Nairobi Securities Exchange
The Nairobi all-share index closed the previous trading session at 131.48, shedding 1.82%. The index has returned -21.01% year to date. The current 52-week range is 116.88 – 181.92.
The NSE 20 index closed yesterday’s trading session at 1747.27 and is currently trading at 1723.78, down 1.34%.
In today’s early morning trading session, TPSE leads the gainers at 5.71%. PORT has dropped 4.63% so far. NCBA leads the overall volume traded with 388,000 shares traded so far.
Global Markets
Asia
China’s yuan tumbled against the rising dollar in early trading on Wednesday, with offshore deals dropping to a record low, pressured by expectations of more rate hikes by the US central bank. China’s offshore yuan fell as far as 7.2349, the lowest level since such data became available in 2011. It traded at 7.2286 per dollar as of 0541 EAT.
India’s Adani Group plans to outlay more than $100 billion over the next decade, mainly on the transition to clean energy, its chairman Gautam Adani said on Tuesday.
HSI rose 0.11%in yesterday’s trading session. HK50 refill 0.95% in the last trading session. Sensex shed 0.45%. Nifty slid 0.60%, closing the day at 17006.95. Tokyo’s Nikkei fell 0.40%.
Asian stocks open weak today. HSI is down 2.41%, and Nikkei is down 1.62% in the early morning trading session.
Europe
Suspicious leaks in two Russian gas pipelines in the Baltic Sea are probably the result of sabotage, officials in Denmark, Germany and Poland have warned, heightening concerns over the vulnerability of Europe’s energy infrastructure. Denmark’s prime minister Mette Frederiksen said sabotage could not be ruled out as the cause of leaks in the Nord Stream 1 and 2 pipelines, which have been at the centre of the energy conflict between Russia and Europe.https://www.ft.com/content/85f24052-10a6-48de-8eb1-7a6f8be95759
The pound sank against the dollar again on Wednesday, dropping back below $1.07 as investors remain cautious over the UK government’s ability to finance its latest round of tax cuts. Sterling fell 0.7 per cent to $1.066 during Asia trading, just two days after it hit a historic low of $1.035 following UK chancellor Kwasi Kwarteng’s mini-budget, at which he unveiled a round of income tax cuts.
Euro Stoxx 50 futures lost 0.62% in the previous trading session. EU50 fell 0.55%. UK100 shed 0.50%. Dax index futures slid 0.78%. DE30 slid 0.67%, closing the day at 390.27.
European stocks trade lower today. Euro Stoxx 50 down 0.96% pre-market. Dax index futures down 1.18% pre-market.
US
Eleven Wall Street banks and brokers, including Goldman Sachs, Morgan Stanley and Barclays, have agreed to pay more than $1.8bn in fines over charges of “widespread” and “longstanding” failures in their record-keeping practices, US regulators said on Tuesday. The institutions admitted to violating federal record-keeping requirements, the US Securities and Exchange Commission said after an investigation uncovered what it called “pervasive off-channel communications”.
The US is pressing EU countries to speed up and increase financial support for Ukraine as the IMF explores new ways to send cash to Kyiv. Senior officials in the Biden administration have voiced frustration at Brussels over the slow disbursement of European aid to Kyiv, said four officials speaking anonymously. They have also requested Brussels set up a “regular mechanism” for financial support, they said.
Stock futures are setting up for a more significant Wednesday fall, after Tuesday’s late fizzle from a relief rally, following a report that Apple (NASDAQ: AAPL) is pulling back from plans to boost iPhone production when an expected demand spike didn’t show up. Apple (AAPL) is telling suppliers to back off from an effort to increase the assembly of iPhone 14 models by up to 6M units in the second half, Bloomberg reports, instead focusing on a flat 90M-handset forecast consistent with the prior year.
SPXslid 0.21%. QQQ rose 0.04%. DJI fell 0.43%. NDQ rose 0.16%
US Futures trade lower ahead of the market open. S&P 500 E- mini futures trades at -0.79% today. NASDAQ 100 E-mini futures trades at -1.07% today.
Key Events Today
ECB President Lagarde Speech. 10:15 EAT
Fed Bostic Speech. 15:35 EAT
Fed Bullard Speech. 17:10 EAT
Fed Chair Powell Speech. 17:15 EAT
Fed Bowman Speech. 18:00 EAT
Fed Evans Speech. 21:00 EAT
Earnings
None
Crypto
Sam Bankman-Fried, the crypto billionaire who has been bailing out distressed industry players in recent months, is considering bidding for the assets of bankrupt lender Celsius Network, according to a person familiar with his deal-making.
Jerome Powell, speaking at a finance tokenisation conference, reiterated the need for appropriate regulation in Defi.
BTC was rejected at $ 20400, which is a daily resistance level. BTC traded strongly in the early hours but retraced as the stock market retraced. Some indices hit new 2022 lows in the retrace. There is potential bearish divergence on the daily chart if BTC forms a lower high. A swing failure pattern is observed on the twelve-hour chart. If BTC breaks the $18805 level, the next level of interest is $ 17500. The $18400 – 18800 zone has been a vital support zone for BTC since June. The bears have failed to break the level for four months now. However, the more BTC revisits the level, the weaker the support.
There is potential bearish divergence on ETHBTC on the daily chart if it confirms a local top on the daily chart. ETHBTC bias remains to the downside after it lost the weekly ten ema this week for the first time in sixty-three days. Bearish divergence on the hourly has played out strongly. An indication that ETHBTC is weak at these levels.
USDT.D tested support and bounced strongly. It needs to break the 7.07% range highs to continue upward. It broke previous highs on the four-hour chart and is using the highs as support on lower time frames, a sign that there is potential for a move up, which is unsuitable for bulls.
Key Resistance Levels
19184 – 19279. Resistance zone
19395 – 19412. Resistance zone
20192. Naked point of control
20425. Daily level resistance
20884. Daily level resistance
Key Support Levels
18449. Previous lows
17552. Weekly level support
17198. Weekly level support
Commodities
Gold gained 0.32% in the previous trading session. Gold is currently trading -0.27% today
USOIL rose 1.91% in yesterday’s trading session. USOIL is currently trading -1.07% today
UKOIL rose 1.99% % in the previous trading session. UKOIL is currently trading -1.05% today
Currencies
EURUSD is down 0.44% in today’s trading session
USDJPY is down 0.09% in today’s trading session
GBPUSD is down 0.65% in today’s trading session
USDCHF is up 0.36% in today’s trading session
USDCAD is up 0.39% in today’s trading session
AUDUSD is down 0.71% in today’s trading session
NZDUSD is down 0.64% in today’s trading session
AUDJPY is down 0.83% in today’s trading session
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