Global Market Recap – 15th January 2024


Here’s the latest and most significant news shaping the global markets this week!

Last Week’s Highlights

US dollar concluded the week with little change, following a range of mixed economic indicators. Early in the week, higher-than-expected Consumer Price Index (CPI) data and lower jobless claims briefly bolstered the dollar.


However, the optimism was tempered by negative Producer Price Index (PPI) numbers. US Treasury yields fell following news of a decrease in US producer prices, which increased expectations for an early US interest rate reduction.

Traders in Fed funds futures still reflect a 77% probability of the first-rate cut occurring in March.


This week, US stock indexes displayed mixed results, influenced by a combination of corporate earnings and US inflation data. The Dow Jones Industrial Average increased by 0.20%, while the S&P 500 saw a more significant rise of 1.74%.


Leading the performance, the Nasdaq Composite saw the most significant gain, climbing 3.10%. Earnings reports drove individual stock movements: Bank of America's and Wells Fargo's shares fell by 4.18% and 3.9%, respectively, due to disappointing results.


JPMorgan saw a 1.8% decrease despite positive earnings. Tesla's stock declined 7%, impacted by production interruptions at its Berlin plant related to Red Sea disruptions.


Crude oil prices witnessed a rollercoaster ride in the previous week, initially spurred by rising Middle East tensions following US and British strikes in Yemen and rerouted oil tankers in the Red Sea.

These geopolitical developments fueled concerns over potential supply disruptions, briefly boosting oil prices.


However, a recent Energy Information Administration (EIA) report revealed significant increases in US gasoline and distillate stockpiles, with distillate inventories reaching their highest since September 2021, putting downwards pressure on oil prices.


Despite investor caution over Middle East instability, US crude oil concluded the week below $73, marking a 1.36% weekly decline.


Coming Up This Week

This week the markets will be closely following economic data & earnings reports such as:


        Germany Full Year GDP Growth (2023)

        EU Industrial Production (November)

        US Holiday – MLK Jr. Day



        UK Unemployment Rate (November)

        EU ZEW Economic Sentiment Index (January)

        Canada Inflation Rate (December)

        Earnings Reports:

o       Morgan Stanley

o       The Goldman Sachs Group, Inc.

o       The PNC Financial Services Group, Inc.

o       Interactive Brokers Group, Inc.



        Canada GDP Growth Rate Q4

        UK Inflation Rate (December)

        EU Inflation Rate Final (December)

        US Retail Sales (December)

        OPEC Monthly Report

        Earnings Reports:

o       Prologis, Inc.

o       The Charles Schwab Corporation

o       Kinder Morgan, Inc.

o       U.S. Bancorp



        Australia Unemployment Rate (December)

        US Building Permits Prel. (December)

        Earnings Reports:

o       Truist Financial Corporation

o       Fastenal Company


        Japan Inflation Rate (December)

        UK Retail Sales MoM (December)

        US Michigan Consumer Sentiment Prel. (January)

        Earnings Reports:

o       Schlumberger Limited

o       The Travelers Companies, Inc.


Next week's market outlook in the US centers around retail sales, housing data and bank earnings. Retail sales are predicted to rise by 0.4%, with housing data expected to show continued challenges. Goldman Sachs and Charles Schwab will report earnings, after mixed results from other major banks last week.


China's full-year GDP data, due Wednesday, will reveal its progress towards the 5% growth target. Germany's GDP figures and the UK's inflation data will also be closely watched, with the Bank of England maintaining high interest rates but facing expectations of a rate cut by May.


Internationally, the World Economic Forum in Davos will bring global leaders together to discuss pressing economic issues. Key figures, including China's Premier Li Qiang and France's President Macron, will address various global economic challenges.

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