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The US stock indices again hit record highs

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    2023/02/27
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According to the results of the last week, both the dollar index and the US stock indices rose. On Monday, no significant economic data came out in the US. Stock prices remained almost unchanged. The US dollar strengthened on the background of increased political risks in Europe. The 2017 French presidential elections will take place on April 23 and May 7. The ruling Socialist Party has put forward its candidate Benoit Hamon. According to the polls, he may now count only on the 4th place in the first round. Whereas, the chances of the victory of Marine Le Pen, the leader of the “National Front” party, are estimated at 25%. Meanwhile, she favors holding a referendum on France’s exit from the European Union, which increases the risks of euro and strengthens the dollar.

On Tuesday, the US trade deficit for December declined more than expected. This supported the strengthening of the dollar. The US stock indices continued rising as the forecast of the total earnings of the S&P500 companies in Q4, 2016 was revised up to +8.2%. This is the maximum growth since the Q3, 2014. Note that after this the stock prices were continuously advancing till the end of the week.

On Wednesday, no significant economic data were released in the US, and the dollar index corrected down. On Thursday, its growth resumed due to investors’ optimism after the announcement of the US president Donald Trump. He reported that he would introduce his economic program in upcoming weeks. No significant economic data came out. Almost 70% of the companies from the S&P500 list published their quarterly data. The forecast of the total growth of their earnings increased up to +8.5%.

On Friday, the fall of the Michigan university consumer confidence index for February exceeded the forecasts. However, investors ignored this negative. Currency and stock markets continued rising. Investors reacted optimistically to the information about Donald Trump’s meeting with the Shinzo Abe, the prime minister of Japan.

This week the most important economic data will come out on Wednesday in the US. These will be the inflation, retail sales, and industrial production. Besides, on Wednesday, Janet Yellen, the head of the Fed, and other Fed representatives will speak. On Thursday, the US real estate market data and on Friday, the leading economic indicator for January will be released.

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