Morning wrap (14.12.2022)

9:29 am 14 December 2022

  • US indices finished yesterday's session higher, however erased most of the early gains. S&P 500 gained 0.73%, Dow Jones moved 0.30% higher and Nasdaq jumped 1.01%. Russell 2000 added 0.76%
  • Indices from Asia-Pacific traded higher as well. Nikkei gained 0.76%, S&P/ASX 200 traded 0.67% higher, Kospi jumped 1.0% and indices from China traded higher

  • DAX futures point to a slightly higher opening of the European cash session

  • JP Morgan expects Fed peak rate to 5% in Q1 2023

  • Morgan Stanley has raised its China GDP forecast for 2023 to 5.4% from 5%

  • China is preparing a US$143bn support package for its semiconductor industry, according to Reuters

  • The US is reportedly adding over 30 Chinese firms to trade blacklist, according to Bloomberg

  • RBNZ's Hawkesby said the central bank needs to do even more to lower inflation

  • New Zealand Treasury expects three quarters of a shrinking economy 

  • National Australia Bank forecasts RBA to hike rates by 25bp at each of the next two meetings

  • Cryptocurrencies are trading mixed. Bitcoin rose 0.1%, Ethereum trades 0.3% lower and Dogecoin jumped 0.5%. 

  • Oil is trading slightly lower today, as API data showed an unexpected build-up of oil inventories.

  • Precious metals rose despite relatively strong USD- gold gains 0.1% while silver trade 0.25% higher

  • JPY and EUR are the best performing major currencies while CAD and NZD lag the most

OIL price rose over 5.0% so far this week, however buyers are struggling to break above major resistance at $80.20, which coincides with 78.6% Fibonacci retracement of the upward wave launched in December 2021. Source: xStation5

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