Home » Spectrum stagflation shakes the stock exchanges that close down. US job data disappoint

Spectrum stagflation shakes the stock exchanges that close down. US job data disappoint

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Spectrum stagflation shakes the stock exchanges that close down.  US job data disappoint

S&P, Eurozone economy recovering in March

The eurozone economy concluded the first quarter recording an expansion in private sector activity for the third consecutive month, indicating the strongest growth value since May 2022 and a strong improvement compared to the last quarter of 2022. This was underlined by S&P analysts when commenting on the seasonally adjusted S&P Global index Eurozone Composite Output PMI climbed to its highest value since May 2022. Coming in at 53.7, it indicated an increase from 52 in February and for the third consecutive month it returned above the critical threshold of 50, which separates growth from contraction.

You buy gold that rises above $2,000 an ounce

Safe haven purchases are back, starting from oro which rises to its highest level for over a year driven by fears of a possible slowdown in the US economy. The precious metal has exceeded 2,000 dollars an ounce, the highest for over a year. Previous highs were at 2,070, seen in 2020 and 2022, respectively.

“Despite growing speculation that the global economy could be heading for a severe contraction, central banks continue to ignore those concerns, choosing to focus on fighting persistently high inflation through ever higher interest rates. In this context, there could be room for further increases in the price of gold», note the analysts of ActivTrades.

Oil, US inventories in sharp decline

US oil inventories fell more than expected last week. Recorded a drop of 3.739 million barrels to 469.952 million units, according to data released by the Department of Energy, against expectations for a drop of 1.5 million barrels. Gasoline inventories fell by 4.119 million barrels to 222.575 million barrels, against expectations for a decline of 1.2 million. The price of crude oil has little movement with the WTI above 81 dollars a barrel and Brent below 85 dollars a barrel.

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BTPs, spread down to 184 points, 10-year yield at 4.01%

The spread between BTPs and Bunds closed slightly on a day characterized by a strong correction of yields on the euro curve after the US data which give hope for a slowdown in the tightening of US monetary policy. The yield differential between the 10-year benchmark BTP (Isin IT0005518128) and the same German maturity was indicated at the end of the session at 184 basis points, compared to 186 points at yesterday’s close. The yield on the 10-year benchmark BTP dropped sharply, ending at 4.01% from 4.12% in the previous reference.

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