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rssBoE, Fed and BoC speakers coming up on Wednesday 09 February 2022
Bank of England Chief Economist Huw Pill
- speaking at the annual conference of Britain’s Society of Professional Economists
- I haven’t a specified time for this one
At 10:30am NY time (1530 GMT) Federal Reserve Board Governor Michelle Bowman
- participates in the discussion on “Innovation and Community Banking” before virtual Independent Community Bankers of America (ICBA) ThinkTECH Accelerator event
At 12:00 NY time (1700 GMT) Federal Reserve Bank of Cleveland President Loretta Mester
- speaking on the economic outlook and monetary policy
- at a virtual Distinguished Speakers Seminar hosted by the European Economics and Financial Centre in London (EEFC)
Also at 12:00 NY time (1700 GMT) Bank of Canada Giovernor Tiff Macklem
- speaking by videoconference at Canadian Chamber of Commerce
Thought For A Day
US 10-year yields back off 1.97% on the first challenge
The November 2019 high of 1.973% is the gatekeeper for 2% US Treasury yields. A slip through that level could set off stops through the figure. I expect a big challenge of that level around Thursday’s US CPI report but it could come sooner.
Today yields rose as high as 1.960% but we’ve seen seen a small pullback to 1.947%.
A break through 2% — which almost seems inevitable — is something with so many eyes on it that you worry it could end up being a non-event. What I’m more concerned with is the speed of a move further. If we quickly tick off 2.10% and 2.20% then it could get ugly in risk assets and spark a real bid in the US dollar, particularly against commodity currencies and EM currencies.
Thought For A Day
World’s sleepiest little dictator. Pleading face
How Big is Apple ?
Major earnings releases for the week of February 7 to February 11
The bulk of the major earnings releases are now over. However, there are some major companies announcing next week that may not move the markets like Amazon or AMD helped do this week, but will nevertheless be of interest to market traders.
The major US earnings to be released next week.
Monday:
- Alibaba
Tuesday:
- Chipotle
- NCR Corp
- Pfizer
Wednesday:
- CVS
- Disney
- Twilio
- MGM Resorts
- Uber
Thursday
- Coca Cola
- Zillow
- Phillip Morris
- PepsiCo
Friday
- Under Armour
Next week US CPI will be the release highlight
So what are the key events and releases for next week?
Monday:
- ECB Pres. Lagarde speaks at 10:45 AM ET/1545 GMT
Tuesday:
- RBNZ Gov Orr speaks at 9:15 PM Monday/2:15 AM GMT
- 2 year note auction, 1 PM ET/1800 GMT
Wednesday:
- New Zealand inflation expectations Q/Q, 9 PM ET/0200 GMT
- Weekly crude oil inventory data, 10:30 AM ET/ 1530 GMT
- FOMC Bowman speaks, 10:30 AM ET/1530 GMT
- BOC Macklem speaks, 12 PM ET/1700 GMT
- FOMC Mester speaks. 12 PM ET/1700 GMT
- 10 year bond auction, 1 PM ET/1800 GMT
Thursday:
- EU Economic forecasts, 5 AM ET/1000 GMT
- US CPI, 8:30 AM ET/ 1330 GMT
- US unemployment claims, 8:30 AM ET/1330 GMT
- US 30 year bond auction, 1:00 PM ET/1800 GMT
- BOE Bailey speaks, 3:15 PM ET/2015 GMT
Friday:
- UK Prelim GDP QoQ, 2 AM ET/0700 GMT
- US Prelim UoM consumer sentiment, 10 AM ET/1500 GMT
US stocks end the day with mixed results. For the week, the major indices moved higher
The major US indices are ending the day with mixed results. The Dow industrial average is lower while the S&P and NASDAQ moved higher. The small-cap Russell 2000 was also higher on the day.
The final numbers for the day are showing:
- Dow industrial average felt -21.42 points or -0.06% at 35089.75
- S&P index rose 23.11 points or 0.52% at 4500.54
- NASDAQ index rose 219.2 points or 1.58% at 14098.02
- Russell 2000-11.32 points or 0.57% at 2002.35
For the trading week, the major indices all closed higher:
- Dow industrial average rose 1.05%
- S&P index rose 1.51%
- NASDAQ index rose 2.38%
- Russell 2000 rose 1.43%
Although the major indices moved higher, there were some big losers for the week:
- PayPal, -22.9%
- Meta -21.42%
- Raytheon -17.17%
- Ford Motor -8.09%
- Gilead -7.2%
- Blackberry -6.35%
- Honeywell -5.19%
- Doordash -5.0%
- AT&T -4.48%
- Rocket, -3.72%
- Walgreens -3.69%
- First Solar, -3.3%
In contrast some of the big interests week included:
- Snap, +27.38%
- GoodRx, +20.25%
- Robinhood, +19.25%
- AMD, 17.45%
- Nio, +14.69%
- Chewy, +12.24%
- Alcoa, +11.85%
- Nucor, +11.46%
- Roblox +9.54%
- Amazon +9.49%
- Boeing +8.35%