With Chinese and several neighbouring markets on holiday for the annual Spring Festival that is looking to be a touch brighter than last year’s (chart 1) the main focus will be upon the extent to which the Federal Reserve’s more hawkish pivot created spillover effects of consequence to other central banks in Europe, Australia and Brazil. Our pre-existing forecast for 7 Fed hikes this year is getting some assistance. Omicron’s sharp shock effects will also be evaluated when Friday’s US and Canadian jobs land and face material but probably transitory downside risk. Earnings season continues to unfold with another 106 ... (full story)