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Wall Street is losing momentum and slowing down from recent dynamic gains. US100 is down 0.80% ahead of key reports from tech giants after the session closes. US500 shows a smaller decline of 0.15%.
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The dollar does not show significant volatility, trading around 0% ahead of tomorrow's Fed decision. EURUSD is unchanged today.
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Today's JOLTS data in the US economy was higher than expected, but a year-to-year decline is noticeable. The reading remains close to recent lows but still significantly above pre-pandemic highs: current data 9.026M; forecast 8.750M; previously 8.925M;
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The Conference Board Index was slightly revised upwards to 114.85 compared to 114.40 in the first reading and 110 previously. Meanwhile, inflation expectations dropped to 5.2% from 5.6% previously, the lowest since 2020.
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Today's publication of GDP reports from EU countries showed strong growth for Italy and France. In Germany, the economic decline continues, but to a lesser extent than in Q3.
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Italy:
- Annual GDP: 0.5% y/y (expected: 0.2% y/y; previously: 0.1% y/y)
- Quarterly GDP: 0.2% q/q (expected: 0.0% q/q; previously: 0.1% q/q)
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Germany:
- Annual GDP: -0.2% y/y (expected: -0.2% y/y; previously: -0.4% y/y)
- Quarterly GDP: -0.3% q/q (expected: -0.3% q/q; previously: -0.1% q/q)
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Crude oil gains amid geopolitical concerns; wheat contracts on the CBOT in Chicago also see a 1% increase, staying above $600 per bushel.
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The leader of the Houthi fighters in Yemen indicated that their forces are ready to continue repelling attacks from the US and UK. Joe Biden stated that the USA does not want to risk wider escalation but has already decided on a response to Houthi actions.
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Ethereum records a 2.5% increase. Analysts at Standard Chartered expect ETF applications for Ethereum to be accepted in late May this year. Sentiment among other cryptocurrencies remains mixed, though there is a slight rebound in the broader altcoin market.
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