Graeme Wearden, 30 March 2021
US consumer confidence has leapt sharply this month, hitting its highest level since the pandemic began. Stimulus spending and vaccine rollout are spurring hopes of an economic recovery.
US house prices have also continued their recent climb:
In the eurozone, economic confidence has also jumped to a one-year high. Industrial firms, services companies and consumers all reported more optimism about the future.
French consumer confidence also picked up.
In Germany, inflation has risen – hitting 2% on an EU-harmonised basis. Economists predict it will keep rising in the coming months, with higher energy prices partly to blame.
The fallout of the collapse of Archegos Capital continues to loom over the markets.
Shares in Credit Suisse fell another 3% today, as it continued to assess the cost of its involvement. But another prime broker, Wells Fargo, jumped 3% after it reported that it had not incurred losses.
The brokerage arm of Mitsubishi UFJ Financial Group flagged that it faces a potential loss of around $300m at its European subsidiary, related to an unnamed U.S. client.