Spreadex Market Update
S&P 500 Hits New Record, Netflix Soars
Equities
- In the UK, the FTSE 100 index is set for a cautious opening, with investors keenly awaiting manufacturing PMI data from the eurozone and the UK. This data will provide insights into the economic health ahead of the European Central Bank meeting on Thursday.
- Major stock indices in the USA, including the S&P 500, achieved a record high, signalling investor optimism amid a mixed bag of quarterly reports.
- Netflix shares surged, surpassing subscriber estimates in the fourth quarter, a testament to the streaming giant's robust content slate. This surge provided a notable boost to the tech sector. Meanwhile, Tesla is anticipated to report its earnings, which is expected to be a significant market mover.
- In contrast, Chinese stocks remained subdued. The blue-chip index CSI300 and the Shanghai Composite lingered near their lowest points since 2020. However, Hong Kong's Hang Seng Index gained 1%, driven by Alibaba shares' rise following news of Jack Ma acquiring more of the e-commerce giant's stock.
Forex
- The dollar's strength was marked, reaching a six-week high against a basket of currencies. This resurgence reflects a recalibration of expectations around US interest rates, with a 44% chance of a rate cut in March priced in by the futures market.
- The Japanese yen weakened against the dollar following the Bank of Japan's decision to maintain its ultra-easy policy. The euro and British pound also saw declines, with the euro hitting a six-week low and the pound dropping slightly against the dollar, influenced by a smaller-than-expected UK budget deficit for December.
Elsewhere
- In non-market related news, the film industry saw a surprise as Director Greta Gerwig and actress Margot Robbie missed out on Oscar nominations for their work on the film "Barbie." In contrast, Ryan Gosling received a supporting actor nomination for his role as Ken in the same movie.
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