Market Update

Happy New Year!
Though the past year was challenging for the financial markets (and we're certainly relieved to bid it goodbye), the final week thankfully went by without any unpleasant shocks.
Dominating the week's headlines were the unprecedented cold spells blanketing Canada and the US.
However, in a turn of events, Europe experienced milder weather after a chilly beginning to December, leading to reduced heating needs. Consequently, gas prices maintained their declining trend: February delivery gas contracts dipped by 10% this week. Even though prices remain high, they're currently at half of what they were in August. This decline is likely to alleviate inflation rates in upcoming months, potentially guiding central banks to reconsider their stringent rate hike strategies.
As we peek into the upcoming week, a flurry of economic data awaits. This includes the minutes from the Fed's monetary meeting on 14 December 2022, and on Friday, 6 January 2023, we're set to receive the Eurozone CPI and US employment statistics. Notably, with an uptick in weekly continuing claims (suggesting increasing difficulties for unemployed Americans in securing new jobs), there's an implication that the US job market could be showing signs of slowing down.