Economic data
- (BR) Brazil Jun FGV Construction Costs M/M: 1.9% v 1.7%e
- (BR) Brazil Jun FGV Consumer Confidence: 83.9 v 85.1 prior
- (IN) India Weekly Forex Reserves w/e Jun 19th: $355.5B v $354.3B
- (MX) Mexico May Unemployment Rate (Seasonally Adj): 4.4% v 4.3%e; Unemployment Rate NSA (unadj): 4.5% v 4.3%e
- (MX) Mexico May Trade Balance: -$1.0B v -$0.2Be
- (US) Jun Final University of Michigan Confidence: 96.1 v 94.6e
US equity trading has been choppy this morning as the DJIA benefits from Nike's very good quarterly earnings even as the Nasdaq is pulled lower by semi names tanking after Micron's bad showing. As of writing, the DJIA is up 0.48%, the S&P500 is up 0.09% and the Nasdaq down 0.35%.
Bonds are selling off this morning as the bickering between Greece and its creditors deepens and the final deadline approaches. Reports suggest that the creditors still will not accept Greece's VAT and pension proposals, while Greece has rejected a five-month, €15.5B bailout extension instead of a comprehensive settlement. The bund has gained six basis points to trade 0.918%, while the UST benchmark note is up five basis points to 2.46%.
Crude broke to its lowest level since early June, with WTI dropping briefly below $59 in the wake of news that the P5+1 powers are offering more concessions to Iran in a final push for a nuclear deal. The Western officials engages in talks have made upbeat comments even in the face of the Iranians nixing any inspections of military sites as part of a deal. Brent was around $62.50.
Frankfurt-listed shares of German potash name K+S are up 17% this morning on talk that Potash Corp is looking to acquire the name. Shares came a bit off their highs on reports that K+S considered Potash's €40/shr+ off on the low side. Shares of POT are down 2% while Mosaic is up 1.5%.
Shares of Nike are up 4% after the firm beat top- and bottom-line expectations in its fourth quarter report. Sales rose by double-digits in all of its major markets, however foreign exchange translation put a serious dent in the take. Shares of Micron are sinking lower after its poor third quarter numbers. Micron's margins contracted thanks to a 10% decline in DRAM average selling prices and relatively flat DRAM volumes, and the firm's fourth quarter guidance was subpar. MU is down nearly 19% today, while INTC is off 2.3%.
Looking Ahead
- 12:45 (US) Fed's George (non-voter, hawk) speaks on the Payments System in Kansas
- 13:00 (US) Baker Hughes weekly Rig Count data- 15:00 (AR) Argentina Q1 GDP Q/Q: No est v 0.0% prior; Y/Y: 1.2%e v 0.4% prior
- 15:00 (AR) Argentina Q1 Current Account Balance: -$2.7Be v -$1.7B prior
- 15:00 (AR) Argentina Apr Economic Activity Index (Monthly GDP) M/M: No est v -1.0% prior; Y/Y: 1.2%e v 2.0% prior
Weekend
- 21:30 (CN) China May YTD Industrial Profits Y/Y: No est v 2.6% prior
- (BR) Brazil Jun FGV Construction Costs M/M: 1.9% v 1.7%e
- (BR) Brazil Jun FGV Consumer Confidence: 83.9 v 85.1 prior
- (IN) India Weekly Forex Reserves w/e Jun 19th: $355.5B v $354.3B
- (MX) Mexico May Unemployment Rate (Seasonally Adj): 4.4% v 4.3%e; Unemployment Rate NSA (unadj): 4.5% v 4.3%e
- (MX) Mexico May Trade Balance: -$1.0B v -$0.2Be
- (US) Jun Final University of Michigan Confidence: 96.1 v 94.6e
US equity trading has been choppy this morning as the DJIA benefits from Nike's very good quarterly earnings even as the Nasdaq is pulled lower by semi names tanking after Micron's bad showing. As of writing, the DJIA is up 0.48%, the S&P500 is up 0.09% and the Nasdaq down 0.35%.
Bonds are selling off this morning as the bickering between Greece and its creditors deepens and the final deadline approaches. Reports suggest that the creditors still will not accept Greece's VAT and pension proposals, while Greece has rejected a five-month, €15.5B bailout extension instead of a comprehensive settlement. The bund has gained six basis points to trade 0.918%, while the UST benchmark note is up five basis points to 2.46%.
Crude broke to its lowest level since early June, with WTI dropping briefly below $59 in the wake of news that the P5+1 powers are offering more concessions to Iran in a final push for a nuclear deal. The Western officials engages in talks have made upbeat comments even in the face of the Iranians nixing any inspections of military sites as part of a deal. Brent was around $62.50.
Frankfurt-listed shares of German potash name K+S are up 17% this morning on talk that Potash Corp is looking to acquire the name. Shares came a bit off their highs on reports that K+S considered Potash's €40/shr+ off on the low side. Shares of POT are down 2% while Mosaic is up 1.5%.
Shares of Nike are up 4% after the firm beat top- and bottom-line expectations in its fourth quarter report. Sales rose by double-digits in all of its major markets, however foreign exchange translation put a serious dent in the take. Shares of Micron are sinking lower after its poor third quarter numbers. Micron's margins contracted thanks to a 10% decline in DRAM average selling prices and relatively flat DRAM volumes, and the firm's fourth quarter guidance was subpar. MU is down nearly 19% today, while INTC is off 2.3%.
Looking Ahead
- 12:45 (US) Fed's George (non-voter, hawk) speaks on the Payments System in Kansas
- 13:00 (US) Baker Hughes weekly Rig Count data- 15:00 (AR) Argentina Q1 GDP Q/Q: No est v 0.0% prior; Y/Y: 1.2%e v 0.4% prior
- 15:00 (AR) Argentina Q1 Current Account Balance: -$2.7Be v -$1.7B prior
- 15:00 (AR) Argentina Apr Economic Activity Index (Monthly GDP) M/M: No est v -1.0% prior; Y/Y: 1.2%e v 2.0% prior
Weekend
- 21:30 (CN) China May YTD Industrial Profits Y/Y: No est v 2.6% prior
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
AUD/USD rises to two-day high ahead of Aussie CPI
The Aussie Dollar recorded back-to-back positive days against the US Dollar and climbed more than 0.59% on Tuesday, as the US April S&P PMIs were weaker than expected. That spurred speculations that the Federal Reserve could put rate cuts back on the table. The AUD/USD trades at 0.6488 as Wednesday’s Asian session begins.
EUR/USD now refocuses on the 200-day SMA
EUR/USD extended its positive momentum and rose above the 1.0700 yardstick, driven by the intense PMI-led retracement in the US Dollar as well as a prevailing risk-friendly environment in the FX universe.
Gold struggles around $2,325 despite broad US Dollar’s weakness
Gold reversed its direction and rose to the $2,320 area, erasing a large portion of its daily losses in the process. The benchmark 10-year US Treasury bond yield stays in the red below 4.6% following the weak US PMI data and supports XAU/USD.
Ethereum continues hinting at rally following reduced long liquidations
Ethereum has continued showing signs of a potential rally on Tuesday as most coins in the crypto market are also posting gains. This comes amid speculation of a potential decline following FTX ETH sales and normalizing ETH risk reversals.
Australia CPI Preview: Inflation set to remain above target as hopes of early interest-rate cuts fade
An Australian inflation update takes the spotlight this week ahead of critical United States macroeconomic data. The Australian Bureau of Statistics will release two different inflation gauges on Wednesday.