Rise and shine Traderade Family.
I hope you had a great weekend to recover from the market madness last week. We have a few exciting earnings this week and important economic data. If you haven’t already, check out Mayhem’s Navigating the Week Ahead and Horse’s Market Prep for this week’s thoughts.
Another important point to note as we head into the end of the quarter, the corporate blackout period starts this week - this is when companies and insiders cannot buy stock until 2 days after earnings release, because they have inside information on the earnings.
The major economic release for today is the NAHB Housing Market Index.
Asia and Australia
China’s index was down again this morning, closing at 1.92%. Covid cases have exploded, something we know. There was a Friday Government meeting where the discussion centered around supporting the private sector and boosting local demand. China has a lot of work to do in terms of growth.
The Bank of Japan’s meeting is tomorrow, and the consensus is that they will leave policy measures unchanged.
Europe, Middle East, Africa
EU members will resume discussion on the gas price cap today. The Czech government is proposing EUR 188 per MWh while the prevailing proposal is for EUR 275 per MWh.
Germany battles a cold front and gas storages have been drawn at over 1% per day since 12 Dec.
The Americas
Musk offering to sell additional Twitter equity at same $44B valuation he paid for company and he put out a poll asking if he should step aside as CEO. Twitter also put out a new policy banning people from putting their other social media account links on their Twitter.
Sovereign wealth and pension funds may have to sell up to $100B in equities to rebalance their books for the year end.
Intel to delay construction of planned $18B German chip plant as rising costs have it looking for more government subsidies
Calendar
A few earnings today but, here's the calendar for the week. We have a few major ones tomorrow.