Daily Alert – Wednesday 20th July 2022: Global equities push higher

Mark NugentDaily Alert, July 2022

Daily Alert – Wednesday 20th July 2022: Global equities push higher

Good morning.

Yesterday was solidly risk-on. Equities rose, aided in part by Netflix reporting a lower-than-expected loss of subscribers (1 million vs a 2 million expectation). Perhaps more importantly, the company is now forecasting growth in subscriber numbers.

UK inflation beat expectations, coming in at 9.4 percent year-on-year for June.

The European Commission is about to propose a 15 percent “voluntary” cut to gas usage for member states in the face of expected supply constrictions from Russia. I have “voluntary” in quotation marks because if the cut is not effective, it becomes “mandatory”. OK then.

In terms of trading, Monday’s WTI long closed at breakeven. Last night, I went long on the S&P500 and Japan250, splitting my 2 percent risk across the two instruments. The S&P500 has already been taken out at breakeven. The Japan225 is doing better.

We’ll be back tomorrow.

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