- Europe's major benchmarks had a successful session. The DAX and CAC40 rallied 0.6 and 0.8%, respectively, with the FTSE up less than 0.4% however the UK's GDP reading came out mixed:
- UK GDP in m/m terms fell -0.1% vs. -0.2% forecast and 0.2% growth previously. In y/y terms, it turned out to be flat vs. 0.3% expansion forecast and -0.3% y/y decline previously. Monthly change averaged 3m/3m was -0.3% vs. -0.1% forecast and -0.2% previously. Q4 GDP fell 0.2% y/y vs. 0.1% expansion forecast and 0.2% growth previously
- Mixed macro readings from the U.S. economy supported sentiment on Wall Street. The Nasdaq100 is trading slightly higher, with the S&P500 gaining 0.35% and the Dow Jones posting a 0.6% gain. However, the most dynamic gains are seen on the Russell 2000, which gains 1.35%
- U.S. retail sales fell 0.8% m/m for January, suggesting weakness in the U.S. consumer and raising the prospect of faster interest rate cuts in the U.S.
- U.S. industrial production falls 0.1% m/m on expectations of 0.3% m/m growth. This is further data showing weakness in US economic activity
- Jobless claims came in lower than previously reported, but weaker than forecast. The reading indicated 212,000 vs the previous reading of 218,000 and 202,000 expected. Nevertheless, the reading is still very low and US job market remains strong
- The Philly Fed and NY Empire State regional indexes came in above forecasts. The NY Empire index rises to -2.4, from -43.7. The Philadelphia Fed index rebounds to 5.2 from -10.6. However, it is worth remembering that previous readings did not give a good forecast for the PMI and ISM indexes.
- 10-yr treasuries yields fell from 4,253% to 4.234% and USDIDX loses 0.33% however EURUSD still gains 0.35% intraday
- Gold returned above $2,000 per ounce after a series of weak publications from the United States. Gold gained about 0.5%, while silver gained nearly 2.5%.
- The EURUSD pair rose for the second day in a row and tested the vicinity of the 1.0780 level.
- According to EIA report, gas inventories fell just 49 bcf, and it's the smallest drop for the period in at least 5 years. Natural gas fell below $1.6/MMBTU.
- Oil is recovering from yesterday's losses after news emerged of a strong increase in US crude inventories. Today, WTI crude oil returned above $77.5/MMBTU
- Sentiments of the cryptocurrency market are positive. Bitcoin remains above $52,000 and Vechain is up 27% as investors weigh in on the protocol’s prospects ahead of a major announcement
- Sounhound shares are trading up 71% in response to an investment by Nvidia disclosed to the SEC. The largest supplier of lithium for EVs, Albemarle is trading up 2.5%, despite a report that disappointed analysts' expectations
- Networking infrastructure and hardware provider Cisco Systems loses 2% today, after quarterly report indicated slowing business; year-over-year revenue decline and flat services sales
- Fed chair, Jerome Powell will testify before house panel (March 6) and before senate banking committee (March 7) according to Punchbowl.
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