Market Spotlight: AZN Shares Soar on Bumper Profits

Shares Surge on Earnings ReleaseShares in UK drugmaker Astra Zeneca, famous for its covid vaccine, are surging higher today in response to the group’s latest earnings report. While Q4 revenues were a little below forecasts at $930.5 billion vs $934 billion expected, the group’s full year 2022 results were solid with profits soaring to $3.2 billion from the prior year’s $112 million. Revenues for the full year jumped to $44.35 billion, up from $37.42 billion. Additionally, EPS for FY 2022 soared to $2.11 from $0.08 a year prior.Strong Sales Outside of Covid VaccineThe group attributed its bumper profits, not just to continued sales of its covid vaccine but also a spike in sales for leading diabetes and cancer drugs. Looking ahead, the groups forecasts further sales growth in 2023 with EPS forecast to rise by a high single digit to low double digit percentage. Additionally, the company has cited the reopening of the Chinese economy as a strong encouraging factor for the 2023 outlook with demand expected to increase in coming months and quarters as the post-pandemic recovery continues.Technical ViewsAstra ZenecaThe recent correction lower stalled on approach to the bull channel lows with strong buying taking price back up to challenge the 11342 area resistance. This is a key level for the stock and bulls need to see a convincing breach here to encourage fresh buying. Momentum studies have flipped bullish here supporting the rally with the bull channel top the next target above current resistance.

from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/market-spotlight-azn-shares-soar-on-bumper-profits"
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Daily Market Outlook, February 9, 2023

Daily Market Outlook, February 9, 2023European Markets On the Front Foot, As German Inflation Increases At A Slower RateAsian markets trade with a bid tone, China indices pushed higher on PBOC liquidity interventions, an overnight reversal in US futures adds fuel to the risk on sentiment as delayed German inflation data came in at a lower rate than expected, markets immediately repriced ECB rate hikes as investors price a lower net Eurozone CPI estimate for January at circa 8.5%. Robust earnings from European stalwarts such as Siemens and Unilever along with takeover chatter as Abu Dhabi Bank are reported to be eyeing a bid for Standard Chartered Bank, all in all this has investors in buoyant spirits at the open of European trade.The data docket is once again scant for the day ahead. In the UK testimony at the House of Commons Treasury Select Committee of Bank of England (BoE) Governor Bailey and other MPC members, Chief Economist Pill and MPC  members Tenreyro and Haskel will garner investor attention. Last week the BoE voted to raise interest rates for the 10th consecutive time by 50bp to 4%, however, the market read was of a more dovish tilt to proceedings, given Governor Bailey’s less than committal stance on further policy tightening, today’s hearing will give for committee members a platform to provide colour on this and to address any market misperceptions they might feel to be in the reaction to their latest rate adjustment and outlook.In the US unemployment claims data are forecast to reaffirm a strong labour market. Markets expect initial claims to nudge higher towards 195k, admittedly still at very low levels despite nascent signs of significant job losses as witnessed by job cuts seen across the tech sector.FX Options Expiration New York CutEURUSD 1.0950 (456mln)USDJPY 128.00(490mln)AUDUSD .6400 (750mln)Overnight News of NoteDollar Flat After Fed Official Comments; Focus On CPI Data Next WeekTraders Are Starting To Put Big Money On The Fed Going To 6%Fed’s Williams Says Peak Rate Forecasts Still ‘Very Reasonable’Fed’s Cook Says More Rate Hikes Needed To Curb InflationJapan Ruling Party Said to Be Divided If Kishida Seeks BOJ PivotFed Officials Signal Higher Rates Will Be Needed To Contain InflationBiden Says He Sees No Recession In 2023 Or 2024 -PBSU.S.-Bound Container Shipments From Asia Plunge As Inflation BitesECB Rates Must Hit Significantly Restrictive Levels, Kazaks SaysECB’s Knot Says Half-Point Rate Hike May Be Needed In MayBank Of Canada Debated Whether To Hike Or Hold In JanuaryBosses Call On UK Chancellor For More Tax Breaks To Avoid RecessionUK Housing Market Hit By Widest Prices Falls Since 2009 In JanuaryCoinbase's CEO Cites 'Rumors' The SEC May Ban Crypto StakingOil Takes Breather After Three-Day Rally As Outlook CloudedFirst Australian Coal Shipment To China In Two Years To DockForeign Investors Start 23 With Record $21bn Push Into China StocksWalt Disney Stems Streaming Losses In Iger’s First Quarter BackWalt Disney To Axe 7,000 Jobs In $5.5bn Cost-Cutting Plan(Sourced from Bloomberg, Reuters and other reliable financial news outlets)Technical & Trade ViewsSP500 Bias: Intraday Bullish Above Bearish Below 4120Primary support is 3990Primary objective is 4384Below 4080 opens 402020 Day VWAP bullish, 5 Day VWAP bearishEURUSD Bias: Intraday Bullish Above Bearish below 1.0810Primary resistance is 1.0950Primary objective is 1.06Below 1.0580 opens 1.050020 Day VWAP bearish, 5 Day VWAP bearishGBPUSD Bias: Intraday Bullish Above Bearish below 1.21Primary resistance  is 1.21Primary objective 1.1840Above 1.2165 opens 1.226020 Day VWAP bearish, 5 Day VWAP bearishUSDJPY Bias: Intraday Bullish above Bearish Below 131Primary support  is 130Primary objective is 134.70Below 130.80 opens 130.1120 Day VWAP bullish, 5 Day VWAP bullishAUDUSD Bias: Intraday Bullish Above Bearish below .7050Primary resistance is .7050Primary objective is .6750Above .7150 opens .725020 Day VWAP bearish, 5 DayVWAP bullishBTCUSD Intraday Bias: Bullish Above Bearish below 22200Primary support 21200Primary objective is 25000Below 20300 opens 1950020 Day VWAP bullish, 5 Day VWAP bullish

from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/daily-market-outlook-february-9-2023"
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Bitcoin And Gold Are On The Rise!

Bitcoin has pulled from the supporting level of 22500, forming a bullish engulfing. Currently, it seems that the asset might potentially jump and face resistance at the level of 25000. So, let’s wait and see what is about to happen next.Gold remains at the supporting level of 1880 for now. The asset is likely to target the broken uptrend soon. It might also form a bullish flag and hit the level of 1820. Only time will tell what is going to happen next.EUR/USD is trying to consolidate and pull back to the broken uptrend next to the level of 1.0900. The asset might potentially pull back from this level and drop all the way to the level of 1.0350.

from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/bitcoin-and-gold-are-on-the-rise-09022023"
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USDCAD Potential for Bearish Drop to recent swing low

To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.TitleUSDCAD, H4 | Potential to recent swing low TypeBearish momentum Preference:Looking at the H4 chart, my overall bias id bearish as there is a descending trend line, Looking for sell entry at1.34512. take profit at 1,32643.

from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/usdcad-potential-for-bearish-drop-to-recent-swing-low-1"
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EURUSD Potential for bearish drop towards previous swing low

To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.TitleEURUSD Potential for bearish drop towards previous swing lowTypeBearish ReversalPreference:Looking at the H4 chart, my overall bias for EURUSD is bearish due to the current price being below the Ichimoku cloud, indicating a bearish market.Expecting price to drop from the pivot level towards the support where the previous swing low is.It's worthy to note that there is an intermediate support which is the overlap support.The resistance level is the overlap resistance.

from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/eurusd-potential-for-bearish-drop-towards-previous-swing-low"
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The FTSE 100 surges to a record high

The FTSE 100 has jumped to a record this morning, but what’s driving the index’s performance and can the rally continue?

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Market Spotlight: Uber's Smooth Ride to Continue?

Uber Up NextOn the back of a slew of major tech names reporting last week, focus this week shifts to ride hailing technology company (and food delivery technology company) Uber. The group has seen three consecutive quarters of earnings misses and traders and investors alike will be watching today to see if Uber can put an end to its losing streak. If the current rally is anything to by, it would suggest there is some optimism in the market. Uber stock has rallied over 39% from the 2023 opening price, having now reclaimed almost a third of the losses suffered during the decline from 2021 highs.Court Win Boost SentimentLooking at today’s data then, the market is projecting adjusted losses for the quarter of $0.15 per share on revenues of $8.513 billion. This would mark a decent improvement on the prior quarter’s results.  Sentiment towards the stock improved sharply recently on the back of Uber winning a court case resulting in the blocking of a proposed rate hike from the New York City Taxi and Limousine Commission which might have cost Uber an extra $22 million per month.Demand Picking UpFalling covid rates and the ongoing pickup in demand after the pandemic looks likely to see Uber’s performance having picked up over the last quarter. Seasonal demand around the holidays should also help lift Uber’s results. Traders will be keen to hear the outlook for the current quarter as well as Uber’s view on downside risks to it and the US economy moving through 2023.Technical ViewsUberThe rally in Uber shares this year has seen the stock breaking above the bear trend line from 2021 highs as well as through the 28.29 and 33.29 resistance levels. With momentum studies firmly bearish, the focus is on further upside while 33.29 holds as support, putting focus on 38.93 as the next upside target for bulls.

from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/market-spotlight-uber-s-smooth-ride-to-continue"
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Daily Market Outlook, February 8, 2023

Daily Market Outlook, February 8, 2023Powell’s Talking Both Sides Of The Street, Investors Climb The Wall of WorryMixed response from Asian equities to Fed Chair Powell’s speech, as Wall Street whipsawed in reaction to what many investors saw as two sided comments regarding the rate path going forward with markets pricing a higher terminal rate, however, Powell once again acknowledged nascent disinflationary signals, most importantly Powell gave little push back on loser financial conditions, this led investors to bid up US equities into the close, the benchmark SP500 ending the day at highs notching up a 1.29% gain closing at 4164. Weak earnings from regional powerhouses Softbank, Sharp & Nintendo (issuing a 10% pay rise to employees, shares down 8% in response) weighed on the NIkkei leading the Shanghai Comp and Hang Seng lower, with all three major indexes nursing losses of circa -0.4%. With no tier one econ data of note European markets are taking their lead from a robust round of earnings on the continent, the CAC40 in France is the standout performer up 0.4% at the open, as Oil Major Total Energies delivered record break earnings continuing the trend of energy sector players banking the benefits of inflation driven gains in energy prices, while less palatable to consumers and politicians, investors continue to reap rewards. In the UK, the country's premier home builder Barratt Developments issued a H1 update in which they underlined a continued uncertain outlook, hampered by elevated mortgage rates leading to a steep decline in housing demand, however, the property player did announce that buybacks would recommence, helping to send the FTSE to new record highs at the open of trade in London.In the US, equity futures are in the red pulling back by 0.3%, with no significant econ data on the docket today, investors will once again focus on central bank policy, with a bevy of Fed policymakers on deck this afternoon, including Kaskari,Wiliams, Waller, Barr and Cook, it is expected that they will tow a similar line to Fed Chair Powell, while accepting some signs of disinflation (mentioned 11 times in his speech last night) it remains too early to consider a pause or pivot in rate policy, indeed the heat in the US labour market remains front and centre concern for the central bank as such expect the lean from messaging to be on the ‘higher for longer’ with markets currently pricing a terminal rate at 5-5.25% ahead of next week's inflation data in the US.FX Options Expiration New York CutAUDUSD .7190 (1.1bln)Overnight News of NoteFed Chair Warns Of Even Higher Rates If Jobs Data Stays StrongDollar Pulls Back As Powell Sticks To Usual Fed PlaybookShares Of Nintendo, Softbank Tumble After EarningsOil Climbs 3rd Day On Subdued Dollar, U.S. Crude Stocks' DropGold Gains As U.S. Dollar Eases Off One-Month PeakJapan Current Account Surplus Shrinks As Weak Yen, Trade Deficits BiteJapan To Hold 3-Way Wage Talks With Business, Labour Groups - NHKFitch Ratings: China 2023 Growth Forecast Revised Up To 5%China’s Open Borders Will Lift Australian GDP, ANZ Bank SaysJapanese Sell Record Amount Of Foreign Bonds As Hedge Costs RiseSocGen's Q4 Profit Beats Expectations, Sees Higher Bad Loan Risks(Sourced from Bloomberg, Reuters and other reliable financial news outlets)Technical & Trade ViewsSP500 Bias: Intraday Bullish Above Bearish Below 4120Primary support is 3990Primary objective is 4384Below 4080 opens 402020 Day VWAP bullish, 5 Day VWAP bearishEURUSD Bias: Intraday Bullish Above Bearish below 1.0610Primary support  is 1.0610Primary objective is 1.11Below 1.0585 opens 1.050020 Day VWAP bearish, 5 Day VWAP bearishGBPUSD Bias: Intraday Bullish Above Bearish below 1.21Primary support  is 1.21Primary objective 1.1840Above 1.2165 opens 1.226020 Day VWAP bearish, 5 Day VWAP bearishUSDJPY Bias: Intraday Bullish above Bearish Below 131Primary support  is 130Primary objective is 134.70Below 130.80 opens 130.1120 Day VWAP bullish, 5 Day VWAP bullishAUDUSD Bias: Intraday Bullish Above Bearish below .7050Primary resistance is .7050Primary objective is .6750Above .7150 opens .725020 Day VWAP bearish, 5 Day bearish VWAPBTCUSD Intraday Bias: Bullish Above Bearish below 23200Primary support 22200Primary objective is 25000Below 21000 opens 2030020 Day VWAP bullish, 5 Day VWAP bullish

from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/daily-market-outlook-february-8-2023"
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NIESR: The UK is likely to avoid a recession, but persistent inflation will damage household budgets

The National Institute of Economic and Social Research (NIESR) says a UK recession is unlikely in 2023, but calls for more help for households in the March Budget

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NIESR: The UK is likely to avoid a recession, but persistent inflation will damage household budgets

The National Institute of Economic and Social Research (NIESR) says a UK recession is unlikely in 2023, but calls for more help for households in the March Budget

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CHFJPY Potential for Bullish Rise towards overlap resistance

To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.TitleCHFJPY Potential for Bullish Rise towards overlap resistanceTypeBullish BreakoutPreference:Looking at the H4 chart, my overall bias for CHFJPY is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market.If price breaks this level, we can likely see price pivot towards the overlap resistance. The support is where the overlap support is.

from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/chfjpy-potential-for-bullish-rise-towards-overlap-resistance"
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Is it a good time to buy an annuity as rates hit a 14-year high?

Average annual annuity income has risen by almost £700 over the past 12 months. We look at whether now is a good time to buy an annuity

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Daily Technical Trade Set Ups for Cardano, Bitcoin & Litecoin

Daily Technical Trade Set Ups for Cardano, Bitcoin & LitecoinTo access today's actionable analysis, click here!

from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/daily-technical-trade-set-ups-for-cardano-bitcoin-and-litecoin"
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Halifax: UK house prices tread water as mortgage costs rise

Halifax’s latest house price index shows the average house price has remained largely unchanged from December.

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