The most important events of the trading day
Tops & flops on the stock exchanges
Shares, indices & commodities of the day
The major European indices ended today’s trading day higher that DAX rose 0.48%, hitting the highest level since January 2022, while the CAC40 a new one with 7,400 points all-time high reached.
ECB Chief Economist Lane said further interest rate hikes beyond the March meeting would be appropriate given inflation in the euro zone continue to be high.
ECB chief economist Holzmann hopes that the peak in interest rates will be reached next year and calls for a 50 basis point hike at the next four meetings.
US indices are also trading higher: The Dow Jones rises 0.26% during the S&P 500 and the Nasdaq by 0.4% and 0.45% respectively.
JPMorgan CEO Dimon: Consumers are in great shape right now, but that will eventually come to an end.
The Apple-Shares rose more than 2.5% after Goldman Sachs began reporting on the iPhone maker with a “buy” rating. .
Markets are awaiting Tuesday’s Powell testimony and Friday’s jobs data.
Precious metals fell on a slightly stronger dollar. gold fell below the $1850 mark while Silver dropped back to the $21.00 support.
Cryptocurrencies are trading higher, however, the magnitude of the moves are rather negligible as uncertainties surrounding Silvergate and Binance slow the upside. Bitcoin is trading below the resistance at $22,500 while Ethereum defended support at $1550.
The mood on the market for energy commodities is mixed. STI gains slightly while Brent has oscillated around zero as the Chinese government set a modest 5% target for economic growth this year, prompting speculation that the reopening of the world’s second-largest oil consumer would not boost demand as originally thought. Meanwhile, the WSJ reported a growing rift between two of OPEC’s biggest producers, Saudi Arabia and the UAE, raising fears of a rift in the cartel’s policies that could lead to more shipments.
NATGAS Fell more than 10% and tested support at $2.55, making its biggest one-day decline since Dec 14 as lower demand was expected over the next two weeks after forecasts pointed to milder weather.
crude oil (OIL) is retesting the key EMA100 moving average which has managed to fend off the buyers on several occasions. Therefore, $86.30 level should be considered as the next medium-term resistance. A breakout to the upside could herald a shift in sentiment to the upside. However, if the sellers regain control, further downside momentum towards the local uptrend line could begin. Sources: xStation5 by XTB
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