US stock futures rose sharply this morning after the latest employment report from the Labor Department confirmed that the job market is cooling down.

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Hopes that the Fed was going to turn dovish at the start of the year have just been crushed. Signs that inflation is cooling in the US and Europe fueled expectations that central banks were about to stop rate hikes, but that was before the release of the Fed’s minutes from its latest policy meeting. They showed officials believe higher interest rates need to stay a while longer to curb inflation.  They don’t even see any rate cuts in 2023.

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Investors are facing a lot of uncertainty to start the year. The holidays that delayed the recovery of several markets did not help. The NYSE remained sluggish yesterday, betrayed by some of its star stocks and a sharp decline in energy companies. 

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This is the last trading session of the year before the market starts 2023, which we hope will be better for stocks than 2022. US tech companies bounced back yesterday, while bond yields eased a little. Although yesterday was a good session, today Wall Street opened in the red. 

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The atmosphere is not particularly carefree or relaxed on stock markets, in the traditionally quiet week between Christmas and New Year's Eve. Investors did not get their end of year rally, perhaps because indices had already rebounded quite a bit since mid-October. The reason for this post-Christmas depression has not changed: the central banks' hawkish policy is frightening investors, who fear an uncontrolled slowdown of the major economies. If inflation was the central theme of 2022, economic momentum promises to be the common thread in 2023.

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In the absence of good economic news in the United States or Europe, investors are clinging to what they can. At the moment, Beijing represents a glimmer of hope, since it started easing Covid restrictions and announced measures to support its economy. Commodities have outperformed this year.

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As usual, the week between Christmas and New Year remains very quiet. Wall Street reopened in the green after a long holiday weekend, boosted by reports that China is about to end its Covid-19 quarantine policy for incoming international travelers.

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The last session before Christmas is not up to a great start, with all the main indexes across the world opening in the red. Investors are digesting a new reading on US inflation, before the long holiday weekend.

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The unexpected good mood of the American consumer brought the stock markets out of their torpor yesterday, allowing them to erase some of the losses accumulated in the previous sessions. This has triggered a pre-Christmas mini-rebound, that already ended today.

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Alphabet, Meta, Salesforce, Amazon, Royal mail, Nike, Puma, Adidas, JD Sports, Carlyle, Tyson foods, Netflix, Micron, Tesla, Costco, MillerKnoll, Bombardier, Boeing and Toshiba feature in this press review!

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