Financial Markets Daily Report05 April 2023
Economic data releases centered the stage on Tuesday, in particular the JOLTS survey, which showed job openings in the US fell to 9.9 million in February, down from 10.6 million vacancies in the previous month. This level, the lowest since May 2021, pushed down the vacancies for unemployed ratio from 1.9 to 1.7, still above historical average.
- Economic data releases centered the stage on Tuesday, in particular the JOLTS survey, which showed job openings in the US fell to 9.9 million in February, down from 10.6 million vacancies in the previous month. This level, the lowest since May 2021, pushed down the vacancies for unemployed ratio from 1.9 to 1.7, still above historical average.
- In addition, euro area PPI inflation eased in February broadly in line with expectations (13.2% y/y from 15.0%) while German exports surprised on the upside (4% m/m in February).
- In this context of moderating price pressures and signs of cooling in the US labor market, yields on sovereign bonds declined in the US and Germany, particularly so in the short end of the curve as market expectations for policy interest rates were revised downwards. Equities fell in the US and were mixed int he euro area.
- The next edition of the Financial Markets Daily Report will be on Tuesday April 11th.