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The 3 major indices (Dow, S&P and Nasdaq) rode a wave of buying higher on the day, closed at the highs and just like that, erased the declines for the week.
- The Dow, S&P and Nasdaq each had best day of the new year
- Dow and S&P posted their first weekly gain in four weeks
- NASDAQ posts its first weekly gain in five weeks
A look at the final numbers shows:
- Prior +1.7%
- GDP (non-seasonally adjusted) +1.4% y/y
- Prior +2.5%
- GDP (working day adjusted) +1.4% y/y
- Prior +2.5%
Apologies as there is a bit of a delay on the post due to technical difficulties. The German economy contracted more than expected in Q4 last year, owing to the spread of omicron and restrictions associated. The new year has started off with more resilience though, so there is at least some optimism on that front.
It was all about the dollar as the market continues to digest the post-Fed sentiment in trading yesterday.
Things are much more quiet so far today but we could see the action ramp up once European traders enter the fray later and as we get towards the Wall Street open. Equities were more subdued in a back and forth session (again). It has been a week with plenty of pushing and pulling but buyers are still hanging on despite the setbacks.
For now, US futures are slightly higher but that belies any major optimism on the week.
We’ll be getting some Q4 GDP releases in Europe later today but they shouldn’t mean much with the market being more forward-looking when it comes to pandemic and inflation dynamics.
As such, the market focus will continue to reside on dollar sentiment and the risk mood before the weekend comes along.
0630 GMT – France Q4 preliminary GDP figures
0700 GMT – Germany December import price index
0800 GMT – Spain Q4 preliminary GDP figures
0800 GMT – Switzerland January KOF leading indicator index
0900 GMT – Eurozone December M3 money supply data
0900 GMT – Germany Q4 preliminary GDP figures
That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.