Data and Earnings Results Expectations Keep Markets Flat

  • Market Overview

Most global markets were little changed on Monday as investors waited for a slew of economic data and corporate earnings results expected this week. Wall Street was trading slightly lower at 18h45. “While banking heavyweights, including JP Morgan Chase (NYSE: JPM ) and Wells Fargo (NYSE: WFC ) reported better-than-expected results last week, the focus now turns to smaller banks that were at the epicentre of the banking turmoil in March. On the corporate side, Charles Schwab (NYSE: SCHW ) came into the spotlight after reporting upbeat quarterly results but warning about cash sorting. Alphabet (NASDAQ: GOOGL ) fell almost 4% following a report that Samsung (KS: 005930 ) was considering replacing Google with Microsoft Corp's (NASDAQ: MSFT ) Bing as the default search engine on its devices,” reported Trading Economics.

News that “UBS (NYSE: UBS ) won clearance by the US Fed for its state-back merger with Credit Suisse (SIX: CSGN )” did little to move European markets at the start of the week, after gains in leisure, travel and mining counters were counterbalanced by losses in financial and insurance shares. The local bourse closed down by 0.19% after gains in the resource sector were not enough to offset losses in the industrial and financial sectors. Eskom also pushed load shedding to stage 6 over the weekend after a unit at the Koeberg power station tripped.

Most Asian markets closed higher on Monday, with the Hang Seng Index up by 1.68% “ahead of a raft of Chinese economic data on Tuesday. The Chinese economy is expected to expand by 4% y/y in Q1 2023, faster than a 2.9% growth in Q4,” added Trading Economics. The Nikkei closed up by 0.07% after “solid corporate results and dovish remarks from new Bank of Japan governor Kazuo Ueda lifted Japanese shares,” stated Trading Economics.

The price of Brent crude fell slightly on Monday, trading at $84.78 a barrel at 18h50, while spot gold fell below the $2 000 an ounce level reached last week.

PSG Wealth Daily Investment Update, 18 April 2023

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