Economic uncertainty and mixed signals on global markets
The OECD warns that global economic growth is likely to slow down. Instead of an acceleration, the organization expects global economic activity to rise less rapidly. This is primarily due to developments in the United States, which have a significant impact on the rest of the world.
Despite this warning, European stock markets were in the green around midday. This positive sentiment was mainly driven by strong economic figures from China. Investors reacted enthusiastically to the macro data from the Asian country, leading to higher prices on European markets.
In the United States, however, the economic picture is less rosy. Retail sales in February rose less than experts had expected. Additionally, there was negative news from the manufacturing sector in the New York region; the so-called Empire State index fell significantly in March, indicating less activity in that sector.
There is also caution in the US housing market. Confidence among homebuilders in the US fell further in March. On the other hand, there was news that met expectations exactly: US business inventories rose in January in line with economists' forecasts.
Due to all these varying reports, the mood on Wall Street was uncertain. Predictions for the opening of the US markets fluctuated throughout the day. While some figures previously pointed to a flat to slightly higher start, later futures showed a slightly lower opening for the trading day in New York.
In the commodities market, there is much attention on gold. The bank UBS expects the price of gold to rise further after it recently reached a record high of more than $3,000 per troy ounce. Finally, investors are looking at the crypto market, where the Ripple (XRP) coin faces an important choice. The market is waiting for a possible breakout, while the risks and opportunities for cryptocurrencies remain significant.