February 28, 2023
United States:
US Futures Fluctuate as Earnings Bounce Fades: Markets Wrap
US equity clung to gains even as a fresh batch of strong inflation data from Europe bolstered the case for further rate increases that will slow one of the world’s largest economies.
Contracts on the S&P 500 edged higher, with the underlying gauge on track for a drop of more than 2% in February. Stocks have been pressured by central bank warnings that interest rates need to rise further and remain elevated until inflation reverts toward long-term targets. Nasdaq 100 futures pared earlier gains.
Europe:
Lower Energy Prices Might Help Drive an Increase in Inflation, Says BOE Official
Bank of England policy maker Catherine Mann said a slump in energy prices might prompt consumers to spend more on other things, potentially pushing up inflation in other parts of the economy.
The official who sits on the UK central bank’s nine-member Monetary Policy Committee said that lower headline inflation rates coming from falling natural gas and electricity costs “might be good…”
Asia:
India Economy Expands Slower Than Forecast on Waning Demand
India’s economy expanded slower than forecast in the three months through December, as a gloomy global outlook and rising borrowing costs dampened activity.
Gross domestic product rose 4.4% from a year ago last quarter, according to data released by the Statistics Ministry Tuesday. That’s slower than the 4.7% expansion seen by economists.
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