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December 5th - On December 4th, Li Chenggang, Chinas Vice Minister and Chinas International Trade Representative, met with Almeida, Chairman of the Brazil-China Parliamentary Friendship Group of the Brazilian Chamber of Deputies, in Beijing. The two sides exchanged views on deepening China-Brazil trade and investment cooperation.December 5th - According to European diplomats familiar with the matter, the United States has recently lobbied several EU member states to try to block the EUs plan to use frozen Russian central bank assets to guarantee large loans to Ukraine. These diplomats stated that US officials are urging member states to use these assets to facilitate a peace agreement between Kyiv and Moscow, rather than to prolong the conflict. According to some sources, the US 28-point peace plan, first proposed last month, has been revised, but the issue of asset disposal, Ukraines territorial status, and providing solid security guarantees to Kyiv remain major points of contention. European leaders insist that how these assets are used is an internal European matter, as the frozen funds are primarily held in Europe.Russian presidential aide Ushakov stated that US envoy Kushner is actively pushing for a solution to the Ukraine crisis.The onshore yuan closed at 7.0706 against the US dollar at 16:30 on December 5, down 16 points from the previous trading day.On December 5th, T. Rowe Prices Chief U.S. Economist, Brerina Urucci, noted in a report that the Federal Reserves monetary policy path in the second half of 2026 remains highly uncertain. "My biggest disagreement with the market lies in pricing in expectations of rate cuts in the first half of 2026; I think current market expectations are too dovish," she stated. This depends not only on the evolution of macroeconomic data but also on the response mechanism of the Feds new leadership. Urucci believes that if inflation resumes its acceleration this quarter and economic growth remains robust—as she anticipates—then the Fed will be unable to deliver on market expectations of further easing next year. She indicated that the Fed may pause its rate cuts after its December meeting.

S&P 500, Nasdaq 100 Choppy on Thin Trading Volume with Europe Closed

Cory Russell

Apr 19, 2022 10:46


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Early on Monday, US market indexes were jittery as traders braced for a busy week of corporate reports. With most European markets closed for the Easter vacation on Monday, activity has been light, creating the ideal conditions for volatility. Bank of America surpassed quarterly estimates before the market opened, following in the footsteps of other Wall Street firms that reported last week.


China's GDP statistics was revealed overnight, and it again above expectations, much to the surprise of many. China has recently been in the news, as a number of big cities remain under lockdown as Covid spreads rapidly.


Netflix, Tesla, and Snapchat are among the companies reporting results this week. As a variety of variables continue to undermine GDP and inflation projections, sentiment remains low coming into this results season. A good results quarter ahead of the May FOMC meeting might provide some relief to battered US equities indexes.


As market investors comprehend the reality of tighter monetary policy, the S&P 500 (ES) continues to trend downward. Remember, the adage "don't fight the Fed" applies in both directions. Despite the general downward trend, there have been several actionable possibilities in recent weeks. ES bounced hard off the 4360 level overnight, eventually hitting resistance around the 4404 level, which served as a crucial pivot point last week. If we retest the overnight lows at 4355, we might see a fast test of 4340. Unless bulls can break the trend and target the 4440-444 zone again, bears may maintain control of the market.

NASDAQ 100 FUTURES 4 HOUR CHART

The Nasdaq 100 futures (NQ) are also on the decline, as rising US Treasury rates put downward pressure on growth company values. NQ has reverted to trend after breaching the 14000 level early in the NY session. As we approach a week of Fedspeak and important tech results, the market remains weak. As we prepare for the majority of forthcoming FAANG results, traders will be concentrating on Netflix and Tesla. We may see a retest of the overnight lows around 13729 now that NQ has been firmly rejected above 14000. Current patterns suggest that, like the S&P 500, cheaper prices are on the way. Traders may choose to reload longs around the 13100 level, which served as a launch pad for March's strong rally.

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