Hello traders everywhere! Jeremy Lutz here with your mid-day market update for Wednesday, the 16th of January.
Concerns about the global economy are weighing on the markets after the World Bank cut its forecast for global economic growth in 2013.
The World Bank said it now expects the global economy to expand by 2.4 percent in 2013 compared to its June forecast for 3 percent growth. Estimates suggest the global economy grew 2.3 in 2012.
On a positive note, a report from the Federal Reserve showed a slightly bigger than expected increase in U.S. industrial production in the month of December.
The report showed that industrial production increased by 0.3 percent in December following a revised 1.0 percent jump in November. Economists had expected production to edge up by 0.2 percent.
The increase in production came as increased manufacturing and mining output more than offset a sharp drop in utilities output.
A separate report from the National Association of Home Builders showed that homebuilder confidence held steady at a six-year high in January, while the Labor Department said consumer prices were unchanged in December.
Let's see what the Trade Triangles say about the markets today.
Every Success,
Jeremy Lutz
