Previous Trading Days Events 27 Feb 2024

Reports on U.S. durable good figures show that orders fell by the most in nearly four years in January, while business investment in equipment appeared to have eased, signs that the economy lost momentum at the start of the year.

The report on consumer confidence shows that Americans are quite concerned about the economys outlook, especially the labour market, and the upcoming presidential election resulting in confidence retreating after three straight monthly increases. The Conference Board CB showed its consumer confidence index slipped to 106.7 this month from a downwardly revised 110.9 in January.

Business capex lays the seeds for future economic growth as the expenditures enable companies to invest more to meet the demand for their goods and services down the road, said Christopher Rupkey, chief economist at FWDBONDS in New York. While economists have taken down their recession warnings, business leaders with boots on the ground are less certain of the economy in the future.

This points to a much weaker start for business equipment spending in the first quarter following a modest gain in the prior quarter, said Priscilla Thiagamoorthy, a senior economist at BMO Capital Markets in Toronto.

Source httpswww.reuters.commarketsususdurablegoodsordersfallmorethanexpectedjanuary20240227

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