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Thursday's session was favorable for Wall Street investors. U.S. indices gained over 1.00% and are approaching historical highs again.
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The US100 is trading over 1.70% higher around 18350 points, and the US500 gains 1.10% to 5170 points.
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ECB interest rates remained unchanged, as expected by investors. The deposit rate remains at 4%.
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The latest ECB forecasts indicate lower inflation in 2024 and 2025:
- Inflation at 2.3% in 2024, 2.0% in 2025, and 1.9% in 2026.
- Core inflation at 2.6% in 2024, 2.1% in 2025, and 2.0% in 2026.
- GDP growth revision for 2024 to 0.6%, with 1.5% growth in 2025 and 1.6% in 2026.
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Following the ECB conference, market expectations increased for interest rate cuts to 100 basis points in 2024.
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Jobless Claims show a still strong labor market, but labor costs indicate less wage pressure. Productivity remains high. A very large trade deficit for January:
- Initial jobless claims: 217,000 (forecast 216,000; previously 215,000).
- Labor costs: 0.4% (expected: 0.7%; previously: 0.5%) - final reading for Q4.
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The USDJPY pair drops to the 148.00 area - the lowest level in a month.
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The decline in gas inventories roughly meets expectations at -40 bcf, with a forecast of -37 bcf. Previously it was 96 bcf. Weather in the USA remains very favorable, and in the early days of March, gas consumption was lower than supply.
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Cryptocurrencies record another good day, with Bitcoin again testing resistance around $68,000 USD.
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