Weekly Updates 9/10/23 – 13/10/23 October 9, 2023

Weekly Updates 9/10/23 – 13/10/23

Weekly Updates 9/10/23 – 13/10/23

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 (02 Oct 2023 – 06 Oct 2023)

Weekly Updates 9/10/23 – 13/10/23*These prices are taken based on the previous Monday’s opening price and the preceding Friday’s closing price.

Last week’s market movement revolved around the Global Brent benchmark falling below USD$85 per barrel while the WTI is sitting below US$84 per barrel, this signals a retracement in the oil market, which is recorded as the biggest decline in more than a year. Stocks rebounded earlier losses due to stronger-than-expected September jobs report, while wages are moderating which is a sign that the labour market could be in a for a soft landing. The surge in long-term US Government borrowing costs will continue to cause financial distress as investors are worried about the 10 year yields above 5%.

Updates for the week (09 Oct 2023 – 13 Oct 2023)

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

Weekly Updates 9/10/23 – 13/10/23

This week’s macro news mainly focuses on FOMC Meeting Minutes from the US and China, CPI Data coming out of both the US and China and GDP & MAS monetary policy statement data from Singapore. FOMC minutes and CPI data from the US will be the main focus as analysts are looking for any tone change from the Fed be it more hawkish or dovish. Given the recent spike in US bond yields, market participants are expecting the Fed to be more cautious and sticking to their plan to increase rates one last time in November. CPI data is expected to drop from 0.6% prior to 0.3% MoM, showing a decrease in US inflation. A measure that the US Fed looks closely at.

Weekly Updates 9/10/23 – 13/10/23

This week’s corporate earnings focuses on the financial companies in the US, from JP Morgan (Investment Bank), Black Rock (Investment management) to Wells Fargo (Regional Bank) and CitiGroup (Global Bank). Setting the stage for the upcoming earning season with its earning and forward guidance. Delta Airlines’s earning release and forward guidance will paint the domestic and international tourism landscape for the US. Traders and investors of airline companies should pay attention to this earnings release.

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 9/10/23 – 13/10/23

Nikkei 225: Are the Bulls Still Going Strong? – By Annabelle Tang

Weekly Updates 9/10/23 – 13/10/23

Trade Set-up:

  • From the chart above, we see that Nikkei 225 has been trending downwards since 15 September 2023 in which it has hit the low price point of 30250 on 4th October 2023.
  • Since then, prices have slowly been trending upwards. It might be interesting to note that the low price range of 30250 on 4th October 2023 was last seen in May 2023.
  • By understanding the logic behind trading heuristics and how it affects the microstructure of trading i.e. technical analysis (support/resistance, how price patterns tend to repeat itself), we deem it likely for prices to resume its previous behaviour and start trending upwards once again, as it did in May.

Trade Execution:

  • Traders can long above the green line, and set a stop loss that is 1/3 of the potential take profit accordingly.
  • If traders are able to hold onto longer term positions, then we recommend the stop loss to be placed at 30230, and partial take profit at 33,250, then final take profit at 33,500.
  • Alternatively, if prices begin falling below 30200, traders may wish to wait out a little longer and observe before shorting due to the possibility of Nikkei 225 wiping out all of its earlier gains (which started in June) as it retraces back to the price it was trading at for the past 3 decades.

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