Weekly Updates 17/4/23 – 21/4/23 April 17, 2023

Weekly Updates 17/4/23 – 21/4/23

Weekly Updates 17/4/23 – 21/4/23

This weekly update is designed to help you stay informed and relate economic and company earnings to potentially value-add your CFD (Contract For Difference) trading via hedging (risk reducing). This article should be used for educational purposes only and not as financial advice. We urge all traders to carry out your own due diligence before submitting trades.

Recap for last week (10 Apr 2023 – 14 Apr 2023)

Index Closing Price (Fri) One Week changes
STRAITS TIMES INDEX 3,303.5 -0.10%
S&P 500 4,137.64 +1.28%
NASDAQ 100 13,079.52 +1.11%
DOW JONES 33,886.47 +1.38%
NIKKEI 225 28,493.47 +3.02%
HANG SENG INDEX 20,438.81 +1.45%
Rates As of 14th Apr
SIBOR 3M 4.19% 0%
SORA 3M 3.60% -0.01%
US 10 Yr Bond 3.51% +0.07%
SG 10 Yr Bond 2.78% +0.03%
Dollar Index 101.7 +0.10%

*These prices are taken based on the previous Monday’s opening price and the preceding Friday’s closing price.

Last week’s action mainly focused on FOMC’s minutes where multiple committee members agreed that the US will most likely enter into a recession later 2023 due to the banking crisis. While CPI and PPI data came in better than expected, the US markets rallied ~1%. Analysts and market participants are being bombarded by mixed news, be it from the US Fed or macro economic news. Expect high volatility in the markets while new economic data are being absorbed.

Updates for the week (17 Apr 2023 – 21 Apr 2023)

The data below showing the economic releases read as “Analyst’s estimate/ Consensus | Previous data”.

Economic Calendar Monday 17 Apr 2023 Tuesday 18 Apr 2023 Wednesday 19 Apr 2023 Thursday 20 Apr 2023 Friday 21 Apr 2023
US Empire Manufacturing (-18.0 | -24.6) 8:30pm Housing Starts (1400K | 1450K) 8:30pm MBA Mortgage Application (- | 5.3%) 7pm Initial Jobless Claims (240k | 239k) 8:30pm

Existing HomeSales (4.5m | 4.58m) 10pm

Leading Index (-0.7% | -0.3%) 10pm
S&P Global US Manufacturing (49.0 | 49.2) 9:45pm
SG Non-oil Domestic Export (-19.4% | -15.6%) 8:30am
China & HK China GDP YoY (3.9% | 2.9%) 10am

China Industrial Production YoY (4.3% | – ) 10am

China Retail Sales YoY (7.5% | – ) 10am
Hong Kong CPI Composite YoY (1.9% | 1.7%) 4:30pm
CFD Counters SGD FX
China A50
US Index
US Index

For macro news of the week, we start the week off with manufacturing data from the US, followed by key data such as GDP, Industrial production, retail sales from China. Market participants should be wary of China macro data as being the second largest economy, a potential slowdown in its economy will cause a slowdown in the world’s economy. Lastly,some housing data coming out of the US. Analysts expect a decrease in existing home sales and a decrease in the Leading index. Overall a slowdown in the housing markets in the US.

Company Earnings Monday 17 Apr 2023 Tuesday 18 Apr 2023 Wednesday 19 Apr 2023 Thursday 20 Apr 2023 Friday 21 Apr 2023
  • Charles Schwab
  • Johnson & Johnson
  • Bank of America
  • Netflix
  • Goldman Sachs
  • United Airlines
  • Tesla
  • Morgan Stanley
  • IBM
  • Lam Research
  • US Bancorp
  • Nasdaq
  • Philip Morris
  • AT&T
  • American Express
  • Blackstone
  • Pool Corp
  • Procter & Gamble Co
HK & China
  • China Mobile

Corporate earnings releases for the week are packed full of companies from different sectors like financials (Bank of America, Goldman, Morgan Stanley, Charles Schwab, etc) to Tech (Netflix) to the value stocks (Johnson & Johnson, AT&T, Procter & Gamble and even China Mobile). Market participants are focusing on Tesla’s upcoming earnings release on Wednesday, given that Tesla is seen as the market leader in the electronic vehicle (EV) space, it will set the tone for the EV basket of stocks. If you hold any EV stocks, you will be exposed to Tesla’s earnings and forward guidance.

If you hold equity positions in these stocks, you can hedge your positions using CFDs to mitigate the risk of disappointing earnings releases.

For those looking to speculate or capitalize on the increased volatility, CFDs provide leverage and ease of going long and short across a broad range of products available.

Weekly Updates 17/4/23 – 21/4/23

HKEX (0388.HK): Trading Opportunity – Alex

Weekly Updates 17/4/23 – 21/4/23

Trade Set-up:

  • Looking at the weekly chart of HKEX, we can see that price is in a downwards channel and has broken the shorter-term upwards trend.
  • Currently, price is rejecting the resistance of the channel at HK$354.40.

Trade Execution:

  • We can look for shorts based on a shorter timeframe in confluence with the weekly timeframe bias. We may see price extending towards the support of the weekly channel.
  • However, a break above the resistance of the downwards channel may signal an overall shift to the upside and we may look for longs upon retracement.

Weekly Updates 17/4/23 – 21/4/23

AUD/USD buoyed by strong labour market and dwindling US economic outlook

Weekly Updates 17/4/23 – 21/4/23

Trade Set-up:

  • The Australian dollar (AUD) surged upward last week, lifted by a stronger than anticipated labour market data and a general improvement in demand for risk. Employment data showed 53,000 new jobs were added to the economy in March, well above the 20,000 anticipated. With unemployment stable at 3.5%, investors moved to price in future RBA rate hikes, dragging the AUD and domestic yields higher. Weaker than anticipated US PPI data and climbing US jobless claims played to an emerging narrative that suggests the Fed’s tightening cycle may be nearing its peak, albeit a slightly hawkish tone of the Fed on Friday.
  • Previously, where the faster SMA20 crossed below the SMA50 at the 0.6900 handle, it sparked a push lower for the AUD/USD pair before consolidating between the 61.8% and 38.2% Fibonacci levels. The 38.2% level, coinciding at 0.6800 has now become an important resistant zone. The recent consolidation has also brought about the possibility for the SMA20 to cut back above the SMA50, generating a new uptrend signal, against a backdrop of improved Chinese Trade data and renewed risk appetite.

Trade Execution:

  • The RSI, currently sitting above 50, supports the potential uptrend breakout above the 0.6800 handle. A sustained move above 0.6800 could represent buy opportunities for investors. Investors should look out for the RSI for indications that the pair could be “Overbought”.
  • The pair has retreated back to the 0.6700 handle on Friday, presenting a better buy-in level at the crossover of the SMAs. Prices need to remain above this crossover to indicate further upward momentum. Buyers can protect their positions at the previous low of 0.6600 handle.

If you have any feedback or questions, feel free to email us at samht@phillip.com.sg or onishathyeyn@phillip.com.sg or cfd@phillip.com.sg.


This material is provided to you for general information only and does not constitute a recommendation, an offer or solicitation to buy or sell the investment product mentioned. It does not have any regard to your specific investment objectives, financial situation or any of your particular needs.

Accordingly, no warranty whatsoever is given and not liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of your acting based on this information. Investments are subject to investment risks.

The risk of loss in leveraged trading can be substantial. You may sustain losses in excess of your initial funds and may be called upon to deposit additional margin funds at short notice. If the required funds are not provided within the prescribed time, your positions may be liquidated.

The resulting deficits in your account are subject to penalty charges. The value of investments denominated in foreign currencies may diminish or increase due to changes in the rates of exchange.

You should also be aware of the commissions and finance costs involved in trading leveraged products. This product may not be suitable for clients whose investment objective is preservation of capital and/or whose risk tolerance is low.

Clients are advised to understand the nature and risks involved in margin trading. You may wish to obtain advice from a qualified financial adviser, pursuant to a separate engagement, before making a commitment to purchase any of the investment products mentioned herein. In the event that you choose not to obtain advice from a qualifies financial adviser, you should assess and consider whether the investment product is suitable for you before proceeding to invest and we do not offer any advice in this regard unless mandated to do so by way of a separate engagement.

You are advised to read the trading account Terms & Conditions and Risk Disclosure Statement (available online at www.poems.com.sg) before trading in this product. Any CFD offered is not approved or endorsed by the issuer or originator of the underlying securities and the issuer or originator is not privy to the CFD contract. This advertisement has not been reviewed by the Monetary Authority of Singapore.

About the author

Sam Hei Tung (Dealing) and Onisha Thye (Dealing)

Sam graduated from National University of Singapore with a Master of Science in Finance. He personally manages his own investment portfolio and does equity and economic research in his free time. Sam believes that education and information is essential to making good financial decisions.

Onisha is a dealer at the CFD Dealing Desk. She graduated from Monash University with a double major in finance and econometrics. Her natural curiosity for finance is what drove her to be in this field as she is fascinated by all the possibilities and opportunities that are available to grow one’s wealth, either through trading or investment.

No Related Market Journal.

Contact us to Open an Account

Need Assistance? Share your Details and we’ll get back to you


This material is provided by Phillip Capital Management (S) Ltd (“PCM”) for general information only and does not constitute a recommendation, an offer to sell, or a solicitation of any offer to invest in any of the exchange-traded fund (“ETF”) or the unit trust (“Products”) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. You should read the Prospectus and the accompanying Product Highlights Sheet (“PHS”) for key features, key risks and other important information of the Products and obtain advice from a financial adviser (“FA“) pursuant to a separate engagement before making a commitment to invest in the Products. In the event that you choose not to obtain advice from a FA, you should assess whether the Products are suitable for you before proceeding to invest. A copy of the Prospectus and PHS are available from PCM, any of its Participating Dealers (“PDs“) for the ETF, or any of its authorised distributors for the unit trust managed by PCM.  

An ETF is not like a typical unit trust as the units of the ETF (the “Units“) are to be listed and traded like any share on the Singapore Exchange Securities Trading Limited (“SGX-ST”). Listing on the SGX-ST does not guarantee a liquid market for the Units which may be traded at prices above or below its NAV or may be suspended or delisted. Investors may buy or sell the Units on SGX-ST when it is listed. Investors cannot create or redeem Units directly with PCM and have no rights to request PCM to redeem or purchase their Units. Creation and redemption of Units are through PDs if investors are clients of the PDs, who have no obligation to agree to create or redeem Units on behalf of any investor and may impose terms and conditions in connection with such creation or redemption orders. Please refer to the Prospectus of the ETF for more details.  

Investments are subject to investment risks including the possible loss of the principal amount invested. The purchase of a unit in a fund is not the same as placing your money on deposit with a bank or deposit-taking company. There is no guarantee as to the amount of capital invested or return received. The value of the units and the income accruing to the units may fall or rise. Past performance is not necessarily indicative of the future or likely performance of the Products. There can be no assurance that investment objectives will be achieved.  

Where applicable, fund(s) may invest in financial derivatives and/or participate in securities lending and repurchase transactions for the purpose of hedging and/or efficient portfolio management, subject to the relevant regulatory requirements. PCM reserves the discretion to determine if currency exposure should be hedged actively, passively or not at all, in the best interest of the Products.  

The regular dividend distributions, out of either income and/or capital, are not guaranteed and subject to PCM’s discretion. Past payout yields and payments do not represent future payout yields and payments. Such dividend distributions will reduce the available capital for reinvestment and may result in an immediate decrease in the net asset value (“NAV”) of the Products. Please refer to <www.phillipfunds.com> for more information in relation to the dividend distributions.  

The information provided herein may be obtained or compiled from public and/or third party sources that PCM has no reason to believe are unreliable. Any opinion or view herein is an expression of belief of the individual author or the indicated source (as applicable) only. PCM makes no representation or warranty that such information is accurate, complete, verified or should be relied upon as such. The information does not constitute, and should not be used as a substitute for tax, legal or investment advice.  

The information herein are not for any person in any jurisdiction or country where such distribution or availability for use would contravene any applicable law or regulation or would subject PCM to any registration or licensing requirement in such jurisdiction or country. The Products is not offered to U.S. Persons. PhillipCapital Group of Companies, including PCM, their affiliates and/or their officers, directors and/or employees may own or have positions in the Products. Any member of the PhillipCapital Group of Companies may have acted upon or used the information, analyses and opinions herein before they have been published. 

This advertisement has not been reviewed by the Monetary Authority of Singapore.  


Phillip Capital Management (S) Ltd (Co. Reg. No. 199905233W)  
250 North Bridge Road #06-00, Raffles City Tower ,Singapore 179101 
Tel: (65) 6230 8133 Fax: (65) 65383066 www.phillipfunds.com