Morning wrap (24.01.2024)

7:35 AM 24 January 2024
  • Equities in the APAC region traded in mixed sentiment, similar to the US during yesterday's session. Chinese indices mostly gained, while Japan's Nikkei and Korea's Kospi lost intraday.
  • Netflix (NFLX) Q4 2023 results: EPS 2.11 (expected 2.22), revenue 8.83bn (expected 8.71bn), net change in subscribers +13.12m (expected +8.91m); The company's shares rose +8.7% yesterday after the bell.
  • European futures point to a higher opening in the European cash session.
  • Highlights of the day include: PMI data for January from Germany, the Eurozone, the UK and the US, as well as the BoC interest rate decision. Investors interested in the oil market will turn their attention to EIA inventory data. The calendar will conclude with quarterly reports from Tesla, ASML, IBM, Abbott, AT&T and SAP.
  • Crude oil - API's private inventory survey data for this commodity shows a much larger decline in reserves than expected. However, crude oil and natural gas are not showing excessive deviations from yesterday's closing levels.
  • Goldman Sachs says Trump's 2024 election win is likely to boost bond yields and strengthen the US dollar.
  • Chinese authorities have "asked" funds to limit short selling of stock index futures, Reuters reported.
  • Former St Louis Fed chairman Bullard says Fed cuts could happen as early as March.
  • Japan - preliminary manufacturing PMI for January at 48.0 (previous 47.9; expected 48.2)
  • In the currency market, the Japanese yen is currently performing best. The Australian dollar is currently trading under strong downward pressure. The EURUSD pair remains slightly below the 1.0870 zone. 
  • Cryptocurrencies are trying to make up for recent dynamic declines. Bitcoin tested resistance at the USD 40,000 level today and is currently holding close to this structure.

Bitcoin is attempting to return above the USD 40,000 barrier once again. Source: xStation

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