On the European economic front, data from the Central Statistics Office showed that Ireland’s industrial production fell 2.7% on month in January after rising 3.1% in December. INE data revealed that Spain’s producer prices grew 1.3% on year in February after remaining flat in January. Statistics Denmark data showed that Denmark’s retail sales rose 0.5% on month in February after increasing 1.3% in January.
The Central Statistical Office data showed that Poland’s unemployment rate fell to 6.8% in February from 6.9% in January. The Turkish Statistical Institute data revealed that Turkey’s unemployment rate remained stable at 10.9% in 2017 and employment grew to 28.18 million from 27.2 million in 2016. The Russian Central Bank lowered its key interest rate by 25 basis points to 7.25% and still predicts GDP to grow by 1.5% to 2% this year.
On the Asian economic front, data from the Ministry of Internal Affairs and Communications showed that consumer prices in Japan grew 1.5% on year in February after rising 1.4% in January. The Ministry of Trade and Industry and Monetary Authority of Singapore data revealed that Singapore’s consumer prices increased 0.5% on year in February after remaining flat in January. Data from the Ministry of Economic Affairs showed that Taiwan’s industrial production fell 1.93% on year in February after climbing 10.67% in January.
On March 22, US ended lower, with Dow down 2.93% to 23,957.89. Nasdaq tumbled 2.43% to 7,166.68, and S&P 500 fell 2.52% to 2,643.69. The markets remained in red as traders remained concerned on the impact of a potential trade war.
Meanwhile, key economic events scheduled for today include the Commerce Department’s durable goods orders, US Commerce, Housing and Urban Development department’s new home sales, and Baker Hughes North American rig count. Minneapolis Federal Reserve Bank President Neel Kashkari, Dallas Federal Reserve Bank President Robert Kaplan, Atlanta Federal Reserve Bank President Raphael Bostic will be delivering speeches today.
Nike (NKE) stock climbed 5.39% in premarket after better-than-expected third-quarter results and the acquisition of Zodiac.
On the corporate front, KB Home (KBH) stock grew 4.89% in the premarket after upbeat first-quarter earnings and the upgrade of its shares by brokerage firm Wells Fargo to outperform from market perform. Nike (NKE) stock climbed 5.39% in premarket after better-than-expected third-quarter results and the acquisition of Zodiac. Micron Technology (MU) stock slid 1.66% in premarket despite better-than-expected second-quarter earnings.
Crude oil futures is up 0.30% to $64.49. Gold is trading up 1.02% to $1,340.90, and silver is up 0.781% to $16.515. On the currency front, the US dollar is trading down 0.19% at 105.125 yen. Against the euro, the dollar is up 0.41% to $1.2357. Against the pound, the dollar is up 0.26% to $1.414.