Economic data on Monday was relatively sparse on the day. The Bank of England Governor, Mark Carney gave a scheduled speech. Most of his speech highlighted the markets post- Brexit.
The British PM May was seen delaying the Brexit vote, and the next voting is expected to happen on March 12. Meanwhile, two British lawmakers have pushed for a vote to postpone the Brexit deadline of March 29th. Some lawmakers said that if PM May cannot get a Brexit deal approved by March 13th, they would force her to extend the deadline.
Mixed data from the US
From the United States, the final wholesale inventories rose by 1.1% on the month which was above expectations of a 0.3% increase. President Trump raised the market optimism by noting that the U.S. was close to agreeing on a deal with China. The markets await more news on this.
President Trump’s tweet to OPEC that the world could not take on higher oil prices sent oil prices plummeting on the day. WTI Crude oil fell over 2.86% on the day following this.
Earlier today, the Bank of Japan’s core inflation data came out. Data showed that while economists forecasted a 0.6% increase, core inflation rose by 0.5%. This follows the previous month’s 0.4% increase in inflation.
The European trading session will see the UK’s inflation report hearing coming out. The NY trading session will start off with Canada’s corporate profits due. Data from the U.S. will cover the building permits data which should see building permits rise at a slower pace of 1.29 million. Housing starts should increase by 1.25 million.
The Conference Board’s consumer confidence report is out later, and confidence should rise to 124.3 on the index, up from 120.2.
The Fed Chair Jerome Powell is due to give his testimony later in the evening, followed by the Richmond Fed’s manufacturing index due later in the evening.
