Market Update

BoJ surprised the market by keeping rates fixed at 0.25%, but not the Strategy Team. We still think the earliest hike will be at the March meeeting, depending on Q1 CPI figures.

Yesterday Fed’s Beige Book still suggesting moderate expansion since the last report with labor markets still remaining tight.

Profit taking in Nasdaq shares and generally we expect some rotation out of growth names and into commodity sectors in the short term.
Key support in Nasdaq 100 at 1824.

Precious metals coming back somewhat as investors buy gold to hedge their positions against downside in other assets.