The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
Nike dropped on Xinjiang cotton statements
Such big brands as H&M and Nike are facing a boycott in China after they have expressed concerns about cotton produced in Xinjiang. It’s said that the human rights of Uyghurs and other Muslim minorities were violated in the region in the so-called "re-education" camps. Thus, large brands went up against the use of forced labor for cotton production in Xinjiang. Actually, this story has started almost a year ago, but only this week it provoked hype.
What is China’s response?
China’s state broadcaster CCTV blamed H&M, Nike, and other brands by saying: "earning big profits in China but attacking the country with lies at the same time". While US-based companies are stopping getting cotton from Xinjiang, Chinese companies in contrast have begun advertising their use of cotton made in Xinjiang.
Nike dropped to lows unseen since November of the last year. The price has approached the 200-day moving average of $124.00. If it manages to break below this level, the way down to October’s low of 2020 at $120.00 will be open. As we all know, after the big fall inevitably goes the rise. Thus, investors will closely watch for further price movement as the reverse up may come soon. If Nike jumps above the psychological mark of $130.00, the way up to the next round number of $135.00 will be open.
Trade stocks in our app FBS Trader!
Don't know how to trade stocks? Here are some simple steps.
- First of all, be sure you’ve downloaded FBS Trader app or Metatrader 5. FBS allows you to trade stocks only through this software.
- Open an account in FBS Trader (the MT5 account in your personal area).
- Start trading!
On Wednesday, September 22, Microsoft will be holding a product launch. The event starts at 18:00 GTM + 3.
Every year in early autumn Apple holds its event where it presents new iPhones, Apple Watches, and iPads. This year wasn’t an exclusion. But yesterday’s presentation didn’t result in Apple stock growth, and here’s why.
The Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.
The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.