US Durable Goods Data Due | Euro Zone Industrial Production Beats Estimates
Published March 13, 2019
This morning US durable goods orders data for January is released, with the headline number expected to slide 0.4%. Producer price inflation for February is also due alongside construction spending for January is expecting to show a 0.5% increase. This data should offer some insight into investment spending in the US, as market participants will be looking for signs of stability as uncertainties over USMCA’s future fade.
Crude rose for another day after industry reports demonstrated an unexpected drop in US stockpiles, this coming at a time when planned cuts to OPEC output are tightening supply. A barrel of West Texas Intermediate was trading at $57.38 this morning. OPEC nations like Saudi Arabia are set to continue with planned production reductions as crises in Venezuela and Iran are continuing to remove barrels from the market.
Euro zone industrial production came in stronger than expected in January, mainly due to strong contributions from energy. Eurostat data showed that production in the 19 countries sharing the euro rose 1.4%. The January result was largely influenced by a 2.4% monthly jump in energy output, which helped offset the weaker results for intermediate and capital goods production.
Yesterday’s vote before UK Parliament marked another critical defeat for Prime Minister May’s Brexit deal. Later this afternoon, members will hold a series of votes to indicate the will to leave the European Union on March 29 with or without a deal. Any extension to the timetable would have to be agreed to by the EU.