European Open GBP Holds On To Gains China PPI Rips Higher
Those in the ‘inflation is coming’ camp will take solace in China’s producer prices which rose to a 3-year high. Elsewhere, GBP remains anchored to highs after a strong bullish session yesterday.
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Stocks in the US have remained relatively static today (February 28th), despite the release of new gross domestic product (GDP) data that showed economic growth in the country was slower than expected.
Revised figures from the Commerce Department revealed GDP grew by 0.1 per cent at the end of 2012, a slight improvement from initial estimates of a 0.1 per cent decline.
However, a poll of economists conducted by Bloomberg had predicted the revision to show an increase of 0.5 per cent.
On the other hand, the latest number of jobless claims was less than expected, dropping by 22,000 to 344,000 for the week ended February 23rd, the Labor Department reported. Bloomberg's analysis had forecast a figure of 360,000.
The Standard & Poor's 500 was mostly unaffected by the data, with the index climbing by less than 0.1 per cent to 1,516 as of 09:31 local time in New York.
It has increased by 6.3 per cent so far this year as companies reported better than expected earnings and lawmakers in Washington reached a compromise on tax rates.
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