top of page

Market Movers: UK GDP, BOJ Rumors, Russia's Oil Pledge, and Lyft

The UK economy managed to avoid a technical recession in the fourth quarter of 2022, with data showing that the country's GDP was unchanged.

However, output decreased 0.5% in December alone, leading experts to believe that this is merely a delay in the inevitable. According to RBC Europe, the January PMI surveys indicated that activity weakened at the beginning of Q1 2023 and GDP is expected to contract by 0.3% in the quarter.

The Japanese yen rose after a report by Nikkei newspaper that Prime Minister Fumio Kishida would nominate Kazuo Ueda, a former BOJ board member, to be the next governor of the Bank of Japan from April. This came as a surprise as Masayoshi Amamiya, a known dove and deputy BOJ governor, was expected to assume the role. The appointment of Ueda could potentially mean a shift away from the central bank's current ultra-easy monetary policies.

Meanwhile, US stock markets are set to open lower due to more hawkish Fedspeak, raising concerns about the central bank's next interest rate moves. Lyft stock plummeted after a disappointing Q4 update, while PayPal stock also fell due to concerns about discretionary spending. The Michigan consumer sentiment index, a widely watched gauge of personal consumer confidence in economic activity, is due today. Crude oil prices rose to new two-week highs after Russia announced a plan to cut its March oil production by 500,000 barrels a day.

Stay updated with all news and markets updates with #9BullsFx.

6 views0 comments


bottom of page