In US economic data, the ADP report showed that private sector payrolls rose by 183,000 in February (forecast +189,000). The trade deficit rose from US$50.3 billion to US$59.8bn in December with exports down 1.9% while imports rose by 2.1%. The deficit was $621bn in 2018 - a decade high. And mortgage applications fell by 2.5% in the past week after a 5.3% rise in the prior week.
* The US Federal Reserve Beige Book reported that th...
In US economic data, the ADP report showed that private sector payrolls rose by 183,000 in February (forecast +189,000). The trade deficit rose from US$50.3 billion to US$59.8bn in December with exports down 1.9% while imports rose by 2.1%. The deficit was $621bn in 2018 - a decade high. And mortgage applications fell by 2.5% in the past week after a 5.3% rise in the prior week.
* The US Federal Reserve Beige Book reported that the economy continued to grow in late January and February with 10 of the 12 Federal Reserve districts reporting a slight-to-moderate pace of expansion and two saying growth was flat. Wages continued to increase for all skill levels with a majority of districts reporting moderately higher pay for workers.
* European sharemarkets were mixed on Wednesday. Banks rose 0.2% but autos fell 0.9%. The pan-European STOXX600 index was flat. The German Dax fell by 0.3% but the UK FTSE rose by 0.2%. In London trade, shares of Rio Tinto rose by 0.8% while BHP rose by 1.2%.
* US sharemarkets fell on Wednesday. Energy and healthcare led the declines. General Electric shares extended Tuesday's losses, down 7.6% after warning about negative cash flow in its businesses. At the close of trade, the Dow Jones index was lower by 133 points or 0.5% after earlier being down 172 points. The S&P500 index fell by 0.7%. And the Nasdaq index was down by 70 points or 0.9%.
* US treasuries rose on Wednesday (yields lower). Investors favoured 'safe haven' assets ahead of the European Central Bank meeting on Thursday and release of US jobs data on Friday. And the OECD cut its forecast for global economic growth in 2019 from 3.5% to 3.3%. US 2-year yields fell 4 points to 2.51% and US 10-year yields fell by 4 points to 2.69%.
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