A look at the day ahead in markets from Amanda Cooper, Europe breaking news editor.
The euphoria that marked the end of 2022, fed by China dismantling its COVID restrictions and more benign energy prices, has carried through this month, despite a decidedly gloomy earnings season and an insistence among central bankers that high inflation isn't going anywhere any time soon.
In the last 94 years, the S&P has risen by 1.2% on average in January, compared with an average rise of 1.3% in December, the month with the highest returns. This has translated into a near 30 basis-point drop in 10-year Treasury yields and the S&P hasn't got as much bang for its buck in the month of January from a drop in yields like this in recent memory.
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