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On July 7th, Morningstar analyst Jing Jie Yu stated that investors may have been somewhat disappointed with Samsung Electronics revenue forecast. He pointed out that while Samsung Electronics projected operating profit met market expectations, its revenue forecast of 171 trillion won was slightly below the average. This weaker-than-expected performance may be due to a lower-than-expected increase in DRAM prices. This could have spooked investors who increasingly anticipated a structural strengthening of memory chip prices. As investors became more cautious, Samsung Electronics stock closed down 6.9%, narrowing its year-to-date gains to just under 150%.Sources say a Saudi-flagged oil tanker was damaged near the Strait of Hormuz off Oman, after a liquefied natural gas (LNG) tanker was attacked in the same area.Citigroup has initiated coverage research on SpaceX (SPCX.O) with a buy rating and a target price of $200.US chip stocks weakened in pre-market trading, with SanDisk (SNDK.O) and Micron Technology (MU.O) falling more than 5%, Western Digital (WDC.O) falling more than 6%, and AMD (AMD.O) falling more than 4%.On July 7th, the State Council issued its approval of the "15th Five-Year Plan for Building a Tourism Powerhouse," agreeing in principle to the plan. The approval states that the implementation of the plan should fully and accurately implement the new development philosophy, adhere to the principle of tourism for the people, take promoting high-quality development as its theme, and focus on the deep integration of culture and tourism. It should coordinate government and market, supply and demand, protection and development, domestic and international affairs, and development and security, striving to improve the modern tourism industry system, optimize tourism spatial layout, cultivate new drivers of tourism development, enrich tourism supply, unleash consumption potential, improve service quality, promote efficient governance, deepen exchanges and cooperation in the tourism sector, accelerate the construction of a tourism powerhouse, and enable the tourism industry to better serve a better life, promote economic development, build a spiritual home, showcase Chinas image, and enhance mutual learning among civilizations.

Weekly Market Outlook and Review – Week Ending 20 January

Jimmy Khan

Jan 16, 2023 15:43

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US Federal Reserve Chair Jerome Powell participated in a panel discussion on Tuesday (Central bank independence and the mission - changing viewpoints) in his first public appearance of 2023 and reaffirmed the commitment of the central bank to keep inflation under control. As interest rates are raised to slow the economy, Powell said, "restoring price stability when inflation is strong might involve policies that are not popular in the near term." However, there were few remarks about the new policy.


However, US inflation was the week's primary high point. According to the US Bureau of Labor Statistics, consumer prices decreased for a sixth straight month in the 12 months leading up to December (2022), easing to 6.5%. (BLS). This comes after the June 2022 high of 9.1%. US core annual inflation, which excludes energy and food, decreased by 0.3 percentage points from November's 6.0% figure to 5.7% in the 12 months ending in December.


Risk assets saw a buy as a result of this because market players expect the US Federal Reserve's policy tightening to slow down (Fed). The market has virtually priced in a 25 basis-point rise for the next Fed meeting on February 1 based on the pricing of Fed Fund futures contracts, according to the CME's FedWatch Tool. This move would raise the Federal Funds target range to 4.50%-4.75%.


Major US stock indexes battled their way into another week of gains on the markets (S&P 500 up 2.7%), helped by favorable US inflation data and the start of Q4 results on Friday, which were heavily weighted toward banking companies. While Wells Fargo & Co missed quarterly targets, JPMorgan Chase & Co exceeded them. The closely followed FAANG index in the equities market was noteworthy as well since it had a strong week of gains. Amazon increased by 14.0%, while Netflix was close behind at 5.47%.


The (main) currency market saw notable outperformers including EUR/USD, AUD/USD, and GBP/USD rise by 1.78%, 1.48%, and 1.15%, respectively. The USD/JPY fell by a startling 3.17% for the week, while the USD/CAD lost 0.35%.


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