In this article
Nairobi Securities Exchange
BAT, FTGH, and JUB are among the counters sparking interest amongst investors.
In today’s early morning trading session, SMER leads the gainers at 8.76%. BRIT has lost 6.34% so far. NCBA leads the overall volume traded with 2.05M shares traded so far worth KES 54.37bn.
Global Markets
Asia
Asia stocks are flat as bargain buying, and hopes of China stimulate lift investors’ mood. China agrees to pay for Russian gas in roubles and yuan as India’s current account deficits are expected to triple from 1.2% last year to 3.5% of GDP.
HSI slid -0.31% and HK50 slid -1.24%. SENSEX slid -0.22% and NIFTY 50 slid -0.21%. Tokyo’s NIKKEI225 fell -0.21%, closing the day at ¥ 27582.
Europe
Liz Truss replaces Boris Johnson as Britain’s Prime Minister. Experts say a forceful ECB rate rise may fail to curb market tensions as Norway signals willingness to alleviate the continent’s energy crisis.
EURO STOXX 50 rose 0.33%. UK100 fell -0.25%. DE30 rose 0.93% as DAX index futures gained 0.86%
European stocks open lower today as the market reacts to the Wall Street drop yesterday and the rising dollar, which signals more pain for the Euro. EURO STOXX 50 is currently trading at €12761, -0.79% today.
US
Wall Street closes lower as investors continue selling. Markets continue reacting to the economic conditions. Uncertainty in the market increases as we approach the next FOMC meeting. The dollar continues its aggressive streak upwards as DXY hits 110.69. SPX dropped -0.54%. QQQ dropped -0.87%. DJI fell -0.65%. NDQ dropped -0.74% closing the day at 12015.
US Futures trade lower ahead of today’s trading session.
Key Events Today
- FED Mester Speech. 17:00 EAT
- FED Brainard Speech. 19:35 EAT
Earnings
Notable earnings today include:
- GameStop Corp
- RedHill Biopharma
- Astronova Inc
Crypto
BTC dropped -4%, breaking a 10-day range. Bears managed to break through $ 19500 after several tries. Ethereum dropped -3.67%. Traders anticipated BTC break of range. The move may continue as BTC tests lower levels of support. However, a rise from here to test previous range lows may happen. The market may have reacted to the upcoming FED activities.
At the moment, technical analysis favours the downside. USDT.D broke resistance and may rise to test higher levels. ETHBTC has printed bearish divergence on the daily chart. If this plays out, alts will bleed more. BTC.D looks ready to bounce, which may lead to more pain for alts. After a strong move in one direction, BTC consolidates for some time.
Key Support Levels
17559. Weekly level support
Key Resistance Levels
19500. Previous range lows
19121-19216.5. Resistance zone
Related:
Daily Markets Update: 6th September 2022
Kenya’s Forex Reserves Fall to a 5-year Low on the Weakening Shilling
