Housekeeping: Good Morning. Transcript tabbed
*** Chinese New Year/GS/ UBS Comments***
Contents
Yesterday’s Activity
Today’s Prices
Today’s Data
Markets/Metals Commentary
Attached- Chinese New Year, Korea, Goldman, UBS
Markets Covered:
Metals, Energy, Crypto, Bonds, Stocks
Yesterday’s Activity:
Stock Meltup
US equities rallied on Friday as the S&P 500 closed at an all-time high.
Technology (+2.35%) and financials (+1.64%) outperformed the broader market indices, while consumer staples (-0.33%) and utilities (-0.12%) lagged.
The Nasdaq gained 1.70%, while the "FAAMG" stocks rose
h/t DataTrek
Overnight Activity:
Gold is under modest pressure, China did not help things - new year buying, no chasing
Silver: Base metals are smacked amid downbeat trade in China overnight- excuse to sell silver twice.. not joking
Oil is modestly higher- consider the move noise
Nat Gas is down large -spot versus futures
Crypto is lower- Warren thinks she matters
Week’s Data:
Earnings, LEI, PMI, PCE, and GDP
MONDAY, JAN. 22 10:00 am LEI
TUESDAY, JAN. 23 None scheduled
WEDNESDAY, JAN. 24 9:45 am PMI
THURSDAY, JAN. 25 8:30 am Q4 GDP
FRIDAY, JAN. 26 8:30 PCE
Total Calendar1
News:
NOTABLE HEADLINES
Japanese PM Kishida says wage growth outpacing prices is a requirement for a virtuous cycle- Shunto
Economic data was weak everywhere: China especially
GEOPOLITICS
ME News implies stalemate and continuance: Israel conducted a strike, US, Egypt and Qatar are pushing Israel and Hamas to talk, israel is having none of it, Saudi’s Foreign Minister said they are very focused on de-escalation in Gaza, US personnel suffered minor injuries in iraq
Russian President Putin reportedly showed his intention to visit North Korea soon
some headlines via NewSquawk
Markets/Metals Commentary:
Gold- Sellers above, Buyers below. Who is most flexible? CTAs, China
Silver: Worst of both worlds right now
Crypto: too many long specs
Oil: CTAs,
End
