Morning wrap (03.01.2023)

• Indices from Asia-Pacific traded mixed today - S&P/ASX 200 dropped 1.3%, Kospi moved 0.3% lower, Nifty 50 traded flat and indices from China gained up to 2%. Markets in Japan and New Zealand were shut for holiday

• DAX futures point to a more or less flat opening of the European cash session today

• S&P 500 futures trade around 30 points above 2022 cash close

• According to Financial Times report, EU is willing to send Covid vaccines to China. This comes as EU officials grow worried that relaxing of restrictions in China, combined with ongoing outbreak, may see the virus spread

• UK authorities announced that millions of low-income households will receive a 900 GBP direct payment in spring 2023

• Chinese Caixin/Markit manufacturing PMI dropped from 49.4 to 49.0 in December (exp. 48.8)

• CPI inflation in German North Rhine Westphalia state decelerated from 10.4 to 8.7% YoY in December

• Singapore GDP grew at a pace of 2.2% YoY in Q4 2023 (exp. 2.1% YoY)

• Tesla delivered 405,278 vehicles in Q4 2022, up from 308,600 units delivered in Q4 2021. However, deliveries missed market expectations of 431 thousand

• Cryptocurrencies are trading mostly higher with Bitcoin gaining 0.2%, Ethereum trading 0.1% higher and Litecoin adding 1.6%

• Oil is trading a touch higher while US natural gas prices plunge

• Precious metals benefit from USD weakness - gold gains 1%, platinum trades 1.4% higher and silver jumps 2%

• NZD and JPY are the best performing major currencies while EUR, CHF  and USD lag the most. Overall, trading ranges are rather narrow

Silver, as well as other precious metals, benefits from USD weakness. SILVER trades 2% higher today, makes a break above resistance zone ranging above $24.20 and reaches a fresh 8-month high. Source: xStation5