The Dow down to its worst weekly low in the last 5 months

Significant events to watch:

-CANADA (CAD): Canada Gross Domestic Product

-UK (GBP): UK Manufacturing PMI

-USA (USD): US Consumer Confidence

CANADA (CAD): CANADA GDP – Gross Domestic Product (GDP) measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy’s health. Canada releases fresh GDP data on a monthly basis. Canada’s GDP is at 0.1% with no change versus the forecast from the last report.

The report is due Tuesday, 28 February at 13:30 GMT

USA (USD): US Consumer Confidence – Conference Board (CB) Consumer Confidence measures the level of consumer confidence in economic activity. It is a leading indicator as it can predict consumer spending, which plays a major role in overall economic activity. Higher readings point to higher consumer optimism.  The last figure was 107.1, lower than the forecast of 109.0.

The report is due Tuesday, 28 February at 15:00 GMT

UK (GBP): UK Manufacturing PMI – The Manufacturing Purchasing Managers’ Index (PMI) measures the activity level of purchasing managers in the manufacturing sector. A reading above 50 indicates expansion in the sector; below 50 indicates contraction. Traders watch these surveys closely as purchasing managers usually have early access to data about their company’s performance, which can be a leading indicator of overall economic performance. The last number was 49.2, better than the forecast of 47.5.

The report is due Wednesday, 1 March at 09:30 GMT

Risers and Fallers

-Crude Oil (+1.41%)

-Apple Inc. (-1.80%)

-Dow Jones (-1.02%)

-USDJPY  (+1.29%)

Crude Oil – Crude oil prices gained 1.41% on Friday, reaching a daily high and low of $76.63 and $74.09, respectively.

Dow Jones (US30) – The Dow Jones was down 1.02% on Friday, and was down 2.55% for the week.  Stocks declined sharply after the Fed’s preferred inflation gauge showed an increase in prices above expectations.  The index closed at 32,816.92 on Friday.

Apple Inc. (NASDAQ: APPL) – Apple stocks declined 1.80% on Friday, furthermore, the stock booked a loss of 3.71% for the week, closing at $146.71 per share.

USDJPY – USDJPY was up 1.29% on Friday, closing at 136.46. US interest rate hikes is positive for the US dollar, in addition, the Japanese inflation is still hitting high levels and the Bank of Japan has a loose monetary policy in place which further weakens the Yen.

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