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Factors Why Wall Street rises with Euro, Catalan fears ease for now

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The Dow Jones Industrial Average rose 69.61 points, or 0.31 percent, to close at 22,830.68, the S&P 500 gained 5.91 points, or 0.23 percent, to 2,550.64 and the Nasdaq Composite added 7.52 points, or 0.11 percent, to 6,587.25.


Stocks around the world rose on Tuesday as Wall Street eked out record highs ahead of earnings season, while US Treasury prices pared gains after Catalonia’s leader allowed for talks with Madrid even as he proclaimed independence from Spain.

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Oil futures rose on signs of supply rebalancing, helping shares in energy companies.

The Dollar lost ground and the Euro climbed to its highest in a week on strong data and monetary policy commentary as well as speculation on the Catalan situation.

The Euro saw a small pullback when Catalan leader Carles Puigdemont proclaimed the region’s independence, but then hit a session high after he said its effects would be suspended to allow for talks with the Madrid government.

“Anything that shows Catalonia is open to talks would be well received by European assets,” said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington.

IBEX 35 Index futures were up 1.1 percent on Tuesday afternoon after Madrid’s IBEX stock index closed down 0.9 percent in the regular session.

The three major Wall Street indexes scaled new record highs, helped by gains in energy stocks and a 4.5 percent rise in shares of Wal-Mart on the back of the company’s $20 billion share buyback plan.

The Dow Jones Industrial Average rose 69.61 points, or 0.31 percent, to close at 22,830.68, the S&P 500 gained 5.91 points, or 0.23 percent, to 2,550.64 and the Nasdaq Composite added 7.52 points, or 0.11 percent, to 6,587.25.

MSCI’s gauge of stocks across the globe gained 0.44 percent, said Ripples Financial Advisory.

“If you really want to be bearish about this market, there’s no shortage of macro events you could point to whether it’s North Korea or China, Catalonia or the Trump dynamics. So far the market has looked through every one of them,” said Nathan Thooft, senior managing director of asset allocation at Manulife Asset Management in Boston.

“It’s this game of looking at macro events versus actual fundamentals, and fundamentals are driving the market,” said Thooft, who expects earnings to beat expectations.

The Dollar index, which tracks the greenback against a basket of major currencies, fell for the third day in a row. It fell 0.48 percent, with the euro up 0.66 percent to $1.1817.

On top of strong German export data, traders were also upbeat after one of the European Central Bank’s German policymakers called for an end to its stimulus.

The Catalan news also pared US Treasuries gains.

Benchmark 10-year notes were last up 6/32 in price to yield 2.3481 percent, from 2.368 percent late on Monday.

The 30-year bond was last up 14/32 in price to yield 2.884 percent, from 2.906 percent late on Monday.

They temporarily kicked the can (down the road) on Catalonia, an interest rate strategist at BMO Capital Markets in New York.

In commodities, Brent oil prices pushed higher supported by Saudi export cuts in November and comments from OPEC and trading companies that the market is rebalancing after years of oversupply.

US crude settled up 2.7 percent while Brent settled 1.5 percent higher.

US crude was last up 2.76 percent to USD 50.95 per barrel and Brent was last at USD 56.58, up 1.42 percent on the day.

Gold prices also hit their highest in more than a week against the backdrop of a weaker dollar although expectations for another U.S. interest rate hike capped gains. Spot gold added 0.3 percent to USD 1,287.70 an ounce.


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Wall Street recedes from highs as quarterly Reports loom

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The Dow Jones Industrial Average declined 0.06 percent to end at 22,761.07, while the S&P 500 lost 0.18 percent to 2,544.73. The Nasdaq Composite dropped 0.16 percent to 6,579.73.


Wall Street fell from record levels on Monday as gains in Microsoft and other technology stocks failed to offset a drop in General Electric and a slide in healthcare stocks.

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The S&P healthcare index moved 0.67 percent lower, weighed by a 3.61-percent slide in Medtronic after the medical device maker warned that its quarterly profit would be impacted after Hurricane Maria hit its operations in Puerto Rico.

The S&P 500 has rallied 14 percent in 2017 and last week hit record highs, buoyed by strong company earnings and enthusiasm that President Donald Trump will cut corporate taxes.

JPMorgan Chase and Citigroup will report profits on Thursday, kicking third-quarter corporate reporting season into high gear as investors look for strong growth to justify pricey valuations.
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“Unlike the restaurant chains, movie chains and homebuilders and some of the discretionary stocks hurt by the hurricanes, I don’t expect the banks to be affected by the non-recurring blips during the quarter,” said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma.

Overall, earnings at S&P 500 companies are expected to have increased 4.8 percent last quarter, down from the double-digit growth recorded in the first two quarters of this year.

GE shares sank 3.94 percent after the conglomerate named a new CFO and said it gave activist investment firm Trian Fund Management a board seat.

Nvidia rose 2.26 percent and the S&P 500 information technology index added 0.24 percent, bringing its gain in 2017 to 28 percent.

The Dow Jones Industrial Average declined 0.06 percent to end at 22,761.07, while the S&P 500 lost 0.18 percent to 2,544.73.

The Nasdaq Composite dropped 0.16 percent to 6,579.73.

The CBOE Volatility index – Wall Street’s fear gauge – rose 0.77 points to 10.42, its highest in two weeks.

Shares of cinema stocks AMC Entertainment Holdings and Regal Entertainment fell more than 4 percent after domestic opening weekend ticket sales for science fiction sequel “Blade Runner 2049” fell short of expectations.

Also weighing on the healthcare sector, Express Scripts lost 5 percent after Raymond James downgraded the stock to “underperform” from “market perform”.

Tesla fell 3.91 percent after pushing back the unveiling of its big rig truck to mid-November.

Viacom slipped 6.37 percent after Citigroup downgraded the stock to “sell”, citing risks that pay-TV firms would stop carrying its channels.

Declining issues outnumbered advancing ones on the NYSE by a 1.21-to-1 ratio; on Nasdaq, a 1.49-to-1 ratio favored decliners.

About 4.4 billion shares changed hands on US exchanges, well below the 6.1 billion daily average for the past 20 trading days.


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WALL STREET NEWS; S&P 500 breaks record run on jobs data, drug chain drop

 

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The Dow Jones Industrial Average fell 1.72 points, or 0.01 percent, to end at 22,773.67, the S&P 500 lost 2.74 points, or 0.11 percent, to 2,549.33 and the Nasdaq Composite added 4.82 points, or 0.07 percent, to 6,590.18.

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The S&P 500 eased on Friday, ending a six-day run of record highs as the first monthly decline in US nonfarm jobs in seven years dampened sentiment and pharmacy shares fell on Amazon competition fears.

The Nasdaq ended up for a ninth straight day, however, and set its sixth straight record high close, its longest such streak since seven records in February.

Walgreens Boots Alliance and CVS Health fell and were among the biggest drags on the S&P 500 that Amazon was close to a decision on selling prescription drugs. Walgreens shares dropped 4.9 percent and CVS was down 4.9 percent, while Amazon shares rose 0.9 percent.

The Labor Department’s closely watched jobs report showed nonfarm payrolls fell by 33,000 in September as hurricanes Harvey and Irma left displaced workers temporarily unemployed and delayed hiring. A bright spot was a better-than-expected rise in average wages.

It’s been amazing how resilient our U.S. stock market has been, going up on no news or bad news, so there’s no surprise on a day where most people feel it was a mixed job report at best that the market actually is reacting in a way that makes sense.

“It’s a logical move for this illogical stock market.”

The Dow Jones Industrial Average fell 1.72 points, or 0.01 percent, to end at 22,773.67, the S&P 500 lost 2.74 points, or 0.11 percent, to 2,549.33 and the Nasdaq Composite added 4.82 points, or 0.07 percent, to 6,590.18.

The benchmark’s slight decline follows a six-day run of record closing highs, its longest since 1997.

The CBOE Volatility index, Wall Street’s fear gauge, bounced sharply after setting a record low close in the previous session.

For the week, the S&P 500 rose 1.2 percent, the Dow added 1.6 percent and the Nasdaq gained 1.5 percent.

Adding to the day’s worries was a report that North Korea is preparing to test a long-range missile.

S&P energy index declined 0.8 percent as oil prices fell amid a bout of profit taking and the return of oversupply worries.

Shares of Costco dropped 6 percent after the warehouse club retailer reported a fall in gross margins. The stock was the biggest drag on the S&P 500 and the Nasdaq.

Declining issues outnumbered advancing ones on the NYSE by a 1.74-to-1 ratio; on Nasdaq, a 1.11-to-1 ratio favored decliners.

About 5.7 billion shares changed hands on U.S. exchanges. That compares with the 6.2 billion daily average for the past 20 trading days.


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Sensex gives up most of its gains, Nifty turns negative

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Mahindra and Mahindra, Dr. Reddy’s Laboratories, Yes Bank and Aurobindo Pharma were the top gainers, while Bharti Airtel, Hero MotoCorp, Bharti Infratel and Power Grid Corporation.

 

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Activity in India’s services companies limped out of contraction in September as demand recovered and pushed firms to increase hiring at the fastest pace in over six years, a business survey showed on Thursday.

The lingering impact of the government’s cash ban late last year pushed growth in Asia’s third-largest economy to slow unexpectedly to a three-year low of 5.7 percent in the April-June quarter from a year earlier.

Disruptions to businesses from confusion on product pricing after the implementation of a goods and services tax (GST) on July 1, which aimed to unify multiple taxes, have also cast a shadow on economic growth.

But last month, a surge in demand helped a recovery in activity among services firms after contracting for two months prior to that.

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Indian Rupee opens higher at 65.36 per Dollar

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Expected the USD-INR pair to trade in a range of 65.20-65.80.

The Indian Rupee opened higher by 14 paise at 65.36 per Dollar on Wednesday versus previous close 65.50.

After consolidation, the Rupee will trade with a neutral to a negative bias. Expected the USD-INR pair to trade in a range of 65.20-65.80.

The Dollar eased in the trade as the rally triggered by strong US data fizzled on speculation that US president Donald Trump’s choice for the next Fed chair may be a less hawkish candidate than previously thought. Get Free Equity Tips on Mobile Call on *9644405056

Investors will also be watching for a raft of economic data culminating in Friday’s US employment report for September.

Recent price action suggests market participants expect the MPC to maintain a dovish tone. The market will be keen to understand the liquidity stance and MPC’s thoughts on deteriorating CAD and likely increase in the Fiscal Deficit.

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Today’s Indian Stock Market 5 Trading Calls in Target

Indian Stock Market

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Here are some Indian stock market Calls so you can also check our accuracy to proceed more:

PREMIUM CASH CALL:

BUY GRAPHITE ABOVE 393 TGT 399,408 SL 381 BELOW

PREMIUM FUTURE CALL:

BUY TATACOMM FUTURE ABOVE 700 TGT 703 708 SL 695 BELOW

OPTION PREMIUM CALL:

BUY PCJWELLER350CE AT 9.8 -10.35 TGT 11,12.20 SL 8.85 BELOW

BULLION COMBO CALL:

BUY ALUMINIUM @138.3-@138.2 TGT 138.8,139.9 SL BELOW 137.3

NCDEX CALL:

SELL GUARSEED10 @3700-3705 TGT 3680/3640/3580 SL ABOVE 3740

Regards: 

Ripples Advisory Private Limited, Indore

www.ripplesadvisory.com

European shares inch higher as Merkel hangs on to power

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European shares edged higher in cautious trade on Monday after German Chancellor Angela Merkel secured a fourth term but saw her party weakened by a surge in support for the far-right.

At 1027 GMT both the pan-European STOXX 600 and euro zone blue chips were 0.1 percent higher – a more moderate reaction than the currency market where the euro took a hit.

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European bourses were mixed, with France’s CAC 40 down 0.1 percent, Germany’s DAX up 0.3 percent and Milan flat.

Financials were the biggest drag on European stocks while healthcare, energy, and industrials helped offset those losses.

“We had a small negative surprise”, Lionel Melin, a senior cross-asset strategist for Lyxor, said.

Some traders said they were worried the vote might lead to a new coalition government less keen on pushing eurozone integration.

French train maker Alstom rose 1.5 percent to its highest level since March 2013 after confirming on Friday it was in talks with German engineering group Siemens on a possible tie-up.

Switzerland’s ABB rose 0.6 percent on its announcement it was buying General Electric’s Industrial solutions unit in a deal worth $2.6 billion.

Shares in ABB have risen around 12 percent so far this year, in line with the broader European industrials index.

Unilever, which announced it would buy cosmetics firm Carver Korea for 2.27 billion euros ($2.71 billion), added 0.7 percent.

Unicredit slipped 0.1 percent after its deputy chairman said on Friday that the speculation about his bank wanting to take over Commerzbank was nonsense. The German bank lost 1.2 percent.

25th SEPTEMBER 2017- OPENING BELL >> FII And PRO Has Created Huge Short Position In Index Options

commodity market tips

FII and Pro have created huge sell positions on Friday 22nd Sep for 201175 contracts. Whenever FII and Pro create this kind of sell positions, the market tends to go in that direction. In the last 10 days, both FII & PRO have created sell position of 209294 contracts and in expire, they have created a short position of 167241. Thus the market is expected to go down further. Get free commodity market tips call on 9644405056Register NOW our FREE TRADING TRIALS.

In the above situation, as per past records, if the market stays down for consecutive 8- 10 days from the date of its recent high. Nifty’s recent high was on 19th Sep of 10179, thus we can expect to sell until the end of this month. On Friday the Indian Benchmark Index Nifty fell by 1.56% and made a low of 9953 and closed at 9964.

Moreover Emerging Market Currencies have also started weakening from 8th Sep 2017 after ECB President Mario Dragi has signaled a tapering of stimulus. MSCI Emerging Market Currency Index has weakened by 1.56% after 8th Sep 2017.

Asia stocks edge lower, focus turns to China markets after ratings cut

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Japan’s Nikkei slipped 0.15 percent, Australian stocks advanced 0.1 percent and South Korea’s KOSPI fell 0.7 percent.

Asian stocks slipped on Friday but showed signs steadying as the dust began to settle after the Federal Reserve’s hawkish policy statement, while investors looked to see how Chinese financial markets would react to a downgrade on the nation’s credit rating. You can also have free stock cash tips from Indian stock market and more call us on 9644405056.

MSCI’s broadest index of Asia-Pacific shares outside Japan handed back earlier gains and was down 0.1 percent after falling 0.7 percent the previous day.

The index had risen to a decade high on Tuesday, lifted as Wall Street advanced to record highs, before moving off that peak after the Fed heightened expectations for a third interest rate hike this year.

Japan’s Nikkei slipped 0.15 percent, Australian stocks advanced 0.1 percent and South Korea’s KOSPI fell 0.7 percent.

It is difficult to pass a verdict on the Fed’s stance until it actually starts its balance sheet reduction and the markets can gauge its effects.

“Fundamentals continue to support emerging markets including those in Asia, although the Fed’s latest stance did add a layer of uncertainty going forward.”

The focus was also on how the Chinese financial markets would react to a downgrade of China’s credit rating when they open.

S&P Global Ratings downgraded China’s long-term sovereign credit rating on Thursday, less than a month ahead of one of the country’s most sensitive political gatherings, citing increasing risks from its rapid build-up of debt.

The S&P 500 lost 0.3 percent, snapping a four-day winning streak, the Dow fell 0.25 percent and Nasdaq dropped 0.5 percent on Thursday as the U.S. equity market braced for a third interest rate hike this year. The United States ordering new sanctions against North Korea was also seen to have weighed on Wall Street.

In currencies, the Australian dollar was steady at USD 0.7932 after sliding 1.2 percent the previous day to touch a three-week low of USD 0.7919.

The Aussie was hurt after Reserve Bank of Australia Governor Philip Lowe said on Thursday that the central bank does not have to follow a general move globally to raise interest rates.

A sharp drop in the price of iron ore, Australia’s main export commodity, to a two-month low, has also weighed on the currency.

The Dollar was steady at 112.445 Yen and on track to end 1.4 percent higher on the week, during which it brushed a two-month high of 112.725 as US yields spiked on the back of the Fed’s hawkish stance.

The Yen, often sought in times of geopolitical tensions, showed little reaction to US President Donald Trump ordering new sanctions against North Korea on Thursday.

The Euro barely moved at USD 1.1943 and on track to end the week 0.8 percent lower. Get daily Intraday news by Ripples Advisory Private Limited, Indore.


The Dollar index against a basket of six major currencies was effectively flat at 92.169 after slipping about 0.4 percent overnight. It has gained 0.3 percent on the week.

Crude oil prices were little changed amid a wait-and-see mood as ministers from the Organisation of the Petroleum Exporting Countries, Russia, and other producers meet later on Friday to discuss a possible extension of the 1.8 million barrels per day (bpd) of supply cuts to support prices.

While many analysts expect an extension of the deal beyond next March, a number of them also said that prices have risen high enough to tempt countries to boost production above agreed levels.

Brent crude was up 0.1 percent at USD 56.50 a barrel after reaching a five-month high of USD 56.53 overnight.

Wall Street pushed down by rate expectations

 

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The Dow Jones Industrial Average fell 53.36 points, or 0.24 percent, to 22,359.23, the S&P 500 lost 7.64 points, or 0.30 percent, to 2,500.6 and the Nasdaq Composite dropped 33.35 points, or 0.52 percent, to 6,422.69.

 

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US stock indexes slipped on Thursday as investors braced for a third interest rate hike this year and the United States ordered new sanctions against North Korea. You can also check the trading accuracy of Ripples Advisory Private Limited, Indore by taking our FREE EQUITY TIPS ON MOBILE.

The S&P and the Dow snapped a run of record closing highs and Apple was the biggest drag on the three major indexes with a 1.7 percent drop on worries about demand for its latest smartphone.

Investors increased bets the US Federal Reserve would raise rates again this year after the central bank’s statement on Wednesday and be also assessing its decision to start reducing it’s roughly USD 4.2 trillion in US Treasury bonds and mortgage-backed securities.

US President Donald Trump opened the door to blacklisting people and entities doing business with North Korea, further tightening the screws on Pyongyang’s nuclear and missile programs.

“The Fed had investors on edge already. Ratcheting up of North Korea tensions can put investors in a little more of a risk-off mode.

However, with the CBOE Volatility Index closing at its lowest level in nearly two months at 9.67, Peter Cecchini, chief market strategist at Cantor Fitzgerald in New York, said the market is not reflecting risks such as US-North Korea tensions and high valuations.

The market is “very complacent and very comfortable in its own skin right now and not really concerned about risk much at all,” said Cecchini: “I’m worried about that.”

The Dow Jones Industrial Average fell 53.36 points, or 0.24 percent, to 22,359.23, the S&P 500 lost 7.64 points, or 0.30 percent, to 2,500.6 and the Nasdaq Composite dropped 33.35 points, or 0.52 percent, to 6,422.69.

Fed Chair Janet Yellen said the fall in inflation this year remained a mystery, adding that the central bank was ready to change the interest rate outlook if needed.

Investors were pricing in about a 70 percent chance of a December hike, according to CME’s FedWatch tool, up from about 51 percent just prior to the Fed statement.

Only two of the 11 major S&P sectors – financials and industrials – were higher, with gains of 0.2 percent and 0.3 percent. The consumer staples index was the biggest decliner, down 0.97 percent drop.

Financial stocks have been on a tear in recent days as investors anticipated and then reacted to Fed commentary on rate hikes, which tend to help bank profits.

The S&P has risen about 11.7 percent so far this year, helped by strong corporate profits and lingering optimism among some investors that Trump will cut taxes for businesses.

This has boosted valuations. The S&P is trading at roughly 17.6 times expected earnings, well above its 10-year average of 14.3.

It’s very hard for me to see a tremendous catalyst for the upside, although I also don’t see that massive catalyst to create a crack to the downside.

Declining issues outnumbered advancing ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.24-to-1 ratio favored decliners.

About 5.54 billion shares changed hands on US exchanges on, compared with the 6.03 billion average for the last 20 sessions.

Regards, 

Ripples Advisory Private Limited, Indore

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