Wake Up Wall Street (SPX) (QQQ): All eyes on Friday PCE as retailers disappoint
Here is what you need to know on Tuesday, February 21:
Equity markets remain under pressure despite the shortened week due to President's Day. Talk of a 50 basis point hike in March continues to grow as bond yields march higher. RBA meeting minutes show another central bank turning dovish, and bond yields continue to push higher globally. A set of strong PMIs in the UK and Europe has further boosted yields and made the outlook even more cloudy. Can the soft landing come true?
The US Dollar remains on the front foot but lost some ground this morning. The Dollar Index is flat at 104 now. Gold is lower to $1,835, and oil is up to $77.
European markets are lower, CAC-0.2%, DAX -0.4%, FTSE -0.2%, and Eurostoxx -0.4%.
US futures are all lower by 1% for Nasdaq, Dow, and S&P 500.
Wall Street top news
UK PMI is better than expected.
German ZEW and Eurozone ZEW are better than expected.
Canadian CPI is lower than expected.
Home Depot (HD) misses revenue and issues a tame outlook.
HSBC beats on earnings but offers muted forecast.
Walmart (WMT) beats but outlook disappoints.
BHP reports a profit drop due to a fall in iron ore prices.
InterContinental (IHG) misses on revenue.
General Mills (GM) raises full-year forecast.
Upgrades and downgrades
Source: WSJ.com
Economic releases
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Author
Ivan Brian
FXStreet
Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.
