Today’s Outlook:
• For the previous week, the Dow fell 0.1%, the S&P 500 slipped 0.7% and the NASDAQ lost 1.3%. Arm Holdings surged 25% on its Nasdaq listing debut on Thursday and slightly pulled back 4.5% in Friday trading (15/09/23). The success of Arm Holdings’ listing is expected to boost the enthusiasm of other companies that have been waiting for their turn to IPO. There are allegedly 150 companies waiting in the queue to go public on the Nasdaq exchange, 40% more than the same time last year. Meanwhile, Friday’s economic data highlights were dominated by the preliminary reading of consumer sentiment from the University of Michigan. The reading came in at 67.7 for September, lower than expectations of 69.1. More upbeat sentiment came Friday morning from the publication of China Industrial Production which increased above estimates for August (actual: 4.5% yoy, vs forecast: 4.0%), as well as Retail Sales which was also released better than expected (actual: 4.6% yoy, vs forecast: 3.0%).
• Members of the US labor association United Auto Workers went on strike across the main factories of three major car brands General Motors, Ford, and Jeep maker Stellantis. Workers walked out of their factories in the Michigan, Ohio, and Missouri regions amid disagreements over new labor contracts.
• Commodities: Oil prices posted 3 consecutive weeks of gains, with WTI now trading above USD 90/barrel for the first time in 10 months, thanks to the latest data from China (the top importer).
• NHKSI RESEARCH estimates that the JCI position, which is now comfortably stay above the MA10 support, again opens up opportunities to test the 7000 Resistance for the umpteenth time, with the probability of a breakout still 50:50 given the previous behavior that often retreats and unable to close above 7000. NHKSI RESEARCH believes that the short term Uptrend is still intact, as long as JCI does not break the 6900 Support (Closing position) and therefore trading decisions with a gradual buy strategy can still be implemented.
Company News
• WOOD : Targeting 2023 Revenue to Decrease by 50%
• NICL : Acquiring 50% of Nickel Mining Company Shares
• RALS : IDR 56.7 Billion Capital Expenditure Absorbed
Domestic & Global News
• Entrepreneurs Predict Industrial Sugar Prices to Soar Due to India’s Export Ban
• Asia’s Food Prices at Highest Since 2008 is Caused by Rice
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