2024-01-16 08:19:04
Trade review: current reports, trends, indices, stock prices, bonds, foreign exchange and commodities and analyst recommendations
08:18
This morning in Asia, the main indexes are trading in a negative trend. The Nikkei is down 0.7%, the Hang Seng is down 2%, the Shanghai Stock Exchange is down 0.7% and the Kospi is down 1%.
In the US, there was no trading on Monday on the occasion of Martin Luther King Day.
This morning, Wall Street futures are trading slightly lower.
company Uber Technologies is attracting attention after deciding to close the alcohol delivery service ‘Drizli’, which it purchased three years ago for $1.1 billion. The company stated that: “After three years of Drizly operating independently within the Uber family, we have decided to close the business and focus on our core Uber Eats strategy and help consumers get almost anything – from food to groceries to alcohol – all in one app.”
In the American debt market, this morning (Tuesday), US government bond yields are rising slightly. The yield on the US 10-year bond is trading around 4% and the yield on the 2-year bond is trading around 4.2%.
In the commodity market, oil prices traded on the second with a decrease of about 1%. The price of American oil traded at $72.1 per barrel and the price of Brent oil at $77.7 per barrel, despite the geopolitical events that took place last weekend.
The main event was China’s possible action against the results of the elections in Taiwan in which the Democratic Party was elected which demands to increase its independence. The candidate who supports moving away from Beijing won the presidency of the island. The choice could further chill relations between Taipei and Beijing, which has already issued an implicit threat.
This morning, oil prices are slightly down. The price of a Brent barrel is 78.2 dollars.
In the world, today (Tuesday) the price index in Germany and Canada and the unemployment data in Great Britain will be published. On Wednesday, the gross domestic product in China, inflation in the UK and retail sales data in the US will be published, later in the week unemployment data in Australia, retail sales in the UK, and in the US the consumer price index of the University of Michigan will be published.
Zebzinski of Meitav claims in his review that the economic data in the US do not imply that the Federal Reserve (Fed) should lower interest rates soon. “Inflation there continues to fall, but not too fast in a way that would cause the central bank to rush interest rate cuts. The annual inflation rate in December was higher than forecasts, including the core.
“Besides the increase in the annual rate of energy prices, there is a noticeable halt in the rate of inflation of products and services without housing services, what’s more, the proportion of small businesses that raise prices has not decreased since the July survey, and remains at double the level compared to what it was before the pandemic.”
Zabrzynski predicts that the ECB will not be in a hurry to lower interest rates either, and that the chance of an interest rate increase in Japan has decreased greatly.
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