Daily Market Bulletin – 11 January 2022
Market Developments
Sentiment appeared mixed, as investors digested news around Omicron restrictions, China's property market and upbeat data from Australia.
Australian Retail Sales surged 7.3% m/m in November, compared to 3.9% expected and 4.9% prior. Trade surplus however, retreated to AU$ 9.42bn.
Chinese developer Shimao Group pushed back against Monday's media reports that it was selling all of its properties. [1]
In today's announcement, Shimao said that "it is in discussions with certain potential purchasers and may consider disposing of certain properties if the terms and conditions are appropriate in order to reduce the indebtedness of the Group." It also clarified that "the Company has no outstanding asset-backed securities due and payable" as of the date of the announcement.
EV startup Rivian Automotive produced 1,015 vehicles in 2021, according to yesterday's filing [2], missing its 2021 target. RIVN.us was down around 7% this week.
Mr Powell's opening remarks were released today [3], ahead of his Senate testimony. Fed Chair was upbeat, commenting that "Today the economy is expanding at its fastest pace in many years, and the labor market is strong." Furthermore, he vowed to "prevent higher inflation from becoming entrenched".
Main Asia-Pacific stock markets were mostly down and European futures appear tepid.
In the FX space, the US Dollar lacks firm direction, while Antipodeans (AUD, NZD) are mixed against it, struggling to hold earlier gains.
Instruments Snapshot
EUR/USD is upbeat but faces headwinds ahead of 1.1350.
GBP/USD trades with positive undertone, retesting 1.3600.
USD/JPY shows indecision below 115.50, deleting earlier progress.
USD/CAD returns to negative territory, testing 1.2650, after yesterday's rebound.
AUD/USD started the day on the front foot helped by AU retail sales, but rejected 0.7200 and erases gains.
NZD/USD also shows indecision, trading above 0.6750.
GER30 is subdued and capped by 15,900.
US30 remains soft following its poor start to the week, but defends 36,000.
USOIL is upbeat around 78.50.
XAU/USD extends its gains into the third straight day, probing 1,810.
Economic Calendar Picks (GMT)
All eyes will be on Fed Chair Powell's appearance in the Senate, for his nomination hearing (15:00).
Other than that, Fed's Ms George and ECB President Ms Lagarde are on tap today, while Oil traders await weekly API Stockpiles.
Overnight, focus will shift to China's Consumer and Factory Inflation (01:30).
See the economic calendar here.
Nikos Tzabouras
Senior Financial Editorial Writer
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. With extensive experience in market analysis and a strong foundation in international relations, he brings a unique perspective to financial markets. Nikos emphasizes not only technical analysis but also on fundamentals and the growing influence of geopolitics on financial trends.
As a Senior Financial Editorial Writer, he delivers comprehensive and forward-looking insights across a wide range of asset classes, including equities, commodities, and currencies. His work explores how macroeconomic events, political developments, and global policies impact market dynamics, providing readers with a deeper understanding of both short-term movements and long-term trends.
References
| Retrieved 11 Jan 2022 http://www.shimaogroup.hk/Upload/DownloadFile/yGHD7lcGzdg1 | |
| Retrieved 11 Jan 2022 https://www.sec.gov/Archives/edgar/data/1874178/000119312522005867/d286746dex991.htm | |
| Retrieved 11 Apr 2026 https://www.federalreserve.gov/newsevents/testimony/powell20220111a.htm |
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