Daily Market Outlook, February 16, 2023European Earnings Pump The CAC 40 To Join The FTSE At Record HighsAsian equities are mostly in the green overnight following a positive close on Wall Street as investors digested data including much stronger than expected retail sales coupled with a robust read from the New York Fed Manufacturing survey. European markets are set to open up this morning with the FTSE continuing its march higher aided by British Gas owner Centrica, posting record profits and Standard Chartered Bank announcing a $1billion buyback programme, the CAC40 is also set to enter record high territory as Airbus and Renault post robust earnings.There is no tier one econ data on the docket for UK or the Eurozone this morning, instead investors will focus on a bevy of central bank speakers, parsing commentary for additional information regarding rate policy across the regions. BoE Chief Economist Pill is first up, he recently remarked that he believed another increase in UK rates was the most likely next move from the MPC, markets are currently leaning towards a 25bps increase at the next meeting. The ECB President Lagarde also speaks later today additional ECB speakers on deck include Chief Economist Lane, Executive Board member Panetta and Bundesbank Head Nagel, the ECB have coalesced around a 50bps increase at the next meeting and have been explicit to the markets about this, commentary today will be eyed with respect to the future rate glide path in the Eurozone. The European Commission recently raised its growth forecast for the region to 0.9% for 2023 and lowered its inflation forecast to 5.6%.In the US, investors continue to digest a busy data docket this week, with today’s producer price inflation, housing data, weekly jobless claims and the Philly Fed manufacturing survey the latest data dump. PPI inflation is pencilled to retreat to 5.4% in the annualised comparison, while initial jobless claims are expected to remain anchored at record low levels, suggesting continued tightness in the US labour market landscape. Housing starts are set to buck the positive data trend, they are expected to post another decline with the sector weighed by interest rate increases, while the Philly Fed is expected to post a marginally improvement in conditions, but ultimately remaining in contractionary territory. Investors will also eye comments from Fed officials Bullard & Mester set to speak on the US economic outlook later today.FX Options Expiration New York CutN/AOvernight News of NoteAsia Stocks Face Best Day In a Month; US Futures Up, While Dollar FallsBitcoin Jumps To Highest Since August As Regulatory Concern EbbsTop China Newspaper Sees Room for Cuts in Key Lending Rate, RRRChina’s New Home Prices Rise In Jan For First Time In A YearJapan’s Trade Deficit Smashes Record, Topping 3 Trillion YenJapan’s To Hold Confirmation Hearing For BoJ Governor, Depts, Feb 24Australia’s Surprise Jump In Unemployment Boosts Pressure On RBAC.B.O. Warns Of Possible Default Between July And SeptemberECB’s Lagarde Reaffirms Intention For Half-Point March HikeOil Rises On China Optimism, Market Shrugs Off US Inventory BuildCisco Rallies After Forecast Shows Tech Spending Holding UpApple Pushes Back Mixed-Reality Headset Debut Two MonthsNewcrest Rejects Newmont’s $17 Billion Takeover Offer(Sourced from Bloomberg, Reuters and other reliable financial news outlets)Technical & Trade ViewsSP500 Bias: Intraday Bullish Above Bearish Below 4177Primary support is 4005Primary objective is 4384Below 4000 opens 396520 Day VWAP bullish, 5 Day VWAP bullishEURUSD Bias: Intraday Bullish Above Bearish below 1.0810Primary resistance is 1.0950Primary objective is 1.0620Above 1.0820 opens 1.0920 Day VWAP bearish, 5 Day VWAP bearishGBPUSD Bias: Intraday Bullish Above Bearish below 1.21Primary resistance is 1.2265Primary objective 1.1840Above 1.2265 opens 1.233720 Day VWAP bearish, 5 Day VWAP bearishUSDJPY Bias: Intraday Bullish above Bearish Below 133Primary support is 131Primary objective is 134.70Below 130.80 opens 130.1120 Day VWAP bullish, 5 Day VWAP bullishAUDUSD Bias: Intraday Bullish Above Bearish below .7050Primary resistance is .7050Primary objective is .6750Above .7150 opens .725020 Day VWAP bearish, 5 Day VWAP bearishBTCUSD Intraday Bias: Bullish Above Bearish below 24200Primary support 23500Primary objective is 25000Below 20300 opens 1950020 Day VWAP bullish, 5 Day VWAP bullish
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