Wall Street mixed after results from Goldman Sachs and Morgan Stanley

After last week’s gains, the most significant were in the oil and gas sector. technologyThe market remains focused on quantifying the impact on economic activity of monetary tightening by central banks to curb inflation.

On the performance of the banking sector, Goldman Sachs fell 6.45% in Tuesday’s session after missing the consensus forecast for the fourth quarter, while the accounts of Morgan Stanley received a more positive reception, as they beat expectations, and their shares closed with a gain of 5.84%.

Also, on Tuesday, Empire State Manufacturing Index which measures the economic health of the sector in New York State, and which showed an increase in January. dropped to -32 pointsagainst -11.20 for the previous period. The consensus was more optimistic and expected a figure of -4.5.

EUROPE’S OUTPERFORMANCE

In recent weeks, the European stocks performed much better than the US, with the Eurozone weathering the energy crisis better than expected.

“Europe’s recent outperformance relative to the United States is the best in 20 years due to » better economic data from the European Union, lower oil prices and a gasoptimism in China and revisions of earnings higher incomes,” experts say. Morgan Stanley.

According to their analysis, “in the absence of a reversal of these trends, European outperformance should continuesince the flux and positioning” of investors “are still light”.

CHINA IN THE SPOTLIGHT

For its part, China lost population in 2022 for the first time in 60 years. According to China’s Bureau of Labor Statistics, its population has shrunk by 850,000 peopleup to 1.411 million citizens.

Moreover, China released relevant economic data. His Gross domestic product (GDP) increased at a rate of 3% last year, its lowest figure since the late 1970s, except for 2020, when GDP grew at a rate of 2.2% due to the Covid-19 pandemic. The consensus was expecting weaker growth, at 2.7%.

During the fourth quarter, China’s GDP remained stable, while the expected decline was 0.8%. Michael Hewson, strategist at CMC Markets, comments that the data “ could have been much worsealthough they are still well below the government’s target of 5.5%.

Furthermore, the retail sales December retail sales fell 1.8%, but beat forecasts of a 7.8% decline, following a 5.9% drop in November.

For his part, the industrial production for the month of December increased by 1.3%, which is higher than the forecast of 0.5%. “If we look ahead to 2023, we could see a strong rebound “activity” during the next quarter“Hewson adds.

TECHNICAL ANALYSIS AND OTHER MARKETS

Through technical analysis, the Dow Jones continues to approach, little by little, the key resistance at 34,712 points. “Its performance at this price level is fundamental. If it manages to break through this level, it would confirm the formation of a downtrend. return to the average of 200 sessions.

This figure is a continuation of the trend and would lead us to reflect on a return to historic highs at the beginning of the year, which it took from the 36,934 stitches“, says César Nuez, an analyst at Bolsamanía.

“Below, the support that we will not lose sight of is at the level of the 32,573 stitchesthe prices at which Average of 200 sessions. As long as it respects these prices, the upward trend of the North American selective index will remain intact,” adds this expert.

In other markets, oil West Texas increased by 1.44% ($81.01) and the Brent gained 2.64% ($86.69). On the other hand, the euro fell 0.25% ($1.0788) and the ounce of gold lost 0.56% ($1,911). Furthermore, the performance of the US 10-year bond rebounded to 3.553% and the bitcoin is up 0.04% ($21,310).