From Eurozone, yesterday, German Business Confidence data was released. German business confidence fell for a third month in a sign that companies in Europe’s largest economy are growing more concerned as slowing global growth roils financial markets. The Ifo institute’s business climate index dropped to 105.7 in February from 107.3 in January. The median estimate of economists was for a decline to 107.0. China’s cooling economy is weighing on global trade and hurting German exporters, with a report Tuesday showing net trade dragged on economic growth last quarter.
In the US session CB Consumer Confidence and
Existing Home Sales figures were released. The Conference Board Consumer Confidence Index, which had increased moderately in January, declined in February.
The Index now stands at 92.2, down from 97.8 in January. Analysts were anticipating decrease to 97.0. The Present Situation Index declined from 116.6 to 112.1, while the Expectations Index decreased from 85.3 to 78.9 in February. “Consumer confidence decreased in February, after posting a modest gain in January,” said Lynn Franco, Director of
Economic Indicators at The Conference Board.
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, inched 0.4 percent to a seasonally adjusted annual rate of 5.47 million in January from a downwardly revised 5.45 million in December. Sales are now 11.0 percent higher than a year ago – the largest year-over-year gain since July 2013 (16.3 percent).
There will be no major data releases from Eurozone tomorrow.. In the US session New Home Sales figures will be released. Analysts predict decline to 522,000.
Figures to watch:
New Home Sales (Wednesday 16:00)
