Account
New to ADSS? Open an
account now to get started.
Already have an account?
Add funds to your ADSS account
Account
New to ADSS? Open an
account now to get started.
Add funds to your ADSS account
News
The People’s Bank of China held rates at 2.1% at its latest meeting, while announcing an injection of 300 billion yuan in 7-day reverse repos. The CNY/USD forex pair rose after the news.
UK’s GfK consumer confidence indicator fell to -26 in February, from -19 in January. Despite the latest reading dropping to its weakest in 13 months, the GBP/USD pair climbed in forex trading this morning.
New Zealand’s retail sales grew 8.6% during the final three months of 2021, versus a 8.2% decline in the prior period, lending support to the NZD/USD forex pair.
Colombia’s industrial confidence indicator rose to 12.7 in January, from 11.6 in the previous month. However, the COP/USD pair declined in forex trading this morning.
US crude oil inventories rose by 4.515 million barrels in the week ending February 18, versus a 1.121 million rise in the prior period. However, WTI crude oil prices rose on geopolitical concerns this morning.
What’s happening: Shares of Moderna surged on Thursday, after the company posted stronger-than-expected results for its fourth quarter.
What happened: Apart from robust quarterly results, the drugmaker raised its full-year projections for covid-19 vaccine sales.
However, Moderna’s vaccine sales for the quarter were lower than its biggest rival.
How were the results: The Cambridge, Massachusetts-based company swung to a profit in the fourth quarter, with both top- and bottom-line metrics beating market views.
Why it matters: The US FDA (Food & Drug Administration) had issued emergency use authorisation to Moderna’s covid-19 vaccine, Spikevax, in December 2020. Over 204 million doses of this vaccine have been distributed in the US since that time, versus 316 million doses of the Comiranty vaccine developed by Pfizer and BioNtech.
Moderna received a final approval for its vaccine from the FDA in late January. CEO Stéphane Bancel said during the earnings call that Spikevax had been approved by more than 70 countries around the world.
The company’s product sales came in at $6.9 billion, driven by the sale of 297 million covid-19 doses, up significantly from $200 million from 13 million vaccine doses in the year-ago quarter. Moderna reported an operating income of $5.41 billion, versus a loss of $275 million in the same quarter in 2020.
The company’s board announced a new share buyback program of $3 billion. Management raised the projection for mRNA-1273 covid-19 vaccine sales in 2022 from $18.5 billion to $19 billion. Moderna also said it had orders from the UK, Canada and Taiwan for 2023.
How shares responded: Moderna’s shares climbed 15.1% to close at $156.23 on Thursday. The stock has tumbled around 34% year to date.
What to watch: Investors will continue monitoring the spread of covid-19 variants, which could boost Moderna’s overall results this year.
Context: Wall Street closed higher on Thursday, as investors assessed Russia’s attack on Ukraine.
Details: Market sentiment remained subdued for most of the session on Thursday following Russia’s invasion of Ukraine. US President Joe Biden announced further sanctions “new limitations on what can be exported to Russia.” Oil prices spiked on the news, with Brent crude hitting the $100 per barrel mark for the first time since 2014.
Markets were also concerned about the US Federal Reserve’s monetary policy, with inflation surged to its highest in decades.
After remaining on the sidelines through most of the day, Wall Street stocks staged a dramatic comeback and ended the session in the positive zone. Banking stocks were among the worst performers, with Bank of America and JPMorgan Chase shedding more than 3% each.
The S&P 500 gained 1.5% to close at 4,288.70 on Thursday, after dipping more than 2.6% earlier in the session. The benchmark remains in the correction zone, having lost more than 10% from its record closing on January 3.
The Dow Jones added about 92 points to settle at 33,223.83, after dipping 800 points earlier in the session. The Nasdaq 100 rose 3.44% to close at 13,974.67.
What to watch: Traders will continue to monitor the Russia-Ukraine situation. Investors also await the release of economic data on durable goods orders, personal spending, and income from the US. New orders for US manufactured durable goods had contracted 0.9% in December and are expected to grow 0.8% in January. Analysts project personal spending to rise 1.5% in January, following a 0.6% decline in December. Personal income is expected to decline 0.3% in January.
Other Markets: European trading indices closed lower on Thursday, with the FTSE 100, DAX 40, CAC 40 and STOXX Europe 600 down by 3.88%, 3.96%, 3.83% and 3.28%, respectively.
| Technical Levels | News Sentiment |
|
EUR/USD – 1.1203 and 1.1213 |
Positive |
| Nasdaq 100 – 13,866.52 and 14,029.57
|
Positive
|
| S&P 500 – 4,235.72 and 4,255.98
|
Negative
|
| WTI Crude Oil – 94.67 and 95.01
|
Positive
|
| Copper – 4.4952 and 4.5079 | Negative |
Germany’s GDP growth rate and import prices, Turkey’s economic confidence index, Indonesia’s loan growth, France’s consumer price inflation rate, GDP growth rate, producer prices change, household consumption, unemployed persons and initial jobless claims, Spain’s producer price inflation rate and industrial confidence indicator, Eurozone’s loans to households, loans to non-financial corporations, money supply M3, economic sentiment indicator, industrial confidence indicator, services confidence indicator, consumer confidence indicator and consumer price expectations, Italy’s consumer confidence and business confidence, India’s foreign exchange reserves, value of loans and value of deposits, Mexico’s gdp growth rate, balance of trade, economic activity and current account, Brazil’s government budget value and net payrolls, Canada’s wholesale sales, CFIB’s business barometer long-term index and Canada’s government budget value, Argentina’s consumer confidence, US pending home sales, University of Michigan consumer sentiment, personal consumption expenditure price index and Baker Hughes crude oil rigs, as well as Russia’s industrial production.
ADSS
8th floor, CI Tower
Corniche Road
PO Box 93894
Abu Dhabi
United Arab Emirates
Trading Services
ts@adss.com
+971 2 657 2414
Investing in CFDs involves a high degree of risk that you will lose your money due to the use of leverage, particularly in fast moving markets, where a relatively small movement in the price can lead to a proportionately larger movement in the value of your investment. This can result in loses that exceed the funds in your account. You should consider whether you understand how CFDs work and you should seek independent advice if necessary.
ADS Securities LLC – S.P.C (“ADSS”) is authorised and regulated by the Securities and Commodities Authority (“SCA”) in the United Arab Emirates under First Category: Dealing in Securities and Fifth category: Arrangement and advice (Introduction). ADSS is a Limited Liability Company – Sole Proprietorship Company incorporated under United Arab Emirates law. The company is registered with the Department of Economic Development of Abu Dhabi (No. 1190047) and has its principal place of business at 8th Floor, CI Tower, Corniche Road, P.O. Box 93894, Abu Dhabi, United Arab Emirates.
The information presented is not directed at residents of any particular country outside the United Arab Emirates and is not intended for distribution to, or use by, any person in any country where the distribution or use is contrary to local law or regulation.
ADSS is an execution only service provider and does not provide advice. ADSS may publish general market commentary from time to time. Where it does, the material published does not constitute advice, or a solicitation, or a recommendation to a transaction in any financial instrument. ADSS accepts no responsibility for any use of the content presented and any consequences of that use. No representation or warranty is given as to the completeness of this information. Anyone acting on the information provided does so at their own risk.
