Market Talk – February 10, 2023

ASIA:

The major Asian stock markets had a mixed day today:

• NIKKEI 225 increased 86.63 points or 0.31% to 27,670.98
• Shanghai decreased 9.71 points or -0.30% to 3,260.67
• Hang Seng decreased 433.94 points or -2.01% to 21,190.42
• ASX 200 decreased 56.60 points or -0.76% to 7,433.70
• Kospi decreased 11.79 points or -0.48% to 2,469.73
• SENSEX decreased 123.52 points or -0.20% to 60,682.70
• Nifty50 decreased 36.95 points or -0.21% to 17,856.50

The major Asian currency markets had a mixed day today:

• AUDUSD decreased 0.00184 or -0.27% to 0.69166
• NZDUSD decreased 0.00214 or -0.34% to 0.63026
• USDJPY decreased 0.101 or -0.08% to 131.459
• USDCNY increased 0.02889 or 0.43% to 6.82399

Precious Metals:

• Gold increased 0.08 USD/t oz. or 0.00% to 1,861.47
• Silver increased 0.086 USD/t. oz or 0.39% to 22.062

Some economic news from last night:

China:

CPI (YoY) (Jan) increased from 1.8% to 2.1%

CPI (MoM) (Jan) increased from 0.0% to 0.8%

PPI (YoY) (Jan) decreased from -0.7% to -0.8%

New Zealand:

Business NZ PMI (Jan) increased from 47.2 to 50.8

Electronic Card Retail Sales (MoM) (Jan) increased from -2.3% to 2.6%

Some economic news from today:

China:

New Loans (Jan) increased from 1,400.0B to 4,900.0B

EUROPE/EMEA:

The major Europe stock markets had a negative day:

• CAC 40 decreased 58.63 points or -0.82% to 7,129.73
• FTSE 100 decreased 28.70 points or -0.36% to 7,882.45
• DAX 30 decreased 215.44 points or -1.39% to 15,307.98

The major Europe currency markets had a mixed day today:

• EURUSD decreased 0.00682 or -0.64% to 1.06678
• GBPUSD decreased 0.00711 or -0.59% to 1.20509
• USDCHF increased 0.00265 or 0.29% to 0.92485

Some economic news from Europe today:

UK:

NIESR Monthly GDP Tracker decreased from 0.0% to -0.1%

Business Investment (QoQ) (Q4) increased from -3.2% to 4.8%

GDP (QoQ) (Q4) increased from -0.2% to 0.0%

GDP (MoM) (Dec) decreased from 0.1% to -0.5%

GDP (YoY) (Q4) decreased from 1.9% to 0.4%

Industrial Production (MoM) (Dec) increased from 0.1% to 0.3%

Manufacturing Production (MoM) (Dec) increased from -0.6% to 0.0%

Monthly GDP 3M/3M Change (Dec) increased from -0.3% to 0.0%

Trade Balance (Dec) decreased from -14.66B to -19.27B

Trade Balance Non-EU (Dec) decreased from -3.49B to -7.48B

US/AMERICAS:

The US real estate market remains elevated despite mortgage rates nearly doubling over the past year. CoreLogic reported that prices were 6.9% higher in December on an annual basis, which marked the lowest YoY appreciation since 2020. Annual price appreciation peaked in April 2021 at 20%. Although home prices slightly depreciated from November to December, the recent downtick in mortgage rates increased demand once again. A separate survey by Fannie Mae noted that prices rose for the third consecutive month in January. The homebuying sentiment survey showed that 59% of respondents believe now is a good time to sell as they expect prices to correct this year. Inventory remains low, but homebuilder sentiment rose for the first time in 12 months this January, according to the National Association of Home Builders.

US Market Closings:

• Dow advanced 169.52 points or 0.5% to 33,869.4
• S&P 500 advanced 8.98 points or 0.22% to 4,090.48
• Nasdaq declined 71.46 points or -0.61% to 11,718.12
• Russell 2000 advanced 3.47 points or 0.18% to 1,918.81

Canada Market Closings:

• TSX Composite advanced 14.37 points or 0.07% to 20,612.12
• TSX 60 advanced 2.7 points or 0.22% to 1,244.39

Brazil Market Closing:

• Bovespa advanced 70.22 points or 0.07% to 108,078.27

ENERGY:

The oil markets had a green day today:

• Crude Oil increased 1.245 USD/BBL or 1.59% to 79.305
• Brent increased 1.165 USD/BBL or 1.38% to 85.665
• Natural gas increased 0.0758 USD/MMBtu or 3.12% to 2.5058
• Gasoline increased 0.0486 USD/GAL or 1.99% to 2.4961
• Heating oil increased 0.0354 USD/GAL or 1.26% to 2.8508

The above data was collected around 12:56 EST on Friday

• Top commodity gainers: Gasoline (1.99%), Crude Oil (1.59%), Natural Gas (3.12%) and Wheat (2.98%)
• Top commodity losers: Palladium (-5.33%), Coal (-3.33%), Orange Juice (-3.81%) and Lumber (-2.91%)

The above data was collected around 13:02 EST Friday.

BONDS:

Japan 0.500% (+0.6bp), US 2’s 4.50% (-0.013%), US 10’s 3.7263% (+4.33bps); US 30’s 3.82% (+0.075%), Bunds 2.363% (+5.2bp), France 2.826% (+5.8bp), Italy 4.215% (+8.4bp), Turkey 11.03% (-5bp), Greece 4.28% (+12.1bp), Portugal 3.251% (+8.2bp); Spain 3.399% (+7bp) and UK Gilts 3.39% (+9.8bp).

The post Market Talk – February 10, 2023 first appeared on Armstrong Economics.