Yesterday economic data in the US came in lower than expected and influenced several markets. Initial jobless claims rose by 21’000 while continuing claims dropped slightly. Personal income and personal spending figures both printed 0.2% which was a notch lower than expected but signals that US households stay within their mean. Pending home sales dropped unexpectedly at -1.1%.
With the oil price at a four year low ahead of today’s OPEC meeting in Vienna US equity markets opened in negative territory yesterday but managed to close above opening while the USD lost a third consecutive day versus the EUR. On the other hand German equities achieved the longest daily gains in a row since May 2013. Japan trades weaker this morning for a second consecutive day on the backdrop of a stronger Yen.
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