Alibaba's Success and Bullish Forecasts for China from Top Agencies

Alibaba's Success and Bullish Forecasts for China from Top Agencies

Welcome to Friday! Let’s review the main events happening in the market at the end of the week.

Today’s events:

17:00 GMT+2 - Existing Home Sales

Alibaba surges despite the revenue miss

Alibaba posted a mixed earnings report yesterday. While the adjusted earnings of the e-commerce firm came out at $1.82 per US share vs. analysts’ expectations of $1.7 per share, the results revealed another quarter of weak revenue performance, with $29.12 billion posted vs. $29.6 billion expected.

Despite the mixed data, Alibaba's stock reacted positively to this news, rising by more than 11% within a day. It helped Alibaba's stock to break the upper border of the descending trading channel and rise higher toward the next resistance at $88.00 (100-day SMA). If this level is broken, the buyers' next target will be $95.00 (200-day SMA). The support level lies at $71.30. Keep in mind that positive developments in China's economy (reduction of Covid restrictions, support of real estate developers) have resulted in the upside momentum of Chinese stocks. 

ALIBABADaily.png

Other news worth mentioning:

  • Binance temporarily suspended Solana-based deposits in USDT and USDC. SOLUSD lost 3% on the news.
  • Chipmakers are cutting costs and curtailing aggressive spending plans amid fears of a longer-than-expected slowdown.
  • According to IMF chief Kristalina Georgieva, Russia’s war in Ukraine is the main reason the global economy is weakening.
  • Twitter temporarily shut its offices amid a massive resignation of workers. At the moment, less than half of Twitter’s employees committed to new “extremely hardcore” Elon Musk plans for the company.
  • The number of new Covid-19 cases in Beijing is quickly rising. Meanwhile, Goldman Sachs joined China’s bulls, Bank of America and JPMorgan, thinking China’s stocks are set to outperform in 2023.
  • Today, the European Central Bank will begin the largest withdrawal process of its liquidity from the Eurozone. The Central Bank will announce which share of credits received through the TLTRO must be paid by commercial banks.  According to analysts, banks will repay a loan for approximately 0.5 billion euros, which will be the biggest reduction of liquidity since 2000.

 For more news, fresh market updates, and trade ideas, visit the FBS Telegram Channel

TRADE NOW

Similar

Market Crash Incoming?
Market Crash Incoming?

This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.

Uptrend in Gold Starts Now
Uptrend in Gold Starts Now

Happy Wednesday, traders! We went through the Internet and found the best news for you, take a look!

Gold and USD ahead of the Fed
Gold and USD ahead of the Fed

Yesterday, the release of the US Inflation rate came out lower than the forecasts (0.1% vs. 0.3%). The soft figures pulled the US dollar index down by almost 1%. At the same time, S&P500, EURUSD, and gold strengthened. Today, the Fed will hold a meeting at 21:00 GMT+3. The Federal Reserve is widely expected to raise the interest rate by 50 basis points.

Latest news

Crucial News For The Following Week
Crucial News For The Following Week

Consumer Price Index, Existing Home Sales, US Fed rate decision - all of these things we will discuss in our new review. Don't miss it out!

Focus on Banks' Meeting and NFP
Focus on Banks' Meeting and NFP

The RBA and the Bank of Canada will add volatility to the AUD and the CAD, while USD is expected to be boosted by the Non-farm payrolls.

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera