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The Federation of Indian Automobile Dealers Association (FADA): Passenger car retail sales in June increased by 4.84% year-on-year, and the country is cautiously optimistic about the short-term outlook. However, it is necessary to remain vigilant considering the shortage of rare earths, geopolitical tensions and the spillover effects of US tariffs.On July 7, the Reserve Bank of New Zealand may be temporarily suspending its one-year interest rate cut cycle. Most economists predict that the Reserve Bank of New Zealand will keep interest rates unchanged this week, while sending dovish signals to assess the effectiveness of economic recovery. The bank recently stated that interest rates have entered a neutral range, downplaying the urgency of further interest rate cuts and hinting that it may adopt a quarterly interest rate cut rhythm in the future, rather than adjusting at every policy meeting. It is worth noting that there were differences of opinion at the last interest rate meeting. Given that the current economic recovery momentum is still unstable, further interest rate cuts are still possible this year.Market News: Trump welcomed Netanyahu and expressed optimism about reaching an Israel-Hamas agreement "this week."On July 7, the 27th Senate election of the Japanese Diet was scheduled for voting on the 20th. The latest opinion poll conducted by Kyodo News from the 5th to the 6th showed that the opposition camp was more popular than the ruling coalition, and nearly half of the respondents hoped that the ruling coalition composed of the Liberal Democratic Party and the Komeito Party would not achieve the goal of more than half of the seats. The Japanese Senate is responsible for legislative review and government supervision. It has 248 seats. The term of office of members is six years, and half of them are re-elected every three years. This election will focus on 125 seats. In addition to 74 constituency seats and 50 proportional representation seats, there is also 1 by-election seat. According to Japanese media, the results of this Senate election will determine the fate of Shigeru Ishibas cabinet. If the ruling coalition wins less than 50 seats, Japanese Prime Minister Shigeru Ishiba may resign or reorganize the ruling coalition.On July 7, Goldman Sachs said it expects the eight OPEC+ members to increase their oil production quotas by 550,000 barrels per day in September, thereby completely canceling the voluntary production cuts of 2.2 million barrels per day. OPEC+ hopes to restore idle production capacity to normal as global oil demand shows resilience. Goldman Sachs said: "The decision to accelerate the pace of production increases announced on Saturday strengthens our confidence. We have pointed out since last summer that OPEC+ will shift to a more long-term balanced strategy, focusing on normalizing idle production capacity and market share, supporting internal cohesion, and strategically restricting US shale oil supply." Goldman Sachs expects that the crude oil production of the eight OPEC+ members will increase by 1.67 million barrels per day from March to September to 33.2 million barrels per day, of which Saudi Arabia accounts for more than 60% of the increase.

E-mini NASDAQ-100 Index In Position to Challenge Next Main Top at 12973.75

Alice Wang

Jul 22, 2022 15:36



Late in the session on Thursday, September E-mini NASDAQ-100 Index futures are trading higher, putting the index in a position to notch its third consecutive gain and the fifth higher session out of six. As initially fluctuating between gains and losses, the technology-focused index gained momentum after Tesla jumped 9.78 percent after its quarterly reports.


September E-mini NASDAQ-100 Index futures are now trading at 12591.25, up 126.00 or 1.01 percent, at 18:45 GMT. The Invesco QQQ Trust ETF (QQQ) is now trading at $307.43, an increase of $4.40 or 1.45%.


Tesla may have been the session's top gainer, but shares of NetEase Inc., ASML Holding NV, and CSX Corp. all increased significantly during that time, rising 6.16 percent, 5.41 percent, and 4.24 percent, respectively.


The weekly initial unemployment claims reached a new eight-month high in the United States, while a measure of manufacturing activity in the mid-Atlantic area for July fell to its lowest level in just over two years.

Swing Chart Technical Analysis for the Day

The daily swing chart indicates that the overall trend is upward. The uptrend will be confirmed if a transaction is made through the intraday high of 12621.00, with the next major peak objective being 12973.75. The primary trend will switch to down if a transaction is made through 11479.25.


The midpoint is between 14327.50 and 11068.50. Its retracement range, from 12698.00 to 13082.50, is the main region to aim for on the upside.


The immediate range is between 12973.75 and 11068.50. The index is now trading between 12246.00 to 12021.00, which is support, on the high side of its retracement zone.