US stocks point to a mixed open with the Dow, & S&P 500 on the rise after unemployed claims beat. The Nasdaq points lower as Apple falls. 

 Nasdaq underperforms, Apple drops 

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 US stocks are set for a mixed open with the Dow and the S&P pushing advanced, after upbeat unemployed claims. Meanwhile the Nasdaq is set to be counted down by a sharp selloff in Apple. 


 The number of Americans filing for severance benefit rise by a lower than anticipated 222k. This comes after last week’s original claims fell to 199k, the smallest position since 1969. An upward modification was anticipated on seasonality tricks. Indeed so, the upward modification was lower than cast, foreboding well for NFP’s hereafter. The data suggests that the US labour request recovery is on the right track, which is just as well given the Fed’s hawkish shift this week. 

 

 This change in station from the Fed came as the outlook for the US frugality shadows amid the discovery of Omicron. History the first Omicron case was linked in the US raising fears that it could snappily spread. 


 Canvas stocks are likely to trade sprucely lower after OPEC appears ready to press ahead with planned affair increases. 

 

 Commercial news 


 Apple is set to open over3.5 lower after reports that Apple has advised suppliers that demand for iPhones is decelerating as the vacation season approaches. Apple had formerly cut its iPhone 13 product target for this time by over 10 million units owing to a lack of corridor. 

 

 Where coming for the Nasdaq? 


 The Nasdaq is pushing lower, testing support at history’s low. A break below then exposes the September high at 15700 and the 50 sma at 15640. A break below then negates the near recent run advanced and could see merchandisers gain traction towards 15000 round number. Any meaningful recovery needs to regain 16000 round number and 16450 last week’s high. 

 

 The USD is falling lower after Omicron arrived US. Whilst US data has been upbeat beach the Fed has espoused a hawkish tone the note has failed to really subsidize on either of these. 


 EUR/ USD is moving advanced after PPI data showed that affectation surged in October to21.9 over from16.1 in September. The jump in PPI affectation, which is frequently a precursor for CPI, suggests that consumer prices wo n’t be cooling anytime soon. 

 

 GBP/ USD0.37 at1.3326 


 EUR/ USD0.23 at1.1345 


 Canvas tumbles as OPEC to press ahead with planned increase 

 

 Canvas prices have collapsed lower on reports that OPEC will press ahead with planned product increases agreed in July, despite the discovery of Omicron which is clouding the canvas demand outlook. It remains unclear whether the new strain of covid can shirk vaccines. In the case that it does, further lockdown restrictions could be demanded which would hit demand hard. The agreed plan was for an fresh barrels per day. 


 The opinions comes as a surprise which explains the huge drop in the price oi canvas. Anticipation were for OPEC to hold back on the increase or at least raise by a lower quantum. 

 

 The decision comes after the US and other countries agreed to release exigency canvas reserves to bring the price of canvas lower. Perhaps that will not be necessary now! 


 WTI crude trades-2.4 at$63.74 

 

 Brent trades-2.7 at$66.92 


 Learn further about trading canvas then. 


 Looking ahead 

 

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