6W4XQs5V26b3S0W6npH3z7cd_y2W2hMDYJ8nb2CnW6mHhCK4fG31hVFKP--28LBQYW5xdTgl1Zx7Dn34M11) Trader's Corner In focus • Stocks came under pressure as the better-than-expected ISM non-manufacturing data suggested a very strong service sector, which will possibly keep Fed officials in the restrictive monetary territory for longer. • Oil prices (-3%) fell once again to year-lows on mounting fears of a deeper recession than previously anticipated. Today's API data will be in focus and we will be watching whether or not the support will hold. • Lastly, currency markets will also be in focus as markets digest the Reserve Bank of Australia's decision to raise its cash rate by another 25bps and consider further hikes if inflation remains high. Economic data • US Trade balance, API weekly crude oil stock • German Factory orders • UK Construction PMI Earnings • AutoZone Crypto • Bitcoin managed to remain at around USD17k despite some pressure on risky assets, in a positive sign of low bullish positioning. • Software development company Aave Companies is acquiring Sonar, a San Francisco-based metaverse developer where players can build worlds and interact with user-created spaces using NFTs. [Screenshot 2022-12-06 at 07.01.52] [Start Trading](113/cXx8Z04/MWr21n3xqJqW92qt7T7rNBJlW70RWGB4TcXhGN2nfYx52-MK5V1-WJV7CgXDqW4yhdmw20Y7GJW6ZKzS-4n7HW6W1nGgZg4jnKWYN12jFyC4l-zqW4sr_Zq7FKKzNVZQnth7YX9w3Vjym3H8XjPwhW2DB__v4xyk8DW4Yk2H86NKlQzW4-7LD781Km-NN4HFSpdvWhYcW64MMk85rPQt_W4__g_v8jbBmdN4hFNx5q82gRW1C380_6F5GtBW6Hvv-M68W0T9W3yWQJC50lbXSW68mr2C6XC6xPW80-Dcm4J8TzYN940Rw3LBVqB3hMb1) Market Recap The stock market saw a trend-down day, with the S&P500 breaking its 200-day moving average (4045). The ISM Non-Manufacturing index for November was stronger than anticipated, supporting the idea that the Fed will maintain interest rates higher for longer. As a result, Treasury rates increased and the dollar strengthened. Consumer discretionary(-3%) along with other cyclical sectors like financials (-2.5%) and energy (-2.5%) suffered the biggest losses. And Crude oil prices fell 3% despite China's Covid-19 relaxations news and the EU's price cap. This morning, sentiment remains fragile, S&P500 futures are flat, yields and the dollar gauge are ticking higher and Brent Crude futures are unchanged testing the 83 levels. Chart Of the Day Bitcoin reached a three-week high but gave back gains after the dollar's spike, prompted by stronger ISM service data. [Screenshot 2022-12-06 at 07.01.27](113/cXx8Z04/MWr21n3xqJqW92qt7T7rNBJlW70RWGB4TcXhGN2nfYwQ2-MJQV1-WJV7CgKztN7HYCWvPtmbMW4ryQ788mnbvtW68Pps-5-0JTvW51XXHk4DpGGgW6yzJlC7DNhMjW1MJJkL4VLhLLW5TBw_C8PKxRHW77vG3X8QM9HfN947_c8Wnxc5W4L0kmd8hkvDVW7spFys3xc4rJW7SKJ701GFF3BN1BvtkM3vVYpW1WbxJB7Rd6yZW7L-7Mf5CwPzFW3ZGnFD8VBf8tW1Jz2nN2nVlt2N4jV1X-kZSP43jps1) FlowBank Blog Semis, should we be worried? [shutterstock_1987469018](113/cXx8Z04/MWr21n3xqJqW92qt7T7rNBJlW70RWGB4TcXhGN2nfYwQ2-MJQV1-WJV7CgBFTW6Z74-N8gqMTPW4gYlL44nVBHwW6nZg1p8gqZHmW7sXhDg15pk7CW5Ydq3B5WMwvfW8pzkXc1spVyrN6XWqvcXJ69RW4N1vWr5qJyTqW6zBnp14mfnzCW7K-thB5PNK64W6Xmg8P3MsYjKVBfBGL42Y0KRW3B7L1Q2Qd4Q-V3zG9p7mS_m4W4Pvms840kkpcW4_SX5Q8jDJZPW84Ryq-8Cd_0pW7n5YcQ8Q40Cq31Yd1) The semi-stocks have suffered losses year so far due to various worries, including those about China, cyclicality, interest rates, supply chains, and export control. However, the negativity surrounding semiconductors peaked around the middle of October. The SMH ETF, which monitors the sector, has increased by 25% since then. Is the worst behind us? 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