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  • Article / Friday at 17:42 GMT

    Market Close: US markets rally ahead of Yellen speech

    TradingFloor.com Team / Saxo Bank
    Denmark
    US stocks are trading in the green, ahead of the US Fed Chair Janet Yellen’s speech later today. On the macro front, revised data released in the US showed that economic growth in the last quarter of 2014 slowed as previously anticipated. UK stocks ended in negative territory, led by a decline in energy and mining sector stocks.
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  • Squawk / Friday at 15:23 GMT
    Hypothesis Testing
    United Kingdom
    Late buying in the USA open hours suggest some strength but whilst we say a large volume distribution in a relatively tight trading range there is little evidence of moentum to the upside. The early piercing of 2050 on spx globex doesn't ode well for bull traders yet you would expect month end adjustments and some attempt to claw back some of this weeks drop today ! Seasonal data attached....suggesting a choppy grind up to April expiries and fiscal year ends.
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  • Squawk / Friday at 13:39 GMT
    Head of Macro Strategy / Saxo Bank
    Denmark
    US economy grew 2.2% in the fourth quarter:

    The third estimate of Q4 GDP shows that the world's largest economy grew by 2.2% q/q (annualised) vs. 2.4% expected and unchanged from the second estimate a month ago.

    Following growth rates of 4.6% and 5% in Q2 and Q3 the economy slowed markedly in Q4 of last year, but the composition was quite good with personal consumption up 4.4% while government consumption dropped 1.9%. Investment (including inventories) rose 4.5% as did exports while imports rose a substantial 10.4%.

    While Q1 will likely also show slow(-er) growth I expect a pick-up in growth in Q2 and beyond as the impact from USD strength fades while personal consumption and (residential) investment should continue to be key drivers of growth.
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  • 1d
    fxtime fxtime
    The moral to the above imho is.......Never trust a BoE storyteller sorry governor!