2023-01-06 05:28:35
5 Key events happened in the market yesterday that you need to know:
ADP Nonfarm employment
The market expected to see softer ADP data last night to temp down the inflation, however, the labour market performed resiliently with 235k new jobs added from 150k expected. The dollar strengthened versus major peers. The Fed has suggested that a tight labour market remains a threat to its efforts to slow inflation, ramping up the stakes for government employment figures due early Friday.
US Equities
Wall Street's main indexes were in the red on Thursday as fresh evidence of a tight labour market and hawkish comments from policymakers deepened fears of elevated interest rates for longer than expected. The NAS100 declined more than 1% after the ADP number was released, closed -1.31% low. The US30 and US500 fell -0.83% and 0.95% respectively, weighing down the market sentiment.
FX:
The stronger hiring numbers strengthened the USD. USDX soared 0.84% on Thursday. AUD and NZD each fell by more than 1% against the USD. USDJPY +0.58%, USDCAD +0.68%, USDNOK +1.51%
Commodities:
Both SPOTCURDE and SPOTBRENT inched each 1% higher overnight while the significant collapse in natural gas prices continues. NATGAS closed -9.06%. Precious metals fall, as the USD is strengthened. XAUUSD -1.18%, and XAGUSD -2.18%.
China
China’s reopening is not a new story to the market anymore despite the reopening road is bumpy. Some highlights boot investors’ confidence such as the big tech company Tencent overtook oil and gas producer Exxon Mobil Corp this week to become the 10th biggest company globally; Foxconn’s biggest Chinese rival – Luxshare- wins premium iPhone contact; outbound travel will accelerate the global economy. China shares reflect the positive: CN50 +1.77%, HK50 +0.33%, and CHINAH +0.35%. Additionally, the Chinese offshore yuan outperformed the USD: USDCNH -0.18%
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