Morning wrap (25.01.2023)

7:50 AM 25 January 2023
  • US indices finished yesterday's trading mostly lower. S&P 500 dropped 0.07%, Nasdaq and Russell 2000 moved 0.27% lower each while Dow Jones added 0.31%

  • Indices from Asia Pacific traded mixed today - Nikkei gained 0.3%, S&P/ASX 200 dropped 0.3%, Kospi rallied 1.3% while Nifty 50 plunged 1.2%

  • DAX futures point to a more or less flat opening of the European cash session today

  • New Zealand CPI inflation stayed unchanged at 7.2% YoY in Q4 2022 (exp. 7.1% YoY). On a quarterly basis inflation slowed from 2.2% QoQ to 1.4% QoQ (exp. 1.3% QoQ)

  • Market pricing for RBNZ decision is moving closer to 50 bp rate hike in February

  • Australian CPI inflation accelerated from 7.3% YoY to 7.8% YoY in Q4 2022 (exp. 7.5% Yoy). On a quarterly basis inflation accelerated from 1.8% QoQ to 1.9% QoQ (exp. 1.6% QoQ)

  • A 25 basis point rate hike is now a base case scenario for RBA decision on February 7, 2023

  • Microsoft traded 1% lower in after-hours trading following the release of Q4 2022 earnings report. Company reported EPS of $2.32 (exp. $2.29) and revenue at $52.75 billion (exp. $52.94 billion). Growth in Azure Cloud segment reached 31%, slightly above market expectations. Microsoft provided weakish guidance saying it expects sales to reach $50.5-51.5 billion this quarter (exp. $52 billion)

  • API report pointed to a 3.38 million barrel build in US oil inventories (exp. 1.5 mb)

  • Cryptocurrencies are trading mostly higher today, although some weakness can be spotted on major coins. Ethereum drops 0.5%, Bitcoin trades 0.1% lower, Dogecoin gains 0.7% and Litecoin jumps 1.5%

  • Oil is trading around 0.2% higher today while US natural gas price pull back 1%

  • Precious metals trade lower - gold, silver and platinum drop around 0.2-0.3%

  • AUD and EUR are the best performing major currencies while CHF and JPY lag the most

AUDUSD is trading 1% higher today, following the release of higher-than-expected CPI print from Australia. The pair is attempting to make a break above the resistance zone ranging above 61.8% retracement. Source: xStation5

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