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Markets Update: US Stocks See Further Losses, FOMC Minutes Show Balanced Views.
Economic Calendar
Global Markets Roundup: 04 Jan 2023
Overview
US stocks extended their recent losses on Wednesday, with the Russell 2000 index underperforming the broader market. The FOMC minutes released earlier in the day offered a mixed view of the central bank's stance, with some members suggesting that interest rates may remain at current levels for longer than previously expected.
Key Developments
US Stocks Suffer Further Losses: US stocks extended their recent losses on Wednesday, with the S&P 500 index falling 1.3% and the Nasdaq Composite index losing 0.8%. The Russell 2000 index, which tracks small-cap stocks, was the hardest hit, falling 2.1%.
FOMC Minutes Show Balanced Views: The FOMC minutes released earlier in the day showed that policymakers were divided on the future course of interest rates. Some members suggested that interest rates could remain at their current level for longer than previously expected, while others indicated that they could move more aggressively in the near term.
APAC Stocks Follow Wall Street's Lead: APAC stocks traded lower across the board on Wednesday, mirroring the losses on Wall Street. The Shanghai Composite index fell 2.1%, the Hang Seng index dropped 2.3%, and the Nikkei 225 index lost 0.9%.
DXY Briefly Tops 102.50: The dollar index (DXY) briefly topped 102.50 in intraday trading on Wednesday, before paring its gains and falling to a session low. The euro (EUR) and British pound (GBP) were flat against the dollar, while the Japanese yen (JPY) was choppy.
European Equity Futures Flat:Â European equity futures were flat on Thursday morning after the Euro Stoxx 50 cash index closed down 1.4% on Wednesday.
COMMODITIES
Crude oil futures held a firmer bias following Wednesday's sizeable gains on the back of rising Middle Eastern tensions and supply disruptions in Libya.
Spot gold initially drifted higher before finding overnight resistance before USD 2,050/oz.
Copper futures conformed to the broader downbeat mood across markets and 3M LME copper dipped back under USD 8,500/t.
US Private Energy Inventory Data (bbls): Crude -7.4mln (exp. -3.7mln), Gasoline +6.9mln (exp. -0.2mln), Distillate +6.7mln (exp. +0.6mln), Cushing +0.8mln
OPEC+ to hold monitoring meeting on February 1st, according to Reuters sources.
Looking Ahead
Traders will be looking to the release of the Euro Zone, UK, US Services & Composite PMI (Final), German State and Nationwide CPI, US Initial Jobless Claims, BoE Monthly Decision Maker Panel, supply from UK, France, Spain & US for further direction.
General news - Information source from multiple newswires.
The article and the data is for general information use only, not advice!
The Trade Academy Team
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