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Stock markets are understandably choppy so far this week, as Europe posts small gains with Italy being the outlier up more than 1%. It's shaping up to be a critical week for Europe, with Brussels nervously waiting to see whether gas flows will resume following the completed maintenance of Nord Stream 1 on Thursday. That's the same day that the central bank will be weighing up a 25 or 50 basis point rate hike to combat soaring inflation in the bloc.

19-07-2022 10:46 GMT by Craig Erlam

Oil dips after gains, gold under pressure

Oil pares gains It's been another volatile couple of days for oil, with Biden's seemingly unsuccessful trip to the Middle East very much stealing the spotlight. Traders continue to weigh up tight supplies against recession prospects which have brought the price back to a suddenly more reasonable USD 100 a barrel. We could see it slip further if economic prospects continue to deteriorate, or if Saudi Arabia hints at turning on the taps faster.

19-07-2022 10:39 GMT by Craig Erlam

Aussie jumps on US dollar's woes

The Australian dollar has surged on Tuesday. AUD/USD is trading at 0.6903 in the North American session, up 1.29%. US dollar falls as risk appetite strengthens The US dollar remains in a downward correction, as the safe-haven currency has lost its lustre, with risk sentiment gaining strength. The Federal Reserve meets on July 27th and the blackout ahead of the meeting won't change the fact that this meeting is a live one, as the markets try to determine how aggressive a move the Fed has in st

19-07-2022 10:33 GMT by Kenneth Fisher

Sterling hits 1.20 after UK job data

The British pound has extended its gains on Tuesday. GBP/USD is currently trading at 1.2010, up 0.50%. The US dollar continues to retreat across the board, as the greenback remains in a downward correction.

19-07-2022 07:21 GMT by Kenneth Fisher

New Zealand dollar soars on risk appetite

US dollar retreat continues The New Zealand dollar is enjoying a banner day. NZD/USD has jumped 1.14% and is trading at 0.6224, its highest level in two weeks. The US dollar continues to retreat across the board, as the greenback remains in a downward correction.

19-07-2022 04:57 GMT by Kenneth Fisher

US dollar correction continues

US dollar retreats against majors The US dollar fell once again against the major currencies as its downward correction continued. Notably, Asia FX made very limited gains overnight, and this US dollar move seems very much contained to the major currency space.

19-07-2022 04:21 GMT by Jeffrey Halley

Oil soars, gold directionless

Oil prices explode higher Brent crude and WTI prices exploded higher overnight after Gazprom declared a backdate force majeure on some major European customers. That raised fears that gas flows would not return through the Nord Stream 1 pipeline to Germany at the end of the week, causing a knock-on impact on oil prices.

19-07-2022 04:17 GMT by Jeffrey Halley

Asian equities are trading soft

Asian markets a mixed bag Asian equity markets are a very mixed picture today. Price action appears to be erring on the negative side after Wall Street fell overnight, with the rise in energy and commodity prices also weighing on the sentiment of the major importing countries.

19-07-2022 03:52 GMT by Jeffrey Halley

More tail chasing

Wall Street did another U-turn overnight, finishing lower as the dearth of tier-1 data and the pre-FOMC media blackout left the FOMO gnomes chasing their tails once again. Wall Street closed modestly lower, ostensibly because Apple said it would slow hiring, joining its other tech-giant brethren.

19-07-2022 03:39 GMT by Jeffrey Halley

Bank earnings keep rally mode going, homebuilder sentiment plunges, bitcoin bottom

Wall Street is starting to find its footing as investor Fed tightening fears eased and after both strong banking earnings from Goldman Sachs and Bank of America. It is the blackout period for the Fed and it seems last week’s comments from Bostic and Bullard were enough to convince markets a 100 basis-point hike is not justified right now. Bank Earnings Shares for both Goldman Sachs and Bank of America are off to a good start after strong results and no immediate announcements on curtailing their

18-07-2022 13:35 GMT by Edward Moya

Oil rises above USD 100, gold rebounds

Oil higher after Biden's trip disappoints Crude prices are back where they belong, over the USD 100 a barrel level, after President Biden’s trip to the Mideast did not yield any oil commitments by the Saudis. Boosting oil was also a weaker dollar that stemmed from a broad rebound for risky assets. The oil market will remain tight as the latest earnings updates reinforced how strong the US economy remains.

18-07-2022 13:29 GMT by Edward Moya

Clutching at straws

It's not hard to see what the theme of today's note is going to be and for good reason when you see stock markets making punchy gains again in spite of the months that lie ahead. Maybe the heat is getting to everyone - getting closer to 40C here in London and my fan just isn't cutting it - or perhaps the doom and gloom has become a bit tiresome but the two-day rally we've seen on the back of so little looks a little hopeful to me. As ever, I'll caveat this with the fact that stock markets are se

18-07-2022 12:08 GMT by Craig Erlam

Oil soars after Biden's trip, gold steady

Oil jumps after Biden's failed Saudi trip Oil prices are soaring again today, buoyed by an apparent easing in economic fears, stronger risk appetite and a failure by the White House to get any concrete commitment to increase oil output during the Middle East visit. When the biggest talking point from President Biden's meeting with Saudi Crown Prince Mohammed bin Salman is a fist bump photo, you know it probably hasn't gone to plan.

18-07-2022 12:03 GMT by Craig Erlam

Market Insights Podcast (Episode 353)

Senior Market Analyst Jeffrey Halley talks about news impacting the market and the week ahead. In this week's episode, equities are rallying powerfully in Asia and Europe, and the question is whether this bear market rally has some legs to it? We start the day talking about the baking temperatures in the UK and Europe, the merits of air conditioning in Asia, and the economic impact of people staying indoors.

18-07-2022 06:41 GMT by Jeffrey Halley

Euro rallies to 1-week high

The euro is showing some strength, after posting a winning week for the first time in a month. EUR/USD is trading at 1.0143, up 0.55% on the day. After a dramatic drop below the parity line last week, for the first time in 20 years, the euro has rebounded and is trading above the 1.01 level.

18-07-2022 05:36 GMT by Kenneth Fisher

Oil edges higher, gold steady

Oil prices edge higher Both Brent crude and WTI rose modestly on Friday as they continued to unwind the mid-week slump. In Asia, hopes of more China stimulus, and a lack of concrete production promises from President Biden’s Middle East visit have seen Brent crude prices climb in Asian trading. Brent crude finished Friday’s session 1.25% higher at USD 100.80, having tested USD 102.50 intraday.

18-07-2022 03:40 GMT by Jeffrey Halley

Wall Street rally pushes US dollar lower

US dollar retreats as Wall Street rises The US dollar fell heavily on Friday, versus the developed market space, as Wall Street's impressive rally spilt over into a broader sentiment rally in other asset classes. That saw the dollar index make a long-overdue correction lower.

18-07-2022 03:33 GMT by Jeffrey Halley

Asian equities track Wall Street higher

Asia follows Wall Street higher Wall Street staged an impressive rally after better than expected retail sales and consumer sentiment data from the US on Friday, as markets focused on a still-robust US consumer while ignoring its ominous warnings for the trajectory of Fed monetary policy. With a dearth of tier-1 data this week, and the FOMC in a pre-meeting media blackout, the equity rally could potentially extend throughout the week.

18-07-2022 03:15 GMT by Jeffrey Halley

Bear market rally back on?

Wall Street rises as US data outperforms It says something about the level of confusion in the markets right now (American markets anyway), that having wrung their hands all last about inflation, 100 basis point rate hikes by the Fed, and an impending recession, that strong US Retail Sales and Michigan Consumer Sentiment on Friday saw Wall Street rally impressively. If that data had come out on Tuesday or Wednesday last week, we would probably have had a meltdown.

18-07-2022 03:02 GMT by Jeffrey Halley

US Close - Stocks rally on strong retail sales and earnings, Oil jumps, Gold hovers around $1700, Bitcoin joins risk rally

US stocks rallied as investors grow optimistic that signs are emerging that inflation is slowing, consumer spending remains healthy, and on a better second day of earnings. There still remains a good chance that we will see stocks make fresh lows, but now appears to be the time for some traders to test the waters. The Atlanta Fed GDPnow was cut again, now seeing second quarter GDP at -1.2%, which would signal the economy is in a technical recession.

15-07-2022 14:50 GMT by Edward Moya

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