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✅ Daily Market Analysis - THURSDAY SEPTEMBER 07, 2023Key events: USA - Initial Jobless Claims USA - Crude Oil Inventories On Wednesday, global stock indices experienced a downturn, while the benchmark US Treasury yield surged, and the US dollar reached its highest point in six months. This surge was driven by strong data from the US services sector, indicating that inflationary pressures continue to be a concern. The impact of these developments was notably significant on Wall Street, where shares of tech behemoth Apple (NASDAQ: AAPL) took a hit, falling by 3.6%. The Wall Street Journal reported that China had issued a ban on officials working at central government agencies from using iPhones and other foreign-branded devices for official purposes. Apple stock daily chart The Institute for Supply Management (ISM) has reported an increase in its non-manufacturing Purchasing Managers' Index (PMI) for August. This uptick suggests that new orders are strengthening, and businesses are experiencing higher input costs. Some investors have taken this data as an indication that interest rates could remain elevated for an extended period. However, the general consensus is that the US Federal Reserve will maintain its current pause on rate hikes during its upcoming meeting later this month. Adding to the discussion, Fed Bank of Boston President Susan Collins has stressed the importance of exercising caution in the central bank's future monetary policy decisions, despite signs of progress in controlling inflation. These developments had repercussions in the stock market, with the Dow Jones Industrial Average experiencing a decline of 198.78 points, equivalent to 0.57%, closing at 34,443.19. Similarly, the S&P 500 saw a loss of 31.35 points, or 0.70%, finishing at 4,465.48, while the Nasdaq Composite dropped by 148.48 points, a 1.06% decrease, to conclude the day at 13,872.47. NASDAQ Index daily chart SPX Index daily chart Today, European stock markets are poised to open with losses, driven by fresh signals of slowing growth in both Europe and China. Moreover, concerns about potential tightening measures by the Federal Reserve are further dampening market sentiment. In Germany, DAX futures have declined by 0.3%, while CAC 40 futures in France have also slipped by 0.3%. Meanwhile, the FTSE 100 futures contract in the UK is down by 0.2%. Earlier economic data revealed a 0.8% month-on-month drop in German industrial production for July, surpassing expectations of a 0.5% decline. This latest data point adds to a string of reports indicating that the largest economy in the eurozone is facing significant challenges and might be at risk of slipping back into recession. DAX index daily chart CAC 40 index daily chart FTSE 100 index daily chart In addition to the European economic concerns, China's trade data for August painted a challenging picture. Exports in China dropped by 8.8% year-on-year, while imports fell by 7.3%. While these figures exceeded expectations, they highlight the continued strain on China's manufacturing sector, emphasizing the urgency for policymakers to focus on stimulating domestic demand to support economic growth. China's economic performance carries significant weight for Europe's largest companies, and its ongoing challenges have a ripple effect on their financial results. Shifting our attention to the Bank of Canada (BoC), the central bank recently made a decision in line with expectations by keeping its policy rates unchanged during its interim meeting. While the BoC did acknowledge a reduction in excess demand, it left the door open for potential future rate hikes. The central bank expressed concerns about the persistent pressure on underlying inflation. In summary, the BoC's communication leaned towards a more hawkish stance, pointing out the absence of recent downward momentum in underlying inflation and emphasizing the risk that elevated inflation could become entrenched. XAU/USD H8 chart On Thursday, gold prices held steady, although they faced some downward pressure due to the strength of the US dollar and Treasury yields. The dollar index reached a fresh six-month high, touching 105.03, and was last seen trading at 104.85, reflecting a 0.1% increase. Meanwhile, the euro experienced slight gains, edging up by 0.03% to reach $1.0723. DXY H8 chart In contrast, oil prices took a different turn, reversing their earlier declines and ending the day with gains. This shift was primarily fueled by trader expectations of forthcoming reductions in US crude oil inventory. Brent crude futures settled at $90.60 per barrel, registering a rise of 56 cents, while US crude futures closed at $87.54, marking an increase of 85 cents. Looking ahead, one of the most significant data releases for today is the euro area wage figures, particularly compensation per employee for the second quarter of 2023. This specific wage measure is closely monitored by the European Central Bank (ECB), and its release holds substantial importance as it serves as the final significant data point before the upcoming ECB monetary policy meeting scheduled for next Thursday.
by FOREXN1
8
Apple in Trouble: Shares Fall More Than 3.5% As a result of yesterday's trading, AAPL shares fell more than 3.5%. The reason is in the news that came from China: → According to the WSJ, Chinese central government officials have been ordered not to use iPhones or bring them to the office. Apple's business is very vulnerable to tensions between China and the US, as most of the US company's products are made in China. → Chinese Huawei has developed a new high-speed phone that can become a serious competitor to the iPhone. The first batch of the phone, the Mate 60 Pro, priced at USD 960 on a limited pre-order basis, sold out in a matter of hours, causing a sensation on Chinese social media. With the SHS pattern in the background, AAPL shares are technically weak: → the price has tested the bearish gap formed at the beginning of August; → USD 188/share AAPL, which acted as support in July, now appears to be resisting; → after the August reversal from the lower border of the channel (shown in blue), the bulls failed to return to the upper half of the channel. Bulls can oppose a serious argument — the price is in an upward channel. And AAPL is one of the leaders in the NASDAQ Technology Index, which is rising on the AI-related boom. However, AAPL's share price continued to decline in premarket trading, dropping below the USD 180 level, and thus threatening a bearish breakdown of the rising channel in 2023. The nearest support is the level of 176.50, where earlier the price slowed down the fall or turned up. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
NASDAQ:AAPL
by FXOpen
Apple Moving Lower for LongerAPPL (1D) - Quick Analysis Price Chart Apple's price action has filled it's August gap (White Dotted) and turned lower pushing past the 12, 26, and 50-day EMA's in one swoop. Both RSI and OBV have created trend lines (Yellow Solid) that the indicators look to be respecting with failed retest; as RSI is on the verge of pushing below the 50 level. What Seems Legit? This bad boy finally cooling off. It's up 60% YTD. First retest it's 200-day EMA then retest it's major trend line and some good chaos in-between. Check us out on Twitter for charts not posted here, memes, and news that that doesn't make the news Chart Key Yellow Solid = Trend Line White Dotted = Gap Fill Green Boxes = Supports / Target Areas
NASDAQ:AAPLShort
by Seems_Legit_Research