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DAILY MARKET REPORT

Saudi Aramco (SE: 2222) IPO begins trading on Tadawul Exchange (Saudi Exchange). Shares surge 10% on their debut. EQUITIES Shares in Aramco, the Saudi-owned oil giant, spiked 10% Wednesday when they hit the market in the world's biggest-ever IPO. The shares leapt to 35.2 riyal ($9.39) each, up from the IPO price of 32 riyals... DAILY MARKET REPORT
Saudi Aramco (SE: 2222) IPO begins trading on Tadawul Exchange (Saudi Exchange). Shares surge 10% on their debut.

 

EQUITIES
Shares in Aramco, the Saudi-owned oil giant, spiked 10% Wednesday when they hit the market in the
world's biggest-ever IPO. The shares leapt to 35.2 riyal ($9.39) each, up from the IPO price of 32 riyals
and at the daily limit of price moves allowed by the Tadawul exchange.

OIL
Oil prices fell on Wednesday after industry data showed an unexpected build in crude inventory in the
United States and as investors waited for news on whether a fresh round of U.S. tariffs on Chinese
goods would take effect on Sunday.

CURRENCIES
The U.S. dollar clawed higher on Wednesday as investors awaited the outcome of the Federal Reserve
meeting and drew some support from hopes that U.S. President Donald Trump will delay the
imposition of tariffs on Chinese goods.

GOLD
Gold was little changed on Wednesday as market activity remained largely subdued ahead of the U.S. central bank's economic policy statement and fast-approaching tariffs deadline, while palladium hovered near previous session's record high.

Economic Outlook
Today US Consumer Price Index from the United States will be released, which is expected to drop to 0.2% from the previous month’s 0.4%. Investors are also waiting for the forecast of US economic growth from policymakers who are attending a two-day meeting of the Federal Reserve, which will end on Wednesday. The Federal Reserve is expected to hold its interest rates unchanged in this meeting.

Technical Outlook

AUD/NZD: The pair held above the support and moved 40 pips up, currently trading above 1.04400. We may see further upside to 1.0480/1.05.

GOLD: Gold trading unchanged today ahead FOMC rate decision and press conference. We strictly watch the important levels for breakout 1456 and 1470 for today.

US Federal Reserve Monetary Policy Decision - 19 GMT & Press conference 19.30 GMT (The FOMC is widely expected to leave the Fed funds rate unchanged at 1.75% in December). The main focus of this FOMC meeting will be the release of the latest Summary of Economic Projections. After considering uncertainties like the trade war, China’s slowdown and financial risks a rate cut during H1 2020 remains high demand.

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DAILY MARKET REPORT

DAILY MARKET REPORT

EURUSD remains under pressure ahead of the FOMC meeting. The key support area to watch today is 1.1680. The currency pair has been moving lower since June, largely due to a broad strengthening in the US dollar.

DAILY MARKET REPORT

DAILY MARKET REPORT

Manchester united stock received strong bullish momentum recently after the Portuguese star Cristiano Ronaldo return to Old Trafford. $MANU has risen more than 6% since the beginning of the year.

DAILY MARKET REPORT

DAILY MARKET REPORT

GAP shares rose more than 8% in extended trading after the company reported stronger-than-expected Q2 results and the stock climbed 30% in 2021.

DAILY MARKET REPORT

DAILY MARKET REPORT

US dollar investors focus now shifts to the second reading of the second-quarter US GDP numbers, which is set to be released later today.