January 2024 EVENTS
- OPEC’s New Production Deal begins (January 1st)
In November OPEC agreed to extend its existing supply cuts of 3.66 million barrels per day until the end of 2024. It also agreed to reduce production on a voluntary basis (Saudi Arabia and Russia) by an additional 1.4 mln bpd. The cuts come into force from January 1st 2024.
Possible Influence: Volatile Crude Oil, Gasoline
- US ISM Manufacturing PMI for November (January 3rd at 15:00 GMT)
December’s ISM Manufacturing PMI is expected to print 47.1. The previous print was 46.7.
Possible influence: Volatile US Dollar, Gold and US Stocks
- U.S. Unemployment Rate and Non-Farm Payrolls (NFP) (December) (January 5th at 13:30 GMT)
The Unemployment rate for December is expected to print at 3.8%. The previous month had unemployment at 3.7%. Non-Farm Payrolls for December are expected to come in at 158,000 Nonfarm Payrolls for the previous month printed 199,000.
Possible Influence: Volatile US Dollar, Gold and US Stocks
- US Inflation data (November) (January 11th at 13:30 GMT)
Core CPI (excluding food and energy) was 4%, Year-over-Year in November. Top-line CPI for November came in at 3.1%, as expected.
Possible Influence: Volatile US Dollar, Gold and US Stocks
- Elections in Taiwan (January 13th)
Presidential and general elections will be held in Taiwan, China. The result will be closely watched in the United States and China who are at loggerheads over the province. The ruling pro-independence (and pro West) Democratic Progressive Party) will go up against the opposition Kuomintang party, which is closer to China.
- World Economic Forum (WEF) Meeting at Davos (January 15th - January 19th)
The meeting will be themed “rebuilding trust” and will be attended by global leaders and leading business people of multiple countries and members of international organizations. Subjects to be discussed include the Middle East, Artificial Intelligence, Energy and Climate.
Possible Influence: Volatile commodities and US stocks
- Retail Sales in the US for (December) (January 17th at 13:30 GMT)
Retail Sales grew by 0.3%, Month-over-Month, in November, which was higher than expected by the market.
Possible Influence: Volatile US Dollar, Gold and US Stocks
- Bank of Japan Meeting (January 23rd at 03:00 GMT)
The Bank of Japan will meet to set its interest rates. The current rate is -0.10%. Analysts say there is a good chance the bank may increase interest rates in 2024, but most believe there will be no change at January’s meeting
Possible Influence: Volatile Japanese Yen
- European Central Bank Meeting (January 25th at 13:15 GMT)
The European Central Bank will meet to discuss interest rates. They are currently at 4.5%.
Possible Influence: Volatile Euro and European Stocks
- US Federal Reserve Meeting and Press Conference (January 31st at 19:00 GMT and 19:30 GMT)
The U.S. Central Bank’s 2-day meeting concludes on January 31st. They will announce their latest interest rate decision and hold a press conference after to discuss their outlook moving forward as well as their plans for adjustments to their balance sheet. The current rate is 5.5%. Rates were unchanged at their last meeting In December.
Possible Influence: Volatile US Dollar, Gold and US Stocks
- Company Q4 Earnings Season (January)
The 4th Quarter earnings season kicks off in January with the big banks among the first to declare their results.
Possible Influence: Volatile US Stocks
- ISRAEL- HAMAS WAR CONTINUES (January)
ISRAEL EXPANDED GROUND INCURSION IN GAZA (SECOND PHASE OF THE WAR). Israel resumed its operations in Gaza and Houthi attacks on cargo ships in the Red Sea and the risk of escalation continues.