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Sunday, January 29, 2023

Marketmind: No fears on Friday the 13th

Marketmind: No fears on Friday the 13th
© Reuters. FILE PHOTO: A general view shows the trading floor at the stock exchange reflected in a window of the visitors terrace in Frankfurt, Germany October 2, 2017. REUTERS/Kai Pfaffenbach

 

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A look at the day ahead in European and global markets from Anshuman Daga

Is there anything spooky about Friday the 13th?

Well, certainly not for global equity investors as they cheered U.S. inflation data that showed the Fed’s aggressive rate increases are having the desired effect.

Asian stock markets advanced to hit another seven-month high and were headed for a third consecutive session of gains, while the yen also rose to multi-month highs.

European equities, perched at nine-month highs, are poised to open on a strong footing on Friday.

On the corporate front, Vodafone Group (LON:VOD), which is looking for a new CEO, plans to shed several hundred jobs, most of which are located at its London headquarters, to rein in costs, the Financial Times reported.

British shoppers splurged at Christmas, piling their trolleys with party food, drink and clothing as they enjoyed the first holiday season free of COVID worries for three years, but retailers are bracing for a tougher 2023.

Meanwhile, the IMF is holding on to its growth outlook.

The head of the global lender said the IMF is not likely to cut its forecast for 2.7% growth in 2023, noting that a feared oil price spike had failed to materialise and labour markets remained strong.

Fed policymakers expressed relief that inflation continued easing in December and signalled that a rate-hike slowdown was coming.

In Asia, the big movement was of Japanese government bond yields breaching the central bank’s new ceiling in the market’s most direct challenge yet to decades of uber-easy monetary policy.

Friday is a big day for U.S. earnings. Four American banking giants are forecast to report lower quarterly profits as lenders stockpile rainy-day funds to prepare for an economic slowdown that is battering investment banking.

Graphic: Big U.S. banks’ profits expected to plunge in Q4 https://www.reuters.com/graphics/USA-BANKS/dwvkdarqjpm/chart.png

Key developments that could influence markets on Friday:Economic data: UK Nov GDP, France, Spain Dec CPI (final), Euro zone Nov industrial production

U.S. economic data: University of Michigan sentiment survey Jan

U.S. results: Bank of America (NYSE:BAC), Citigroup (NYSE:C), JPMorgan (NYSE:JPM), Wells Fargo (NYSE:WFC), BlackRock (NYSE:BLK) and Delta Air Lines (NYSE:DAL)

Fed speakers: Minneapolis Fed President Neel Kashkari and Philadelphia Fed President Patrick Harker

Source: Investing.com

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