Market Pulse: Spot Bitcoin ETF Craze Takes Center Stage Alongside Upcoming Bank Earnings Reports.

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S&P 500 futures (SPX) fell 0.5%, Dow futures (INDU) down 0.7%, and Nasdaq 100 futures (NDX:IND) fell 0.5% as activity increased.

1. Bank earnings are expected to rise, as is demand for spot currency. Bitcoin ETFs skyrocket – what’s driving markets?
2. Dollar falls following conflicting CPI data; pound benefits from GDP growth
3. Dow futures fall; PPI data and bank profits are in focus
4. Bank of America’s profits were $0.10 higher than expected, while sales fell short of expectations.
5. JPMorgan’s profits were $0.48 higher than expected, and sales exceeded expectations.
6. Wells Fargo&Co’s profits were $0.11 below than expected, while revenue exceeded expectations.
7. Due to the major winterstorm, nearly 1,200 flights in the United States have been canceled.
8. BlackRock to acquire GIP for $12.5 billion; Q4 profit jumps due to higher AUM
9. Bank of New York Mellon’s profits were $0.41 more than expected, and sales above expectations.
10. UnitedHealth Non-GAAP EPS of $6.16 outperforms by $0.17, while revenue of $94.4B outperforms by $2.22B.
11. Medical care costs at UnitedHealth climb in the fourth quarter.
12. BlackRock’s quarterly profit grows due to good asset management.
13. With $4.6 billion in trading volume, US bitcoin ETFs are off to a flying start.
14. McKesson is considering to sell the Rexall drugstore chain in Canada, according to a report.
15. Cash inflows are at their highest level this year, according to the Bank of England.
16. Weekly outflows from US equities funds increase in anticipation of data.
17. Lucid Electric Vehicles is recalling over 2,000 luxury automobiles owing to a defective component.
18. Stellantis claims Increase of 5.9% in 2023 European registrations
19. Gold prices surge as safe-haven demand from the Middle East overcomes the CPI shock.
20. According to BofA, private equity appears to be a viable exit for DocuSign as stock climbs on M&A talk.
21. Third weekly inflow into global money market funds ahead of US inflation data
22. Futures are down as investors focus on large bank results.
23. Biden makes an economic appeal in a once-industrial Pennsylvania town.
24. Market experts respond to US and British strikes in Yemen against the Houthis.
25. Tesla Berlin to halt most production for two weeks due to Red Sea interruption.
26. According to Airbus’ CEO, the jet sector requires extra capacity.
27. Tuniu receives a minimum bid price warning from the Nasdaq.
28. CoinShares will purchase Valkyrie Funds and enter the US market.
29. The US FDA has identified ResMed’s respiratory equipment as the most significant recall.
30. Boeing and Airbus anticipate strong airplane deliveries in 2023.
31. Stellantis will invest in a French sodium-ion battery manufacturer to increase EV output.
32. Pixar, a division of Disney, is planning to lay off employees, the number of which is unknown.
    

GLOBAL NEWS 

1. The Nifty 50 is up 1.14% after the closing of trade in India.
2. Japan’s markets are up at the conclusion of trade, with the Nikkei 225 up 1.50%.
3. Australia’s equities are down at the conclusion of trade, with the S&P/ASX 200 down 0.10%.
4. Asian equities are divided after US and Chinese CPI surprises; the Nikkei continues its surge.
5. European markets increase as the British economy expands; Burberry gives a profit warning
6. In Spain, inflation fell 3.1% in December.
7. China’s economy remains deflationary, with consumer prices falling for the third month in a row in December.
8. China’s trade surplus is bigger than expected due to strong exports.
9. In November 2023, Japan’s current account surplus widens.
10. In December, France’s inflation rate increased by 3.7% year on year.
11. UK GDP climbs 0.3% in November, slightly more than expected.
12. According to Cineplex, $124 million in box office receipts in the fourth quarter
13. Despite November growth, the UK economy is on the verge of entering a recession.
14. Third weekly inflow into global money market funds ahead of US inflation data
15. Zara founder Ortega pays $110 million for a Dutch warehouse leased to Primark.
16. In the EV examination, EU inspectors will check China’s BYD, Geely, and SAIC, according to a source.
17. Volkswagen sales growth is being led by mass-market brands such as Audi.
18. UBS hires an Australian banking executive to assist with the Credit Suisse merger.
19. China’s securities regulator promises to improve long-term investment incentives.
20. Tesla Berlin to halt most production for two weeks due to Red Sea interruption.
21. According to Airbus’ CEO, the jet sector requires extra capacity.
22. Volvo Group invests in research into hydrogen engines.
23. Metro Bank hires an interim CFO in the wake of James Hopkinson’s resignation.
24. Exclusive: EU investigators will check China’s BYD, Geely, and SAIC in the EV inquiry, according to a source.
25. ABB acquires a technology firm to provide industrial robots with eyes and brains.
26. Despite the China recession, Porsche raises 2023 deliveries.
27. Skanska receives $128 million waterfront renovation contract in the United States
28. FPT Software’s global IT service sales has surpassed $1 billion.

Economic Data

• The December consumer price index (CPI) rose +0.3% above the +0.2% estimate (and prior month +0.1%) and on a y/y basis, rose +3.4% above the est. +3.2% (prior month +0.1%). Core CPI, or excluding food & energy rose +0.3% m/m vs. +0.2% expected and rose +3.4% y/y, topping the +3.2% expectations.
• Shelter inflation was up 6.15% YoY in Dec, down from 6.51% in Nov and the lowest since July 2022. Rent inflation was up 6.47% YoY in Dec, down from 6.87% in Nov and the lowest since July 2022. The annual increase in consumer prices has cooled from a peak of 9.1% in June 2022.
• Weekly jobless claims fell to 202K from 203K prior week and vs. consensus 210K; the 4-week moving average fell to 207,750 from 208,000 prior week; continued claims fell to 1.834M from 1.868M prior and vs. consensus 1.871M; the US insured unemployment rate fell to 1.2% from 1.3% prior week.
• The U.S. federal government posted a December deficit of $129B, up $44B or 52% from a year earlier as outlays rose while receipts fell. The Treasury said that outlays for December rose 3% to $559B, a December record, partly because of higher Social Security outlays and interest on the public debt. Receipts for the month fell 6% to $429B.

Global news Updates

The US and UK launched airstrikes on Houthi rebel targets in Yemen, escalating a conflict with an Iranian proxy in response to a string of attacks that have disrupted commercial shipping in the Red Sea.

Economic Calendar

8:30 AM Producer Price Index (PPI) M/M for December
8:30 AM Producer Price Index (PPI) Y/Y for December
8:30 AM Core PPI – Ex Food & Energy M/M for December
8:30 AM Core PPI – Ex Food & Energy Y/Y for December
10:00 AM Fed’s Kashkari Speaks at Regional Economic Conditions conference
1:00 PM Baker Hughes Weekly rig count data

Other Key Events:

Consumer Electronics Show (CES), 1/9-1/12, in Las Vegas, NV

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