DISCLAIMER
Trading involves the risk of loss of capital and is not suitable for everyone. As many companies provide high leverage you should be aware you could lose substantially more than your initial investment. The content of this daily newsletter should only be considered a guide and views, opinions or content contained in this email is provided solely for information purposes and does not constitute investment advice or a solicitation to trade or invest. Previous performance is no guarantee of future performance. You should carefully consider the inherent risks, your financial situation, your investment objectives, level of experience, and risk appetite. You should ONLY risk capital you are prepared and can afford to lose. It is imperative you should seek advice from an independent financial advisor if you have any doubts. Main news source – Bloomberg, and ING, although every effort has been taken to ensure that all content included is correct, we cannot guarantee its accuracy.
All your global news in one place – financial, commodity & crypto
CONTENTS
- Global news headlines
- My views by Chris Tubby
- Global news
- Commodity news
- Crypto news
- Symax Fintech services
- Disclaimer
Global News
Headlines
- Supply-and-demand dynamics push oil lower, even as Mideast tension mounts.
- Magnificent Seven stocks slide
- In 2023 the so-called Magnificent Seven surged 107% and Nvidia’s share price more than tripled.
- The US dollar posted its strongest advance since mid-October as investors showed doubts about the scale of Fed monetary easing. Watch for India and Singapore PMI data.
- Apple slid the most since September as Barclays cut the stock to underweight on demand worry.
- Tesla falls behind BYD in quarterly EV Sales as growth slows.
- JPMorgan hits a fresh record for the first time in more than two years.
- Analyst Mike Mayo doubles down on his bullish call for Citigroup.
- X is now worth less than one-third of what Elon Musk paid for the company formerly known as Twitter, according to investor Fidelity.
- Rob Citrone’s Discovery macro hedge fund soared 48% last year.
- Tuesday witnessed a market session that featured one of the worst-ever concerted dropsin stocks and bonds to start a year
- Hamas says Israel killed one of its senior officials in a Beirut strike.
- Japan airlines flight was cleared to land before fiery Tokyo collision.
- At least 30 dead in aftermath of Japan quake that toppled buildings.
- A minor earthquake struck New York City. No injuries were reported.
- Hong Kong’s property downturn sets a record
- The PBOC injected350 billion yuan ($49 billion) of low-cost funds into policy-oriented banks last month, the most in over a year, suggesting it’s ramping up housing and infrastructure investment.
- Barclays downgraded Apple, citing soft demand for iPhones.
- The first trading dayof the new year brought 2023’s scorching rally to a halt after a more than $8 trillion surge in the S&P 500 last year.
- Bitcoin hit highs above $45,000 amid anticipation over the possible approval of a spot Bitcoin ETF.
- Russia’s bombardment of Ukraine intensifies.
- The US crackdown on Chinese chips escalates.
- The UKhas a new-build housing model that is more Stalinist than Thatcherite, and which delivers the worst of both worlds
- British executives urge the Bank of England to slash interest rates.
- IMF chief says the Fed is ‘definitely’ securing soft landing.
- Saving Panama canal will take years and cost billions.
- US becomes top LNG exporter after overtaking Australia, Qatar.
- China issues massive crude oil import quotas at start of year.
My View
Although there will be plenty of rate cuts this year, traders are currently pricing in too many, especially for the Fed. Any inflation risks will ensure central banks slowly cut rates rather than rush and later regret it.
Global News
The S&P 500 and Treasuries kicked off 2024 on a sour note as a slide in the Magnificent Seven tech megacaps pressured stocks, raising concern they’ll lose 2023’s shine. Worries over demand for Apple iPhones and tighter government restrictions on chipmakers outweighed positive signs from Tesla. Broader data indicated a manufacturing retreat as well. Together, those signals fed a slowdown narrative, underscoring dour market sentiment. The Nasdaq 100 index slid 1.7%, the tech-heavy benchmark’s biggest drop in two months. The moves were also in line with some strategists’ expectations that the rally in equities is due for a breather. BB
Benchmark West Texas Intermediate crude declined as broad risk-off sentiment undercut concerns about escalating Middle East conflict. Crude had rallied after Iran deployed a warship to the Red Sea, but fell into negative territory with a miss for December’s S&P Global US manufacturing PMI. The gauge’s output reading fell to the lowest since June, reversing an expansion trend. That signal of potentially waning demand added to the case for soft oil prices, reinforcing a bearish outlook. Traders have been focused on soaring US oil production, along with the signs of a slower economy and warm weather that indicate suppressed demand for fuel. The killing of a senior Hamas leader in Beirut, announced around midday New York time, failed to lift oil prices, even though Hamas and Lebanon blamed Israel, with the Lebanese caretaker premier saying the attack was meant to “drag Lebanon into a new phase of confrontation.” BB
With the Panama Canal water levels 6 feet below normal, shipping is being restricted. The Panama Canal handles about 3% of global maritime trade volumes and 46% of containers moving from Northeast Asia to the US East Coast. The canal’s travails reflect how climate change is altering global trade flows. BB
HSBC is set to debut an international payments app to directly challenge the dominance of fintechs with tens of millions of retail customers. Zing will initially be offered in the UK, but the bank is planning to roll out the service in other places in the coming months. The move shows how some global financial giants are seeking to compete against a slew of startups that have rapidly expanded by offering services ranging from cross-border payments to savings accounts and investing products on mobile devices. BB
BYD claimed the EV crown from Tesla, even as the US-based automaker delivered more vehicles than expected last quarter. Tesla sold 484,507 cars in the last three months compared to BYD’s 526,409 units. BB
All 379 people aboard a JAL Airbus A350 at Tokyo’s Haneda Airport escaped after it collided with a smaller plane and burst into flames. Five of the six crew were killed on a coast guard aircraft departing on a relief mission for Monday’s earthquake, from which the death toll rose to 48. BB
Commodities
China has front-loaded its oil import quotas for 2024, with an allocation to private refiners and traders that nearly matches all of the allowances granted for the whole of last year. Industry consultancy JLC said it’s the first time that almost a whole year’s quota has been issued in one go, and the injection of certainty should help smaller private operators map out their year. BB
Recent economic surveys are underplaying the resilience of China’s commodities consumption, according to Capital Economics, which pointed to robust imports and its own assessments of economic activity. The latest factory gauges suggest the outlook for the nation’s manufacturers remains fragile. But lower prices at the factory gate have yet to sap China’s appetite for commodities imports, which have stayed buoyant in recent months in part due to expectations that Beijing’s steps to support the economy will lift consumption. BB
Crypto/Digital
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DISCLAIMER
Trading involves the risk of loss of capital and is not suitable for everyone. As many companies provide high leverage you should be aware you could lose substantially more than your initial investment. The content of this daily newsletter should only be considered a guide and views, opinions or content contained in this email is provided solely for information purposes and does not constitute investment advice or a solicitation to trade or invest. Previous performance is no guarantee of future performance. You should carefully consider the inherent risks, your financial situation, your investment objectives, level of experience, and risk appetite. You should ONLY risk capital you are prepared and can afford to lose. It is imperative you should seek advice from an independent financial advisor if you have any doubts. Main news source – Bloomberg, and ING, although every effort has been taken to ensure that all content included is correct, we cannot guarantee its accuracy.