China markets reopen after the holiday

• Hong Kong: Hang Seng closes down -2.73%
• China CSI 300 +0.47%
• Taiwan KOSPI -1.35%
• India Nifty 50 +0.25%
• Australia ASX +0.28%
• Japan Nikkei -0.12%
• European bourses slightly down across the board with the exception of Athens +1.14%
• US indices also down across the board this morning in pre-market, along with USD -0.11%

Overnight Data/News

• China: Holiday trips within China surge after COVID curbs lifted
  Chinese spring festival travel up 56% from last year
  Domestic holiday trips rebound, still below pre-pandemic level
   COVID deaths during holiday less than the week before
  State media cites expert to say herd immunity achieved
• UK: Jan Lloyds Business Barometer rises to 22 vs. prior 17, best since July 2022
  Jan ‘Current Economic Optimism jumps to 17 vs. 8
  Jan ‘Business Activity Next 12 Months’ unchanged at 27
• Spain: Jan prov. HICP -0.5% m/m 5.8% y/y vs. expected -1.9%/4.8%
   Jan prov. CPI -0.3% m/m 5.8% y/y vs. expected 5.0% y/y
   Jan prov. Core CPI 7.5% y/y vs. Dec 7.0%

US DATA TODAY

OVERNIGHT COMMODITIES HEADLINES

Metals

While Dr Copper waits for China, China buys more copper: Andy Home

China’s refined copper imports in 2022 were the second highest
on record 8.7%

Seasonal new year copper stock build in China looks muted

Gold ticks up as dollar slips ahead of Fed meeting

Iron ore extends rally on China demand optimism

Energy

Saudi Arabia may lower crude prices to Asia for 4th straight month

Petrobras ‘pre-salt’ geologist Carminatti to head exploration, production division

TotalEnergies says well drilling in Lebanon’s offshore Block 9 to begin in Q3

Texas oil regulator advises pipeline operators to prepare for severe winter

Russian gasoline to be sent to Pakistan as EU import ban looms – traders

Indian refiners’ oil processing in December rises 4% y/y

Speculators raise U.S. crude oil net longs-CFTC