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Alphaex Capital Daily Market Brief

25/06/2018

US Equity Markets indices rose on Friday boosted by higher oil prices after the OPEC agreed to a modest increase in output, but a decline in technology stocks capped gains. The S&P 500 gained 0.19%, to 2,754.88 and the Nasdaq Composite fell 0.26%, to 7,692.82. Leading the decliners among tech was open source software provider Red Hat Inc, which fell 14.2% after its current-quarter and full-year revenue missed analysts’ estimates due to a strengthening dollar.

Asian Equity Markets indices were mixed on Monday as traders attempted to shake off jitters about trade tensions between the United States and China. The Australian ASX 200 fell 0.12% as the heavily weighted financial sector declined 0.8%. Major banking stocks were lower. The Nikkei 225 was down 0.51%.

Forex Markets the USD/JPY fell to a two-week low on Monday as the latest flare-up in global trade concerns dented investor risk appetites and drove down U.S. yields. The USD/JPY was down 0.4% at 109.54 yen after falling to 109.45, its weakest since June 11. The Turkish lira was up about 0.5% at 4.64 per dollar, after jumping as much as 1.6% earlier. The lira had initially jumped after Turkish president Tayyip Erdogan and his ruling AK Party claimed victory in presidential and parliamentary elections on Sunday.

Commodities Markets brent crude oil prices fell over 1.5% on Monday as traders factored in an expected output increase that was agreed at the headquarters of the OPEC in Vienna on Friday. Brent crude futures, the international benchmark for oil prices, were at $74.21 per barrel, down 1.8% from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $68.40 a barrel, down 0.3%, supported more than Brent by a slight drop in U.S. drilling activity.

Bond Markets U.S. Treasury yields were little changed on Friday, trading in narrow ranges, as risk appetite improved a bit with shares on Wall Street higher, but worries over a trade conflict with China kept investors cautious. U.S. 10-year yields ended up slightly at 2.9 percent, from Thursday’s 2.897 percent. U.S. 30-year yields were almost flat at 3.040 percent, compared with 3.043 percent on Thursday. On the short end, U.S. two-year note yields edged up to 2.549 percent, from 2.541 percent late on Thursday.

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Risk Warning

Trading carried a high level of risk to your capital. Losses can exceed deposits. Please read the full risk warning here

Trading spot foreign exchange and futures on margin carries a high level of risk and may not be suitable for all investors. You may lose all your capital. Loses can exceed deposits. Past performance is not indicative of future results. The high degree of leverage can work against you as well as for you. Before deciding to invest in spot foreign exchange or futures you should carefully consider your investment objectives, level of experience, and risk appetite. If you are in any doubt about investment or the mechanics of such products, you should seek independent financial advice.

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