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16/02/2023
Today’s Announcements & News
Retail sales and private sector credit for December at 11.30am AEDT
US fourth-quarter employment cost index, FHFA house prices November, S&P CoreLogic CS house prices November, Chicago PMI January
China January PMIs for manufacturing, services at 12.30pmAEDT
Japan December industrial production
Eurozone fourth-quarter GDP at 9pm, January CPI at midnight
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Asia
Australian stock market is expected to experience a boost due to a number of upcoming corporate earnings reports and the release of January’s labor force survey.
Asian markets are set to open higher after a broad selloff on Wednesday, with the ASX 200 futures up 0.49%, Nikkei 225 rising 0.66%, and Hang Seng Index up 0.19%.
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United States
The US stock market was showing a mixed performance, with companies such as Airbnb seeing significant gains following the release of positive financial results. Both Tesla and Apple also saw gains during this time.
January’s retail sales figures rose by 3% from the previous month, surpassing the estimated 1.9%. This indicates that consumer spending remained strong despite persistent inflation concerns.
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Commodities
Due to a strengthening US dollar and an increase in bond yields, gold futures tumbled to a one-month low of 1,848. The precious metal has been losing value since February 2nd when the US Federal Reserve raised interest rates by 25 basis points and hinted at further increases in the future.
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On the other hand, crude oil prices experienced a slight decrease of 2% after rebounding from a session low. Despite US crude inventories reaching a 17-month high, the fact that prices remain relatively stable suggests that undersupply concerns may still be on the minds of traders. This is in part due to positive economic data from the US, China’s reopening, and Russia’s output cuts, all of which have improved the demand outlook. However, the resurgence of inflation may lead to more hedging activities in the oil trading market.
The above analysis is only for the views of market researchers and is for reference only and is not regarded as a specific investment suggestion.
