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Stocks start 2023 higher, Tesla deliveries, German CPI - what's moving markets

Wednesday, January 4, 2023
Stocks start 2023 higher, Tesla deliveries, German CPI - what's moving markets © Reuters

By Geoffrey Smith

Investing.com -- Stocks start 2023 on a positive note, but the dollar is also bid higher from oversold levels. Tesla delivers fewer cars than expected in December. China's COVID death toll continues to rise but there are tentative signs of improvement. German headline inflation looks set for a big drop in December, and natural gas futures hit their lowest in 10 months as warm weather cuts European demand. Crypto's 2022 winter shows no sign of ending though. Here's what you need to know in financial markets on Monday, 3rd January. 

1. Dollar surges but risk appetite seems intact; German inflation falls

Global markets had a fairly confused overnight session, as the dollar rose along with both bonds and equities, in contrast to normal trading patterns.

European and Asian stocks were broadly higher on hopes that the COVID-19 wave in China may soon peak and allow a recovery in Chinese economic activity to be priced in. The Hang Seng index in China finished at a four-month high, while European stock indices gained by between 1% and 2%.  Europe was supported by another big drop in headline inflation in Germany, thanks to government measures capping household energy prices.

Despite the strong performance of risk assets, the dollar index – which tracks the greenback against a basket of advanced economy currencies – rose by over 1.2%, bouncing from levels that many had seen as oversold (at least on a short-term basis) toward the end of last year. That was due not least to gains against the euro after the German inflation numbers.

2. China's COVID struggle near turning point? 

China’s economic performance stayed in the spotlight as various reports suggested ongoing high levels of deaths from COVID-19 but, at the same time, tentative signs that the wave may be peaking.

Officials in the city of Beijing said casualty numbers had fallen on Monday, while a revival in mobility data suggested that life was starting to return to normal in some other cities. Local media reported that Apple (NASDAQ:AAPL) supplier Foxconn (TW:2354) is now back operating its massive factory in Zhengzhou – the scene of some of the worst COVID-related disruptions - at 90% of capacity.

That couldn’t stop December’s data from being bad, however. The Caixin manufacturing index stayed below the key 50 level for a fifth straight month in December.

3. Stocks set to open 2023 higher despite Tesla disappointment

U.S. stock markets are set to open the year higher after a muted end to 2022, with all three indices set to recoup their December 31st losses and then some.

By 06:25 ET (11:25 GMT), Dow Jones futures were up 240 points, or 0.7%, while S&P 500 futures were up 0.8% and Nasdaq 100 futures were up 0.9%.

Stocks likely to be in focus later include Tesla (NASDAQ:TSLA), which opened lower in premarket after it announced lower-than-expected delivery numbers for December (albeit that still capped a record year for output by the EV maker). Also in focus may be Univar (NYSE:UNVR), after German rival Brenntag (ETR:BNRGn) said it had ended talks about a possible merger, and General Electric (NYSE:GE), whose healthcare unit is set for its market debut this week.

4. Silbert-Winklevoss row turns ugly 

The nightmare of 2022 continues for crypto. Two of the biggest whales left in the space clashed publicly on Monday over the paralysis at Digital Currency Group’s Genesis, which suspended client withdrawals from its Earn program in November.

Cameron Winklevoss, co-founder of the Gemini investment platform which has substantial amounts of money at risk in Genesis Earn, accused crypto tycoon Barry Silbert of using Genesis funds to shore up his affiliated businesses, notably the Grayscale Bitcoin Trust ETF. Winklevoss called on Silbert to resolve the issue by January 8th. He didn’t say what he would do if Silbert missed that deadline.

Silbert rejected Winklevoss’s accusations, saying his Digital Currencies Group is current on all its loans and doesn’t have to pay Genesis any interest until May.

GBTF is set to open close to a two-year low, while Bitcoin remains stuck below $17,000 on sharply reduced trading levels.

5. Oil falls on recession warning, natgas swoons as Europe supply fears ease

Crude oil prices fell amid concerns for the global demand outlook, with a recession warning from International Monetary Fund managing director Kristalina Georgieva capturing the tone.

"We expect one third of the world economy to be in recession" this year, Georgieva told the CBS news program Face the Nation. U.S. crude futures fell 1.4% to $79.13 a barrel, while Brent fell 1.4% to $84.69 a barrel.

However, the bigger action was in natural gas, where a new set of weather forecasts predicted that Europe would continue to enjoy unseasonably warm temperatures, further easing concerns about a supply crisis – at least until next winter. Natural gas futures are now below their pre-Ukraine invasion levels in both the U.S. and Europe.

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31-03-2024 10:19:50 (UTC+7)

EUR/USD

1.0793

+0.0006 (+0.06%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (5)

EUR/USD

1.0793

+0.0006 (+0.06%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (5)

GBP/USD

1.2624

+0.0002 (+0.02%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (6)

USD/JPY

151.38

0.01 (0.00%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

Sell (1)

AUD/USD

0.6522

+0.0007 (+0.11%)

Summary

Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (3)

USD/CAD

1.3543

+0.0006 (+0.04%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

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Sell (1)

EUR/JPY

163.37

+0.12 (+0.07%)

Summary

↑ Sell

Moving Avg:

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Sell (9)

Indicators:

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EUR/CHF

0.9738

+0.0010 (+0.10%)

Summary

↑ Buy

Moving Avg:

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Gold Futures

2,254.80

42.10 (1.90%)

Summary

Buy

Moving Avg:

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Silver Futures

25.100

+0.002 (+0.01%)

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↑ Buy

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Copper Futures

4.0115

-0.0003 (-0.01%)

Summary

↑ Buy

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Sell (1)

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Crude Oil WTI Futures

83.11

+1.76 (+2.16%)

Summary

↑ Buy

Moving Avg:

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Brent Oil Futures

86.99

+0.04 (+0.05%)

Summary

Neutral

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Natural Gas Futures

1.752

+0.034 (+1.98%)

Summary

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US Coffee C Futures

188.53

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Euro Stoxx 50

5,082.85

+1.11 (+0.02%)

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S&P 500

5,254.35

+5.86 (+0.11%)

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DAX

18,504.51

+27.42 (+0.15%)

Summary

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FTSE 100

7,952.62

+20.64 (+0.26%)

Summary

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Hang Seng

16,541.42

0.00 (0.00%)

Summary

Neutral

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Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (1)

US Small Cap 2000

2,120.15

+5.80 (+0.27%)

Summary

Neutral

Moving Avg:

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Sell (12)

Indicators:

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Sell (4)

IBEX 35

11,074.60

-36.70 (-0.33%)

Summary

↑ Sell

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Sell (12)

Indicators:

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Sell (5)

BASF SE NA O.N.

52.930

-0.320 (-0.60%)

Summary

↑ Buy

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Sell (3)

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Sell (1)

Bayer AG NA

28.43

+0.01 (+0.04%)

Summary

Buy

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Allianz SE VNA O.N.

277.80

+0.35 (+0.13%)

Summary

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Adidas AG

207.00

+2.30 (+1.12%)

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Deutsche Lufthansa AG

7.281

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Siemens AG Class N

176.96

+0.04 (+0.02%)

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Deutsche Bank AG

14.582

-0.030 (-0.21%)

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↑ Buy

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Sell (1)

 EUR/USD1.0793Sell
 GBP/USD1.2624Sell
 USD/JPY151.38↑ Buy
 AUD/USD0.6522Sell
 USD/CAD1.3543Buy
 EUR/JPY163.37↑ Sell
 EUR/CHF0.9738↑ Buy
 Gold2,254.80Buy
 Silver25.100↑ Buy
 Copper4.0115↑ Buy
 Crude Oil WTI83.11↑ Buy
 Brent Oil86.99Neutral
 Natural Gas1.752↑ Sell
 US Coffee C188.53↑ Sell
 Euro Stoxx 505,082.85↑ Sell
 S&P 5005,254.35↑ Sell
 DAX18,504.51↑ Buy
 FTSE 1007,952.62↑ Sell
 Hang Seng16,541.42Neutral
 Small Cap 20002,120.15Neutral
 IBEX 3511,074.60↑ Sell
 BASF52.930↑ Buy
 Bayer28.43Buy
 Allianz277.80↑ Buy
 Adidas207.00↑ Buy
 Lufthansa7.281↑ Sell
 Siemens AG176.96↑ Buy
 Deutsche Bank AG14.582↑ Buy
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Cập nhật 31-03-2024 10:19:52
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$2,232.75-1.61-0.07%
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Sản phẩmVùng 1Vùng 2
RON 95-V24.69025.180
RON 95-III24.28024.760
E5 RON 92-II23.21023.670
DO 0.05S21.01021.430
DO 0,001S-V21.64022.070
Dầu hỏa 2-K21.26021.680
ↂ Giá dầu thô thế giới
WTI$82.82+5.390.07%
Brent$86.82+5.180.06%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD24.600,0024.970,00
EUR26.020,0327.447,78
GBP30.490,4131.787,64
JPY158,93168,22
KRW15,9119,28
Cập nhật lúc 10:12:31 31/03/2024
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