Details Cookies
United Kingdom
Important margin product information

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money.

Cookie policy

This website uses cookies to offer you a better browsing experience by enabling, optimising and analysing site operations, as well as to provide personalised ad content and allow you to connect to social media. By choosing “Accept all” you consent to the use of cookies and the related processing of personal data. Select “Manage consent” to manage your consent preferences. You can change your preferences or retract your consent at any time via the cookie policy page. Please view our cookie policy here and our privacy policy here

Weekly Commodities Update Weekly Commodities Update Weekly Commodities Update

Market Insights Today: U.S. stocks rallied on stronger consumer confidence and lower inflation expectations – 22 December 2022

APAC Strategy Team

Summary:  The S&P 500 and Nasdaq 100 jumped by 1.5% on the Conference Board Consumer Confidence index rising to an 8-month high and 12-month inflation expectations sliding to the lowest since Sep 2021. Energy stocks led the gains as crude oil prices rose by nearly 3% on a larger-than-expected EIA crude oil inventories drawdown. USDJPY stabilized at 132.40 after the sharp decline the day before.

What’s happening in markets?

Nasdaq 100 (NAS100.I) and S&P 500 (US500.I) rallied 1.5% on consumer confidence survey

US equities jumped on a bullish combination in the Conference Board Consumer Confidence survey with consumer confidence improving to an 8-month high and inflation expectations for the next 12 months falling to 6.7% in December from 7.1% in November. S&P 500 and Nasdaq 100 each climbed 1.5%. Nike (NKE:xnys), soaring 12.2% on an earnings beat and upbeat assessment of demand, was the best-performing stock within the S&P500 on Wednesday. All 11 sectors of the S&P500 gained, with energy, industrials, and financials leading. Energy stocks were boosted by a 2.9% rise in crude oil prices. APA (APA:xnys) gained 5.8%. Shares of FedEx climbed 3.4% after reporting a decline in earnings less than feared and plans to cut costs. Carnival rose by 4.7% after the cruise liner reported a smaller-than-expected loss. In extended-hour trading, Micron (MU:xnas) shed 2.1% following the chipmaker reporting FY23 Q1 earnings and Q2 revenue guidance weaker than expectations.

US Treasuries (TLT:xnas, IEF:xnas, SHY:xnas) finished firmer with the 2-year outperforming

Yields on the 2-year shed 4bps to 4.21% and the 10-year was 2bps richer to 3.66%. The 20-year auction went well with a decent demand from investors.

Hong Kong’s Hang Seng (HIZ2) edged up modestly; China’s CSI300 (03188:xhkg) was flat

Hong Kong stocks started the session firmer but fizzled out to finish the session only 0.3% higher in light volume. Textiles manufacturer Shenzhou (02313:xhkg), which supplies to Nike (NKE:xnys) surged 6.7% following Nike’s upbeat outlook guidance, making the stock the top gainer in the Hang Seng Index. Chinese catering stock Haidilao (06862:xhkg) gained 4%; white goods home appliances manufacturer Haier Smart Home (06690:xhkg) climbed 2.9%. In A-shares, CSI300 closed nearly unchanged from the day before. Consumption, lodging, tourism, catering, food and beverage, and Covid drugs gained.

FX: bids for the dollar returned somewhat with USDJPY stabilized at 132.40

After sliding 3.7% on Tuesday after the BOJ decision, the USDJPY stabilized at around 143.40 for now. EURUSD edged down modestly to 1.0600. AUDUSD gained, rising to 0.6710.

Crude oil (CLF3 & LCOG3) rallied 2.9% to USD78.50 on EIA inventory drawdown

WTI crude jumped 2.9% to USD78.50 following a 5.9 million barrel drawdown on U.S. inventories reported by the EIA. The Biden administration’s plan to replenish the strategic petroleum reserve in February also helped the market sentiment.

What to consider?

Mixed U.S. data: weaker home sales, higher consumer confidence, lower inflation expectations

Economic data were mixed. The 1-year-ahead inflation expectation in the Conference Board Consumer Confidence survey softened from 7.1% in November to 6.7% in December, the lowest since September 2021. Existing home sales shrank 7.7% M/M in November, the 10th consecutive month of decline. On the other hand, Headline consumer confidence as well as the present situation and expectations components rose in the Conference Board Consumer Confidence survey. The headline consumer confidence improved to 108.2, (vs consensus 101.0; Nov: 101.4), the highest level since April this year.

China and Australia seek to improve the relationship between the two countries

During a phone call to mark the 50th anniversary of the official diplomatic relationship between China and Australia, Chin’s President Xi told Australian Prime Minister Anthony Albanese that China would seek to “promote a sustainable development of the China-Australia comprehensive strategic partnership”. Meanwhile, Australian Foreign Minister Penny Wong told reporters that China and Australia agreed to continue high-level dialogue on issues including the removal of China’s trade sanctions on Australian goods.

For our look ahead at markets this week – Read/listen to our Saxo Spotlight.

For a global look at markets – tune into our Podcast.


The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
- Notification on Non-Independent Investment Research (
- Full disclaimer (

Saxo Markets
40 Bank Street, 26th floor
E14 5DA
United Kingdom

Support Centre
For existing clients, please click here to request support via the Support Centre.

Have a question about our products, platforms or services? Visit the Support Centre to find answers for our most frequently asked questions. If you are still unable to locate an answer to your question, you will also find contact details for your local Saxo office to speak with a representative.

Contact Saxo

Select region

United Kingdom
United Kingdom

Trade Responsibly
All trading carries risk. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more
Additional Key Information Documents are available in our trading platform.

Saxo Markets is a registered Trading Name of Saxo Capital Markets UK Ltd (‘SCML’). SCML is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 551422. Registered address: 26th Floor, 40 Bank Street, Canary Wharf, London E14 5DA. Company number 7413871.

This website, including the information and materials contained in it, are not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in the United States, Belgium or any other jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation.

It is important that you understand that with investments, your capital is at risk. Past performance is not a guide to future performance. It is your responsibility to ensure that you make an informed decision about whether or not to invest with us. If you are still unsure if investing is right for you, please seek independent advice. Saxo Markets assumes no liability for any loss sustained from trading in accordance with a recommendation.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Android is a trademark of Google Inc.