Stansberry Research

Tuesday Morning Market Preview, Calendars

C. Scott GarlissStansberry NewsWire

Morning Market Preview:

S&P futures are lower, down 6 to 7 points, as…

  • Investors await the Federal Reserve Banks of New York’s January manufacturing survey, a forward-looking indicator of prices paid and received.
  • There are 26 S&P 500 Index member companies and two Dow Jones Industrial Average members scheduled to release fourth-quarter earnings during the week.
  • U.S. Treasury Secretary Janet Yellen is scheduled to meet with Chinese Vice Premier Liu He on Wednesday in Switzerland to discuss economic developments.
  • The U.S. Bureau of Labor Statistics releases its December Producer Price Index (“PPI”) figures on Wednesday, an important update on the state of manufacturing inflation growth.

European markets fell as…

  • German investor sentiment for January reached positive territory for the first time since the start of the war in Ukraine as signs continue to point for a milder economic downturn. 
  • European Central Bank Governing Council member Olli Rehn said he favors raising interest rates aggressively now to avoid any economic fallout in the future.
  • Bank of England Governor Andrew Bailey said he’s concerned the lack of available labor supply in the U.S. will keep upward pressure on prices.
  • European Central Bank Governing Council member Pablo Hernandez de Cos said it will continue with big rate increases to ensure inflation growth returns to the 2% target.

Asian markets ended mixed as…

  • Chinese fourth-quarter economic output was stronger than anticipated, despite COVID lockdowns, implying the country is poised for a resurgence with the removal of restrictions.
  • Japanese Finance Minister Shunichi Suzuki said the next Bank of Japan governor should conduct appropriate monetary policy, implying interest rates are headed higher.
  • Australian consumer confidence data improved for the second consecutive month in January, boosted by improving income and economic outlooks.
  • The People’s Bank of China added $74.5 billion worth of funds to the financial system vis reverse repurchase operations to boost liquidity, lending, and economic growth.

And ahead of…

  • Empire State Manufacturing Index for January (8:30 a.m.)
  • Fed's Williams Speaks (3 p.m.)

Pre-Market Levels:

S&P -0.17%

Asia:

Japan's Nikkei +1.23%, Japan's TOPIX +0.89%, China's Shanghai Composite -0.10%, Hong Kong Hang Seng Index -0.78%, South Korea's KOSPI -0.85%, Taiwan's TSE +0.04%

Europe:

EuroStoxx 50 -0.11%, UK FTSE -0.34%, German DAX -0.05%, French CAC -0.14%, Italian MIB -0.26%, Spanish IBEX -0.06%       

Currencies:

Dollar -0.12%, Japanese Yen -0.02%, Euro +0.19%, British Pound +0.56%, Swiss Franc -0.45%, Chinese Yuan +0.63%

Risk:

VIX +2.82%

Bitcoin -0.11%

Ethereum -1.11%

Growth:

WTI Crude +0.53%

Brent Crude +1.29%

Nat Gas +9.53%

Copper -1.39%

Safety:

Gold -0.31%

Silver -0.52%

Sovereign Bonds:

U.S. Treasury 10-yr yield +3.5 bps at 3.55%

U.S. Treasury 2-yr yield -0.9 bps at 4.23%

German 10-yr yield -2.4 bps at 2.17%

French 10-yr yield unchanged at 2.64%

Italian 10-yr yield +1.8 bps at 4.03%

Japanese 10-yr yield +9.4 bps at 0.59%

Earnings:

ADTN, DIT, ENBP, HLAN, JCTCF, MMND, NIC, NODB, ONB, RVCB, SOTK, CFG, FBK, MBWM, SI, SBNY, GNTY, GS, and MS before the open.

HWC, PNFP, PRGS, SGMD, UAL, UCBI, IBKR, and FULT after the close.

Calendar:

China – GDP for Q4
China – Industrial Output for December
China – Retail Sales for December
Japan – Retail Sales (Final) for December
ECB's de Guindos Speaks
Germany – CPI (Final) for December (2 a.m.)
U.K. – Claimant Count Change/Rate for December (2 a.m.)
U.K. – Unemployment Rate for November (2 a.m.)
ECB's Fernandez-Bollo Speaks (3 a.m.)
Germany – ZEW Financial Market Survey for January (5:05 a.m.)
Empire State Manufacturing Index for January (8:30 a.m.)
Fed's Williams Speaks (3 p.m.)