Michael Harris
Latest articles by Michael Harris
Shares of Relief Therapeutics (SIX: RLF) exploded 80% on Monday after the drugmaker said its “RLF-100” treatment, developed together with the U.S.-Israeli firm NeuroRx, showed early potential. Fundamental analysis: Emergency treatment for critically ill patients NeuroRx and Relief, a Swiss-based drugmaker, issued a joint statement to note progress with its RLF-100 drug. Accordingly, the drug showed positive results in the treatment of critically...
Shares of Cineworld (LON: CINE) have dipped a further 4% today following the deal between AMC Entertainment and Universal Pictures deal that cuts films run times in theatres. Fundamental analysis: A new major hit for the cinema industry A new deal between the AMC Entertainment and Universal Pictures primarily reduced the exclusivity of all motion pictures made by Universal Pictures and Focus Features from 75 days in theatres to just 17 days. ...
Gold prices have continued its impressive bullish run to print a new record high at $1,987.95/oz. The yellow metal has been an attractive option for investors as the U.S. dollar hits multi-year lows. Fundamental analysis: Nearly 18 million confirmed COVID-19 cases Gold prices hit a fresh all-time high today thanks to rising concerns over the economic spinoff due to an increase in the number of new coronavirus cases, which turned investors’ atten...
The cryptocurrency market has been trading in a volatile fashion over the weekend. Bitcoin price moved above $12k for the first time in a year, while Ethereum hit the highest levels since August 2018. Overall, nearly $1.5 billion has been liquidated on major crypto exchanges after the world’s biggest digital assets crashed in just 15 minutes after printing fresh highs, before eventually pushing higher again. Bitcoin – $1 billion...
GBP/USD price gained nearly 5.5% in July to market the best month since 2009. The dollar fell to multi-year lows against a range of currencies, with the dollar index closing the month 4.1% lower. Fundamental analysis: Sterling rises on a broad dollar weakness Sterling took advantage of the broad dollar weakness to push the dollar above $1.30. A strong performance in July means the gains that the pound made against the greenback are the biggest i...
Crude oil prices are trading 2.5% lower today as the number of new COVID-19 cases hits a new daily record. Prices of the black gold rose this week due to a weak US dollar, but the gains got capped quickly. Fundamental analysis: Weak dollar and a steep drop in U.S. crude inventories helping oil The broad dollar weakness helped crude oil prices to print levels above $42 for the first time since the plunge in March. However, the gains culminat...
Ethereum (ETC) price has been mostly consolidating above $300, which is seen as a positive development for the buyers. Also, Ethereum miners’ daily earnings jumped by more than 60% in a month. Fundamental analysis: Miners see their income jump significantly Ethereum miners’ daily earnings jumped by more than 60%, according to Sparkpool. Additionally, the increase in daily income has also exceeded Ether’s (ETH) price surge of 40% in a month. The s...
Shares of Limited Brands Inc (NYSE: LB) erupted more than 20% in after-hours trading after the owner of Victoria’s Secret announced plans to cut 850 of its corporate workforce. Shares have surged to over $23 to hit a new 5-month high. Fundamental analysis: Victoria’s Secret impact the most L Brands, the owner of Victoria’s Secret and Bath & Body Works brands, said it will remove 850 workers from its home office at Columbus, Ohio. Bath &...
Shares of Sanofi (EPA: SAN) gained around 1% today after the UK government agreed to buy $500 million worth of COVID-19 vaccines from Sanofi and GlaxoSmithKline (LON: GLK). Moreover, the French giant raised its 2020 earnings forecast today. Fundamental analysis: Earnings forecast upgraded Sanofi, the world’s fifth-largest pharma company by prescription sales, upgraded its 2020 earnings forecast today after reporting a surge in t...
USD/JPY has formed the head and shoulders bearish reversal chart pattern during the ongoing downtrend. In the meantime, investors are waiting to hear from the Fed tomorrow about the next steps it plans to undertake to help the embattled economy. Fundamental analysis: Dollar under severe pressure The U.S. dollar is trading under intense pressure as a consequence of Federal Reserve slashing of key interest rates and excessive money-printing....
Shares of B&M European Value Retail SA (LON: BME) opened nearly 10% higher this morning in London after the convenience retailer said it expects to easily beat earnings expectations for the first half of the year. As a result, the B&M stock price hit an all-time high today. Fundamental analysis: B&M smashes expectations B&M, one of UK’s fastest growing variety retailers, said it projects to report its EBITDA between £250 mi...
The US dollar has been absolutely destroyed in the last two months. Looking at charts, it seems that dollar buyers capitulated, at least in the short-term. The dollar index (DXY), which measures the value of a basket of currencies of the majority of the U.S.’s most significant trading partners, went from trading around at $100 to a 2-year low at $93.50 in two months. Why are investors selling dollars excessively? The dollar has found itself...
Gold prices have gained a further 2% on Monday to print the record highs above $1940/oz. A weaker dollar across the board, massive stimulus packages introduced around the globe, and resurging U.S. – China conflict have all helped gold prices to surge. Fundamental analysis: Gold prices shot higher as dollar takes a dive A surge in the number of new COVID-19 infections around the world is likely to prompt new actions from the central banks an...
Shares of TUI AG (LON: TUI) have plunged 15% after the UK introduced a quarantine rule for all non-essential travel to Spain. As a result, shares tumbled below GBX300 to hit a 2-month low. Fundamental analysis: Government decision sends shock waves through travel industry On Saturday, the UK Government abruptly introduced a quarantine rule for all non-essential travel to Spain. As a result, all people coming from Spain will isolate for 14 days to...
Tezos (XTZ) price has gained nearly 30% in July as buyers fight to force a close above $3.00. Separately, China’s blockchain infrastructure has joined forces with Tezos and 5 other public chains. Fundamental analysis: China’s push to become the world’s leader China plans to open its services to dapp developers globally on August 10. This superpower plans to become the only infrastructure provider for blockchain companies on a global scale, a mov...
Gold prices have recorded their best week since 2016 to surge above $1,900/oz for the first time since 2011. Investors are channeling their funds into precious metals amid forecasts that more stimulus is heading towards the troubled economies. Fundamental analysis: Gold bursts higher on stimulus forecasts Gold prices have continued their impressive bullish run, fueled by a weakened dollar and inflation anticipations due to incentive for cor...
EUR/USD price registered the week since March by gaining 2% to trade above $1.16 for the first time since September 2018. The EUR bulls received a massive boost after the European Union agreed a massive €750-billion coronavirus recovery package. Fundamental analysis: Greece and Italy relieved Italy, Spain, and Greece are among the countries that gained a massive boost after the EU agreed a €750-billion coronavirus recovery package. Given the seve...
USD/JPY price tumbled on Friday to trade at 4-month lows amid the risk-on market environment. The Japanese Yen gained across the board as the stock market turned lower as ties between the United States and China have deteriorated. Fundamental analysis: Dollar under the pressure The JPY hit a one-month high while the euro’s gains came to a halt as investors watched flash Purchasing Managers’ Index (PMI) climb to a 25-month high. Eurozone com...
Bitcoin (BTC) price is trading around the $9,500 mark as the buyers take a step back before continuing their assault at $10,000, the key short-term target. Fundamentally, several key metrics, including Grayscale’s $1.4-billion inflow in the first half of this year, suggest that institutional demand for Bitcoin is on the rise. Fundamental analysis: Institutional investors seek Bitcoin exposure The institutional demand for BTC has been growing cons...
Ripple (XRP) is trading under pressure today with prices currently trending around 0.2050, or 2% in the red. Ripple surged higher this week after the U.S. Office of the Comptroller of the Currency (OCC) published a letter that will make a significant change in the policy of custody services for digital currencies. However, the buyers are struggling to sustain losses after hitting an important technical resistance. A major step forward in cr...
Ethereum (ETH/USD) price broke above the $250 resistance line yesterday, paving the way for a more substantial move higher in the coming weeks and months. A data analytics platform also reports that the whales transferred a high amount of ETH to exchange wallets. Fundamental analysis: Higher volatility incoming Santiment, a data analytics platform, reports that whales have recently transferred a high amount of ETH to exchange. Accordingly, some m...
Shares of Daimler AG (ETR: DAI) gained 6% today after the car-maker reported a decline in sales of 34% for the second quarter ending June 30. However, Daimler is hopeful that it can be profitable at the end of the year as the recovery has already started. Fundamental analysis: Better than feared Daimler, the manufacturer of famous Mercedes Benz cars, reported that total unit sales decreased by 34% to 541,800 passenger cars and commercial vehicle...
Shares of Unilever (AMS: UNA) surged 8% today to hit a new 4-week high after reporting a rise in net earnings for the first half of the year. Fundamental analysis: Hygiene products in demand Unilever reported its underlying sales slipped 0.3% for a quarter ending June 30, easily beating the analysts’ forecast of a 4.3% drop. In the United States, Unilever’s biggest market, the Anglo-Dutch saw its sales rise 7.3% with volume up 20% for...
Shares of Snap Inc. (NYSE: SNAP) fell around 7% in the after-hours trading session after the tech firm said the net loss grew nearly 30% from last year. Snap stock price is now moving towards the nearby support at $21. Fundamental analysis: Number of users climb, net loss widens Snap presented its second-quarter earnings after the trading hours on Tuesday. The owner of the popular Snapchat app said it recorded revenue of $454 million, higher tha...
DAX Index has surged around 2% today to hit levels above 13300 for the first time since February this year after the European Union agreed on a historic pandemic recovery deal. Fundamental analysis: An unprecedented agreement reached Early Tuesday morning witnessed a history after the European Union leaders agreed a historic deal on a massive stimulus plan to help embattled eurozone’s economies. It paved the way for the ending of the...