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Conflict Situation: 1. Iranian Parliament Speaker Ghalibaf: Attacking our assets will provoke retaliation. 2. Iran claims to have destroyed three "terrorist and extremist groups" linked to the US and Israel within its territory. 3. Yemeni pro-government armed forces stated they carried out 13 airstrikes against Houthi positions, gathering points, and vehicles in Bayda province. 4. According to the Financial Times: Sources revealed that Saudi Aramcos Jizan oil facilities were attacked. 5. Yemeni Houthi rebels: On September 7th local time, Saudi warplanes launched airstrikes on the Hazim district of Jawf province, Yemen. 6. Yemeni Houthi rebels: The Yemeni Houthi rebels just shot down a Saudi CH-4 armed reconnaissance drone over Jawf province. Strait of Hormuz: 1. Iranian Supreme National Security Council Secretary Rezaei: US ships will have no safe place in the region. 2. Iranian Foreign Ministry Spokesperson Baghae: An agreement on a temporary passage through the Strait of Hormuz will be reached in the coming days. 3. US Central Command: The USS George H.W. Bush continues its blockade of Iran in the Arabian Sea. Other matters: 1. Irans Ministry of Economy establishes an Economic Warfare Command. 2. Iran: A Qatari delegation visits to "help ease tensions." 3. UAE Presidents Foreign Affairs Advisor: Rebuilding trust with Iran could take decades. 4. Iran warns South Korea: Do not cooperate with the US in the Persian Gulf, or face serious consequences. 5. According to Al Jazeera: Iran says it has the "legitimate right" to defend itself against the US economic war. 6. Iranian Foreign Ministry Spokesperson Baghae: Perus severing of diplomatic ties with Tehran has no substantial impact, as the relationship never existed to begin with. 7. South Korean Ministry of National Defense: We are in close consultation with the international community, including the US, to explore how to make concrete contributions to the restoration of freedom of navigation in the Strait of Hormuz and to peace and stability in the Middle East. No specific plans have been decided yet. 8. Iran unveils a new missile, claiming it is more accurate and has a longer range, symbolizing Irans shift "from passive deterrence to active deterrence." 9. Irans representative to the International Atomic Energy Agency: If the US and Israels attacks on Irans safeguarded and peaceful nuclear facilities are "normalized," it will have serious consequences. Irans Bushehr nuclear power plant meets all safety standards. Iranian Foreign Ministry spokesman Bagaei: Canadas support for the US policy toward Iran is essentially a capitulation to US pressure, which damages its diplomatic credibility.U.S. Central Command: The USS George H.W. Bush continues its blockade of Iran in the Arabian Sea.Sources say air raid sirens have been sounded in Kyiv, Ukraine.U.S. Central Command: As of September 7, it has forced 94 merchant ships to change course, rendered 3 ships inoperable, and boarded and inspected 2 ships to ensure they comply with relevant requirements.

US open: Caution ahead of FOMC minutes

Alice Wang

Jul 08, 2022 15:14

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US futures

Dow futures -0.2% at 30617

S&P futures -0.85% at 3822

Nasdaq futures -0.3% at 11731

In Europe

FTSE +1.7% at 7140

Dax +1.6% at 12597

Euro Stoxx +1.55% at 3418

Stocks are declining

As caution reigns in advance of the publication of the minutes from the June Federal Reserve meeting, US markets are indicating a somewhat worse opening.


As investors worry about the effect of central bank action on growth, fears of aggressive monetary policy tightening have led markets down in recent weeks. The bond market's 10-year yield dropped below the 2-year yield, which is a classic recession indicator.


The minutes from the most recent Fed meeting will be released today, and they might provide more insight into the direction that short-term interest rates will go. The market will be watching for signs that the Fed will increase interest rates by 50 or 75 basis points in July. Watch out for any indications that the Fed would lower the rate of rises if symptoms of a declining inflation trend appear.

 

The FedWatch tool indicates that the markets are factoring in an 86 percent chance of a 75 basis point rate rise. Hawkish minutes might drive the stock market down, strengthen the dollar, and push gold back near $1722.


The ISM service PMI is forthcoming and is anticipated to decrease to 55.4 from 55.9 before to the minutes.


In business news, Apple stock will be in the limelight after Goldman Sachs lowered its price target and warned that, in the event of a longer recession, the stock might drop as low as $82. The share price would have dropped by 42% from present levels as a result.

What will the Nasdaq do next?

After regaining the 20 sna and resistance at 11700, the Nasdaq has once again encountered resistance at the multi-month declining trendline. At a neutral level, the RSI is not providing many hints. If the declining trendline is not retaken, the 20 sma may be challenged at 11600 before the June 30 bottom of 11300. Here, a break allows access to 11050, the 2022 low. However, a break above the declining trendline reveals the 50 sna at 12150 and resistance at 12225, the high from last week. A move higher than this results in a higher high.

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