The economic calendar was pretty quiet in the first week of the new year, US markets softer again on Thursday as investors continued to wrestle late in the week with the gremlins of sooner-than-hoped-for higher interest rates.

The Dow Jones index fell by 170 points or 0.5%, with the S&P 500 index lower by 0.1%.

The S&P financials index rose 1.5% and the energy sector rose 2.3% but technology lost 0.5%, and those numbers are largely playing out here at home.

And the Nasdaq index fell by 19 points or 0.1% – down a squeamish 3.6% for the week.

The ASX fell into a significant funk, Thursday, but thus far has managed a late about face on Friday and up by circa 0.45% over the week after lunchtime in Sydney.

European shares managed to squeeze out a gain of 0.6%, Japanese shares were down by 1.1% and Chinese shares fell by 2.5%.

Adelaide says Sydney and Melbourne are spending like hermits

Closer to home, the word from ANZ senior economist Adelaide Timbrell is fairly grim. She said we’re already back to the worst of what delta had to offer, in what was just the first week of business for 2022.

Spending in Sydney and Melbourne is now near levels typical of lockdown conditions. Indeed, total ANZ-observed spending in Sydney is at its lowest point since COVID reared its unwelcome bug-ugly little variant-filled face.

Timbrell says caution about being in public places is being compounded by staff shortages to stifle spending across dining, retail and travel.

Dining spending this week in Queensland and Western Australia resembles previous lockdown conditions, according to the ANZ weekly report. So I guess that could mean lots of red meat and home delivered burgers.

 

IPOs of the week 

On the IPO front, the tech giant formerly known as Square now (Block Inc ASX:SQ2) is the super anticipated secondary listing of Square (now Block) following its headline acquisition of Afterpay.

(Block shares are going into public battle here as a secondary listing, apparently to give (Afterpay ASX:APT) shareholders a go at trading Square (now Block) via Chess Depositary Interests (CDIs) on the ASX)

Elsewhere the one time Pilbara darling Artemis spin off, minerals explorer Greentech Metals (ASX:GRE), jumped 50% on debut to be trading flat on Friday. Total Stockhead legend Josh Chiat has written about the GRE backstory here.

Listing today and seeking to raise AU$6 million is My Foodie Box (ASX:MBX), an ecommerce fresh food business founded by Pitcher Partners chairman Bryan Hughes and his wife Mai. The company is trading flat at 20c.

ASX SMALL CAP WINNERS:

Here are the best performing ASX small cap stocks for January 3 to 7:

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ASX SMALL CAP LOSERS:

Here are the best performing ASX small cap stocks for January 3 to 7:

Swipe or scroll to reveal full table. Click headings to sort: