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The main Shanghai silver futures contract plunged 6.00% intraday, currently trading at 18,849.00 yuan/kg.German Chancellor Merz: Europe possesses enormous potential strength, but it needs to be utilized.1. Bank of Canada: The Bank of Canada is expected to keep interest rates unchanged and may remain on hold throughout the year; the oil price shock poses an inflation risk, but with high uncertainty, the Bank of Canada needs to assess the impact before taking action. 2. Bank of America: The Bank of Canada is expected to keep interest rates unchanged and is likely to remain on hold throughout the year; geopolitical shocks increase inflation uncertainty, but are currently insufficient to trigger policy adjustments, and the central bank prefers to remain on the sidelines. 3. Scotiabank: The Bank of Canada is expected to keep interest rates unchanged, but may raise rates twice in the fourth quarter, as rising oil prices will provide Canada with additional revenue, improve corporate profits, and pose an upside risk to inflation. 4. Bank of Montreal: The Canadian economy remains weak, and a rate cut later this year makes more sense than a rate hike. The oil price situation should ease soon, and it is hoped that Governor Macklem will not appear too hawkish. 5. Oxford Economics: The Bank of Canada is expected to keep interest rates unchanged. Uncertainty regarding trade policy and geopolitics keeps it on hold for the time being, but the possibility of a rate cut will increase if the labor market or economic conditions deteriorate significantly in the future.The VIX fear index rose 1.22 points to 23.59.The yield on Italian two-year government bonds rose 10 basis points to a high of 2.699% today; the yield on French two-year government bonds rose 7 basis points to 2.57%.

Stock Market Mid-Session Recap for July 19, 2022

Cory Russell

Jul 20, 2022 15:01

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US indices rise, although they are still limited to recent highs.


On Tuesday, major US indexes rose, with the S&P 500 rising over 2.0% to reach new weekly highs above 3,900. The Nasdaq 100 was recently trading in the mid-12,100 range, up around 2.2 percent. Both indexes are now restrained below their most recent highs in the respective ranges of 3,920-3,950 and 12,170ish.


As predicted after scheduled maintenance is finished on Thursday, indications that Russia would resume gas deliveries to Europe through the Nord Stream 1 pipeline eased concerns of a full-blown energy crisis and the ensuing European recession that would be a drag on global economy.

Focusing on earnings, Apple tries to rebound, while Boeing gets a boost

On Tuesday, earnings were once again in the spotlight, with the effect of the recent increase in the US dollar's strength being a major subject. The dollar's increase in value cost IBM (-6.2%) $3.5 billion, according to results reported late on Monday. Johnson & Johnson (-0.3%) had to lower its annual profit prediction, but its share price was still largely supported by the fact that Q2 profits above expectations.


Investors were also keeping a careful eye on changes in the share price of Apple (+1.9%), after prices dropped over 2.0% on Monday on rumors that the firm planned to reduce hiring and expenditure growth in 2023 given an increasingly gloomy outlook. In other stock-specific news, shares of Boeing (+4.1%) increased after private equity group 777 Partners disclosed intentions to purchase an additional 66 Boeing 737 MAX aircraft.


As concerns about the energy crisis ease, the Stoxx 600 spikes to new multi-week highs.


Major European equities indexes broke higher on Thursday on reports that Russia will resume gas shipments via the Nord Stream 1 pipeline into Europe as predicted. The Stoxx 600 index for all of Europe surged through resistance at 420 to reach the 423s, its highest level since June 10. For the first time since mid-April, the index is now decisively back above its 50DMA after closing the day with a 1.4 percent gain.


The French government's plan to buy out EDF for 12 euros per share and assume full control of the firm was the biggest news in European equities markets on Tuesday, apart from a decrease in anxiety about the energy crisis. In order to help France overcome the continuing European energy crisis, the French government seeks more control over the energy industry. Shares of EDF increased by x% as a consequence.

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