ONLINE FOREX BROKER
2020-07-08 • Updated
The banking sector has been suffering a downturn since the beginning of June with almost no alternating bullish presence. In this sense, it will be safe to say that JPMorgan, Citigroup, and Bank of America are doing worse than most of the S&P. At the same time, being at the bottom of their respective mid-term uptrends, none of these stocks has broken the said trend - yet. That’s why, technically, it is very likely that they bounce upwards. Otherwise, we will see protracted sideways movement or even a continuation of the bearish phase – especially if the figures we are about to receive are disappointing.
Next week, we have earnings reports due to each of the banks. JPM (1530 MT time) and Citi (1700 MT time) report on Tuesday, July 14, and BAC reports on Thursday (1530 MT time), July 16. Their performance in Q2 will bring a mid-term impact on how each of these stocks goes further. Quite expectedly, the figures will be approximately the same in proportionate effect, with minor differences particular to each bank’s specifics.
There is a point of reassurance, however: the long-term game is still positive for banks. The economy will eventually recover, and whatever happens, everyone needs money and credit – therefore, everyone needs banks. Fundamentally, that serves as a “survival guarantee” for JPM, Citi, and BAC.
In a call scheduled for January 25, 00:30 am GMT+2, Microsoft will publish the company's earnings for the final quarter of 2022 and comment on the results, projections, and outlook for the nearest future of the company.
In a call scheduled for January 25, 00:30 am GMT+2, the Tesla Inc. team will publish the company's earnings for the final quarter of 2022 and comment on the results, projections, and outlook for the nearest future of the company.
The Netflix stock (NFLX), with a market cap of $145.17B and a whooping 10 000+% rise since its inception 16 years ago, experienced some turbulence for a short period last year while trading around the $250 share price. However, the NFLX stock quickly recovered and rose to over $300 towards the end of the previous quarter of 2022.
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
Last year was tough for the Japanese yen. USDJPY gained more than 30% over 2022, striking above 150 in October. While anticipation of slower Fed rate hikes pulled the pair below the 130 level at the start of 2023, the speculations over the destiny of BOJ’s yield control policy grabbed the attention of the Japanese assets in the middle of January. What lies ahead for traders of the Japanese yen?
Today, at 5:00 pm (GMT +2), the Bank of Canada will publish the Overnight Rate, which represents short-term interest rates, and is pivotal to the overall pricing of the Canadian Dollar in the global markets. Let's look at how the markets are faring ahead of the BoC rates release.
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