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On June 2, Jefferies analysis showed that after a crazy rebound in May, Wall Street analysts currently have the most buy ratings for individual companies in the S&P 500 index in more than 20 years. This is usually a sign of a bubble when the market is ready to pull back, but Andrew Greenebaum, senior vice president of equity research product management at Jefferies, believes that the target stock price based on these assessments implies an increase of only 10% in the next 12 months, close to the historical average, which should eliminate concerns that the current rebound is over. "Wall Street has been upgrading stock ratings, but I dont think its overwhelmingly bullish because the price targets are not much different from where the stocks are now," Greenebaum said. He said that analysts forecasts for individual stocks are more reflective of the direction of the market than the year-end targets for the S&P 500 because they take more account of the profits of individual companies.Spanish Automobile Manufacturers Association (ANFAC): Newly registered Tesla (TSLA.O) cars in Spain fell 19.0% year-on-year from January to May, while overall electric vehicles increased 71.7%.On June 2, Vishwanath Tirupattur and Serena Tang of Morgan Stanley Research pointed out in a report that for U.S. Treasury investors, economic slowdown and expectations of Fed rate cuts are the most important. Morgan Stanley expects that under the influence of these factors, U.S. Treasury yields will fall, and the 10-year Treasury yield will fall to 4.00% by the end of 2025, and the 10-year Treasury yield will be slightly above 3.00% by the end of 2026. They said: "We believe that the prospect of Fed rate cuts will exceed the current market pricing, which will drive Treasury yields lower, especially starting in early 2026."Boeing (BA.N) rose 1.7% in premarket trading.Bank of America Global Research: Upgraded Boeing (BA.N) to buy from neutral and raised its price target to $260 from $185.

Natural Gas Price News: XNG/USD prompts a three-day recovery near the monthly apex near $2.50 due to the strengthening of the US Dollar

Daniel Rogers

Apr 19, 2023 15:46

 截屏2022-11-08 下午5.39.10_1024x576.png

 

During the early hours of Wednesday morning in Europe, the price of natural gas (XNG / USD) reverses course from its greatest levels in a month to post modest losses of approximately $2.51. As a result, the energy instrument breaks a three-day winning stretch amid negative sentiment and the most recent dollar recovery.

 

Recent news articles concerning the US House China Committee's discussion of the Taiwan invasion scenario and a likely delay on the US debt ceiling decision appear to have agitated the risk profile. Recent unfavorable US data and hawkish Fed forecasts may be on the same trajectory. It should be noted that a divided earnings season influences sentiment and the price of Natural Gas.

 

In addition, Bloomberg released news indicating China's involvement in the Russia-Ukraine conflict, which, along with US President Joe Biden's reluctance to negotiate the debt limit, weighed on sentiment.

 

The recent decline in the XNG/USD price appears to be the result of a combination of factors, including reports that the United Kingdom has sufficient natural gas supplies to last through the winter and concerns about the likelihood of milder weather in the West. The Financial Times (FT) may have reported similar information: "The EU is storing record amounts of natural gas after a milder-than-expected winter, bolstering hopes that the bloc can wean itself off imports from Russia." According to the industry group Gas Infrastructure Europe, the bloc's storage capacity reached 55.7% at the beginning of the month, the highest level for early April since at least 2011.

 

In spite of this, the US Dollar Index (DXY) reverses its previous recovery from a one-year low and gains offers to 101.80 at the latest.

 

The previous day, the dollar index versus six main currencies reversed course in response to declining yields. In spite of this, US 10-year and 2-year Treasury bond coupons declined for the first time in four days by the end of Tuesday, hovering around 3.59 and 4.29 percent at the time of publication.

 

As a result of these trades, S&P 500 Futures have retreated from their greatest levels since early February, which were recorded the day before, and are currently trading near 4,178. Notable is the fact that the US stock futures ended their two-day winning trend with the most recent inactivity.

 

The news surrounding China and the US Federal Reserve (Fed), as well as the Fed Beige Book, can occupy Natural Gas traders until Thursday's release of weekly inventory data from the US Energy Information Administration (EIA).

 

 


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