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DAILY MARKET REPORT

Shares of Apparel retailer Gap Inc (NYSE: GPS) bounced more than 10% in after-hours trading on Thursday after the company reported better-than-expected fourth-quarter financial results. The company revenue for the last quarter rose about 2% to $4.53 billion from $4.42 billion a year earlier.

DAILY MARKET REPORT

Shares of Apparel retailer Gap Inc (NYSE: GPS) bounced more than 10% in after-hours trading on Thursday after the company reported better-than-expected fourth-quarter financial results. The company revenue for the last quarter rose about 2% to $4.53 billion from $4.42 billion a year earlier. GAP expects to open about 30 to 40 stores each for Old Navy and Athleta in the fiscal year 2022.

  • Earnings per share: $-0.04 vs. $-0.14 expected

  • Revenue: $4.53 million vs. $4.49 million expected

“As our teams address near-term disruption from the acute headwinds that muted our fourth-quarter performance, we are confident in our ability to execute against our long-term strategy, capitalizing on our investments in demand generation, customer loyalty and artificial intelligence to accelerate profitable growth.” – GAP COE, Sonia Syngal said.

EQUITIES

European shares traded lower on Friday after the Russian forces attacked Europe’s largest nuclear power plant. Ukrainian President Zelensky said an attack on nuclear facilities could be the "end of Europe". Overall, the market sentiment remains under pressure on concerns that the war in Ukraine could dampen the pace of the recovery in the Eurozone

OIL

Crude oil prices reversed from the weekly highs, but it rallied over 25% in just over a week. Oil prices slip following the report of a deal with Iran that could allow it to export more oil. Iran can reach the maximum oil production capacity in less than one or two months if sanctions are lifted, according to Oil Minister Javad Owji. On the other hand, the second round of talks between Russia and Ukraine also calmed nerves in the highly volatile oil market.

CURRENCIES

In the currency market, the EURUSD extended losses in early morning trade Friday. The currency pair fell to a 21-month low of 1.11009 after Russia took control of Europe's biggest nuclear power plant. Meanwhile, Australia's dollar climbing to its highest since November.

GOLD

The Safe-haven metal climb to near the key resistance level of $1950 on Friday morning after the Russia-Ukraine tensions intensified following Russia's attack on Ukraine's nuclear plant. While the upside momentum is limited after the latest comments from the Federal Reserve Chair Jerome Powell. Powell said he thinks it will be appropriate to raise the target range for the federal funds rate at the March meeting in a couple of weeks. "And I'm inclined to propose in support a 25-basis-point rate hike," he said.

Economic Outlook

On the data front, the US ISM Non-Manufacturing Index reported worse than expected. The index fell for a third month to 56.5 in February of 2022 from 59.9 in January, below market forecasts of 61.

Moving ahead to the North American session, the main event in the economic calendar is the US monthly jobs report.

Coronavirus update:

Worldwide, more than 435 million people have been confirmed infected and more than 5.91 million have died. The United States has confirmed over 78 million cases and has had more than 930,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook and Review

EURUSD: Technically the overall trend still looks bearish, and the next immediate support is at 1.1000 then 1.0980. On the upper side, in case the pair manages to settle above 1.1100, it will gain upside momentum and head towards the next resistance level at 1.1145 and 1.1180.

eurusd

The important levels to watch for today: Support- 1.1000 and 1.0980 Resistance- 1.1090 and 1.1150.

GOLD: For today, $1950 remains the key resistance to watch. On the downside, rejection and pullback from the $1950/52 resistance allow for a dip towards $1930, with $1922 and $1915 forming additional downside targets.

gold neww

The important levels to watch for today: Support- 1930 and 1914 Resistance- 1952 and 1960.

Quote of the day - “Do not anticipate and move without market confirmation - being a little late in your trade is your insurance that you are right or wrong.” - Jesse Livermore.

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DAILY MARKET REPORT

DAILY MARKET REPORT

Federal Open Market Committee, a committee within the Federal Reserve System (the Fed), will release June’s FOMC meeting minutes later today. In the June meeting, FOMC raised interest rates by 75 bps, the biggest increase in three decades.

DAILY MARKET REPORT

DAILY MARKET REPORT

The Reserve Bank of Australia increased its benchmark interest rate from 0.5% to 1.35% on Tuesday and It is the third consecutive month in which the central bank has hiked rates.

DAILY MARKET REPORT

DAILY MARKET REPORT

Precious metals like gold and silver prices extended declines in early trading on Friday. The strong bearish sentiment fueled by fed Chairman Jerome Powell's hawkish stance on Wednesday encouraged dollar bulls and pressured metal prices lower.

DAILY MARKET REPORT

DAILY MARKET REPORT

Global markets remain volatile following the hawkish comments from the central bank chiefs during the European Central Bank's (ECB) annual forum in Portugal. The central bankers have warned that the era of low-interest rates and moderate inflation has come to an end.