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OVERNIGHT MARKET
UPDATE:
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·
In US, the new orders for manufactured goods increased in the
month of February, with a jump in orders for non-durable goods more than
offsetting a drop in orders for durable goods. The factory orders edged up by
0.2% in February following a revised 0.7% decrease in January.
·
US trade deficit narrowed to US$35.4 billion in February from a
revised US$42.7 billion in January. The significantly narrower deficit in
February was the smallest since the US$33.8 billion deficit seen in October of
2009.
·
The US initial jobless claims dropped to 268,000, the lowest
level in two months, following the previous week's revised level of 288,000.
·
The minutes of the latest ECB Governing Council meeting showed
that the policymakers agreed that the stimulus measures adopted since the
middle of last year were warranted and were adequate to reach the price
stability objectives, and their full implementation was essential to retain the
favorable market sentiment.
·
In the currency market, the USD is losing ground against the
EUR, but is little changed in comparison to the GBP and the JPY. Investors have
been playing it cautious at the end of this holiday shortened trading week.
·
US 10-year yields rose by 5 bps to 1.91%, mainly due to the
release of some upbeat economic data.
·
US equities strengthened on the upbeat dataflow, especially the
initial jobless claims which released on Thursday, with DJIA and S&P 500
closed 0.37% and 0.35% higher.
·
Crude oil ended lower on Thursday, after Iran and the world
powers reached a deal in broad general terms which will curtail Tehran's
nuclear program for uranium enrichment. The deal will see the European Union
lifting economic sanctions on Iran, which has roiled the Iranian economy for
long.
Gold prices were lower, following the release of better-than-expected US
initial jobless claims data. Gold prices closed 0.54% lower to US$1,200 per
ounce.
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