Chinese & Japanese GDP | Morning Express | 12/19/2022
Posted: Dec. 19, 2022, 8:51 a.m.
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The central bank extravaganza continues tonight with the People’s Bank of China and Bank of Japan expected to announce policy decisions. A slate of economic data from China late Wednesday night was abysmal, highlighted by the slowest m/m rise for Industrial Production since May and Fixed Asset Investment in a year, while Retail Sales fell -5.9%. Although poor data was expected due to China’s zero-virus policy and lockdowns, not a single point beat forecasts. We picked up on a WSJ report Thursday, on the heels of the data, that China’s policymakers are establishing a GDP target for 2023 of greater than 5%. In 2019, China began slowing and grew at a pace of 6.0%, its slowest since 3.9% in 1990. In 2020, the nation grew even slower at 2.3%, due to Covid, before rebounding last year to 8.1%. This year is seen at 3.0%. However, prior to this, China grew at a pace of 6-7% to as high as 14% for three decades. A shift to prioritize growth amid developing reopening tailwinds could catch risk-assets offside after last week’s bludgeoning. Will we hear something formal tonight? Conversely, there is talk the Bank of Japan could revise its ultra-easy monetary policy that has been in place for more than a decade.
This morning, German Ifo Business Climate and Expectations topped forecasts. Tomorrow, Nike, General Mills, and FedEx report earnings. On Wednesday, Micron is due to report.
E-mini S&P (March) / NQ (March)
S&P, yesterday’s close: Settled at 3879.00, down 48.25 on Friday and 89.25 on the week
NQ, yesterday’s close: Settled at 11,344.75, down 112.25 on Friday and 338.25 on the week
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NQ (March)
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Crude Oil (February)
Yesterday’s close: Settled at 74.46, down 1.69 on Friday and up 3.25 on the week
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Gold (February) / Silver (March)
Gold, yesterday’s close: Settled at 1800.2, up 12.4 on Friday and down 10.5 on the week
Silver, yesterday’s close: Settled at 23.328, up 0.023 on Friday and down 0.389 on the week
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Silver (March)
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