Daily summary: Oil erases gains, Wall Street ticks higher

• Wall Street indices trade a touch higher at the start of a new week. S&P 500 gains 0.1%, Dow Jones trades flat while Nasdaq and Russell 2000 advance around 0.4% each
• Oil launched new week's trading higher after drone attack on US military outpost in Jordan killed 3 US servicemen and injured dozens over the weekend. However, gains were erased later on and now oil trades negative on the day
• US officials blamed Iran-linked groups for the attack and vowed retaliation for the strike. Iran denied any involvement in the attack
• Major European stock market indices traded little changed today - German DAX dropped 0.12%, UK FTSE 100 finished 0.03% lower, French CAC40 gained 0.09% and Dutch AEX moved 0.26% higher
• JPY and AUD are the best performing G10 currencies today while EUR and GBP lag the most
• ECB Kazimir sees the first ECB rate cut at June 2024 meeting. According to Kazimir, March projections will determine whether rates will be cut in April or June
• SNB Chairman Jordan said that expectation is for inflation to rise again a little. Nevertheless, Jordan said that inflation should be below 2% in 2024
• According to Al Arabiya report, Israeli War Council is discussing a 45-day truce in Gaza Strip in exchange for release of 35 hostages. Earlier, it was reported that negotiators from Egypt, Israel, United States and Qatar agreed on a framework for hostage release
• It was reported that the United States may renew oil sanctions on Venezuela after a leading opposition candidate was barred from taking part in Venezuelan presidential elections
• Dallas Fed manufacturing index for January 2024 came in at -27.4, down from -9.3 in December 2023 (exp. -11.8)
• Swedish GDP came in flat year-over-year in Q4 2023 while analysts expected a 0.4% YoY contraction. On a quarterly basis, Swedish GDP was 0.1% QoQ higher (exp. +0.3% QoQ)

Nasdaq-100 futures (US100) broke above the short-term downward trendline and 17,575 pts resistance zone ahead of a marathon of US tech earnings releases scheduled for this week. Source: xStation5