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The FTSE 100 Index increases 0.50%
In London the FTSE 100 Index is up by 37 points or 0.50 percent on Tuesday. The rise is driven by Standard Chartered (1.92%). Biggest losses came from United Utilities Group PLC (-2.22%), Severn Trent (-0.96%) and SSE (-0.52%).The CAC 40 Index is up by 0.66%
In Paris the CAC 40 Index is picking up 47 points or 0.66 percent on Tuesday. Gains are led by TotalEnergies SE (2.32%), Cie de Saint-Gobain (1.85%) and Renault (1.84%). Biggest losers are Sanofi (-0.02%).European Stocks Rise for 2nd Day
European shares rose for a second consecutive session on Tuesday, with the pan-European STOXX 600 index gaining about 0.6% and Germany's DAX 40 advancing 0.9%, as fears of a wider banking contagion continued to ease. First Citizens BancShares agreed on Monday to buy significant holdings of Silicon Valley Bank, while outflows from small lenders to banking giants have slowed. Elsewhere, Bank of England Governor Andrew Bailey also said late on Monday that he remained confident in the UK banking system and regulatory framework, allowing the central bank to focus on its fight against inflation. On the data front, French business confidence deteriorated slightly in March, but came in above market expectations. Investors now await a key speech by ECB President Lagarde later today.Stocks in Denmark Hit All-time High
Copenhagen increased to an all-time high of 1981NZD Gains for 3rd Session
The New Zealand dollar rose 0.5% to $0.6229 on Tuesday, strengthening for the third day, as investors turned to riskier assets after US authorities backed a deal of First Citizens BancShares to buy Silicon Valley Bank. Also, hopes grew that the hawkish RBNZ would lift its 4.75% cash rate by a quarter point at its meeting in April. New Zealand’s annual inflation is currently running near three-decade highs of 7.2%, well above the central bank’s medium-term target of 1%-3%. Governor Adrian Orr recently mentioned that inflation is expected to hit 7.3% in Q1 of 2023 before starting to ease. Meanwhile, the RBNZ anticipates the cash rate to peak at 5.5% this year.France Business Confidence Falls in March
The manufacturing climate indicator in France fell to 104 in March of 2023 from 105 in previous month but remained above market forecasts of 103. The balance of opinion on the change in the past production during the last three months went down (10 vs 16) and the one for the current level of the inventories of finished-goods has decreased (13 vs 18). Also, expectations deteriorated for production (11 vs 14), while selling price was steady (29). On the other hand, business sentiment improved for manufacturers’ opinions on expected work size (15 vs 12) and overall order books (-12 vs -14), with foreign order books (-8 vs -10). Overall, economic uncertainty surged (34 vs 32).Gold Prices Fall for 2nd Day
Gold prices were slightly down to $1955 an ounce level on Tuesday, after falling 1% the day before, and remaining below a one-year high of above $2,000 touched last week, as concerns about the banking crisis eased and risk appetite improved. Yesterday, the Federal Deposit Insurance Corporation said First Citizens BancShares Inc would acquire Silicon Valley Bank's deposits and loans. However, the price of gold is up 7% this month, buoyed by safe-haven demand as the recent banking turmoil in the US and Europe raised fears of an economic recession.Hungary Gross Wage Growth Slows in January
Hungary’s gross average wages went up by 16.1% year-on-year to HUF 528,023 in January 2023, easing from a 17.9% increase in the previous period, as wages rose at a slower pace for both private (15.8% vs 17.5% in December) and public (16.8% vs 19.5%) sectors. Without the impact of one-off payments and bonuses, January gross wages advanced by 17.3% from the same month of 2022 to HUF 502,900.Sterling Appreciates on Bailey's Hawkish Remarks
Sterling rose back to $1.23, not far from a seven-week high of $1.234 touched on March 23rd, after Bank of England Governor Andrew Bailey said on Monday that further monetary tightening would be required if signs of persistent inflationary pressure became evident. He also said there were "big strains" in the global banking sector, but added that banks in Britain were resilient and able to support the economy. Last week, the UK central bank raised its key bank rate by an 11th consecutive time to 4.25% and left the door open for more rate hikes should inflation persist. Recent data had shown Britain's inflation unexpectedly accelerated to 10.4% in February, well above the bank's target of 2%. In the US, the Federal Reserve expects to deliver one more quarter-point rate hike this year, while markets have priced in a near 90% chance of the Fed's standing pat on interest rates in May and anticipate a rate cut in July.Hungary Current Account Gap Widens in Q4
Hungary's current account deficit increased to EUR 4.34 billion in the fourth quarter of 2022 from EUR 3.30 billion in the same quarter of the previous year. It was the seventh consecutive period of negative reading, as the goods account gap expanded to EUR 4.35 billion from EUR 2.59 billion a year earlier, and the secondary income gap grew to EUR 0.44 billion from EUR 0.29 billion in Q4 of 2021. At the same time, the primary income deficit inched down to EUR 1.47 billion from EUR 1.60 billion, and the services surplus advanced to EUR 1.93 billion from EUR 1.18 billion. For the whole year of 2022, the current account deficit jumped to EUR 13.72 billion from EUR 6.25 billion in 2021.