Asia Morning August 21

Asia Morning: Apple, Tesla Push Nasdaq 100 to Record

On Thursday, U.S. stocks closed higher, as the Nasdaq 100 Index (+158 points or 1.40% to 11477) was pushed to another record close by gains in large-cap tech stocks Apple (AAPL +2.22% to $473.10) and Tesla (TSLA +6.56% to $2,001.83). Apple also became the first company with a market value of $2 trillion.

The Dow Jones Industrial Average added 46 points (+0.17%) to 27739, and the S&P 500 was up 10 points (+0.32%) to 3385.

Nasdaq 100 Index: Daily Chart

Sources: GAIN Capital, TradingView

Software & Services (+1.77%), Technology Hardware & Equipment (+1.77%) and Media (+1.7%) sectors performed the best. Synopsys (SNPS +8.55%), L Brands (LB +3.86%) and Adobe Systems (ADBE +3.56%) were top gainers, while Estee Lauder (EL -6.7%) and Diamondback Energy (FANG -6.17%) lost the most.

Approximately 60.2% (60.8% in the prior session) of stocks in the S&P 500 Index were trading above their 200-day moving average and 63.2% (71.3% in the prior session) were trading above their 20-day moving average.

The U.S. Labor Department reported that Initial Jobless Claims rose to 1.106 million for the week ended August 15 (920,000 expected), and Continuing Claims declined to 14.844 million for the week ended August 8 (15.000 million expected). The Conference Board Leading Index increased 1.4% on month in July (+1.1% expected).

Due later today are Markit U.S. Manufacturing Purchasing Mangers' Index (August preliminary reading at 52.0 expected), and Services PMI (51.0 expected), and Existing Home Sales (a rise in annualized rate to 5.40 million units in July expected).

European stocks returned to negative territory. The Stoxx Europe 600 Index fell 1.07%, Germany's DAX 30 dropped 1.14%, France's CAC 40 slid 1.33%, and the U.K.'s FTSE 100 was down 1.61%.

The benchmark U.S. 10-year Treasury yield slipped to 0.644% from 0.685% Wednesday.

Spot gold rebounded $18.00 (+0.94%) to $1,947 an ounce, and spot silver gained 2.02% to $27.24 an ounce.

U.S. WTI crude oil futures (September) declined 0.8% to $42.58 a barrel.

On the forex front, the ICE U.S. Dollar Index eased 0.3% on day to 92.74, after a 0.8% rally in the prior session.

EUR/USD gained 0.3% to 1.1867. Research firm Markit will release the eurozone's August Manufacturing PMI (52.7 expected) and Services PMI (54.5 expected) later in the day.

GBP/USD bounced 0.9% to 1.3218. Later today, U.K. retail sales for July (+2.0% on month expected), Markit Manufacturing PMI (54.0 expected) and Services PMI (57.0 expected) for August will be reported.

USD/JPY dropped 0.3% to 105.74. This morning, official data showed that Japan's national core CPI was flat on year in July (+0.1% expected).

USD/CAD fell 0.3% to 1.3179. Investors will focus on Canada's June retail sales data due later today (+24.5% on month expected).

Other commodity-linked currencies were mixed against the greenback. AUD/USD climbed 0.2% to 0.7196 while NZD/USD lost 0.3% to 0.6535.

This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.

StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.

In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.

StoneX Financial Pte. Ltd. is not under any obligation to update this report.

Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.cityindex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.

ALL TRADING INVOLVES RISKS. LOSSES CAN EXCEED DEPOSITS.

City Index is a trading name of StoneX Financial Pte. Ltd. (“SFP”) for the offering of dealing services in Contracts for Differences (“CFD”). SFP holds a Capital Markets Services Licence issued by the Monetary Authority of Singapore for Dealing in Exchange-Traded Derivatives Contracts, Over-the-Counter Derivatives Contracts, and Spot Foreign Exchange Contracts for the Purposes of Leveraged Foreign Exchange Trading. SFP is also both Derivatives Trading and Clearing member of the Singapore Exchange (“SGX”). SFP is a wholly-owned subsidiary of StoneX Group Inc.

The information provided herein is intended for general circulation. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should take into account your specific investment objectives, financial situation or particular needs before making a commitment to invest, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk.

The information does not represent an offer of, or solicitation for, a transaction in any investment product. Any views and opinions expressed may be changed without an update. To understand the risks and costs involved, please visit the section captioned “Important Information” and the “Risk Disclosure Statement”.

The information herein is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation.

StoneX Financial Pte. Ltd. 1 Raffles Place, #18-61, One Raffles Place Tower 2, Singapore 048616. Tel: 6309 1000. Co. Reg. No.: 201130598R.

This advertisement has not been reviewed by the Monetary Authority of Singapore.