Stocks Snap 3-day Losing Streak
Stocks in the US started the trading session in the black follow three consecutive losing trading sessions. The polar vortex that is covering most of the United States is creating a minor headwind for growth and will likely have a negative impact on 1st quarter GDP. Yellen was confirmed by the Senate, and the trade deficit declined.
Senate confirmed Janet Yellen to lead Federal Reserve. The chamber voted 56-26 in favor, with many Senators not able to arrive because of the weather. Bernanke saw 30 senators vote against his nomination.
The US trade deficit in November was smaller than expected and it will likely force many economists to increase their projections for 4th quarter GDP. The deficit dropped almost 13% to $34.3 billion. Exports increased by nearly 1% but still stand at a new record high. Imports fell 1.4%; which partly reflect a decline in oil imports, which fell to a 3-year low.
Eurozone inflation declined to 0.8% in December from 0.9% in November and came in below consensus that was also 0.9%. The CPI figure remains well below the ECB’s target of just under 2%, a trend that has sparked discussion about the threat of deflation in the Eurozone. However, ECB President Mario Draghi not worried about deflation. Last week he stated that there’s no urgent need for another cut in interest rates.
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