Alibaba surprises 🛍️ Today: US Inflation 💼 Strong dollar 📈 Sentiment 💪

FlowBank's hand-curated fresh financial news [header_noDither] 24.02.2023 Good morning FlowBankers! Here's the latest market news, hand-curated by our research team. The Big Story [Alibaba headquarters] Chinese e-commerce giant Alibaba beat with ease its earnings expectations, sending its shares up 6%. Analysts are now expecting Alibaba to see fast revenue growth in the coming quarters, as the full effect of the Chinese economic re-opening takes place. Still, around $500 billion of Alibaba's market value has been wiped off since its peak in October 2020. [Start Trading](113/cXx8Z04/VXcFYV1Q2VHdN2_8tP8hvyKdW3V7XmG4Xpn9xN2jjSwL2-MK5V1-WJV7CgQJ1W27B1R04cQCZpW4vJBTm6fD38bW11D_836bt9F7W2fHFfQ8rmcsQW37M7Qt49T9XJN2S1N7YXSj2SW8htQlW4tWL0bW8T24dn6mckTtW1_dK_B2gCljkN3FhxWyn04nPN4HXnN2R-3S5W727sPM59rDwzW9bjmgb7xdCTdW3Dg2cP8Svj8BVBrB3b4zY1lzW2rZHF28Gh9S4W2-04SX7-djRFW8FfgMy3rYmG-W5Cq8nw168P0BW3NT8TS42__7331hM1) Trader's Corner In focus • The Fed's favorite gauge of inflation, the PCE, will take center stage. But in our view, the event has somewhat been de-risked given the hot January inflation figures already released. • The strong dollar and elevated bond yields continue to be the main headwinds to stocks and bonds. Nonetheless, the modest dip in Treasury yields is providing some breathing room. • Lastly, sentiment remains negative, building a 'wall of worry', led by vocal strategists making calls that stocks will fall. Looking at technicals, stocks are holding up and are not yet at risk of a steeper sell-off. Economic data • US: PCE price index, new home sales, Michigan consumer sentiment • German GDP Earnings • EOG Resources • Icahn Enterprises • Barings Crypto • Coinbase unveiled Base, its own Ethereum layer-2 network, which it hopes will become an open ecosystem for millions of new decentralized apps. • Canadian regulators, the CSA, have published a long list of new requirements for crypto companies wishing to stay legally compliant, and stablecoin platforms are clearly in the agency's crosshairs. [Table 24.02.2023] [Start Trading](113/cXx8Z04/VXcFYV1Q2VHdN2_8tP8hvyKdW3V7XmG4Xpn9xN2jjSwL2-MK5V1-WJV7CgZGzN2SqwCcSn6cSW2DZZ1H90VBJFW30YfP72t7JTBN1jWcM8jkqWXW5PzmgJ7fSYbJV8bzPk1DFmzVW7cL4Rz77RcBcW2gMzJt1fbrJ8W8Lf9Mg4cz81fW331xkz7TDmX-W8MLnMg1x8kQzW8Y8B_386RHJVMn3YdxXhpGBMMNzh78sVCrW3jk9Tp4BKlMwW4q1_b311Wlm_W5p2QHS5wtXCjVs0QWL98kmssW6X2m-W3wwMm1W254h4065hsb836k61) Market Recap Stocks initially fell in the US after strong macro data pushed the dollar to strengthen, but stocks recovered as bond yields came down. Chip giant Nvidia surged 14% after it unveiled stronger-than-expected earnings. Crude oil surged 2% on improving global demand perspectives, in its first positive session in 7 trading days. The Swiss franc fell heavily against the dollar losing 0.4%. This morning, S&P500 futures are slightly lower, ahead of the well-anticipated PCE print. Treasury yields are down by a few points and oil is higher by almost 1%. Chart Of the Day Core prices in the eurozone increased by 5.3%, more than an initial reading of 5.2% expected. It is likely cementing the European Central Bank’s plan to raise interest rates by another half-point next month. [Eurozone CPI](113/cXx8Z04/VXcFYV1Q2VHdN2_8tP8hvyKdW3V7XmG4Xpn9xN2jjSwr2-MJQV1-WJV7CgVhpW7JRPzn50bwKpVDx6qk2p1Y2LW78DFN15byrt2N3L5R0b4YBM0W5mzPSs2Br5xmW7Ctv496ZZXnSW2bCl9-333C9BW3Rf_9w8hXPfxVmH550442Z5wW7sJ8Hv5TLcvjW1zVXMM1lB4yfW1pkT1H714HnxW3Tnk966zDdXJW72Wp_F6VPKrFVF1t7K52B3btW2LpWGh1KJ_6kW3R9bmg485QwhN7BY9jcwMHW938sm1) FlowBank Blog How Will the BOJ Leadership Change Impact JPY? [Fushimi Inari Taisha Shrine in Kyoto, Japan.](113/cXx8Z04/VXcFYV1Q2VHdN2_8tP8hvyKdW3V7XmG4Xpn9xN2jjSwr2-MJQV1-WJV7CgHP6N3Vr8jqBCQp9W2Rtljb5V37KBW8VSdsm7kD3F_N6CmLxpV1J4kW7vjq7N3Pj2LBW2XrvKj6NxL0LW7GdxJn764lBqW1mGBw53GF9gMN3NfbDYgHn2WW70jcgJ5rHvBcW7l0yWR4vK1dpW7Fpps150fdCZN6nm0LXqMDwxN391CFjdmVTPW8rK9fs5LsbVFW8rky1w13qNQQW2k4RnN9ljjXlW1BnHXy2ZfT4k33sK1) Shift in BOJ Leadership: Impact on JPY, Hawkish Expectations, and What to Expect from Incoming BOJ Governor. 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