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PA Market Report: Overview (Feb 8 – Feb 12) & Upcoming Events Feb’21

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Feb 8: ECB President Lagarde:

– Resurgence of virus and related restrictions are a significant downside risk

– An accommodative monetary policy stance remains essential

– It is critical for monetary and fiscal policy to work together

On the other hand, Britain’s tough new lockdown measures have dented consumer confidence and reduced spending to levels not seen since last spring, according to two separate surveys. As a consequence, UK lockdown reduces consumer spending to lowest levels since last spring.

Feb 9: German coronavirus lockdown should continue until the end of February – Merkel tells conservative lawmakers in the meeting. A ray of hope for the Japanese Yen as BoJ’s Nakamura said Japan Economy Trend is Improving.

February 10: BoJ may seek to clarify in the March policy review that it has room to deepen negative interest rates – JIJI. ECB’s Lagarde says it’s not the time to slow down fiscal support. ECB’S President Lagarde says it’s not the time to slow down fiscal support. The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent in January on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 1.4 percent before seasonal adjustment. WHO chief scientist hopes emergency use listing by WHO of AstraZeneca covid vaccine follows shortly. U.S. crude oil refinery inputs averaged 14.8 million barrels per day during the week ending February 5, 2021, which was 152,000 barrels per day more than the previous week’s average. Refineries operated at 83.0% of their operable capacity last week. Gasoline production increased last week, averaging 8.7 million barrels per day.

February 11: The European Union will step up appeals to the U.S. to align its foreign policy priorities with the bloc, arguing that a common western front would stand a better chance of forcing China to pursue fairer trade policies. Australia’s Victoria State To Enter A 5 Day Lockdown To Start At Midnight Friday.

February 12: “If we can reach a 7-day coronavirus incidence of below 35 per 100,000 people, we can further loosen restrictions,” German Chancellor Angela Merkel said on Friday, as reported by Reuters. • “We will have difficulties using all available COVID-19 vaccines at end of March or April,” Merkel added. The market mood remains sour following these remarks. As of writing, Germany’s DAX 30 Index was down 0.36% on a daily basis at 13,990. Meanwhile, the EUR/USD pair continues to push lower and was last seen losing 0.35% at 1.2086. U.S. consumer sentiment unexpectedly fell in early February as households remained worried about the economy, despite expectations for additional fiscal stimulus. The University of Michigan said on Friday its consumer sentiment index slipped to 76.2 in the first half of this month from a final reading of 79 in January.

February 15: