Financial Markets Daily Report16 February 2024
In yesterday's session, mixed macroeconomic data releases were the main drivers in financial markets. On the one hand, Q4 GDP figures showed that Japan and the UK are in technical recession (with -0.1% and -0.3% q/q growth rates) and US retail sales and industrial production fell by 0.8% and -0.1% m/m, respectively.
- In yesterday's session, mixed macroeconomic data releases were the main drivers in financial markets. On the one hand, Q4 GDP figures showed that Japan and the UK are in technical recession (with -0.1% and -0.3% q/q growth rates) and US retail sales and industrial production fell by 0.8% and -0.1% m/m, respectively.
- On the other hand, the business sentiment index of the Philadelphia Fed and the NY Fed manufacturing survey came in better-than-expected by consensus, which moderated the initial downward trend in US Treasury yields. Equities managed to advance across the board.
- Elsewhere, the US dollar weakened against most of its peers (the euro appreciated towards $1.08) and the price of the barrel of Brent rose as the International Energy Agency released a report that flagged slowing demand growth this year.
- Today the focus will be on February's University of Michigan Sentiment index and the US PPI for January.