US consumer credit rose by $7.62 billion in February after a downwardly revised $4.45 billion rise in January. The latest result marked the fifth straight monthly increase. Revolving credit (like credit cards) fell by $2.71 billion. Non-revolving credit, which includes loans for big-ticket items like cars, boats and vacations jumped by $10.3 billion - marking the largest gain since October.

US jobless claims fell by 10,000 to 382,000 last week. Signs of an improving job market were even more evident with the number of people receiving benefits after drawing an initial week of aid falling to 8.52 million - the lowest level in 30 months.

European shares eased on Thursday after a 7.4 magnitude aftershock was reported to have hit Japan. Investors used the added uncertainty to lock in recent profits. As expected the ECB raised interest rates by 25bps taking the cash rate to 1.25pct. The rate hike was not seen as the start of an aggressive tightening cycle. The FTSEurofirst index fell by 0.3pct, while the UK FTSE lost 0.6pct, and the German Dax lost 0.5pct.

US sharemarkets eased on Thursday after a major aftershock in Japan. The retail sector received a boost after better than expected US ICSC chain store sales which rose 2pct in March compared with a year ago. The Dow Jones fell 17pts or 0.1pct, while the S&P500 lost 0.2pct and the Nasdaq fell 4pts or 0.1pct.

US treasuries rose on Thursday (yields lower) after ECB president Trichet said a series of rate hikes was not on the cards. A major after-shock in northeast Japan also lent some safe-haven support to treasuries. US 2yr yields fell by 6pts to 0.79pct and US 10yr yields fell by 1pt to 3.54pct.

The Euro eased against the greenback after the ECB dampened market expectations for an aggressive tightening policy following the 25bps rate hike. The Euro hit early highs near US$1.4315, before falling to lows near US$1.4250, ending US trade around US$1.4305. The Aussie dollar hit early highs near US104.95c, before falling to lows near US104.15c, ending US trade at US104.55c. The Japanese yen traded between 85.40 yen per US dollar and JPY84.60, ending US trade at JPY84.90.

Benchmark crude oil prices were modestly higher in a volatile trading session on Thursday. Supply concerns continued to dominate price action though trading volumes remained lean. At the close the Nymex crude oil contract rose by US$1.47 or 1.4pct to US$110.30 a barrel. And London Brent crude hit fresh 30-month highs, up US37c to US$122.67 a barrel.

Base metal prices were mostly higher on the London Metal Exchange on Thursday, adding to the solid gains from the prior session. The exception was lead which fell 1pct. The gold price lifted to fresh record highs driven by investor demand as an inflation hedge. Comex gold futures closed up US80c an ounce or 0.1pct to US$1,459.30 after earlier hitting US$1466.50.

Ahead: In Australia, no economic data is released. In the US, wholesale inventories is released.

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