Data released by the University of Michigan moments ago showed that the US Consumer Confidence Index for February rose 1.7% to 57.3 points, compared to a revised 56.4 in January. This exceeded expectations, which had anticipated a rise to 55 points. Specifically, the index measuring current economic conditions rose 5.2% to 58.3 points, while the expectations index fell to 56.6....
Data released earlier today from the Canadian economy showed a decline in employment of 25,000 jobs in January, following an increase of nearly 8,000 jobs in December. This falls short of expectations, which had anticipated an increase of approximately 6,800 jobs. Conversely, the unemployment rate fell by 0.3 percentage points to 6.8%, driven by a decrease in the number of...
At its meeting earlier today, Thursday, February 5th, the ECB decided to maintain its three key interest rates at their current levels: the deposit rate at 2%, the main refinancing operation rate at 2.15%, and the lending facility at 2.40%. This marks the fifth consecutive meeting where the ECB has kept its rates unchanged. In its interest rate statement, the...
The Bank of England, by a vote of 5-4, decided to maintain its monetary policy and keep interest rates unchanged at 3.75%, as expected, at its meeting earlier today, Thursday, February 5th. Four members voted for a 25 basis point reduction in interest rates. The Bank's interest rate report stated that although consumer price inflation has exceeded the target of...
The US private sector added approximately 22,000 jobs in January, according to figures released moments ago by the ADP, following a revised figure of approximately 37,000 jobs added in December. This fell short of expectations, which had anticipated an increase of 46,000 jobs. Average wages rose by 4.5% year-over-year. In detail, the construction sector added approximately 9,000 jobs, while the...
Eurostat, the European Union's statistical office, released figures moments ago showing that annual inflation in the eurozone rose to 1.7% in January in the preliminary reading, compared to 2.0% in December before being revised down to 1.9%, falling short of market expectations. The largest contribution to inflation in September came from the services sector, rising to 3.2% from 3.4% in...
At its meeting this morning, Tuesday, February 3, the RBA Board of Governors unanimously voted to raise the policy rate by 25 basis points to 3.85%, as expected. This is the first rate hike since November 2023, as inflation continues to rise. In its policy statement, the RBA noted that inflation, after declining significantly from its peak in 2022, rose...
Crude oil prices declined by more than 4% at the start of the European session on Monday, February 2nd, the opening session of the week, as geopolitical concerns eased and tensions, which had been high last week, subsided. This followed OPEC+'s confirmation of its decision to suspend production increases in March. Brent crude fell by approximately 4.26%, trading at $66.37...
Canada's gross domestic product (GDP) showed no growth in November after declining by 0.3% in October, according to data released moments ago by Statistics Canada. This fell short of expectations of 0.1% growth, as a contraction in manufacturing industries offset expansions in the services sector. Specifically, manufacturing industries fell by 0.3% in November, marking their third decline in four months....
Gold and silver traded sharply lower in the middle of the European session on Friday, January 30th, the final session of the week and the month of January, amid profit-taking after reaching strong levels. However, both metals are on track to record significant gains for January. Gold is trading down approximately 5.73% at $5,083 per ounce, while silver is trading...