Rates: heavy-handedness prevails in the absence of guidance
The macroeconomic agenda was minimalist this Monday in the US, with the publication shortly after the opening of Wall Street of new home sales: they fell imperceptibly, by -0.3% in February compared with the previous month, to 662,000 units at an annualized rate, according to the Commerce Department.000 units at an annualized rate, according to the Commerce Department, following a 1.7% rise in January.
The median house price was $400,500, and the average price was $485,000. The inventory of new homes for sale stood at 463,000 at the end of February, representing a reserve of around 8.4 months at the then rate of sales.
In Europe, traders were busy with business as usual: Bunds and OATs were down +4.5pts and +5pts respectively, at 2.3680% and 2.850%.
Further south, Italian BTPs were up +5.3pts at 3.6700%, while Spanish Bonos were up +5.1% at 3.201%.
Across the Channel, Gilts deteriorated by +9pts to 4.02%, the worst performance among Western sovereign debts.
Tight interest rates did not prevent gold from advancing by +0.6% to $2,180, and Brent crude oil stood out this evening with an advance of over 1.5% in London, retesting the recent $87 high (average price from 1:00 pm to 6:00 pm).
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