📆 Tuesday, February 27
► Stocks kept to narrow ranges ahead of economic data and comments from Federal Reserve speakers that might shape the interest rate outlook. The market is awaiting key inflation data on Thursday.
► The European Stoxx 600 index showed little movement, hovering still close to it’s all time high. The GfK Consumer Climate Indicator for Germany saw a slight improvement to still extremely pessimistic -29.0 as we approach March, rising from the 11-month low of -29.6 recorded in February and aligning with market expectations.
► US equity futures showed little movement, while the S&P 500 retreated from its recent record close on Monday. The Dow and S&P 500 slipped 0.16% and 0.38%, respectively, while the technology-heavy Nasdaq Composite inched lower by 0.13% (Nasdaq 100 – near flat at -0.02%). Readings on the US economy are in sharp focus this week, with figures on durable goods and house prices due later today, before attention turns to an update on GDP growth on Wednesday. Initial jobless claims and in particular the Fed’s favored inflation gauge headline Thursday’s data. Goldman Sachs suggests market valuations are fair, with 15% earnings growth expected for the region in 2023.
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