- Wall Street indices trade higher today, erasing part of yesterday's sell-off. S&P 500 gains 0.5%, Dow Jones trades 0.2% higher, Nasdaq jumps 0.6% and small-cap Russell 2000 adds 0.4%
- European stock market indices trade mostly higher today - UK FTSE 100 gained 0.4%, French CAC40 added 0.3%, Dutch AEX and Italian FTSE MIB jumped 0.7%, while Spanish IBEX moved 0.8% higher. German DAX traded little changed
- The first day of semiannual testimonies from Fed Chair Powell offered no surprises. Powell reiterated in his speech while rates are likely to be cut this year, Fed still lacks confidence in inflation to deliver them now
- Nikki Haley pulled out from the Republican presidential race after a series of defeats during Super Tuesday, leaving Donald Trump as Republican Party nominee for the upcoming presidential elections
- Gold tested $2,150 per ounce level for the first time in history today, supported by USD weakening
- German IFO indices cut its German 2024 GDP growth forecast from 0.7 to 0.2%. German IfW Kiel economic institute cut its 2024 GDP forecast from 0.9 to 0.1%
- Bank of Canada left interest rates unchanged, with the main rate staying at 5.00% as expected. CAD strengthened after BoC said that it is still too early to consider rate cuts
- Saudi Arabia set the official selling price of Arab Light crude to Asia at $1.70 above Oman/Dubai benchmark for April loading, up from $1.50 per barrel premium in the previous month
- New forecasts from UK Office of Budget responsibility suggested GDP growth will reach 0.8% in 2024 (0.7% in previous forecast), a growth of 1.9% in 2025 (1.4% in previous forecast) and growth of 2.0% in 2026 (unchanged from previous forecast)
- Shares of New York Community Bank plunged 40% after Wall Street Journal reported that troubled lender is exploring possible equity sale
- ADP report for February showed a 140k increase in US employment (exp. 150k), with service-providing jobs increasing 110k and goods-providing jobs increasing 30k
- US Department of Energy reported a 1.37 million barrel build in headline crude inventories (exp. +2.1 mb), a 4.46 million barrel drop in gasoline inventories and a 4.13 million barrel drop in distillate inventories
- US JOLTS report showed job openings at 8.863 million in January (exp. 8.85 million). Data was December was revised lower from 9.026 million to 8.889 million
- Euro area retail sales increased 0.1% MoM in January (exp. 0.1% MoM). On an annual basis, retail sales were 1.0% YoY lower (exp. -1.3% YoY)
- German exports increased 6.3% MoM in January (exp. +1.5% MoM), while imports were 3.6% MoM higher (exp. 1.8% MoM)
- Australian GDP report for Q4 2023 showed 0.2% QoQ growth, down from 0.3% QoQ growth in Q3 2023 and below market expectations of 0.3% QoQ expansion. On an annual basis, GDP growth reached 1.5% YoY (exp. 1.4% YoY)
GOLD benefitted from USD weakening today and tested $2,150 area for the first time in history. Source: xStation5
