23/01/2023

Today’s Announcements & News

UK January house prices; US December leading index

Chinese markets closed this week due to  Lunar New Year holidays

 

Australia

Australian shares are poised to move within touching distance of a record high after rising 1.7 per cent last week.

The S&P/ASX 200 currently sits about 2.4 per cent off its record high after rallying 5.9 per cent this year.

ASX futures up 34 points or 0.46 per cent to 7428 over the weekend.

The local currency was 0.8 per cent higher.

 

United States

The GS global growth forecast has improved by 0.4 per cent during the last three months, translating into roughly 0.3 per cent of EPS uplift. US dollar weakness would also represent a modest boost to S&P 500 EPS. If the dollar were to have maintained its level at the start of 2023 for the whole year, it would have represented 1 per cent growth vs. the 2022 average. According to company disclosures, 29 per cent of S&P 500 revenues in 2021 were derived from abroad, with 9 per cent attributed to the Asia Pacific region and just 3 per cent to Greater China specifically.

 

Commodities

Gold speculators notably added to their length as prices continued to rally to new local highs, but the evidence continues to suggest that substantial Chinese buying activity may have overwhelmingly lifted prices over the last weeks. Tracking of Shanghai gold purchases has pointed to a slowing pace of accumulation due to Chinese new year. since the start of China’s behemoth buying activity in early November, with notable liquidations observed over the past few sessions.