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If the ASX All Ordinaries (XAO) index was a Hollywood actor today, it\u2019d be, let\u2019s say\u2026 Giancarlo Esposito.<\/p>\n
I\u2019m not going to add a pic, and that\u2019s the point.<\/p>\n
Omnipresent, with the capacity to excel.<\/p>\n
But without a memorable enough recent performance to be imprinted in the hippocampus.<\/p>\n
After five days of toil last week, the XAO was exactly where it was a week ago, and still looking decidedly undecided on which path to take into 2024.<\/p>\n
\u00a0<\/p>\n
And there was a lot happening.<\/p>\n
Microsoft ended Friday back on top as the universe\u2019s most valuable publicly traded company, surpassing Apple after momentarily doing the same a few days earlier.<\/p>\n
Microsoft rose circa 3.2% for the week, bringing its market cap to $2.89 trillion, while Apple\u2019s stock dropped by almost the same, giving it a modest $2.87 trillion valuation.<\/p>\n
Inflation was everywhere. Surprising on the downside from Taiwan and The Philippines, to Poland and Norway.<\/p>\n
Aussie inflation came in lower then expected for a second consecutive month.<\/p>\n
\u00a0<\/p>\n\n
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According to the Bureau of Stats, inflation fell to 4.3%yoy in November, against the spike in prices endured in November last across food, transport, petrol and travel which all came in lower and slower.<\/p>\n
While Aussie prices are still rising at pace across rents, energy and insurance, they\u2019re slower or falling for petrol, travel, food, clothing and the rest.<\/p>\n
Last week, AMP chief economist Dr Shane Oliver told Stockhead<\/em> that while there\u2019s been a bit of angst that Australian inflation\u2019s been higher than in the US and Europe, he says this mainly reflects the fact that it lagged on the way up by around 3 to 6 months.<\/p>\n\n \u201cAnd so it\u2019s lagging on the way down\u2026 and if it has fallen to around 3.3%yoy in December as we expect, then that will take it down close to US and European levels.\u201d<\/p>\n \u201cWe expect December 2023 monthly inflation to fall to around 3.3%yoy as the 1.5% monthly surge in December 2022 (which was largely due to a 27% rise in travel costs) drops out of the annual calculation.\u201d<\/p>\n In the US\u00a0 wholesale prices unexpectedly fell by 0.1% in December, a day after the US CPI which came in a wee bit hotter than economists were forecasting and investors betting.<\/p>\n Still Wall Street\u2019s three major indices all ended the week higher.<\/p>\n The Dow added 0.35%, while the S&P 500 claimed 1.85%.<\/p>\n The tech heavy Nasdaq, driven by Nvidia, Microsoft and Meta ended the week more than 3% ahead.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n As the numbers for the XAO suggests, local markets weren\u2019t set on fire last week. The Materials and Utilities Sectors weighed heavily.<\/p>\n Small caps on the ASX Small Ordinaries (XSO) have been overdue a decent run for some time now.<\/p>\n \u00a0<\/p>\n Via Google<\/em><\/p>\n Which brings us to business this week.<\/p>\n Economically, the week\u2019s focus is in APAC, where an economic data dump of Chinese proportions is forecast for Wednesday.<\/p>\n It starts with GDP numbers for the mainland, followed swiftly by official reads on retail sales, industrial production and unemployment.<\/p>\n Recent Caixin PMI data showed that mainland China ended 2023 on a positive note as composite output growth rose to a seven-month high. This was with manufacturing output growing for a second straight month in December as new orders rose.<\/p>\n Japan\u2019s December inflation read comes out on Friday.<\/p>\n The Americans kick off the week with a holiday. Wall Street will be shuttered on Monday for Martin Luther King Day.<\/p>\n After that they\u2019ve got a date with December\u2019s retail sales, some industrial production and the Michigan consumer sentiment report.<\/p>\n There\u2019s Fed talk, US housing data NAHB foreign trade, the NY Empire State Manufacturing Index and the Philly Fed version of the same.<\/p>\n It\u2019s the first full week of Q4 earnings season in the States. Stepping up early are more major banks \u2013\u00a0 Morgan Stanley, Goldman Sachs, US Bancorp and Charles Schwab.<\/p>\n At home, we\u2019ll get a look at December\u2019s labour force report due out on Thursday.<\/p>\n According to the CBA, November\u2019s release was a surprise result with an odd combo of strong employment growth, a record high participation rate and a lift in the unemployment rate to 3.9%.<\/p>\n For December the bank\u2019s economics team expects a more modest lift in employment of 20k, the participation rate to remain at a record high of 67.2% and the unemployment rate to remain steady at 3.9%.<\/p>\n \u201cWe expect the labour market to loosen more materially in 2024.\u201d<\/p>\n \u00a0<\/p>\n All sources:\u00a0 Trading Economics, IG Markets, S&P Global Market Intelligence\u00a0<\/em><\/strong><\/p>\n MONDAY TUESDAY<\/strong> WEDNESDAY<\/strong> THURSDAY<\/strong> FRIDAY<\/strong> MONDAY<\/strong> TUESDAY<\/strong> WEDNESDAY<\/strong> THURSDAY<\/strong> FRIDAY<\/strong> <\/span><\/p>\n The post Traders\u2019 Diary: Everything you need to know before the ASX opens<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"ASX Sectors Last Week<\/h2>\n\n
Room to Grow:<\/h2>\n
ASX Small Ordinaries (XSO) vs ASX200 (XJO)<\/h2>\n
<\/h2>\n
The Week Ahead<\/h2>\n
The Aussie Economic Calendar<\/h2>\n
Monday January 15 \u2013 Friday January 19<\/h2>\n
\nCommBank Household Spending (Dec)<\/p>\n
\nAustralia Westpac Consumer Confidence (Jan)<\/p>\n
\nNada<\/p>\n
\nAustralia Employment Change (Dec)
\nAustralia Unemployment Rate (Dec)<\/p>\n
\nZip
\n\u00a0<\/p>\nThe Everyone Else Economic Calendar<\/h2>\n
Monday January 15 \u2013 Friday January 19<\/h2>\n
\nUnited States Market Holiday
\nSouth Korea Trade (Dec)
\nIndonesia Trade (Dec)
\nIndia WPI (Dec)
\nGermany Wholesale Prices (Dec)
\nGermany Full Year GDP Growth (2023)
\nEurozone Balance of Trade (Nov)
\nEurozone Industrial Production (Nov)
\nBrazil Business Confidence (Jan)
\nCanada Manufacturing Sales (Nov)<\/p>\n
\nJapan PPI (Dec)
\nGermany Inflation (Dec, final)
\nUnited Kingdom Labour Market Report (Dec)
\nGermany ZEW Economic Sentiment Index (Jan)
\nCanada Inflation (Dec)<\/p>\n
\nSingapore Non-oil Domestic Exports (Dec)
\nChina\u00a0 GDP (Q4)
\nChina Industrial Production (Dec)
\nChina Retail Sales (Dec)
\nChina Fixed Asset Investment (Dec)
\nChina Unemployment Rate (Dec)
\nUnited Kingdom Inflation (Dec)
\nIndonesia BI Interest Rate Decision
\nEurozone Inflation (Dec, final)
\nBrazil Retail Sales (Nov)
\nUnited States Retail Sales (Dec)
\nUnited States Industrial Production (Dec)
\nUnited States Business Inventories (Nov)<\/p>\n
\nEurozone Current Account (Nov)
\nUnited States Building Permits (Dec)
\nUnited States Housing Starts (Dec)<\/p>\n
\nJapan Inflation (Dec)
\nMalaysia Trade (Dec)
\nGermany PPI (Dec)
\nUnited Kingdom Retail Sales (Dec)
\nCanada Retail Sales (Nov)
\nUnited States UoM Sentiment (Jan, prelim)
\nUnited States Existing Home Sales (Dec)<\/p>\n