Global Markets:
- Asian Stock Markets : Nikkei up 0.40%, Shanghai Composite up 1.00%, Hang Seng up 1.28%, ASX up 0.06%
- Commodities : Gold at $1858.25 (-0.04%), Silver at $23.93 (-0.13%), Brent Oil at $78.76 (+1.18%), WTI Oil at $73.78 (+1.29%)
- Rates : US 10-year yield at 3.716, UK 10-year yield at 3.526, Germany 10-year yield at 2.283
News & Data:
- (USD) JOLTS Job Openings 10.46M vs 10.04M expected
- (USD) ISM Manufacturing PMI 48.4 vs 48.5 expected
- (CHF) CPI m/m -0.20% vs -0.10% expected
Markets Update:
Most Asian stock markets rallied on Thursday after the minutes of the Federal Reserve’s December meeting pointed to smaller interest rate hikes, while a mild improvement in Chinese business activity ramped up bets on an economic recovery this year.
Chinese stocks were the best performers in the region, with the Shanghai Shenzhen CSI 300 and Shanghai Composite indexes rallying 1.8% and 1.3%, respectively. Hong Kong’s Hang Seng index also jumped 0.9%, amid speculation over an imminent border reopening with the mainland. The Australian stock market is slightly higher on Thursday, with gains in technology and financial stocks, nearly offset by weakness in energy stocks after crude oil prices tumbled more than 5 percent.
Oil sounded the loudest note of caution, falling sharply overnight on worries that the near-term outlook is precarious in China and that a global slowdown will hurt demand. In currency markets, the dollar has been wobbly as investors navigate between the Fed’s hawkish tone and the support for riskier currencies driven by China’s reopening.
Upcoming Events:
- 01:15 PM GMT – (USD) ADP Non-Farm Employment Change
- 01:30 PM GMT – (USD) Unemployment Claims
