📊 ROB’S DAILY UPDATE 📈

 

‼️ Wall Street tries to recover from rocky 2023 start

 

Wall Street trades again higher in pre-market trading trying to recover its footing after US stocks, in particular the tech sector, started 2023 on a downbeat note as rising rate concerns, high inflation and recessionary fears continued to weigh on market sentiment.

 

Markets in Europe, in particular France and Germany, are trading again positively with inflation readings coming in lower than expected. The tech-heavy Hang Seng soared today as Beijing considered further support for China's battered property developers. In addition, Chinese regulators approved a fundraising plan by Jack Ma’s Ant Group, reducing the regulation pressure on the Chinese tech sector. 

 

Investors remain optimistic that Beijing's plans to reopen will eventually lead to an economic recovery and a reduction in disruptions to global supply chains, despite record infection numbers in China. Increasing mobility data in China could be seen as evidence that people are back to work and consumers are slowly returning to pre-pandemic patterns.

 

We expect volatility to increase but still remain below normal levels in this holiday-shortened first U.S. trading week of the year. Investors are waiting for U.S. economic data, especially labor market data this week, as well as today's Fed minutes, which will be released later this afternoon (19:00 GMT) and are another risk factor for another wave of selling. Overall, however, the Fed has made it clear that it will remain restrictive, so the bear market remains. 

 

Oil and gas prices continue to fall, mainly due to the unusually warm temperatures in Europe and the accompanying concern about the decline of Russian oil and gas in the world market.

 

Overall risk sentiment is slightly positive and global markets are pointing to a positive day. The AUD has performed well after selling off sharply yesterday - partly on improving risk sentiment, but also as China considers ending its ban on Australian coal. The JPY continues to be supported and is recovering from sharp losses in 2022.

 

 

👁 ROB'S MARKET OVERVIEW:

 

January 4 - 2023

 

🇺🇸 US Markets ↕️/↗️

Cyclical Stocks ↗️

Tech/Growth Stocks ↗️

Financial Stocks ↗️

Defensive Stocks ➡️/↗️

Energy Stocks ↘️

 

💱 Forex Markets

AUD, EUR, CAD ➡️/↗️ (upside limited after strong gains)

JPY, CHF, GBP ➡️

USD ➡️/↘️

 

⚒ Commodity Markets ↕️

Oil prices ➡️/↘️

Natural Gas prices ➡️/↘️ 

Metal prices ➡️/↗️

Precious Metal prices ↗️

 

⚡️Crypto Market ➡️

 

 

(*↗️ bullish, ↘️ bearish, ➡️ sideways / stable, ↕️ mixed / volatile)

 

Yours, Robert 🇨🇳🇭🇰🇪🇺🌬🇺🇸