January 02, 2024

Daily Report 02/01/2024

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Housing prices remained flat in December, as expected, following a 0.2% increase on the previous month. Year on year, prices declined at a 1.8% pace, bearing expectations of a 1.4% decline and following a 2% depreciation in October.

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In the Euro Area, preliminary data revealed that consumer prices remained flat in Spain in December, and grew at a 3.3% level on the year, unchanged from the previous month. This proves that inflationary pressures remain high in some countries and backs the “higher for longer” ECB stance.

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Data released last Friday revealed that the US Chicago Purchasing Managers’ Index arrived at 46.9 in December from 55.8 in November, weaker than the estimation of 51.0. Markets will now take more cues from the US Nonfarm Payrolls due on Friday. The figure is projected to show an increase of 163K in December versus 199K prior. Traders are betting on aggressive interest rate cuts in America, starting as early as March. The markets are pricing in 88% odds rate cuts in March.

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