US data wrap up:
- GDP annualized Q4 F : 2.9% vs exp 2.7% vs prior est 2.5%
- GDP price index Q4 F: 2.3% vs exp 2.3% vs prior est 2.3%
- Personal consumption Q4 F : 4.0% vs exp 3.8% vs prior est 3.8%
- Core PCE Q4 F Q/Q: 1.9% vs exp 1.9% vs prior est 1.9%
- Wholesale inventories mom Feb: 1.1% vs exp 0.5% vs prior 1.0%
- Trade balance (USD) Feb: -75.4b vs exp -74.4b vs prior -75.3b
- Pending home sales M/M Feb: 3.1% vs exp 2.0% vs prior -4.7%
Reactions to the data are rather muted. DOW posts slight gains in early US session but is struggling to break through 24000 handle so far. It remains to be seen whether today’s recovery could sustain. We maintain the near term bearish view that as long as 24453.14 resistance holds, DOW will more likely revisit 23360.29 than not.
