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Quarterly Bank Results Weak


Stock index futures are lower after two large banks posted big drops in profit.

The January Empire State manufacturing index was  -32.9 when -8.1 was predicted.

Futures are performing well for the news.

Federal Reserve Bank Chicago


The ZEW Indicator of Economic Sentiment for Germany improved sharply by 40.2 points from a month earlier to +16.9 in January 2023, returning into positive territory and remaining above market expectations of -15.0.

Average weekly earnings, including bonuses in the U.K., increased by 6.4% year-on-year to the most since the three months to May, and topping market estimates of 6.2%.

Canadian business sentiment weakened as more businesses than usual expect their sales to decline, and consumers reduced their spending plans. The central bank’s business outlook indicator fell to 0.07 in the fourth quarter, from a previously revised 1.74.

Australian consumer sentiment improved in January, according to a private survey.

The Bank of Japan will deliver its latest policy decision Wednesday.


Futures are lower.

John Williams of the Federal Reserve speakers will speak at 2:00 central time.

March fed funds futures remain above the triple top pattern at 95.3150.

According to financial futures markets currently, there is a 92.0% probability that the Federal Open Market Committee will increase its fed funds rate by 25 basis points at the February 1  policy meeting and an 8.0% probability that the rate will be hiked by 50 basis points.

Although futures are lower today, the longer term outlook is for higher prices.

Futures and options trading involve significant risk of loss and may not be suitable for everyone.  Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.  The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM.  The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.  The information provided is designed to assist in your analysis and evaluation of the futures and options markets.  However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

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