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11th-august-2022-markets-review

11th August 2022: Yesterday closed orders given +11.887%; S&P 500 achieved a three-month high; JPMorgan found guilty of spoofing; Сonsumer price growth in Ukraine in July amounted to 22.2%

Yesterday closed orders given +11.887%

Symbol: USDJPY; Type: SELL; Open Price: 134.142; Close Price: 132.895; Profit: +0.93%.
Symbol: XNGUSD; Type: BUY; Open Price: 7.6295; Close Price: 8.0315; Profit: +5.005%.
Symbol: NZDUSD; Type: BUY; Open Price: 0.62349; Close Price: 0.63221; Profit: +1.379%.
Symbol: EURUSD; Type: BUY; Open Price: 1.01176; Close Price: 1.02564; Profit: +1.353%.
Symbol: DE30; Type: SELL; Open Price: 13014.5; Close Price: 13452.6; Profit: -3.257%.
Symbol: ETHUSD; Type: SELL; Open Price: 1778.22; Close Price: 1663.57; Profit: +6.447%.

S&P 500 achieved a three-month high

After the S&P 500 achieved a three-month high and the Nasdaq 100 pushed 20% above June’s bottom on Wednesday, US futures trimmed gains and moved closer to breaking even. The Walt Disney Company saw its stock price rise in the premarket following a successful performance by its streaming service. The dating app business Bumble Inc. lowered its revenue projection, which caused the stock of Bumble Inc. to fall. The headline inflation rate in the United States was 8.5% in July, a decrease from the 9.1% print in June, which was the highest in four decades. The President of the Federal Reserve Bank of Minneapolis stated that he wants the Fed’s benchmark interest rate to be at 3.9% by the end of this year and 4.4% by the end of 2023.

Charles Evans, our representative in Chicago, stated that inflation is still “unacceptably high.” A significant section of the yield curve for Treasury securities is still substantially inverted, a structure often believed to indicate the possibility of a recession. Is it time to retire the 60/40 plan for good, or does it only require some minor adjustments? Participate in the MLIV Pulse poll in complete anonymity.

JPMorgan found guilty of spoofing

After a protracted trial for spoofing, JPMorgan Gold Traders were found guilty. Fraud, spoofing, and market manipulation was the charges that led to the convictions of Nowak, the managing director in charge of the desk, and Smith, the desk’s top trader. Jeffrey Ruffo, the third defendant, was found not guilty on the charges that he engaged in the conspiracy. The prosecutors presented evidence, including extensive trade records, chat logs, and testimony from former coworkers who “ripped back the veil.” With the enactment of the Dodd-Frank Act in 2010, spoofing became a criminal offense.

To resolve the spoofing claims that have been leveled against JPMorgan, the bank has agreed to pay $920 million in 2020. By the Racketeer Influenced and Corrupt Organizations Act, the jury cleared Smith, Ruffo, and Edmonds of any wrongdoing. The jury’s findings did not support the accusations that the precious metals desk at JPMorgan was operated as a criminal organization. At the criminal prosecution, the most important witnesses were former coworkers who testified that they took part in the spoofing activities over the course of their careers. Phil Streible, the chief market strategist at Blue Line Futures, argues that “I would say this decision ends a chapter” about the case.

Сonsumer price growth in Ukraine in July amounted to 22.2%

The decision of the central bank to weaken the currency in Ukraine contributed to the acceleration of inflation for the sixth month in a row, which occurred in Ukraine. The year-over-year increase in consumer prices was 22.2% in July, which is higher than the 21.5% increase seen in the previous month. Wartime logistical issues, including supply interruptions of vegetables and fruit originating from Russian-occupied southern territory, contributed to the growth of inflationary pressure.

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