ASIA:
India’s annual pre-budget economic survey is likely to peg GDP growth at 6-6.8% for 2023-24, according to a source. The government survey is likely to say that growth is seen at 6.5% for 2023-24 under the baseline scenario. This would be the slowest in three years. Nominal growth is likely to be forecast at 11% for 2023-24, the source added. Growth in the financial year beginning April 1 will remain strong relative to most global economies, led by sustained private consumption, a pick-up in lending by banks and improved capital spending by corporations, the survey will likely say, the source said. India’s economy has rebounded since the COVID-19 pandemic, but the Russia-Ukraine conflict has triggered inflationary pressures and prompted central banks, including India’s, to reverse the ultra-loose monetary policy they adopted during the pandemic.
The major Asian stock markets had a mixed day today:
- NIKKEI 225 increased 50.84 points or 0.19% to 27,433.40
- Shanghai increased 4.50 points or 0.14% to 3,269.32
- Hang Seng decreased 619.17 points or -2.73% to 22,069.73
- ASX 200 decreased 12.10 points or -0.16% to 7,481.70
- Kospi decreased 33.55 points or -1.35% to 2,450.47
- SENSEX increased 169.51 points or 0.29% to 59,500.41
- Nifty50 increased 44.60 points or 0.25% to 17,648.95
The major Asian currency markets had a mixed day today:
- AUDUSD decreased 0.00294 or -0.41% to 0.70736
- NZDUSD decreased 0.00075 or -0.12% to 0.64845
- USDJPY increased 0.493 or 0.38% to 130.343
- USDCNY decreased 0.00197 or -0.03% to 6.75363
Precious Metals:
- Gold decreased 4.33 USD/t oz. or -0.22% to 1,923.00
- Silver increased 0.076 USD/t. oz or 0.32% to 23.638
Some economic news from last night:
New Zealand:
Trade Balance (MoM) (Dec) increased from -2,180M to -475M
Trade Balance (YoY) (Dec) increased from -14,980M to -14,460M
EUROPE/EMEA:
Housing companies will be blocked from new development work unless they agree to pay for cladding removal and other repairs on unsafe multi-storey buildings – a bill totalling 2 billion pounds ($2.5 billion) – the British government said on Monday. Ministers want developers to sign a contract committing them to pay to fix buildings which have been classed as unsafe under new safety standards brought in following the Grenfell Tower fire in 2017 which killed 72 people. In a statement on Monday, the government said new legislation it planned for the spring would give ministers the power to stop builders which don’t sign the contract from working in the housing market.
The major Europe stock markets had a mixed day:
- CAC 40 decreased 15.20 points or -0.21% to 7,082.01
- FTSE 100 increased 19.72 points or 0.25% to 7,784.87
- DAX 30 decreased 23.95 points or -0.16% to 15,126.08
The major Europe currency markets had a mixed day today:
- EURUSD decreased 0.00002 or 0.00% to 1.08668
- GBPUSD decreased 0.00219 or -0.18% to 1.23751
- USDCHF increased 0.00255 or 0.28% to 0.92315
Some economic news from Europe today:
Swiss:
KOF Leading Indicators (Jan) increased from 91.5 to 97.2
Spain:
Spanish CPI (YoY) increased from 5.7% to 5.8%
Spanish HICP (YoY) (Jan) increased from 5.5% to 5.8%
Germany:
German GDP (QoQ) (Q4) decreased from 0.5% to -0.2%
German GDP (YoY) (Q4) decreased from 1.3% to 0.5%
US/AMERICAS:
US Market Closings:
- Dow declined 260.99 points or -0.77% to 33,717.09
- S&P 500 declined 52.79 points or -1.3% to 4,017.77
- Nasdaq declined 227.89 points or -1.92% to 11,393.81
- Russell 2000 declined 25.74 points or -1.35% to 1,885.72
Canada Market Closings:
- TSX Composite declined 142.37 points or -0.69% to 20,572.11
- TSX 60 declined 8 points or -0.64% to 1,239.6
Brazil Market Closing:
- Bovespa declined 43.15 points or -0.04% to 112,273.01
ENERGY:
The oil markets had a negative day today:
- Crude Oil decreased 0.956 USD/BBL or -1.20% to 78.724
- Brent decreased 0.856 USD/BBL or -0.99% to 85.804
- Natural gas decreased 0.1068 USD/MMBtu or -3.75% to 2.7422
- Gasoline decreased 0.0499 USD/GAL or -1.93% to 2.5387
- Heating oil decreased 0.089 USD/GAL or -2.73% to 3.1765
The above data was collected around 12:01 EST on Monday
- Top commodity gainers: Lumber (4.87%), Canola (2.17%), Methanol (2.09%) and HRC Steel (1.68%)
- Top commodity losers: Natural Gas (-3.75%), Coal (-25.72%), Heating Oil (-2.73%) and Cheese (-5.51%)
The above data was collected around 12:07 EST Monday.
BONDS:
Japan 0.472% (-0.6bp), US 2’s 4.26% (+0.054%), US 10’s 3.5495% (+3.15bps); US 30’s 3.66% (+0.026%), Bunds 2.316% (+7.5bp), France 2.783% (+8.1bp), Italy 4.324% (+9.8bp), Turkey 10.35% (+12bp), Greece 4.335% (+7.1bp), Portugal 3.246% (+8.4bp); Spain 3.362% (+8.1bp) and UK Gilts 3.339% (+1bp).
