Rise and shine Traderade family and Happy February.
More importantly, happy Fed day. There’s no big surprise on the cards today. Most of the market is pricing in a 25bps hike from the Fed but, expects a more hawkish tone. Some however, are speculating that they may consider a pause in hikes after today (which I don’t think is possibility). But, we never know and there’s little sense in predicting and speculating.
The major earnings for today is Meta after market close and we also have the ADP employment change numbers, ISM manufacturing PMI and JOLTs numbers coming out today.
Asia and Australia
China’s Caixin Manufacturing PMI numbers were released yesterday and still remain in contractionary territory at 49.2. Other Asia PMIs show contracting industrial output despite China reopening.
Despite a successful share sale, the Adani group continues to see their share prices fall. Credit Suisse has now stopped margin loans against Adani shares.
Europe, Middle East, Africa
Decline in headline Eurozone inflation with January flash reading at 8.5% versus consensus 8.9% and prior 9.2%. Follows -0.4% MoM versus consensus for -0.2% drop and prior -0.4% fall. Number distorted by omission of German inflation data because of delay until official release next week due to technical problems
Despite improving inflation data, the consensus is for a 50bps hike during tomorrow’s ECB rate announcement.
Worst UK strikes in a decade shut schools and cripple rail networks
The Americas
Tesla to raise Shanghai output to almost 20K vehicles/week for February, March
Peloton reports narrower net loss and increasing cash flow. CEO says company poised to reach positive cash flow this year
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