US Open – 5 September 2023 (Video)
Watch today’s US Open for insights on the rate hold by the Australian central bank, demand for USD amidst cautious market sentiment and oil cuts extension by Saudi Arabia and Russia
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Watch today’s US Open for insights on the rate hold by the Australian central bank, demand for USD amidst cautious market sentiment and oil cuts extension by Saudi Arabia and Russia
On Sunday, at the IAAA Mobility auto show in Munich, Mercedes-Benz introduced a new electric-sedan concept vehicle. Branded as CLA Class, the concept vehicle has a range of more than 466 miles, based on global industry standards. This is competitive and is superior to Tesla’s Model 3 long range version, which has a range of 391 miles on the same measure.
Watch today’s US Open for insights on the US data dump, another poor PMI from China and continued fears around the property market and more
Core PCE printed at 4.2% y/y, up from the last release of 4.1% y/y, and headline inflation was higher at 3.3% y/y (compared with the previous 3% y/y). The upticks were due to base effects. Although regarded as volatile, the monthly figures for core and headline PCE were flat, and in line with projections at 0.2% m/m. This is annualised to 2.43%.
August has been a month highlighting US large-cap stock resilience. The robust artificial intelligence led rally in US stocks ran into headwinds during August. But the month is ending with the major US indexes showing signs of durability.
Job creation in the US decelerated for August, as indicated by the ADP report. This suggests that the U.S. economy, which has been resilient, could potentially be entering a phase of moderation due to the increased influence of elevated interest rates.
Yesterday’s JOLTS data came in at 8.83m. This was lower than the previous 9.17m and below the consensus of 9.49m. This reiterates the part of Fed Chair Jerome Powell’s Jackson Hole speech suggesting that the US labour market is continuing to rebalance. Chair Powell pointed out that “Job openings remain high but are trending lower” and that “The rebalancing of the labour market has continued over the past year but…
Fed Chair Powell kept the door open to more hikes on Friday, but the tech heavy index shows resilience to the hawkish messaging, helped by Nvidia’s AI-Powered blockbuster results
It has been a bad week for US sports retailers Dick’s Sporting Goods & Foot Locker, as their disappointing quarterly results caused their stocks to slump and also weighed on the stock of sneaker giant Nike
Watch today’s US Open for insights on the blowout results of AI pioneer Nvidia, poor EZ &UK PMIs and monetary policy outlook ahead of the Fed’s Jackson Hole Symposium
With just a week left of the month, the NAS100 August candlestick (blue arrow) shows interesting price action. Initially, the month was bearish, with bears taking the index down to the month low of 14,555. However, the bears lost control at this level with the bulls taking over. The bulls have pushed price back up to the 15,350 levels and remain in control. We caution that the monthly candle is…
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