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S&P 500
The Dow Jones Industrial Average dropped by
4.4% closing at 24,285. The big-name oil
companies Exxon Mobil (NYSE:XOM) and
Chevron (NYSE:CVX) took big hits due to the
large drop in oil prices.
NASDAQ
USD/JPY GBP/USD
The USD/CAD fell 2.7% to 1.32096 over the past two weeks due to trade concerns between the U.S
and China. The Dollar is expected to move even more with GDP numbers coming in next week.
The EUR/USD closed at 1.1380, down 3.65% due to poor German GDP numbers. While the Euro had a
spike earlier this week due to the drop in USD, it finished in the negative continuing a yearlong trend
which has been due to concerns over Brexit negotiations.
The USD/JPY was down .61% at 112.82. While there were large moves in the other major currencies
this week, the Japanese Yen hasn’t moved significantly which is good news for the currency
considering how volatile the currency has been over the past year.
The GBP/USD closed at 1.28146 down 3.91%. The main reason for this is because the U.K and Spain
could not reach a deal on Gibraltar as the U.K leaves the E.U.
Gold Copper
Natural gas increased significantly, up 25% to 4.626. Due to cooler temperatures, the demand for
natural gas is increasing.
Gold closed at 1224.34, up 5% due to the drop in the overall markets, the upcoming fed rate hikes
and the drop in the US dollar. This increase in gold prices can be justified as gold is seen as a safe
asset in times of uncertainty.
Crude Oil closed at 55.64 which translated to a 10.5% loss. This is due to Saudi Arabia, the largest
member of OPEC announcing an increase in oil production thus increasing the supply of oil.
Additionally, this drop is also due to the Trump administration exempting 8 countries from the Iranian
sanctions, thus allowing for the further increase in the supply of oil and creating a surplus in the
market for oil.
Meanwhile, copper was up 5.6% over the past two weeks closing at 2.805. The possibility of more
sanctions from the trump administration also aided in the increase as future supplies could be
strongly affected. However, copper prices are expected to decrease as they have been doing over the
past year because Chilean miners are exploring new mines thus increasing its supply. Chile is the
world’s largest supplier of copper and this would affect the market for copper significantly.
York Trading Club Page !5 of !7
Economic Updates
Date Country Event Actual Forecast Previous
United
19-11-18 States US Retail Sales 0.8% 0.5% 0.2%
20-11-18 China GDP first three quarters growth 6.7% 6.5% 6.9%
Overall, the total US durable goods orders dropped more than expected. This could be due to the
recent economic slowdown. However, US retail rates were up 0.8% beating forecasts thanks to the
1% increase in automotive sales. Moving onto China, the first 3 quarters of GDP growth was reported
at 6.7% suggesting that China is successfully maintaining their current growth levels. As for Canada,
the Federal Debt-to-GDP Ratio was reported higher than expected as the Liberal government vastly
increased the budget via the accumulation of debt. The Existing Home Sales growth beat their
expectations by 40% indicating a slight temporary increase in home prices over the next couple of
months. Finally, Canada’s inflation rate was reported at 2.4% beating its expectations of 2.3%. This
could indicate that the Bank of Canada might consider raising the overnight rate.
27-11-18 United States House Pricing Index (Mom) (Sep) 0.4% 0.3%
Earnings Calendar
Earning
Date Company Symbol EPS Estimate
Release Time
20-11-18 Target Corporation NYSE: TGT Before market open $1.39
28-11-18 Tiffany & Co. NYSE: TIF Before market open $1.62
19-12-18 General Mills Inc. NYSE: GIS Before market open $0.78
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