Morning View
In the US, equity indices started the week lower
International
In the US, the opening of the week was marked by a negative opening for the major equity indices. The S&P 500 fell -2.7% on the day, while the Nasdaq was down -4% and the Dow Jones -2.1%. Thus, the indices accumulated variations of -4.5%, -9.5% and -1.5%, respectively, for the year.
US Treasury yields compressed across the curve yesterday. The 1-year bond compressed to 3.98% from 4.04%, the 3-year bond fell to 3.91% versus 4% previously, and the 10-year closed at 4.22%, down from 4.3% on Friday.
Later in the day, the US will release the Job Openings and Labor Turnover Survey (JOLTS) for January, released by the Bureau of Labor Statistics. The analyst consensus expects 7.7 million job openings, up from 7.6 million in December.
Finally, Japan's Q4 2024 Gross Domestic Product (GDP) grew +0.6% in the quarter, below the +0.7% projected by analysts' consensus. On a year-on-year basis, it registered an increase of +2.2%.
Fuente: PUENTE Hnos, Bloomberg
US February unemployment stood at 4.1%, above expectations
International
In the United States, 151,000 new jobs were created in February, below the 160,000 expected. At the same time, the unemployment rate came in at 4.1%, higher than January's figure and the analysts' consensus estimate of 4%. This week, the focus will be on the publication of February's inflation, for which a year-on-year increase of +2.9% is projected and +3.2% for the measurement that excludes energy and food.
US Treasury yields had mixed performances during the week. On the short end of the curve, the yield on the 1-year bond compressed to 4.04% from 4.08% previously, the 3-year bond widened to 4% versus 3.96% previously, and the 10-year closed at 4.3%, versus 4.2% the previous Friday.
Meanwhile, the main US equity indices closed a negative week. The S&P 500 index fell -3.1% for the week, while the Nasdaq declined -3.5% and the Dow Jones -2.4%. Thus, the indices accumulated variations of -1.9%, -5.8% and +0.6%, respectively, for the year.
Finally, today Japan will release its Gross Domestic Product (GDP) data for the 4th quarter of 2024. The Japanese economy is expected to have grown by +2.8% year-on-year.
Fuente: PUENTE Hnos, Bloomberg
