Monday's market: A gentle start following last week's strong performance

Chinese Markets Remain Closed for Lunar New Year

By Farah Mourad | 12 February 2024

Market open

Markets in China, Hong Kong, and Singapore are closed in observance of the Lunar New Year, contributing to diminished liquidity until February 17th. Despite this, the Japanese Nikkei 225 is showing gains, while the Australian S&P ASX 200 is exhibiting a downward trend.

Wall Street Ends Last Week with Gains:

Last week concluded positively for US indices, with the US500 breaking through the significant psychological barrier at 5000 points to reach 5035 points. Additionally, the US100 index surpassed the 18,000 points milestone. However, PepsiCo faced a setback, witnessing a 3% decline following its report of mixed results and outlook.

Forex Market:

The Euro remains robust, juxtaposed with the weaker performance of the New Zealand dollar. Notably, the forex market is experiencing minimal volatility and significant changes at present.

Energy Commodities:

The energy commodities market shows stability, with natural gas leading the declines and oil trading without significant changes.

Upcoming Events:

Expect speeches from key figures such as FOMC member Bowman and Bank of England Chairman Baeily, likely influencing market sentiment. ECB chief economist Philip Lane and Bank of Spain Governor Pablo Hernández de Cos are scheduled to address market dynamics, potentially providing further insights.

With tomorrow's CPI release anticipated at 3%, investors are bracing for a sluggish market opening.