Wealth Daily 18 January 2022




WEALTH DAILY 2022-01-18
.pdf
Download PDF • 198KB

The US stock market was closed on Mon for a public holiday. US stock index futures are little changed in early trade this morning (Tue), as traders brace for the latest batch of corporate earnings reports. Goldman Sachs (GS US) is set to post its most-recent quarterly before today’s opening bell.


In European markets on Mon, the UK FTSE gained 0.91%, France's CAC 40 rose 0.82%, while the German DAX advanced 0.32%.


Unilever (ULVR LN, -4.0%) shares slumped after its offer for GlaxoSmithKline’s (GSK LN, +4.07%) consumer health-care unit, said to be worth £50b, was rejected. Investors fear that Unilever will up its offer and overpay for the unit.


Credit Suisse (CSGN SW, -2.26%) replaced Chairman Antonio Horta-Osorio, who was forced to resign following quarantine breaks after just nine months in charge. He will be replaced by Axel Lehmann, who joined the Credit Suisse board in Oct to head its risk committee following a series of scandals.


Chinese property bonds fell again on Mon, as a crisis of confidence spreads to stronger developers. A Logan Group Co note due 2023 sank 11.5 US cents to 65.5 cents. A Country Garden bond due 2024 fell 11 cents to 72.9 cents.


Canada’s main stock index rose 0.8% on Mon to its highest level in nearly eight weeks, led by gains for energy and financial shares.


A dollar gauge ticked higher, as did oil prices. The ICE dollar index (DXY), which measures the strength of the greenback against a basket of currencies, rose 0.1% to 95.258. The front-month Brent futures closed up 42 cents at US$86.48/bbl.