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ECB Ends Bond Buying, Musk’s Twitter Ambitions & U.S Retail Sales Stronger Than Expected

EURUSD falls to 2-year low as ECB ends bond buying

EURUSD fell to a 2-year low during Thursday’s session, as the ECB announced that it will be cutting its bond buying program.

This comes following the bank’s decision to keep interest rates unchanged, despite a rise in consumer prices.

In a statement from the bank, it was said that, “At today’s meeting the Governing Council judged that the incoming data since its last meeting reinforce its expectation that net asset purchases under the APP should be concluded in the third quarter”.

Many expect the end of this QE program to prompt the bank to begin hiking interest rates, in order to manage the rise in inflation.

Elon Musk makes bid to buy 100% of Twitter

After announcing that he had bought a 9.2% stake in Twitter, Elon Musk today revealed that he had made an offer to buy the entire company.

An SEC filing showed that Musk has made an $41 billion cash takeover offer to Twitter’s board, in order to acquire 100% of the company. In a note to the board, Musk has stated that, “Twitter has extraordinary potential. I will unlock it”.

Musk is already the largest shareholder in the company, and recently declined a board seat, which left many perplexed. However, board members are currently unable to own more than 12% of the company.

Twitter stock was up 2% as of writing.

S&P 500 slips, despite rise in U.S. retail sales

The benchmark S&P 500 was lower today, despite stronger than expected retail sales data.

Figures from the Commerce Department reported that retail sales increased by 0.5% in March, with annual sales climbing by 6.9%. This comes after markets had forecasted retail sales to increase by 0.6% last month, so today’s number is a positive for the U.S. economy.


source: tradingeconomics.com

February’s sales number was also revised upwards, and now shows a gain of 0.8%, higher than the 0.3% rise previously reported.

As of writing this, the S&P 500 was down 0.7%.