Morning wrap (05.01.2022)

7:59 AM 5 January 2022
  • US indices finished yesterday's trading mixed. Dow Jones gained 0.59% and reached a new record higher. S&P 500 dropped 0.06% while Nasdaq slumped 1.33%

  • Majority of blue chips indices from Asia-Pacific traded lower today. S&P/ASX 200 dropped 0.3%, Kospi moved 1.2% lower and indices from China declined. Nikkei gained 0.1%

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

  • Trading ranges on the FX market were small during the overnight session. EUR and JPY outperformed while AUD and CAD lagged the most

  • Oil is trading little changed on the day after OPEC+ maintained its output policy yesterday.

  • Precious metals trade lower while industrial metals advance

  • According to New York Fed, global supply chains issues may have already peaked

  • A fire broke out in the ASML's manufacturing plant that supplies key devices needed in semiconductor production

  • Fed Kashkari said he expects 2 rate hikes in 2022

  • North Korea fired a ballistic missile into the Sea of Japan

  • API report pointed to a massive 6.43 million barrel drop in US oil inventories (exp. -3.4 mb)

 

While major US indices like S&P 500 or Dow Jones are trading near record highs, small-cap Russell 2000 (US2000) continues to lag behind. The index tested the resistance zone ranging above the 50% retracement of the upward move launched in late-September earlier this week but failed to break above. Source: xStation5

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