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TradeFred Daily Briefing
Thu 15-11-2018 12:00

In Brief:

  • Sterling rises as UK Cabinet agrees draft Brexit deal
  • More US wheat needed to make up for tightening supply
  • NetApp & Cisco earnings beat expectations
  • Bitcoin & other cryptocurrencies nosedive

The British Pound rose on Thursday following reports that UK Prime Minister Theresa May secured support from her Cabinet for a draft Brexit deal. The deal keeps the UK within the customs union of the EU for an unspecified amount of time and includes a 21-month transition period after UK’s departure in March next year, according to the BBC.

Oil prices slipped on Thursday, weighed down by rising supply going into a market in which consumption is expected to slow down amid a glum economic outlook. Front-month Brent Crude Oil futures were trading at $65.88 per barrel at 04:41 GMT, down 24 cents, or 0.4%, from their last close. US West Texas Intermediate (WTI) Crude futures were at $55.96 a barrel, down 29 cents, or 0.5%.

The global grain market needs more US wheat to make up for tightening supply in other major exporting zones, but China will be able to keep shunning US soybeans in its trade tussle with Washington, grain merchants said on Wednesday. US soybean shipments to China have dried up in recent months after Beijing raised tariffs on the most valuable American agricultural export to the country.

American Airlines Group Inc (O:AAL) said on Wednesday it was "unaware" of some functions of an anti-stall system on Boeing Co's (N:BA) 737 MAX until last week. Boeing and the US Federal Aviation Administration (FAA) issued guidance on the system last week after a Lion Air jet crashed in Indonesia on Oct 29, killing all 189 people on board.

NetApp (NASDAQ:NTAP) reported second quarter earnings that beat analysts' expectations on Wednesday and revenue that topped forecasts. The firm reported earnings per share of $1.06 on revenue of $1.52B. Analysts polled by Investing.com forecast EPS of $0.99 on revenue of $1.51B. That compared to EPS of $0.81 on revenue of $1.42B in the same period a year earlier. The company had reported EPS of $1.04 on revenue of $1.47B in the previous quarter.

Cisco (NASDAQ:CSCO) reported first quarter earnings that beat analysts' expectations on Wednesday and revenue that topped forecasts. The firm reported earnings per share of $0.75 on revenue of $13.07B. Analysts polled by Investing.com anticipated EPS of $0.72 on revenue of $12.87B. That compared to EPS of $0.61 on revenue of $12.14B in the same period a year earlier. The company had reported EPS of $0.7 on revenue of $12.84B in the previous quarter. For the year, Cisco shares are up 15.74%, outperforming the S&P 500 which is up 0.67% year to date.

China's new home prices picked up slightly in October, led by sustained gains in smaller cities and suggesting a key driver of economic growth remained resilient, although investor caution points to moderation heading into 2019.

Average new home prices in China's 70 major cities rose 1.0% in October from a month earlier, a touch higher than the previous month's reading of 0.9%, according to Reuters calculations based on an official survey on Thursday.

Australian employment surged in October, led by full-time jobs, as record-low interest rates helped spur hiring. The currency jumped. The data suggest policy makers’ patience -- they have kept the cash rate at 1.5% for more than two years -- is being rewarded with stronger employment and faster economic growth. Central bank Governor Philip Lowe is betting on a tightening labour market to fuel wage growth and inflation and lay the ground for the first rate increase since 2010.

US consumer prices increased by the most in nine months in October amid gains in the cost of gasoline and rents, pointing to steadily rising inflation that likely will keep the Federal Reserve on track to raise interest rates again next month. Though overall inflation could slow in the months ahead following a recent slump in oil prices, economists said Fed officials were likely to regard any retreat as temporary and focus on underlying price pressures.

The US central bank, which has a 2% inflation target, left interest rates unchanged last Thursday after a two-day policy meeting. In its policy statement, the Fed noted that annual inflation measures "remain near 2%."

US state spending topped $2 trillion for the first time in fiscal 2018, with Medicaid expenditures rising the most along with a significant increase in transportation spending, according to a report released on Thursday. Total expenditures grew an estimated 4.8% compared to 3.8% in fiscal 2017, the National Association of State Budget Officers' (NASBO) annual state expenditure report said.

South Africa's central bank will keep interest rates on hold at its Nov 22 meeting, according to a Reuters poll, but the number of economists forecasting a rise suggests it is a very close call. In a poll taken in the past week, 16 of 26 economists said the South African Reserve Bank (SARB) would keep its repo rate at 6.50% while the rest opted for a 25 basis-point hike. As a whole, economists gave a median 45% chance of a hike this month, suggesting the Bank may not wait until January or March before raising the rate to 6.75%.

Bitcoin and other major cryptocurrencies took a nosedive on Thursday morning in Asia, after a major sell-off in the previous session. Bitcoin dropped below a one-year low of $6,000, while some analysts attributed the plunge to spillover in US stock markets. Bitcoin slid 12.91% to $5,697 at 11:02PM ET (03:02 GMT) on the Bitifinex exchange.

Latest Daily Reviews

In Brief:

  • Sterling rises as UK Cabinet agrees draft Brexit deal
  • More US wheat needed to make up for tightening supply
  • NetApp & Cisco earnings beat expectations
  • Bitcoin & other cryptocurrencies nosedive

The British Pound rose on Thursday following reports that UK Prime Minister Theresa May secured support from her Cabinet for a draft Brexit deal. The deal keeps the UK within the customs union of the EU for an unspecified amount of time and includes a 21-month transition period after UK’s departure in March next year, according to the BBC.

TradeFred Daily Briefing

In Brief:

  • Oil prices tumble as demand drops
  • Brexit optimism sends Euro & Sterling higher
  • Japan’s economy contracts more than expected
  • Amazon announces new operations centre in Nashville

Oil prices slipped on Wednesday after diving 7% the previous day, their biggest one-day loss in more than three years. Crude Oil WTI Futures declined 0.3% at $55.5 a barrel by 11:19 AM ET (04:19 GMT). Meanwhile, Brent Oil Futures, the benchmark for oil prices outside the U.S., was down 0.2%, to $65.34. Oil showed little sign of recovering from its unprecedented decline as investors flee a market hammered by swelling supplies and a darkening demand outlook.

TradeFred Daily Briefing