A quick overview of major market-moving events including economic reports and high-profile earnings scheduled for Dec 22 Good morning, afternoon and evening all. Any charts, technical analysis, trade ideas, thoughts, views, ForexLive traders would like to share and discuss with fellow ForexLive traders, please do so:
By Eamonn Sheridan Isuzu Motors IndiaIsuzu has announced a country-wide week-long ‘Winter Service Campaign’ for its entire range products from 18 to 24 – Isuzu News at CarTrade The United Kingdom and the European Union are closing in on a post-Brexit trade agreement after months of fraught negotiations, sources told CNN. Federal Bank offers Fed-e-Trade – a feature packed 3-in-1 Account. A Savings and Demat Account with us and a Trading Account with M/s Geojit BNP Paribas Financial Services Ltd.
The news that Congress had passed a $900 billion stimulus package barely impacted stocks yesterday, despite including the long-awaited $600 direct payments to Americans. It’s clear that investors are still incredibly concerned about a fast-spreading strain of COVID-19 stemming from the U.K., though World Health Organization (WHO) leaders said both Pfizer’s (PFE) and Moderna’s (MRNA) vaccines would likely protect against it. The last gross domestic product (GDP) reading of the year came in better-than-expected, while U.S. consumer confidence data missed Wall Street’s estimates.
The Dow Jones Industrial Average (DJI – 30,015.51) fell 200.9 points yesterday. The S&P 500 Index (SPX – 3,687.26) fell 7.7 points and the Nasdaq Composite (IXIC -12,807.92) was up 65.4 points on Tuesday. The Cboe Volatility Index (VIX – 24.23) was back in the red yesterday, dropping 0.9 point during Tuesday’s trading session.
Today, the pace will pick up for investors with core durable goods, personal income and core inflation data due out. Plus, new home sales data and the consumer sentiment index will be released today. Paychex (PAYX) is the only company reporting to the earnings confessional today.
For your convenience, we have rounded up the only company slated to release earnings today, December 23:
Paychex, Inc. (NASDAQ:PAYX — $96.63) provides integrated human capital management solutions for human resources (HR), payroll, benefits, and insurance services. Paychex will report its second-quarter earnings of 2021 before the bell today.
Here is a quick recap of how yesterday’s earnings calls played out:
CarMax, Inc. (NYSE:KMX — $100.46) operates as a retailer of used vehicles in the United States. Earnings per share rose 36.54% over the past year to $1.42, which beat the estimate of $1.14. Revenue of $5,184,900,000 higher by 8.24% from the same period last year, which beat the estimate of $5,000,000,000.
Cintas Corporation (NASDAQ:CTAS — $346.13) provides corporate identity uniforms and related business services. Earnings per share increased 15.42% over the past year to $2.62, which beat the estimate of $2.18. Revenue of $1,757,000,000 decreased by 4.72% year over year, which beat the estimate of $1,750,000,000.
Neogen, Inc. (NASDAQ:NEOG — $80.52) develops, manufactures, and markets various products for food and animal safety worldwide. Earnings per share decreased 3.2% over the past year to $0.30, which missed the estimate of $0.32. Revenue of $115,000,000 increased by 6.67% year over year, which missed the estimate of $ 115,448,500.
Looking ahead to tomorrow, the stock market will close at 1 p.m. ET in observance of Christmas Eve. However, investors should stay in the game until the end as the latest round of jobless claims data is due out, as well as durable and core capital goods orders.
The U.S. stock market has a shortened schedule this week, with only three and a half trading days. Tomorrow, December 24, the stock market hours will be 9:30 a.m. through 1:00 p.m. ET in observance of Christmas Eve. On Friday, December 25, the stock market will be closed in observance of Christmas.
Author: Schaeffer’s Digital Content Team
Trade ideas thread – Wednesday 23 December 2020
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Isuzu launches Winter Service Camp from 18 – 24 December 2020 | CarTrade
Isuzu has announced a country-wide week-long ‘Winter Service Campaign’ for its entire range products from 18 to 24 December. The service program is aimed at offering several benefits and preventive maintenance checks to all its patrons.
Under this campaign, the customers visiting the authorised service centers can avail benefits like a free 50-point comprehensive check-up with a free top wash for the vehicles. Additionally, the company is giving a discount of 10 per cent on labour and 7 per cent on Periodic Maintenance Service (PMS) parts, general parts, and wear and tear parts. Engine oil can be topped up with a rebated allowance of 7 per cent and a Rs 100 discount on vehicle fumigation. Service bookings can be made by calling the nearest Isuzu dealer or by visiting the brand’s official website.
Isuzu D-Max V-Cross
The 2021 MU-X was recently unveiled in Indonesia and the company might bring it for the Indian market sometime next year. For the commercial fleet operators, Isuzu has updated the D-Max and S-Cab with the BS6 compliant 2.5-litre diesel engines generating 78bhp and 176Nm torque paired to a five-speed manual transmission. Surprisingly, Isuzu has not updated its MU-X and D-Max V-Cross SUVs to meet the country’s BS6 emission norms.
UK-EU nearing possible Brexit trade deal, with announcement expected Thursday
A deal is expected to be announced on Christmas Eve, a UK government source and a European diplomatic source told CNN. News of a potential deal was also reported by the UK’s PA Media news agency.
The announcement would come ahead of the December 31 deal deadline.
A senior source at No. 10 Downing Street told CNN that the UK cabinet was briefed on negotiations in a late-night call Wednesday. Following that briefing, the source told CNN: “Expecting talks over the legal text to last into the early hours.”
European Commission Chief spokesman Eric Mamer then hinted at final details being ironed out. At about midnight local time he tweeted: “#brexit work will continue through the night. Grabbing some sleep is recommended to all brexit-watchers at this point. It will hopefully be an early start tomorrow morning…”
Earlier on Wednesday, a No.10 adviser told CNN that talks were “moving but not there” yet. An EU diplomat agreed, telling CNN on Wednesday a deal could come “today or tomorrow but was not there yet.”
Talks have been deadlocked for months after the two sides were unable to reach agreement in areas such as fishing quotas, how the UK would use state aid to support British businesses post-Brexit, and legal oversight of any deal struck.
Any potential deal would subsequently face a ratification process before coming into effect on January 1, 2021, when the Brexit transition period ends and the UK will no longer be subject to EU rules.
There were once concerns that the deal would not be ratified before the transition period expired; however, European institutions, including the European Parliament, have agreed to sit extra hours towards the end of the year in order to get the agreement approved in time.
Fears of any holdups in the deal’s approval in time for the end of the transition period have been mostly allayed by the fact that it’s largely possible to provisionally implement trade deals before they are ratified, meaning that in a worst-case scenario, the most serious damage could still be avoided.
News of a potential agreement comes against the backdrop of surging coronavirus cases in the UK. Meanwhile, thousands of trucks from across Europe faced a third day stuck at the English port of Dover after the now-lifted closure of the border by France over a potentially more contagious variant — a preview of the type of border chaos that could have resulted from a “no deal” Brexit.
But the breakthrough marks a major milestone in the saga that began with the UK voting to leave the EU in 2016.
Brexit debate will continue
In the UK itself, any agreement is unlikely to end the years of toxic political debate over the country’s relationship with Europe.
Euroskeptic lawmakers are already organizing efforts to ensure that a deal does not leave room for the UK to drift back into the EU’s orbit. Pro-Europeans, meanwhile, will be hopeful that at some point in the future, the UK, perhaps under new leadership, will be able to strengthen ties with Brussels.
Without a trade agreement, UK companies would lose tariff- and quota-free access to the EU’s market of more than 400 million consumers, who buy nearly half of the country’s exports and provide a similar share of its imports. For the EU, the UK is much less important, accounting for just 4% of the bloc’s exports in 2019 and 6% of imports.
Earlier this month, the Prime Minister insisted that regardless of what the deal looked like, the UK would go on to “prosper mightily as an independent nation.”
Even though any deal was likely to be less economically damaging than no deal at all, the UK will still be poorer in the long run than if it had remained in the EU, the independent agency that produces economic forecasts for the government said in November.
For the time being, neither side has the appetite for more negotiations after years of painful disagreement.
Hanna Ziady contributed to this report.
Author: Luke McGee, CNN
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