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Jobs Data, Sinema Backs IRA, India Rate Hike - What's Moving Markets

Saturday, August 6, 2022
Jobs Data, Sinema Backs IRA, India Rate Hike - What's Moving Markets © Reuters.

By Geoffrey Smith

Investing.com -- The U.S. is expected to have added 250,000 new nonfarm jobs in July - the fewest since November but still a decent number by historical measures. The Democrats water down their tax plans under the influence of Senator Kyrsten Sinema. Warner Bros Discovery slumps after announcing a possible move to free, ad-supported streaming. India raises rates by more than expected and oil slumps to a new seven-month low. Here's what you need to know in financial markets on Friday, August 5.

1. Jobs data

A week of data tracking the U.S. labor market’s strengths and struggles culminates with the release of the employment report for July at 08:30 AM ET (1230 GMT).

Analysts expect nonfarm payrolls to have risen by 250,000 through the middle of the month, which would be the slowest level of hiring since November and would represent a further - if still relatively gentle - cooling from the red-hot state it was in earlier this year.

Current inflation dynamics will ensure that the sequential increase in average hourly earnings draws attention, as well as the participation rate. Uber's (NYSE:UBER) earnings earlier this week gave a strong hint that the cooling of the economy and the end of pandemic-era savings is forcing people back into the labor market.

2. Sinema reportedly set to back IRA

Democratic Senator Kyrsten Sinema extracted significant concession from her party over its so-called “Inflation Reduction Act”, which is set to be the most important piece of U.S. economic legislation between now and midterm elections in November.

According to The Wall Street Journal, Democrats will pare back elements of a 15% minimum tax on large, profitable corporations and drop a proposed tax increase on carried-interest income, signaling yet another victory for the private equity industry that profits most from it.

To replace the revenues lost by that, the party will add a 1% tax on stock buybacks to the legislation, with a goal of reducing the federal budget deficit by $300 billion, the Journal said.

The IRA is intended to fund many of the Democrats’ favorite projects on climate and healthcare.

3. Stocks in holding pattern; WBD slumps on free streaming plan

U.S. stock markets are set to open in a holding pattern ahead of the employment report, which is set to have a huge influence on the size of the next interest rate hike from the Federal Reserve.

By 06:10 AM ET (1010 GMT), Dow Jones futures were up 24 points, or 0.1%, while S&P 500 futures were down by a similar amount, and Nasdaq 100 futures were down by 0.2%.

Stocks likely to be in focus later include Warner Bros Discovery (NASDAQ:WBD), which fell 10% in premarket after chief executive David Zaslav said it’s looking at the introduction of a free, ad-supported version of its streaming service. Markets didn’t like the implication for revenue and profit at the new spin-off.

Elsewhere, earnings season is starting to wind down but still has offerings from Canopy Growth (NASDAQ:CGC), DraftKings (NASDAQ:DKNG), Fluor (NYSE:FLR) and Wabtec (NYSE:WAB). Also of interest may be EOG Resources (NYSE:EOG), which rose 3% in premarket despite missing profit forecasts in its earnings update late Thursday. Overnight, Deutsche Post (ETR:DPWGn) and London Stock Exchange Group (LON:LSEG) both rose sharply after better-than-expected earnings.

4. India's rate hike tops expectations; Europe's industry holds up in June

The global monetary policy tightening cycle continued, as India raised its key interest rate by 50 basis points to 5.4%. As has been the case all year, the size of the hike came as a surprise to many.

Analysts nonetheless said they expected further increases to be more moderate, given signs that inflation pressures are easing. Food prices, in particular, have come off the boil in recent weeks, with the UN’s food price index falling for a fifth straight month in July.

India is set to overtake the U.K. as the world’s fifth-largest economy this year. Britain is facing 13% inflation and five straight quarters of economic contraction, according to the Bank of England’s latest forecasts, released on Thursday alongside its biggest rate hike in over 20 years. U.K. house prices, famous for defying gravity over decades, fell in July, according to a survey by lender Halifax.

Elsewhere in Europe, industrial production held up better than expected in June in Germany, France, and Spain, but fell in Italy.

5. Oil hits new seven-month low on risk-off moment; Iran talks set to resume.

Crude oil prices hit a new seven-month low overnight before recovering slightly, but still traded below $90 a barrel by morning in New York.

The Bank of England’s apocalyptic message had triggered a broader risk-off moment in global markets, specifically leading to the apparent capitulation of numerous oil bulls. CFTC data later (which run through Tuesday) may shed light on how positioning was going into that selloff.

Elsewhere, talks are due to resume on reviving the Iran nuclear deal that could lead to sanctions being lifted on the Islamic Republic. Actual progress – as opposed to just happy talk – remains hard to nail down, however.

U.S. crude futures were at $88.75 a barrel as of 06:30 AM ET, while Brent was up 0.2% at $94.33.

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16-08-2022 19:06:28 (UTC+7)

EUR/USD

1.0127

-0.0033 (-0.32%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (5)

Sell (2)

EUR/USD

1.0127

-0.0033 (-0.32%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (5)

Sell (2)

GBP/USD

1.2020

-0.0034 (-0.28%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (6)

Sell (2)

USD/JPY

134.43

+1.11 (+0.83%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (1)

AUD/USD

0.7000

-0.0022 (-0.31%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (5)

Sell (2)

USD/CAD

1.2910

+0.0006 (+0.05%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (6)

Sell (0)

EUR/JPY

136.13

+0.68 (+0.50%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

EUR/CHF

0.9625

+0.0011 (+0.12%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (7)

Sell (1)

Gold Futures

1,791.35

-6.75 (-0.38%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (1)

Silver Futures

20.078

-0.194 (-0.96%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Copper Futures

3.6205

+0.0030 (+0.08%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (7)

Crude Oil WTI Futures

90.12

+0.71 (+0.79%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (9)

Brent Oil Futures

95.50

+0.40 (+0.42%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (7)

Natural Gas Futures

9.024

+0.296 (+3.39%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (10)

US Coffee C Futures

223.78

-1.72 (-0.76%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (6)

Euro Stoxx 50

3,801.55

+11.93 (+0.31%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

S&P 500

4,297.14

+16.99 (+0.40%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (3)

Sell (4)

DAX

13,882.13

+65.52 (+0.47%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (8)

FTSE 100

7,559.65

+50.50 (+0.67%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (7)

Hang Seng

19,830.52

-210.34 (-1.05%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (9)

Sell (0)

US Small Cap 2000

2,020.40

+7.30 (+0.36%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

IBEX 35

8,505.40

+78.40 (+0.93%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (6)

BASF SE NA O.N.

44.432

+0.372 (+0.84%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (4)

Sell (3)

Bayer AG NA

54.28

+0.72 (+1.34%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Allianz SE VNA O.N.

179.96

+1.18 (+0.66%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Adidas AG

171.19

-1.75 (-1.01%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (7)

Deutsche Lufthansa AG

6.744

+0.010 (+0.15%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (5)

Sell (3)

Siemens AG Class N

111.34

-0.86 (-0.77%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (9)

Deutsche Bank AG

9.006

+0.064 (+0.72%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (7)

Sell (2)

 EUR/USD1.0127Buy
 GBP/USD1.2020↑ Buy
 USD/JPY134.43↑ Buy
 AUD/USD0.7000Neutral
 USD/CAD1.2910↑ Buy
 EUR/JPY136.13↑ Buy
 EUR/CHF0.9625↑ Sell
 Gold1,791.35↑ Buy
 Silver20.078↑ Buy
 Copper3.6205↑ Sell
 Crude Oil WTI90.12↑ Sell
 Brent Oil95.50Sell
 Natural Gas9.024↑ Sell
 US Coffee C223.78Sell
 Euro Stoxx 503,801.55↑ Sell
 S&P 5004,297.14Neutral
 DAX13,882.13↑ Sell
 FTSE 1007,559.65↑ Sell
 Hang Seng19,830.52↑ Buy
 Small Cap 20002,020.40↑ Buy
 IBEX 358,505.40↑ Sell
 BASF44.432↑ Buy
 Bayer54.28↑ Sell
 Allianz179.96↑ Sell
 Adidas171.19↑ Sell
 Lufthansa6.744Neutral
 Siemens AG111.34↑ Sell
 Deutsche Bank AG9.006Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,580/ 6,680
(-10/ -10) # 1,639
SJC HCM6,600/ 6,700
(-10/ -10) # 1,659
SJC Hanoi6,600/ 6,702
(-10/ -10) # 1,661
SJC Danang6,600/ 6,702
(-10/ -10) # 1,661
SJC Nhatrang6,600/ 6,702
(-10/ -10) # 1,661
SJC Cantho6,600/ 6,702
(-10/ -10) # 1,661
Cập nhật 16-08-2022 19:06:30
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ↀ Giá vàng thế giới
$1,776.20-2.28-0.13%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V25.34025.840
RON 95-III24.66025.150
E5 RON 92-II23.72024.190
DO 0.05S22.90023.350
DO 0,001S-V24.88025.370
Dầu hỏa 2-K23.32023.780
ↂ Giá dầu thô thế giới
WTI$89.46-1.66-1.89%
Brent$94.88-1.91-2.06%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.230,0023.540,00
EUR23.145,5524.441,71
GBP27.456,8428.627,78
JPY171,08181,12
KRW15,4318,80
Cập nhật lúc 18:54:08 16/08/2022
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