Another complicated week started. Crude oil prices continued to climb as usual and possibly hit the $100 target in this week. FOMC will start their September meeting by tomorrow. Bank of England is going to raise the rate once more. This is their 15th time for past 2 years. Chinese are visiting Apple shops for the newest iphone15 but haven’t formed crazy lines anymore. US dollar slid a bit but not much, still in 105-point regions. Russians have stated severe attacks on Ukraine’s grain export terminal again. Chinese police is arresting troubled real estate company, Evergrande’s staffs and their Defense minister is still missing.
Adding all these together, total chaos, no direction to catch… We need to wait for the end of FOMC meeting and see what’s coming for now.
US stock market was side lined today as expected.
Same story applied, equity market needs to wait for FOMC and need to hear what FED guys are saying. Issues are growing fast such as Auto Union workers strike, another federal government shut down and concerns of regional banks, especially in the west side… FED don’t have all answers, but they can show the direction at least which Biden couldn’t.
DJ Index was up 0.02%, S&P 500 Index was up 0.07% and NASDAQ Index was up 0.01% today.
How many iPhone15 are selling? Honestly, no one really care… However, people showed big interest how many Chinese would buy US iPhone these days.
Apple was up by 1.7%, Amazon was downed by 0.3%, MS was downed by 0.4% and Tesla was downed by 3.3%
US dollar Index was downed a tip today, slid 0.2% ending at 105.23 points.
After ECB raised the rate last week, Bank of England will follow this week. They need to raise the rate desperately to easy the inflations. It looks like Billionaire Indian born super elite Prime minister couldn’t handle it either.