Think Daily 14 January 2022

  • Market Overview

In Thursday's trading session in the local markets, the Top 40 closed the day down by 0.03%. The Resources 10 sector went down by 0.28%, the Financial 15 went up by 0.95%, the Industrial 25 went down by 0.10% and lastly the South African Listed Property index up by 0.14%. The rand traded at R15.37 against the United States Dollar, R21.09 against the Great British pound , and R17.62 against the Euro . Rand gained back on Thursday after two days of strong gains on a retreating dollar.

Figure 1: Nasdaq 2 day share price movement

Nasdaq 2 day share price movement

On the commodities front, the Brent Crude oil is trading at $84.66 a barrel and WTI Crude oil is traded at $82.12 a barrel. Gold Spot price is currently trading at $1826.65. Platinum Spot is now trading at $977.20 and lastly, Palladium Spot price is at $1879.28. Brent crude futures and WTI fell as the US sells strategic petroleum reserves. Gold hits the highest weekly price in 2022 as dollar, yields fall.

Across the globe, the S&P 500 closed the day down 1.42%, Dow Jones closed down 0.49% and the Nasdaq had a 2.57% down. The FTSE 100 closed up 0.16% and the DAX was up 0.13% and CAC40 was down 0.50%. In the Asian markets, the Nikkei 225 is down 1.28% and the Hang Seng is currently down 0.26%. All US heavyweights fell and the Nasdaq had the biggest hit. Technology stocks have come under pressure in the new year as government-bond yields have risen. Japanese stocks were lower in morning trade, dragged by falls in electronics and real-estate stocks, as the yen strengthened amid economic uncertainty over the Omicron variant. Hang Seng Index was lower weighed by a sell-off in tech shares. Chinese stocks were mixed in early trade, with broad losses among coal miners, property developers and the energy sector. In the latest global news, China 2021 exports rose 21.2% on year in yuan terms. China Evergrande shares climb after winning bond payment delay and Tesla (NASDAQ: TSLA ) pushed cybertruck production back to 2023.

Things to look out for today in the trading day: Eurozone trade balance (Nov) at noon, US Core Retail Sales (MoM) (Dec) at 3.30 pm, Export / Import Price Index (MoM) (Dec) at 3.30 pm, US Industrial Production (YoY) (Dec) at 4.15 pm and US Manufacturing Production (MoM) (Dec) at 4.15 pm.

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