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

Tuesday, May 10, 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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22-05-2022 12:33:01 (UTC+7)

EUR/USD

1.0562

-0.0024 (-0.23%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

EUR/USD

1.0562

-0.0024 (-0.23%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

GBP/USD

1.2489

+0.0029 (+0.23%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (2)

Sell (5)

USD/JPY

127.86

+0.07 (+0.05%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (3)

Sell (3)

AUD/USD

0.7039

-0.0008 (-0.11%)

Summary

Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (3)

USD/CAD

1.2839

+0.0014 (+0.11%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (1)

EUR/JPY

135.05

-0.24 (-0.18%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (3)

Sell (2)

EUR/CHF

1.0296

-0.0005 (-0.05%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Gold Futures

1,845.10

+3.90 (+0.21%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Silver Futures

21.765

-0.143 (-0.65%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (2)

Sell (6)

Copper Futures

4.3042

+0.0212 (+0.49%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (2)

Crude Oil WTI Futures

110.35

+0.46 (+0.42%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (6)

Brent Oil Futures

112.91

+0.87 (+0.78%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Natural Gas Futures

8.058

-0.250 (-3.01%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

US Coffee C Futures

216.48

-2.22 (-1.02%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

Euro Stoxx 50

3,657.03

+16.48 (+0.45%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (9)

Sell (1)

S&P 500

3,901.36

+0.57 (+0.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

DAX

13,981.91

+99.61 (+0.72%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (8)

Sell (0)

FTSE 100

7,389.98

+87.24 (+1.19%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (7)

Sell (2)

Hang Seng

20,717.24

+596.56 (+2.96%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (7)

US Small Cap 2000

1,773.27

-2.96 (-0.17%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (7)

Sell (1)

IBEX 35

8,484.50

+78.50 (+0.93%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (5)

Sell (2)

BASF SE NA O.N.

48.850

-0.010 (-0.02%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (1)

Bayer AG NA

63.74

+0.34 (+0.54%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (2)

Allianz SE VNA O.N.

195.58

+0.78 (+0.40%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (8)

Sell (0)

Adidas AG

172.80

+0.92 (+0.54%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (7)

Sell (1)

Deutsche Lufthansa AG

6.852

+0.049 (+0.72%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (5)

Siemens AG Class N

115.08

+2.62 (+2.33%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (4)

Sell (4)

Deutsche Bank AG

9.362

-0.130 (-1.37%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (8)

Sell (1)

 EUR/USD1.0562↑ Buy
 GBP/USD1.2489Neutral
 USD/JPY127.86Neutral
 AUD/USD0.7039Sell
 USD/CAD1.2839↑ Buy
 EUR/JPY135.05Neutral
 EUR/CHF1.0296↑ Buy
 Gold1,845.10↑ Buy
 Silver21.765↑ Sell
 Copper4.3042↑ Buy
 Crude Oil WTI110.35↑ Sell
 Brent Oil112.91↑ Sell
 Natural Gas8.058↑ Sell
 US Coffee C216.48↑ Buy
 Euro Stoxx 503,657.03↑ Buy
 S&P 5003,901.36↑ Buy
 DAX13,981.91Buy
 FTSE 1007,389.98Neutral
 Hang Seng20,717.24↑ Sell
 Small Cap 20001,773.27↑ Buy
 IBEX 358,484.50Neutral
 BASF48.850Buy
 Bayer63.74Buy
 Allianz195.58Buy
 Adidas172.80Buy
 Lufthansa6.852↑ Sell
 Siemens AG115.08Neutral
 Deutsche Bank AG9.362Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,875/ 6,975
(6,875/ 6,975) # 1,795
SJC HCM6,895/ 6,985
(0/ 0) # 1,800
SJC Hanoi6,895/ 6,987
(0/ 0) # 1,802
SJC Danang6,895/ 6,987
(0/ 0) # 1,802
SJC Nhatrang6,895/ 6,987
(0/ 0) # 1,802
SJC Cantho6,895/ 6,987
(0/ 0) # 1,802
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RON 95-V30.58031.190
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E5 RON 92-II28.95029.520
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Ngoại tệMua vàoBán ra
USD23.000,0023.310,00
EUR23.879,5425.217,23
GBP28.128,1029.328,16
JPY176,49186,84
KRW15,8019,26
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