Draghi to be Italian PM

GURU WISDOM

“Earn as much as you can, save as much as you can, invest as much as you can, give as much as you can.” — John Wesley
 

MARKETS

*Daily closing price
↘ EUR/USD    1.2035        (-0.05%)
↘ GBP/USD    1.3643        (-0.16%)
↗ USD/JPY    105.01        (+0.04%)
↗ S&P 500    3830.17    (+0.10%)
↗ Hang Seng    29,307.46    (+0.20%)
↘ Gold        1834.17    (-0.17%)
↗ Oil (Brent)    58.72        (+2.19%)
↗ Bitcoin    37,390        (+4.92%)
 

NEWS

Draghi

The ultra-dovish former ECB chief who said the now infamous “whatever it takes” to save the euro in the Eurozone debt crisis now looks set to become Italian prime minister. The news was welcomed in Italian stock markets with the FTSE MIB index rising over 2%. If Draghi gets the political support, it will be a welcome break from the political chaos of the former coalition. The euro edged down on the news as EUR/USD probes the key 1.20 level.
 

Oil rally

The price of oil jumped for a second day as OPEC+ decided to keep production unchanged from the previous agreement in November despite rising prices. The gains accelerated after Us inventories data saw a draw, showing better US demand. The gains have taken the black gold close to its highest level since late February last year.
 

Silver pause

There were modest gains for precious metals as the market regrouped following a deep sell-off in the price of silver on Tuesday. The stabilization in silver was matched in the meme stocks like GameStop that have seen steep losses since US brokerages have allowed trading to resume.
 

DAY AHEAD 

*Times in GMT
19:00 - Fed's Harker speech 
22:00 - Fed's Mester speech 
22:00 - Fed's Evans speech 
23:05 - Fed's Kaplan speech