Ipek Ozkardeskaya
Swissquote Bank Ltd
Oil and gold jumped on rising geopolitical tensions after Israel struck targets in western Iran as a response to last weekend’s attacks. Brent crude traded above the $90pb before easing, US crude shortly trade past the $86pb level, wheat futures jumped 2%, gold rebounded to a near-record level and Swiss franc gained. We will likely see a further flight to safety before the weekly closing bell on fear of further escalation of tensions during the weekend. In other hot commodity news, cocoa futures jumped close to 10% yesterday to above $11’000 per ton, and a hedge manager called Pierre Andurand said that the shortages will push the price of a ton of cocoa to $20K.
Elsewhere, tech investors didn’t necessarily bought into TSM’s better-than-expected revenue and earnings compared to the same time last year. The S&P500 extended losses and Nasdaq 100 retreated to near its 100-DMA.
Netflix reported results after the closing bell yesterday and surprised with a third month of blowout subscriptions growth, but shares lost almost 5% in the afterhours trading as its Q2 revenue forecast failed to impress.
The US dollar gained on the back of strong US data and hawkish Fed comments and the US futures are in the negative this morning.
This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.
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Happy Apple day
Apple is due to report Q1 results today after the bell. Expectations are soft given that Apple’s Chinese business got a major hit in Q1 as competitors increased their market share against the giant Apple.