Good morning – its Thursday March 3rd and the 62nd day of 2005.
Today we learn that the European Central Bank, to no one’s surprise, held rates, again1. US Q4 Productivity was revised significantly higher from the preliminary data released earlier this year, reaching 2.1% from 0.8%.2
``We are at the point now where businesses have to start thinking about expansion,’’ said Michael Gregory, a senior economist at BMO Nesbitt Burns in Toronto, before the report. ``Along with slower productivity growth, we would expect to see a pickup in hiring and maybe we will see that on Friday.’’2
Prior to the numbers being released, stock index futures were generally trading in the upper end of yesterday’s range and have so far held those levels, so we can likely expect some buying interest at the open. Clearing and holding above yesterday’s high is a more important milestone than usual, given the proximity of test of tops on the NYSE Composite, Dow 30 and even the S&P 500.
US Market Calendar
- 6:00 am: Monster Employment Index
- 7:45 am: ECB Announcement1
- 8:30 am: Productivity – Q4 R2
- 8:30 am: Initial Claims – Feb. 26th week
- 10:00 am: Non-mfg ISM Index – Feb.
- 11:00 am: Chain-Store Sales – Feb.
Canadian Market Calendar
- 8:15 am: Foreign Reserves – Feb.
Earnings and the Federal Reserve
For earnings highlights, please see today's WSJ Earnings Calendar.
For a list of upcoming speeches, congressional testimony, Federal Open Market Committee material, and statistical releases, please visit the What's Next page of The Federal Reserve Board website. Recently released Federal Reserve Board material, including market moving FOMC decisions and speeches by members, will be found on their What's New page.
1 ECB Leaves Interest Rates Unchanged
2 U.S. 4th-Qtr Productivity Rises at 2.1% Rate; Costs Rise 1.3%
05.03.03 08:36 #