Despite entering recession, Nikkei average rises, U.S. stock index reaches record high

Traditional Finance *2/16 (Fri)

New York Dow: 38,773 +0.9%
NASDAQ: 15,906 +0.3%
Nikkei average: 38,157 +1.2%
USD/JPY: 149.9 0.0%
NVIDIA: $726 -1.6%
Amazon: $169.8 -0.7%

Today the NY Dow continued to rise and the S&P 500 hit a new all-time high. The recent uptick in CPI data gave markets a brief jolt, but last night’s lackluster January retail sales results appear to have eased some investors’ concerns about overheating consumer spending.
AI and semiconductor stocks fell today, but banking and energy stocks continued to lead index growth.
Shares of Alphabet fell (-2%) after reports that OpenAI, developed by ChatGPT, is developing a web search engine to compete with Google.
On the 16th, OpenAI also announced ‘Sora’, a tool that automatically creates detailed 60-second videos from text.
Connectivity: Automatically generate detailed videos from text──OpenAI announces new tool ‘Sora’

Today’s key market data includes:

US retail sales in January: turn negative for the first time in 10 months.
The greenback sold off and Treasury yields fell following retail sales data.
Japanese Gross Domestic Product (GDP), October-December 2023: The economy has entered a recession with two consecutive quarters of negative growth (expected to be over +1%). It surpassed Germany to become the world’s fourth-largest economy. This data increases the likelihood that the Bank of Japan will continue its large-scale monetary easing policy.
Nikkei average: Despite the sluggish GDP, the Nikkei average reached 38,000 at the close on the 15th, the highest since the bubble in 34 years. Thanks to the weakening yen, stock prices rose mainly in companies with overseas demand, such as electrical equipment and machinery.

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Major economic indicators/events from this week onwards

2/16 (Fri) 22:30 US January PPI (Wholesale Price Index)
2/22 (Thursday) 22:30 Number of new unemployment insurance applications in the US last week
2/26 (Mon) 24:00 New home sales performance in January
2/27 (Tuesday) 8:30 am Japan National Consumer Price Index for January
2/28 (Wed) 22:30 US 4th quarter real gross domestic product (GDP) revised figures
2/29 (Thursday) 22:30 US personal consumption expenditures in January (PCE deflator)

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