US Stock Market Closes Lower but Recovers Some Losses
The major US indices ended the trading session lower after a volatile day, with the Dow, S&P 500, Nasdaq, and Russell 2000 all closing in the red. Tech stocks such as Meta and Palantir led the decline, particularly weighing on the broader software sector.
Major Indices Performance:
Dow Jones Industrial Average: -450.94 points (-1.01%) at 44,176.65 (session low: -677.43 points)
Russell 2000: -20.71 points (-0.91%) at 2,261.74 (session low: -32.34 points)
Stock Movers:
Meta (META): Down for the third straight session, now 6.3% below its all-time high.
Palantir (PLTR): Fell -5.17% to $106.27, following a 10.08% decline in the previous session.
IGV Software ETF: Dropped -1.83%, adding to yesterday’s -1.75% loss.
Costco (COST): Down -2.61% (-$27.71), mirroring Walmart’s (WMT) -6.53% decline on disappointing forward guidance.
Earnings Highlights:
Block Inc. (SQ): Reported Q4 adjusted EPS of $0.71; Cash App inflows up 10% YoY to $1,255 per transacting user.
Coca-Cola Consolidated (COKE): Q4 sales $1.75B, gross margin 40%, net income $178.9M.
Rivian (RIVN): Revenue $1.73B (beat est. $1.40B); operating loss narrowed to $661M (vs. est. $811.8M); net loss $743M.
US Treasury Sells $9 Billion in 30-Year TIPS at 2.403% Yield
The US Treasury auctioned $9 billion in 30-year Treasury Inflation-Protected Securities (TIPS), with the final high yield coming in at 2.403%, slightly above the 2.40% when-issued (WI) level.
Bid-to-cover ratio: 2.48
Primary dealer awards: 7.24%
Direct bidders: 15.29%
Indirect bidders: 77.48%
US Weekly Jobless Claims Rise Slightly Above Expectations
The number of Americans filing for first-time unemployment benefits increased slightly last week, signaling some softness in the labor market.
Initial Jobless Claims: 219K vs. 215K expected (previously 214K, revised from 213K)
4-week Moving Average: 215.25K vs. 216.25K prior
Continuing Claims: 1.869M vs. 1.871M expected (previously 1.845M, revised from 1.850M)
4-week Moving Average (Continuing Claims): 1.863M vs. 1.870M prior
Despite the small uptick, jobless claims remain relatively low, suggesting resilience in the labor market. However, economists will monitor whether layoffs increase in the coming months as businesses navigate economic uncertainty.
Philadelphia Fed Business Index Falls Short of Expectations
Manufacturing activity in the Philadelphia region continued to expand in February but slowed from January’s surge.
February Business Index: 18.1 vs. 20.0 expected (prior 44.3)
6-month Business Outlook: 27.8 vs. 46.3 prior
Employment Index: 5.3 vs. 11.9 prior
New Orders Index: 21.9 vs. 42.9 prior
Prices Paid: 40.5 vs. 31.9 prior
Despite the slowdown, the Philly Fed noted that manufacturing activity remains at its highest levels since April 2022, signaling continued growth in the sector. However, weaker future expectations and declining new orders could indicate slowing momentum ahead.
Summary from the Federal Reserve of Philadelphia:
Responses to the February Manufacturing Business Outlook Survey suggest regional manufacturing activity continued to expand this month. The indicators for current activity, new orders, and shipments remained elevated. On balance, the firms indicated an increase in employment, and the price indexes remained above their long-run averages. The survey’s broad indicators for future activity suggest expectations for growth over the next six months.
US Leading Economic Index Drops More Than Expected
The Conference Board’s Leading Economic Index (LEI) for January showed a steeper-than-expected decline:
LEI: -0.3% vs. -0.1% expected (prior revised to 0.1% from -0.1%)
The data suggests slower economic growth ahead, raising concerns about potential headwinds in 2025.
Atlanta Fed’s Bostic: No New Inflation Surge Expected, But Uncertainty Persists
Atlanta Fed President Raphael Bostic expects inflation to gradually ease, but warned of widespread uncertainty in the economy.
Inflation outlook: No expectation of a renewed inflation spike.
Businesses: Optimistic on deregulation but cautious about tariffs and immigration policies.
Rate cuts: Still expects two cuts this year, though uncertainty remains high.
Labor market: Signs of easing but still broadly stable.
Fed balance sheet: The central bank wants to avoid over-tightening through quantitative tightening.
Bostic’s comments suggest a balanced Fed approach, keeping rate cuts on the table while maintaining flexibility.
Chicago Fed’s Goolsbee: PCE Inflation Likely to be Less Concerning than CPI
Chicago Fed President Austan Goolsbee downplayed concerns over inflation, noting that Personal Consumption Expenditures (PCE) inflation—the Fed’s preferred metric—will likely be less alarming than Consumer Price Index (CPI) data.
Labor market: Appears stable.
Credit conditions: Remain tight.
Tariffs: 2018-era tariffs did not significantly impact national inflation.
Goolsbee’s stance supports the argument that inflation is moderating, reinforcing the case for future Fed rate cuts.
St. Louis Fed President Musalem: Inflation Must Return to 2% Before Policy Shifts
St. Louis Fed President Alberto Musalem emphasized the need for inflation to be firmly on track toward the Fed’s 2% target before adjusting monetary policy.
Baseline expectation: Inflation will return to 2%, but risks remain skewed to the upside.
Concerns: Inflation expectations have risen, making the Fed’s job more difficult.
Potential scenario: Inflation could stall or even rise while the labor market weakens.
Tariffs: A one-time tariff increase is a one-time price level shock, but long-term impacts require deeper analysis.
Musalem’s comments reinforce the Fed’s cautious approach, signaling that rate cuts are not imminent.
Zelensky Signals Readiness for Investment & Security Deal with US
Ukrainian President Volodymyr Zelensky emphasized Ukraine’s commitment to reaching a “strong and useful” investment and security agreement with the US.
Zelensky stated that Ukraine is prepared to work “24/7” to finalize the deal.
He also urged the US to pursue the “fastest and most constructive way” to secure the agreement.
Meanwhile, White House National Security Advisor Michael Waltz called for Ukraine to “return to the table” on critical mineral negotiations, suggesting that President Trump is growing frustrated with Zelensky’s stance.
Geopolitics Today: Zelensky Meets US Envoy as Putin Talks Oil with Saudi Arabia
Ukrainian President Volodymyr Zelensky met with US envoy Keith Kellogg for discussions, though no further details were provided on the meeting.
Meanwhile, Russian President Vladimir Putin spoke with Saudi Crown Prince Mohammed bin Salman regarding continued cooperation within OPEC+. The conversation highlights the two nations’ commitment to oil market stability despite geopolitical tensions.
Elsewhere:
Israeli Minister for Strategic Affairs is expected to meet US envoy Witkoff to begin negotiations on the second phase of the Gaza hostage and cease-fire deal.
Mexico is set to broaden its lawsuit in the US against arms manufacturers.
US Commerce Secretary Howard Lutnick reiterated that tariffs “won’t cause inflation or recession.”
U.S. Treasury Secretary Bessent: “I Don’t Want Others Manipulating Their Currencies”
Scott Bessent reaffirms strong dollar policy, but warns against foreign currency manipulation.
Says China’s yuan is undervalued, yet difficult to price accurately.
Plans first call with China’s counterpart tomorrow.
Skeptical about gold reserve revaluation and awaiting EU’s response on auto tariff cuts.
Trump Plans Cash Payouts with DOGE Savings, Pushes for More Tariffs
Trump is considering using 20% of savings from DOGE-related budget cuts for direct payouts to Americans, with another 20% to reduce federal debt.
Reiterates plans to rapidly refill the Strategic Petroleum Reserve (SPR) and cut taxes significantly:
No tax on tips,
Potentially no taxes on Social Security,
Tax cuts for domestic oil and gas producers.
Tariff announcement expected soon, with 25% levies on automobiles, semiconductors, pharmaceuticals, and lumber.
Trump: “If they don’t make their product in America, then they have to pay a tariff.”
U.S. Commerce Secretary: Trump’s Goal Is to Abolish IRS
Commerce Secretary Howard Lutnick stated in a Fox News interview that Trump’s ultimate goal is to abolish the IRS.
Plan involves shifting to an External Revenue Service, where “outsiders” would pay taxes instead.
The IRS is reportedly preparing for major layoffs.
Fed’s Jefferson: “Watch and Wait” Approach on Government Policy
Fed Vice Chair Philip Jefferson stated:
The Fed remains focused on inflation and employment, avoiding speculation on government policies.
The U.S. economy remains strong, but some households face financial strain.
Inflation is easing, but risks remain.
Fed rate cuts are slowly lowering real-world borrowing costs.
Fed’s Goolsbee: Inflation Has Fallen, But Still Too High
Chicago Fed President Austan Goolsbee stated that while inflation has come down, it is still too high for the Fed to rush rate cuts.
Once inflation reaches a sustainable downtrend, more aggressive rate cuts will be considered.
Banxico Minutes Signal Weaker Growth, Keeping Rate Cuts in Play
Mexico’s Banco de México (Banxico) released its latest policy minutes, reinforcing expectations for more rate cuts:
Q4 2024 GDP contraction confirmed.
2024 growth forecast:1.5%, down from over 3% in prior years.
Inflation:3.69%, now within Banxico’s 2-4% target range.
Majority of board members support further rate cuts.
With weaker growth and declining inflation, Banxico is likely to continue lowering rates in 2025.
Canada’s New Housing Price Index Flat Amid Real Estate Concerns
The Canadian housing market continues to show signs of weakness, with new home prices declining for another month.
January New Housing Price Index: -0.1% MoM (unchanged from December)
Growing concerns over rising inventory and weak demand, particularly in Ontario, are weighing on home prices. Analysts are closely watching the spring market, which will be crucial in determining the housing sector’s trajectory.
Canada’s Producer Prices Surge More Than Expected in January
Canada’s Producer Price Index (PPI) saw a sharp rise in January, driven by higher raw material costs.
PPI MoM: +1.6% vs. +0.2% expected (prior +0.2%)
PPI YoY: +5.8% vs. +4.1% prior
Raw Materials Price Index MoM: +3.7% vs. +1.3% expected
Raw Materials Price Index YoY: +11.8% vs. +9.1% prior
The spike in input costs could put pressure on businesses, potentially leading to higher consumer prices in the months ahead.
Gold Nears Record High, Markets Eye US Yields and Trump’s Ukraine Comments
Gold prices continue their rally, reaching a fresh all-time high of $2,955 per ounce during early European trading before stabilizing below that level.
Key Drivers:
Trump’s Ukraine Comments: US President Donald Trump escalated geopolitical tensions by calling Ukraine a “dictatorship” and suggesting it started the war with Russia.
US Yields & Fed Policy: The Fed’s January meeting minutes showed no urgency for rate cuts, though market expectations for a June cut remain intact.
Gold Arbitrage:Thousands of gold bars are reportedly being shipped from London to the US futures market, as traders capitalize on arbitrage opportunities tied to speculation that Trump may impose tariffs on gold imports.
Gold Fields Ltd.: Reported a 77% increase in annual profits, benefiting from soaring gold prices.
Geopolitical Tensions:
The US-Ukraine relationship hit new lows, with Trump warning Zelensky to “move fast” on a deal with Russia or risk “not having a country left.”
Concerns grow over whether the US will continue military support for Ukraine under Trump’s administration.
Oil Prices Inch Higher as WTI Settles at $72.57
US crude oil futures edged up on Thursday, settling at $72.57 per barrel, gaining $0.32 (+0.44%).
The 200-hour moving average held as a strong support level, keeping bullish momentum intact. A move above $73.62 could open the door for a test of $74.09, while a break below $71.59 would weaken the bullish outlook.
US Crude Oil Inventories Rise More Than Expected by 4.633M Barrels
The latest Energy Information Administration (EIA) report showed a larger-than-expected crude oil inventory build:
Crude Oil: +4.633M vs. +3.144M expected
Gasoline: -0.151M vs. -0.006M expected
Distillates: -2.051M vs. -1.634M expected
Cushing Storage: +1.472M vs. +0.872M last week
The rise in crude stockpiles suggests weaker demand, but distillate drawdowns indicate ongoing supply tightness in diesel and heating oil.
Aluminum Prices Rise as EU Bans Russian Imports
LME aluminum briefly exceeded $2,700/t, following EU’s new sanctions against Russian aluminum.
U.S. and UK banned Russian metals in 2024, and the EU has now expanded its restrictions.
Market impact likely limited, as Russia redirects shipments to China.
EU Expands Sanctions on Russian Vessels, Oil Market Faces Disruptions
EU adds 73 Russian vessels to its sanctions list, targeting oil exports.
Previous 79 sanctioned vessels led to increased floating storage, making buyers hesitant.
Other oil market concerns include:
Disruptions in North Dakota due to extreme cold (-120K to -150K b/d production loss).
Potential delays in OPEC+ oil supply returning.
Speculation over Iraqi Kurdistan oil flow resumption (300K b/d supply increase possible).
Oil Inventories: Private Data Shows Larger Crude Build Than Expected
European Markets Close Mixed as FTSE 100 Lags, Spain’s IBEX Leads
European stock indices ended the session with mixed results on Wednesday:
German DAX: -93.10 points (-0.42%) at 22,340.54
France CAC 40: +12.04 points (+0.15%) at 8,122.59
UK FTSE 100: -49.56 points (-0.57%) at 8,662.98
Spain IBEX 35: +37.70 points (+0.29%) at 12,967.09
Italy FTSE MIB: -99.13 points (-0.26%) at 38,249.02
The UK’s FTSE 100 was the biggest underperformer, while Spain’s IBEX led gains, driven by banking and industrial stocks.
EU Consumer Confidence Improves to -13.6, Near Two-Year High
The latest European Commission consumer sentiment index showed a slight improvement in February:
February Consumer Confidence: -13.6 vs. -14.0 expected (previous -14.2)
Despite remaining negative, the reading is at its highest level since early 2022, signaling improving consumer sentiment across the Eurozone.
Germany’s January PPI Falls -0.1% vs. +0.6% Expected
Producer Price Index (PPI) declined due to lower energy prices (-0.9%).
Excluding energy, PPI increased by 0.3%, with notable gains in:
Durable consumer goods (+0.4%)
Capital goods (+0.8%)
Intermediate goods prices remained flat.
Switzerland’s January Trade Surplus Surges to CHF 6.12 Billion
Trade surplus expanded sharply from CHF 3.49B (prior, revised to CHF 3.48B).
Exports jumped 12.7%, while imports increased only 0.6%.
EU Trade Chief: Seeking Common Ground in US-EU Tariff Talks
EU Trade Commissioner Maroš Šefčovič emphasized the need for a cooperative approach in discussions with the U.S. regarding tariffs.
Key takeaways from his remarks:
The EU is open to lowering some industrial tariffs as part of negotiations.
The U.S. has slightly higher average tariffs than the EU.
The EU is working to avoid a tit-for-tat tariff escalation and seeks a balanced agreement.
Meetings with the European auto industry are scheduled for Friday.
As President Trump moves forward with planned tariffs on autos, semiconductors, and pharmaceuticals, both sides are looking for ways to prevent a full-scale trade war.
ECB’s Simkus Supports Three Rate Cuts in 2025
ECB policymaker Gediminas Šimkus stated:
“The direction of travel is clear.”
“I don’t see any good reason not to cut in March.”
Supports three rate cuts this year.
EU Ready to Negotiate Car Tariffs with Trump
EU Trade Commissioner Maroš Šefčovič signaled a willingness to reduce the EU’s 10% car tariff in exchange for a broader trade deal.
The EU is also open to discussing regulations on tech and defense spending.
The U.S. trade deficit with the EU in goods was $235.6B in 2024, but when including services, the deficit drops to $50B.
EU warns of retaliation if Trump imposes sweeping tariffs, but hopes for a diplomatic solution.
PBOC Pledges Stronger Financial and Economic Support
China’s central bank outlined priorities at its annual macroprudential conference:
Develop new macroprudential policy tools.
Support real economy and financial services.
Stabilize the struggling property sector.
Promote cross-border yuan usage and offshore yuan markets.
Enhance currency swap mechanisms.
U.S. to Cut Diplomatic Staff in China by Up to 10%
South China Morning Post reports that the U.S. is reducing its diplomatic mission in China, affecting embassies and consulates in Beijing, Guangzhou, Shanghai, Shenyang, Wuhan, and Hong Kong.
Move aligns with Trump’s broader effort to cut government spending, with potential layoffs by Friday.
Beijing embassy currently houses 1,300+ staff across 50 U.S. federal agencies.
Morgan Stanley Turns More Optimistic on Chinese Equities
Morgan Stanley upgraded its stance on offshore Chinese equities, citing:
Improved return on equity (ROE) dynamics.
Less macroeconomic dependence, as cyclical sectors shrink in index weight.
Strength in the tech sector, particularly AI and digital innovation.
MSCI China’s ROE improved from 9% (mid-2023) to 11%, expected to exceed 12% by 2026.
The bank raised price targets for MSCI China and the Hang Seng Index, shifting its rating to Equal Weight (EW).
PBOC Leaves Loan Prime Rates Unchanged
1-year LPR:3.1% (expected: 3.1%, prior: 3.1%).
5-year LPR:3.6% (expected: 3.6%, prior: 3.6%).
No change was expected, as the PBOC remains cautious amid economic uncertainty.
PBOC sets USD/ CNY reference rate for today at 7.1712 (vs. estimate at 7.2856)
PBOC CNY reference rate setting for the trading session ahead.
PBoC injects CNY 125bln
via 7-day reverse repos
rate unchanged at 1.50%
net drain is 0.8bn yuan given 125.8bn yuan mature today
RBA Deputy Governor Hauser: Policy Still Restrictive
Andrew Hauser (RBA Dep. Gov) stated:
Inflation remains a focus, despite expectations of future rate cuts.
Australian jobs data remains strong, limiting the urgency for further easing.
Markets expect 3-4 rate cuts, but the RBA is not convinced.
Global risks and uncertainty could weigh on the Australian economy.
Binance Coin (BNB) surged 4% in the last 24 hours, reclaiming the $650 support level as traders responded to key industry developments.
Catalysts for BNB’s Rally:
Changpeng Zhao (CZ) Promotes Bitcoin:
The former Binance CEO urged traders to buy Bitcoin, citing government and institutional interest in a BTC strategic reserve.
This comes weeks after CZ criticized memecoins, emphasizing that Bitcoin remains the best long-term bet.
Binance US Resumes USD Transactions:
Binance.US announced the full restoration of USD deposits and withdrawals after an 18-month hiatus due to legal battles with the SEC.
This allows US customers to deposit/withdraw funds via bank transfers (ACH), trade USD pairs, and link their bank accounts.
BNB responded by rallying to $654 on Thursday, up 4% from its recent low of $629.
BNB’s Rising Social Media Traction:
Santiment data shows that BNB mentions on social media have spiked, driven by positive sentiment around Binance’s return to US markets.
Technical Outlook:
Bullish Target: A break above $670-$680 could signal further gains toward $700.
Key Support: Holding above $650 is critical for maintaining bullish momentum.
Ethereum ETFs Could See Massive Inflows as SEC Eyes Crypto Staking
Ethereum (ETH) gained 1% on Thursday, trading at $2,740, following reports that the US Securities and Exchange Commission (SEC) is considering allowing staking within Ethereum ETFs.
Why This Matters:
Staking is Ethereum’s Key Value Proposition:
Ethereum uses Proof-of-Stake (PoS), allowing token holders to earn passive income by contributing to blockchain security.
If approved, Ethereum ETF issuers could stake ETH holdings, making the products more attractive to investors.
SEC’s Changing Stance on Staking:
New SEC leadership under acting Chair Mark Uyeda has shown increased interest in crypto staking.
The SEC recently requested industry input on staking mechanics and their regulatory impact.
Commissioner Hester Peirce confirmed that the agency’s new crypto task force will help shape staking-related ETF policies.
21Shares’ Ethereum ETF Proposal Includes Staking:
The SEC has acknowledged 21Shares’ proposal to allow staking within its Ethereum ETF, marking a shift from the previous SEC administration.
Nate Geraci, President of the ETF Store, believes Ethereum ETFs could surpass Bitcoin ETFs in demand if staking is approved.
Institutional Demand on the Rise:
Ethereum ETFs saw $19M in inflows on Wednesday, extending their strong February performance.
Institutional investors increased their ETH ETF allocations from 4.8% to 14.5% in the last quarter.
Technical Outlook:
Bullish Breakout Potential: If ETH clears $2,850, it could signal a trend reversal toward $3,000.
Downside Risk: A failure to hold $2,700 could trigger a drop to $2,500 support.
Sui (SUI) Price Action Signals Bullish Reversal
SUI forms a double-bottom pattern, suggesting potential for a breakout.
Key levels to watch:
Break above $3.65 → Possible rally to $4.48.
Drop below $2.90 → Bearish move to $2.34.
Coinglass long-to-short ratio rising, indicating increased bullish sentiment.
📌 Stock Markets: Volatility & Profit-Taking Hit Equities
Major US indices closed lower, with the Dow (-1.01%), S&P 500 (-0.43%), and Nasdaq (-0.47%) all in the red. The Russell 2000 also dropped -0.91%.
Tech stocks struggled, with Meta (-6.3% from ATH) and Palantir (-5.17%) leading declines. The software sector also saw notable losses, with the IGV ETF down -1.83%.
In Europe, the DAX hit a record high before reversing sharply to close down -1.7%, alongside losses in the FTSE 100 (-0.7%) and CAC 40 (-1.3%).
📌 Geopolitics: US-Russia Talks, Ukraine, and Middle East Developments
Putin praised US-Russia peace talks, signaling Russia’s willingness to resume Ukraine negotiations without mediators.
US National Security Advisor Waltz stated that Ukraine must return to the table on critical minerals, adding to tensions.
Trump suggested Ukraine “started the war”, further straining US-Ukraine relations.
Zelenskiy met with US envoy Kellogg, but no comments were provided on the meeting.
Putin held discussions with Saudi Arabia on oil markets, reinforcing cooperation within OPEC+.
US poised to cut its diplomatic mission in China by 10%, as part of Trump’s broader government spending cuts.
📌 Trade & Tariffs: Trump’s Policies Continue to Shake Markets
Trump confirmed upcoming 25% tariffs on automobiles, pharmaceuticals, and semiconductor chips, starting April 2.
EU signals willingness to negotiate lower auto tariffs, with Trade Commissioner Šefčovič stating “reciprocity must work for both sides”.
Japan’s Trade Minister is set to visit the US in March to seek exemptions from steel and auto tariffs.
Commerce Secretary Lutnick downplayed tariff fears, stating they “won’t cause inflation or recession”.
Morgan Stanley sees China’s economy improving, upgrading MSCI China and Hang Seng Index to Equal Weight (EW).
📌 Oil & Commodities: Supply Disruptions and Sanctions in Focus
WTI crude rose to $72.57 (+0.44%), supported by:
Supply disruptions in Russia, as Ukrainian drone attacks cut Kazakh crude exports by up to 380k bpd.
EU sanctions on Russian oil tankers, adding supply uncertainty.
OPEC+ may delay production increases from April to July, per Goldman Sachs.
Gold briefly hit a new all-time high ($2,955) but steadied as US yields remained firm.
Silver rebounded to $33.00, driven by safe-haven demand amid trade war concerns.
Aluminum prices surged, following the EU’s decision to ban Russian imports.
📌 Crypto Markets: Binance, Ethereum ETFs, and Bitcoin’s Next Move
Binance Coin (BNB) surged past $650 (+4%), fueled by:
Binance US restoring USD deposits and withdrawals.
Changpeng Zhao (CZ) urging investors to buy Bitcoin ahead of potential US strategic BTC reserve.
Ethereum ETFs could see massive inflows, as the SEC considers allowing staking, a major bullish catalyst for ETH.
Bitcoin remains rangebound between $94K – $98K, awaiting fresh catalysts. Institutional demand weakened, with BTC ETFs seeing $585.6M in net outflows last week.
Standard Chartered reaffirmed its $500K BTC target by 2029, citing growing institutional adoption.
📌 Central Banks & Macro: Mixed Signals on Rate Cuts
Bank of Japan (BOJ) expected to hike rates to 0.75% by Q3, according to a Reuters poll.
Reserve Bank of New Zealand (RBNZ) cut rates by 50bps to 3.75%, signaling more cuts in 2025.
European Central Bank (ECB) policymakers signal rate cuts ahead, with Šimkus backing three cuts in 2025.
Banxico (Mexico’s central bank) keeps rate-cut bets alive, citing weaker growth and inflation falling to 3.69%.
Federal Reserve policymakers remain cautious, with:
Jefferson stating the Fed is in “watch-and-wait” mode.
Goolsbee saying inflation is “still too high”.
Atlanta Fed’s Bostic expecting “no inflation surge but widespread uncertainty”.
📌 US Economic Data: Mixed Signals on Growth
US initial jobless claims rose to 219K (vs. 215K expected), indicating some labor market softening.
Philadelphia Fed Manufacturing Index dropped to 18.1 (vs. 20.0 expected), signaling slowing expansion.
US Housing Starts fell sharply (-9.8% in January), while building permits rose 0.1%.
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