📆 Wednesday, February 7
► We continue to see mixed movements in global markets today, with investors closely monitoring Federal Reserve officials' remarks and assessing China's market support measures. The Europe Stoxx 600 and US equity futures remain unchanged, reflecting a cautious market sentiment. Asian equities reached a month-high, driven by China's market stabilization efforts but erased most of the gains before end of the session.
► In Europe, the Stoxx 600 remained relatively unchanged. In Germany, we saw a decrease in monthly industrial production. France recorded a trade deficit of €6.829B in December of 2023. The Eurozone economy, in particular Germany, continue to underperform the US economy.
► US Treasuries remained steady ahead of a record $42 billion sale of 10-year notes. Market bets on Fed rate cuts have been adjusted following recent strong economic data, causing a retreat from the aggressive slump in bonds. Federal Reserve speakers maintained a cautious stance, suggesting that while rate reductions could occur later in the year, more evidence of inflation control is necessary. This perspective was echoed by Fed officials Adriana Kugler and Tom Barkin, signaling a careful approach to policy adjustments.
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