Kospi Trading forecasts and signals

The session on July 14, the main American stock exchanges ended in different directions. The S&P 500 lost 0.30%, closing at 3,790 points. The Nasdaq rose 0.03% and the Dow Jones adjusted 0.46%. Nine of the 11 sectors included in the S&P 500 closed in the red. IT companies (+0.93%) and manufacturers of non-cyclical consumer goods (+0.16%) were able to stay in positive territory.Company newsMorgan Stanley (MS: -0.39%) presented results for the second quarter of 2022 worse than the consensus forecast. EPS decreased by 24.8% YoY to $1.39, falling short of market-wide expectations at $1.56.EPS and net revenue of JPMorgan Chase & Co. investment bank (JPM: -3.49%) in the second quarter were also weaker than analysts' preliminary estimates. Earnings per share decreased by 26.9% YoY, while net revenue increased by only 0.7% YoY, to $30.72 billion.We expectThe focus of investors' attention is information about the rate of price growth in June. After the publication on Wednesday of consumer inflation data, which accelerated to the highest 9.1% YoY since November 1981, production inflation statistics were released on Thursday. The producer price index increased by 11.3% YoY, slightly below the record 11.6% in March. Almost 90% of the increase was due to higher energy costs of final demand, as prices for oil, natural gas and other energy carriers rose sharply during the month. Excluding the dynamics of the cost of volatile components and trading services, the core consumer price index in June increased by 6.4% YoY, which is less than the May growth of 6.8%.In addition, according to the report of the Ministry of Labor, there are signs of weakening employment indicators. From July 3 to July 9, the number of weekly applications for unemployment benefits increased to 244 thousand, which is the highest figure since November 2021. This indicates some cooling in the labor market amid rising interest rates and tightening financial conditions.The yield of two-year treasuries decreased by 1 bps, to 3.12%. The indicator for 10-year securities, on the contrary, increased by 5 bps, to 2.96%. In our opinion, as long as there are no signs of a stable decline in inflation in the United States, the yield of "ten-year-olds" will rise to 3.5%.Trading on July 14 on the sites of Southeast Asia ended in the red zone. China's CSI 300 lost 1.70%, Hong Kong's Hang Seng declined 2.39%, and Japan's Nikkei 225 adjusted 0.62%.Brent crude futures are quoted at $99 per barrel. Gold is trading at $1,704 per troy ounce.In our opinion, the S&P 500 will hold the upcoming session in the range of 3700-3820 points.Sentiment IndexThe sentiment index dropped one point to 27.Technical pictureThe S&P 500 has adjusted by 19.7% from the current year's highs and continues to move downwards within the "bearish" trend. The RSI indicator is held in the neutral zone for the third week in a row, the MACD also indicates the preservation of short-term parity of sellers and buyers. Perhaps, on the eve of the reporting season and the July Fed meeting, we will observe consolidation on stock exchanges. The main triggers of the market movement will be the financial results of corporations. The nearest support for the S&P 500 is located at 3,600 points. A rebound to 4000 will be perceived by bidders as an opportunity to close short ...

The market the day beforeThe session on May 20, the main American stock exchanges ended near zero marks. The S&P 500 rose by a symbolic 0.01% to 3901 points, the Dow Jones added 0.03%, and the Nasdaq lost 0.3%. Of the 11 sectors in the S&P 500, six closed in positive territory. The growth leaders were healthcare representatives (+1.26%), whose shares have the status of protective instruments. The cyclical consumer goods sector turned out to be an outsider against the background of the publication of weak corporate reports (-1.53%).Company newsPalo Alto Networks (PANW: +9.7%) reported for the third fiscal quarter below expectations for profit, revenue and operating margin. At the same time, there is strong demand, so the annual forecast has been raised.Revenue and earnings per share of Ross Stores (ROST: -22.5%) for the first quarter did not meet the general market consensus. Forecasts for the current quarter and the whole year have been revised downwards due to inflationary pressures.Deere & Co. (DE: -14.1%) reported below revenue expectations, but its EPS exceeded consensus. The company estimated additional expenses in connection with the conflict in Ukraine at $106 million.We expectInvestors continue to monitor the bond market. The spread on investment-grade debt is approaching the 150 mark, which may increase concerns about stress in the financial market. Bloomberg notes that the last time spreads were above this level was during the pandemic and before the collapse of the oil market in 2016. Spreads on riskier corporate bonds are also approaching problematic levels, and for "junk" bonds they come close to 1000 bp. The expansion of spreads is accompanied by a constant outflow of funds: according to Refinitiv Lipper, American bond funds have been making net sales for 19 weeks in a row. The outflow from high-yield bond funds reached a maximum in five weeks in the amount of $2.93 billion. Retailers' bonds also came into focus due to concerns that low incomes and excessive inventories would affect their credit rating.The epidemic situation is again in the focus of attention of market participants. In the USA, an increase in the incidence of COVID-19 is again recorded. In China, there remains uncertainty about the duration of lockdowns. In addition, information is increasingly appearing about cases of smallpox infection of monkeys recorded in different States. Against this background, in the near future, the negative dynamics of sectors that are under pressure from quarantine restrictions is likely.Trading on May 23 on the sites of Southeast Asia ended in different directions. China's CSI 300 fell by 0.58%, Hong Kong's Hang Seng adjusted by 1.19%, Japan's Nikkei 225 rose by 0.98%. EuroStoxx 50 has been growing by 0.24% since the opening of the current session.Brent crude futures are quoted at $113 per barrel. Gold is trading at $1,859 per troy ounce.In our opinion, the S&P 500 will hold the upcoming session in the range of 3900-4000 points.MacrostatisticsNo important macro data is scheduled to be published today.Sentiment IndexThe sentiment index rose 2 points to 35.Technical pictureThe S&P 500 is moving in a downtrend that began in early April. The RSI indicator tends to the lower border of the channel, the MACD shows a hint of "bullish" divergence. The possibility of a short-term upward reversal is confirmed by the "hammer" figure formed by the Friday candle. The benchmark may attempt to return to the range of 4060-4100 points, which will serve as a strong resistance zone.In sightCostco (COST) will report for the third fiscal quarter on May 26. Forecasts put the retailer's EPS at $3.04 (+10.5% YoY) with revenue growth of 13% YoY, to $51.5 billion. Costco's business model provides for the payment of membership fees by its customers, due to which they get the opportunity to buy goods at low prices. In this regard, unlike traditional retailers, sales volumes are not a key indicator for the company. It is quite possible that due to high inflation, some products from the Costco range will become more expensive, but the company has leverage to transfer the increase in the cost of products to consumers. The most important indicator for Costco investors is the dynamics of the base of its club members. The trading network needs both to retain existing members and to accept new members to the club. The forecast assumes an increase in the customer base for the reporting quarter by 6% YoY, to 64,200, with an increase in revenue from their contributions by 7% YoY, to $969 ...

Акции падают по мере роста доходности казначейских облигаций США. Азиатские фондовые рынки сегодня в красном море, так как более высокая доходность в преддверии заседания FOMC привела к тому, что рынки США оказались в минусе. Индекс S&P 500 упал на 0,76%, индекс Nasdaq упал на 2,07%, в то время как индекс Dow Jones не изменился. Фьючерсы на американские акции показали умеренный рост, фьючерсы на Nasdaq выросли на 0,50%, но это не привело к существенной поддержке на азиатских рынках.Единственным исключением сегодня является Япония, где правительство и Банк Японии говорили о стимулировании и мягкой денежно-кредитной политике, что подняло Nikkei 225 на ничтожные 0,35%. Сингапур также вырос на 0,65%, потенциально привлекая некоторые потоки прибежищ, а также снижая высокие показатели Dow Jones, ориентированного на рост, за одну ночь.Азиатские рынки, похоже, внезапно больше зациклились на экономических нервах Китая, несмотря на сильные данные сегодня и испуг перед заседанием FOMC, продемонстрированный американскими рынками за ночь. Индекс Shanghai Composite материкового Китая упал на 2,20%, а индекс CSI 300 упал на 1,75%. Гонконг резко упал второй день подряд, снизившись на 2,85%.На региональных рынках Kospi упал на 0,75%, в то время как Тайбэй упал на 1,85%, поскольку Foxconn приостановила свою деятельность в Шэньчжэне. Куала-Лумпур снизился на 0,45%, а Джакарта снизилась всего на 0,25%, причем Индонезия, скорее всего, на начальном этапе станет победителем стагфляции в Азии. Манила снизилась на 0,85%, в то время как австралийский индекс ASX 200 упал на 0,75%, а все обычные индексы - на 0,90%.Европейские рынки сильно выросли в одночасье на переговорах между Украиной и Россией, и это ралли длилось пару сессий. Еще есть место для большего, и Европа получит поддержку от резкого падения цен на природный газ и нефть, даже если они не смогут получить его нигде, кроме России. Если неделя продолжится без заметного прогресса, я ожидаю, что этот импульс ослабнет, и ястребиное решение FOMC на этой неделе может остановить ралли восстановления на своем ...

The market the day beforeThe session on February 24, the main American stock exchanges ended in the green zone. The S&P 500 rose 1.50% to 4,289 points, the Dow Jones added 0.28%, and the Nasdaq rose 3.34%. IT companies showed the best dynamics (+3.47%), as well as the communications sector (+3.13%) and cyclical consumer goods (+2.54%). The outsiders were producers of non-cyclical consumer goods (-1.71%) and representatives of the financial sector (-1.17%).Company newsSouth Jersey Industries, Inc. (SJI: +39.9%) will be acquired by the Infrastructure Investment Fund at a price of $36 per share. The transaction will be paid in cash, the premium to the closing price is 53%.Clover Health (CLOV: +21.6%) reported better than expected and presented a strong forecast for the coming year.Skillz (SKLZ: -19.9%) missed the preliminary estimates for revenue and profit. The negative aspect of the reporting was the increased marketing costs.ExpectationsThe geopolitical situation has led to an increase in energy prices and may increase the reduction in real incomes. Despite the willingness of the United States and Japan to release a large amount of oil to the market, analysts expressed doubt that this would have a significant impact on rising prices. Moreover, according to the latest information, China does not plan to join the coordinated additional supplies in the near future.On the eve of the Fed speakers received little information about the economic prospects and rate changes in March. Representatives of the ECB, in turn, made it clear that the situation in Ukraine could slow down the curtailment of the monetary stimulus program.The yield of 10-year treasuries is at 1.97%, which is 1 bps lower than yesterday's session. The yield of "two-year-olds" fell by 3.2 bps, to 1.568%.Trading on February 25 on the sites of Southeast Asia ended mostly in positive territory. China's CSI 300 increased by 0.97%, Japan's Nikkei 225 rose by 1.95%, Hong Kong's Hang Seng lost 0.59%. EuroStoxx 50 has been adding 0.27% since the opening of the session.Brent crude futures are quoted at $99.08 per barrel. Gold is rising to $1925.1 per troy ounce.In our opinion, the S&P 500 will hold the upcoming session in the range of 4240-4340 points.MacrostatisticsThe basic index of personal consumption expenditures PCE for January will be published today (forecast: +0.5% mom and +5.2% YoY after +0.5% mom and +4.9% yoy in December).Sentiment IndexThe sentiment index remains at 42 points.Technical pictureThe S&P 500 rebounded the day before. The RSI indicator rises to a neutral level, and the MACD indicates the continuation of the development of the "bearish" trend, without showing a signal for a reversal. The medium-term trend remains downward in anticipation of tightening financial ...

The market the day beforeYesterday, the American stock exchanges did not work, because Martin Luther King Day was celebrated in the United States. On January 14, the main stock indexes showed mixed dynamics. The S&P 500 rose 0.08% to 4,663 points, the Dow Jones lost 0.56%, and the Nasdaq rose 0.59%. Energy companies looked better than the market (+2.45%) due to the rally in oil prices. The outsiders were the real estate sector (-1.18%) and finance (-1.01%) against the background of the publication of quarterly reports.Company newsWells Fargo's quarterly results (WFC: +3.7%) exceeded market expectations for EPS due to an increase in lending volume, an increase in interest margin and commission income. In addition, a positive guidance was given on interest income and costs.Boston Beer (SAM: -8.1%) lowered its forecast for fiscal year 2021 for EPS due to increased logistics costs.JPMorgan Chase (JPM: -6.2%) reported EPS better than market-wide expectations, management guidance on NII also beat consensus. However, the spending forecast for 2022 disappointed investors.ExpectationsToday, the market will continue to monitor the reporting season in the financial sector. Despite the fairly strong results of the companies for the fourth quarter, the forecast for expenses for 2022 in most cases may turn out to be a negative factor for quotations.Also in the focus of investors' attention remains the question of how significantly the spread of the omicron strain affects the economy. The number of new infections in the United States is still at record high levels of 800 thousand - 1 million per day. Discussions are resuming about possible pressure on supply chains due to the zero-COVID approach adopted in China, which puts major cities at risk of lockdowns. This can lead to port closures, production disruptions and prolonged transport delays. China's four largest port cities have tightened restrictions in response to the spread of the omicron strain. Although the docks remain open for the time being, the possible closure of ports threatens to cause large delays in the delivery of orders. These delays will spread through supply chains and, ultimately, spur inflation. The pressure on logistics chains in the United States is compounded by a shortage of labor due to the large number of infections with the omicron variant. Against this background, respondents surveyed by the WSJ this month lowered their expectations of GDP growth in the first quarter by more than 1 percentage point, to 3% YoY, compared with their forecast of 4.2% in October.Asian stock exchanges ended trading on January 18 in different directions. China's CSI 300 added 0.97%, Japan's Nikkei 225 fell by 0.27%, Hong Kong's Hang Seng sank by 0.43%. EuroStoxx 50 has been falling by 1.11% since the opening of the session.Risk appetite is uncertain. The yield of treasuries rose to 1.77%. Brent crude futures are quoted at $87.6 per barrel. Gold is trading at $1814.7 per troy ounce.In our opinion, the S&P 500 will hold the upcoming session in the range of 4620-4680 points.MacrostatisticsThe NAHB/Wells Fargo Housing Market Index, which reflects the level of confidence of developers, will be published today. According to the consensus, the January indicator will coincide with the December value of 84 points.Technical pictureOn the eve of the open market index found local support at the level of 4615 points, continuing to move within the ascending channel. The shape of Friday's "candle" indicates the possibility of a short-term reversal to growth. The RSI indicator continues to fluctuate near 50 points. The MACD is not giving signals for a reversal yet.In sightToday, the quarterly report will be published by the second largest US bank by assets, Bank of America (BAC). According to FacstSet's forecast, quarterly EPS will reach $0.77 (+18% YoY), net revenue may reach $22.18 billion (+10% YoY). Based on the results of reports from other key US banks published earlier on Friday, we expect that the main support for BAC's non-interest income will be provided by an increase in remuneration for investment banking services (in particular, consulting and underwriting) due to the high activity of companies in the M&A and IPO market. It is expected that BAC will continue to disband reserves for possible credit losses, as management has already indicated a decrease in the share of net write-offs on loans in October-November. Nevertheless, in subsequent reporting periods, the bank may reduce the release of reserves in the context of tightening credit conditions by the Fed. Also, at the end of the quarter, net interest income is likely to show weak dynamics in the conditions of low interest rates, while the growth in lending volumes is only beginning to recover. A decrease in volatility in financial markets may cause a reduction in income from trading operations. The growth rate of net profit at the end of the quarter is expected to slow down due to an increase in operating expenses against the background of bonuses and employee compensation payments at the end of the year, as well as increased investment in technology.On January 20, the streaming service Netflix (NFLX) will present quarterly results. The consensus forecast predicts revenue growth of 16% YoY, to $7.7 billion, with a decrease in EPS from $1.19 to $0.83. It is expected that the subscriber base will expand by 8.4 million, while management three months ago predicted an increase of 8.5 million. We expect a mixed report from Netflix. In particular, we note the risk that the actual growth of subscribers may be weaker than forecasts. The phenomenal success of the series "The Squid Game", most likely, could not provide a stable trajectory of growth in the fourth quarter. However, given the 16% drop in shares since the publication of the last report, we believe that the market has already taken into account more moderate expectations for expanding the customer base in NFLX quotes. The reaction of investors will also depend on whether the company's forecast for the dynamics of the indicator for the first quarter of 2022 coincides with the consensus of expectations, which assumes an audience growth of 5.8-5.9 million people. In addition, an important aspect of the report will be the issue related to the decision to increase the cost of subscriptions in the United States and Canada by about 11%, which was announced on January 14.On January 21, the largest oilfield services company Schlumberger (SLB) will report for the fourth quarter. We expect strong results from the issuer due to increased global drilling activity. On average, the number of active drilling rigs in the last three months of 2021 was 1,537 units, which is 8.2% higher than in the third quarter. SLB's revenue is expected to increase to $6.1 billion (+10.1% YoY, +4.2% QoQ). At the same time, adjusted net profit may grow to $0.39 per share (+77.3% YoY, +8.3% QoQ). In our opinion, the company's shares are trading above fair value, so positive reporting can be considered as a signal for profit-taking on SLB securities. It is worth noting that the first quarter of the year, as a rule, is weak for oilfield service companies due to a seasonal decrease in drilling ...

The market the day before On January 6, the main US stock indexes ended the session in a slight minus: the S&P 500 fell by 0.1%, the Nasdaq lost 0.13%, the Dow Jones fell by 0.47%. At the same time, the Russell 2000 index of small-cap companies increased by 0.56%. The growth leaders among the sectors included in the S&P 500 were energy (+2.29%) and finance (+1.55%), the outsiders were representatives of the raw materials industry (-1.24%) and healthcare (-1.21%).The yield of two-year and ten-year Treasury bonds rose by 7 bps, to 0.89%, and by 1 bps, to 1.73%, respectively. This has put significant pressure on the stock market.Company newsStryker Corporation (SYK: -0.28%) acquires Vocera Communications (VCRA: +26.6%) for approximately $2.97 billion. The transaction is expected to be completed in the first quarter.Stitch Fix (SFIX: +10.3%) announced a $150 million share buyback.Management of Humana Inc. (HUM: -19.4%) confirmed expectations for earnings per share for the 2021 fiscal year and worsened the forecast for growth in the number of participants in Medicare Advantage programs for 2022.ExpectationsThere were no important news for the American stock market on December 6. The epidemic situation remains unchanged. There has also been no progress in the discussion of the infrastructure reform Build Back Better.Data on the number of initial applications for unemployment benefits for the past week, released the day before, turned out to be worse than expected, but the indicator only slightly exceeded 200 thousand. The December Purchasing Managers' Index (ISM Services) fell short of the forecast, although it is still above 60 points. The previously announced ISM Manufacturing dropped below the 60-point mark.The New York Times reports that large companies are actively discussing plans to move and strengthen production facilities. General Motors is considering spending more than $4 billion to expand the production of electric vehicles and batteries in Michigan. Toyota plans to invest $1.3 billion in the construction of a battery factory in North Carolina with a staff of 1,750 employees.Most of the sites in Southeast Asia completed trading on January 7 in the black. Hong Kong's Hang Seng rose by 1.82%, China's CSI 300 rose by 0.09%, only Japan's Nikkei 225 lost a symbolic 0.03%. EuroStoxx 50 has been declining by 0.12% since the opening of the session.Brent futures are quoted at $82.28 per barrel. Gold is trading at $1,788.15 per troy ounce.In my opinion, the S&P 500 will hold the upcoming session in the range of 4640-4752 points.MacrostatisticsDecember data from the US Bureau of Labor Statistics on the number of new jobs outside agriculture (consensus: 400 thousand after 210 thousand in November) and the dynamics of unemployment (consensus: 4.1% after 4.2% in November) will be published today.Technical pictureThe S&P 500 continues to move towards the lower boundary of the ascending channel. The nearest resistance remains near the 50-day moving average. The transition of the MACD indicator to the red zone creates an additional risk for buyers, the correction may ...

The market the day beforeOn January 5, the main American stock indexes ended trading in the red zone. The S&P 500 dropped 1.94% to 4,700 points, the Dow Jones lost 1.07%, and the Nasdaq fell 3.34%. All sectors included in the S&P 500 closed in the red. The leaders of the fall were the real estate industry (-3.22%) and technology companies (-3.13%). Representatives of the non-cyclical consumer goods industry looked better than the market (-0.03%).Company newsSenseonics Holdings (SENS: +5.2%) expects to receive FDA approval for its Eversense glucose monitoring system in the coming weeks.WarnerMedia and ViacomCBS Inc (VIAC: -1.0%) are exploring the possibility of selling a significant stake in the CW Network.SMART Global Holdings (SGH: -15.4%) announced a 2-to-1 split of shares.We expectAs follows from the minutes of the Fed's December meeting published on the eve, the regulator is set to raise the rate in March. Members of the Open Market Committee (FOMC) believe that inflation will slow down as supply chain problems are resolved. It is noted that it is inappropriate to maintain the current pace of asset repurchase, taking into account the improvement of the situation on the labor market. The Federal Reserve confirmed plans from January to begin reducing the volume of purchases of US government bonds to $ 40 billion, and mortgage bonds to $20 billion. Thus, the buyback program will be completed in March. The dot chart of forecasts indicates that 10 of the 18 FOMC members are in favor of three rate hikes this year.The yield of two-year and ten-year Treasury bonds after the publication of the Fed's "minutes" increased by 9 bps, to 0.83%, and by 3 bps, to 1.71%, respectively. The active growth of government bond yields will continue to put pressure on the stock market in the upcoming trading session.Most of the sites in Southeast Asia ended trading on January 6 in the red zone. China's CSI 300 declined by 1.02%, Japan's Nikkei 225 fell by 2.88% and only Hong Kong's Hang Seng rose by 0.63%. EuroStoxx 50 has been falling by 1.20% since the opening of the session.Brent futures are quoted at $80.8 per barrel. Gold is trading at $1824.6 per troy ounce.In our opinion, the S&P 500 will hold the upcoming session in the range of 4670-4720 points.MacrostatisticsWeekly data on the number of initial applications for unemployment benefits will be published today (consensus: 197 thousand after 198 thousand a week earlier).Technical pictureThe S&P 500 changed its direction of movement, rushing to the lower border of the ascending channel. The nearest resistance for the index is still near the 50-day moving average. The RSI is moving towards 50 points, which, together with the ambiguity of the MACD indicator, signals a high probability of a sideways move.In sightThe results for the first quarter of the fiscal year 2022 will be published this Thursday by the pharmacy chain Walgreens Boots Alliance (WBA). The forecast assumes a 10.7% increase in non-GAAP EPS to $1.35, with a 10% decrease in sales to $32.67 billion. Revenue in the international pharmaceutical segment is expected to remain at the level of the last quarter, and in the United States will decrease slightly due to a reduction in retail sales due to the autumn surge in COVID-19 incidence. Vaccination against COVID-19 and testing for this disease, which are carried out in Walgreens pharmacies, remain positive drivers for the issuer's financial performance. Investors will pay special attention to data on the volume of sales of goods online in the United States with delivery on the day of the order, as well as the development of omnichannel sales. In the international segment, the growth rates of the online retailer are of the greatest interest Boots.com and expansion in the cosmetics sector in the ...

The market the day beforeTrading on December 22 on American stock exchanges closed in positive territory. The S&P 500 rose 1.02% to 4,697 points, the Nasdaq rose 1.18%, the Dow Jones added 0.74%. All sectors included in the broad market index ended the trading session in positive territory. The leaders of growth were manufacturers of cyclical consumer goods (+1.73%), IT companies (+1.33%) and the healthcare sector (+1.17%).Company newsElon Musk sold 10% of his Tesla shares (TSLA: +7.5%).The FDA has approved for emergency use an oral anti-coronavirus Paxlovid developed by Pfizer (PFE: +1.02%)The results of CarMax Inc. (KMX: -6.7%) exceeded forecasts: the company's net profit increased by 14.5% due to high demand and a shortage of components.Macroeconomic backgroundThe day before, a block of statistics was released in the United States, which turned out to be generally positive. The Conference Board consumer confidence index for December rose from November's 111.9 points to 115.8 points with a consensus decline to 110.0, returning to the spring-summer indicators. Despite the spread of the omicron strain COVID-19 and increased price pressure, consumer expectations have improved significantly: the share of consumers planning to purchase houses, cars and large household appliances in the next six months has increased markedly. Concerns about inflation eased after it reached a multi-year high in November. Concerns about the epidemiological situation have also decreased.The report of the National Association of Realtors (NAR) recorded an increase in the volume of sales of houses on the secondary market in November by 1.9% MoM to 6.46 million units. This turned out to be slightly lower than economists' expectations, which assumed an increase of 2.8% mom, to 6.51 million. The volume of housing sales in the secondary market has been increasing for the third month in a row, but still falls short of last year's level of 2%.According to the updated estimate of the Ministry of Commerce, the US GDP for the third quarter increased by 2.3% YoY, while preliminary economic growth for this period was estimated at 2.1% YoY. The revised data take into account new information about the dynamics of citizens' spending. Note that most economists did not expect a revision of the indicator. According to the Fed's updated forecast, by the end of 2021, GDP will rise by 5.5%, and in 2022 it will grow by 4.0%.ExpectationsStock exchanges in Southeast Asia ended trading on December 22 in the green zone. Japan's Nikkei gained 0.83%, China's CSI 300 rose 0.70%, Hong Kong's Hang Seng rose 0.40%. The index of the Australian stock exchange ASX rose by 0.32%. EuroStoxx 50 rose by 0.46% from the opening of trading.Brent crude futures are trading at $75.04 per barrel. The price of gold rose to $1,808 per troy ounce.In our opinion, the S&P 500 will hold the upcoming session in the range of 4650-4700 points.MacrostatisticsThe basic index of personal consumption expenditures PCE for November, taken into account by the Fed when determining the course of monetary policy, will be published today (forecast: +0.4% mom and +4.5% YoY after +0.4% mom and +4.1% YoY in October).Technical pictureThe S&P 500 has approached historical highs, pushing off from the 50-day moving average. The RSI indicator has risen above 50 points, but the MACD indicator does not yet confirm the interception of the initiative by the bulls, and the smoothed curve signals the predominance of the probability of a sideways transition. The broad market index continues to move within the limits of the reached highs and the nearest support at the level of 4560 ...

To date, there are more than 200 stock exchanges with various levels of capitalization around the world. The activities of such financial institutions have an impact on the intensity of the economic processes of the entire market. In particular, the stock exchange provides optimal conditions for the turnover of securities and acts as a price regulator for them.The oldest trading platform is considered to be the Frankfurt Stock Exchange. Its foundation was timed to coincide with the annual fair in 1585. By that time, Frankfurt had become a real economic center of Germany, where traders from almost all countries of the world flocked. The abundance of various banknotes provoked financial difficulties when concluding transactions. To solve this problem, the stock exchange was created. With its help, it was possible to create a single payment system and develop a fixed exchange rate.World stock exchanges and features of their functioningDespite the large number of financial regulators operating in all countries of the world, only a few of them have preserved and increased the power of their economic potential. Their capitalization level exceeds $ 1 trillion and accounts for 87% of the total market of the whole world. The rating of the world's largest exchanges is based on stock indices and data on the total turnover of trades. Today it looks like this.New York Stock Exchange (NYSE)It was created in 1792 as a result of an agreement of a group of American entrepreneurs. Shares of more than 3 thousand of the largest companies around the world are listed on its site. To successfully complete the listing, an investor needs to have an average annual income of $2.7 million. The Dow Jones index, as well as the NYSE Composite and NYSE ARCA Tech 100 Index are calculated based on the indicators of industrial companies' shares on the stock exchange.Read more: What is the New York Stock Exchange (NYSE)NASDAQIt began its work in the 1970s as an automated quotation system. Today, more than 4,000 companies, mainly related to the IT sector, are represented in the listing of the exchange. A number of trading indices are calculated on the exchange, each of which is associated with a specific economic sector. The NASDAQ Composite and NASDAQ National Market Composite index are consolidated.London Stock Exchange (LSE)The official date of its opening is considered to be 1801, although this financial institution began to function since 1570 under the leadership of the royal adviser Thomas Gresham. By its structure, the London Stock Exchange is a joint-stock company that sells its own shares on the market. It accounts for about 50% of the turnover of all securities in the world. The exchange works not only with large companies, but also with aspiring entrepreneurs, to whom it provides loyal conditions. The composite index is FTSE.Tokyo Stock Exchange (TSE)It first appeared on the Japanese financial market in 1878. In terms of capitalization, it is currently in second place after the New York Stock Exchange. The largest companies of the Asian and European regions place their securities on its platform. The main index families are NIKKEI 225 and TOPIX (Tokyo Stock Price Index).Read more: About NASDAQ Stock ExchangeShanghai Stock Exchange (SSE)China's largest exchange is considered a non-profit organization and is under the patronage of the government Securities Commission. Based on the results of trading, the SSE Composite index is calculated, which reflects the state of the shares of all companies that are listed on the exchange.Hong Kong Stock Exchange (HKSE)It has securities of one and a half thousand large issuers from Asia and Europe. Capitalization is at the level of $ 2.9 trillion, and according to this indicator, HKSE ranks sixth in the ranking of the world's major exchanges. The Hang Seng index represents the weighted average value of the shares of the 34 largest companies of the exchange.EuronextIt has its own branches in the Netherlands, Portugal, Belgium and France. In addition to securities trading, it provides clearing services and analytical information on the market. Its total capitalization is 2.9 trillion dollars. The list of indices calculated during trading includes: Euronext 100, AEX index, BEL20 and CAC 40.Read more: IPO of a company - mechanism, examples & strategiesToronto Stock Exchange (TSX)It first appeared on the financial market of North America in 1878. The Canadian dollar is used as the main currency. The S&P/TSX trading index reflects the condition of 200 companies whose financial weight is at least 0.05% of the total capitalization.Shenzhen Stock Exchange (SZSE)It is a member of the United Union of exchanges of Asia and Oceania. Shares on the stock exchange are divided into two types: for residents and for foreigners. In 2016, free access to securities was opened for all investors, and a cross-trading system became available. The SZSE Component Index allows you to track the growth dynamics of the most liquid shares of 40 companies that are listed on the stock exchange at the current time.Frankfurt Stock Exchange (FWB)It has held a leading position on the German stock market since 1949. The main indicator of the DAX index reflects the value of securities of the 30 largest German companies and the state of the German economy as a whole.Bombay Stock Exchange (BSE)It is considered the oldest stock exchange not only in India, but also in the entire Asian region. It was founded by the British during the colonization of the country. At first, the auction was held in front of the city hall building under huge banyan trees, then a separate building was built for this purpose. Today, its capitalization level exceeds $ 1 trillion, which makes it possible to leave behind all potential competitors in the region. The main stock index is BSE.Read more: What is an IPO: how the company goes on the stock exchangeNational Stock Exchange of India (NSE)It was opened in Mumbai on the recommendation of the Government of the country. The exchange organizes trades on the stock market, debt obligations and production instruments. The exchange's listing includes more than 1,600 of the largest companies in the region. The Indian rupee is used as the settlement currency.Swiss ExchangeThe trading platform started functioning in 1995 after the merger of the Zurich, Geneva and Basel exchanges. Today, all trades are conducted only in electronic form. Based on the SMI Index, a conclusion is made about the state of the 20 largest companies, the aggregate share of whose securities accounts for 85% of all exchange trades.Australian Stock Exchange (ASX)The main stock and futures exchange in the region. The activities of this financial regulator are controlled by the State Commission on Investments and Securities. The main financial index of the S&P/ASX 200 consists of the value of securities of 200 names of blue chips.Read more: The DAX index – history of its creation, structure and featuresKorean Stock Exchange (KRX)It is among the leaders in terms of trading volume with derivatives. The total capitalization is $ 1.2 trillion. It was formed as a result of the merger of KOSDAQ and the Korean Futures Exchange. The headquarters is located in Busan. The main index is KOSPI.NASDAQ NordicIt is a group of subsidiaries of NASDAQ Inc., which manage the stock markets of the Baltic States, the Caucasus and Northern Europe. The headquarters is located in Stockholm. 564 largest regional companies are represented in the listing of the exchange.Johannesburg Stock Exchange (JSE)The largest trading platform on the African continent. She started working in 1887 with securities of gold mining companies. Bidding is conducted "by voice" with subsequent offsetting through an automated system. The exchange gives preference to mining sector stocks. The main calculated index is FTSE/JSE.Read more: S&P 500 Stock Index - history, calculation and forecastingMadrid Stock Exchange (BM)Various exchange instruments are traded on this platform. In terms of capitalization, it is considered the largest stock exchange in Spain, far ahead of regional offices in Barcelona, Valencia and Bilbao. IBEX 35 is the base index of the exchange.Taiwan Stock Exchange (TWSE)It is located in the capital of Taiwan - Taipei. Transactions on securities of mainly regional companies are carried out on this trading platform. The total capitalization level is 0.8 trillion dollars. Based on the results of trading, the overall TAIEX financial stability index is calculated.Sao Paulo Stock Exchange (BM&F)It was formed as a result of the merger of the Brazilian Trading and Futures exchanges. The total value of transactions made on the trading floor per day exceeds $1 trillion. The main Ibovespa calculation index includes the value of securities of the largest companies that participate in the auction.Mexican Stock Exchange (BMV)The exchange began its work in 1908. The headquarters is located in Mexico City. Since 1999, all transactions have been concluded electronically. The IPC index includes the value of securities of the 36 largest issuers that are listed on the exchange.Read more: Nikkei 225 Index - history, calculation and the featuresMoscow Stock Exchange (MOEX)The holding was formed in 2011 after the merger of RTS and MICEX. Currency, securities, derivatives, precious metals and grain trading transactions are concluded on the exchange. In addition, the Moscow Exchange carries out clearing and depository activities. The Moscow Exchange indices are among the key indicators of the state of the Russian economy. Based on the results of trading, the Moscow Exchange Index is determined (calculated in rubles) and the RTS (calculated in US dollars).Italian Stock Exchange (ISE)It was founded in 1808, in 1998 it became a joint stock company, and in 2007 it merged with the London Stock Exchange. The trading platform is located in Milan. The FTSE MIB index is calculated based on the value of the shares of the 40 largest companies, the list of which is regularly reviewed and updated.Helsinki Stock Exchange (HEX)It began its work in 1908. Since 1980, the transaction system has become fully automated. Shares and derivatives of large corporations, including Nokia, Finnair and Tikkurila, are traded on the exchange. The main stock index is OMX Helsinki 25.Read more: Index NASDAQ 100 - history, advantages and what it depends ...

Indices for the investorNews reports often inform us about the growth and fall of stock market indices. Obviously, this is important, since it gets into prime-time news. However, what should this mean to the ordinary man in the street?Reference books tell us that "An index is a derived quantity ..." and behind the jumble of words they do not always give us an idea of the essence. School memories about "dividing something into something" generally set the right vector for reflection, but here it is critically important to understand what to divide into what and why. So, let's figure it out.Read more: Index NASDAQ 100 - history, advantages and what it depends onWhat is a stock market index in the financial world?Let's start from the beginning and consider the very first index that appeared in the world: this is the soaring Dow Jones Index. Its first version appeared back in 1884, and this index still exists today. The emergence of such a tool was associated with the need to assess the dynamics of industrial development in the United States. It was necessary to find some indicator that would help to assess whether production is growing or falling. How did you solve this problem?It's very simple: we took 12 of the largest industrial companies in the United States and calculated the average stock price for all. Then they did the same after some time. And again. And now several control points have already appeared and a graph has been built out of them, from which the trend was visible: in general, the prices of shares of the largest companies are growing or not. Since the growth of the share price is an indicator of investors' confidence in the industry, their desire to invest in it (and this is an opportunity for the industry itself to develop due to the inflow of investments), these calculations have become the main measure of industrial development. Therefore, the growth of the index means the development of the entire industrial sector, and the fall, respectively, indicates a crisis. The evaluation method proved to be viable, received the name of the authors-developers, and since 1896 the Dow Jones Index has been officially published.A lot has changed since then, including in the Dow Jones Index itself. There are Indices for different industries, for the economies of entire countries. And the indices themselves are now a little less straightforward - all sorts of correction factors are applied, dividends and a number of other factors are taken into account. However, the following principle remained unchanged: the index shows the average temperature of the development of an industry or a country.An interesting fact: from the very first version of the Dow Jones Index to the present day, General Electric was part of it.Read more: Nikkei 225 Index - history, calculation and the featuresThe Dow Jones index today is an indicator of the health of the US economy. It is calculated based on the value of the shares of the 30 largest companies. Another important index for assessing the US economy is the S&P 500, it is called the barometer of the American economy. It is calculated for 500 American companies that have the highest market price (capitalization).For Germany, the same index is DAX, for Japan - Nikkei 225. There are Indices for industries - for example, for energy, telecommunications, metals - they, in turn, show in the same way whether the industry is developing, stagnating or even in decline.Indices are the investor's loyal friendsFirstly, from the point of view of investments in the index itself: today there are tools in the financial system that allow you to earn on the growth of indices. And the indices are unique in this quality - they are always growing in the historical perspective. This is logical: civilization is developing, humanity is getting more and more benefits, and the index only reflects this process.And secondly, Indices help us evaluate the industry or economy of the country in which we want to invest in a security. The dynamics of the development of the industry or economy reflected in the index will help you assess the potential of a particular security: does it have the possibility of growth relative to the "average temperature" or is it worth waiting for a decline in quotations rather.Summing up, we note the main thing: indices are indicators of the development of industries and entire economies. Both governments and ordinary investors are guided by them. Therefore, when making a trading decision to purchase a particular security, it makes sense to look at the indices in order to assess the overall economic situation and understand the potential of the stock.Read more: S&P500 ...