Archive for Stock Market News – Page 2

The Cannabis Industry’s Dirty Energy Secret

By OilPrice.com

Your average marijuana plant is a rather unimposing, forest green weed that blends well with nature. The dirty truth, however, is that the business of growing cannabis is anything but green. In fact, the growing of pot is so power-intensive that its ecological footprint is quickly becoming an environmental nightmare.

The $344 billion cannabis industry is one of the country’s most energy-intensive in the world, frequently demanding an array of heating, ventilation and air-conditioning (HVAC) systems, fans and 24-hour indoor lighting rigs at multiple growing sites.

Just how much electricity does the entire US marijuana industry consume?

The numbers are mind-boggling.

They’re also the bane of the cannabis industry, according to Joseph Maskell, founder and president of AAXLL, one cannabis company aiming to be a major disrupter of the short-lived status quo.

“The key in this emerging industry is to be asset-light,” says Maskell.

“With billions spent just on electricity in the US cannabis-growing industry, the companies that will survive the next culling, which is already in process, will be those with low capital outlays, no warehouses, no buildings, no machinery.”

Back in 2016, after the state of Oregon legalized recreational marijuana, Pacific Power in Portland recorded seven blackouts that the company traced to marijuana production.

Meanwhile, a good 45% of Denver’s increase in energy demand or “load growth” was directly linked to electricity that went to power marijuana growth.

In other words, investors are going to have to unplug unless they want to see their profits go up in smoke.

Appetite for Energy

The electricity consumption of marijuana grow houses is staggering when you compare it to consumption by the average business or residential unit.

In 2014, the NPCC worked out that it takes 4,000 to 6,000 kilowatt-hours (kWh) of energy to produce a single kilogram of marijuana product. Electricity costs can represent 20% of the total cost of cannabis production.

Back in 2015, it was estimated that a 5,000-square-foot indoor facility in Boulder County consumed ~41,808 kilowatt-hours per month–or nearly 66x the average consumption by a household in the county. More than two percent of the city’s electricity usage went to marijuana production.

More recent estimates are not very encouraging either, even as more energy professionals enter the marketplace.

Evan Mills, a scientist at the Lawrence Berkeley National Laboratory, says that production of legal marijuana in the US consumes 1% of total electricity, or 41.71 billion kilowatt-hours (kWh) of electricity, at a cost of $6 billion per year.

That’s enough energy to power 3.8 million homes or the entire State of Georgia. Generating that much electricity spews out 15m tons of greenhouse gas emissions (CO2), or about what three million average cars would produce in a year.

The actual figures could be much higher, says AAXLL’s Maskell.

A 2017 study by New Frontier Data revealed that only 25% of marijuana is produced legally, which is hardly surprising considering that recreational weed is legal in only 11 states and Washington DC. In effect, this means that growing marijuana could be consuming as much as 3-4% of the country’s electricity.

Obviously, such insane levels of electricity consumption is putting a major strain on public utilities as evidenced by the Pacific Power blackouts. As Steven Corson, a Portland General Electric (PGE) spokesman, has lamented: “We don’t track the numbers specifically related to cannabis producers, but some have created dangerous situations by overloading existing equipment.”

Lack of Standards

The huge energy appetite by the cannabis industry can be pinned on how grow houses operate.

Ron Flax, the chief building official in Boulder County, says the basic issue is the lighting intensity inside the grow facilities which is much higher than for any other plant. For instance, Solstice, a Washington based marijuana producer, uses 1,000W high intensity discharge lamps (HID), for the vegetative phase of growth.

Colorado, one of the leading cannabis states where most of the electricity is coal-powered, has devised schemes to discourage excessive power use by growers. The state requires commercial growers to either pay a 2c charge per kW or offset their electricity use with renewable energy (average electricity rate in Denver is 11.05 cents per kWh).

The accrued funds go to the Energy Impact Offset Fund where they are used to finance sustainable cannabis cultivation and also educate growers. Meanwhile, Seattle City Light is incentivizing growers to shift to more efficient lighting technologies. The public utility has promised six-figure rebates to growers who switch to LED lights instead of power-guzzling HIDs.

The big problem here is that the marijuana industry is still infantile and lacks clear standards. Even in states where weed is legal, production still tends to be done in underground operations with everyone doing what works for them.

It’s tough to be profitable right now in an industry that’s so energy-intensive. Cannabis 2.0, says Maskell, will be an entirely different beast. That’s why AAXLL isn’t focused on capital burying marijuana growing; rather, it’s focused on a revenue-generating end product that spends on marketing brilliance, like their Balance CBD line, not machinery.

Eventually, the market might dictate that growers use cheaper greenhouses and take production outdoors where costs are bound to be much lower. In the meantime, it’s going to be a steep learning curve for the burgeoning industry.

Companies to watch as the cannabis industry and the energy industry collide:

Canopy Growth Corporation (NYSE:CGC) (TSX:WEED)

After securing a major $4 billion investment from beverage giant Constellation Brands, it seemed like Canopy Growth was on the top of the world. The same day, shares in the company surged by 30 percent.

Though things have cooled down a bit since then after a downgrade from analysts of the Constellation Brands stock, Canopy has not stopped making moves in the market, most recently swallowing up renowned vaporizer producer Stor & Bickel Gmbh & Co., the creator of the iconic Volcano® Medic and the Mighty® Medic devices

The €145 million all-cash deal makes it one of the largest in the marijuana sector this year, and Canopy Growth is not likely to stop there.

Aurora Cannabis (NYSE:ACB) (TSX:ACB)

Aurora Cannabis is one of the biggest names in the burgeoning marijuana sector. With a market cap over $1.9 billion, Aurora has carved out its position as a leader in the industry. And the company is still making moves.

Recently, Aurora sealed a supply deal with Mexico’s Farmacias Magistrales SA, the country’s first and, for now, at least, only federally licensed importer of raw materials containing THC.

In an announcement from Aurora, the company stated that the deal “firmly establishes Aurora’s first-mover advantage in one of the world’s most populous countries, where more than 130 million people will have federally legal access to a range of Aurora’s non-flower medical cannabis products containing THC.”

Molson Coors (NYSE: TAP) (TSX: TPX-A)

Molson Coors is an iconic multi-national beer company, with brands that are recognizable across the United States and Canada. Besides just its Molson and Coors lines, the company has also ventured into more niche beverages to take advantage of the growing craft beer market, buying up brands like Leinenkugel’s and Blue Moon.

Not to be left behind in the marijuana boom, Molson Coors is also developing a line of non-alcoholic cannabis-based beverages with its partner, the Hydropothecary Corporation.

Molson Coors Canada president and CEO Frederic Landtmeters noted, “While we remain a beer business at our core, we are excited to create a separate new venture with a trusted partner that will be a market leader in offering Canadian consumers new experiences with quality, reliable and consistent non-alcoholic, cannabis-infused beverages.”

Exxon (NYSE:XOM) Despite Exxon’s late entry to the shale game, the company is still light years ahead of its competition in terms of profits.

Not only is Exxon held a key role in bringing the oil and gas industry into the modern era, the company is also a world leader in the development of biofuels and fuel cells.

Spending approximately $1-billion per year on the research and development in new energy technologies, Exxon is sure to continue on its path of innovation for years to come. Investors can rest assured; this research will pay off for them.

Halliburton (NYSE:HAL) is one of the largest oilfield services companies in the world. The company has secured its place in the oil and gas industry. But it didn’t happen overnight.

The oilfield services sector is highly competitive and ripe with innovation. In order to stay ahead, companies must be on the absolute cutting edge of technology. And that’s exactly what Halliburton has done.

And recently, Halliburton increased the heat for its competition. Partnering with Microsoft, Halliburton is securing its position as a leader in the industry.

This partnership is significant. Microsoft, a leader in the tech world, is looking to bring machine learning, augmented reality, and the Industrial Internet of Things to the oil and gas industry.

By. James Burgess

Tesla stock blast through the roof; Bank of America profits slip

By Lukman Otunuga, Research Analyst, ForexTime

Tesla Inc. stock was the talk of the town this week after exploding to an all-time high above $545.

A wave of optimism over the company’s performance, strong international growth and profitability enticed investors to grab a piece of the Tesla pie. The future is certainly bright for Tesla and this sentiment continues to be reflected in the company’s stock which has appreciated roughly 28% since the start of 2019 and gained almost 110% over the past three months! It seems there is no stopping this rally with more good news bound to push shares to fresh all-time highs.

The technical picture is in a favour of bulls with the path of least resistance pointing north. A daily close above $540 should encourage an incline towards $550. If prices are unable to keep above $540, a technical correction towards $500 could be on the cards before prices attempt to push higher.

Bank of America profits drop on lower interest rates 

Bank of America shares edged higher on Wednesday after the bank reported fourth-quarter profits that beat forecasts but revenues fell short of expectations.

The United States second-biggest lender after JPMorgan Chase experienced a 1.7% fall in revenue to $22.3 billion while net income beat analyst estimates of $6.3 billion by hitting $7 billion during the final quarter of 2019. However, this still represented a 4.1% drop in profits when compared with last year.

Focusing on the company’s shares, prices are trading around $34.58 as of writing. A breakdown below $34.25 should encourage a move lower towards $33.75.

Amazon stocks gearing up for a rebound?

Amazon shares have the potential to rebound after reporting a “record-breaking” 2019 holiday season- defined in the sales world as of November 1 to December 24.

Optimism on US-China trade and global growth may support buying interest towards the stock. Given how the multinational e-commerce company is expected to benefit from strong growth in its cloud services and advertising businesses, the outlook remains encouraging.

Amazon shares have broken out of the sideways trend seen since August 2019, trading around the $1877 level as of writing. A breakout above $1900 may inspire an incline towards $1920 and $1950.

Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.


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ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

Earnings season kicks off; JP Morgan smashes estimates

By Lukman Otunuga, Research Analyst, ForexTime

Corporate earnings season kicked off with a bang on Tuesday as JPMorgan Chase & Co, Citigroup and Wells Fargo released their fourth-quarter earnings.

One would have expected lower US interest rates to impact profitability in the banking sector, as banks benefit from higher interest rates to charge more on loans. However, JP Morgan Chose posted profit and revenue that crushed analyst estimates. Fourth-quarter profit rose 21% to $8.52 billion while revenue climbed 9% to $29.2 billion compared with the $27.94 billion estimate.

Share of JP Morgan jumped over 1% as investors cheered the robust earnings with prices trading around $139.64 as of writing. The upside momentum could pave a way towards the all-time high of 141.10. A breakout above this level should open the doors towards $143.00.

Citigroup joins the party of outperformers

Citigroup shares jumped roughly 1% after the bank reported fourth-quarter earnings that beat profit and revenue expectations.

The bank posted a whopping 49% gain to fixed-income trading revenue, more than double the forecasted jump according to Bloomberg estimates. Fourth quarter revenues were $18.4 billion versus the $17.85 billion estimate while profits rose by 15% to $4.98 billion.

Focusing on the companies shares, prices are trading around $82.12 as of writing. A breakout above $82.50 should encourage a move higher towards $83.50 – levels not seen since the financial crisis.

Wells Fargo experiences painful Q4

It was not all roses and butterflies with Wells Fargo as the bank reported disappointing fourth-quarter profits and revenues.

Persistently low-interest rates and legal fees eroded earnings with quarterly profit reaching $2.87 billion, versus $6.06 billion a year earlier – representing a 53% decline. Wells Fargo shares tumbled as much as 3% on this report with prices trading around $50 as of writing.

Stocks are seen sinking lower towards $49 if a daily close below $49.70 is achieved.

Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.


Forex-Time-LogoArticle by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

Stocks rebound to records ahead of deal signing

By IFCMarkets

Earnings season kicks off today

US stock market rebounded on Monday amid talks US planned to withdraw its designation of China as a currency manipulator ahead of Wednesday’s expected signing of a phase one trade deal. The S&P 500 advanced 0.7% to new record 3288.13. Dow Jones industrial added 0.3% to 28907. The Nasdaq rose 1% to all time high 9273.93. The dollar weakening reversed as US ran a budget deficit of $13.3 billion in December, a drop of just 2% from December of 2019. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, inched up to 97.36 but is lower currently. Fourth quarter earnings season starts today with JP Morgan and Wells Fargo set to release results. Futures in stock indexes point to lower openings today.

FTSE 100 gained while European indexes retreated

European stocks retreat continued on Monday. The EUR/USD accelerated its climb while GBP/USD decline speeded up yesterday as Bank of England Monetary Policy Committee member indicated that he may vote to cut interest rates if upcoming data fails to show a rebound in the British economy. The dynamics is holding currently for both pairs. The Stoxx Europe 600 index lost 0.2% led by auto shares. The DAX 30 fell 0.2% to 13126.99 as wholesale prices were stable over month in December when an uptick was expected. France’s CAC 40 slid 0.0.2% while UK’s FTSE 100 gained 0.4% to 7617.60.

Australia’s All Ordinaries Index leads Asian indexes gains

Asian stock indices are mixed today. Nikkei rebounded 0.7% to 24025.17 as Japan’s markets reopened with yen slide against the dollar continuing. Markets in China are lower despite news US Treasury Department announced it “has determined that China should no longer be designated as a currency manipulator at this time” : the Shanghai Composite Index is down 0.3% and Hong Kong’s Hang Seng Index is 0.2% lower. Australia’s All Ordinaries Index rebounded 0.9% with Australian dollar little changed against the greenback.

AU200 rising above MA(50) 1/14/2020 Market Overview IFC Markets chart

Saudi Aramco shares mirror Brent move

Brent futures prices are extending losses today. Prices ended lower yesterday: march Brent crude closed 1.2% lower at $64.20 a barrel on Monday. Saudi Aramco ‘s shares continue trading on the country’s Tadawul exchange. Shares closed at 34.75 riyals on Monday, a tad lower from Sunday’s close at 34.80 riyals following announcement the company had sold additional 450 million shares during the initial public offering process as per the greenshoe or over-allotment option of the IPO. Saudi Aramco’s sales of additional shares mean the company has publicly floated 1.7 percent of its shares.

Gold retreat continues

Gold prices are edging lower today. Gold prices ended at near five month low: February gold lost 0.6% to 1550.60 an ounce on Monday.

Market Analysis provided by IFCMarkets

Note:
This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.

EU50 Analysis: The Eurozone economy shows the first signs of recession

By IFCMarkets

The Eurozone economy shows the first signs of recession

There is a decrease in industrial production in the Eurozone and Germany. Is the correction of the EU50 possible?

The share of industrial companies in this index is 40%. The German Factory Orders indicator fell by 6.5% in November, and the German Industrial Production – by 2.6%. The pan-European Industrial Production indicator has been declining since February 2019. The EU Business Climate indicator fell to the minimum since August 2013. Meanwhile, the EU50 stock index has increased by almost 10% over the past 3 months. The reporting season of European companies begins on January 17, which may affect its dynamics.

EU50

On the daily timeframe, the EU50: D1 is in a rising channel. Before opening a position, its lower boundary should be breached down. In general, the increase slowed down and a number of technical analysis indicators formed sell signals. The correction is possible in case of the publication of negative earnings reports of European companies.

  • The Parabolic indicator gives a bullish signal. It can be used as an additional support level, which should be breached down before opening a position.
  • The Bollinger bands have narrowed, which indicates low volatilit.
  • The RSI indicator is above 50. It has formed a negative divergence.
  • The MACD indicator gives a bearish signal.

The bearish momentum may develop in case EU50 falls below the last fractal low, the Parabolic signal and the lower boundary of the falling channel at 3700. This level may serve as an entry point. The initial stop loss may be placed above the last fractal high and the maximum since April 2015 at 3830. After opening the pending order, we shall move the stop to the next fractal high following the Bollinger and Parabolic signals. Thus, we are changing the potential profit/loss to the breakeven point. More risk-averse traders may switch to the 4-hour chart after the trade and place there a stop loss moving it in the direction of the trade. If the price meets the stop level (3830) without reaching the order (3700), we recommend cancelling the position: the market sustains internal changes that were not taken into account.

Summary of technical analysis

Position Sell
Sell stop Below 3700
Stop loss Above 3830

Market Analysis provided by IFCMarkets

Equities Chart New Highs Despite Soft NFP

By Orbex

Equity markets rose to post new highs on Friday. The Dow Jones index briefly broke the 29,000-mark before pulling back. Despite this, all major equity indices closed positive on the week.

The payrolls report for December was soft. The unemployment rate came in at 3.5%, matching expectations.

However, there were just 145,000 jobs added during the month. Wage growth was also soft, rising 2.9% on the year.

Regional Industrial Production Picks up in Eurozone

Industrial production figures from France and Italy showed signs of life. French industrial production grew 0.3% on the month, while Italy’s production was up 0.1%.

The gains come on the back of Germany’s industrial production rising as well. This could potentially signal that business activity remains resilient to sluggish growth and demand.

EURUSD Closes Flat After a Decline

The currency pair closed flat on Friday following a patch of declines from earlier in the week. While price managed to rebound late into Friday’s close, the euro remains below the resistance level of 1.1131. If resistance is formed here, then we expect a further move to the downside. Watch the support level of 1.1100. A break down below this level will indicate a move to 1.1072.

Crude Prices Give Back Gains

Oil prices continued to retreat right after rising to highs above the 65.00 handle. The reversal in prices came as investors saw a lower threat of tensions between Washington and Tehran. Crude oil prices ended up closing the week on a strongly bearish note as a result.

Can Crude Oil Hold on to Support?

Price action is approaching the support area of the 58.70 – 58.40 region. This remains a crucial test for the commodity. If price action is able to rebound off this level we could expect some upside movement. However, oil prices will remain range-bound with the upper resistance level of 61.00 coming into play. To the downside, a breakdown below the support could extend declines to the 55.00 support.

Gold Prices Recover on Weak Jobs Report

Despite the rally from the equity markets, gold prices managed to hold on to the gains. After falling for two consecutive days, gold reversed direction into Friday’s close. However, Friday’s close is still far off from the intra-week highs made earlier. Overall, gold prices remain somewhat volatile and possibly biased to the upside.

XAUUSD Testing the Trend Line

XAUUSD is seen re-testing the trend line from below. If this stalls the current gains, we anticipate a move to the downside. The lower support at 1534 will come into the picture upon a break down from the lows near 1547. As long as the major support level of 1534 holds, gold still has room to the upside. But a close below this support will see 1513 support as the next likely target.

By Orbex

Stocks skid after weaker-than-expected jobs report

By IFCMarkets

Dollar strengthening intact

US stock market pulled back on Friday after weaker than expected jobs report. The S&P 500 slid 0.3% to 3265.35, rebounding 0.9% for the week. Dow Jones industrial lost 0.5% to 28823.77. The Nasdaq fell 0.3% to 9178.86. The dollar strengthening halted as Labor Department reported the US economy added 145,000 new jobs in December, below the 165,000 expected and less than the 266,000 in the prior month. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, slipped 0.1% to 97.36 but is higher currently. Futures in stock indexes point to higher openings today.

European stock indexes slid

European stocks whipsawed on Friday paring earlier gains. GBP/USD continued its decline while EUR/USD turned higher on Friday with both pairs lower currently. The Stoxx Europe 600 Index slid 0.1%. The DAX 30 fell 0.1% Friday to 13483.31. France’s CAC 40 slipped 0.1% and UK’s FTSE 100 slid 0.1% to 7587.85.

Heng Seng leads Asian Indexes gains

Asian stock indices are mostly higher today. Stock market in Japan is closed for a holiday as yen accelerated its slide against the dollar. China’s markets ended higher: the Shanghai Composite Index is 0.8% higher and Hong Kong’s Hang Seng Index is up 1.1%. Australia’s All Ordinaries Index however turned 0.4% lower with Australian dollar climb against the greenback reversed.

XAUUSD rising above MA(50) 1/13/2020 Market Overview IFC Markets chart

Saudi Aramco shares gain while Brent slides as Iran tensions fall

Brent futures prices are edging lower currently. Prices fell on Friday as geopolitical tension around Middle East subsided despite Baker Hughes report of a third consecutive weekly decline in the number of active US oil rigs after the Energy Information Administration data showing US crude supplies rose by 1.2 million barrels last week: Brent for March settlement fell 0.6% to $64.98 a barrel Friday. Saudi Aramco shares benefit from easing of Middle East tension, they are up 2.34%. And the company sold 450 million more shares to investors as part of efforts to support the price for a month in the market. Aramco sold 3 billion shares at 32 Saudi riyals ($8.53) each to raise $25.6 billion at the IPO a month ago. It has raised $29.4 billion so far.

Gold down as Dollar strengthens

Gold prices are inching lower after closing higher last week. February gold added 0.4% to 1560.10 on Friday.

Market Analysis provided by IFCMarkets

Note:
This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.

DAX30 CFD bulls still in control – new all-time highs still possible

By Admiral Markets

Source: Economic Events January 13, 2020 – Admiral Markets’ Forex Calendar

With a light economic calendar – and no further geopolitical tensions, relevant to the markets, between the US and Iran over the weekend – and the upcoming sign off the Phase 1 trade deal between the US and China coming this Wednesday, volatility in the DAX30 CFD should stay subdued.

In fact, this market environment seems very favourable for a bullish push higher, and we could potentially see the German index once again attack its current all-time highs of around 13,600 points.

In our opinion, such an upwards move seems very likely, and the region around 13,600 points acts as stop-over up to the next target, which will be around 13,800 points.

The region around 13,800 points is of higher interest, with focus on the expiration of DAX options at the EUREX next Friday, and the elevated Open Interest at the strike price of 13,800 points.

Still, bulls should be at least aware of the forming bearish divergence in the RSI(14) on H1 which points from a purely technical perspective to diminishing bullish momentum and could trigger, if bears gain at least short-term control, a bearish stint down to 13,380/400 points:

Source: Admiral Markets MT5 with MT5-SE Add-on DAX30 CFD Hourly chart (between December 17, 2019, to January 10, 2020). Accessed: January 10, 2020, at 10:00pm GMT

Source: Admiral Markets MT5 with MT5-SE Add-on DAX30 CFD Daily chart (between September 20, 2018, to January 10, 2020). Accessed: January 10, 2020, at 10:00pm GMT – Please note: Past performance is not a reliable indicator of future results, or future performance.

In 2015, the value of the DAX30 CFD increased by 9.56%, in 2016, it increased by 6.87%, in 2017, it increased by 12.51%, in 2018, it fell by 18.26%, in 2019, it increased by 26.44% meaning that after five years, it was up by 34.2%.

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Disclaimer: The given data provides additional information regarding all analysis, estimates, prognosis, forecasts or other similar assessments or information (hereinafter “Analysis”) published on the website of Admiral Markets. Before making any investment decisions please pay close attention to the following:

  1. This is a marketing communication. The analysis is published for informative purposes only and are in no way to be construed as investment advice or recommendation. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.
  2. Any investment decision is made by each client alone whereas Admiral Markets shall not be responsible for any loss or damage arising from any such decision, whether or not based on the Analysis.
  3. Each of the Analysis is prepared by an independent analyst (Jens Klatt, Professional Trader and Analyst, hereinafter “Author”) based on the Author’s personal estimations.
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  5. Whilst every reasonable effort is taken to ensure that all sources of the Analysis are reliable and that all information is presented, as much as possible, in an understandable, timely, precise and complete manner, Admiral Markets does not guarantee the accuracy or completeness of any information contained within the Analysis. The presented figures refer that refer to any past performance is not a reliable indicator of future results.
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By Admiral Markets

Corporate earnings & US-China trade deal to dictate markets’ direction

By Hussein Sayed, Chief Market Strategist (Gulf & MENA), ForexTime

The new year has been marked with severely increased tensions between the US and Iran, forcing many investors to increase their allocations to safe-haven assets such as Gold, the Japanese Yen and Swiss Franc. That shouldn’t be a surprise given that the search for “World War III” reached a record high on Google trends over the last week. Oil also experienced volatile moves, but the action was short-lived after the geopolitical situation de-escalated. Traders monitoring the developments may have profited from the volatile price action, but long-term investors who moved to a more defensive position have lost the opportunity after a strong rally in equity markets in the latter part of the week.

With Brent prices falling back below $65, traders seem convinced that Iran will not block the Strait of Hormuz or carry out attacks on shipments. That’s because Iranian exports to China are a significant source of the government’s revenue and without it, the economic crisis will only exacerbate. President Trump has also backed away from military confrontation, as increased tensions in the Middle East and higher Oil prices will hit both consumers and businesses which is the last thing he wants before the November Presidential Election.

A 10% correction in US equity markets can never be completely ruled out, especially given the rich valuations. But with the Fed and other central banks increasing asset purchases and pumping in more liquidity, they are putting a floor to prices and directing investors toward risk assets. The latest US jobs report, despite missing headline expectations and wage growth, is still the best formula for a further rise in equities. The US economy continues to add enough jobs to absorb new entrants to the workforce, and with year-to-year wages dropping to 2.9%, the Fed can be relaxed that inflationary pressures are still far away, suggesting no imminent need to tighten monetary policy.

Investors will now turn their attention to the fourth-quarter earnings season that gets under way this week when JPMorgan Chase, Wells Fargo and Citigroup report on Tuesday. According to Factset, year-over-year earnings are expected to decline 2% for S&P 500 companies, while revenues grow 2.6%. However, the forward outlook for 2020 is brighter than last year with earnings expected to grow in the high single digits.

Wednesday should see the signing of the “phase one” US-China trade deal. While much of the positive news has already been priced in, some details may still move markets either way. However, the most important factor in this deal is that the US and China are heading towards de-escalation in trade tensions and not the opposite way around.

Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.


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Applied Genetic Tech’s Shares Double on 6-Month X-Linked RP Study Results

By The Life Science Report

Source: Streetwise Reports   01/09/2020

Shares of Applied Genetic Technologies skyrocketed to a new 52-week high price after the company reported positive six-month data from its ongoing Phase 1/2 clinical study for treatment in X-Linked Retinitis Pigmentosa. The firm stated that the trial data suggests durable and meaningful improvements in central visual sensitivity and advised that it plans to initiate a pivotal trial by year-end 2020.

Clinical-stage biotechnology firm Applied Genetic Technologies Corp. (AGTC:NASDAQ), which is engaged in exploring gene therapies for the treatment of rare and inherited diseases, today announced positive interim six-month data from its ongoing Phase 1/2 clinical program in X-linked retinitis pigmentosa (XLRP). The company reported that “the results show that patients treated centrally with its product candidate demonstrated durable improvement in visual function six months after dosing.”

The firm claimed that the additional data reinforces previously reported efficacy and safety results and that the updated data will be used in the design and implementation of the company’s XLRP pivotal trial that is anticipated to commence by the end of 2020. AGTC stated that it plans to review the data from the XLRP and achromatopsia Phase 1/2 clinical programs at an R&D Day in New York City on January 28, 2020.

The company’s President and CEO Sue Washer commented, “These promising results further demonstrate that our XLRP candidate has tremendous potential to provide meaningful benefit to XLRP patients who today have no treatment options…The positive results observed to date give us confidence that the data as a whole will support advancement of our XLRP clinical program to a pivotal trial in 2020.”

Dr. Paul Yang, MD, PhD, assistant professor of ophthalmology at the Casey Eye Institute, Oregon Health & Science University in Portland, stated, “The sustained improvement in visual sensitivity in centrally dosed patients are compelling and, if confirmed in a pivotal trial, would be highly meaningful to patients…This is the first investigational therapy for XLRP to report on encouraging improvements in visual acuity. The combination of improved visual function across two endpoints in centrally treated patients and the previously reported stabilization of visual function in peripherally dosed patients, suggest that this gene-based therapy has the potential to be an important new approach to treating XLRP.”

The company explained that X-linked Retinitis Pigmentosa (XLRP) “is an inherited condition that causes progressive vision loss in boys and young men. Characteristics of the disease include night blindness in early childhood and progressive constriction of the visual field. In general, XLRP patients experience a gradual decline in visual acuity over the disease course, which results in legal blindness around the 4th decade of life.”

Applied Genetic Technologies is a is a clinical-stage biotechnology company headquartered just north of Gainesville in Alachua, Fla., that employs a proprietary gene therapy platform to develop transformational genetic therapies for patients suffering from rare inherited conditions and debilitating diseases. The firm indicates that its initial focus is in the field of ophthalmology and that its most advanced therapy programs are designed to restore visual function and meet the needs of patients with rare blinding conditions. The company has active clinical trials in X-linked retinitis pigmentosa and achromatopsia. AGTC additionally has preclinical programs in optogenetics and other ophthalmology indications and other central nervous system diseases including adrenoleukodystrophy (ALD).

Applied Genetics started off the day with a market capitalization of about $75.8 million with approximately 18.22 million shares outstanding. AGTC shares opened nearly 60% higher today at $6.65 (+$2.49, +59.86%) over yesterday’s $4.16 closing price. The stock set a new 52-week high price of $8.80/share in morning trading and has traded today between $5.90 and $8.80 per share on extremely high relative volume. The firm’s shares are currently trading at $8.77 (+$4.61, +110.73%).

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