What you need to know before the US open
US markets are expected to open lower today, following European counterparts that have remained cautious because of the worsening situation in Ukraine.
The FTSE lost almost one per cent this morning, dragged down by struggling bank RBS, which has shed almost ten per cent.
Janet Yellen’s due to speak to the Senate later today – her testimony was rescheduled because of a snowstorm 10 days ago.
The Fed chair isn’t expected to say anything too surprising, but will still be closely watched.
The durable goods report just in showed goods orders fell one per cent in January – some better news, considering the 1.7 per cent drop that was expected because of the cold weather.
We’ve also had initial jobless claims numbers for last week. Although those signing on rose by a more-than-expected 348,000, continuing claims rose to just 2.96m, after expectations it’d rise to 2.98m. A week earlier, the total was 2.95m.
Corporate news
The world’s biggest hotel operator, Hilton, has reported a 13 per cent rise in quarterly revenue as more business and leisure travel boosted occupancy and room rates.
In Europe
Viktor Yanukovich has said today that he’s still President of Ukraine, and has warned that illegitimate rule will never be accepted.
Yanukovich wrote the statement from an unknown location – he’s wanted on a mass murder charge over the police shooting of demonstrators.
US defense secretary Chuck Hagel has said Russia must be transparent about its military exercises along Ukraine's borders.
German inflation slowed in February to 1.2 per cent. Analysts had expected a rate of 1.3 per cent. The sluggish number will add to the pressure on the European Central Bank to ease monetary policy more to ward off deflation in the euro area.
Meanwhile, German president Angela Merkel, who’s visiting London today, has said she can’t promise a fundamental reform of Europe that’ll satisfy all of the UK’s wishes.
And the European Commission announced plans to curb people falling victim of “free to download” but not to play games on phones and tablets.
It’s asked Apple and Google to to discuss “in-app” purchases, reports Reuters.
Data in focus
• 3.00pm: US Yellen testimony