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17/02/2023
Today’s Announcements & News
AU Philip Lowe, RBA governor, will appear before the House of Representatives Standing Committee on Economics, Canberra at 9.30am AEDT
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UK January retail sales
US import price index January, Leading index January
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Asia
Australian shares are expected to open on a lower note due to the final hour sell-off on Wall Street. Traders were seen repositioning their portfolios in response to January’s producer price report and recent Fed comments, which suggested a possible increase in US interest rates.
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United States
China has announced fines and sanctions against two US defense companies, marking a new escalation of tensions between the world’s largest economies. The Ministry of Commerce in China stated that Lockheed Martin and a subsidiary of Raytheon Technologies have been added to a list of ‘unreliable entities’ for selling weapons to Taiwan.
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Commodities
Gold futures remained steady above the near-term support level of 1,829, despite the strengthening of the USD, as the risk-off sentiment potentially bolstered the strength of haven assets. However, recent increases in US dollar bond yields may put further downward pressure on gold prices.
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Meanwhile, crude oil prices experienced a decline as a result of risk-off trades, following the sell-off on Wall Street due to the PPI data and a stronger USD. With US crude inventory reaching a 17-month high, the suggestion is that demand is weakening.
The above analysis is only for the views of market researchers and is for reference only and is not regarded as a specific investment suggestion.
