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Asian indices:
- Australia’s ASX 200 index rose 8.8 points (0.13%) and is currently trading at 7,029.40
- Japan’s Nikkei 225 index fell -226.04 points (-0.8%) and is currently trading at 28,023.20
- Hong Kong’s Hang Seng Index rose 173.27 points (0.86%) and is currently trading at 20,219.04
- China’s A50 index rose 39.65 points (0.29%) and is currently trading at 13,601.23
UK and Europe:
- UK FTSE 100 futures are currently down -3.5 points (-0.05%), the spot market is currently estimated at 7,478.87
- Euro STOXX 50 futures are currently down -2 points (-0.05%), spot market is currently estimated to open at 3,755.22
- German DAX futures are currently down -21 points (-0.15%), the spot market is currently estimated at 13,666.69
US Futures Contracts:
- DJI futures are currently up 84 points (0.26%)
- S&P 500 futures are currently up 37 points (0.28%)
- Nasdaq 100 futures are currently up 11.5 points (0.28%)
Volatility remains low overall
Currency markets traded in tight ranges with no news regarding market developments. Stocks were mixed across Asia, but with a bullish bias as traders weigh in on the potential for a weak US inflation report tomorrow.
Gold is showing the potential to push higher and shoot for $1800, although trend resistance is also nearby – and the reward/risk ratio from current levels on the daily chart looks inadequate. For this reason, we prefer silver for potential short-term purchases.
Silver Daily Chart (XAG):
We can see on the daily chart that silver spot prices have invalidated a downtrend line. After brief pullback support was found at the monthly pivot point and 20-day eMA, and yesterday’s bullish engulfing candle (its strongest in 7) helped it to a 5-high weeks and to trade above the 50-day EMA. It looks like we’ve seen the corrective bottom and prices may now head towards $21 (near the monthly S1), a break above that highlights the resistance zone around $22.
FTSE 350 – Market Internals:
- FTSE 350: 4168.67 (0.57%) 08 August 2022
- 222 (63.43%) shares rose and 111 (31.71%) fell
- 7 stocks hit new 52-week highs, 2 hit new lows
- 34.57% of stocks closed above their 200-day average
- 81.14% of stocks closed above their 50-day average
- 18.29% of stocks closed above their 20-day average
Outperformers:
- +7.18% – Hargreaves Lansdown PLC (HRGV.L)
- +4.46% – Rolls-Royce Holdings PLC (RR.L)
- + 4.33% – Apax Global Alpha Ltd (APAX.L)
Underperformers:
- -7.22% – Pagegroup PLC (PAGE.L)
- -5.15% – Future PLC (FUTR.L)
- -4.88% – Hays PLC (HAYS.L)
Upcoming economic events (Times in BST)
The economic calendar is rather calm today, with no major data expected for the first half of the European session. The NFIB Business Optimism Indexes are released at 11:00 a.m. BST and focus on small businesses across the United States. At 89.5, it fell to its lowest level since January 2013 in June, with retail and finance being the most pessimistic sectors. Companies with 0 to 4 employees were also the most affected.
Mexican inflation data is next released at 12:00 BST and a Reuters poll shows consensus standing at 8.1% y/y (a 22-year high) versus 7.99%.
Later in the US session, energy traders will be keeping a close eye on the weekly API report at 9:30 p.m.
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