World Markets Daily News – In Brief – 31/01/2023




The Australian market closed lower on Tuesday as traders continued to refrain from creating fresh long positions and are cautious ahead of the interest rate decisions from the US Fed, Bank of England and European Central Bank later in the week. The benchmark S&P/ASX 200 was off 0.07%. In New Zealand, the NZX50 dropped 0.55%.


Asian shares  traded mostly in the red as more interest rate rises loomed large. Hong Kong’s Hang Seng index dropped 1.75%. Mainland China’s Shanghai Composite fell 0.42% while the Shenzhen Component was down 0.8% as China’s official manufacturing PMI reported a reading of 50.1. Japan’s Nikkei 225 ended 0.39% down while the South Korean benchmark Kospi declined 1%.


European stock exchanges opened Tuesday’s trading session lower after retail sales in Germany contracted further in December owing to rising food and energy prices. Germany’s DAX dropped 0.30%  while the Euro Stoxx 50 was off 0.11%. London’s FTSE 100 slipped 0.28% and in Paris the CAC 40 fell 0.10%, as the French strike again over pension reform policy.

European stocks closed broadly lower on Tuesday as eurozone’s economy grew 0.1% in the last quarter of 2022,  representing a slowdown from 0.3% growth in the third quarter. Weak retail sales data from Germany, slower pace of economic expansion in France, and the IMF’s report that the British economy will shrink by 0.6% in 2023 also weighed on sentiment. The U.K.’s FTSE 100 drifted down 0.17%, while Germany’s DAX and France’s CAC 40 were both flat at the end of trading.


Stock futures declined slightly on Tuesday as attention turns to the U.S. Federal Reserve’s latest policy meeting, which kicks off on the same day. Futures tied to the S&P 500 dipped 0.27% while futures connected to the Dow Jones Industrial Average fell 0.26%, or 86 points. Nasdaq-100 futures dropped 0.48%.

Major US stock markets closed higher on Tuesday digesting a slew of stronger than expected earnings updates and the latest batch of economic data. The Dow Jones gained 1.09% at the close, the Nasdaq 100 added 1.59%, and  the S&P 500 rose 1.46%. Data showing a drop in labor costs has reinforced the view that the central bank will likely slow the pace of its monetary policy tightening and raise interest rate by 25 basis points.



Oil prices steadied in early Asian trade on Tuesday. Brent crude futures gained 28 cents to $85.18 per barrel by 0155 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 9 cents to $77.99, according to Reuters.


Gold prices edged up on Tuesday. Spot gold rose 0.2% to $1,925.39 per ounce as of 0257 GMT and was headed for a monthly gain of more than 5%. U.S. gold futures were up 0.1% at $1,940.30, according to Reuters.


The euro and the pound sterling were flat against the American currency to sell at $1.08448 and $1.23539 respectively at 8:57 am CET.

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