HUF: EURHUF Narrows Gap to 380, HUFJPY Rallies Over 1%
Nov-19 15:25
- EURHUF makes light work of support at 381.52, a projection level, narrowing the gap to the 380.00 handle. Below here, we flag next notable support at 377.11, the 2024 low. Meanwhile, HUFJPY has extended today’s rally to over 1%, with the cross currently at its highest since 2014. The 2013 and 2014 highs are found at ~49.15, around 3% above current levels.
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MNI EXCLUSIVE: MNI reports on the outlook for Fed monetary policy
Oct-20 15:25
MNI reports on the outlook for the Federal Reserve's monetary policy.- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
GERMAN DATA: Alternative Data Point To Further Declines In Business Activity
Oct-20 15:18
German 'Mittelstand' (small and medium-sized businesses) enterprises continue to lose ground in September according to Datev data cited by newspaper FAZ. On a Y/Y comparison, sales declined 2.7% in September (vs 1.7% in August). "There are no longer any signs of a stabilization in sales, which had tentatively indicated itself in the summer", Datev comments.
- The release adds to weak Destatis August industrial sector data released in previous weeks.
- On drivers: "In the hospitality industry, sales were 4.5 percent lower than a year ago, in the construction industry 2.9 percent lower, and in the manufacturing industry 2.8 percent lower." The fact that the headline number is higher than all subindices is a bit puzzling and may have to do with the seasonal adjustment used for the Y/Y calculations.
- The Datev SME index is based on anonymized sales tax returns and other data from more than one million SMEs in Germany according to FAZ.
US STOCKS: Midmorning Equities Roundup: IT, Comms & Industrials Lead Advances
Oct-20 15:17
- US Stocks are drifting higher early Monday - but remain off record highs from earlier in the month as the US Gov enters shutdown day 19. Currently, the DJIA trades up 348.9 points (0.76%) at 46,540.21, S&P E-Minis up 61.75 points (0.92%) at 6,764, Nasdaq up 289.5 points (1.3%) at 22,973.38.
- Information Technology, Communication Services and Industrials sector shares led advances in the first half, supporting the Tech sector: Super Micro Computer +6.52%, ON Semiconductor +6.40%, KLA Corp +4.23%, Arista Networks +3.98% and Advanced Micro Devices +3.84%.
- Communication Services gainers included: Trade Desk Inc +4.60%, Netflix +2.20%, Meta Platforms +1.99%, Interpublic Group +1.12% and Alphabet +1.04%; while Industrials supported by Old Dominion Freight Line +2.86%, Generac Holdings +2.85%, Delta Air Lines +2.77% and Lennox International +2.74%.
- Conversely, a mix of Consumer Staples and Utilities sector shares underperformed in the first half: Kenvue -1.47%, Hershey Co -1.44%, Altria Group -1.18% and Monster Beverage -0.94% weighed on Staples while Vistra Corp -1.22%, Constellation Energy -0.81%, Duke Energy -0.48% and American Water Works -0.40% weighed on the Utility sector.
- Expected corporate earnings announcements after the close include: Cleveland-Cliffs, Crown Holdings, Steel Dynamics, AGNC Investment Corp and Zions Bancorp - the regional bank in the spotlight last week after it "disclosed a $50 million charge-off for a loan underwritten by its wholly-owned subsidiary, California Bank & Trust," Bbg reported. Western Alliance, the second bank in the hot seat after announcing bad loans/investments last week, announces Tuesday after the close.
- Additional corporate earnings expected this week include: Halliburton, PulteGroup, Lockheed Martin, Northrop Grumman, GM, Netflix, Capital One, Texas Inst, AT&T, Alcoa, American Airlines, Valero, Ford, Intel, General Dynamics, Baker Hughes and Procter & Gamble.
