#SP500:
Buybacks are back after most companies suspended share repurchase programs in the wake of the pandemic. Total S&P 500 buybacks jumped from $513 billion in 2020 to $918 billion in 2022. According to S&P Dow Jones Indices estimates, buybacks on the S&P 500 will likely exceed $1 trillion in 2023. Rising free cash flows should continue to support buybacks this year. Fourth-quarter earnings season is on the final stretch, with all but seven of the companies in the S&P 500 having reported. Results for the quarter have beaten consensus estimates 68% of the time. This is a positive signal for the stock market.
Trading recommendation: buy 4005 and take profit 4150.
XAUUSD:
U.S. Treasury yields eased in the wake of comments from Fed officials that calmed fears over inflation and interest rates. The Fed is telling markets what they want to hear but also injecting the caution that rates may need to go higher depending on the economic data. Bankers now have a lot of capital; they don't know what to do with it. Against this background, bankers are involved in reverse repo transactions with the Fed. Such operations are carried out only during periods of excess liquidity. This is a positive signal for precious metals.
Trading recommendation: buy 1841 and take profit 1868.
#WTI:
Oil prices rose, boosted by signs of a strong economic rebound in top crude importer China and easing worries of aggressive U.S. rate hikes. Manufacturing activity in China grew last month at the fastest pace in more than a decade, data showed on Wednesday, adding to evidence of a rebound in the world's second-largest economy after removal of strict COVID-19 curbs. China's seaborne imports of Russian oil are set to hit a record high this month as refiners take advantage of cheap prices. China, the world's top oil importer, is getting more ambitious with its 2023 growth target, aiming as high as 6%.
Trading recommendation: buy 77.30 and take profit 82.50.
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