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US Open Preview – Pound slips on cautious Barnier; European stocks drag lower
February 28, 2018 1:26 pmVideo
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Here are the latest developments in global markets:
Day Ahead: US updates Q4 GDP growth estimates; EIA oil report eyed
Looking forward to the day, economic releases will continue to attract attention with the US, Canada, and New Zealand being among the countries to publish figures.
Following the upbeat speech of the new Fed chair, Jerome Powell, yesterday before the House Financial Committee, who expressed his hawkish views on the US economy and sent the dollar index higher, US agencies are next in the line to potentially shake the dollar.
At 1330 GMT, the Bureau of Economic Analysis will release second estimates on the US GDP growth for the final quarter of 2017. Analysts believe that the economy has expanded by 2.5% quarter-on-quarter, slightly below the 2.6% growth estimated initially. Revised figures on inflation gauges involving the GDP growth deflator (this tracks the level of prices of all new, domestically produced, final goods and services) and the core Personal Consumption Expenditures index (PCE) will be also delivered along with the abovementioned data.
Then later in the day, the Kingsbury International and the National Association of Realtors will report on Chicago’ manufacturing conditions at 1415 GMT (Chicago PMI) and pending home sales at 1500 GMT respectively, with both measures expected to slow down.
Elsewhere, Canada will see the release of producer prices for the month of January at 1330 GMT, while terms of trade will be out of New Zealand at 2145 GMT.
In energy markets, the focus will be on the EIA oil report due at 1530 GMT. .In contrast to the previous week when the numbers showed a decline of 1.616 million barrels in the US crude oil inventories, forecasts are now for a rise of 2.400 million barrels in the week ending February 23, the biggest increase recorded since the end of January. Gasoline and distillate stocks are also anticipated to fall.
In other areas of interest, political developments in Italy will gather attention as well as the country heads to the polls to elect a new government on March 4, at the same day when Germany will announce the results of a ballot by the SPD members who recently voted on whether they should re-establish a coalition agreement with Merkel’s Conservatives, giving an end to a five-month political impasse. .NAFTA talks which entered the seventh-round of negotiations this week will be also in focus.
In equities, companies continue to report earnings as some investors are repositioning in response to rising expectations for a higher interest rate environment.
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