Broad markets will witness a day full of fundamentals that will grab investors’ attention due to the importance of some reports. The US will release the retail sales for March, its crude oil report and Fed’s Beige Book.
Meanwhile, Europe released its industrial production for February was below expectations at 0.4%, while UK released its jobless claims ate for March was steady at 4.5% yet offset with the surprise rise in jobless claims by 0.7 thousand and the ILO unemployment rate, which fell to 7.8% in the three months ending February.
Ahead of the US retail sales report, investors are vigilant; therefore, markets move within limited ranges with an upside bias, hoping today’s data will confirm that global economic recovery is sustained.
Asian stock makers saw gains today as some auto and electronic companies are getting ready to restart production, which could be the start of the economic recovery in Japan after March 11th earthquake, the most expensive in history.
Yesterday Japan raised the severity level of Fukushima’s radiation leak to 7 from 5, while the IMF cut its 2011 economic growth forecasts for the country from 1.6% to 1.4%, dragging the yen higher.
However, today demand for the yen and the Swiss franc fell, as risk appetite increased. Gold rose since it is considered as a hedge against inflation, which became a major concern for central banks and the IMF that lowered the US’s growth forecasts due to rise in energy prices.
Although oil prices fell this week, it continues to trade above the 106 dollar as fighting in Libya is still easing the decline. Yet as long as oil prices are above the 100 dollars per barrel, the global economic recovery could witness substantial damages.
Originally posted here
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