Gold prices are trying to recover recent losses heading into key US retail sales and sentiment data. Will the Fed’s dovish tone numb a market reaction to unexpectedly better data?
Central bank officials are also scheduled to make comments, including Fed Vice Chairman Richard Clarida who speaks next Monday.
Stocks have been volatile. The rally on Thursday and Friday was unable to reverse the week s heavy losses. The defensive consumer staples, financials and materials were on track for a positive week among major sectors. The worst performers were consumer discretionary, off about 3.7% for the week, and tech, which was down 2.2%.
Technology shares were among the best performers in Friday s rally, up about 2.1%. Energy was the best performer, up more than 3%. Watch it with a certain amount of trepidation, said Art Hogan, chief market strategist at National Securities. It s not like the things that spooked us this week, like inflation, are going away.I think the fact we bounced at the end of the week is constructive. He added that he still expects the market to move forward with fits and starts.
Missouri, Tennessee join U.S. states cutting pandemic payments
By Ann Saphir
Reuters
(Reuters) - The governors of Missouri and Tennessee are joining five other Republican-led states in ending all federally funded pandemic-related unemployment benefits this summer, saying the extra money is keeping those out of work from rejoining the labor force and making it hard for employers to fill jobs. While these benefits provided supplementary financial assistance during the height of COVID-19, they were intended to be temporary, and their continuation has instead worsened the workforce issues we are facing, Missouri Gov. Mike Parson said in announcing the decision on Tuesday.
Monex Europe : Inflation is on everyone s lips ahead of US CPI data from April
05/12/2021 | 04:36am EDT
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Message : GBP Sterling is one of the better performing G10 currencies this morning as much of the board sits in the red with the greenback fighting back. GBPUSD is also sustaining losses at the margin, but thus far the losses have been contained at just -0.07%. This morning s GDP data provided a ray of light for the pound as the preliminary Q1 reading saw the economy perform better than expectations with a reading of -1.5% QoQ. The economy was always expected to contract in Q1 due to the national lockdown measures imposed, however, within the overall print more optimistic details can be found. The main area of optimism is the 2.1% MoM rise in GDP in March, which printed 0.6 percentage points higher than expectations. This highlights the economy was gaining traction as it headed out of national lockdown measures, which bodes well for GDP releases