Financial Markets Daily Report24 febrer 2023
Investors traded cautiously in yesterday’s session following revisions of some key economic indicators. In the euro area, headline and core inflation for January were revised by +0.1pp to 8.6% and 5.3%, respectively, and, in the US, 4Q GDP growth was revised by –0.2pp to 2.7% q/q SAAR, mainly due to a softer private consumption.
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- Investors traded cautiously in yesterday’s session following revisions of some key economic indicators. In the euro area, headline and core inflation for January were revised by +0.1pp to 8.6% and 5.3%, respectively, and, in the US, 4Q GDP growth was revised by –0.2pp to 2.7% q/q SAAR, mainly due to a softer private consumption.
- In this context, yields on 10-year sovereign bonds edged down in the euro area and in the US and stock indices managed to register modest gains in most trading floors. Elsewhere, the euro weakened slightly against the US dollar and traded around $1.06 and Brent oil prices rose amid expected cuts in Russian oil production.
- Today the focus will be on the January PCE inflation data in the US, the preferred index of the Federal Reserve, which is expected to remain stable at 5.0%, for the headline index, and to ease by 0.1pp to 4.3% in the core. This morning, Germany’s Q4 GDP growth has been revised from –0.2% to –0.4% q/q.