US stocks opened lower today following the release of GDP data, indicating a slightly lower growth in Q4 2023 than anticipated. The world's largest economy expanded by 3.2% YoY in the last quarter of 2023, compared to the expected 3.3% YoY. This data underscores the continued resilience of the US economy, particularly when compared to the Eurozone, which is on the brink of contraction. Consumer confidence in the common currency area remains below the pre-pandemic average, with the February reading at -15.5, unchanged from the previous month. The dollar appreciated against other major currencies, briefly reaching 104.2 before settling at 104. The 10-year Treasury yield remained flat, trading at 4.29%.
Macroeconomic releases had little impact on base metals trading, and prices continue to be technically driven, with some downward pressures from the dollar today. Metals trading has been subdued since the start of this year, with stagnation becoming more pronounced in recent days given a lack of strong macroeconomic and fundamental triggers. Tomorrow’s inflation data release could add some volatility to price moves. Aluminium and copper remained rangebound, unchanged day-on-day at $2,190.50/t and $X/t, respectively. Likewise, lead and zinc were barely moved. Nickel, on the other hand, breached the $17,500/t resistance and defended this level today, closing at $17,601/t.
Gold saw a slight appreciation and stood at $2,033/oz, while silver remained mostly unchanged at $22.38/oz. Oil reached the highest levels of the month but later relinquished some of its gains, with WTI and Brent trading at $78.6/bl and $83.5/bl, respectively.
All price data is from 28.02.2024 as of 17:30
