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Forexlive RSS Breaking news feed

European equity close: Solid day

Posted: 12 Jan 2022 08:40 AM PST

German DAX +0.4% UK FTSE 100 +0.7% French CAC +0.7% Spain IBEX +0.1% Italy MIB +0.4% Oftentimes, GBP moves inversely to the FTSE 100 but both are rallying at the moment. Everything is going up in the UK at the moment except Boris' political fortunes.

US stocks give back gains

Posted: 12 Jan 2022 07:59 AM PST

The major US stock indices have given back most of their gains.   The Dow industrial average is trading up 30 points or 0.08% a 36282. Its high reached 36453.49 the S&P index is up 6.63 points or 0.14% of 4719.66. It's high reached 4748.83 the NASDAQ index is currently up seven points o

US weekly EIA oil inventories -4553K vs -1904K expected

Posted: 12 Jan 2022 07:29 AM PST

Prior crude -2144K Gasoline +7961K vs +2408K expected Distillate +2537K vs +1757K expected The API numbers late yesterday showed: Crude -1077K Gasoline +10860K Distillates +3035K Oil initially hit new session highs on the report but has given some of that back:

US weekly oil inventories coming up next with crude up another $1

Posted: 12 Jan 2022 07:18 AM PST

US weekly oil inventories are due at the bottom of the hour as the oil trade continues to work. WTI is up 86-cents to $82.08 at the moment. Natural gas is even hotter, up 8.3% today on colder weather forecasts. The consensus for today's numbers are Crude -1904K barrels

Goldman Sachs sees holes in the Chinese economy as lockdowns spread

Posted: 12 Jan 2022 06:25 AM PST

Another lockdown was imposed in China earlier today as covid cases there continue to spread. Huaxian residents were ordered to stay indoors with all businesses told to suspend operations. That goes along lockdowns in Anyang, Yuzhou and Xian that already cover more than 20 million people.

US dollar sinks after CPI report

Posted: 12 Jan 2022 05:51 AM PST

Commodities have jumped, Treasury yields have fallen and the dollar is under broad pressure following the CPI report. The price action is a bit tough to square with the data. The numbers were broadly in-line with the consensus, if not a touch on the hot side. This looks like 1) A market that was too

US December CPI +7.0% vs +7.0% expected

Posted: 12 Jan 2022 05:29 AM PST

    Highest since 1982 Prior was 6.2% m/m CPI +0.5% vs +0.4% expected Prior m/m reading was +0.8% Real weekly earnings +0.1% vs -0.2% prior (prior revised to -0.4%)Full report Core inflation: Ex food and energy +5.5% vs +5.4% y/y expected Prior ex food an

It's not all about 7% today

Posted: 12 Jan 2022 05:17 AM PST

The consensus on today's CPI reading is 7.0% and that's a frightful number for a developed economy. It's the kind of thing that's likely to be splashed on newspaper front pages and kick off another round of political angst. Some estimates are as high as 7.2% (and some as low as 6.8%) so it could be

ForexLive European FX news wrap: Slow and steady ahead of US CPI report

Posted: 12 Jan 2022 04:43 AM PST

Headlines: UK PM Johnson apologises, admits he attended No. 10 drinks event in May 2020 US MBA mortgage applications w.e. 7 January +1.4% vs -5.6% prior Eurozone November industrial production +2.3% vs +0.5% m/m expected China December M2 money supply +9.0% vs +8.7% y/y expected

UK PM Johnson apologises, admits he attended No. 10 drinks event in May 2020

Posted: 12 Jan 2022 04:04 AM PST

His defense was that he went to the garden as it was an extension of the office and assumed that it was a "work event". Adding that in hindsight, he should have sent the people back inside. That's a rather poor take to be honest and the pitchforks are certainly out now. When asked if he was going to

US MBA mortgage applications w.e. 7 January +1.4% vs -5.6% prior

Posted: 12 Jan 2022 03:59 AM PST

Prior -5.6%Market index 580.6 vs 572.8 priorPurchase index 283.4 vs 277.3 priorRefinancing index 2,349.8 vs 2,351.3 prior30-year mortgage rate 3.52% vs 3.33% priorDespite a 19 bps jump in the long-term rate to 3.52% - the highest since March 2020 - mortgage applications were higher in the past week

A look back at markets when US inflation was at 7% the last time

Posted: 12 Jan 2022 03:38 AM PST

Yes, it has been that long and pandemic aside, we would not be here awaiting a 7% print in US CPI later today.So, how did markets look like back then? 10-year Treasury yields were at 14% S&P 500 index was at 110 Gold was at $350 USD/JPY was at 250 In the context of today's leve

WTI crude stays upbeat after break above $80

Posted: 12 Jan 2022 02:55 AM PST

Oil has pretty much put behind the omicron drop to start the new year and the break above $80 yesterday is another good sign of the recent bullish momentum for the commodity. Price is looking perky once again today, with the high touching $81.99 before easing back to around $81.50 currently. The n

Eurozone November industrial production +2.3% vs +0.5% m/m expected

Posted: 12 Jan 2022 01:59 AM PST

Prior +1.1%; revised to -1.3%Industrial production -1.5% vs +0.6% y/y expectedPrior +3.3%; revised to +0.2%The headline reading is not as great as what the details might suggest. The October reading was sharply revised lower to a decline of 1.3% from a growth of 1.1% previously. That also left a dra

Dollar mixed as major currencies see light changes awaiting US CPI

Posted: 12 Jan 2022 01:23 AM PST

It's rather quiet as we count down to the US CPI report later in the day. As mentioned earlier, European morning trade is likely to feature a more muted and cautiously optimistic mood and that's exactly that. The dollar is trading more mixed with light changes across the board: EUR/USD is sti

China December M2 money supply +9.0% vs +8.7% y/y expected

Posted: 12 Jan 2022 12:35 AM PST

Prior +8.5%New yuan loans ¥1.13 trillion vs ¥1.25 trillion expectedPrior ¥1.27 trillionIf it isn't clear that China is still doing what it takes to bolster the economy, this report at least underscores that. Broad money growth remains elevated and new yuan loans for the course of 2021 hit a record h

European equities open higher to start the day

Posted: 12 Jan 2022 12:07 AM PST

Eurostoxx +0.8%Germany DAX +0.7%France CAC 40 +0.8%UK FTSE +0.5%Spain IBEX +0.5%This largely follows the gains from Wall Street yesterday but the overall market mood is also cautiously optimistic at the moment. S&P 500 futures are up 0.1%, Nasdaq futures up 0.2%, and Dow futures up 0.1%.Despite the

French health minister: Too early to say if we are nearing a COVID-19 peak in France

Posted: 11 Jan 2022 11:39 PM PST

Still need a bit of time to work out whether we are near the peakBut delta variant is going down in FranceIn most places in Europe, they are projecting that a peak should be reached some time in mid-to-late January. We'll see if that is the case as anything that goes on for longer will have a negati

Eurostoxx futures +0.8% in early European trading

Posted: 11 Jan 2022 11:06 PM PST

German DAX futures +0.7%UK FTSE futures +0.6%Spanish IBEX futures +0.6%This is largely building on the gains from Wall Street yesterday, with the overall mood also cautiously optimistic today as investors turn their attention to the US CPI report later. S&P 500 futures and Nasdaq futures are up 0.2%

Germany December wholesale price index +0.2% vs +1.2% m/m expected

Posted: 11 Jan 2022 11:00 PM PST

Prior +1.3% Wholesale price index +16.1% vs +17.6% y/y expected Prior +16.6% Slight delay in the release by the source. Another month, another increase in wholesale prices. This time, not as strong as estimated but it still reaffirms the ongoing upward trend. The annual rate eased sli

Trade ideas thread - European session 12 January 2022

Posted: 11 Jan 2022 10:42 PM PST

Was Powell considerably less hawkish than his peers yesterday? Whatever the case is, the dollar slumped with Treasury yields also retreating further and that helped risk trades to soar.The mood is persisting ever since the 'buy the dip' rebound on Monday and I would argue Powell's words were interpr

Another light calendar day beckons in Europe

Posted: 11 Jan 2022 09:58 PM PST

The equities rebound from Monday carried through to yesterday and risk trades soared as a result. The S&P 500 climbed back above 4,700 and we also saw oil prices power through $80 in a notable break higher.In FX, the dollar and yen were the laggards though things are keeping steadier to start the ne

BOJ raises assessment for all 9 Japanese regions in latest economic report

Posted: 11 Jan 2022 09:03 PM PST

Japan December economy watchers survey current conditions 56.4 vs 56.3 prior

Posted: 11 Jan 2022 08:59 PM PST

Outlook 49.4Prior 53.4Not much change in the headline as it suggests that overall activity is seen steady towards the year-end. That said, the latest virus trend to start the new year may see weigh on sentiment in January. The drop in the outlook index likely reflects that. The reading is a survey o

China's Huawei is ramping up its chip efforts to counter US restrictions

Posted: 11 Jan 2022 08:36 PM PST

Nikkei with the news report: China's Huawei Technologies is aggressively ramping up its chip packaging capabilities after the cut off Huawei's access to advanced U.S. chipmaking technologies in 2019 (Chip packaging refers to the final step in semiconductor manufacturing before they are moun
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