Canadian GDP slightly up, Asian markets performed well today
US Unemployment increase; Hormel surges while Snowflake plummets; Canadian GDP up; Yen strengthens; Chinese shares jump; Oil stable; ECB watched
US Unemployment Figures increase
Initial claims for unemployment insurance saw an increase, reaching 215,000, up by 13,000 from the previous week.
The 4-week moving average decreased by 3,000, settling at 212,500.
Insured unemployment rate rose to 1.3%, with a total of 1,905,000 insured unemployed individuals, marking an increase of 45,000 from the previous week.
Corporate Performance
Hormel, the processed food maker, witnessed a nearly 5% surge in premarket trading after surpassing Wall Street’s first-quarter profit expectations.
Cloud-computing company Snowflake, despite doubling analysts’ fourth-quarter profit projections, plummeted over 22% after CEO Frank Slootman’s sudden retirement announcement.
Artificial intelligence software maker C3.ai experienced a 15.4% increase after surpassing sales forecasts and reducing losses per share.
Open a Forex Live Trading account among the multiple available ones we have on our site. Every single one is tailor-made for a specific trading style
Canadian GDP Insights slight increase
Canada’s real GDP in the fourth quarter of 2023 rose by 0.2%, driven by increased exports and reduced imports, but dampened by a decline in business investment.
Exports of goods and services grew by 1.4%, while imports declined by 0.4%.
Household Spending in Canada to increase
Household spending saw a 0.2% increase in the fourth quarter, following a marginal uptick in the previous quarter.
Japanese Economic Trends
Yen surged to two-week highs on speculations surrounding Bank of Japan’s policy changes, with discussions on exiting negative interest rates and bond yield caps.
Japanese Vice Finance Minister assured action to prevent excessive weakening of the yen.
Chinese Regulatory Measures
Mainland Chinese shares jumped over 1% after regulators announced strengthened supervision of derivatives and penalties for excessive high-frequency trading.
Investor attention shifts to outcomes of the National People’s Congress for economic targets and policy priorities.
South Korean and Australian Markets
South Korea’s Kospi slipped by 0.4%, while Australia’s S&P/ASX 200 gained 0.5%.
Baidu reported a 48% profit decline, impacting Asian markets, particularly dragging down its stock by 6.6%.
Oil and Currency Increase
U.S. benchmark crude oil gained slightly, reaching $78.65 per barrel, while Brent crude remained stable at $82.09 per barrel.
Bitcoin traded at $62,513.00, after briefly surpassing $64,000.
The U.S. dollar weakened against the Japanese yen, trading at 150.02, and edged down against the euro.
European Economic Developments
Inflation in economically significant German states fell in February, signaling a continued downward trajectory.
Shares in London-listed hedge fund firm Man Group rallied after reporting record assets under management.
ECB officials’ signals regarding changes in short-term interest rate management are being closely watched by investors.
Our economic blog is a place where you can get regular updates on news and helpful Forex tips
