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Nairobi Securities Exchange
The Nairobi all-share index closed the previous trading session at 133.92, shedding 0.70%. The index has returned -19.55% year to date. The current 52-week range is 116.88 – 181.92.
The NSE 20 index closed yesterday’s trading session at 1746.03 and is currently trading at 1747.27, up 0.07%.
In the previous trading session, KAPC led the gainers at 9.73%, closing at KES124 per share, while LBTY came last, dropping 8.57% and closing at KES5.76 per share
In today’s early morning trading session, SGL leads the gainers at 7.60%. EVRD has dropped 2.67% so far. KPLC leads the overall volume traded with 28,700 shares traded so far.
Global Markets
Asia
Chinese officials told some fund managers and brokers recently to avoid significant equity sales ahead of the Communist Party’s five-yearly Congress, which will be held in about three weeks. The order, which aims to prevent considerable market fluctuations, was given verbally by the Shanghai and Shenzhen Stock Exchanges through so-called “window guidance”, or unofficial policy directives with no written documents, one source said.
China employed almost half the world’s renewable energy workforce in 2021, a report by the International Labour Organization (ILO) said. The world’s No2 economy provided 5.37 million jobs out of the world’s 12.7 million renewable jobs last year – more than the US, the EU, South America and Africa put together.
HSI rose 0.40% the previous day. HK50 rose 0.15% in the last trading session. Sensex shed 0.64%. Nifty lost 0.82%, closing the day at 17017.30. Tokyo’s Nikkei fell 0.24%.
Asian stocks open weak today. HSI is down 0.96%, and Nikkei is down 0.06% in the early morning trading session.
Europe
Caps on electricity bills, fuel rebates, and cheap public transport tickets are ways European governments are trying to cushion the impact of surging energy prices. While these policies will lower costs in the short term, the region’s central bankers worry they risk boosting demand and forcing interest rates to go even higher in the longer term. Tensions between governments and central banks are flaring up. There is, as Dario Perkins, an economist at research group TS Lombard, put it, “a tug of war between fiscal and monetary policy.”
The pound rose in Asian trading on Tuesday after hitting a record low against the dollar, recovering slightly after the Bank of England and the UK Treasury sought to calm rattled markets. Sterling was up 0.9 per cent in morning trading at $1.0776, just a day after an early morning fall sent the currency tumbling almost 5 per cent to a record low of $1.035 after the UK chancellor Kwasi Kwarteng vowed to pursue more tax cuts.
Euro Stoxx 50 futures lost 0.24% in the previous trading session. EU50 fell 0.31%. UK100 rose 0.02%. Dax index futures fell 0.43%. DE30 dropped 0.55%, closing the day at 392.96
European stocks open slightly higher today. Euro Stoxx 50 up 0.54% pre-market. Dax index futures up 0.47% pre-market.
US
The S&P 500 closed Monday at a 2022 low of 3,655.04, but RBC Capital Markets argues the index could shed another roughly 4% to reach 3,500 – or even 3,050 if equities experience a 1970s-style meltdown.
30-year mortgage rates hit 6.87% in the US, per Mortgage News Daily.
Goldman Sachs, $GS, has begun laying off workers across the US — and the Wall Street giant is focused on culling mid-level investment bankers amid a downturn in dealmaking as the economy slows, per NYP.
SPX dropped 1.03%. QQQ fell 0.41%. DJI fell 1.11%. NDQ dropped 0.51%
US Futures trade higher ahead of the market open. S&P 500 E- mini futures trades at 0.65% today. NASDAQ 100 E-mini futures trades at 0.71% today.
Key Events Today
FED Evans speech. 13:15 EAT
FED Bullard speech. 16:55 EAT
CB consumer confidence. 17:00 EAT
Earnings
None
Crypto
FTX, the crypto exchange controlled by billionaire Sam Bankman-Fried, has won the auction for the assets of bankrupt crypto brokerage Voyager Digital with a bid of about $50 million, per Bloomberg. Do Kwon has been arrested by Interpol agents attempting to cross the N Korea border.
The swing failure pattern on the BTC daily chart is playing out. BTC swept the lows and pumped. Targets for the swing failure pattern are $23k-$25k. BTC needs to break previous highs at $ 20200. If BTC uses the previous highs as support on low time frames, the move up is likely to continue. BTC is about to break a supply level from the $68k highs on the three-day chart. BTC must close above the daily ten ema upon today’s daily closure to show strength. RSI must break 62.34 to avoid forming bearish divergence on high time frames. Buying pressure is increasing on BTC in high time frames. The break out from the seven-day range to the upside indicates seller exhaustion at the previous range showing that big players were buying at $18500, a good sign for bulls. BTC has filled the supply at 20200 and is still pumping. Ideally, BTC should use previous highs at $ 19500 as support to validate the move up or break $ 20200 and use the level as support on low time frames. $20200 is a crucial area as BTC needs to break it to avoid forming bearish divergence on low time frames.
ETHBTC looks weak, which is not a good sign for alts. ETHBTC formed a lower high on the four-hour chart and is not pumping as BTC rises.
BTC.D is rising as BTC pumps which is an indication of a healthy move up. A BTC-led pump is healthier than an ETH-led pump.
USDT.D is currently at critical support at 7.26%. It needs to break the level and use it as resistance for the move up to continue. The following support level for USDT.D is 6.35%. The price reaction at the level will provide more insight into the market direction. There is a potential five-day bearish divergence on USDT.D which will be confirmed upon the candle close.
Key Resistance Levels
20880 – 21017. Daily level resistance
21875. Daily level resistance
22251 – 22568. Weekly level resistance and previous highs
Key Support Levels
19551 – 19445. Support zone
19396. Previous daily highs
19222 – 19154. Support zone
18934 – 18851. Support zone
18450. Previous daily lows
Commodities
Gold fell 1.26% in the previous trading session. Gold is currently trading +0.61% today
USOIL dropped 3.77% in yesterday’s trading session. USOIL is currently trading +1.43% today
UKOIL fell 3.16% in the previous trading session. UKOIL is currently trading +1.05% today
Currencies
EURUSD is up 0.33% in today’s trading session
USDJPY is down 0.15% in today’s trading session
GBPUSD is up 0.87% in today’s trading session
USDCHF is down 0.21% in today’s trading session
USDCAD is down 0.27% in today’s trading session
AUDUSD is up 0.44% in today’s trading session
NZDUSD is up 0.91% in today’s trading session
AUDJPY is up 0.29% in today’s trading session
Related:
Daily Markets Update: 26th September 2022
Daily Markets Update: 23rd September 2022
