What you need to know before the US open
US markets are set to open lower, as investors take a moment to digest the helping on economic data in today.
A second revision from the Department of Commerce showed economic growth slowed to 2.4 per cent in the fourth quarter of 2013.
Chicago PMI, yet to be released, is expected to show a slide in February, as vehicle sales dwindled because of weather-related demand slowdown.
And pending home sales (also due out later) are also forecast to have felt the force of the recent severe weather.
The S&P 500 hit a record high in trading yesterday, so although today’s not expected to be as impressive, it’ll be a good month for the index.
Corporate news
Citigroup has announced it’s lowering its fourth quarter and full-year results for 2013 after taking an estimated $235m ($390m pre-tax) hit because of “recently discovered” fraud in its Mexico unit. The impact will lower its 2013 net income from $13.9bn to $13.7bn, said the bank.
In Europe
With Eurozone inflation data coming in better than expected, European shares took a knock this morning.
The FTSE edged lower but looks set to post its best month out of seven.
New Italian prime minister Matteo Renzi has called the country’s jobless figures shocking. Today’s figures showed that unemployment rose to 12.9 per cent in January, reports the FT, from 12.7 per cent a month earlier. Youth unemployment soared to 42.4 per cent.
And Viktor Yanukovich, who's currently holding a news conference, has derided Western governments, blaming their “irresponsible policies” for the current political crisis in Ukraine.
Data in focus
• 2.55pm: US Uni of Michigan Feb confidence
• 3.00pm: US Jan pending home sales