Capital One Financial earnings above expectations at 5.41 USD
Capital One Financial (COF) released earnings per share at 5.41 USD, compared to market expectations of 5.33 USD.
Canadian National Railway USA earnings above expectations at 1.71 USD
Canadian National Railway USA (CNI) released earnings per share at 1.71 USD, compared to market expectations of 1.52 USD.
Texas Instruments earnings above expectations at 2.31 USD
Texas Instruments (TXN) released earnings per share at 2.31 USD, compared to market expectations of 1.95 USD.
Microsoft earnings above expectations at 2.48 USD
Microsoft (MSFT) released earnings per share at 2.48 USD, compared to market expectations of 2.31 USD.
Brazilian Stocks Rebound on Tuesday
The main Sao Paulo stock index, Bovespa jumped 2.1% to close at 110,227 on Tuesday, offsetting last session's 1% drop as heavyweight energy stocks were boosted by higher oil prices due to supply concerns amid the military conflicts in Ukraine and risks in the Middle East. Meanwhile, investors remained cautious before the outcome of the Fed's two-day monetary policy meeting on Wednesday, while also digesting mixed US corporate reports. At the same time, the IMF reduced its 2022 growth forecast for Brazil by 1.2 percentage points to 0.3%, as a strong monetary response to persistently high inflation should weigh on domestic demand. On the data front, the seasonally adjusted FGV consumer confidence index in Brazil fell to a nine-month low of 74.1 points in January, reflecting increased pessimism about the future general economic situation.
Toronto Stocks Snap 5-Day Losing Streak
Canada’s main stock index, the S&P/TSX, rose 0.1% to close at 20,591 on Tuesday, snapping a 5-day rout, helped by heavyweight oil stocks that rose on the back of higher oil prices due to supply concerns amid the military conflicts in Ukraine and risks in the Middle East. Meanwhile, investors were cautious awaiting both the US Federal Reserve and the BoC monetary policy decision due tomorrow. On the corporate front, tech stocks plunged 3% amid prospects of higher yields, while financials rose 0.3%.
Argentina Economic Activity Growth Tops Forecasts
Argentina's economic activity advanced by 9.3 percent from a year earlier in November of 2021, following a 6.7 percent rise in the prior month and above market expectations of a 7.4 percent growth. Output growth accelerated for mining (20.4 percent vs 17.7 percent), manufacturing (10.6 percent vs 4.8 percent), retail & wholesale trade (10.1 percent vs 3.7 percent), and transports (14.3 percent vs 12.9 percent). Meanwhile, output grew at a slower pace for hotels & restaurants (59.8 percent vs 63 percent). On a monthly basis, economic activity rebounded 1.7 percent, after falling 0.9 percent in October.
Gold Hovers at 9-week High
Gold prices traded above $1,850 an ounce on Tuesday, the highest since November 18th, underpinned by inflation concerns, softer US bond yields and increased safe-haven demand. Persistent price pressures pushed the yellow metal higher as annual inflation rates soared to multi-decade highs across major economies, headlined by the US consumer price index which accelerated to its fastest pace in almost 40 years at 7% in December. Gold also gained as the benchmark 10-year US yield fell below 1.8% on Friday, easing from a 2-year peak of 1.9% hit earlier last week. Additionally, recent market volatility and geopolitical tensions lifted the bullion’s safe-haven appeal. Meanwhile, investors remained cautious ahead of the Federal Reserve meeting this week, as it is expected to tighten monetary policy at a much faster pace than previously thought to tame persistently high inflation.
Wall Street Trims Losses
Main US stock market indexes closed down in another volatile session on Tuesday but trimmed some of the earlier losses as buyers emerged amid an intraday sell-off triggered by concerns over a more hawkish stance by the Federal Reserve and mixed earnings reports. The Dow Jones lost as much as 65 after shedding more than 800 points at session lows, the S&P fell 1.2%, and the Nasdaq Composite plunged 2.3% after being down more than 3%. The tech stocks were dragged by expectations of higher yields with Nividia down more than 4% and Amazon 3.1% lower. Also, GE sank more almost 6% after the company's earnings beat but sales missed forecasts and the 2022 guidance was mixed. Meanwhile, J&J was up almost 3% after the company projected $3 billion in Covid vaccine sales in 2022. In addition, American Express surged more than 9% after upbeat earnings, profits, and revenues, while the pick-up in bond yields boosted banks' gains.
Treasury Yields Edge Up
The yield on the benchmark 10-year Treasury note inched higher to 1.78% on Tuesday, moving away from 2-week lows early in the week, as market volatility and the stock? sell-off continues while investors await the FOMC decision tomorrow. The Fed is set to raise the fed funds rate in March and reduce the balance-sheet later this year although the size of the rate hike is still uncertain and investors worry the Fed will tighten monetary policy more aggressively than anticipated.
Palladium at 9-week High
Palladium futures extended gains to near $2,200 an ounce, the highest since November 17th and up more than 15% from the start of the year as investors look for safe assets amid geopolitical tensions and inflation risks. Russia is expected to account for more than a third of refined supply this year and a potential Russian invasion of Ukraine heightens the possibility of international trade sanctions. At the same time, expectations of a boost in demand from the second half of 2022 amid easing semiconductor shortage along with a recovery in auto production continued to provide support.
Oil Rebounds on Supply Disruption Fears
WTI crude futures rebounded more than 2% to above $85 per barrel on Tuesday after falling more than 2% in the previous session, as rising geopolitical tensions in Eastern Europe and the Middle East stoked fears of supply disruptions. NATO said on Monday it was putting forces on standby and reinforcing eastern Europe with more ships and fighter jets, in a move that was denounced by Russia. In the Middle East, the Iran-aligned Houthi movement launched a missile attack at the UAE on Monday that targeted a base hosting the US military, but was thwarted by US-built Patriot interceptors. Oil prices have gained more than 10% since the start of the year to reach 7-year highs last week, as strong demand and supply constraints significantly tightened the market. However, a combination of profit-taking and a Fed-driven risk-off sentiment led to a correction in oil markets on Monday. Meanwhile, traders await industry data from API on Tuesday for the latest weekly estimate of US oil inventories.
Wall Street Resumes Sell-Off
The US stocks resumed January's sell-off on Tuesday after one of the biggest comebacks on record during the end of the last session as investors digested mixed earnings reports while awaiting the FOMC monetary policy decision tomorrow. The Dow Jones shed more than 300 points, the S&P dropped 1.8%, and the tech-heavy Nasdaq Composite plunged 2.8% as tech stocks were dragged by expectations of higher yields with Nividia down more than 5% and Amazon 3.3% lower. On the corporate front, GE sank 6% after the company's earnings beat but sales missed forecasts and the 2022 guidance was mixed. J&J rose as much as 2% after the company outlined an expectation of $3 billion in Covid vaccine sales in 2022, while 3M was little changed even after the company's revenues and earnings surprised on the upside. American Express however surged more than 7% after upbeat earnings, profits and revenues. Microsoft is due to report quarterly results today after the closing bell.
Wheat Hits 8-week High
Wheat increased to a 8-week high of 831.25 USd/Bu
Raytheon Technologies Corp earnings above expectations at 1.08 USD
Raytheon Technologies Corp (RTX) released earnings per share at 1.08 USD, compared to market expectations of 1.02 USD.
Archer-Daniels Midland earnings above expectations at 1.50 USD
Archer-Daniels Midland (ADM) released earnings per share at 1.50 USD, compared to market expectations of 1.32 USD.
American Express earnings above expectations at 2.18 USD
American Express (AXP) released earnings per share at 2.18 USD, compared to market expectations of 1.86 USD.
Verizon earnings above expectations at 1.31 USD
Verizon (VZ) released earnings per share at 1.31 USD, compared to market expectations of 1.28 USD.
Nickel Not Far From Decade High
Benchmark nickel futures on the London Metal Exchanged traded below $23,000 a tonne at the end of January, not far from a decade high of $24,320 touched on January 21st, as risk-off sentiment drove a correction in the nickel market while rising demand and low inventories continue to buoy the prices. On-warrant nickel stocks were at their lowest since December 2019 at 48,846 tonnes and nickel stocks in Shanghai Futures Exchange warehouses are close to record lows at 4,859 tonnes. Meanwhile, the demand from the battery sector remains firm as electric vehicles sales are rising and economic growth in China is set to pick up again amid further stimulus.
Italian Shares Close in the Green
The FTSE MIB Index closed 0.2% higher at 26,029 on Tuesday, after declining 4% in yesterday’s session, supported by energy and banking shares as investors await the Federal Reserve’s policy statement following tomorrow’s market close. Still, worries of potential military conflict in Ukraine continue to weigh on sentiment and add to volatility. Energy stocks gained 1.8%, tracking higher oil prices. At the same time, financials closed 0.5% higher, led by UniCredit (2.6%) following reports that the bank has lost interest in the pursue for Moscow-based lender Otkritie Bank. On the political front, Italian government officials resume voting for the country's new head of state, after the first voting round did not result in a 2/3 majority for a single candidate.
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