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Dollar 20-Year High, Rivian Block Sales, Chinese Trade - What's Moving Markets

Thứ Ba, 10 tháng 5, 2022
Dollar 20-Year High, Rivian Block Sales, Chinese Trade - What's Moving Markets © Reuters

By Geoffrey Smith

Investing.com -- The dollar hit a 20-year high as global risk aversion mounts in the wake of Friday's employment report. Ford and (apparently) Amazon (NASDAQ:AMZN) are getting rid of large amounts of Rivian stock with block sales that will raise eyebrows at those who were persuaded to buy into the IPO at three times the price only a few months ago. The signal that sends about valuations means that stocks are set for another rocky day. China's export growth slows to a crawl in April as Shanghai's port was shut by Covid. Still things could be worse. You could be Vladimir Putin, holding a Victory Parade while your armed forces still struggle no closer to subduing Ukraine after 10 weeks of fighting. Here's what you need to know in financial markets on Monday, 9th May.

1. Dollar hits 20-year high as jobs report fails to dispel rate fears

The dollar continued to surge in the wake of Friday’s employment report for April, which did nothing to alleviate concerns of higher U.S. interest rates or fears of what they will do to the world economy.

The dollar index, which tracks the greenback against a basket of six developed market currencies, touched a high of 104.205 before paring its gains to trade at 103.880 by 6:30 AM ET (1030 GMT), a gain of 0.2% on the day. Gains were across the board.

The dollar also gained 0.8% against the offhore yuan, after China’s trade data for March showed annual growth in exports slowing to only 3.9% from over 14% in February, hurt by the month-long Covid-driven disruption to the country’s largest port at Shanghai. The dollar also hit a record high against the Indian rupee.

Digital currencies also suffered, with Bitcoin falling 3.3% to test its low for the year, while Ethereum fell 4.2%.

2. Early investors pile out of Rivian

Two of Rivian Automotive 's (NASDAQ:RIVN) big early backers are reducing their stakes in the company via big block sales, according to various reports.

CNBC reported on Sunday that Ford will place 8 million shares of its total holding of 102 million in the electric van maker in an accelerated bookbuilding process led by Goldman Sachs (NYSE:GS). JPMorgan (NYSE:JPM), meanwhile, is set to sell between 12 and 13 million Rivian shares on behalf of another big shareholder. The seller wasn’t named but is widely believed to be Amazon.

The blocks are set to be sold at $26.90, a discount of around 6.5% to Friday’s close. The banks handling the sales were both joint lead managers on Rivian’s IPO last year, when they sold the same stock at $78.

Mark-to-market revaluations of holdings in Rivian were a big factor behind both Ford and Amazon disappointing with their quarterly earnings recently.

3. Stocks set for another tough day. Food, real estate earnings eyed

U.S. stock market are set for another round of heavy selling at the opening, with the news of the Rivian block sales an uncomfortable reminder of how radically investors are reappraising the outlook for growth, interest rates and, consequently, stock valuations.

By 6:15 AM ET, Dow Jones futures were down 435 points, or 1.9%, their lowest since late February. The S&P 500 futures and Nasdaq 100 futures contracts were down at their lowest in over a year, losing 1.6% and 2.0%, respectively.

Earnings season is starting to wind down, but a number of important updates are still due later. Coty (NYSE:COTY) lifted its outlook after a strong first quarter. Tyson Foods (NYSE:TSN) will have something to say about the outlook for meat prices, while Duke Energy (NYSE:DUK) and Exelon (NASDAQ:EXC) may offer more color on the rising risk of electricity blackouts this summer. Mall landlord Simon Property (NYSE:SPG) and International Flavors and Fragrances report after the close.

4. Victory Day without victory

Russian President Vladimir Putin held his usual Victory Day parade to commemorate the end of the Second World War, but without being able to proclaim any new victories in Ukraine.

Putin’s eagerly-anticipated speech was more notable for what it lacked, rather than what it contained – there was no mention of the full mobilization that defense chiefs have reportedly pressed for, nor of any new strategic goals, nor of the nuclear threats against the West which are now the daily staple of Russian state television.

Over the weekend, Ukrainian forces had reportedly hit another Russian warship, the frigate Admiral Makarov with anti-ship missiles. Hundreds of Ukrainian soldiers meanwhile continue to defend the Azovstal steel mill, their last redoubt in the besieged city of Mariupol.

Elsewhere, the EU’s top diplomat Josep Borrell suggested seizing Russia’s frozen foreign exchange reserves to help pay for the reconstruction of Ukraine.

5. Oil falls on Chinese trade data as Hungary stalls on EU embargo

Efforts to tie up a European embargo on Russian oil imports continue to be impeded by Hungary, however, which is still pressing for a five-year grace period. That’s emboldening others such as Slovakia and Bulgaria to press for carve-outs of their own.

Russian Oil Minister Alexander Novak was quoted by Russian newswires earlier as saying that he expects the country’s oil output to rise this month, after sanctions badly disrupted shipments in April.

U.S. crude futures were down 2.2% by 6:25 AM ET at $107.33 a barrel, amid a broad risk-off movement in global markets prompted by the Chinese trade data. Brent futures were down 2.1% at $110.10 a barrel.

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

GBP/USD

1.2475

-0.0015 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (2)

Sell (3)

USD/CAD

1.3780

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

EUR/JPY

168.32

+0.10 (+0.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

EUR/CHF

0.9808

+0.0001 (+0.01%)

Summary

Neutral

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (2)

Gold Futures

2,295.80

-7.10 (-0.31%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Silver Futures

26.677

+0.023 (+0.09%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (9)

Copper Futures

4.5305

-0.0105 (-0.23%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (1)

Crude Oil WTI Futures

81.14

-0.79 (-0.96%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (7)

Brent Oil Futures

85.62

-0.71 (-0.82%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (7)

Natural Gas Futures

1.946

-0.009 (-0.46%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (5)

US Coffee C Futures

213.73

-13.77 (-6.05%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (10)

Euro Stoxx 50

4,920.55

-60.54 (-1.22%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (7)

S&P 500

5,035.69

-80.48 (-1.57%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

DAX

17,921.95

-196.37 (-1.08%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (6)

FTSE 100

8,144.13

-2.90 (-0.04%)

Summary

Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (4)

Hang Seng

17,763.03

+16.12 (+0.09%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (6)

US Small Cap 2000

1,973.05

-42.98 (-2.13%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

IBEX 35

10,854.40

-246.40 (-2.22%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (3)

Sell (3)

BASF SE NA O.N.

49.155

+0.100 (+0.20%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (7)

Bayer AG NA

27.35

-0.24 (-0.87%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Allianz SE VNA O.N.

266.60

+0.30 (+0.11%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (5)

Adidas AG

226.40

-5.90 (-2.54%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (7)

Deutsche Lufthansa AG

6.714

-0.028 (-0.42%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (9)

Sell (1)

Siemens AG Class N

175.90

-1.74 (-0.98%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Deutsche Bank AG

15.010

-0.094 (-0.62%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (6)

Sell (2)

 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank8,300/ 8,500
(8,300/ 8,500) # 1,298
SJC 1L, 10L, 1KG8,300/ 8,520
(0/ 0) # 1,510
SJC 1c, 2c, 5c7,380/ 7,550
(0/ 0) # 540
SJC 0,5c7,380/ 7,560
(0/ 0) # 550
SJC 99,99%7,370/ 7,470
(0/ 0) # 460
SJC 99%7,196/ 7,396
(0/ 0) # 386
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ↀ Giá vàng thế giới
$2,285.72-47.5-2.04%
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V25.44025.940
RON 95-III24.91025.400
E5 RON 92-II23.91024.380
DO 0.05S20.71021.120
DO 0,001S-V21.32021.740
Dầu hỏa 2-K20.68021.090
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WTI$80.83+3.390.04%
Brent$85.50+3.860.05%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD25.088,0025.458,00
EUR26.475,3627.949,19
GBP30.873,5232.211,36
JPY156,74166,02
KRW15,9219,31
Cập nhật lúc 10:45:15 01/05/2024
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