Market Talk – March 9, 2023

ASIA:

The major Asian stock markets had a mixed day today:

• NIKKEI 225 increased 178.96 points or 0.63% to 28,623.15
• Shanghai decreased 7.15 points or -0.22% to 3,276.09
• Hang Seng decreased 125.51 points or -0.63% to 19,925.74
• ASX 200 increased 3.30 points or 0.05% to 7,311.10
• Kospi decreased 12.82 points or -0.53% to 2,419.09
• SENSEX decreased 541.81 points or -0.90% to 59,806.28
• Nifty50 decreased 164.80 points or -0.93% to 17,589.60

The major Asian currency markets had a mixed day today:

• AUDUSD increased 0.00016 or 0.02% to 0.65876
• NZDUSD decreased 0.00010 or -0.02% to 0.61040
• USDJPY decreased 1.187 or -0.86% to 136.153
• USDCNY increased 0.01206 or 0.17% to 6.97946

Precious Metals:

• Gold increased 18.23 USD/t oz. or 1.01% to 1,831.82
• Silver increased 0.061 USD/t. oz or 0.31% to 20.060

Some economic news from last night:

China:

CPI (MoM) (Feb) decreased from 0.8% to -0.5%

CPI (YoY) (Feb) decreased from 2.1% to 1.0%

PPI (YoY) (Feb) decreased from -0.8% to -1.4%

Japan:

GDP (QoQ) (Q4) increased from -0.3% to 0.0%

GDP (YoY) (Q4) increased from -1.1% to 0.1%

Australia:

Building Approvals (MoM) decreased from 15.3% to -27.6%

New Zealand:

Electronic Card Retail Sales (MoM) (Feb) decreased from 2.6% to 0.0%

Some economic news from today:

Japan:

Machine Tool Orders (YoY) decreased from -9.7% to -10.7%

EUROPE/EMEA:

The major Europe stock markets had a mixed day:

• CAC 40 decreased 8.88 points or -0.12% to 7,315.88
• FTSE 100 decreased 49.94 points or -0.63% to 7,879.98
• DAX 30 increased 1.34 points or 0.01% to 15,633.21

The major Europe currency markets had a mixed day today:

• EURUSD increased 0.00351 or 0.33% to 1.05791
• GBPUSD increased 0.00779 or 0.66% to 1.19199
• USDCHF decreased 0.00670 or -0.71% to 0.93490

Some economic news from Europe today:

France:

French Non-Farm Payrolls (QoQ) (Q4) decreased from 0.4% to 0.2%

US/AMERICAS:

Tomorrow’s highly anticipated nonfarm payrolls report could be one of the final pieces of data needed to determine whether the Fed will raise rates by 25 bps or 50 bps at the March meeting. Analysts anticipate that payrolls rose 225,000 in February, and also believe that January’s massive posting of 517,000 will be revised down. Jerome Powell came under fire by Democratic lawmakers this week who state his policies will lead to 2 million lost jobs. Yet, Powell rebutted that inflation is also disproportionately hurting family, especially low earners. The consumer and producer price indexes set to be released next week will also have a major impact of the FOMC’s decision. Powell insists that no figure has been decided upon, but rest assured that rates will rise in the coming weeks.

US Market Closings:

• Dow declined 543.54 points or -1.66% to 32,254.86
• S&P 500 declined 73.69 points or -1.85% to 3,918.32
• Nasdaq declined 237.65 points or -2.05% to 11,338.35
• Russell 2000 declined 52.89 points or -2.81% to 1,826.59

Canada Market Closings:

• TSX Composite declined 259.81 points or -1.28% to 20,086.72
• TSX 60 declined 15.73 points or -1.29% to 1,208.3

Brazil Market Closing:

• Bovespa declined 1,469.13 points or -1.38% to 105,071.19

ENERGY:

The oil markets had a negative day today:

• Crude Oil decreased 1.084 USD/BBL or -1.41% to 75.576
• Brent decreased 1.134 USD/BBL or -1.37% to 81.526
• Natural gas decreased 0.0716 USD/MMBtu or -2.81% to 2.4794
• Gasoline decreased 0.0868 USD/GAL or -3.23% to 2.6021
• Heating oil decreased 0.0721 USD/GAL or -2.63% to 2.6698

The above data was collected around 16:17 EST on Thursday

• Top commodity gainers: Sugar (1.29%), Palladium (1.16%), Iron Ore 62% fe (1.66%) and HRC Steel (4.30%)
• Top commodity losers: Rapeseed (-2.78%), Wheat (-3.05%), Gasoline (-3.23%) and Natural Gas (-2.81%)

The above data was collected around 16:23 EST Thursday.

BONDS:

Japan 0.501% (-0.4bp), US 2’s 4.88% (-0.190%), US 10’s 3.9071% (-6.89bps); US 30’s 3.86% (-0.013%), Bunds 2.61% (-3.5bp), France 3.137% (-0.2bp), Italy 4.386% (-3.4bp), Turkey 11.51% (-2bp), Greece 4.445% (-2.7bp), Portugal 3.506% (-1bp); Spain 3.616% (-4.8bp) and UK Gilts 3.838% (+7.5bp).

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