Global stocks ended the week higher amid plentiful economic data. US economic data were largely positive— the Leading Economic Index (LEI) grew 0.6% m/m, headline Consumer Price Index (CPI) grew 2.5% y/y and core CPI grew 2.3% y/y. January retail sales beat expectations, suggesting strong consumer demand.
UK unemployment rate held at 4.8%, while jobless claims dropped despite expectations for a slight uptick. Both headline and core CPI grew while retail sales dropped slightly, missing expectations.
Eurozone Q4 2016 GDP was revised down from 0.5% q/q to 0.4%, still marking the eurozone’s fifteenth consecutive quarter of growth.
In Asia, Chinese CPI accelerated to 2.5% y/y, ahead of estimates and hitting a new multi-year high. Japanese Q4 2016 GDP grew an annualized 1.0% q/q, narrowly missing expectations but marking the country’s fourth consecutive quarter of growth.