*US markets closed for Martin Luther King Day*
*17 January 2023*
Nasdaq 100 Index 11541.48, -
S&P 500 Index 3999.03, -
Dow Jones Indus Avg Index 34302.61, -
Looking ahead, traders will be looking forward to *Producer Price Index (PPI) data and US Retail Sales data due this Wednesday, at 9:30pm Singapore Time.* Investors will also be monitoring *commentary from roughly 9 Fed officials* who are set to speak this week. Expect Fed officials to *reaffirm their hawkish rhetoric* in order to send a message to the market they they would not be easing anytime soon in 2023. *CME's FedWatch Tool* shows a 92.1% and 80% probability for a 25bps rate hike in February and March respectively. Meanwhile, the US braces for a *political battle over the debt ceiling*, with house speaker Kevin McCarthy calling for spending cuts in return for raising the ceiling.
???? Elsewehere, the *World Economic Forum* kicked off in Davos without the presence of China and Russia. A WEF survey showed that *two-thirds of private and public sector chief economists expect a global recession in 2023*; with *18% considering a global recession to be "extremely likely"*. All eyes will be on the *BoJ's 2-day policy meeting which starts on Wednesday* as the central bank continues its struggle to defend its new yield ceiling amidst massive selling, sending the *Yen to a 7-month high against the Dollar*. The BoJ had a record *10 trillion yen ($78 billion) debt purchase last week*, but it still failed to rein in rising yields. The market continues to speculate that the BoJ may further tweak its yield control policy.
????? On the corporate end, earnings from *Goldman Sachs, Morgan Stanley, United Airlines, New Oriental Education, and Activia* are due later today. This *Q4 earnings season* will provide clues about the health of the US economy and the strength of corporate profits. *Financials* will dominate the majority of Q4 results this week, including results from *Charles Schwab Corp, PNC Financial Services Group and State Street Corp*.
*17 January 2023*
Nasdaq 100 Index 11541.48, -
S&P 500 Index 3999.03, -
Dow Jones Indus Avg Index 34302.61, -
Looking ahead, traders will be looking forward to *Producer Price Index (PPI) data and US Retail Sales data due this Wednesday, at 9:30pm Singapore Time.* Investors will also be monitoring *commentary from roughly 9 Fed officials* who are set to speak this week. Expect Fed officials to *reaffirm their hawkish rhetoric* in order to send a message to the market they they would not be easing anytime soon in 2023. *CME's FedWatch Tool* shows a 92.1% and 80% probability for a 25bps rate hike in February and March respectively. Meanwhile, the US braces for a *political battle over the debt ceiling*, with house speaker Kevin McCarthy calling for spending cuts in return for raising the ceiling.
???? Elsewehere, the *World Economic Forum* kicked off in Davos without the presence of China and Russia. A WEF survey showed that *two-thirds of private and public sector chief economists expect a global recession in 2023*; with *18% considering a global recession to be "extremely likely"*. All eyes will be on the *BoJ's 2-day policy meeting which starts on Wednesday* as the central bank continues its struggle to defend its new yield ceiling amidst massive selling, sending the *Yen to a 7-month high against the Dollar*. The BoJ had a record *10 trillion yen ($78 billion) debt purchase last week*, but it still failed to rein in rising yields. The market continues to speculate that the BoJ may further tweak its yield control policy.
????? On the corporate end, earnings from *Goldman Sachs, Morgan Stanley, United Airlines, New Oriental Education, and Activia* are due later today. This *Q4 earnings season* will provide clues about the health of the US economy and the strength of corporate profits. *Financials* will dominate the majority of Q4 results this week, including results from *Charles Schwab Corp, PNC Financial Services Group and State Street Corp*.
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