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Bregret / BoJ finally moved / U.S $1.66trn funding bill / Central Banks message : higher for longer



  • WASHINGTON (Reuters) -Conservative Republicans in the U.S. Senate on Tuesday expressed outrage at a $1.66 trillion government funding bill, but signaled that they did not intend to significantly delay the measure, which could lead to a weekend partial government shutdown

  • ECB - clearly the BUBA and Co (Schnabel) are back in charge, this is the clear message after the Dec ECB meeting

  • BoJ finally moved! as expected they widened YCC to 50bp, market goes from 25bps to 49bps immediately, till such time (maybe April when Kuroda is gone) they move to 75bp etc etc

  • The British public is beginning to regret Brexit. This shift will allow a future government to bring the UK closer to the EU again

  • U.S Housing 'no sign of stabilization' - PICT thread

  • FT-UK military morale hit as ministers increasingly turn to army to fill civilian roles - what a political shittshow (excuse my french..)

  • Elon Musk has said he will quit as chief executive of Twitter as soon as he has found “someone foolish enough” to take over, but will remain in charge of the software and server teams

 

Markets :
  • SPX500 - still in that trend - chart update - in very short-term '3835' much talked about - see below thread

  • Gold, XPT and particularly Silver had a good move last few days, BIG focus on Gold, which could very well be heading higher in 2023

  • USD struggling a little, though the JPY reset as usual came through both USDJPY and CROSSJPY's - is there more to come ? take some profit from here and look again, over the long-term USDJPY 110-120 area is where both sides tended to be OK with..

 

Today we look at markets posting an indifferent day yesterday after an initially negative reaction to the bump in global yields on the Bank of Japan's policy tweak. We also discuss precious metals jump yesterday, the lay of the land in natural gas markets in Europe and crude oil markets globally, the escalating risks for Tesla as it posted an especially ugly day yesterday despite Musk possibly moving away from Twitter distractions, earnings from Nike and FedEx and more. Today is the final regular daily Saxo Market Call podcast for 2022. Stay tuned in coming days for a string or recently recorded Special Edition podcasts that will keep listeners with their daily fix through to December 30. Today's pod features Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX












SPX500 - bulls need 3835+ and previous lows 3920+ to really get a Xmas rally >>> overall we remain defensive, looking for more opportunities in 'quality' balance-sheet names for our clients in 2023 and beyond




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