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The Morning Market Wrap

  • Major Asian stock indexes gained slightly despite yesterday’s Wall Street pullback after the Fed’s decision on interest rates. Chinese stocks gained, supported by better spending data during the holiday break. CHNComp is up 1.8%, HKComp is up 1.1%, and CH50 is up 1.3%.
  • Indexes in South Korea slightly declined, with KOSP200 down 0.1% trading near 326 points.
  • The Australian index AUS200 is up 0.32% after strong retail sales and trade balance data. The published data proved that the Reserve Bank of Australia still has room to continue the tightening cycle and further raise the interest rate.
  • Major indexes on Wall Street are rebounding slightly after yesterday’s decision by the Federal Reserve. US500 is up 0.44% and is trading at 4,113 points, while US100 is up 0.48% and trading around 13,150 points. Markets are currently pricing in the end of the FED tightening cycle after 10 consecutive hikes.
  • European indexes are likely to open slightly higher on Thursday’s session. Investors are awaiting decisions from the ECB and BoE on interest rates. German DAX index futures are up 0.25%.
  • Gold and silver are gaining, with gold trading again above $2,000 per ounce, the precious metal is up 0.23%.
  • Brent crude oil is rebounding from yesterday’s steep decline and is currently up 1.65%, trading around $73 per barrel. Other energy commodities are also gaining, with NATGAS CFD rising 1.4% at 2.18 points.
  • The International Monetary Fund (IMF) suggests that changes in the BoJ’s policy that could cause further increases in bond interest rates could have a significant impact on the global economy.
  • Chinese Caixin PMI data for the industrial sector shows a slight slowdown in the Chinese economy. The index performed worse than expected, with a reading of 49.5 compared to the forecast of 50.0 and the previous reading of 50.0.

GOLD has once again tested this year’s highs around $2069 per ounce after the Fed’s decision on interest rates yesterday. The price has slightly pulled back from the peaks, but it still remains above $2000.

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