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US President Trump: Oil prices have fallen sharply.On June 30th, Al Jazeera reported that maritime security analyst Alexandru Hudisteanu stated that there is a "misalignment" in the interpretation of the memorandum of understanding between the US and Iran. Iran tends to interpret the agreement strictly according to its text, while the US emphasizes its overall spirit. This difference is particularly evident in the Strait of Hormuz passage arrangements. The analysis suggests that Iran hopes to establish the current arrangement as a bilateral temporary ceasefire agreement with international legal force, while the US views it as an "understanding" that Iran will guarantee unimpeded navigation in the Strait of Hormuz for the next 60 days, after which further discussions will proceed. Hudisteanu pointed out that Iran currently prioritizes the Strait of Hormuz issue and uses it as a key bargaining chip in negotiations with the US; while the US hopes to resolve the Strait issue quickly and shift the focus of negotiations to the Iranian nuclear issue.Ukrainian President Zelensky: If Russia does not end the war, we will have to postpone this deadline again.Ukrainian President Zelensky: Since the full escalation of the Russia-Ukraine conflict, the Russian military has set 15 deadlines for the complete occupation of the Donetsk region, but has failed to achieve them all.On June 30th, European Central Bank (ECB) President Christine Lagarde stated that the ECBs 25-basis-point interest rate hike in June was not a "precautionary" move to guard against future inflation risks, but rather a "prudent decision" based on the economic and inflation situation at the time. She stated that if the rate hike had not been implemented, inflation would have remained above the 2% target in 2027 and 2028, and new circumstances since the June meeting, including the decline in oil prices, have not changed the ECBs initial assessment. Lagarde emphasized that the ECB now has a more comprehensive system of data, indicators, and forecasts, and monetary policy will adhere to the principle of "data-driven, meeting-by-meeting decision-making," rather than relying on forward guidance. She also pointed out that in the current market environment, financial conditions often adjust themselves based on economic data, allowing monetary policy to take effect before formal decisions are made, giving the ECB more time to assess changes in the situation.

Stock Market Mid-Session Recap for July 19, 2022

Cory Russell

Jul 20, 2022 15:01

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US indices rise, although they are still limited to recent highs.


On Tuesday, major US indexes rose, with the S&P 500 rising over 2.0% to reach new weekly highs above 3,900. The Nasdaq 100 was recently trading in the mid-12,100 range, up around 2.2 percent. Both indexes are now restrained below their most recent highs in the respective ranges of 3,920-3,950 and 12,170ish.


As predicted after scheduled maintenance is finished on Thursday, indications that Russia would resume gas deliveries to Europe through the Nord Stream 1 pipeline eased concerns of a full-blown energy crisis and the ensuing European recession that would be a drag on global economy.

Focusing on earnings, Apple tries to rebound, while Boeing gets a boost

On Tuesday, earnings were once again in the spotlight, with the effect of the recent increase in the US dollar's strength being a major subject. The dollar's increase in value cost IBM (-6.2%) $3.5 billion, according to results reported late on Monday. Johnson & Johnson (-0.3%) had to lower its annual profit prediction, but its share price was still largely supported by the fact that Q2 profits above expectations.


Investors were also keeping a careful eye on changes in the share price of Apple (+1.9%), after prices dropped over 2.0% on Monday on rumors that the firm planned to reduce hiring and expenditure growth in 2023 given an increasingly gloomy outlook. In other stock-specific news, shares of Boeing (+4.1%) increased after private equity group 777 Partners disclosed intentions to purchase an additional 66 Boeing 737 MAX aircraft.


As concerns about the energy crisis ease, the Stoxx 600 spikes to new multi-week highs.


Major European equities indexes broke higher on Thursday on reports that Russia will resume gas shipments via the Nord Stream 1 pipeline into Europe as predicted. The Stoxx 600 index for all of Europe surged through resistance at 420 to reach the 423s, its highest level since June 10. For the first time since mid-April, the index is now decisively back above its 50DMA after closing the day with a 1.4 percent gain.


The French government's plan to buy out EDF for 12 euros per share and assume full control of the firm was the biggest news in European equities markets on Tuesday, apart from a decrease in anxiety about the energy crisis. In order to help France overcome the continuing European energy crisis, the French government seeks more control over the energy industry. Shares of EDF increased by x% as a consequence.

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