From Marc to Market:
Overview: After large moves yesterday, the capital markets ae quieter today. Stocks are mostly firmer, and the 10-year US yield is a little softer near 3.62%. Strong nominal wage increases in Japan and a hawkish hike by the Reserve Bank of Australia helped their respectively currencies recover, though remain within yesterday's ranges. The euro briefly traded below $1.07, and sterling has been sold through $1.20. That said, a consolidative tone the main feature today through the European morning.Gold has steadied after falling $63 an ounce last week. News that China boosted its gold holdings for the third consecutive month should be placed within the context of its overall reserve growth. Consider that the dollar value of its reserve rose by nearly $56.8 bln last month. Its gold purchases were less than $800 mln. March WTI is recovering from yesterday's drop to a two-month low near $72.25 to approach $76 today. News that Saudi Arabia unexpectedly lifted prices for Asian customers ostensibly helped crude extend the recovery that began yesterday. US natgas is steady after snapping a three-day slide at the end of last week....
....MUCH MORE
And Mr. Chandler's intro to the new month, February 4:February 2023
