US open: Markets in holding pattern

So, the FOMC minutes didn’t move the needle last night, and therefore nothing has changed in terms of market direction. US stocks fell from their highs but not by much, keeping US indices contained inside recent ranges. News that Amazon has announced job cuts has sent the stock higher pre-market, helping the Nasdaq futures slightly. European indices continue to perform well thanks to warm weather reducing fears over a gas supply shortage here. Italy’s FTSE/MIB briefly touched its best level since April in the previous session. Spain’s Ibex was trading at its best level since June this morning. The UK’s FTSE was holding above 7600 by mid-morning London session and was therefore not very far from reaching its February 2022 high of 7687. China’s re-opening continues to help the local markets there, while providing support for London-listed miners. In FX, the dollar was little changed, with the bulls largely staying on the side lines because of the slight positive tone across the global stock markets in what has been a very quiet day so far. We have ADP payrolls later today, while Friday will see the release of Eurozone CPI as well as US nonfarm payrolls and ISM PMI, to hopefully liven things up. Against this backdrop, patience and capital preservation should be the top of the agenda for traders.

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