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Message: [QUOTE="HFM, post: 234835, member: 32345"] [b]Date: 24th July 2024. Market News – Stocks dip as earnings disappoint; Yen strengthens further.[/b] [URL='https://analysis.hfm.com/wp-content/uploads/2024/07/currencies_1200x628.png'][IMG]https://analysis.hfm.com/wp-content/uploads/2024/07/currencies_1200x628-696x364.png[/IMG][/URL] [B]Economic Indicators & Central Banks:[/B] [LIST] [*]The market faces pressure entering a seasonally weak period, with potential increased volatility due to the upcoming US presidential election. [*][B]Asian stocks and US stock futures also fell[/B], impacted by earnings reports from large American firms like Tesla Inc. and Alphabet Inc., which were seen as insufficient to sustain the recent global equity rally. [*][B]European stock futures declined[/B] as investors evaluated the disappointing initial results from the “Magnificent Seven” megacap tech companies. [*]The [B]Yen[/B] strengthened for the third consecutive day ahead of next week’s Bank of Japan meeting. [/LIST] [B]Asian & European Open:[/B] [LIST] [*]The [B]S&P500[/B] and [B]Dow[/B] slipped -0.16% and -0.14%, respectively, and the [B]NASDAQ[/B] slid -0.06%. The [B]VIX[/B] was down -1.74% to 14.65 and has eased from the 16.52 level on Friday, the highest since April amid rising political risks and anxieties. [*][B]Taiwan’s stock market was closed[/B] due to Typhoon Gaemi, meaning shares of Taiwan Semiconductor Manufacturing Co. did not trade. [*][B]Alphabet[/B] shares fell after the company indicated that it would take time to see tangible results from its AI investments. [*][B]Tesla[/B] shares dropped as much as [B]7%[/B] following a profit miss and a delay in its [B]Robotaxi[/B] event to October. Many of Tesla’s suppliers and electric vehicle peers in Asia also saw declines. [*][B]Deutsche[/B] Bank AG reported its first quarterly loss in 4 years due to a slowdown in trading and a charge related to a legacy issue at its Postbank retail unit. [*][B]BNP[/B] Paribas SA’s profit increased in the second quarter, driven by a surge in equities trading revenue. [*][B]United Parcel Service Inc.[/B] experienced its worst drop ever following a profit miss. [/LIST] [URL='https://analysis.hfm.com/wp-content/uploads/2024/07/Copy-of-TELEGRAM-MARKET-UPDATE-7.png'][IMG]https://analysis.hfm.com/wp-content/uploads/2024/07/Copy-of-TELEGRAM-MARKET-UPDATE-7.png[/IMG][/URL] [B]Financial Markets Performance:[/B] [LIST] [*]The [B]USDIndex[/B] had found its footing, firming to [B]104.25[/B] versus [B]103.90 on Monday[/B]. [*]The[B] Yen [/B]appreciated beyond [B]155[/B] for the first time since early June as traders anticipated a potential interest rate hike from the BOJ in the coming months, if not at next week’s meeting. According to a Bloomberg survey, around 30% of BOJ watchers expect a rate hike on July 31, but over 90% believe there is a risk of such a move. [*]The [B]NZDUSD[/B] dropped at [B]0.5900[/B] to its lowest level in nearly 3 months as lower bond yields discouraged carry trade investors. [*][B]Oil[/B] fell -1.45% to [B]$77.26,[/B] though managed to edge up from the [B]$76.40[/B] session low. It is a 4th straight decline from [B]$82.85[/B] Wednesday and the weakest since mid-June. Most of week’s selling was on technicals after penetrating 50- and 100-day MA. [*][B]Gold[/B] is up to [B]$2418[/B] per ounce. It was at an all-time closing peak of [B]$2469.08[/B] on July 16 amid expectations for Fed rate cuts, US political risks, and the drop in the US Dollar. Of note, India lowered its import duty on gold to 6% from 15% which should support jewelry manufacturing. India is next only to China in terms of consumer demand. [/LIST] [b]Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report.[/b] Click [url=https://www.hfm.com/hf/en/trading-tools/economic-calendar.html][b]HERE[/b][/url] to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click [url=https://www.hfm.com/en/trading-tools/trading-webinars.html][b]HERE[/b][/url] to register for FREE! [url=https://analysis.hfm.com/][b]Click HERE to READ more Market news.[/b][/url] [b] Andria Pichidi Market Analyst HFMarkets Disclaimer:[/b] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission. [/QUOTE]

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