Morning Wrap

  • Asian indices launched a new week higher. Nikkei gained 0.7%, S&P/ASX 200 added 0.3% while indices from China traded 0.4-1.5% higher. Kospi was a laggard, dropping over 1% today
  • DAX futures point to a higher opening of the European cash session today
  • Chinese GDP growth reached 1.6% QoQ (exp. 1.1% QoQ) and 4% YoY (exp. 3.6% YoY)
  • Chinese retail sales increased 1.7% YoY in December (exp. 3.7% YoY), industrial production was 4.3% YoY higher (exp. 3.6% YoY) while urban investments were 4.9% YoY higher (exp. 4.8% YoY)
  • People’s Bank of China lowered 1-year medium term lending facility and 7-day reverse repo rate by 10 bps
  • First cases of Omicron infection were detected in Beijing, China just 3 weeks ahead of Winter Olympics
  • Goldman Sachs expects US GDP growth to reach 3.4% in 2022, down from 5-6% in 2021
  • ECB Schnabel said that premature rate hike may halt economic recovery
  • According to data from BitPay, share of Bitcoin in cryptocurrency payments dropped from 92% in 2020 to around 65% in 2021
  • USD and CAD are the best performing major currencies while JPY and CHF lag the most
  • Precious metals trade a touch higher in spite of USD strengthening. Brent and WTI trade around 0.5% higher each

KOSPI (KOSP200) has been top laggard among Asian indices today. The index dropped over 1% and is threatening to break below the support zone at 23.6% retracement of post-pandemic recovery that serves as the lower limit of the current trading range (382 area). Source: xStation5

Share this post

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Technical Analysis

Chart of the day: US2000

Market interest rates continue to rise with the US 10-year Treasury yield hovering near 1.9%. While higher rates are usually seen as negative for the

Read More »
Market Update

Morning Wrap

US indices slumped yesterday as Treasury yields jumped. S&P 500 dropped 1.83%, Dow Jones moved 1.51% lower and Nasdaq slumped 2.60%. Russell 2000 plunged 3.06%

Read More »

Already have an account?

Let's start trading

Sign up and start trading. After sign up is complete you will be redirected to your Trader’s Dashboard, here you can fund your account and access your trading account.

Learn Trading

Free Coaching

Free Education Center

The Best Trading Platform

Create an account

Signup
Signup