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. 


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



News for The Week
News for The Week

US stock markets started falling, while the US dollar is rising. What to expect from

Analysts Waiting China to Decrease the Rate
Analysts Waiting China to Decrease the Rate

Key market players expect China to start decreasing the rate and giving liquidity to the markets. China is actively pushing to switch to the stimulative monetary policy. What's going on right now? Read it in our new review.

BRICS, Jackson Hole, and the JPY are in Focus
BRICS, Jackson Hole, and the JPY are in Focus

The week was overfilled with events, especially from the BRICS summit and Jackson Hole meeting. Altogether, the market gained some fantastic opportunities. Here’s what we have for today’s session:

Latest news

The Yen Sets New Lows
The Yen Sets New Lows

The Japanese yen fell to its lowest level against the US dollar in 33 years. Read the full report to learn the next target for USDJPY!

BlackRock CEO Supports The USD
BlackRock CEO Supports The USD

BlackRock CEO forecasts the Fed may have to raise rates further. The US dollar index (DXY) gains 130 points today. Read the full report to get more fresh news and technical analysis!

Deposit with your local payment systems

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.


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!

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