Morning wrap (09.02.2023)

• US indices finished yesterday's trading lower. S&P 500 dropped 1.11%, Dow Jones moved 0.61% lower and Nasdaq slumped 1.68%. Russell 2000 plunged 1.52%

• Indices from Asia-Pacific traded mixed today. Nikkei and Nifty 50 both traded flat, S&P/ASX 200 dropped 0.53% and Kospi lost 0.20%. Indices from China traded higher

• DAX futures point to a higher opening of the European cash session today

• JPMorgan CEO Dimon warned that Fed rate could raise rates above 5%

• US President Biden said relations with China have not taken a big hit

• US Treasury Secretary Yellen still hopes to be able to visit China but has no current plans specific plans

• Chinese media warns not to blindly participate in ChatGPT-related stock speculation

• JP Morgan says AI could prove very deflationary

• US used vehicle prices rose 2.5% m/m last month

• Passenger car sales in China plunged 38% y/y in January

• Disney (DIS.US) stock rose 5.0% in pre-market on upbeat quarterly results. Earnings per share: 99 cents per share, adj. vs 78 cents per share expected, according to a Refinitiv

• Revenue: $23.51 billion vs $23.37 billion expected

• Disney+ total subscriptions: 161.8 million vs 161.1 million expected, according to StreetAccount. Company plans to lay-off 7000 workers

• Cryptocurrencies are trading lower. Bitcoin fell 1.7%, Ethereum lost 1.4%

• Energy commodities trade slightly above the flatline

• Precious metals gain amid dollar weakness. Gold adds 0.2% while silver jumps 0.5%

• AUD and NZD are the best performing major currencies while USD and CAD lag the most

DE30 approaches recent highs at 15585 pts ahead of highly anticipated German inflation figures which will be released at 7:00 am GMT. Source: xStation5