USD Pairs Recover
Oil Dips
EU Markets Open Higher
Market Recap – Home Depot Rallies On Strong Q2 Earnings
This week Home Depot (HD) reported outstanding Q2 earnings extending its streak of excellent execution. Alibaba (BABA) also revealed stronger than expected Q2 reports causing Barclays to raise its price target on the stock by $20 to a total of $200 while maintaining an Overweight rating. Meanwhile safe haven assets such as gold were supported by ongoing concern over president Donald Trump’s administration. U.S. markets closed lower on Wednesday after President Donald Trump said he would be willing to let the government shut down if his border wall is not funded.*
Thu, August 24: In Today’s Markets…
1. Dollar Recovers After Falling On Trump’s Comments
The dollar edged higher against the yen on Thursday after recording a steep fall following threats of a government shut-down by U.S. President Donald Trump. Trump suggested a shutdown of the government was possible and threatened to terminate the North American Free Trade Agreement. Trump warned late on Tuesday that he might end the NAFTA trade treaty with Mexico and Canada after negotiations failed to bridge differences between the nations. He also stated that he may shut the government if he does not get funding to build a wall on the U.S.-Mexico border.**
2. Oil Dips As Tropical Storm Nears The Gulf
Crude Oil WTI and Brent traded slightly lower on Thursday morning, holding on to most of the gains from the previous session after another fall in U.S. crude inventories indicated a tighter market. Oil investors are now focusing on a tropical storm that is currently heading towards oil producing facilities in the Gulf of Mexico. The tropical storm Harvey is expected to strengthen into a Category I hurricane by Friday according to director of energy consultancy Trifecta, Sukrit Vijayakar. It should also be noted that operators in the area are already closing down platforms and evacuating workers as a precaution.**
3. EU Markets Open Higher Ahead Of Jackson Hole Meeting
Europeans stocks started the day on a bullish note on Thursday as investors await comments on monetary policy from the Jackson Hole meeting. The markets are expected to focus on addresses from central bankers at the Jackson Hole economic symposium. European Central Bank President Mario Draghi, is set to address the group on Friday. On the earrings front, Tiffany & Co (TIF) is expected to release important Q2 earnings later within the day ahead of the U.S. market bell.***
You can find and trade both all of the above mentioned equities and commodities on BDSwiss Forex/CFD platforms.
*Source: Seeking Alpha
**Source: Reuters
***Source: Investing.com
