Ferrari 2023 🚗 Stocks mixed ☔ Powell's speech🚦Nasdaq 11'400 ⚠️ EURUSD > 1.07💲

FlowBank's hand-curated fresh financial news [header_noDither] 10.01.2023 Good morning FlowBankers! Here's the latest market news, hand-curated by our research team. The Big Story [Screenshot 2023-01-09 at 17.00.44] Ferrari rallied over 3.5% after being designated as a top pick for the year 2023 by Bank of America. The analysts who made this recommendation pointed to the company's well-rounded approach, its ability to weather financial storms, and its relatively cautious outlook for the 2023 fiscal year as key factors in its decision. [Start Trading](113/cXx8Z04/VVr87_2Y2zpbVf2hc-3SPXKKW9fbdmV4VCXCmN4qMxKt2-MK5V1-WJV7CgSgPW5yg4r55y9qW4W1Pb3DX6P17wrVgvVvv5Rm6NRV8WxFd36j4FfW5N4_5v91ZccJW1TP_2f8M1bqnW4h137b4mSjS6W2g4dHV33nNgQW7CrWk07K0QNbW6rs_-y8TRHQBW6Rd3s84QpYk6W7kCNZ33G2dlRW7-kJzz8J7y3bVjsSrz2P1RZcW7DMmFK4w6NpSW7DCQFk5yS_KkW94Mb-33SVLBkW7BtjvM9hfWSpW2j-GPb1N17fdW4xy9tL2WGsMB3cfx1) Trader's Corner In focus • Markets will follow Fed's Powell speech in the afternoon. The focus will be on how he perceives the strength of the US labour market and the current slowdown in inflation. The dollar and stocks could see volatility. • The Nasdaq has advanced during each of the last two sessions. Traders will keep an eye on the 11'400 as it could present a short-term resistance level. • Lastly, EURUSD finally managed to push above its key resistance level of 1.07 as the dollar weakness continued. Forex traders will be watching whether this could be the beginning of a new bullish trend for the euro. Economic data • US: Powell's speech, CPI, NFIB small business optimism • API weekly crude oil stock Earnings • none Crypto • Crypto markets have been enjoying a surge of positive sentiment, with the price of Bitcoin making a return to levels above $17k since Sunday. • Dogecoin is up more than 10% in the last seven days, wiping off losses it suffered throughout the end of December. [Screenshot 2023-01-10 at 05.39.32] [Start Trading](113/cXx8Z04/VVr87_2Y2zpbVf2hc-3SPXKKW9fbdmV4VCXCmN4qMxKt2-MK5V1-WJV7CgRr7W3mWGP_4Q_x2GW4NTbK61TTWD_W10Nn5V8-pg8sW8KS6j3595lv6VlS4Jr7TJjKxW8Xql0y104qNPW7SnfFh6pLYGrW6KXqjQ2TNHwmW3Zf4Cf3BTH7dVCqRq87nmZ2LVlXsVJ3NPGJqN6Scb7zGqdRnW1BKNCY8kMLdXN4RDLzLRcvGGW6hy5Rq8f7QrlW2HvQpR5TFtsLW4XjnsF1XFb55W4vdbQt6Djf_DW2XngpB1pt1ltW4yK4xK3bL-yj21g1) Market Recap The major US market indices extended their gains early in the day, only to give them back at the finish. Health care, energy, consumer staples, and financials are among the sectors weighing on the S&P500's performance. While Tesla (+7.5%), Nvidia (+7.1%), and AMD (+7%) led the Nasdaq higher. Oil rebounded on improving demand prospects. And In the currency market, the dollar fell to a 7-month low, extending Friday losses on anticipation of a less aggressive Fed and Optimism about China’s reopening boosted demand for the yuan. This morning, S&P500 futures contracts are slightly lower ahead of Powell's much-anticipated speech. The dollar is flirting with the positive territory and oil prices (-0.5%) are giving back some of yesterday's gains. Chart Of the Day Stocks rallied on expectations that Friday's rise will continue. Plus, headlines about China eliminating all border controls also provided support for global growth. But the rally didn't last long. [Screenshot 2023-01-09 at 22.32.12](113/cXx8Z04/VVr87_2Y2zpbVf2hc-3SPXKKW9fbdmV4VCXCmN4qMxK92-MJQV1-WJV7CgGlNW6KKTHv7s3GNYW8mXXXt72rfNNW32V-TF94h-B8W3W5pYt2Md54nN6Fn7PW6bSwmW2sF13W7vRHLZW52gKyC5kwPmwW7nhYYJ3LYR6BN18DMyvmzYWdW1bQY735xVK3WW8jJbJ66yCkfVVMVS6x5ZVc1jW1R-3Dj6MQQtPN33scl6hKbFgW39Cl7W6dxT3kW7yvz9P7h4970W5CSp9W3q0NrFW4grjXy7rlVY639BC1) FlowBank Blog Oil Under Pressure at Start of New Year [shutterstock_474915178](113/cXx8Z04/VVr87_2Y2zpbVf2hc-3SPXKKW9fbdmV4VCXCmN4qMxK92-MJQV1-WJV7CgVc7W4b1cW-96zWBjW95vsLJ53v7vQW1MwRLV6jCkYWW87Dqcn77LcC0W27pRQf1CYQNfW3lXPYf8svGlBW3qBBVB3Q90wNW4nBYY-8BrQzWW3_dFq68rnsMhW7wDyyF2YBdNZW49zMy38RbVVwW3K1g0Q8fcVKlW8bZCHH4pJDyQW5DcTLD2Ws-BYW94YykP4021K9W87H0W61jRY-SW6zXMlD3y35g2W8CgHLL1gqWXP2mF1) Oil markets are kicking off the new year under heavy selling interest with crude futures down over 10% this week. On the back of the more than 40% bearish reversal seen from last year’s highs, traders are questioning whether the downtrend is likely to continue over the early part of 2022. 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