by JustForex
On Thursday, the US Bureau of National Statistics reported higher-than-expected US GDP data. The economy grew at a faster pace in the fourth quarter, reaching 4.3% which is 0.2% higher than it was forecasted.
Apart from that, expectations for an early economic recovery have increased as the labor market continues to show signs of accelerating growth. US jobless claims have dropped to their lowest level in a year as more Americans get vaccinated and the restrictions on doing business in many states are easing. That figure decreased by 97,000 to 684,000 for the past week. The average four-week figure fell to 736,000 from 749,000 earlier.
Initial jobless claims data suggest that job cuts are slowing as businesses are reopening. It was the first week that the number of claims fell below 700,000 since the start of the pandemic. At the same time, there is still a long way to go before the labor market recovers as weekly figures are above their highs since the last 2009 recession.
Against this backdrop, US stocks rose, followed by the Asian stock market. The index of regional shares added more than 1%, primarily due to the shares of China and Japan. US and European futures continue to grow, with the small-cap corporate securities being ahead, boosted by President Joe Biden’s promise to double the vaccination rate. The US dollar also continues to rise on the back of positive data and has already renewed its highs on March 9.
Oil prices fell but rose again in the Asian session. American WTI is close to $60 p/b. The turning operations of the long containership Ever Given blocking the Suez Canal will be undertaken at least until next Wednesday, raising the likelihood of more serious disruptions in the supply of black gold.
Free Reports:
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
Main market quotes:
S&P 500 (F) 3.919.88 +19.38 (+0.50%)
Dow Jones 32.619.48 +199.42 (+0.62%)
DAX 14.621.36 +10.97 (+0.08%)
FTSE 100 6.674.83 -38.06 (-0.57%)
USD Index 92.770 -0.056 (-0.06%)
- – UK Retail Sales (m/m) (Feb) at 09:00 (GMT+2);
- – IFO Germany Business Climate Index (Mar) at 11:00 (GMT+2);
- – University of Michigan US Consumer Sentiment (Mar) at 16:00 (GMT+2).
by JustForex
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.
- European indices grow on the ECB’s “dovish” position. Quarterly reports of mega-companies support the broad market Apr 29, 2024
- Japanese yen shows volatility amid speculation of intervention Apr 29, 2024
- COT Bonds Charts: Speculator Weekly Changes led by 5-Year & 10-Year Bonds Apr 28, 2024
- COT Stock Market Charts: Speculator Bets led by VIX & Russell-Mini Apr 28, 2024
- COT Soft Commodities Charts: Speculator Bets led by Corn & Soybean Meal Apr 28, 2024
- Today, investors’ focus is on the PCE Price Index inflation report Apr 26, 2024
- Gold price recovers amid uncertain US economic outlook Apr 26, 2024
- This “Bullish Buzz” Reaches Highest Level in 53 Years Apr 26, 2024
- FastSpring and EBANX Forge Partnership to Expand Pix Payments for Digital Products in Brazil Apr 25, 2024
- Target Thursdays: NAS100, Robusta Coffee, USDCHF Apr 25, 2024