- Gas prices scored massive declines today. Gas in the U.S. lost more than 11% and fell below $4/MMBTU amid weather forecasts that point to continued high temperatures until at least the middle of the month
- Gas prices in Europe also fell. The TTF price for the month's delivery fell to around €71/MWh in the face of very low consumption by high temperatures. Storage fill in Europe is rising, which is an anomaly for such a time of year
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- Oil prices lost 3% each today against a very strong US dollar
- The U.S. dollar gained against most currencies today in the first proper session for the U.S. market. The dollar was strong even though yields fell
- The GDPNow model indicates clear GDP growth of nearly 4% in the fourth quarter of the previous year. On top of that, it's worth noting upcoming government spending in the US, which could lead to the Fed having no incentive to move away from hikes any time soon
- On the other hand, the euro lost today through a strong drop in German inflation. Inflation in Germany fell for December to 8.6% y/y from 10.0% y/y, due to a strong drop in energy prices and at the same time a one-time payment of gas bills by the authorities for December
- US manufacturing PMI remains at 46.2 points for December
- Tesla lost as much as 14% today due to the fact that Q4 2022 car deliveries were below market expectations. This could indicate potential problems for the company and bode ill for demand
- The Nasdaq lost well over 1% today in the first session of this year. The session was not held yesterday, as January 1 took place on Sunday
- European indices closed clearly on the upside today. The DAX gained 0.8% and the FTSE 100 gained 1.4%
- This week we will also learn the ISM indices, the ADP report and the NFP report on Friday.