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07 Jan 2024

07 Jan 2024

A new year market reversal

• Market reversal. Late-2023 rally lost steam. Equities have given back ground over early-January, bond yields are higher, & the USD is firmer. AUD near ~$0.6725.• US jobs. Payrolls rose more than predicted in December. But stepping back there are signs conditions are loosening. Policy easing cycles will be in focus in 2024.• Event radar. Globally, the latest US CPI report is in focus (Fri AEDT). Locally, retail sales (Tues AEDT) & monthly inflation (Weds AEDT) are due. The late-2023 risk rally has lost puff over early 2024. Equities have given back ground over the first week of January (S&P500...

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