Market Talk – Tuesday, Feb. 16

The major Europe stock markets had a mixed day:

  • CAC 40 increased 0.28 points or 0.01% to 5,786.53
  • FTSE 100 decreased 7.25 points or -0.11% to 6,748.86
  • DAX 30 decreased 44.88 points or -0.32% to 14,064.60

The major Europe currency markets had a mixed day today:

  • EURUSD decreased 0.00216 or -0.18% to 1.21088
  • GBPUSD decreased 0.00066 or -0.05% to 1.39073
  • USDCHF increased 0.00229 or 0.26% to 0.89230

Some economic news from Europe today:

France:

French Unemployment Rate (Q4) decreased from 9.1% to 8.0%

Italy:

Italian Trade Balance (Dec) increased from 6.751% to 6.844B

Italian Trade Balance EU (Dec) decreased from 0.07B to -1.20B

Germany:

German ZEW Current Conditions (Feb) decreased from -66.4 to -67.2

German ZEW Economic Sentiment (Feb) increased from 61.8 to 71.2

Euro Zone:

Employment Change (YoY) increased from -2.3% to -2.0%

Employment Change (QoQ) decreased from 1.0% to 0.3%

Employment Overall (Q4) increased from 157,388.8K to 157,927.0K

GDP (QoQ) (Q4) increased from -0.7% to -0.6%

GDP (YoY) (Q4) increased from -5.1% to -5.0%

ZEW Economic Sentiment (Feb) increased from 58.3 to 69.6

US/AMERICAS:

The International Monetary Fund (IMF) anticipates the US economy advancing by 5.1% in 2021, followed by 2.5% growth in 2022. The global economy is expected to rise 5.5% overall in 2021, followed by 4.2% in 2022. An increase in vaccinations, curbing lockdowns, and economic stimulus will all contribute to the economy regaining strength.

Federal Reserve Governor Michelle Bowman stated that America has “a long way to go” before recovering from the pandemic. Bowman noted that new variants of the virus are troubling as it is unknown how the current vaccines will respond. “The prospect of widespread vaccination is definitely encouraging, but there is still a great deal of uncertainty and this is not the time for us to be complacent,” Bowman stated on Tuesday. Her concerns echo comments made by Chairman Jerome Powell last week who stated that high levels of unemployment, mixed with uncertainty about the course of the virus, provided incredible uncertainty for recovery.

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