Market Talk – January 2, 2024

ASIA:

The major Asian stock markets had a mixed day today:

• NIKKEI 225 decreased 75.45 points or -0.22% to 33,464.17
• Shanghai decreased 12.66 points or -0.43% to 2,962.28
• Hang Seng decreased 258.84 points or -1.52% to 16,788.55
• ASX 200 increased 37.00 points or 0.49% to 7,627.80
• Kospi increased 14.53 points or 0.55% to 2,669.81
• SENSEX decreased 379.46 points or -0.53% to 71,892.48
• Nifty50 decreased 76.10 points or -0.35% to 21,665.80

The major Asian currency markets had a mixed day today:

• AUDUSD decreased 0.00406 or -0.60% to 0.67704
• NZDUSD decreased 0.00632 or -1.00% to 0.62608
• USDJPY increased 1.024 or 0.73% to 141.894
• USDCNY increased 0.02253 or 0.32% to 7.14653

The above data was collected around 11:59 EST.

Precious Metals:

• Gold increased 3.8 USD/t oz. or 0.18% to 2,066.39
• Silver increased 0.059 USD/t. oz or 0.25% to 23.819

The above data was collected around 12:07 EST.

EUROPE/EMEA:

The major Europe stock markets had a mixed day today:

• CAC 40 decreased 12.32 points or -0.16% to 7,530.86
• FTSE 100 decreased 11.72 points or -0.15% to 7,721.52
• DAX 30 increased 17.72 points or 0.11% to 16.769.36

The major Europe currency markets had a mixed day today:

• EURUSD decreased 0.00903 or -0.82% to 1.09537
• GBPUSD decreased 0.00929 or -0.73% to 1.26301
• USDCHF increased 0.00787 or 0.94% to 0.84907

The above data was collected around 12:09 EST.

US/AMERICAS:

Apple’s stock fell over 3% during midday trading following a downgrade by Barclays, which also reduced its price target for the company. The downgrade was based on concerns about weakening iPhone 15 sales, which Barclays sees as a potential warning sign for iPhone 16 sales and broader hardware projections. Analyst Tim Long also anticipates weakness in Apple’s services business, citing regulatory scrutiny as a contributing factor. The stock was downgraded to underweight, and its price target was slightly trimmed from $161 to $160. The concerns about iPhone sales have been ongoing with Barclays noting “lackluster” sales, particularly in China, as a sign of potential weakness in future hardware sales.

US Market Closings:

• Dow advanced 25.5 points or 0.07% to 36,715.04
• S&P 500 declined 27 points or -0.57% to 4,742.83
• Nasdaq declined 245.41 points or -1.63% to 14,765.94
• Russell 2000 declined 14.28 points or -0.7% to 2,012.8

Canada Market Closings:

• TSX Composite declined 86.3 points or -0.41% to 20,872.14
• TSX 60 declined 3.97 points or -0.31% to 1,260.86

Brazil Market Closing:

• Bovespa declined 1,488.61 points or -1.11% to 132,696.63

ENERGY:

The oil markets had a mixed day today:

• Crude Oil decreased 0.974 USD/BBL or -1.36% to 70.677
• Brent decreased 0.755 USD/BBL or -0.98% to 76.284
• Natural gas decreased 0.1139 USD/MMBtu or -4.27% to 2.5550
• Gasoline decreased 0.0175 USD/GAL or -0.82% to 2.1061
• Heating oil increased 0.0279 USD/GAL or 1.10% to 2.5568

The above data was collected around 12:12 EST.

• Top commodity gainers: Sugar (2.62%), Bitumen (2.23%), Live Cattle (2.07%) and Orange Juice (4.20%)
• Top commodity losers: Lean Hogs (-2.50%), Wheat (-2.38%), Coal (-9.90%) and Natural Gas (-4.27%)

The above data was collected around 12:21 EST.

BONDS:

Japan 0.616% (+2.6bp), US 2’s 4.33% (+0.076%), US 10’s 3.9425% (+8.25bps); US 30’s 4.09% (+0.067%), Bunds 2.073% (+4.9bp), France 2.604% (+3.6bp), Italy 3.72% (+1.7bp), Turkey 24.30% (+61bp), Greece 3.121% (+4.5bp), Portugal 2.822% (+3.6bp); Spain 3.031% (+4bp) and UK Gilts 3.649% (+11bp)

The above data was collected around 12:31 EST.