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US Open Preview – Pound hits two-week highs; European stocks gain as risk-on appetite returns
April 10, 2018 12:26 pmVideo
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Here are the latest developments in global markets:
Day Ahead: US delivers PPI data; Canadian housing starts pending as well
Next on the day’s agenda, the US Bureau of Labor Statistics will release figures on producer prices at 1230 GMT. The headline PPI is expected to inch up by 0.1% percentage points to 2.9% y/y from 2.8% in the previous month, while the core measure which excludes food and energy is also predicted to rise by an equivalent percentage to 2.6% y/y. On a monthly basis, the headline index is forecasted to tick slightly lower from 0.2% to 0.1%, whilst the core PPI is predicted to remain unchanged to 0.2%. In case the numbers come in stronger than expected, the dollar could enjoy some gains. This could also raise speculation that March CPI due on Wednesday may rise as well. Forecasts are for the headline CPI rate to have risen to 2.4% y/y versus 2.2% the preceding month.
In other data releases, the Canada Mortgage and Housing Corporation will deliver figures on housing starts for the month of November at 1215GMT. The number of new constructions is anticipated to slow down by 10,700 to 219,000. Moreover, Canadian building permits for the month of February will be available at 1230GMT, with analysts predicting the gauge to turn negative to -1.5% m/m from 5.6% m/m previously.
In energy markets, investors will be waiting for the API weekly report to indicate the change in US crude oil stocks at 2030 GMT.
Early in the Asian session, corporate goods prices and machinery orders out of Japan at 2350 GMT will likely show some weakness.
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