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Stocks chop, ECB abandons negative rates, bitcoin says, “Et tu, Musk?”
Wall Street is struggling to find reasons to be optimistic as investors digest a wrath of mixed corporate earnings, Russia resumes Nord Stream 1 gas flows, and the ECB acts aggressively with its first rate hike in 11 years. ​ The earnings standout was Tesla, which posted strong earnings and kept its production forecast.
21-07-2022 11:22 GMT by Edward Moya
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Sterling unchanged ahead of retail sales
The British pound has been calm for most of the week and has edged lower on Thursday, trading at 1.1936 in the North American session. Markets brace for weak UK retail sales The UK economic calendar has been brimming all week, and Friday will be busy with retail sales and PMI reports. The markets are expecting retail sales to slow in June - headline retail sales is expected at -5.3% YoY, following the May reading of -4.7%, while the core reading is projected at -6.3% YoY, down from -5.7% in Ma
21-07-2022 11:08 GMT by Kenneth Fisher
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Canadian dollar dips as inflation jumps
The Canadian dollar has edged lower today, as USD/CAD is trading at 1.2915, up 0.27%. The US dollar appears to have ended its recent downward correction, which saw the Canadian dollar gain about 250 points. Canada's inflation jumps above 8% The US dollar has been on a downward correction since Friday but has steadied today.
21-07-2022 08:58 GMT by Kenneth Fisher
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Euro flat ahead of ECB rate move
The euro is unchanged today, as EUR/USD is trading at 1.0180 in the European session. Today's economic calendar is very light, but there are a slew of developments today which could have an impact on the movement of the euro. The ECB will commence its rate-tightening cycle, the Nord Stream 1 pipeline has been reactivated, and Italian Prime Minister Draghi has just tendered his resignation.
21-07-2022 06:01 GMT by Kenneth Fisher
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Oil stable, gold loses ground
Oil prices are steady Brent crude and WTI were steady once again overnight, with US official crude inventory data having little impact on prices, although the rise in gasoline inventories by 3.5 million barrels may have capped prices intraday. European gas concerns look to be supporting the downside for now.
21-07-2022 04:08 GMT by Jeffrey Halley
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US dollar rebounds overnight
US dollar bounces back The US dollar rebounded overnight as a multitude of risk factors in Europe saw the euro fall heavily, lifting the dollar index. The US dollar strength was not confined to just them, though, with the greenback booking decent gains versus both the DM and EM space.
21-07-2022 03:55 GMT by Jeffrey Halley
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Asia mixed after Wall Street gains ground
ADB and China nerves cause a mixed picture with Asian equities today Wall Street’s rally continued overnight, boosted by the Netflix results apparently. In Asia, US futures are flirting with negative territory as Alphabet and Microsoft announce hiring assessments.
21-07-2022 03:45 GMT by Jeffrey Halley
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6. A.M. Berlin
Thursday is shaping up to be a frisky day for financial markets, but probably nothing today will be more important than when the bell tolls 6. A.M.
21-07-2022 03:36 GMT by Jeffrey Halley
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Netflix earnings spark a rally, Housing Market Cools, Bitcoin higher
No one expected Netflix to trigger a decent risk-on rally for the other mega-cap tech stocks, but that is exactly what is happening.  Stocks are rising as Wall Street grows confident that corporate earnings might not fall off a cliff.  Pessimism won’t be completely going away as two major risk events are in the next 24 hours; the ECB rate hiking decision and the Russian decision on how much gas to let flow through the Nord Stream 1 pipeline. Italian politics are dampening the mood too, as the go
20-07-2022 14:27 GMT by Edward Moya
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Oil choppy, gold slides
Oil Crude prices pared losses after the EIA crude oil inventory report posted a surprise draw as exports came in impressively strong.  So much to take from this mixed EIA oil inventory report. Gasoline demand was surprisingly much softer-than-expected, which helped send futures lower.
20-07-2022 14:22 GMT by Edward Moya
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Oil dips, gold vulnerable
Oil pares gains We're seeing small losses in crude after a strong start to the week. That may reflect the reversal in risk appetite during the European session as the latest equity bear-market rally quickly runs on fumes.
20-07-2022 11:28 GMT by Craig Erlam
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Another bear market rally
Stock markets have given back earlier gains on Wednesday, with Europe poised to end the day with decent losses ahead of tomorrow's ECB meeting. There have been two big focal points for European investors this week; the ECB meeting and Nord Stream 1. And in both cases, there has been a lot of movement.
20-07-2022 11:25 GMT by Craig Erlam
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Euro calm ahead of ECB meeting, Nord Stream
This week's impressive euro rally, which has seen EUR/USD jump by about 200 points, has taken a pause today. EUR/USD is almost unchanged at 1.0224. ECB poised for liftoff It's show time (finally) in Brussels, as the ECB will announce a lift-off in interest rates on Thursday.
20-07-2022 10:26 GMT by Kenneth Fisher
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Canadian dollar on upswing, CPI next
The Canadian dollar has enjoyed a good run this week, rising 1.28%. USD/CAD is trading quietly at 1.2888, up 0.13% on the day. Canada's inflation expected to accelerate It seems that everywhere you turn, inflation is going up and up.
20-07-2022 07:38 GMT by Kenneth Fisher
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Pound yawns as inflation climbs
The British pound is almost unchanged today, as GBP/USD trades at the 1.2000 line. UK inflation hits new 40-year high UK inflation rose in June to its highest level since 1982, as the cost-of-living crisis has moved from bad to worse. Headline CPI hit 9.4% YoY, up from 9.1% in May and a notch above the consensus forecast of 9.3%.
20-07-2022 05:34 GMT by Kenneth Fisher
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Oil jumps over peak inflation, gold steady
Oil prices explode higher Brent crude and WTI prices continued higher overnight as sentiment in markets swung to peak inflation once again, and concerns persisted around the resumption of Russian gas supplies. Brent crude rose 1.50% to USD 107.25 overnight, before edging lower to USD 106.40 in Asia.
20-07-2022 04:22 GMT by Jeffrey Halley
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The stranger things put
The bear market rally looks well and truly back on track this week, thanks to one of the stranger things I have seen in 2022, Netflix losing only one million subscribers in Q2 instead of 2 million and forecasting an additional one million subscriber additions in Q3. Minus one plus one equals um, zero, the last time I looked.
20-07-2022 03:16 GMT by Jeffrey Halley
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Oil hovers above USD 100, gold struggles
Oil Crude prices tentatively breached the USD 100 level after the Bank of America fund manager survey showed global growth optimism was at an all-time low. ​ Earlier in London, oil was declining after reports Congo was looking to bolster up its oil sector by offering 30 oil and gas exploration blocks for licensing.
19-07-2022 13:39 GMT by Edward Moya
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