Global Markets:
- Asian Stock Markets : Nikkei up 0.05%, Shanghai Composite up 0.72%, Hang Seng down 1.18%, ASX down 0.09%
- Commodities : Gold at $1942.10 (+0.66%), Silver at $23.74 (+0.49%), Brent Oil at $86.33 (-0.08%), WTI Oil at $79.64 (-0.05%)
- Rates : US 10-year yield at 3.513, UK 10-year yield at 3.352, Germany 10-year yield at 2.238
News & Data:
- (USD) Revised UoM Consumer Sentiment 64.9 vs 64.6 expected
- (USD) Pending Home Sales m/m 2.50% vs -1.00% expected
- (USD) Core PCE Price Index m/m 0.30% vs 0.30% expected
Markets Update:
Asian stock markets are trading mixed on Monday, following the broadly positive cues from global markets on Friday, and as traders remain cautious ahead of a busy week, when the US Fed, Bank of England and European Central Bank are due to lift interest rates in an effort to bring inflation down from a multi-decade high.
Asian markets closed mostly higher on Friday. The Fed is widely expected to slow the pace of interest rate hikes to 25 basis points, but traders will look to the accompanying statement for clues about the outlook for further rate hikes.
The Japanese stock market is modestly higher in choppy trading on Monday, extending the slight gains in the previous session, with the Nikkei 225 moving to just below the 27,500 level, following the broadly positive cues from global markets on Friday, as traders remain cautious amid interest rate decisions by the US Fed, Bank of England and European Central Bank later this week.
The Australian stock market is slightly lower on Monday after opening in the green, giving up some of the gains in the previous session, with the benchmark S&P/ASX 200 staying just below the 7,500 level, despite the broadly positive cues from global markets on Friday, with strong gains in technology stocks, more than offset by weakness in mining stocks.
Crude oil prices fell Friday amid uncertainty about the outlook for oil demand. Profit taking after recent gains and indications that oil supply from Russia will surge also weighed on oil prices. The drop in the dollar and yields has been a boon for gold, which is up 5.6% for the month so far at $1,928 an ounce.
Upcoming Events:
Tuesday, January 31, 2023
- 01:30 PM GMT – (CAD) GDP m/m
- 02:45 PM GMT – (USD) Chicago PMI
- 03:00 PM GMT – (USD) CB Consumer Confidence
- 09:45 PM GMT – (NZD) Employment Change q/q
- 09:45 PM GMT – (NZD) Unemployment Rate
Wednesday, February 01, 2023
- 10:00 AM GMT – (EUR) CPI Flash Estimate y/y
- 10:00 AM GMT – (EUR) Core CPI Flash Estimate y/y
- All Day – (All) OPEC-JMMC Meetings
- 01:15 PM GMT – (USD) ADP Non-Farm Employment Change
- 03:00 PM GMT – (USD) ISM Manufacturing PMI
- 03:00 PM GMT – (USD) JOLTS Job Openings
- 07:00 PM GMT – (USD) FOMC Statement
- 07:00 PM GMT – (USD) Federal Funds Rate
- 07:30 PM GMT – (USD) FOMC Press Conference
Thursday, February 02, 2023
- 12:00 PM GMT – (GBP) BOE Monetary Policy Report
- 12:00 PM GMT – (GBP) MPC Official Bank Rate Votes
- 12:00 PM GMT – (GBP) Monetary Policy Summary
- 12:00 PM GMT – (GBP) Official Bank Rate
- 01:15 PM GMT – (EUR) Main Refinancing Rate
- 01:15 PM GMT – (EUR) Monetary Policy Statement
- 01:30 PM GMT – (USD) Unemployment Claims
- 01:45 PM GMT – (EUR) ECB Press Conference
- 03:15 PM GMT – (EUR) ECB President Lagarde Speaks
- 05:30 PM GMT – (CHF) SNB Chairman Jordan Speaks
Friday, February 03, 2023
- 08:30 AM GMT – (CHF) Gov Board Member Maechler Speaks
- 01:30 PM GMT – (USD) Average Hourly Earnings m/m
- 01:30 PM GMT – (USD) Non-Farm Employment Change
- 01:30 PM GMT – (USD) Unemployment Rate
- 03:00 PM GMT – (USD) ISM Services PMI
