Daily Update - 28th Feb 2017
In Europe, the focus was on France, Where the latest polls showed that centrist Emmanuel Macron would score a more convincing victory over far –right and anti-Euro Marine Le Pen in the Presidential Election’s Runoff vote. In the Data front, the EU Economic Sentiment Indicator for February increased from 107.9 to 108.0, the highest reading in almost six years. Industrial confidence rose to 1.3 from 0.8, While Sentiment in the services sector improved to 13.8 from previous 12.8, in line with data released since last December, indicating sustained growth in the region. While from US Durable Goods Orders for Jan had a significant growth over its predecessor year. Donald Trump has reiterated his plans to boost infrastructure and said that White House is planning to increase defense spending by $54Bn, which will be offset with significant cuts to foreign aid and reductions in agency spending. This is the reason Euro retraced back this morning in spite of anticipation his speech due on February 28 at 9 p.m. ET/2GMT. A day where markets can expect lot of volatility, since Trump will be addressing the US Congress for the first time after being elected as the President. Day will start with Australia releasing HIA New Home Sales report which presents the number of new homes sales in Australia. This will be followed by Gfk Consumer Confidence from UK which measures the level of consumer confidence in economic activity. Next up will be GDP and Consumer Price Index from France. This will be followed by Gross Domestic Product, Chicago Purchasing Managers Index & Consumer Confidence from US, where it will be interesting to see if the data will support Trumps speech to the congress. Then the focus turns to Mr. Donald Trump who will address a joint session of Congress where markets will be watching with its fingers on the buy and sell buttons as he makes what is essentially his first State of the Union address.Yesterday’s Markets
Yesterday Explained
Today’s Market
Today’s Focus
