📆 Friday, February 16
► European markets advanced, with the Stoxx 600 marking its fourth consecutive week of gains. Mining stocks like Glencore and Anglo American surged over 3%, driven by renewed optimism for Chinese demand. In the UK, retail sales rebounded significantly, with a 3.4% increase month-over-month in January 2024, far surpassing market expectations. This upswing in consumer spending briefly reversed the GBP's decline, hinting at a resilient UK economy that could prompt the Bank of England to maintain higher interest rates for an extended period. France reported a 3.1% inflation rate, marking a two-year low. This cooling of inflation rates aligns with broader European trends, suggesting easing price pressures across the continent.
► Nasdaq 100 futures led gains in the US, reflecting a positive sentiment across markets. The S&P 500 had the highest closing in history. Yields on US 10-year Treasuries and other global bonds ticked a bit higher, reflecting adjustments in rate cut expectations. Market participants now keenly await the U.S. producer price index (PPI; 13:30 UTC+0), eyeing more clues on the Fed's monetary policy direction.
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