Market Review 27-7

Market Review 27-7

Brent oil rises as Saudi Arabia suspends some shipments

 

By Shadia Nasralla

 

Brent crude prices rose on Thursday after Saudi Arabia suspended its oil shipments through a Red Sea strait in response to an attack on two of the country’s tankers.

 

Saudi Arabia, the world’s biggest oil exporter, said on Thursday that it was “temporarily halting” oil shipments through the Red Sea shipping lane of Bab al-Mandeb after an attack by Yemen’s Iran-aligned Houthi movement.

 

An estimated 4.8 million barrels per day (bpd) of crude oil and refined petroleum products flowed through this waterway in 2016 towards Europe, the United States and Asia, according to the U.S. Energy Information Administration.

 

WTI was initially supported by official data showing U.S. crude oil inventories last week tumbled more than expected to their lowest level since 2015.

 

https://www.reuters.com/article/us-global-oil/brent-oil-rises-as-saudi-arabia-suspends-some-shipments-idUSKBN1KG02X

 

 

GBPUSD Breaking Higher as Probability of UK Rate Increase Rises

 

By Martin Essex

 

GBPUSD has risen above the upper bound of a symmetrical triangle chart pattern as the probability rises of a UK interest rate increase next Thursday’s meeting of the Bank of England’s monetary policy committee, which is widely expected to increase the bellwether UK Bank Rate to 0.75% from 0.50%.

 

The pair is still benefiting from news that UK Prime Minister Theresa May is to take personal control of the Brexit negotiations.

 

https://www.dailyfx.com/forex/market_alert/2018/07/26/GBPUSD-Breaking-Higher-as-Probability-of-UK-Rate-Increase-Rises.html

 

 

Buy Tesla shares for the coming ‘step-function up’ in sales: Instinet

 

By Tae Kim

 

Tesla shares will rise as the electric car maker significantly ramps up its deliveries in the September quarter, according to Nomura Instinet.

 

The firm reiterated its buy rating for Tesla shares, predicting the company will report third-quarter sales results above expectations.

 

Analyst Romit Shah has reaffirmed his $450 price target for Tesla, and he has also boosted his Q3 sales estimates from $6.1 billion to $6.4 billion.

 

Tesla is slated to report its June quarter earnings results next Wednesday.

 

https://www.cnbc.com/2018/07/25/buy-tesla-shares-for-the-coming-step-function-up-surge-in-sales-grow.html

 

 

USDJPY Risks Larger Losses as Bears Look to Break Critical Support

 

By Justin McQueen

 

USDJPY BEARS BEGINNING TO TAKE CONTROL

 

The Japanese Yen has continued to grind higher in the face of the recent USD weakness. This has come amid recent reports that the BoJ could allow for more flexibility regarding the implementation of the yield curve control and review its purchases of ETFs. Alongside this, President Trump last week announced his displeasure at the Fed continuing to raise rates, which has consequently kept the Dollar offered.

 

https://www.dailyfx.com/forex/market_alert/2018/07/26/USDJPY-Risks-Larger-Losses-as-Bears-Look-to-Break-Critical-Support.html

 

 

European shares rise as U.S.-EU trade breakthrough spurs carmakers

 

By Reuters Staff

 

European stocks jumped in early trading on Thursday following a breakthrough in U.S.-EU trade talks, buoying shares in carmakers as the market digested a flurry of company earnings reports.

 

The rally followed Wednesday’s meeting between U.S. President Donald Trump and European Commission President Jean-Claude Juncker, in which the U.S. president agreed to refrain from imposing tariffs on European cars while the two sides launch negotiations to cut other trade barriers, easing the threat of a transatlantic trade war.

 

European autos were the biggest sectoral gainers, up 1.5 percent. The sector has been hit particularly hard, with tariffs forcing carmakers on both sides of the Atlantic to cut their guidance.

 

Shares in Fiat, Porsche, Volkswagen and BMW all rose by between 2.9 and 4.3 percent.

 

https://www.reuters.com/article/europe-stocks/european-shares-rise-as-u-s-eu-trade-breakthrough-spurs-carmakers-idUSL5N1UM28D

 

 

GM’s Stock Seen Skidding Into a Bear Market

 

By Michael Kramer

 

General Motors Co.’s (GM) stock continues to struggle, with shares of the automaker down by about 17% from their highs just in the middle of June. The stock hit investors hard yet again on July 25, when the company lowered earnings guidance for the full year. But worse, an analysis of the technical stock chart suggests shares may fall by another 8%.

 

https://www.investopedia.com/news/gms-stock-seen-skidding-bear-market/

 

 

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