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Local Equities Going Higher

The local equities market closed the day higher, tracking gains in the US equities market brought on by recently released, robust manufacturing data. This served to confirm suspicions that previous months’ weakness was due to the unusually harsh winter.

Also, markets worldwide were relieved that sanctions imposed by the West on Russia and certain Ukrainian individuals would be of negligible economic impact, thus far. The PSEi surged forward, jumping 66.56 points, or +1.04%, to close at 6,466.55.

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Euro Shares Unchanged

European shares ended mostly unchanged following a day of choppy trading as strong German trade data was offset by the ongoing geopolitical conflict in Ukraine. The FTSEurofirst300 index inched up 0.41 of a point to 1,321.39.

German exports jumped by a seasonally adjusted 2.2% last January, much higher than the market estimate of 1.4%, while imports leapt 4.1%, compared to the consensus forecast of a 1.3% gain.

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China Issues New Loans

Asian markets rallied Monday on news that Chinese financial institutions issued 1.32 trillion yuan (US$217.5 Bn) of new loans in January.

Although the jump in credit was typical in the beginning of the year, investors believed it was a sign of economic strength. In Japan, a weakening yen overshadowed a weaker-than-expected GDP print, recouping intraday losses.

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