US CPI DAY!!

Mixed Markets Overnight

• Hong Kong: Hang Seng closes down – 0.24%
• China CSI 300 +0.04%
• Taiwan KOSPI  +0.53%
• India Nifty 50  +0.53%
• Australia ASX -0.22%
• Japan Nikkei -0.24%
• European bourses all in positive territory so far this morning
• US indices also all in positive territory this morning, USD down -0.33%

Overnight News/Data

• UK Jan HMRC Payrolls 142K vs. expected 15K (Dec revised up to 47K)

Japan Weak Q4 GDP rebound poses challenge for BOJ’s exit path
Drop in capex, inventory behind weaker-than-  expected rebound
           – Q4 prov. GDP SAAR 0.6% vs. expected 2.0%
           – Q4 GDP 0.2% q/q vs. expected 0.5%
           – Q4 Nominal GDP 0.2% q/q vs. expected 1.6%
           – Q4 GDP Deflator 1.1% y/y as expected
           – Q4 Private Consumption 0.5% as expected
           – Q4 Business CapEx -0.5% q/q vs. expected -0.3%
           – Q4 Inventory Contribution to GDP -0.5 ppt vs. expected -0.1 ppt
Q4 Net Exports Contribution to GDP 0.3 ppt vs. expected 0.4 ppt
Dec final Industrial Production revised up to 0.3% m/m -2.4% y/y vs. provisional -0.1%/-2.8%
Data underscore view Japan making delayed recovery from pandemic

• France Q4 Unemployment Rate at an almost 15-year low 7.2% in Q4 vs. expected 7.3%
• Australia Australian consumers shell-shocked as interest rates climb
  Feb Westpac Consumer Confidence fall 6.9% m/m yo 78.5
  Business activity rebounds in Jan on strong sales – NAB
• New Zealand Govt declares national emergency as Cyclone Gabrielle wreaks havoc

US DATA TODAY

All about CPI today

OVERNIGHT COMMODITY NEWS

Metals

Copper rises on weaker dollar, investors eye U.S. inflation data

B2Gold to buy Sabina Gold & Silver in $824 mln deal

Brazil central bank backs electronic receipts to crack down on illegal gold

Energy

US  natgas drops to near 25-month low despite return of Freeport LNG exports

China’s CNPC set to seal mega Qatari LNG deal -sources

Woodside Energy to book nearly $4.4 bln depreciation expense in 2023

Venezuela to contract for two Iran-built oil tankers to expand fleet

UAE energy minister: no need for early OPEC+ meeting (my note: this means they are ok with the Russian cut of 500K bpd )

US to sell 26 mln bbls of oil reserves as mandated by Congress

Goldman says Russian oil sold for significantly more than quoted prices

Australian court quashes former prime minister’s gas exploration ban