CPI, Industrial Production, Homebuilder Sentiment
For the second day in a row, markets began with a rough start yesterday but made steady climbs throughout the afternoon and ended on positive tones. This morning, equity futures continue looking upwards a day after Fed chairman Ben Bernanke said the recession is “very likely over.”
China’s Shanghai Index dropped 1.12% earlier this morning, but most other equity markets are enjoying a mid-week rally. In Asia, the Nikkei closed up 0.52% and the Hang Seng jumped 2.57%. In Europe, the FTSE 100 is currently up 1.44%, while the CAC-40 is up 1.38% and the DAX is trading 0.94% higher.
With renewed appetite for equities, the US dollar is weaker this morning, falling to levels not seen in almost a year. Commodity prices are mostly higher with oil as the exception, as WTI crude trades down 16 cents at $70.77 per barrel. Treasuries, contrary to trend, are rallying across the curve with the benchmark 10-year yield down two basis points at 3.45%.
It’s a busy day in terms of data so let’s get to the schedule.
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