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MARKET COMMENTARY




On Thursday, U.S. stocks closed lower. The Dow Jones Industrial Average fell 339 points (-1.02%) to 32,930, the S&P 500 dropped 44 points (-1.17%) to 3,807, and the Nasdaq 100 was down 173 points (-1.59%) to 10,741.



Stronger-than-expected U.S. jobs data raised investors' expectations that the Federal Reserve may keep its tightening monetary policy. The ADP jobs report showed that the economy added 235,000 private jobs in December (vs +150,000 expected). The U.S. Labor Department reported that the latest number of initial jobless declined to a three-month low of 204,000 (vs 230,000 expected).



The official U.S. jobs report will be released later today, and it is widely expected that the economy added 220,000 nonfarm payrolls in December with the jobless rate remaining stable at 3.7%.



The U.S. 10-year Treasury yield rose 2.2 basis points to 3.705%.



Real estate (-2.89%), software & services (-2.44%), and commercial & professional services (-2.24%) sectors led the market lower.



Amazon.com (AMZN) fell 2.37% after the company announced plans to slash more than 18,000 jobs blaming uncertainty in the economy.



Bed Bath & Beyond (BBBY) plummeted 29.88% as the retain chain said it was assessing options including filing for bankruptcy.



Constellation Brands (STZ) dropped 9.71%, and Walgreens Boots Alliance (WBA) fell 6.13%.



On the other hand, Lamb Weston Holdings (LW) jumped 9.77%, T-Mobile US (TMUS) rose 3.23%, and Conagra Foods (CAG) was up 3.42%.



European stocks closed mixed. The DAX 40 lost 0.38%, the CAC 40 fell 0.22%, while the FTSE 100 rose 0.64%.



U.S. WTI crude futures rose $1.00 to $73.87 a barrel. The U.S. Energy Department reported that the latest crude oil inventories increased 1.694 million barrels (vs +1.154 million barrels expected).



Gold price retreated $21 to $1,833 an ounce.







The U.S. dollar index rose to a four-week high of 105.15.



EUR/USD fell 85 pips to 1.0519. The Eurozone's data showed that producer prices declined 0.9% on month in November (vs -0.5% expected). Germany recorded a trade surplus of 11.1 billion euros in November (vs 4.5 billion euros expected).



USD/JPY rose 74 pips to 133.37.



GBP/USD dropped 146 pips to 1.1909.



AUD/USD retreated 89 pips to 0.6750.



USD/CHF added 66 pips to 0.9364, and USD/CAD jumped 101 pips to 1.3579.



Bitcoin remained firm at $16,855.

 

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MARKET COMMENTARY




On Friday, U.S. stocks rallied over 2%, as data showed that the economy is slowing down, raising expectations that the Federal Reserve would pause its rate-hiking cycle soon. The Dow Jones Industrial Average rose 700 points (+2.13%) to 33,630, the S&P 500 climbed 86 points (+2.28%) to 3,895, and the Nasdaq 100 jumped 299 points (+2.78%) to 11,040.



U.S. official data showed that the economy added 223,000 nonfarm payrolls in December (vs 220,000 expected) with the jobless rate declining to 3.5% (vs 3.7% expected). However, growth in average hourly earnings declined to 0.3% on month (vs +0.5% expected), and 4.6% on year (vs +5.0% expected), the smallest rise since August 2021.



Meanwhile, the Institute for Supply Management (ISM) non-manufacturing purchasing managers index fell to 49.6 in December (vs 53.0 expected), the first contraction reading in over 2-1/2 years.



The U.S. 10-year Treasury yield dropped 15.3 basis points to a two-week low of 3.565%.



Semiconductors (+4.65%), food & staples retailing (+4.46%), and transportation (+3.64%) sectors were the top performers Friday.



Tesla (TSLA) rose 2.47% after the electric-vehicle maker cut prices again on its Model 3 and Model Y vehicles in China. However, Chinese electric-vehicle makers NIO (NIO) and XPeng (XPEV) fell 4.51% and 15.04% respectively.



Biogen Idec (BIIB) traded 2.82% higher after the Alzheimer's drug, Leqembi, developed by the company and Eisai Co was approved by the U.S. Food and Drug Administration.



Snowflake (SNOW) rose 2.06% after it was rated "overweight" at Wells Fargo, and Waste Management (WM) gained 3.65% as it was rated "buy" at Citi.



On the other hand, Bed Bath & Beyond (BBBY) plunged 22.49% on reports that the company will prepare for a bankruptcy filing.



European stocks closed higher. The DAX 40 rose 1.20%, the CAC 40 gained 1.47%, and the FTSE 100 was up 0.87%.



U.S. WTI crude futures were little changed at $73.76 a barrel.



Gold price jumped $33 to $1,865 an ounce.







The U.S. dollar weakened against other major currencies on signs of an economic slowdown. The dollar index fell to 103.91.



EUR/USD jumped 122 pips (+1.16%) to 1.0644. The Eurozone's inflation rate declined to 9.2% on year in December (vs +9.8% expected).



In Germany, factory orders dropped 5.3% on month in November (vs -0.7% expected), retail sales grew 1.1% on month in November (vs +0.6% expected).



GBP/USD surged 190 pips (+1.60%) to 1.2098. In the U.K., the Halifax house price index fell 1.5% on month (vs +0.4% expected) but rose 2.0% on year (vs +6.6% expected) in December.



USD/JPY dropped 132 pips to 132.09.



AUD/USD increased 128 pips (+1.90%) to 0.6880.



USD/CHF fell 81 pips to 0.9281, and USD/CAD plunged 124 pips to 1.3446.



Bitcoin held firm at $16,900.

 

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MARKET COMMENTARY




On Monday, U.S. stocks pared early gains to close mixed. The Dow Jones Industrial Average dropped 112 points (-0.34%) to 33,517, the S&P 500 dipped 2 points (-0.08%) to 3,892, while the Nasdaq 100 rose 68 points (+0.62%) to 11,108.



Automobiles (+4.12%), semiconductors (+1.78%), and software & services (+1.22%) sectors gained the most, while pharmaceuticals & biotechnology (-2.2%), telecoms services (-1.67%), and insurance (-1.54%) sectors were under pressure.



Tesla (TSLA) rebounded a further 5.93%.



Uber Technologies (UBER) rose 3.79% as the stock was upgraded to "overweight" at Piper Sandler.



On the other hand, Lululemon Athletica (LULU) plunged 9.29% after the athletic apparel company lowered its fourth-quarter profit-margin guidance.



Also, Pfizer (PFE) slid 4.97%, Northrop Grumman (NOC) sank 4.99%, and Lockheed Martin (LMT) fell 3.01%.



The U.S. 10-year Treasury yield dropped 2.6 basis points to 3.532%



European stocks also close higher. The DAX 40 rose 1.25%, the CAC 40 added 0.68%, and the FTSE 100 gained 0.33%.



U.S. WTI crude futures added $1.1 to $74.83 a barrel.



Gold price increased $5 to $1,871 an ounce.







The U.S. dollar weakened further against other major currencies, as Fed fund futures showed that investors expect the Federal Reserve to further lower its interest-rate increase extent to 25 basis points in February.



The dollar index declined to 103.20.



EUR/USD added 88 pips to 1.0732, a 7-month high. Germany's data showed that industrial production grew 0.2% on month in November (vs +0.3% expected).



GBP/USD increased 89 pips to 1.2182.



USD/JPY slid 20 pips to 131.88. This morning, Japan's data showed that household spending declined 0.9% on month in November (vs -0.8% expected), and Tokyo's inflation rate increased to 4.0% on year in December (vs +3.9% expected).



AUD/USD increased 33 pips to 0.6910.



USD/CHF declined 64 pips to 0.9215, and USD/CAD was down 55 pips to 1.3389.



Bitcoin regained the $17,000 level trading higher to $17,200.

 

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MARKET COMMENTARY




On Tuesday, U.S. stocks closed higher. The Dow Jones Industrial Average rose 186 points (+0.56%) to 33,704, the S&P 500 increased 27 points (+0.70%) to 3,919, and the Nasdaq 100 gained 97 points (+0.88%) to 11,205.



Investors were relieved to see that Federal Reserve Chair Jerome Powell avoided commenting on interest rates in his first speech in 2023.



Retailing (+1.74%), telecoms services (+1.53%), and semiconductors (+1.26%) sectors gained the most.



Coinbase Global (COIN) surged 12.96% after the crypto-currency exchange announced plans to cut 950 employees.



Amazon.com (AMZN) rose 2.87%. The company said that it will shut down three warehouses in the U.K. this year.



NetFlix (NFLX) gained 3.92%. Goldman Sachs raised its price target on the stock to $225 from $220 while keeping a "sell" rating on it.



Jefferies Financial Group (JEF) climbed 3.76%. The financial services firm reported that fourth-quarter earnings fell 53% on year.



The U.S. 10-year Treasury yield rebounded 7.7 basis points to 3.610%.



Regarding U.S. economic data, wholesale inventories increased 1.0% on month in November (vs expected).



European stocks closed lower. The DAX 40 declined 0.12%, the CAC 40 fell 0.55%, and the FTSE 100 was down 0.39%.



U.S. WTI crude futures settled flat at $74.87 a barrel.



Gold price advanced a further $5 to $1,877 an ounce.







The U.S. dollar was stable against other major currencies. The dollar index climbed to 103.27.



EUR/USD added 5 pips to 1.0735. France's industrial production grew 2.0% on month in November (vs +0.6% expected).



GBP/USD dropped 32 pips to 1.2152.



USD/JPY climbed 38 pips to 132.26.



AUD/USD declined 20 pips to 0.6892. This morning, Australia's data showed that the inflation rate rose to 7.4% on year in November (vs +7.5% expected), and retail sales grew 1.4% on month in November (vs +0.3% expected).



USD/CHF gained 17 pips to 0.9230, and USD/CAD rose 37 pips to 1.3426.



Bitcoin remained firm and traded higher to $17,460.

 

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MARKET COMMENTARY




On Wednesday, U.S. stocks posted further gains ahead of the closely-watched inflation data that will be released on Wednesday. The Dow Jones Industrial Average rose 268 points (+0.80%) to 33,973, the S&P 500 rose 50 points (+1.28%) to 3,969, and the Nasdaq 100 was up 196 points (+1.76%) to 11,402.



It is widely expected that the U.S. inflation rate eased further to 6.7% on year in December from 7.1% in November.



The U.S. 10-year Treasury yield dropped 9.1 basis points to 3.528%.



Real estate (+3.6%), retailing (+3.45%), and automobiles (+3.1%) sectors led the market higher.



Tesla (TSLA) gained 3.68%. It was reported that the electric-vehicle maker is close to a preliminary deal to set up a factory in Indonesia that could produce up to one million cars per year.



At the same time, other electric-vehicle makers Rivian Automotive (RIVN), NIO (NIO),and Lucid Group (LCID) rose 3.83%, 2.4%, and 10.29% respectively.



Also, Apple (AAPL) increased 2.11%, Amazon.com (AMZN) rose 5.81%, Alphabet (GOOGL) climbed 3.51%, and Microsoft (MSFT) was up 3.02%.



European stocks also closed higher. The DAX 40 rose 1.17%, the CAC 40 increased 0.80%, and the FTSE 100 gained 0.40%.



U.S. WTI crude futures advanced $2.50 to $77.61 a barrel. The U.S. Energy Department reported that the latest crude oil stockpiles increased 18.96 million barrels, in contrast to a reduction of 2.24 million barrels expected.



Gold price was little changed at $1,876 an ounce.



Benchmark copper price on the London Metal Exchange (LME) exceeded $9,000 a tonne for the first time since June on hopes that Chinese demand will rebound.







The U.S. dollar index was stable at 103.25.



EUR/USD climbed 23 pips to 1.0756, a 7-month high.



GBP/USD declined 4 pips to 1.2150.



USD/JPY added 20 pips to 132.46.



AUD/USD rose 20 pips to 0.6909. This morning, Australia's data showed that trade surplus declined to A$11.30 billion in November (vs A$10.90 billion expected) with exports staying flat on month

(vs -1% expected).



USD/CHF gained 87 pips to 0.9314, while USD/CAD dipped 2 pips to 1.3424.



Bitcoin posted a four-session rally trading at $17,900.

 

[v1forex]

MARKET COMMENTARY




On Thursday, U.S. stocks extended their gains to a third session on signs of inflation easing further. The Dow Jones Industrial Average rose 216 points (+0.64%) to 34,189, the S&P 500 gained 13 points (+0.34%) to 3,983, and the Nasdaq 100 added 57 points (+0.50%) to 11,459.



U.S. inflation rate declined to 6.5% on year in December (vs 6.7% expected). On a month on month basis, consumer prices fell 0.1% as gasoline and car prices declined, the first time in over 2-1/2 years. According to CME's FedWatch Tool, the market is now expecting the Federal Reserve to reduce its interest-rate hike to just 25 basis points on February 1.



Meanwhile, the latest number of initial jobless claims dipped to 205,000 (vs 215,000 expected).



The U.S. 10-year Treasury yield dropped 9.7 basis points to 3.442%.



Energy (+1.87%), semiconductors (+1.32%), and real estate (+1.09%) sectors were the top performers.



American Airlines (AAL) surged 9.71% after the company reported better-than-expected fourth-quarter earnings and raised its revenue growth guidance.



Nvidia (NVDA) climbed 3.19%, Advanced Micro Devices (AMD) rose 2.52%, Royal Caribbean Cruises (RCL) gained 5.47%, APA Corp (APA) increased 3.49%, and Walt Disney (DIS) was up 3.61%.



European stocks also closed higher. The DAX 40 rose 0.74%, the CAC 40 increased 0.74%, and the FTSE 100 was up 0.89%.



U.S. WTI Crude futures rose $0.90 to $78.31 a barrel.



Gold price advanced $21 to $1,897 an ounce.







The U.S. dollar weakened against other major currencies, as investors expected that easing inflation would reduce the Federal Reserve's aggressiveness on hiking interest rates. The dollar index fell to 102.22.



USD/JPY plunged 317 pips (-2.39%) to 129.28, the lowest level since May 2022. The market is speculating that the Bank of Japan would, in its monetary-policy meeting on January 18, raise the cap on the 10-year Japanese Government bond yield, currently at 0.50%, by 25 basis points.



EUR/USD jumped 94 pips to 1.0851.



GBP/USD climbed 67 pips to 1.2213.



AUD/USD gained 64 pips to 0.6968.



USD/CHF dropped 36 pips to 0.9277, and USD/CAD lost 63 pips to a 7-week low of 1.3362.



Bitcoin kept its upward momentum while striking against $19,000.

 

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MARKET COMMENTARY




On Friday, U.S. stocks closed higher posting a four-session rally. The Dow Jones Industrial Average rose 112 points (+0.33%) to 34,302, the S&P 500 rose 15 points (+0.40%) to 3,999, and the Nasdaq 100 was up 81 points (+0.71%) to 11,541.



All the three major indexes posted weekly gains for two consecutive weeks.



Retailing (+1.64%), banks (+1.58%), and consumer services (+1.29%) sectors were the top performers.



Tesla (TSLA) just dipped 0.94% after the electric-vehicle maker slashed prices globally on its products by up to 20%. Meanwhile, other car-maker stocks were under pressure. Ford Motor (F) dropped 5.29%, General Motors (GM) fell 4.81%, Rivian Automotive (RIVN) lost 6.48%, and Lucid Group (LCID) was down 1.93%.



After reporting quarterly results, JPMorgan Chase (JPM) climbed 2.52%, Bank of America (BAC) gained 2.20% and Wells Fargo (WFC) was up 3.25%.



Delta Air Lines (DAL) fell 3.54% after providing disappointing first-quarter result guidance.



The U.S. 10-year Treasury yield rose 5.8 basis points to 3.498%.



Regarding U.S. economic data, the University of Michigan consumer sentiment index rose to 64.6 for January, well above 59.0 expected.



European stocks also closed higher. The DAX 40 added 0.19%, the CAC 40 gained 0.69%, and the FTSE 100 was up 0.64%.



U.S. WTI crude futures climbed $1.70 to $80.06 a barrel.



Gold price jumped $23 to $1,920 an ounce.



U.S. markets will be closed on Monday (January 16) for the Martin Luther King Jr. Day holiday.







The U.S. dollar index was relatively stable at 102.18.



The yen surged further as investors speculated that the Bank of Japan will revise its ultra-loose monetary policy. USD/JPY slumped 145 pips to 127.80.



This morning, Japan's data showed that producer prices increased 10.2% on year in December (vs +8.7% expected).



EUR/USD dropped 19 pips to 1.0834. Eurozone data showed that industrial production grew 1.0% on month in November (vs +0.1% expected). Germany reported full-year 2022 gross domestic product (GDP) growth of 1.9% on year (vs +1.7% expected).



GBP/USD added 26 pips to 1.2236. U.K. data showed that GDP edged up 0.1% on month in November (vs -0.2% expected), while industrial production declined 0.2% on month in November (as expected).



AUD/USD edged up 8 pips to 0.6977.



USD/CHF fell 17 pips to 0.9259, while USD/CAD gained 23 pips to 1.339.



Over the weekend, Bitcoin struck against $21,000 on the upside.