U.S stock futures traded low while Asian stocks ended mixed. Oil prices slipped on recession fears. Gold held firm. Yen steadied at 7-month highs. Cryptos were in green.Updated time: 17 Jan, 2023, 14:15 (UTC+04:00)
U.S. stock futures marked low due to the holiday closure, while looking ahead to economic data and corporate earnings results. Dow Jones futures and S&P 500 futures lost 0.1%, except Nasdaq futures dipped further 0.2%. This week's focus will be on FOMC member Williams' speech, the NY Empire State manufacturing index and earnings reports of big American corps.
Asian stocks traded mixed in a tight range after China’s latest growth data was released. Shares in Japan ended its two-day losing streak to rise while equities in Australia and South Korea fell around 0.3%. The Hang Seng Index declined 0.6%, coupled with stocks in mainland China being the worst performers.
Oil prices slid on fears of recession, snuffing hopes of fuel demand recovery in China. Brent crude futures and WTI crude oil futures were down 0.5 - 1.5% to trade at $84.08 and $78.70 respectively. Soaring Russia’s crude supplies put pressure on the prices, with seaborne exports surging to 3.8 million bpd besides G7 imposed an oil price ceiling.
Gold prices held firm around $1,900 in anticipation of economic data cues and signs of recession. Spot gold rose 0.2% to $1,918.14 while gold futures added 0.1% to $1,920.95. Copper prices traded higher as the prospect of China demand recovery.
The yen hit a seven-month high at 127.22 per dollar during Asian hours on mass expectations of a strong move from the BOJ, however eased due to thin trading in the U.S. The dollar on the contrary fell to multi-month lows with its index holding at 102.28. Other currencies slightly increased: the euro rose to $1.0874, sterling at $1.2199, the Aussie at $0.7 and the kiwi at $0.6394.
Bitcoin, still held firm to the highs at $21,190, up over 1.6% amid the fierce debate over the U.S debt ceiling. Ethereum has reached nearly $1,600, up about 1.5%. Most other major cryptocurrencies were in green.