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Market Commentary - 16th May 2018
17th May 2018
Indices
DOW30 +0.25%, S&P500 +0.41%, NASDAQ +0.63%, DAX30 +0.20%, FTSE100 +0.15%, NIKKEI225 -0.44%
Major indices put in a strong performance on Wednesday led by retail stocks after Macy’s reported strong quarterly earnings. The Dow rallied 0.25% to a close of 24,768.93 with Nike as the best performing stock in the index. The Dow, however, lagged behind the S&P500 and Nasdaq which climbed 0.41% and 0.63%, respectively.
Macy’s shares rallied 10.8% on stronger than expected earnings as the company’s same-store sales rose 4.2% against an expected 1.4%. Macy’s CEO, Jeff Gennette, commented that there was ‘continued healthy consumer spending’.
FTSE100 trending higher since March 23rd. Support at 7,680 on an ascending scale
FX
EURUSD -0.25%, GBPUSD -0.12%, USDJPY +0.05%, AUDUSD +0.59%, EURGBP -0.14%, USDCAD -0.68%
The USD index traded at five month highs on Wednesday largely as result of the Euro coming under pressure after reports surfaced that a future Italian government would seek debt forgiveness from European creditors.
EURUSD closed at 1.1808, its lowest level since December, after reports that Italy’s anti-establishment 5-Star Movement and Anti-Immigration League may well put forward a proposal that would see the European Central Bank forgive €250bln ($295.2bln) of debt.
AUDUSD in a reverse Head & Shoulder pattern, targeting 0.7710 on breakout of the neckline at 0.7560
Commodities
XAUUSD +0.02%, XAGUSD +0.68%, WTI Crude +0.25%, Brent Oil +1.09%
Oil prices closed higher after US crude inventory data showed stockpiles to fall more than expected last week after exports hit a new one week record. Crude inventories fell by 1.4m barrels in the week to 11th May against expectations for a decrease of 763,000 barrels.
The International Energy Agency warned global demand is likely to fall this year as oil prices near $80 mark. In its monthly report, the IEA forecasted global demand at 1.4m barrels per day for 2018. Previously they forecasted 1.5m bopd.
Brent oil closed 1.09% higher at $79.28, with WTI lagging behind with a 0.25% gain to $71.49.
XAUUSD found support around $1,286 on the ascending trend line post breakout of the bearish flag formation on the daily t/f.
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