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Powell Senate Hearing, Biden Speech, Rivian, API - What's Moving Markets

Tuesday, January 11, 2022
Powell Senate Hearing, Biden Speech, Rivian, API - What's Moving Markets © Reuters

By Geoffrey Smith

Investing.com -- Federal Reserve Chairman Jerome Powell appears in front of the Senate Banking Committee and will promise to stop inflation becoming 'entrenched'. President Joe Biden is likely to throw his weight behind Democrat-sponsored  legislation to override state-level laws that aim to tighten election procedures. Stocks are set to sustain the momentum from the second half of Monday's session and the U.S. Short-Term Energy Outlook and weekly inventory data from the oil industry provide a double bill of news for oil markets. Here's what you need to know in financial markets on Tuesday, 11th January.

1. Powell in the Senate 

Jerome Powell heads to Capitol Hill for confirmation by the Senate in his position as Federal Reserve chair for a second term. According to prepared remarks released ahead of his hearing at 10 AM ET (1500 GMT), Powell will say he’s determined not to let inflation become “entrenched”.

Those comments come a day ahead of data that are expected to show annual consumer price inflation hit its highest in some 40 years in December, thanks to ongoing supply chain problems, labor shortages, and a still-high level of disposable savings thanks to fiscal support mechanisms that have sustained demand through the pandemic.

Elsewhere, Atlanta Fed President Raphael Bostic told the Wall Street Journal that he only expects three interest rate hikes this year but that there is a risk of a fourth. Cleveland Fed President Loretta Mester and Kansas City Fed President Esther George are both due to speak at 9 AM ET.

2. Biden to take aim at filibuster

U.S. President Joe Biden is expected to throw his weight behind measures to curtail the Senate’s ability to thwart legislation by ‘filibuster’ in a speech later.

The speech comes a couple of days before the House of Representatives is due to debate new federal legislation aimed at stopping state-level laws that would make it harder for many people to vote. A slew of Republican-controlled states such as Texas have introduced legislation in recent months that they say are aimed at preserving election integrity.

The Democrat-sponsored bill coming to the House would make election day a national holiday, allow for a nationwide period of 15 days of early voting and would also require all states to allow mail-in voting.

Reforming the rules of filibuster could lead to more decisive government, but threatens to upset the historically delicate constitutional balance between state and federal legislatures. The states have traditionally had the last word in setting their own voting procedures.

3. Stocks set to open higher; JPMorgan (NYSE:JPM) conference to continue

U.S. stocks are expected to open higher later, sustaining the momentum they build in the second half of Monday’s trading session.

The market had reversed sharply halfway through Monday’s trading on perceptions that the latest wave of Covid-19 may yet substantially slow the economy due to mass absenteeism by workers forced to quarantine. As such, fears of a fourth interest rate hike in the course of the year, flagged by analysts at Goldman Sachs and JPMorgan over the weekend, eased slightly.

By 6:20 AM ET, Dow Jones futures were up 78 points, or 0.2%, while S&P 500 futures were up 0.3% and Nasdaq 100 futures were up 0.5%.

Stocks likely to be in focus later include Rivian, after reports that its head of operations Rod Copes left the company at the end of last month.  Market attention will also be on the second day of JPMorgan's annual investment conference.

4. Omicron continues to test China

The Omicron variant of Covid-19 continues to pose challenges for China’s zero-tolerance policy. Regional authorities have locked down a second city, Anyang, in the province of Henan, after finding evidence of community spread of the new variant there.

In addition, a mass-testing campaign for inhabitants of Tianjin, home to the world’s fourth-busiest port, continues. Restrictions at the port of Ningbo last week led to a sharp drop in the availability of trucks to take goods to and from the port.

Hong Kong, meanwhile, closed its airport to arrivals from another 150 destinations.

5. Oil higher ahead of API, STEO

Crude oil prices moved higher as the market continued to look through issues of a short-term dip in demand due to Omicron and focus on the problems facing major producers later in the year, when demand is expected to recover more vigorously.

By 6:30 AM ET, U.S. crude futures were up 1.6% at $79.34 a barrel, while Brent crude was up 1.4% at $81.98 a barrel.

At 4:30 PM ET, the American Petroleum Institute will release its weekly estimate of U.S. crude and distillate stocks, while the Energy Information Administration releases its Short-Term Energy Outlook.

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27-01-2022 19:01:20 (UTC+7)

EUR/USD

1.1144

+0.0001 (+0.01%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (1)

Sell (9)

EUR/USD

1.1144

+0.0001 (+0.01%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (1)

Sell (9)

GBP/USD

1.3387

+0.0002 (+0.01%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (0)

Sell (7)

USD/JPY

115.35

0.01 (0.00%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (8)

AUD/USD

0.7035

+0.0004 (+0.06%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (9)

USD/CAD

1.2747

+0.0008 (+0.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

EUR/JPY

128.54

+0.03 (+0.02%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (8)

EUR/CHF

1.0376

+0.0007 (+0.07%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (7)

Gold Futures

1,796.30

-0.25 (-0.01%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (7)

Silver Futures

22.750

-0.030 (-0.13%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (11)

Copper Futures

4.4195

+0.0030 (+0.07%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (2)

Sell (9)

Crude Oil WTI Futures

87.36

+0.08 (+0.09%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (8)

Brent Oil Futures

88.84

+0.15 (+0.17%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (9)

Sell (0)

Natural Gas Futures

4.346

+0.008 (+0.18%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (6)

Sell (2)

US Coffee C Futures

231.78

-7.12 (-2.98%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (2)

Euro Stoxx 50

4,184.97

+20.37 (+0.49%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (1)

S&P 500

4,326.50

-23.43 (-0.54%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

DAX

15,524.27

+64.88 (+0.42%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (1)

FTSE 100

7,554.31

+84.53 (+1.13%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (6)

Sell (1)

Hang Seng

23,807.00

-482.90 (-1.99%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (1)

US Small Cap 2000

1,932.23

-44.24 (-2.24%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (2)

Sell (4)

IBEX 35

8,706.00

+85.80 (+1.00%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (8)

Sell (1)

BASF SE NA O.N.

68.450

+1.140 (+1.69%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Bayer AG NA

52.58

+1.03 (+2.00%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (10)

Allianz SE VNA O.N.

228.70

+3.90 (+1.73%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (11)

Adidas AG

242.15

-1.05 (-0.43%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Deutsche Lufthansa AG

7.045

-0.022 (-0.31%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (6)

Siemens AG Class N

140.50

-0.74 (-0.52%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (9)

Deutsche Bank AG

11.920

+0.500 (+4.38%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (8)

 EUR/USD1.1144Neutral
 GBP/USD1.3387Sell
 USD/JPY115.35↑ Sell
 AUD/USD0.7035↑ Sell
 USD/CAD1.2747↑ Buy
 EUR/JPY128.54↑ Sell
 EUR/CHF1.0376↑ Sell
 Gold1,796.30↑ Sell
 Silver22.750↑ Sell
 Copper4.4195↑ Sell
 Crude Oil WTI87.36↑ Sell
 Brent Oil88.84↑ Buy
 Natural Gas4.346↑ Buy
 US Coffee C231.78Buy
 Euro Stoxx 504,184.97↑ Buy
 S&P 5004,326.50↑ Sell
 DAX15,524.27↑ Buy
 FTSE 1007,554.31↑ Buy
 Hang Seng23,807.00↑ Buy
 Small Cap 20001,932.23Neutral
 IBEX 358,706.00↑ Buy
 BASF68.450↑ Sell
 Bayer52.58↑ Sell
 Allianz228.70↑ Sell
 Adidas242.15↑ Sell
 Lufthansa7.045↑ Sell
 Siemens AG140.50↑ Sell
 Deutsche Bank AG11.920↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,195/ 6,235
(0/ 0) # 1,263
SJC HCM6,195/ 6,255
(0/ 0) # 1,284
SJC Hanoi6,195/ 6,257
(0/ 0) # 1,286
SJC Danang6,195/ 6,257
(0/ 0) # 1,286
SJC Nhatrang6,195/ 6,257
(0/ 0) # 1,286
SJC Cantho6,195/ 6,257
(0/ 0) # 1,286
Cập nhật 27-01-2022 19:01:46
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Sản phẩmVùng 1Vùng 2
RON 95-IV2486025350
RON 95-II,III
E5 RON 92-II2359024060
DO 0.05S1890019270
DO 0,001S-V1925019630
Dầu hỏa1779018140
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.470,0022.780,00
EUR24.775,4326.164,36
GBP29.663,4530.930,27
JPY191,46202,68
KRW16,2819,84
Cập nhật lúc 06:58:47 28/01/2022
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