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Fundamental Analysis
Fundamental Analysis from IFC Markets
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[QUOTE="IFC Markets, post: 212185, member: 18359"] [HEADING=1]Stocks pause as Powell expected to confirm rate hikes will continue - 26.8.2022[/HEADING] [HEADING=2]Todays’ Market Summary[/HEADING] [LIST] [*]The Dollar strengthening has resumed [*]US stock indexes futures are down currently [*]Brent is edging up presently. [*]Gold is edging down today. [/LIST] [HEADING=1][/HEADING] [HEADING=2]Top daily news[/HEADING] [B]Equities are pointing in different directions currently [/B]ahead of Powell’s speech at Jackson Hole today after Wall Street closed higher on Thursday following positive data. Google shares gained 2.6% outperforming the market, Microsoft shares rose 1.11% while the software giant noted that existing Xbox Series X/S prices will remain the same after Sony's announcement that it will be raising the price of PlayStation 5. [HEADING=2]Forex news[/HEADING] [TABLE] [TR] [TD]Currency Pair[/TD] [TD]Change[/TD] [/TR] [TR] [TD]EUR USD[/TD] [TD]-0.04%[/TD] [/TR] [TR] [TD]GBP USD[/TD] [TD]-0.49%[/TD] [/TR] [TR] [TD]USD JPY[/TD] [TD]+0.43%[/TD] [/TR] [TR] [TD]AUD USD[/TD] [TD]-0.38%[/TD] [/TR] [/TABLE] [B]The Dollar strengthening has resumed [/B]currently. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, slid 0.5% Thursday while the US Bureau of Labor Statistics reported less Americans applied for initial jobless claims last week than expected while their number declined. Both EUR/USD and GBP/USD resumed advancing Thursday while German second quarter GDP growth was revised to 0.1% over quarter, up from an initial estimate of 0.0%. Both euro and Pound are lower against the Dollar currently. [I]USD/JPY[/I] reversed its climbing yesterday while [I]AUD/USD [/I]reversed its retreating with both the Australian dollar and yen lower against the Greenback currently. [HEADING=2]Stock Market news[/HEADING] [TABLE] [TR] [TD]Indices[/TD] [TD]Change[/TD] [/TR] [TR] [TD]Dow Jones Index[/TD] [TD]-0.08%[/TD] [/TR] [TR] [TD]Nikkei Index[/TD] [TD]-0.07%[/TD] [/TR] [TR] [TD]Hang Seng Index[/TD] [TD]-0.14%[/TD] [/TR] [TR] [TD]Australian Stock Index[/TD] [TD]+0.41%[/TD] [/TR] [/TABLE] [B]US stock indexes futures are down currently[/B] ahead of Personal Consumption Expenditures (PCE) report at 14:30 CET with the yield on benchmark 10-year Treasury notes up at 3.052%. The three main US stock benchmarks closed higher yesterday recording gains in the range of 1.0% to 1.7% while data showed GDP in the second quarter contracted by 0.6%, much less than first reported. [I]European stock market futures are mixed [/I]today after ending marginally higher Thursday led by oil and gas shares. Asian stock indexes futures are mixed currently with [I]Australia’s All Ordinaries [/I]leading gainers while Hong Kong tech majors rose after reports Washington and Beijing were close to striking an auditing deal. [HEADING=2]Commodity Market news[/HEADING] [TABLE] [TR] [TD]Commodities[/TD] [TD]Change[/TD] [/TR] [TR] [TD]Brent Crude Oil[/TD] [TD]+0.66%[/TD] [/TR] [TR] [TD]WTI Crude[/TD] [TD]+0.67%[/TD] [/TR] [/TABLE] Brent is edging up presently. Prices ended down Thursday after Iran said it had received a response from the United States to the European Union's "final" text to resurrect the nuclear agreement. The US oil benchmark [I]West Texas Intermediate (WTI) [/I]dropped 2.5% but is higher currently. [I]Brent [/I]crude lost 1.9% to $99.34 a barrel on Thursday. [HEADING=2]Gold Market News[/HEADING] [TABLE] [TR] [TD]Metals[/TD] [TD]Change[/TD] [/TR] [TR] [TD]Gold[/TD] [TD]-0.3%[/TD] [/TR] [/TABLE] [B]Gold is edging down today.[/B] Spot gold edged 0.41% up closing at $1758.09 on Thursday. [/QUOTE]
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