- Aug 6, 2015
Fundamental News And Technical Analysis Report - 24 February 2023
GERMANY’S FOURTH-QUARTER GDP SHRANK BY 0.4%Asian stock market closes in red on Thursday. The Shanghai Composite is in red by 0.11% at 3287.48. Overall, the Singapore MSCI is in red 1.01% at 295.15. Over in Hong Kong, the Hang Seng Index is down 0.35% at 20351.35. In Japan, the Nikkei 225 is down 1.34 at 27104.32. While the Topix index is down 1.11% at 1975.25, South Korea’s Kospi is up 0.89% at 2439.09. Australia S&P/ASX 200 up 0.27% at 7304.90.
TOP NEWS OF THE DAY: –The German economy contracted at the end of the year, as inflation and the energy crisis took their toll on household consumption and capital investment.
The German economy shrank by 0.4% in the fourth quarter of 2022 compared with the previous three months, the statistics office said on Friday.
Preliminary data from the office had pointed to a 0.2% quarter-on-quarter contraction adjusted for price and calendar effects. In the third quarter of 2022, GDP saw slight growth of 0.5% compared to the three months prior.
After relief measures such as the fuel discount and the 9-euro transport ticket ended, consumers spent less on consumption in the fourth quarter than in the third quarter, the statistics office said. Household spending was down 1.0%.
Market Summary as per 23/02/2023:
European equities Thursday closing. The DAX futures contract in Germany traded up 0.49% at 15475.69, and CAC 40 futures up 0.25% at 7317.43. UK 100 futures contract in the U.K. is down 0.29 at 7907.72.
In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.33% at 33153.91. The S&P 500 up 0.53% at 4012.32 and the Nasdaq 100 up 0.72% at 11590.40, NYSE is up 0.35% closing at 15584.92.
TECHNICAL SUMMARYGBPUSD TECHNICAL ANALYSIS
TRADE SUGGESTION – SELL AT 1.20156, TAKE PROFIT AT 1.19912, SL AT 1.20366
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