Daily Global Market Update 20 January 2022 By Asheesh Chanda, Kristal.AI
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Below are Views On Daily Global Market Update 20 January 2022 By Asheesh Chanda, Kristal.AI
“Equities stay subdued
Global equities were mostly red for a second straight session with Japan falling 2.8% on the day. The SPX was volatile and closed the day down almost a percentage point. Price action was defensive here with Utilities and Staples the only two sectors seeing gains on the day. Tech declined notably once again with Consumer Discretionary names and Financials selling off more despite an earnings beat from Morgan Stanley. Netflix headlines the earnings calendar for today.
Biden had a long winded press conference on the completion of his first year in office. He said that it was only a matter of time before Russia invades Ukraine and it would be met with a stiff response from the US and its allies. France signaled its first public break from the united NATO stance saying Europe should have it own dialogue with Russia to help facilitate de-escalation. The US secretary of state is set to meet the Russian foreign minister today. Crude continued to make multi year highs and Natural gas (surprisingly) was lower once again.
In central bank action today, Turkey is expected to hold after a mammoth 36% YoY inflation print in Dec. Sri Lanka and Ukraine are expected to hike to help combat their distressed situations and ECB minutes will be released too. Inflation numbers over the past couple of days in the UK, Canada and EU have continued to hit new highs as market increasingly prices in a pullback on stimulus. We also have weekly unemployment numbers from the US.”
Above views are of the author and not of the website kindly read disclaimer
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