Nasdaq closes at a record high – Binary Options Daily Review

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Friday 21st April 2017
Prepared by Barry Jenkins, MarketsWorld Binary Options Analyst

 
Market Index Closing Level Move on day Intraday Market Range
CAC 5,077.91 + 74.18 4,989.26 – 5,093.60
DAX 12,027.32 + 10.87 11,914.57 – 12,050.66
Dow Jones 20,578.71 + 174.22 20,406.68 – 20,629.78
FTSE 7,118.54 + 4.18 7,096.83 – 7,127.58
IBEX 10,372.50 + 2.20 10,328.50 – 10,473.90

Closing Markets Summary

Dow Jones

Stocks in the US closed solidly higher on Thursday buoyed by strong economic data and corporate earnings which helped propel the Nasdaq to a new record closing high. Also helping sentiment was comments from Treasury Secretary Steven Minchin, who said that Trump’s tax overhaul plans aren’t linked to the outcome of a health care bill. Mnuchin, speaking at an Institute of International Finance conference, said a Trump tax bill is likely to be unveiled in the near future, alleviating fears that the tax cuts promised by the president may have been put on the back burner after the Republicans failed to vote on the American Health Care Act last month. There were also reports of a potential breakthrough among key House Republicans to secure more support for their health care bill. Economic data showed that Initial jobless claims rose by 10,000 to 244,000 in mid-April, the number of out-of-work people collecting unemployment checks fell to a 17-year low last week, underscoring the strongest US labor market in years. The manufacturing index from the Philadelphia Fed slid in April, but from high levels, suggesting slower growth in the factory sector after a postelection surge. Companies that featured included steel stocks which rose on an announcement from Trump’s of a government probe into whether foreign steel imports are harming national security. US Steel Corp. rose 7.4%, AK Steel Holding Corp. jumped 8.6% and Steel Dynamics Inc. rose 6.8%. Philip Morris International Inc. dropped 3.5% after the company fell short of earnings and first-quarter profit forecasts. Foot Locker Inc initially fell but later rebounded to trade 5.4% higher even after the athletic apparel group issued a profit warning. Verizon Communications Inc. slipped 1.1% after the telecom company reported first-quarter earnings fell short of Wall Street forecasts. EBay Inc. shares fell 3.9% after earnings. The S&P 500 closed up 17.67 points at 2,355.84, the Dow Jones closed up 174.22 points at 20,578.71 and the Nasdaq Composite closed up 53.74 points at 5,916.78.

Europe

European equity markets closed higher on Thursday with French stocks out performing other European markets as gains for Publicis Groupe SA and Pernod Ricard SA helped relieve pressure from concerns over the outcome of Sunday’s French presidential election vote. The Pan-European Stoxx Europe 600 edged 0.22% to close at 378.06 after moving between small gains and losses throughout the session. The CAC 40 was up as much as 1.1% intraday following a Harris Interactive poll that showed centrist candidate Emmanuel Macron with 25% support among respondents ahead of the first round of voting in France’s presidential election. That’s slightly higher than 22% for far-right National Front candidate Marine Le Pen, who has called for France to ditch the Euro and its membership in the European Union. Economic data showed that Consumer confidence within the Eurozone fell less than forecast last month, falling to an annual rate of -3.6, from -5.0 in the previous month. Forecast were for a fall to -4.8 last month. Companies that featured included Publicis which was among the top share-price performers on the back of its financial results with a rise of 2.3%, after the advertising heavyweight posted a smaller than forecast decline in first-quarter sales. Pernod Ricard rose 1.6% after the producer of Absolut vodka and Martell cognac posted a 1% rise in third-quarter underlying sales. Nestlé SA rose 0.45 after reporting first-quarter revenues which was largely flat from a year earlier. Man Group PLC rose 6.6% to the top of the Stoxx 600 as the investment manager said quarterly funds under management rose 10% on strong fund inflows and a weaker Dollar. BMW AG edged slightly higher after reporting pretax profit in the first three months of the year rose about 27%, beating market forecasts. On regional markets the French CAC closed up 74.18 points at 5,077.91, the German DAX closed up 10.87 points at 12,027.32 and the Spanish IBEX closed up 2.20 points at 10,372.50.

FTSE

The FTSE ended a shaky session slightly higher on Thursday after a mixed bag of corporate results which included a decent set of earnings from consumer giant Unilever PLC. The slightly firmer close ended a recent run of lower closes following news that Prime Minister Theresa May had called a snap general election for June 8. The FTSE on Wednesday erased its yearly gain, dropping 0.5% after falling for four straight sessions. The call for an election Tuesday produced a rally in the Pound which moved up to it’s highest since October and sterling has been trading around that level since. It was at $1.2839 on Thursday morning, up from $1.2779 late Wednesday in New York. The move higher for sterling has been attributed to hopes for a bigger Conservative majority in parliament, which could put the UK in a stronger position to negotiate Brexit with Brussels. Companies that featured included Unilever which rose 0.3% after it reported earnings that showed a rise in underlying sales for the first quarter. Rio Tinto PLC rose 1.2% after the mining major trimmed its copper production target, but stuck to its guidance for iron ore. Burberry Group PLC rose 1.7%, partly recovering from a 7.9% slide on Wednesday when the luxury-goods company said underlying revenue fell in the second half of its financial year. The FTSE closed up 4.18 points at 7,118.54, recovering from the lowest close since Feb. 1 seen on Wednesday.

Economic News Expected Today

 USA

Type Period Forecast Previous Importance
Manufacturing PMI April 53.5 53.3 Medium
Services PMI April 53.0 52.8 Medium
Existing Home Sales March 5.60M; 2.5% m/m 5.48M; -3.7% m/m High

Economic News Expected Today

EU  Eurozone

Type Period Forecast Previous Importance
Manufacturing PMI (France) April 53.0 53.3 Medium
Services PMI (France) April 57.1 57.5 Medium
Composite PMI (France) April 56.2 56.8 Medium
Manufacturing PMI (Germany) April 58.0 58.3 High
Services PMI (Germany) April 55.5 55.6 Medium
Composite PMI (Germany) April 56.8 57.1 Medium
Current Account (Eurozone) Feb   24.1bln Low
Manufacturing PMI (Eurozone) April 56.0 56.2 Medium
Services PMI (Eurozone) April 56.0 56.0 Medium
Composite PMI (Eurozone) April 56.3 56.4 Medium

Economic News Expected Today

UK United Kingdom

Type Period Forecast Previous Importance
Retail Sales March -0.2% m/m; 3.4% y/y -0.5% m/m; 3.6% y/y High
Core Retail Sales March -0.4% m/m; 3.9% y/y 1.3% m/m; 4.1% y/y Medium

Other Global Economic Data Expected

 

Type Period Forecast Previous Importance
CPI (Canada) March 0.4% m/m; 1.8% y/y 0.2% m/m; 2.0% y/y Medium
Core CPI (Canada) March   0.4% m/m; 1.7% y/y High

Economic News Round Up MarketsWorld Bars

In the US the number of people who filed for unemployment assistance in the US last week rose more than forecast, the US Department of Labor reported that the number of individuals filing for initial jobless benefits last week rose to a seasonally adjusted 244K, from 234K in the previous week. Initial jobless claims were forecast to rise to 242K last week. Manufacturing activity in the state of Philadelphia rose less than forecast last month, the Federal Reserve Bank of Philadelphia reported that Philly Fed manufacturing index rose to a seasonally adjusted 22.0, from 32.8 in the previous month. The Philly Fed manufacturing index was forecast to rise 25.0 last month. The Conference Board leading economic index for the US rose more than forecast last month, the Conference Board Inc. reported that US CB Leading Index rose to a seasonally adjusted annual rate of 0.4%, from 0.5% in the previous month whose figure was revised down from 0.6%. The US CB Leading Index was forecast to rise 0.2% last month.

Consumer confidence within the Eurozone fell less than forecast last month, the European Commission reported that Eurozone consumer confidence fell to an annual rate of -3.6, from -5.0 in the previous month.
Eurozone consumer confidence was forecast to fall -4.8 last month.

Japan’ trade balance fell more than forecast last month, the Ministry of Finance reported that the country’s trade balance fell to a seasonally adjusted 0.17T, from 0.61T in the previous month whose figure was revised down from 0.68T. The trade balance was forecast to fall to 0.61T last month.

Forex Round Up MarketsWorld Bars

The Dollar was broadly lower against other major currencies in quiet trade on Thursday, after the release of downbeat US economic reports and as geopolitical tensions around the world continued to weigh on investor sentiment. Initial jobless claims in the US increased by 10,000 in the week ending April 15 to 244,000 from the previous week’s total of 234,000. Jobless claims were forecast to rise by 8,000 to 242,000 last week. The Federal Reserve Bank of Philadelphia reported that its manufacturing index fell to 22.0 this month from March’s reading of 32.8. Forecasts were for the index to decline to 25.0.

The EUR/USD was up 0.49% at $1.0762, just off a three-and-a-half week high of $1.0776 hit overnight. Sterling remained supported after the British Parliament on Wednesday approved by an overwhelming 522 votes against 13 May’s call for an early election, setting the stage what will define the terms of the UK’s withdrawal from the European Union. The GBP/USD was up 0.38% at $1.2823, not far from Tuesday’s six-month peak of $1.2904.

The USD/JPY was up 0.39% at ¥109.27 and USD/CHF was down 0.33% at Fr0.9949. The Australian and New Zealand dollars were both stronger with the AUD/USD up 0.45% at $0.7532 and the NZD/USD was up 0.14% at $0.7014. The USD/CAD held steady at CAD$1.3485, after hitting a five-week high of CAD$1.3495 earlier in the day. The US Dollar Index was down 0.27% at 99.44.

 
Commodity Round Up MarketsWorld Bars

Gold prices were slightly lower on Thursday in a quiet session as traders risk appetite has improved as the week as progressed. Interest was mainly from chart based traders who were willing to step in and buy any dips. June gold was down $1.10 per ounce at $1,282.50. May silver was down $0.197 at $17.975 per ounce.

Crude Oil settled lower on Thursday in a volatile trading session weighed by concerns over rising US oil production offset bullish comments from oil producers on a possible extension to the OPEC-led deal to cut global supply. West Texas Intermediate futures for May delivery fell $0.17 to settle at $50.27 per barrel, June Brent rose $0.03 to settle at $52.96 per barrel.

The MarketsWorld Overview MarketsWorld Bars

Retail sales in the UK disappointed in February with a fall of -0.2%, short of forecasts for a rise of 2%. Expectations are for another decline for March with forecasts for a reading of -0.5%. Monitor the Pound for Binary Options trading.

 

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The information contained in this publication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Any opinion offered herein reflects Barry Jenkins’ (MarketsWorld Analyst) current judgment and may change without notice. Users acknowledge and agree to the fact that, by its very nature, any investment in shares, stock options and similar and assimilated products is characterized by a certain degree of uncertainty and that, consequently, any investment of this nature involves risks for which the user is solely responsible and liable. This message is intended for recipient only and not for further distribution without the consent of MarketsWorld.

 

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