Here's the latest market news, hand-curated by our research team.
The Big Story
Activision Blizzard, the biggest US video game publisher, reported revenue that beat analysts’ estimates, but adjusted sales still declined 15% from a year ago due to a slow year for the gaming industry and profits came below expectations. The poor performance of last fall’s "Call of Duty: Vanguard" has had a ripple effect on the company’s fiscal year. The game received negative reviews and faced stiff competition from new entries like Halo and Battlefield series.
• Investors will pay close attention to this week's US jobs data. Although recent economic data suggest a slowdown in growth, the labour market has been resilient. Is this week's data going to tell a different story?
• The Bank of England will take centre stage on Thursday. Markets expect policymakers to vote for a 50 basis-point increase to 1.75% and likely 25bps increments hereafter.
• Gold and silver have been performing well, with their prices slowly grinding upward. Though Technical resistance levels are approaching.
• Bitcoin (USD22'920) declined after reaching the highest levels since mid-June on Saturday amid optimism that the market may have recovered from its worst levels.
• Short bets against MicroStrategy are surging after the recent rebound. A record 51% of MicroStrategy’s available shares are currently sold short, carrying a notional value of USD1'35 billion.
Stocks snapped a three-day rally as data pointed to slower growth in the manufacturing sector. Hawkish comments from Federal Reserve officials didn't help either. The energy and basic materials sectors underperformed the most.
The US dollar extended losses against major peers as Treasury yields continued to fall on rising recession risks. Oil followed lower. Meanwhile, demand for real assets like gold and silver remained robust.
This morning, stocks are pulling back slightly. The sentiment is taking a hit over Nancy Pelosi's expected trip to Taiwan today despite warnings from Beijing. And Oil and the dollar continue to be in the red.
Chart Of The Day
Oil dropped on demand fears after China's unexpectedly weak economic data. US Crude lost 4.5%, trading near USD94. Such a sharp drop let one guess bears may be in control and a retest of the prior month's lows could be a plausible scenario for the coming day.
FlowBank Blog
The secret of the Swiss equity market
Beyond beautiful landscapes and chocolates, Switzerland is also known to financial market professionals for its investment opportunities. For decades now, many have chosen the Swiss stock market as a safe way to build long-term wealth and protect their portfolios in uncertain times.
This email and any files transmitted with it are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error, please notify us immediately, and delete it from your system. If you are not the intended recipient, you are notified that disclosing, copying, distributing or taking any action in reliance on the contents of this information is strictly prohibited. Although we scan attachments, we advise you to carry out your own virus check before opening any attachment.