Global Economic Week Kicks Off with Mostly Positive Vibes in Cryptocurrency Markets
By Dow Jones Newswires Staff
As we head into a busy week for economic indicators, optimism is high among traders, with U.S. futures and European stocks showing an upward trend. This is largely due to hopes that the impending tariffs set for April 2 will not be as severe as initially speculated. However, Asian markets exhibited a mixed response.
This week will see the release of important economic data including flash purchasing managers’ indexes on Monday, the U.S. consumer confidence index for March on Tuesday, durable-goods data for February on Wednesday, and unemployment claims on Thursday.
Friday’s February PCE inflation reading, which is the Federal Reserve’s favored metric, is expected to be a focal point amidst any tariff-related news. U.S. futures for the S&P 500 and the Dow Jones Industrial Average showed an early rise in Europe by 0.9% and 0.7% respectively. The Stoxx Europe 600 and the FTSE 100 also saw gains, while the Nikkei and mainland China shares exhibited a slight decline. On the other hand, the Hang Seng Index from Hong Kong and India’s Sensex demonstrated promising growth.
The dollar showed a slight dip after a recent minor recovery, while Bitcoin experienced a rise of 2.6%, hitting $87,416. The 10-year U.S. Treasury yields saw a minor surge in line with the eurozone bond yields, and sterling began the week with a 0.4% rise against the dollar. However, sterling could be vulnerable to Wednesday’s U.K. spring statement as Treasury chief Rachel Reeves faces budgeting constraints to stimulate growth.
Oil prices showed a minor decline as market participants assess the potential impact of a ceasefire in Ukraine against fresh U.S. sanctions on Iranian oil. Brent crude and WTI both saw a 0.2% decline, pricing at $71.98 and $68.13 per barrel, respectively.
