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US Open Preview – Dollar slips on banana peel as safe-havens cheer; European stocks lose ground
February 13, 2018 12:26 pmVideo
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Here are the latest developments in global markets:
Day ahead: API weekly oil report pending; Japanese flash GDP growth figures in the spotlight in Asia
The calendar will be light of economic releases during the European afternoon, with the American Petroleum Institute (API) publishing its weekly report on the US oil stocks later in the day at 2135 GMT.
However, Australian and Japanese economic releases scheduled for delivery in early Asian trading will be gathering greater attention.
At 2335 GMT, the Westpac Banking Corporation will give updates on the Australian consumer sentiment for the month of February, while a few minutes later at 2350 GMT, the Japanese Cabinet Office will release preliminary GDP growth readings for the final quarter of 2017. According to analysts, the Japanese economy is expected to expand at a slower pace in the aforementioned period, posting the lowest growth rate seen since the second quarter of 2016; though analysts expect the deceleration to be temporary. Particularly, the annualized GDP growth measure is anticipated to slow down to 0.9% after surging by 2.5% in the preceding quarter. On a quarterly basis, the gauge is said to ease by 0.4 percentage points to 0.2%, probably being dragged by a trimmed trade surplus. The consumption GDP growth component, though, is projected to positively contribute to GDP, in contrast to the preceding quarter.
Regarding today’s public appearances, the Cleveland Fed President, Loretta Mester, will be speaking on the US economic outlook at 1300 GMT. She holds voting rights within the FOMC in 2018.
In equities, the earnings season continues to gather attention, having the potential to affect market sentiment.
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