Market Talk – Monday, March 1

The European Central Bank (ECB) has said it wants to retain a veto over private stablecoins in the bloc, in a move that would hand powers from lawmakers to the central bank. In a formal opinion submitted to the European Commission on digital currency regulation, the ECB said lawmakers should delegate powers over regulating private stablecoins like Diem within the trading zone, allowing the bank the final say on whether these currencies are allowed to operate. The ECB has also requested its rulings on stablecoins be binding on national authorities, and that those issuing stablecoins should be subject to the same liquidity requirements as banks and other financial institutions.

The major Europe stock markets had a green day:

  • CAC 40 increased 89.57 points or 1.57% to 5,792.79
  • FTSE 100 increased 105.10 points or 1.62% to 6,588.53
  • DAX 30 increased 226.53 points or 1.64% to 14,012.82

The major Europe currency markets had a mixed day today:

  • EURUSD decreased 0.00292 or -0.24% to 1.20435
  • GBPUSD decreased 0.0006 or -0.04% to 1.39180
  • USDCHF increased 0.00636 or 0.70% to 0.91493

Some economic news from Europe today:

Germany:

Norway:

Manufacturing PMI (Feb) increased from 52.5 to 56.1

Core Retail Sales (MoM) (Jan) increased from -5.7% to -0.1%

Swiss:

Retail Sales (YoY) (Jan) decreased from 5.4% to -0.5%

procure.ch PMI (Feb) increased from 59.4 to 61.3

Spain:

Spanish Manufacturing PMI (Feb) increased from 49.3 to 52.9

Italy:

Italian Manufacturing PMI (Feb) increased from 55.1 to 56.9

Italian CPI (MoM) (Feb) decreased from 0.7% to 0.1%

Italian CPI (YoY) (Feb) increased from 0.4% to 0.6%

Italian HICP (MoM) (Feb) increased from -0.9% to -0.2%

Italian HICP (YoY) (Feb) increased from 0.7% to 1.0%

France:

French Car Registration (YoY) decreased from -5.8% to -20.9%

French Manufacturing PMI (Feb) increased from 51.6 to 56.1

Euro Zone:

Manufacturing PMI (Feb) increased from 54.8 to 57.9

UK:

BoE Consumer Credit (Jan) decreased from -0.870B to -2.392B

M4 Money Supply (MoM) (Jan) increased from 0.6% to 0.7%

Manufacturing PMI (Feb) increased from 54.1 to 55.1

Mortgage Approvals (Jan) decreased from 102.81K to 98.99K

Mortgage Lending (Jan) decreased from 5.34B to 5.17B

US/AMERICAS:

House Democrats approved a $1.9 trillion American Rescue Plan stimulus package over the weekend. Americans earning under $75,000 and couples earning under $150,000 will receive $1,400 each. Additionally, those who qualify will receive $1,400 per dependent, including adult dependents. As the bill heads to the Senate, Senate Democrats have agreed to remove a minimum wage hike from their former proposal. Lawmakers are hoping to pass the stimulus bill before March 14 when numerous federal aid packages are set to expire.

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