Friday 20th January 2023 : Japanese markets turn over the red tide

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Global Markets:

  • Asian Stock Markets : Nikkei up 0.41%, Shanghai Composite up 0.58%, Hang Seng up 1.16%, ASX up 0.23%
  • Commodities : Gold at $1925.80 (+0.10%), Silver at $23.93 (+0.24%), Brent Oil at $86.19 (+0.03%), WTI Oil at $80.70 (+0.11%)
  • Rates : US 10-year yield at 3.409, UK 10-year yield at 3.345, Germany 10-year yield at 2.052

Markets Update:

Asian stock markets are trading mostly higher on Friday, despite the broadly negative cues from global markets overnight, as traders remained cautious even as worries eased about interest rates following data showing cooling US inflation. The US Fed is widely expected to further slow the pace of rate hikes to 25 basis points at its next meeting.

The Japanese stock market is slightly higher on Friday after being in the red at open,, despite the broadly negative cues from global markets overnight, as the expected weak domestic inflation figures was already been accounted for by the market. Hong Kong’s Hang Seng index rose 1% and the Hang Seng Tech index climbed 1.59%, leading gains in the region. Mainland China’s Shanghai Composite traded 0.54% higher as the nation’s central bank left China’s 1-year and 5-year loan prime rates unchanged. The Shenzhen Component was up 0.4%.

Crude oil futures settled higher on Thursday as hopes about higher demand from China outweighed data showing a jump in U.S. crude inventories in the week ended January 13. Meanwhile, the dollar index, which measures the greenback against six peers, including the euro and yen, was little changed at 102.10, holding close to a 7 1/2-month low of 101.51, reached on Wednesday.

Upcoming Events:

  • 07:00 AM GMT – (GBP) Retail Sales m/m
  • 08:00 AM GMT – (CHF) SNB Chairman Jordan Speaks
  • Day 5 – (All) WEF Annual Meetings
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  • 01:30 PM GMT – (CAD) Core Retail Sales m/m
  • 01:30 PM GMT – (CAD) Retail Sales m/m
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