Asian stock indexes fell this morning as concerns grew that the bull market may have gone too far after Meta reported disappointing sales earnings.
While stock markets in South Korea and Japan fell, US futures indices also declined.
Gold fell for a fourth day ahead of the release of core PCE data that will shape expectations for US monetary policy and the course of the dollar.
The US 10-year bond yield, which rose 4 basis points on Wednesday, is flat and close to 4.65 percent this morning. The US 2-year bond yield is above 4.93 percent.
The yield in the $70 billion 5-year bond auction held by the US Treasury on Wednesday was slightly above expectations. The institution will issue 7-year bonds worth 44 billion dollars on this trading day.
US forecast to grow strongly in first quarter
First quarter growth data in the USA will be announced at 15:30 Türkiye time. The US economy, which recorded a growth of 3.4 percent in the last quarter of 2023, is estimated to have grown by 2.5 percent annually in the first three months of this year compared to the previous quarter.
A 3 percent increase is expected in the first quarter personal consumption data to be announced at the same time. Although both forecasts indicate a decrease compared to the growth rates in the previous quarter, if they come true, they will enable growth to reach the highest pace in the last two years on a four-quarter basis.
After the US Congressional Budget Office pointed out a higher-than-expected immigration rate in a recently published report, economists generally began to revise their forecasts upwards. In addition, consumption expenditures and public expenditures are thought to contribute upwards to growth.
“We expect public and local government spending to be the second largest contributor to growth as it continues to close the post-Covid spending gap,” said RBC Capital Markets US Chief Economist Michael Reid.
