Market Analysis—Jan 2023
Global market opened higher at the beginning of 2023 driven by both China re-opening and easing concern of further monetary policies tightness in US. On equity side, SPX rose by 4.8%. DAX increased by 8.7%. HSI and SHCOMP rallied by 10.4% and 5.4% respectively. Commodity index rebounded as well which primarily led by metals. Copper went up by 10.2%, aluminum up by 11.2% and zinc up by 14%. Ferrous metals and precious metals followed. Steel increased by 4% while iron ore went up by 5%. Gold gained by 5.7%, outperformed silver which declined by -0.9% for the first time since September 2022.