Mixed economic data, although Europe trading higher due to yesterday’s LTRO package. US Initial Claims were 351K, below forecasted 355K, which is good news. On the other hand, Personal Income grew 0.3% (less than 0.4% expected by economists) while Personal Spending growth of 0.2% was also less than the forecasted growth of 0.4%. Further more, ISM Index was 52.4, below consensus expectations of 54.7 and last month’s reading of 54.1. Construction Spending fell 0.1% although economists were expecting a growth of 1.0%.
News & Articles:
Chinese manufacturing surveys indicated mild improvement in February, though underlying data showed surging input prices and deteriorating new orders, suggesting further weakening in the nation’s economy (MarketWatch)