FTSE 100 inches close to record high
After a few days of consolidation, indices were on the rise again. In Europe, equity markets were poised to open higher on Thursday, and in the UK, the FTSE 100 was 80 points away from record high.
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Indicies on the rise again
After a few days of consolidation, indices were on the rise again. In Europe, equity markets were poised to open higher on Thursday, and in the UK, the FTSE 100 was 80 points away from record high.
Australian consumer spending is in the midst of a very weak period, which is the major reason why the RBA softened its stance and left interest rates unchanged at 4.35% this month. In February, Australian retail sales rose by 0.3% MoM, after a January increase of 1.1%. Analysts had anticipated a rise of 0.4%.
In Germany, retail sales unexpectedly fell by 1.9% in February MoM. Economists had anticipated a 0.3% increase. YoY, retail sales declined by 2.7%. Germany unemployment rate forecast to remain at 5.9% for the fourth consecutive month.
As expected, final estimate of UK GDP shows a 0.3% contraction in Q4.
UK car production
UK car production rose by 14.6% in February year-on-year. A total of 79,907 units rolled out of factory lines in the country in February. This was driven by domestic demand, which increased by 58%. Production of electrified vehicles made up more than a third of all output in February.
Expected today in the US: final estimates of Q4 GDP growth rate. economists see an annualised increase of 3.2%. Pending home sales are forecast to rise by 1.5% in February MoM
Walgreens Boots Alliance is set to post its second-quarter earnings results before market open. The street anticipates earnings of 82 cents per share. Revenue should rise by 2.9% to $35.9 billion.
Gold
Gold prices are up for a fifth consecutive day. One consequence of high prices, India's gold imports are set to plunge by more than 90% in March from the previous month. Imports are set to hit their lowest level since the covid-19 pandemic. India is the world's second biggest consumer of gold. Gold demand usually stays strong in March as jewellers stock up for the Indian wedding season which is already in full swing. This is also exacerbated by the weakness of the Indian rupee.
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