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MARKET WRAPS Watch For: EU flash estimate euro area inflation; Italy unemployment; trading update from Nokia Opening Call: Shares are set to open in the red in Europe on Wednesday,... -April 03, 2024 at 12:17 am EDT - MarketScreener
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News flow is thin and that will stay so for the remainder of the day. Volumes are further reduced by the US public holiday (President’s Day), suggesting some sentiment-driven trading within existing technical ranges. Later this week, attention shifts to an ECB tracker of negotiated wages (tomorrow), Minutes of previous Fed (Wednesday) and ECB (Thursday) meetings and global February PMI’s (Thursday).
This week’s market story was all about US price data which dashed investors hope on a May Fed policy rate cut. January CPI delivered the first and biggest blow on Tuesday by unexpectedly accelerating on a monthly basis and keeping Y/Y-equations more sticky than hoped (3.1% headline & 3.9% core) with a special mention to services and housing related costs. Less important, but again consensus-overtaking import and export prices yesterday neutralized an attempt by US Treasuries to rally on disappointing retail sales.