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Correction: Value of Australian New Payments Platform Transactions Rises 26% in March, RBA Data Shows

(Corrects to reflect the reference month in the headline, added percentage rise)The value of new payment platform transactions in Australia rose nearly 26% to AU$241.2 billion in March, compared with AU$186.6 billion reported in the same period last year, according to new retail payment figures from the Reserve Bank released Thursday.Total card purchases on Australian-issued cards were up 11.6% to AU$100.8 billion from AU$91 billion in March 2025, with credit and charge cards accounting for AU$40.9 billion and debit cards for AU$59.9 billion.Meanwhile, the number of new payment platform transactions was up 11.2% to 167.1 million from 151.9 million last year.The number of total card purchases on Australian-issued cards rose 6.6% to 1.41 billion from 1.34 billion in the year prior.

OECD Says New Zealand Should Stop Frequent Changes to RBNZ Mandate

The Organisation for Economic Cooperation and Development (OECD) said New Zealand should reconsider how frequently it adjusts the Reserve Bank of New Zealand's remit, as frequent changes raise the risk of monetary policy mistakes, according to a Thursday report published by the organization.The central bank's remit is set by New Zealand's Minister of Finance and covers its operational objectives, including the target inflation range.The OECD said there have been frequent changes to the monetary policy mandate and remit since 2019, and that maintaining stability outside scheduled five-year review cycles would support the bank's credibility and enhance its ability to deliver on its inflation objectives.The organization recommended reinforcing the RBNZ's operational independence and credibility, noting that maintaining stability for the full five-year cycle until the 2028 review would support predictability, credibility, and confidence in the monetary policy regime.

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Business Optimism in Saudi Arabia Improves in April

Saudi Arabia's business confidence index stood at 54.5 points in April, up from 52.1 points in March, data from the General Authority for Statistics showed Thursday.The monthly change in confidence was 4.6% higher, compared with a 14.2% decrease earlier.The statistics agency noted that the reading reflected sustained optimism in the business sector, underpinned by expectations of continued growth in various segments and confidence in the stability of economic activity.

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German Monthly Factory Orders Rise 5% in March

Germany's monthly factory orders gained 5% in March, following a revised 1.4% increase in February, according to preliminary data from the country's Federal Statistical Office published Thursday.Analysts expected a 1% rise for the month.On a yearly basis, new orders in manufacturing were up 6.3%, against the 3.5% jump earlier.

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Value of Australian New Payments Platform Transactions Rises in January, RBA Data Shows

The value of new payment platform transactions in Australia rose nearly 26% to AU$241.2 billion in March, compared with AU$186.6 billion reported in the same period last year, according to new retail payment figures from the Reserve Bank released Thursday.Total card purchases on Australian-issued cards were up 11.6% to AU$100.8 billion from AU$91 billion in March 2025, with credit and charge cards accounting for AU$40.9 billion and debit cards for AU$59.9 billion.Meanwhile, the number of new payment platform transactions was up 11.2% to 167.1 million from 151.9 million last year.The number of total card purchases on Australian-issued cards rose 6.6% to 1.41 billion from 1.34 billion in the year prior.

BOJ Should Continue Rate Hikes in Line with Economic Activity and Prices, Meeting Minutes Show

Bank of Japan (BOJ) members agreed the central bank should continue raising interest rates in line with developments in economic activity and prices amid the ongoing Iran war, minutes of the March meeting showed on Thursday.The Middle East turmoil has caused a surge in oil prices, increasing inflationary pressures and weighing on the economy of countries dependent on fuel imports.The BOJ members said rate hike decisions should be made at each monetary policy meeting, taking into account the achievement of economic activity and price outlook, underlying inflation, and outlook risks.One member said the BOJ should adjust the monetary accommodation degree without long intervals under current financial conditions, where an uptrend in prices is likely to remain.Another member stressed the need to keep underlying inflation from exceeding 2% and said the bank must not hesitate to raise rates unless the economic outlook or wage-setting resolve among small and medium-sized firms deteriorates sharply.In March, the BoJ board voted 8-1 to keep the policy rate at around 0.75%, with one member dissenting in favor of a hike to 1%.

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Philippines' GDP Growth Eases to 2.8% in Q1

The Philippines' economy grew 2.8% year on year in the first quarter of 2026, slowing from the 3% expansion in the previous quarter, data from the Philippine Statistics Authority showed on Thursday.The figure also missed the 3.5% growth forecasts by Trading Economics.The main contributors to first-quarter growth were wholesale and retail trade and repair of motor vehicles and motorcycles, which expanded 4.6%, financial and insurance activities at 3.4%, and public administration and defense; compulsory social security at 8.6%.By sector, services grew 4.5% annually, while agriculture, forestry and fishing slipped 0.2% and industry edged down 0.1%.On the expenditure side, household final consumption expenditure rose 3.0%, government spending increased 4.8%, exports of goods and services climbed 7.8%, and imports grew 6.1%. Gross capital formation, however, contracted 3.3%.Gross National Income expanded 3% from a year earlier in the January-March period, the data showed.

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National Average Rent in New Zealand Falls in April, Realestate.co.nz Says

National average rent in New Zealand saw a 1.4% decline to NZ$631 per week in April, compared with NZ$640 per week during the same time last year, and almost NZ$30 below the highest recorded rent in May 2024 of NZ$660 per week, according to figures from realestate.co.nz.Rent also decreased in most parts of the country, with the average weekly rent falling in 10 of 19 regions compared with last year.Central North Island rents fell to NZ$566 per week in April this year from NZ$619 in April 2025, while Gisborne rents fell to NZ$628 per week from NZ$664.Wellington also saw a year-on-year decline to NZ$620 per week from NZ$647 per week.Meanwhile, national new rental listings rose 5.1% in April this year to 6,165 from 5,868 in the same period last year.

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Australian Card Activity Shows Emerging Slowdown in Discretionary Spend, Westpac Says

Australian card activity showed an emerging slowdown in discretionary spending, with the Westpac-DataX Card Tracker Index rising 2.1 points over the two weeks to April 25, reversing an earlier decline, according to a report released on Wednesday.Quarterly growth momentum remained subdued at around 1% as of late April, down from 1.2% in the first quarter and slower than the 2% average of the previous three quarters.Meanwhile, monthly growth showed more volatility due to fluctuations in fuel prices, which spiked in March before dropping in April following an excise tax cut and reduced demand.The most recent week indicated a notable 1% month-over-month decline.Data from the last six weeks displayed a more pronounced slowdown in discretionary categories, particularly discretionary services, which have now entered into outright contraction despite ongoing activity in both fuel and electricity.

Australia Trade Balance Swings to Deficit in March

Australia's goods balance recorded a seasonally adjusted deficit of AU$1.84 billion in March, down from a surplus of AU$5.03 billion in February, marking the first deficit since December 2017, according to data published by the Australian Bureau of Statistics on Thursday.Goods exports fell 2.7%, or AU$1.21 billion, to AU$43.93 billion, driven by a AU$639 million decrease in the other rural category.Goods imports rose over 14%, or AU$5.65 billion, to AU$45.77 billion, driven by a AU$3.23 billion increase in automatic data processing equipment.

Philippine Economy Further Slows Growth in Q1 at 2.8%

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South Korea's Official Foreign Reserves Increase in April

South Korea's foreign reserves grew by $4.2 billion to $427.9 billion in April from $423.7 billion as of the end of March, Bank of Korea data showed on Thursday.The country's official foreign reserves consisted of securities amounting to $384.1 billion, deposits of $18.8 billion, special drawing rights of $15.8 billion, gold worth $4.8 billion, and the country's IMF position at $4.5 billion.South Korea's foreign reserve holdings ranked the 12th largest globally as of the end of March, the central bank said.

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Dow JonesNasdaq CompositeS&P 500$AMD

US Equity Indexes Surge as Iran Peace Deal Expectations Rise, AMD's Q1 Boosts Chipmakers

US equity indexes jumped while crude oil futures sank on Wednesday amid a growing likelihood of Iran agreeing to a peace deal and a rally in semiconductors following Advanced Micro Devices' (AMD) strong Q1 results.The Nasdaq traded 2% higher at 25,838.94 after scaling a new peak of 25,850.19. The S&P 500 was up 1.5% to 7,365.12 after hitting an all-time high of 7,369.22 earlier in the session. The Dow Jones Industrial Average advanced 1.2% to 49,910.59.All sectors, except energy and utilities, rose. Technology, industrials, and communication services were among the top gainers.The White House is close to agreeing on a one-page memorandum of understanding to end the war with Iran and set a framework for more detailed negotiations about Tehran's nuclear ambitions, Axios reported, citing two US officials and two other sources briefed on the issue. While nothing is final yet, the sources said this was the closest the duo has been to an agreement since the war began.Washington's MoU, if Iran accepts it, will lead to a gradual reopening of the Strait of Hormuz and lifting of the American blockade on Iranian ports, a person familiar with the matter told Bloomberg.Meanwhile, President Donald Trump warned Iran that "bombing starts" again if a deal is not reached, according to multiple media reports.West Texas Intermediate crude oil futures sank 6.6% to $95.55, and Brent crude futures plunged 7.4% to $101.76.US Treasury yields fell, with the 10-year down 6.4 basis points to 4.35%, extending its retreat from the highest in about a month. Two-year yield slumped 6.8 basis points to 3.87%.In precious metals, gold futures jumped 2.9% to $4,702.20, and silver futures surged 6% to $77.99.In company news, Advanced Micro Devices (AMD) shares surged nearly 19%, among the top gainers on the S&P 500 and the Nasdaq, after the chipmaker overnight posted stronger-than-expected fiscal Q1 results and issued an upbeat Q2 revenue outlook.Out of the ten top performers in a category of firms with a market capitalization of over $200 billion, more than half were related to semiconductors, according to data compiled by Finviz. Topping this list was AMD, whose quarterly results reinforced growing confidence in accelerating demand for products and services linked with artificial intelligence.In economic news, employment in the US private sector grew at its fastest pace in more than a year in April, ADP data showed Wednesday, ahead of nonfarm payrolls due later in the week. Private jobs grew by 109,000, representing the fastest growth pace since January 2025, the payrolls processing firm said. The consensus was for 120,000 in a Bloomberg-compiled survey. The March print was revised down to 61,000 from 62,000.

Dow JonesNasdaq CompositeS&P 500$AMD

US Equity Indexes Jump as Iran Peace Deal Hopes Increase, AMD's Q1 Results Trigger Rally in Chipmakers

US equity indexes jumped ahead of Wednesday's close, with the S&P 500 and the Nasdaq Composite breaking records as a potential Iran peace deal was said to be in the offing, and Advanced Micro Devices' (AMD) Q1 results sparked a rally in semiconductors.The Nasdaq traded 1.9% higher at 25,794.3 after touching a record 25,814.50 intraday. The S&P 500 was up 1.4% to 7,362.2 after hitting an all-time high of 7,363.40 earlier in the session. The Dow Jones Industrial Average advanced 1.4% to 49,958.3.The White House is close to agreeing on a one-page memorandum of understanding to end the war with Iran and set a framework for more detailed negotiations about Tehran's nuclear ambitions, Axios reported, citing two US officials and two other sources briefed on the issue. While nothing is final yet, the sources said this was the closest the duo has been to an agreement since the war began.Washington's MoU, if Iran accepts it, will lead to a gradual reopening of the Strait of Hormuz and lifting of the American blockade on Iranian ports, a person familiar with the matter told Bloomberg. Meanwhile, President Donald Trump warned Iran that "bombing starts" again if a deal is not reached, according to multiple media reports.West Texas Intermediate crude oil futures sank 7.2% to $94.88, and Brent crude futures plunged 8.1% to $100.98.In company news, Advanced Micro Devices (AMD) shares surged nearly 18%, among the top gainers on the S&P 500 and the Nasdaq, after the chipmaker overnight posted stronger-than-expected fiscal Q1 results and issued an upbeat Q2 revenue outlook.

Daily Roundup of Key US Economic Data for May 6

ADP private payrolls rose by 109,000 in April after a 61,000 gain in March.The services sectors added 94,000 jobs, led by a 61,000 gain in education and health services jobs. Goods sector payrolls increased by 15,000 jobs, with construction payrolls up 10,000 and manufacturing payrolls up 2,000.The Mortgage Bankers Association reported a 4.4% decline in mortgage applications in the week ended May 1 after a 1.6% drop in the previous week. Refinancing activity and new home applications both declined due to lower mortgage rates.Total crude oil inventories fell by 7.5 million barrels in the week ended May 1, with commercial oil inventories down 2.3 million barrels and stocks in the US Strategic Petroleum Reserve down 5.2 million barrels. Gasoline inventories and distillate inventories both decreased last week.

Dow JonesNasdaq CompositeS&P 500$AMD$DIS

S&P 500, Nasdaq Hit Records as Iran Steps Closer to Peace Deal, AMD's Q1 Results Fire Up Chipmakers

US equity indexes rose after midday Wednesday, with the S&P 500 and the Nasdaq Composite scaling new highs as Iran closed in on a peace deal and Advanced Micro Devices' (AMD) Q1 results sparked a rally in semiconductors.The Nasdaq traded 1.6% higher at 25,737.8 after touching a record 25,741.14 intraday. The S&P 500 was up 1.2% to 7,342.9 after hitting an all-time high of 7,348.35 earlier in the session. The Dow Jones Industrial Average advanced 1.1% to 49,818.9.Communication services, industrials, materials, and technology led the gainers, while energy was the steepest decliner in midday trading.The White House is close to agreeing on a one-page memorandum of understanding to end the war with Iran and set a framework for more detailed negotiations about Tehran's nuclear ambitions, Axios reported, citing two US officials and two other sources briefed on the issue. While nothing is final yet, the sources said this was the closest the duo has been to an agreement since the war began.Washington's MoU, if Iran accepts it, will lead to a gradual reopening of the Strait of Hormuz and lifting of the American blockade on Iranian ports, a person familiar with the matter told Bloomberg. Meanwhile, President Donald Trump warned Iran that "bombing starts" again if a deal is not reached, according to multiple media reports.West Texas Intermediate crude oil futures sank 6.8% to $95.47, and Brent crude futures plunged 7.9% to $101.97.US Treasury yields fell, with the 10-year down 6.2 basis points to 4.35%, extending its retreat from the highest in about a month. Two-year yield slumped 6.9 basis points to 3.87%.In precious metals, gold futures advanced 2.8% to $4,697.9, and silver futures surged 5.4% to $77.59.In company news, Advanced Micro Devices (AMD) shares surged nearly 17%, among the top gainers on the S&P 500 and the Nasdaq, after the chipmaker overnight posted stronger-than-expected fiscal Q1 results and issued an upbeat Q2 revenue outlook.Out of the 10 top performers in a category for companies with a market capitalization of more than $200 billion, over half were from the semiconductor industry, according to data compiled by Finviz. AMD's results reinforced growing confidence in the accelerating demand for artificial intelligence-related products and services.Walt Disney's (DIS) fiscal Q2 results beat estimates amid revenue gains across all business operations, and the media and entertainment giant reiterated expectations that growth will accelerate in H2. Shares jumped 6.7%, the Dow's top gainer.In economic news, employment in the US private sector grew at its fastest pace in more than a year in April, ADP data showed Wednesday, ahead of nonfarm payrolls due later in the week. Private jobs grew by 109,000, representing the fastest growth pace since January 2025, the payrolls processing firm said. The consensus was for 120,000 in a Bloomberg-compiled survey. The March print was revised down to 61,000 from 62,000.

March Unemployment Rate Little Changed Across all US States

State-level data released by the Bureau of Labor Statistics Wednesday showed the unemployment rate was little changed in March in all fifty states and Washington DC.South Dakota had the lowest rate at 2.3%, while Washington DC had the highest at 6.3%.The national unemployment rate was reported at 4.3% in March, down from 4.4% in February.Nonfarm payrolls rose in three states and were little changed elsewhere. Nationwide nonfarm payrolls increased by 178,000 in March after a 133,000 decline in February.The largest payrolls gain in absolute terms was in Texas, which added 46,800 jobs, followed by Florida with 28,100.

March Unemployment Rate Little Changed Across All US States