Market-watchers will have lots on their plate, with several economic data releases scheduled in over the course of today. We’ve just seen the latest annual retail sales data from Spain which edged down by 4% in February, from a near two-year high of 5.5% rise in the previous month.
Many will also be keen to see the latest US GDP data, the eurozone’s industrial sentiment and of course, any comments from the ECB’s general council meeting.
Housing markets took the spotlight yesterday as investors digested the latest mortgage lending and approvals data. Net approvals for house purchases in the UK increased to 43,500 in February 2023. This was up from a revised 39,600 in January. Despite the rising cost of borrowing, this was the first monthly increase in approvals for house purchases since August 2022.
Yesterday we also saw the US pending home sales YoY and MoM – the yearly figures fell 21.1% in February, while the monthly figures rose 0.8%, for a third consecutive month.
In technology news, over 1,000 artificial intelligence (AI) experts, researchers and benefactors have come to an immediate halt on the creation of “giant” AIs for at least six months. The decision was made in order to fully study and mitigate the risks and dangers of AI systems. Leader in AI technology, Elon Musk is one of the many to join the call.
Canadian equities rose on Wednesday for the fourth session in a row as concerns around the North American banking sector continued to ease. The S&P/TSX Composite index climbed by 0.8% and was above the 19,800 level yesterday.
US stocks also boosted yesterday. The Dow gained almost 300 points on Wednesday, while the S&P 500 and Nasdaq 100 rose over 1% each, as concerns about a banking crisis continued to ease. Michael Barr, the Federal Reserve’s vice chairman for supervision, Michael Barr, said that SVB’s troubles were due to poor risk management, suggesting it could be an isolated case.
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