Look ahead: Powell testimony; ECB; China and Australia trade; Halifax; Gap
Fed Chair, Jerome Powell, will set the tone for Thursday’s session. But ahead of his speech, China and Australia are expected to report their trade surplus widened. The UK gets the latest Halifax house price index print.
The European Central Bank is expected to keep rates on hold. Plus, watch out for earnings from ITV, Gap and Broadcom.
(AI Video Summary)
Powell's speech on traders' radars
In this video, Angeline Ong gives an overview of the important events happening in the market on Thursday, 7 March. She starts by talking about a speech by Federal Reserve Chairman, Jerome Powell, where he will give insights into the economy, inflation, and job market in the United States. This speech is highly anticipated and could have an impact on the market.
Countries' trade and markets data
In Australia, there are expectations that the trade surplus figures for January will increase to $11.5 billion. In China, trade numbers are expected to show a widening surplus of $107 billion in the January to February period, with exports and imports both increasing.
Next, she mentions that there will be data released about house prices in the United Kingdom. It is expected that there will be a 1% month-on-month increase and a 2.3% year-on-year rise. Ong notes that while the UK housing market has been tough lately, there are some signs of progress, although it may still be challenging in the coming years.
The decision on interest rates by the European Central Bank is also important. Ong says that it is likely that rates will remain unchanged, but there have been comments about the sustainability of wages and the possibility of cutting interest rates.
Corporate news updates
Aviva, ITV PLC, and PageGroup will release their financial numbers in the UK, while Costco, Broadcom, and Gap will report in the US. She focuses on Gap's performance, mentioning that the stock had a big boost after positive results in November 2022.
Overall, this video gives an overview of the important events happening in the market, with a particular focus on economic data, corporate earnings, and interest rates.
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