Financial Markets Daily Report09 January 2024
In yesterday’s session, government bond yields fell slightly on both sides of the Atlantic. In the eurozone, German export data for November, which surprised to the upside on the back of strong EU demand, contributed to the move. In the US, the NY Fed’s metric of consumer’s one-year inflation expectations fell to 3.01%, the lowest level in almost three years.
- In yesterday’s session, government bond yields fell slightly on both sides of the Atlantic. In the eurozone, German export data for November, which surprised to the upside on the back of strong EU demand, contributed to the move. In the US, the NY Fed’s metric of consumer’s one-year inflation expectations fell to 3.01%, the lowest level in almost three years.
- On the equity front, the major US indices posted solid gains, easing concerns after the market’s poor start to the year, with the Nasdaq rising the most thanks to the performance of mega-cap stocks. Most European indices also posted gains, although these were more modest.
- On the commodity markets, oil prices fell after Saudi Arabia cut the price of its Asian exports and as OPEC production data for December showed an increase, offsetting supply concerns. The European natural gas benchmark, the Dutch TTF, also fell sharply as some weather forecasts pointed to milder temperatures next week.