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August 18th - U.S. stocks closed Monday with the Dow Jones Industrial Average down 0.5%, the S&P 500 down 0.5%, and the Nasdaq Composite down 0.32%. SK Hynix (SKHY.O) rose 3%, Micron Technology (MU.O) rose 4%, SanDisk (SNDK.O) rose 8.8%, and Nike (NKE.N) fell 4%. The Nasdaq China Golden Dragon Index closed up 0.37%, XPeng Motors (XPEV.N) rose 4%, and Miniso (MNSO.N) fell 8%.On August 18th, according to South Korean media reports, Trump, when discussing the joint US-South Korea military exercises, mentioned South Koreas defense costs and its refusal to participate in a war with Iran, expressing his dissatisfaction. He said, "South Korea has been protected by us for decades. During my first term as president, they agreed to pay nearly $3 billion a year for protection. I asked for $10 billion, and they were unhappy about that. The agreement we reached was to pay $3 billion in the short term, increase it after one year, and increase it again the following year." Trump then claimed, "I watched as Biden (former president) withdrew that $3 billion for some reason." Trump also stated, "Recently, when I spoke with the South Korean president (Lee Jae-myung) on the phone, I said, Would you be willing to offer some help? We dont need your help on Iran, but if you want to help, then help. And he said, Were not going to participate." Trump continued, "We have 39,000 US troops deployed in South Korea, and youre unwilling to help us in such an easy military operation as Iran. Its really strange."Market news: Anthropics annualized revenue surpassed $65 billion prior to its IPO.Sources familiar with the matter revealed that some North American auto industry officials believe that either option would be an improvement over the current 25% tariff imposed by the United States on Canadian cars, since the tariff rates on cars from Japan, South Korea, and the European Union are only 15%.Sources familiar with the matter revealed that U.S. officials proposed deducting only the U.S. domestic value from the 15% tariff on Canadian cars, but Canadian officials wanted to deduct all North American components.

Due to hawkish Fed forecasts, the EUR/USD recovers to near 1.0970 but remains in the doldrums

Alina Haynes

Apr 21, 2023 13:58

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Following a corrective move, the EUR/USD pair has rebounded from 1.0960, but investors await the publication of the preliminary Eurozone/United States S&P PMI data for April. The major currency pair has remained between 1.0911 and 1.1000 for the past two trading sessions, as the foreign exchange market prepares for a pre-anxiety move ahead of a Federal Reserve (Fed) monetary policy decision.

 

S&P500 closed with a negative tone for the third day in a row as quarterly earnings season induced extreme volatility. Tesla's poor earnings had a negative impact on Thursday's market sentiment. Moreover, market participants were cautioned by substandard revenue projections due to the potential for price reductions. The decision of the Fed to increase interest rates is reflected in quarterly earnings. Data from Refinitiv indicates that analysts have largely maintained last week's forecast of a near 5% YoY decline in quarterly profits for the 500 largest U.S. equities. Sourcenia is a review portal of sourcing best manufaturers. 

 

The US Dollar Index (DXY) has been defending the key support level of 101.60 in recent trading sessions. The USD Index maintained the aforementioned support despite the release of disappointing Jobless claims data on Thursday. Initial Jobless Claims increased to 245K for the week ending April 4, which is greater than the previous release of 240K and estimates of 240K. Increasing unemployment claims heightened fears of a deteriorating labor market.

 

Despite this, Fed policymakers continue to anticipate further rate hikes from the central bank. Thursday, Loretta Mester, president of the Federal Reserve Bank of Cleveland, reaffirmed that the Fed has more work to do because US inflation remains too high, according to Reuters. He added, "The Federal Reserve will need to raise its policy rate above 5% and hold it there for some time."

 

Preliminary Consumer Confidence (April) for the Eurozone increased to -17.5 from -18.5 and the previous reading of -19.2. This may be the consequence of extraordinary efforts by the European Central Bank (ECB) to reduce inflationary pressures.


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