European equity close: Another day, another gain
Stoxx 600 +0.7% German Dax +0.9% France’s CAC +0.9% UK’s FTSE 100 +1.1% Spain’s Ibex +1.3% Italy’s FTSE MIB +0.8% FTSE 100 +1.1% The FTSE has been strong all year, and it continued its breakout today.
European equities slightly higher at the open today
The DAX in Germany is up 0.2%, the CAC 40 in France is up 0.4%, the FTSE in the UK is up 0.4%, the IBEX in Spain is up 0.5%, and the Eurostoxx in Europe is up 0.3%, but other currencies are mostly flat or slightly down as well. As.
Eurostoxx futures +0.3% in early European trading
The German DAX future contract rose by 0.2 percent Wednesday, following Tuesday’s positive momentum. We ‘ll see if the positive mood continues as we near the end of the day, as well as the US CPI data. On Wall Street, equity prices are looking optimistic ahead of the US CPI.
European equity close: Another strong day for stocks
The Stoxx 600 is up 0.4 percentage points. The Dax is up 1.1 percentage points, the CAC is up 0.8 percentage points, the FTSE 100 is up 0.5 percentage points, the UK’s FTSE is up 0.5 percentage points, the Ibex is down 0.2 percentage points, and the MIB is up.
What’s the trade in 2023? An early clue
The first trading day of the year highlights a few opportunities in the market this year. I’m skeptical that price action this early is telling but some news items are notable and fit into themes I highlighted in the video below. 1) China reopening The China PMI today was awful.
US dollar surges to start the year; US economic calendar light
The US dollar is sizzling today even as Treasury yields fall. It’s a reminder that intermarket correlations don’t matter on Day 1 as flow-driven trade dominates. The rally in the dollar speaks only to demand for liquidity and the world’s reserve currency — I wouldn’t take it as any kind.
Germany December preliminary CPI +8.6% vs +9.1% y/y expected
Prior +10.0% CPI -0.8% vs -0.3% m/m expected Prior -0.5% HICP +9.6% vs +10.7% y/y expected Prior +11.3% HICP -1.2% vs -0.5% m/m expected Prior 0.0% The steeper fall in German inflation was already predicated by the state readings earlier today, and surely owes much to lower energy prices once.
ForexLive European FX news wrap: Dollar jumps as the new year kicks off
Headlines: Not quite the 2022 theme this one Bavaria December CPI +9.2% vs +10.9% y/y prior Saxony December CPI +8.7% vs +9.9% y/y prior Germany December unemployment change -13k vs 15k expected UK December final manufacturing PMI 45.3 vs 44.7 prelim Switzerland December manufacturing PMI 54.1 vs 53.3 expected SNB.