Final composite Purchasing Managers' survey and retail sales from euro area are due on Friday, headlining a busy day for the European economic news. At 3.00 am ET, Spain's INE releases industrial production data for February. Output is expected to grow 2.1 percent annually, in contrast to a 2.1 percent drop in January.
The U.S. dollar rose fairly sharply against its peers but gave up some gains after crude oil prices skyrocketed amid reports the price war between Russia and saudi Arabia will likely end sometime soon.
A report released by the Commerce Department showed new orders for U.S. manufactured goods were virtually unchanged in the month of February. The Commerce Department said factory orders edged down by less than a tenth of a percent to $497.4 billion in February after falling by 0.5 percent to $497.5 billion in January. Economists had expected orders to rise by 0.2 percent.
Reflecting a steep drop in the value of imports, the Commerce Department released a report on Thursday showing the U.S. trade deficit narrowed significantly in the month of February.
After reporting a substantial increase in first-time claims for U.S. unemployment benefits in the previous week, the Labor Department released a report on Thursday showing another spike in jobless claims in the week ended March 28th.
UK house prices grew at the fastest pace in more than two years in March before the coronavirus, or covid-19, pandemic struck the economy, data from the Nationwide Building Society showed Thursday. House prices grew 3 percent year-on-year in March, following February's 2.3 percent increase. This was the fastest growth since January 2018. Prices were expected to rise 2 percent.
Producer prices from euro area and unemployment from Spain are due on Thursday, headlining a light day for the European economic news. At 2.00 am ET, producer prices data for February is due from Romania. In January, producer prices had climbed 4.7 percent on year.
The U.S. dollar stayed firm against most of its peers on Wednesday amid fears of an imminent deep recession due to the impact of the rapidly spreading coronavirus pandemic.
A report released by the Commerce Department on Wednesday showed an unexpected decrease in U.S. construction spending in the month of February. The Commerce Department said construction spending slumped by 1.3 percent to an annual rate of $1.367 trillion in February after spiking by 2.8 percent to an upwardly revised rate of $1.385 trillion in January.
With the coronavirus outbreak weighing on demand, the Institute for Supply Management released a report on Wednesday showing a contraction in U.S. manufacturing activity in the month of March.
Reflecting a significant loss of jobs at small businesses, payroll processor ADP released a report on Wednesday showing a modest decrease in private sector employment in the U.S. in the month of March. ADP said private sector employment fell by 27,000 jobs in March after jumping by a downwardly revised 179,000 jobs in February.
UK manufacturing activity contracted in March due to the outbreak of the coronavirus, or Covid-19, and the subsequent mitigation efforts, the final survey data from IHS Markit showed Wednesday. The IHS Markit/Chartered Institute of Procurement & Supply factory Purchasing Managers' Index fell to 47.8 in March from 51.7 in February. The flash estimate was 48.0.
Euro area jobless rate unexpectedly eased to its lowest level since in over a decade in February, just ahead of the announcement of coronavirus pandemic containment measures in several countries in the region. The jobless rate fell to 7.3 percent, data from Eurostat showed Wednesday, while economists had expected it to remain unchanged at January's 7.4 percent. That was the lowest rate since March 2008, the agency added.
Eurozone manufacturing activity contracted at the fastest pace in more than seven years in March as the outbreak of coronavirus, or covid-19 weighed on orders, output, employment and confidence, final data from IHS Markit showed on Wednesday. The final factory Purchasing Managers' Index fell to 44.5 from 49.2 in February. The reading was also below the flash estimate of 44.8.
Final factory Purchasing managers' survey data and unemployment from euro area are due on Wednesday, headlining a busy day for the European economic news. At 2.00 am ET, Destatis publishes Germany's retail sales figures for February. Sales are forecast to grow 0.1 percent on month, slower than the 0.9 percent rise in January.