The New Year started with the IMF Chief Georgieva warning that the global economy faces ‘a tough year, tougher than the year we leave behind’.
German PMI data pointed at a faster than expected contraction in manufacturing activity in December, while the European manufacturing PMI came in at 47.8, in line with expectations.
This being said, trading in European markets was rather optimistic on the first trading day of the year, as European nat gas futures eased on mild weather.
The US dollar index kicked off the year on a subdued note, letting the dollar-yen tip a toe below the 130 mark. The EURUSD however, couldn’t build on gains above the 1.07 mark, while Cable remained steady-ish a touch above its 200-DMA, which stands near 1.2030 level.
Gold jumped to $1843 per ounce despite the positive pressure on the yields recently, while oil remained offered into the 50-DMA, which stands a touch below the $81 per barrel mark.
Trading in Bitcoin remains boring.
On the economic data front, we will watch FOMC minutes, US jobs data, and OPEC meeting this week.
On individual stocks front, carmakers announce their Q4 deliveries. Tesla hit a fresh record, but the number of cars delivered last quarter fell short of expectations, while Rivian reportedly doubled production in the final quarter of 2022 to hit its 25’000 yearly target.
Watch the full episode to find out more!
0:00 Intro
0:17 IMF warns that 2023 could be tougher than 2022
1:31 Chinese data disappoint
2:42 But European stocks remain bid
4:41 FOMC minutes & US jobs will give direction
6:07 US crude tests 50-DMA resistance
7:33 Tesla's record Q4 deliveries fall short of expectations
Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020.
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#SPX #Dow #Nasdaq #investing #trading #equities #stocks #cryptocurrencies #FX #bonds #markets #news
#Swissquote #MarketTalk #marketanalysis #marketcommentary
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