U.S. Equity Markets surged on Friday led by the 2.04% gain in the NASDAQ 100. Bond Yields fell 11 Basis points setting the tone for Friday’s out of the box rally. This move higher saw the VIX get crushed, closing by lower by 5.62% at a price of 18.49. The Supply Management’s February Services Index showed pricing pressures easing while employment rose. Investors look ahead to this week’s significant list of macro news, including key employment data ahead of Federal Reserve Chairman Jerome Powell’s monetary-policy testimony. In its semi-annual report to Congress, the Federal Reserve said that the committee is strongly committed to returning inflation to its 2% objective. Within the S&P 500 Index, all the 11 sectors finished higher. European Markets closed higher. Euro-Zone PPI for January was 15.0% year over year, falling 2.8% from December, with declines from the energy sector providing the most support. ECB Governing Council member Pierre Wunsch said that he would not be surprised if peak rates reach 4% if inflation persists, while the ECB Meeting Minutes showed members were surprised by the regional economy’s resilience yet remain committed to their fight against inflation. Bank of England Chief Economist Huw Pill said the British economy has held up better than expected, implying the central bank may have to raise interest rates even more. In Asia, China’s Composite Purchasing Managers’ Index data for February saw a second straight month of expansion as activity in the services and manufacturing sectors surged. Japan’s CPI growth for February eased compared with January as government subsidies brought down costs. The Australian Bureau of Statistics said new-home loan values contracted more than expected in January as rising interest rates weighed on borrowing demand. Bank of Korea researchers warned that inflation risks remain to the upside due to rising utility and labour costs, potentially requiring more interest-rate hikes. Elsewhere, Oil continued its bullish tone, closing higher by 2.11% while Gold rose 1.08% on a weaker Dollar.
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For anyone following my Platinum Service it made 100 points on Friday and is now ahead by 1060 points for March after finishing February with a gain of 3164 points, after closing January with a gain of 4687 points, while finishing December with a gain of 2054 points. November ended with a gain of 4789 points, while finishing October with a record gain of 9619 points, making 6660 points in September, after closing August with a gain of 2228 points, having made 2660 points in July, following a gain of 3371 points in June. The Service made 3651 points in May, after making 762 points in April, following a gain of 5883 points in March. The Platinum Service made an impressive 5324 points in February, after ending January with a gain of 3878 points, more than making up for December’s 932 points loss. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1600 points. I have a YouTube Channel which contains recent interviews I have given This can be viewed by clicking HERE Please subscribe to this for new interview notification
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