Trading Market Commentary July 31, 2017

Commentary

US Market 

Regardless of the slow and choppy trading session, the DowJones hit another fresh record closing high on Monday. This seemed as if the market would close above the psychological 22,000 level, however in spite of another attempt right before the end of the session; the market dropped in the final fifteen minutes of trading. 

The DowJones has been the only Index to close positive on Monday, with the Dow ascending 60.81 points (0.3%) to 21,891.12, While the broader S&P500, as well as NASDAQ, gave the impression to suffer the end of the month profit-taking. The S&P500 surrounded 1.80 points (0.1%) to 2,470.30, and the NASDAQ dropped 26.55 points (0.4%) to 6,348.12.

The vast majority of Indexes have reported at this stage. Therefore, the market environment is ready for further position strengthening in the second half of 2017. Technology sector endured the pain the most, however, has had an excellent run lately. Home Sales increased 1.5% for last month. However, the significant report will happen this week once we will see Non-Farm Employment numbers to be released this Friday, August 4.

European Markets

Key Eurozone Indexes traded heavy for almost all the Monday session with theCAC40 experiencing the significant share of the downfall. The two IBEX35, as well as DAX30, ended up off close to minus 0.35% as the automotive sector was the target of yet a lot more strain however closely accompanied by the financial sector. 

There is a great deal discussion that money is coming back to Europe however because it's wanted at home, as opposed to expansion overseas - noteworthy however that is the talk. The HSBC outcome assisted Eurozone banks. However, the support wasn't to continue. Inflation details edged much better, however only merely 1.3% has been the release, a lot better than the previous 1.2% of month June number.

Nevertheless market wanted far more to turn the geopolitical nervousness which continues to haunt European summer market. Clearly, there was chatter that Uber would probably be issuing its plastic card (Credit card) however specifics were sketchy on this yesterday. 

Asia-Pacific Market

Financials, Industrials, as well as Energy sectors,  were the leading  HK's Hang Seng in Monday's trading session. Therefore the focus on those mainly because it finished up nearly 1.3%; pretty good for a Monday trading! HK's Hang Seng was helped with most of these results right after better than anticipated results as well as the news of share buybacks action. 

The main Shanghai Index likewise finished better plus 0.65% although had to wave off an unsatisfactory PMI (Purchasing Managers Index) earlier in the trading session. Services data came in at 54.5 in comparison to past 54.9, and the Manufacturing showed 51.4% as compared to 51.7% prediction.

The Nikkei225 finished lower minus 0.18% continually nerved by the North Korea news over the past weekend and also the lower than anticipated Industrial Production number at 1.6% versus an estimated 1.7% release. Yellow metal increased initially at the beginning of the trading session, however, shed nearly all of those results as Euro markets set out to trading business.

Currency Market

The EURUSD bulls were aiming to end the month on the robust record. After having a correction in beginning session, the currency pair spontaneously identified some ground after the Eurozone markets opening and reclaimed around One hundred points. The happy couple (Currency pair) has shattered over last week’s high price in addition to a number of other levels of upside resistance points. 

The thrust through the 1.18 handle has been brief and thus implies that stops from weak shorts were triggered. The particular level is going to be vital for the short-term directional trend bias. The Japanese Yen continues to be the safety bid concerning Asia-Pacific market, trading for almost all trading day around the perimeter of middle 110 range. 

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