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The United Nations and World Bank said that Ukraine’s energy infrastructure had suffered a damage of over $10 billion due to the ongoing war with Russia. The safe-haven US dollar index rose slightly this morning.
Japan’s household spending rose by 1.6% year-over-year in real terms in February, versus a 0.3% decline in the previous month. However, the figure missed market expectations of 4.3% growth and exerted slight pressure on the JPY/USD forex pair.
South Korea recorded a current account deficit of $0.52 billion in February, versus a current account surplus of $6.42 billion in the year-ago month. The news sent the KRW/USD pair slightly lower in forex trading this morning.
Canada’s Ivey Purchasing Managers Index rose to 58.2 in March, from 51.6 in the previous month. The figure also exceeded market estimates of 56.1 and lent support to the CAD/USD forex pair.
US initial jobless claims declined by 18,000 to 228,000 in the latest week, which sent the Nasdaq 100 index higher by around 95 points on Thursday.
What’s happening: European stocks recorded gains on Thursday, despite mixed economic data.
What happened: Apart from economic data, investors responded to a speech by the European Central Bank’s chief economist, Philip Lane.
Markets also await the US NFP (nonfarm payrolls) data, which will give direction to the Federal Reserve’s future tightening moves.
Why it matters: Investors monitored economic data published on Thursday, which showed Germany’s industrial production rising but Eurozone’s construction PMI declining.
Germany’s industrial production climbed 2% in February, topping market expectations of 0.1% growth. The S&P Global construction PMI for the Eurozone declined to 45.0 in March, from 47.6 in the previous month, representing the 11th straight monthly contraction in the sector.
Markets also responded to a rise in house prices in the UK. The Halifax house price index for the country rose by 1.6% year-over-year in March.
A recent speech by the ECB’s chief economist, Philip Lane, fuelled prospects of further rate hikes by the region’s central bank in May.
Investors await the US NFP report, after the country reported a higher-than-expected slowdown in private payrolls and job openings declining to their weakest level in around two years.
The STOXX Europe 600 Index gained 0.51% to close at 458.94 on Thursday, ending three sessions of losses. The European benchmark index is up around 0.25% this week.
Banking stocks gained around 1.8%, while travel and leisure stocks climbed about 1.4% on Thursday. Household goods stocks bucked the overall market trend and lost about 1.3%.
Germany’s DAX 40 and France’s CAC 40 added 0.50% and 0.12%, respectively. London’s FTSE 100 gained for the second straight session, adding 1.03% to close at 7,741.56, amid gains in real estate and financial stocks.
What to watch: Investors await the release of US NFP report today. The unemployment rate, which had risen to 3.6% in February, is expected to decline to 3.5% in March. Analysts expect the US economy to add 239,000 jobs in March, compared to 311,000 job adds in the prior month.
The release of balance of trade and current account data from France will also remain in focus today.
Context: Prices of several cryptocurrencies fell on Thursday, with Bitcoin trading close to the $28,000 level.
Details: Bitcoin had surged to as high as $29,173 on March 30, its strongest level since June 10, 2022. The world’s largest cryptocurrency has added around 69% year to date.
Bitcoin has been trading close to the $28,000 resistance level since the beginning of April, after adding around 20% in March after climbing by around 39% in January.
Ethereum added more than 10% in March and has surged around 56% year to date. On Wednesday, Ethereum had breached the $1,900 resistance level for the first time in nine months. The world’s second-largest crypto climbed to as much as $1,941, its strongest level since mid-August last year. However, Ethereum could not hold onto gains and fell to around $1,870 on Thursday.
Dogecoin had climbed around 36% on Monday, hitting 10.46 cents per token after Elon Musk replaced Twitter’s classic blue bird logo with Shiba Inu, the Dogecoin mascot. There are speculations of Musk planning to integrate a Dogecoin payment system on the microblogging platform, which he bought in a $44 billion deal.
What are expectations: Traders await the US jobs report and inflation data. Markets will also keep an eye on comments from major central bank officials regarding their monetary policy.
Other Markets: US trading indices closed higher on Thursday, with the Dow Jones index, S&P 500 and Nasdaq 100 up by 0.01%, 0.36% and 0.74%, respectively.
| Technical Levels | News Sentiment |
| EUR/USD – 1.0913 and 1.0917 | Positive |
| USD/JPY – 131.68 and 131.76 | Positive |
| Gold – 2021.65 and 2023.35 | Positive |
| Silver – 25.048 and 25.094 | Positive |
| Nikkei 225 – 27479.50 and 27501.50 | Positive |
| Futures at 0400 (GMT) | ||
| EUR/USD (1.0916, -0.05%) | Dow ($33,618, -0.12%) | Brent ($84.94, -0.2%) |
| GBP/USD (1.2450, 0.10%) | S&P500 ($4,129, -0.07%) | WTI ($80.46, -0.2%) |
| USD/JPY (131.69, -0.09%) | Nasdaq ($13,161, -0.07%) | Gold ($2,023, -0.6%) |
France’s foreign exchange reserves, Singapore’s foreign exchange reserves, India’s value of deposits, foreign exchange reserves and value of loans, Russia’s foreign exchange reserves and gross domestic product, Turkey’s treasury cash balance, China’s foreign exchange reserves, as well as US Manheim Used Vehicle Value Index.
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