Market Talk – January 24, 2023

Asia:

India is likely to peg its nominal gross domestic product growth at around 11% in the annual budget next week, two government officials said, marking a slowdown from its estimate for the current fiscal year due to the prospect of weaker exports. The sources, who asked not to be named because the discussions have not yet been made public, said nominal gross domestic product growth – which includes inflation and is the metric used to estimate tax collection – could come under pressure due to falling external demand next year due to a possible recession in the United States. India’s Canadian dollar was at 4.4% of GDP in the July-September quarter, up from 2.2% in the previous quarter and 1.3% a year ago, as rising commodity prices and a weaker rupee widened the trade gap.

Major Asian stock markets had a mixed day today:

  • The NIKKEI 225 increased by 393.15 points, or 1.46%, to 27,299.19.
  • Shanghai is closed
  • Hang Seng shut down
  • The ASX 200 rose 33.10 points, or 0.44%, to 7,490.40
  • Cosby locked
  • The SENSEX index rose 37.08 points, or 0.06%, to 60,978.75 points.
  • Nifty50 fell by 0.25 points, or 0.00%, to 18,118.30

The major Asian currency markets had a mixed day today:

  • AUDUSD rose 0.00108, or 0.15%, to 0.70388
  • NZDUSD rose 0.00129, or 0.20%, to 0.64979
  • USDJPY fell 0.57, or -0.44%, to 130.090
  • USDCNY rose 0.01207, or 0.18%, to 6.78727

Valuable minerals:

  • Gold decreased by $0.76/ton ounce. or -0.04% to 1,930.54
  • Silver rose by $0.122/ton. ounces or 0.52% to 23.573

Some economic news from last night:

Japan:

The Services PMI increased from 51.1 to 52.4

Australia :

NAB Business Confidence (Dec) increased from -4 to -1

Some economic news from today:

Japan:

Bank of Japan core CPI (yoy) increased from 2.9% to 3.1%

Europe/EMEA:

Refinitiv I/B/E/S data on Tuesday showed that revenue at Europe’s largest companies is expected to rise just 0.9% in the fourth quarter, down from 27.4% in the third quarter and the slowest rate of growth since the fourth quarter of 2020. The forecast represents, That tracks companies in the pan-European STOXX 600 index, down from last week when analysts expected revenue growth of 4%. The STOXX 600 is up over 6.5% so far in 2023 and is on track for its best January performance since 2015.

Major European stock markets had a mixed day:

  • The CAC 40 index rose 18.46 points, or 0.26%, to 7,050.48.
  • The FTSE 100 fell 27.31 points, or -0.35%, to 7,757.36
  • The DAX 30 fell 9.84 points, or -0.07%, to 15,093.11.

The major European currency markets had a mixed day today:

  • EURUSD fell 0.00004, or 0.00%, to 1.08676
  • GBPUSD fell 0.00563, or -0.46%, to 1.23167
  • USDCHF rose 0.00161, or 0.17%, to 0.92331

Some economic news from Europe today:

Germany:

German Consumer Climate GfK (Feb) increased from -37.6 to -33.9

German Manufacturing PMI (January) decreased from 47.1 to 47.0

German Services PMI (January) increased from 49.2 to 50.4

France:

French Manufacturing PMI (January) increased from 49.2 to 50.8

French services PMI (January) decreased from 49.5 to 49.2

United kingdom:

The Composite PMI decreased from 49.0 to 47.8

The Manufacturing PMI increased from 45.3 to 46.7

The Services PMI decreased from 49.9 to 48.0

CBI Industrial Trends Orders (Jan) decreased from -6 to -17

Euro-zone:

Manufacturing PMI (January) increased from 47.8 to 48.8

The S&P Global Composite PMI (January) rose from 49.3 to 50.2

Services PMI (January) increased from 49.8 to 50.7

United States / America:

The New York Stock Exchange suffered a strange technical error when it opened on Tuesday morning. Many stocks are listed at prices that are fundamentally different from the previous day’s closing prices. The problem was quickly rectified, but the cause of the problem is still unknown. The NYSE issued the following statement: “The exchange continues to investigate issues with today’s inaugural auction. In a subset of tokens, auctions have not opened. The exchange is working to clarify the list of tokens. Affected member firms may consider filing claims that are clearly false or under the rule.” 18″. The last time a technical error occurred was on July 8, 2015, when trading was halted for four hours due to a configuration issue.

The Department of Justice has targeted Google for a second time in connection with a possible violation of antitrust laws. Google shares fell during midday trading after the announcement. The Department of Justice claims that Google misuses data of its lucrative advertising subsidiary that currently dominates the online advertising market. “The analogy would be if Goldman or Citibank owned the New York Stock Exchange,” the executive explained. The company made $54.5 billion in the fourth quarter alone through search engine, Google and YouTube ads. Several states have joined the Department of Justice against Google, and there are also three separate lawsuits focused on this topic pending.

US market close:

  • The Dow advanced 104.4 points, or 0.31%, to 33,733.96 points.
  • The S&P 500 fell 2.86 points, or -0.07%, to 4,016.95.
  • The Nasdaq fell 30.14 points, or -0.27%, to 11,334.27.
  • Russell 2000 fell 5.16 points, or -0.27%, to 1,885.61.

Canada market closing:

  • The TSX Composite fell 2.03 points, or -0.01%, to 20,629.55.
  • TSX 60 fell 0.48 points, or -0.04%, to 1,242.39

Brazil Market Close:

  • Bovespa advances 1,290.87 points, or 1.16%, to 113,028.15

energy:

Oil markets had a negative day today:

  • Crude Oil fell -1.441 USD/BBL, or -1.77%, to 80.179
  • Brent crude fell by $1.593/BBL, or -1.81%, to 86.597.
  • Natural gas fell $0.1498/mmbtu or -4.35%, to 3.2972
  • Gasoline fell $0.0415/gallon, or -1.54%, to 2.6550
  • Heating oil fell $0.1115/gallon, or -3.14%, to 3.4394

The above data was collected at approximately 11:58 a.m. EST on Tuesday

  • The biggest gainers in commodities: Platinum (1.11%), Wheat (1.46%), Wood (5.52%) and Palladium (2.30%).
  • The biggest losers in commodities: natural gas (-4.35%), heating oil (-3.14%), Brent (-1.81%) and crude oil (-1.77%).

The above data was collected at approximately 12:05 a.m. EST on Tuesday.

Bonds:

Japan 0.411% (+3.1 bps), US 2’s 4.22% (-0.023%), US 10’s 3.4821% (-4.09 bps); US 30 3.63% (-0.055%), Bonds 2.157% (-4.4 bps), France 2.595% (-6.4 bps), Italy 3.925% (-10.2 bps), Turkey 9.86% (-8 bps) , Greece 4.27% (+7.3 bps), Portugal 3.022% (-7.3 bps); Spain 3.122% (-7.8 basis points) and British Bonds 3.286% (-7.8 basis points).

Market Talk – January 23, 2023

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