\u00a0<\/p>\n
Offshore, resilient economic data in the US was a key theme. Strong retail trade and low initial jobless claims marginally pushed out market expectations for 2024 rate cuts from the Fed.<\/p>\n
Market pricing for a March cut has eased with a probability of ~80% last week coming down to ~50% as we go to press.<\/p>\n
CBA\u2019s international economics team has been of the view for some time that March seems too early and favour May for the first Fed rate cut.<\/p>\n
Wall St rallied good on Friday, as the S&P 500 closed at all-time high of 4,839, adding 1.2%, the Dow Jones surged 395 points and the Nasdaq advanced 1.7%.<\/p>\n
The el loco US Tech Sector led the players off the park on Friday as microchip makers extended their rally, led by Taiwan Semiconductor\u2019s better-than-expected forecast the previous day and optimism around AI.<\/p>\n
Nvidia reached a new record high of $594.91 with a brutal 4.2% rise, Advanced Micro Devices leapt by 7.1%, and Texas Instruments soared by 4%.<\/p>\n
On the Wall St earnings front, Travelers Co. took off 6.7% after the insurer\u2019s Q4 profit more than doubled.<\/p>\n
Finally, the Michigan consumer sentiment unexpectedly reached 2021 highs, and inflation expectations for the year ahead fell to the lowest in three years.<\/p>\n
For the week, the S&P 500 rose 1.1%, the Nasdaq jumped by 2%, and the Dow Jones ended 0.5% higher.<\/p>\n
Chinese markets remain under intense pressure.<\/p>\n
The Hang Seng lost circa 0.55% on Friday, reversing from modest gains in the morning session and coming closer to its lowest level in almost 15 months with all sectors feeling the pinch.<\/p>\n
The Hong Kong index logged a third straight weekly decline, although this one was more of a collapse \u2013 down almost 6%.<\/p>\n
Chinese Premier Li Qiang told Davos participants that Beijing won\u2019t go in for the old bag of stimulus tricks to spur a turnaround in the economy this year due to fears of long-term risk \u2013 adding to fears for local traders already nervous about the fragile state of China\u2019s economic recovery.<\/p>\n
\u00a0<\/p>\n
Via MarketIndex<\/em><\/p>\n \u00a0<\/p>\n Koonenberry Gold (ASX:KNB)<\/strong><\/a> took line honours for the week, banging out an 86% gain, made all the more impressive considering its entire segment, on carefully weighted average numbers and a lot of complex mathematics, was utter gobshite.<\/p>\n The goldies, if you missed the memo, shanked a 5.6% loss for the week as a whole. Brutal.<\/p>\n White Cliff Minerals (ASX:WCN)<\/strong><\/a> took the silver medal for the week, up 80% on news that it popped down to the shops for milk, bread and a pack of smokes \u2013 and came back with The Radium Point uranium licences, fresh from the Northwest Territories in Canada.<\/p>\n The pick-up for White Cliff covers an area in excess of 3,300km2 and includes significant historical mining operations, such as the Eldorado, Echo Bay and Contact Lake mines.<\/p>\n And the bronze gong this week went toENRG Elements (ASX:EEL)<\/strong><\/a>, but the reason why remains a mystery.<\/p>\n At home, at least the ASX benchmark was slightly less depressing:<\/p>\n \u00a0<\/p>\n Which brings us to business this week, another slow one for local data, while it\u2019ll be a little loopier in the US, with Wall St closely eyeing the US Q4 GDP growth rate, on Friday as well as the PCE Price Indexes, and personal income and spending.<\/p>\n When the economic highlight for the Aussie Day week is NAB\u2019s December Business Survey, you can prep for an early break.<\/p>\n Business confidence remains soft and conditions are also easing. Weak household consumption is impacting on trading and profitability, according to CBA\u2019s Harry Ottley.<\/p>\n \u201cAs the economy continues to slow, we expect business conditions to contract further\u2026 The surveyed cost and price measures within the survey will also be closely watched after picking up in November,\u201d says CBA.<\/p>\n Central bank meetings in the EU, Canada and Japan will be the global highlights as anxious markets scan the horizon for any further hints of monetary policy changes.<\/p>\n The European Central Bank (ECB) and Bank of Canada (BoC) meetings will be economic events to watch closely after market optimism about lower rates has started to waver into the new year.<\/p>\n The first set of flash PMI surveys for 2024 will also be released on Wednesday, providing insights into economic conditions across major developed economies. Additional economic data will be in abundance, including the release of US Q4 GDP, core personal consumption expenditures (PCE) figures and various inflation updates across the globe.<\/p>\n US earnings will also add to some zing to movements on US markets.<\/p>\n US Q4 GDP is also due on Friday.<\/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 TUESDAY WEDNESDAY THURSDAY FRIDAY <\/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":"ASX200 last week<\/h2>\n\n
<\/h2>\n
The Week Ahead<\/h2>\n
The Aussie Economic Calendar<\/h2>\n
Monday January 22 \u2013 Friday January 26<\/h2>\n
\nNope<\/p>\n
\nAustralia NAB Business Confidence (Dec)<\/p>\n
\nNada<\/p>\n
\nAustralia RBA Bulletin<\/p>\n
\nMarkets closed<\/p>\nThe Everyone Else Economic Calendar<\/h2>\n
Monday January 22 \u2013 Friday January 26<\/h2>\n
\nChina (Mainland) Loan Prime Rate (Jan)
\nMalaysia Inflation (Dec)
\nTaiwan Export Orders (Dec)
\nHong Kong SAR Inflation (Dec)
\nUnited States CB Leading Index (Dec)<\/p>\n
\nSouth Korea PPI (Dec)
\nAustralia NAB Business Confidence (Dec)
\nJapan BoJ Interest Rate Decision
\nJapan BoJ Quarterly Outlook Report
\nSingapore CPI (Dec)
\nTaiwan Industrial Production (Dec)
\nEurozone Consumer Confidence (Jan, flash)<\/p>\n
\nJapan au Jibun Bank Flash Manufacturing PMI*
\nUK S&P Global\/CIPS Flash PMI, Manufacturing & Services*
\nGermany HCOB Flash PMI, Manufacturing & Services*
\nFrance HCOB Flash PMI, Manufacturing & Services*
\nEurozone HCOB Flash PMI, Manufacturing & Services*
\nUS S&P Global Flash PMI, Manufacturing & Services*
\nNew Zealand Inflation (Q4)
\nJapan Trade (Dec)
\nThailand Trade (Dec)
\nMalaysia BNM Interest Rate Decision
\nSouth Africa Inflation (Dec)
\nCanada BoC Interest Rate Decision<\/p>\n
\nSouth Korea GDP (Q4, adv)
\nHong Kong SAR Trade (Dec)
\nGermany Ifo Business Climate (Jan)
\nSouth Africa PPI (Dec)
\nTurkey TCMB Interest Rate Decision
\nEurozone ECB Interest Rate Decision
\nUnited States Durable Goods Orders (Dec)
\nUnited States GDP (Q4, adv)
\nUnited States Wholesale Inventories (Dec)
\nUnited States New Home Sales (Dec)<\/p>\n
\nAustralia, India Market Holidays
\nJapan BoJ Meeting Minutes (Dec)
\nUnited Kingdom Gfk Consumer Confidence (Jan)
\nGermany Gfk Consumer Confidence (Feb)
\nUnited States Core PCE Price Index (Dec)
\nUnited States Personal Income and Spending (Dec)
\nUnited States Pending Home Sales (Dec)<\/p>\n