- Very strong retail sales data
- Crude futures move up

Dow Jones Industrials: -0.04%
Nasdaq Comp.: -0.01%
S&P 500: -0.03%

The main US equity averages have begun the day slightly lower following the release of far better than expected retail sales data for the month of February.

Retail sales volumes rose by 1.1% month-on-month in that month, outstripping consensus expectations for a gain of 0.5%. The previous month´s figures were also revised higher.

Commenting on today´s figures this is what economists at Barclays Research have to say: "With households facing both the tax increases at the start of the year and a sharp pickup in gasoline prices in February, the pace of sales may well ease in the coming months.

For the time being, however, these numbers are consistent with a solid pace of consumption in the first quarter and, in turn, a rebound in GDP growth relative to the fourth quarter."

The bank´s economists now see US economic output expanding at a 2.2% pace in the first quarter, versus 1.9% before the above report.

Analysts at Canaccord Genuity have raised their rating on shares of software maker Oracle to buy from hold.

Luxury-goods market Coach may benefit from positive broker commentary as well.

Front month West Texas crude futures are now higher by 0.69% to the $93.18/barrel level on the NYMEX.

10 year US treasuries yields are 2 basis points higher at 2.03%.

AB

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