Concern is growing

Quite a sharp downward correction in bond yields (below 1.8% for the US 10-year), but this did not support the equity markets, quite the contrary: the Nasdaq fell by another 1.3%. Bitcoin is trading below $40000 and the price of gold is rising. The fear of inflation is accompanied by a fear of economic slowdown which is reflected in this rise in risk aversion. The dollar is stable, confirming, in our view, that it is unlikely to see much movement in the short term.

A few disappointing US corporate results and economic indicators showing that the impact of the Omicron wave on activity, although short-lived, is nonetheless real, have contributed to this rather negative sentiment in the markets. US jobless claims rose to 286k, the highest in 3 months. This morning, the publication of UK retail sales statistics showed a very sharp decline in December: -3.7% mom. In the US, they were down by 1.9%. This is the result of the Omicron wave, but also of soaring prices, as household confidence plunges in parallel.

EnergyScan economics news

There are few key indicators to look forward to today: see you next week with a fuller agenda (PMIs on Monday and the Fed on Wednesday, among others).

Share this news :

You might also read :

December 7, 2021

Cal 2022 prices continue to increase

European spot gas prices were mixed yesterday, amid almost unchanged fundamentals. Norwegian flows were up yesterday, averaging 350 mm cm/day, compared to 344 mm cm/day…
January 26, 2021

Russian oil for the Russian people?

Brent futures prices remained range-bound on Monday at about 55.5 $/b as the dollar strengthened, weakening buying interest. At the same time, Russian exports were…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Don’t have an account yet?