U.S Equity Markets closed mostly lower yesterday despite PPI dropping more than expected and further strengthened the Federal Reserve’s dovish narrative for rate policy. Although the NASDAQ 100 closed higher by 0.42% the Small Cap Russell 200 fell 2% as bank stocks continue to get pummelled following the worries over Credit Suisse whose shares closed lower by 14% in New York. Retail Sales for February fell 0.4% from January’s big gain, as economic activity continues to be volatile, while the New York State Manufacturing Survey showed worsening conditions overall but a softening in the prices-paid component – or producer prices. Investors continue to be split on what action the Fed will take with interest rates next week, but most are still predicting rate cuts by the year’s end. Within the S&P 500 Index, six of the 11 sectors finished lower. European Markets got slammed. Euro-Zone Industrial Production for January improved from the month prior, suggesting that the manufacturing sector may be rebounding. The ECB is still reportedly leaning toward a 50-basis-point rate hike this afternoon, according to Reuters. This against a background of crashing Bond Yields. The Ifo Institute’s latest economic update showed Germany’s economy stagnating this year and even falling into a minor contraction. U.K. Chancellor of the Exchequer Jeremy Hunt delivered his first budget yesterday, which included new business investment, an extension of the energy price cap, an expansion of early childhood care, and other tax measures. In Asia, Bank of Japan said that Japanese financial institutions have sufficient capital buffers and liquidity to adequately handle any losses caused by external factors, including the collapse of the U.S.’s Silicon Valley Bank. The Chinese economy experienced mixed results as industrial production came in below expectations, but retail sales and real estate saw a boost in output. Elsewhere, Oil fell 4.22% while Gold closed 0.61% higher after a volatile session.
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For anyone following my Platinum Service it made 270 points yesterday and is now ahead by 3336 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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