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14/02/2023

Today’s Announcements & News

AU

Westpac-MI February consumer confidence at 10.30am AEDT

NAB January business survey at 11.30am AEDT

 

Japan fourth-quarter GDP, December industrial production

Eurozone fourth quarter GDP at 9pm AEDT

UK December ILO unemployment rate

US January CPI at 12.30am AEDT on Wednesday

Asia

Australian shares are poised to open higher amid optimism in New York that the pending January CPI data will bolster bets that the peak in interest rates is near. ASX futures were up 39 points or 0.53 per cent to 7389 near 7am AEDT.

 

United States

US stocks finished higher to kick off the week ahead of the key US CPI data that is due for release later today as investors may speculate further cool in inflation, which will promote the Fed to stop hiking rates sooner. Tech stocks led the broad market’s gains due to a recovery in risk appetite.

 

Expectations for income growth remain higher than their pre-pandemic levels. Still, increasing budget strain is showing in the results, with the average perceived probability of missing a minimum debt payment over the next three months ticking up in January.

 

Commodities

Crude oil prices retreated from the recent high as the resumption of the Azerbaijani oil exports terminal helped relieved supply concerns after a suspension due to the disruptive Turkey earthquakes. But oil prices may remain strong on an improved demand outlook amid China’s reopening and limited supply due to EU’s sanctions on Russia.

 

Russia may be starting to encounter difficultly maintaining output at technically challenging fields due the initial US and EU sanctions that prohibited the transfer of key technology and equipment to the Russian energy industry as well as the move by the Western majors to exit the country immediately after the invasion of Ukraine. In February and March 2022, respectively, the US and EU imposed sanctions on the export, reexport and transfer of oil and refining technologies to Russia.

 

The above analysis is only for the views of market researchers and is for reference only and is not regarded as a specific investment suggestion.

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