Markets in Details: 15 April 2019

15 April, 2019

News


  • The tussle between whether or not to hold a second public referendum in the UK continues as Jeremy Corbyn received threats, most recently by Richard Corbett, leader of some 20 MEPs, of losing scores of pro-EU voters if he did not back the proposal in his talks with the government.
  • Record revenue and net income by JPMorgan and a rebound in Chinese March exports fueled broad-based gains in the S&P 500 financial sector and sent the dollar and gold lower. Wells Fargo,  however, lowered its FY19 outlook for net interest income. The S&P 500 energy sector also showed gains after Chevron announced plans to acquire Anadarko. The 33% premium offered for Anadarko’s shares lifted smaller energy companies.

In The Spotlight

  • Japan will begin bilateral trade talks with the U.S. starting this week. President Trump could impose tariffs on auto exports in keeping with his America-First policy.
  • Key economic indicators are due this week including China’s GDP, retail sales, investment, and industrial output where traders will focus on the pace of economic recovery from the world’s number two economy.

Expected events. All times GMT

  • 08:00 China will release its March FDI
  • 11:00 Germany will release the Bundesbank monthly report
  • 13:30 Chicago Fed President Charles Evans will go on air with CNBC. The U.S. will release the NY Empire State Manufacturing Index
  • 17:00 Chicago Fed President Charles Evans will speak at an NYABE luncheon
  • 21:00 U.S. will release Treasury TIC data

Technical Analysis

  • GBP/JPY has been on a short uptrend since Apr. 9 and peaked at 147.012. The pair is pulling back for consolidation and could give traders either a declining triangle or a pennant with the recent bullish move at 11:00 BST confirming the latter. Expect this breakout to be confirmed by its RSI, if the indicator overcomes momentum resistance at 66%.

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