📆 Tuesday, February 13
► European stocks see cautious trading today, with the Stoxx 600 currently trading 0.3% lower. In the UK, unemployment dropped to 3.8% in December 2023. The better-than-expected wage growth data led to a stronger GBP as bets on Bank of England rate cuts were pared back. The market now anticipates less aggressive easing from the BOE in 2024. In contrast, France’s unemployment rate held steady at 7.5% in Q4 of 2023.
► US equity futures edged lower in US pre-market trading after breaching new highs in the previous session. Markets globally are now poised for the US CPI report (13:30 UTC+0). The upcoming inflation report is under the spotlight, expected to show a decrease in year-over-year headline inflation below 3% for the first time since March 2021. This data is critical for gauging the Federal Reserve's next moves on interest rates. Comments from Federal Reserve officials underscored a continued focus on targeting inflation. With several speeches scheduled for today, markets are keen for further guidance on interest rate trajectories.
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