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Stocks rally as Google job cuts support disinflation trends, Fed speak, Oil’s good week, Gold hovers near 9-month highs, Bitcoin above $21k

US stocks are rallying as tech stages a comeback following Google parent Alphabet’s announcement that they will cut its global workforce by more than 6%. The reduction of 12,000 jobs globally for Google confirms a clear trend of mega-cap cost-cutting measures. First it was Amazon and Microsoft with major job cut announcements and now it is Google. We should see this theme spread across other sectors throughout the year and that should help keep disinflation trends intact.

20-01-2023 12:09 GMT by Edward Moya

Oil remains choppy, gold near record high

Speed bumps ahead Oil prices have been choppy this week after climbing back towards their late December/early January peaks. It would appear the rally is running short of momentum amid a week of less promising data from the US and a downturn in market sentiment, more broadly.

20-01-2023 08:29 GMT by Craig Erlam