Mainland Chinese stocks were down by the early morning. The Shanghai Composite was down by 0.81% to 3,446.86. Hong Kong’s Hang Seng Index was up about 0.70% to 28,474.75.
Japan’s benchmark Nikkei average. Nikkei 225 is trading down 0.83 per cent at 28,812.63 on Tuesday, while the Australian Index S&P / ASX 200 rose 0.52 per cent to 7,065.71. South Korea’s Kospi was up by 0.40% to 3,138.98.
The FTSE MIB climbed up by 1.15% to 24,419.46 In the cash markets, the DAX futures Germany was trading 0.66% higher at 15,236.25. CAC 40 futures in France climbed up by 0.61% to 6,307.57, while the FTSE 100 futures in the U.K rose by 0.12% to 6,969.97, at the time of writing.
In the U.S. on Wall Street, the Dow Jones Industrial Average closed 0.70% up at 34,113.38 the S&P 500 was up 0.27% to 4,192.29 and the Nasdaq 100 was down 0.48% at 13,895.03.
In the Forex market, GBPUSD fell 0.23% at 1.3878. The USDJPY was up 0.25% at 109.33. The USDCHF was up 0.40% at 0.9144. EURUSD was down 0.19% at 1.2037, EUR/GBP was up 0.06% at 0.8674, at the time of writing.
In the commodity market, U.S. Gold futures fell 0.32% at $1,786.85. Elsewhere, Silver futures fell 0.26% to $26.887 per ounce, Platinum rose 0.19% at $1,237.05 per ounce, and Palladium was down 0.07% at $2,975.50.
Brent crude oil was down 0.04% to $67.53 barrel while U.S. West Texas Intermediate (CLc1) fell 0.03% at $64.47.
In the Cryptocurrency Markets, BTCUSD is at $56,142 fell 3.15%, Ethereum at 3,388.41 up 9.22%, Litecoin at 283.670 up 3.69%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
Daimler up 0.32% at 74.400, Apple Inc. up 0.82% at $132.54, Amazon.com down 2.33% at $ 3,386.31, TESLA Inc down 3.46% at $684.90, SAP down 0.32% at 116.660, Microsoft down 0.13% at $252.18 , Barclays down 7.00% at 175.50.
U.S. construction spending rebounded far less than expected in March as strength in housing was offset by continued weakness in outlays on nonresidential structures and public projects.
The Commerce Department said on Monday that construction spending gained 0.2% after falling 0.6% in February.
Economists polled by Reuters had forecast construction spending surging 1.9%. Construction spending, which accounts for about 4% of gross domestic product, increased 5.3% on a year-on-year basis in March.
The government reported last week that the economy grew at a 6.4% annualized rate last quarter. That was the second-fastest GDP growth pace since the third quarter of 2003 and followed a 4.3% rate in the fourth quarter.
Tepid construction spending likely has no impact on economists’ expectations for double-digit GDP growth in the second quarter, fueled by massive fiscal stimulus and improving public health as more Americans get vaccinated against COVID-19.
Spending on private construction projects rose 0.7% in March, lifted by investment in single-family homebuilding. There is strong demand for housing but supply has lagged amid expensive building materials as well as land and labor shortages. That followed a 0.3% drop in February.
Spending on residential projects surged 1.7% in March after edging up 0.1% in February.
But outlays on private nonresidential construction like gas and oil well drilling fell 0.9% in March. Business investment in nonresidential structures fell in the first quarter for the sixth straight quarter as a rebound in mining exploration, shafts and wells was offset by a drop in commercial and healthcare buildings.
Spending on public construction projects dropped 1.5% in March after declining 1.6% in February. State and local government outlays decreased 1.4%, while federal government spending declined 2.1%.
The European Central Bank can start to phase out emergency stimulus measures when the pace of coronavirus vaccinations reaches a critical level and the economy picks up speed, Luis de Guindos, the bank’s vice president, told an Italian newspaper.
The ECB will next meet on June 10 and conservative policymakers are already calling for a cut in bond purchases, while others, particularly from the bloc’s south, are arguing for continued patience in clawing back support.
“If by speeding up the vaccination campaign, we manage to have vaccinated 70% of Europe’s adult population by the summer and the economy starts to pick up speed, we may also start to think about phasing out the emergency mode on the monetary policy side,” de Guindos told la Repubblica.
“The normalisation of monetary policy should go hand in hand with the normalisation of the economy,” he said in the newspaper interview.
Less than 30% of the bloc’s population have received their first COVID-19 jabs so far. Experts say that getting 70% of people fully vaccinated is unlikely before the end of July, with the end of August seen as a more realistic deadline.
But de Guindos also cautioned against keeping central bank stimulus lingering too long, warning the side effects could be as damaging as removing support too early.
“Prolonging emergency measures for too long may run the risk of moral hazard as well as the zombification of parts of the European economy,” he said.
Much of Europe’s services sector is now kept afloat by government subsidies and de Guindos called on governments to remove that support only gradually, even if it places a burden on budgets and pushes debt levels even higher.
“It will be crucial that these measures are withdrawn gradually and with a great deal of prudence after the crisis. Otherwise we run the risk of choking the recovery,” he said.
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