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US indices finished yesterday’s trading higher after a volatile session. S&P 500 gained 0.34%, Dow Jones and Nasdaq moved 0.64% higher each and Russell 2000 jumped over 1.7%

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– US indices finished yesterday’s trading higher after a volatile session. S&P 500 gained 0.34%, Dow Jones and Nasdaq moved 0.64% higher each and Russell 2000 jumped over 1.7%
 
– Indices from Asia-Pacific followed into footsteps of their US peers and traded mostly higher today. S&P/ASX 200 gained 0.6%, Kospi moved 0.8% higher, Nifty 50 added 0.2% and indices from China traded up to 1.2% higher. Nikkei was a laggard with 1.4% drop
– DAX futures point to a higher opening of the European cash session today
– Fed Bostic said that he would support 25 basis point rate hike at next meeting if business leaders confirm that inflation is slowing
– According to Goldman Sachs, yesterday’s US CPI report has made the case for Fed to deliver three 25 basis point rate hikes in the coming meetings
– BoE Mann said that more rates hikes are coming in the UK and she also said that she is not yet worried about potential over-tightening
– Bank of Japan conducted two unscheduled bond buying operations today as yield on target 10-year bond moved above the upper limit of target band (0.5%)
– According to Financial Times report, China is taking minority stakes in Chinese tech firms like Alibaba Group Holding or Tencent Holdings in order to tighten control over domestic tech sector
– Xinhua reports that China will implement a housing rental loan plan worth 100 billion yuan and will increase financing to quality developers in an attempt to support domestic property market
– Chinese exports in USD terms dropped 9.9% YoY in December (exp. -10.0% YoY) while imports were 7.5% YoY lower (exp. -9.8% YoY)
– Cryptocurrencies are trading mixed with a bullish bias. Bitcoin drops 0.3%, Ethereum trades 0.9% lower, Dogecoin gains 0.7% and Solana gains over 3%
– Energy commodities trade little changed – Brent and WTI trade flat while natural gas pulls back slightly
– Precious metals are trading mostly lower today – silver drops 0.1%, platinum trades 0.3% down and gold trades flat
– JPY and AUD are the best performing major currencies while CHF and NZD lag the most

Nikkei (JAP225) was one of the worst performing Asian indices today. Underperformance came as JPY strengthened along with a pick-up in Japanese yen. While the Bank of Japan intervened to bring yields down, the situation showed that it struggles with keeping market rates in check. JAP225 is eyeing a retest of the support zone at 26,000 pts, which acts as the lower limit of a trading range. Source: xStation5

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