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China Logistics Sector Expands 6% in Q1

The value of China's logistics sector grew 6.2% year over year to 96.4 trillion yuan in the first quarter, he China Federation of Logistics and Purchasing said Thursday.The sector's growth rate increased by 1.1 percentage points from the full-year level in 2025, and up 0.5 percentage points from the year-ago period, the group said.Industrial goods logistics value rose 5.8% year over year, 0.5 percentage points higher compared with the prior-year period.Online retail sales jumped 7.5% year over year, equivalent to 24.8% of total retail sales of consumer goods, the federation said.

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International8d ago

Australia's Producer Prices Rise in March Quarter

Australia's producer prices, excluding exports, increased 0.4% in the March quarter, following a 0.8% rise in the December 2025 quarter, according to data from the Australian Bureau of Statistics published Friday.The main drivers of quarterly growth were property operators, up 1% amid strong demand and rising residential rents; petroleum refining and petroleum fuel manufacturing, up over 10% due to higher oil prices; and tertiary education services, which rose 2.2% due to annual fee adjustments, the report said.Selected producer price indexes rose across key sectors, including a 2.1% increase in manufacturing driven by non-ferrous metals, a 1% rise in construction driven by house building, and an increase in education and training services due to higher export fees in higher education.On an annual basis, final demand growth rose 3% in the year to the March quarter, down from a 3.7% increase a year earlier.

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International8d ago

Japan Consumer Confidence Slips in April

Japan's consumer confidence weakened in April, while expectations for higher prices edged up, according to government survey data released Friday.The seasonally adjusted consumer confidence index fell 1.1 points from the previous month to 32.2. The survey, conducted on April 15, covered 8,400 households and had a response rate of 75.5%.Among key components, the index for overall livelihood dropped 1.5 points to 28.2, while willingness to buy durable goods fell 2.8 points to 23.2. The employment outlook slipped 0.2 points to 37.4, and income growth expectations were unchanged at 39.8.Price expectations strengthened, with 93.6% of respondents expecting prices to rise over the next year, up 0.5 percentage points from the previous month.Those expecting prices to remain unchanged accounted for 2.3%, down 0.4 points, while the share expecting prices to fall was also 2.3%, down 0.2 points.

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International8d ago

New Zealand's Seasonally Adjusted New Dwelling Consents Fall in March

New Zealand's seasonally adjusted new dwellings consents fell 1.3% to 3,370 in March from 3,412 in the previous month, according to Stats NZ data on Friday.In actual terms, 3,677 new dwellings were consented, including 1,729 stand-alone houses, 1,556 townhouses, flats, and units, 127 retirement village units, and 265 apartments.New dwellings consented in the reported month rose 8.2% in actual terms compared with 3,398 in March 2025.In the 12 months ended March, the actual number of new dwellings consented was up 11% to 37,813 compared with the prior corresponding period."New home consents increased in the year ended March, following decreases in each of the previous three years," economic indicators spokesperson Michelle Feyen said.The regions with the highest increase in new home consents in the year ended March were Auckland, up 14%, Waikato, up 3.5%, and Wellington, up 3.8%.The annual value of non-residential building work consented in March rose 1.2% year-on-year to NZ$9 billion.

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International8d ago

Tokyo Core Inflation Eases, Extends Run Below BOJ Target

Tokyo core consumer prices rose 1.5% in April from a year earlier, slowing from 1.7% in March and marking a third straight month below the Bank of Japan's 2% target, government data showed Friday.The increase in the core consumer price index, which excludes fresh food, was below the median market forecast of 1.8% and the slowest since March 2022. It is also the fifth consecutive month of deceleration, the longest such stretch since 2009.A separate index that strips out both fresh food and energy rose 1.9% in April, softer than the 2.3% reading in March. Overall consumer prices increased 1.5% during the month in review.

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International8d ago

Australia's Manufacturing Sector Returns to Growth in April Despite Supply-Chain Disruptions

Australia's manufacturing sector returned to expansion in April, though the improvement was outweighed by major supply-chain disruptions and a sharp rise in costs linked to fuel and freight pressures arising from the Middle East conflict, according to a survey by S&P Global published Friday.The headline seasonally adjusted S&P Global Australia Manufacturing Purchasing Manager's Index (PMI) rose to 51.3 in April from 49.8 in March, above the 50-point mark separating contraction and expansion.The headline PMI was mainly driven by longer supplier delivery times and higher stocks of purchases, while new orders, output, and employment remained in negative territory.The supply chain disruption in April was largely driven by the Middle East conflict and international freight delays, with fuel shortages and rising fuel costs pushing input prices higher and resulting in the fastest inflation since March 2022, according to the report.Rising input costs and war-related uncertainty pushed output price inflation to a decade high and led to a third straight monthly decline in manufacturing production.New orders kept falling, driven partly by weaker foreign demand, while manufacturers still raised purchasing activity and input stocks in April, likely to build safety buffers against future price increases and supply-chain delays despite lower output needs, per the report.Employment declined for the second consecutive month due to weaker new orders, with firms not replacing departing staff and cutting working hours, while backlogs of work and finished goods inventories also continued to decrease.Business confidence fell for a third straight month to its lowest since July 2024 amid the Middle East conflict, inflation, and cost-of-living pressures, though hopes of post-conflict demand recovery supported year-ahead production optimism, the report added.

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International8d ago

Australia's April Home Value Index Posts Slowest Pace of Growth Since January 2025, Cotality Says

Australia's home value index edged 0.3% higher in April, registering its slowest pace of growth since January 2025 amid declines in Sydney and Melbourne, according to figures from Cotality released Friday.All capital cities in Australia recorded a deceleration in growth during April, with home values declining 0.6% in Sydney and Melbourne. Sydney values are now 1% below their November 2025 peak, while Melbourne values are 2.3% below a high seen in March 2022.Brisbane, Adelaide, and Darwin also saw a slowdown in growth, although values still rose by more than 1% month over month in each city.Softer housing conditions came alongside a slowdown in buyer demand, and an imbalance between demand and supply is also evident in auction clearance rates, which have stayed below 55% since the last week of March."The housing market was losing momentum from late last year as affordability and serviceability constraints weighed on demand," said Cotality Research Director Tim Lawless. "Now we have the additional downside pressure of higher interest rates, sentiment has fallen off a cliff, and rising inflation is set to drive the cost of debt even higher."

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International8d ago

New Zealand Home Values Extend Third Monthly Upward Streak in April, Says Cotality

Property values across New Zealand extended a third consecutive monthly rise in April, in a slight surprise, edging up 0.1%, despite a soft start to the year for sales volumes and the Middle East conflict weighing on global economies, property valuation firm Cotality said Friday.According to the Cotality NZ's latest Home Value Index, the national median value of $809,101 in April notched up 0.6% from January but remained nearly 17% below the peak seen in 2022.Growth remains uneven across the country, with major cities Auckland and Wellington still witnessing minor declines of 0.1%. In contrast, house prices in Dunedin and Hamilton rose 0.8% and 0.3%, respectively."The bottom line is that the housing market broadly remains in a holding pattern, with buyers enjoying current conditions - or at least those that are secure in their jobs," said ‍Kelvin Davidson, Cotality NZ Chief Property Economist.The central bank is watching closely for any signs of second-round price effects from the Middle East conflict, particularly in wage demands or raised inflation expectations, amid a growing view that it may raise the Official Cash Rate as soon as July.Nevertheless, it would not be a surprise for mortgage rates to gradually rise, with modest house price increases flattening or even reversing, Davidson added.

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International9d ago

New Zealand Consumer Confidence Nears Three-Year Low as Oil Shock Weighs, Says ANZ Research

Consumer confidence in New Zealand fell to its lowest read in roughly three years in April, as a looming oil shock raised concerns about the broader economic outlook and downside risk for retailers, ANZ Research said Friday.The ANZ-Roy Morgan Consumer Confidence Index declined 11 points to 80.3 in April from 91.3 in March. The index has also dropped 20 points over the past two months since the Middle East conflict began and pushed up global fuel prices.Expectations for inflation rose by about another full percentage point to 6.6%. The net proportion of households considering it "a good time to buy a major household item" slid 11 points to negative 25, the lowest since September 2024.The firm said it is too soon for the oil shock to have had a meaningful impact on household incomes, and that the decline instead reflects rising cost of living, with a growing wariness among retailers about the future activity levels.However, consumer confidence, now at levels seen in 2022 and 2023, is "clearly hurting" as higher petrol prices dent weekly budgets.While consumer inflation expectations are not the central bank's main focus, as they don't directly influence price setting, the gap between consumer inflation expectations of 6.6% and firms' wage expectations of 2.5% is widening, it added.

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International9d ago

US Equity Indexes Jump as Tech Earnings, Q1 Economic Growth Help Trigger Broad-Based Rally

US equity indexes rose in a broad-based rally as the impact of artificial intelligence showed in corporate earnings, and a preliminary Q1 economic growth estimate helped investors put ongoing geopolitical tensions on the back burner.The Dow Jones Industrial Average surged 1.6% to 49,652.14, with the S&P 500 up 1% to 7,209.01 and the Nasdaq Composite higher by 0.9% to 24,892.31 on Thursday. Communication services, industrials, and utilities led the gainers, while technology emerged as the sole decliner.Alphabet (GOOG, GOOGL) shares jumped 10%, among the leaders on the Nasdaq, after the company late Wednesday reported Q1 earnings and revenue above market expectations. Qualcomm's (QCOM) shares soared 15%, among the top performers on the S&P 500 and the Nasdaq, after the firm posted better-than-expected fiscal Q2 adjusted earnings and sales. Caterpillar (CAT) raised its full-year sales growth outlook as Q1 results exceeded consensus. Its shares soared 9.9%, the Dow's leader.Meta Platforms' (META) shares sank 8.6%, among the worst performers on the S&P 500 and the Nasdaq, after the company overnight raised its forecast for 2026 capital expenditures, overshadowing its Q1 earnings and revenue beat.Microsoft (MSFT) said Wednesday that it expects capital expenditures of $190 billion for the 2026 calendar year, including roughly $25 billion from higher component pricing. Shares were down 3.9%, among the steepest decliners on the Nasdaq and the Dow.In economic news, gross domestic product rose by 2.0% annualized in Q1 following a 0.5% gain in Q4, according to an advance estimate of economic growth, slower than the 2.3% increase expected in a survey compiled by Bloomberg.Non-residential investment was "very strong overall, driven by investment in information processing equipment, software, and R&D, overwhelming declines in both residential and non-residential structures," Thomas Simons, Jefferies Chief US Economist, said in a note. "The impact of AI infrastructure investment is clearly evident in the data, driving growth beyond the strength of the consumer."The personal consumption expenditures price index increased by 0.7% in March, as expected, lifting the year-over-year rate to 3.5% from 2.8%. The price index increased by 0.4% month-over-month in February. The core PCE price index increased by 0.3%, as forecast, following a 0.4% gain in February. The year-over-year rate accelerated to 3.2%, in line with expectations, from 3.0% in the previous month.Initial jobless claims fell to 189,000 in the week ended April 25 from an upwardly revised 215,000 in the previous week, compared with expectations for an increase to 212,000 in a survey of analysts compiled by Bloomberg. The four-week moving average declined by 3,500 to 207,500.In geopolitics, US President Donald Trump will hear about updated military options for Iran from Pentagon officials on Thursday, as a possible way of forcing Tehran into an agreement, CNN reported. Trump's current strategy is to inflict economic pain on Iran.Iran's new supreme leader gave a rare statement Thursday, vowing not to give up the country's nuclear or missile technologies and signaling Tehran would keep control of the Strait of Hormuz, Bloomberg reported. Iran will "guard" its "advanced technologies" like it does its own borders, Mojtaba Khamenei was cited as saying in a written statement. It will "secure the Persian Gulf region and dismantle the hostile enemy's exploitation of this waterway," he added, referring to the strait.Nevertheless, West Texas Intermediate crude oil futures fell 1.4% to $105.41, and Brent crude futures dropped 3.4% to $114.01.Most US Treasury yields declined, with the 10-year down 3.8 basis points to 4.38%, and the two-year slumped 5.9 basis points to 3.87%.In precious metals, gold futures climbed 1.5% to $4,629.3, and silver futures jumped 3.1% to $73.81.

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International9d ago

TSX Closer: Index Up For the First Day In Six On Bargain Hunting, Economic Rebound In Q1

The Toronto Stock Exchange on Thursday posted its first wining session in six, recovered all the 630 points and more lost over the prior five sessions, on some bargain hunting and a first-quarter rebound for the Canadian economy.The S&P/TSX Composite Index rose 645.94 points, or 1.9% to close at 33,964.33, with most sectors higher, led by Base Metals, up near 3%, even with gold prices deflated. Even Energy was up 0.8%, despite lower oil prices.The Battery Metals Index lost 2.7%.On the economy, Derek Holt, Head of Capital Markets Economics at Scotiabank noted Canada's economy rebounded in Q1 and "might be performing a smidge better" than the Bank of Canada's published forecast yesterday. "Still," Holt said, "it's backward data that settles nothing much other than to reject gloomier consensus views on the underlying performance of the economy coming into the start of the year."Holt noted the economy grew by 0.17% month over month seasonally-adjusted, rounded up to 0.2% on screens. Statcan's preliminary guidance for March was that GDP was unchanged, absent any details. What this translates into is Q1 GDP tracking growth of 1.7% on a quarter over quarter SAAR (Seasonally Adjusted Annual Rate), a rebound from the 0.3% q/q SAAR contraction in Q4, "with an asterisk beside both readings", Holt added.That asterisk speaks to the fact that we're using monthly, production-side GDP accounts, Holt said. The BoC and the street focuses upon more complete quarterly GDP accounts that also consider how activity was generated, such as by considering swings in inventory investment, he added.Holt said the difference may be material. Q4 GDP in expenditure-based terms shrank by -0.6% q/q SAAR because inventory depletion drove a 4.2 percentage point weighted drag against GDP economy. Final domestic demand excludes inventory effects and it grew by 2.3% q/q SAAR in Q4. "We don't have the complete inventory and trade picture for Q1 yet and so there continues to be some tracking risk," Holt added.Holt cited a chart that shows what drove February GDP. Manufacturing punched above its weight while the rest was an evenly distributed mixture of small growth additions and drags, he said. Some of the drags were weather oriented in his view, like construction, and maybe some of the leisure categories, he added.So, while GDP rebounded, it likely outpaced the supply side of the economy which will probably translate into a narrower output gap when we get the full set of Q1 GDP accounts, according to Holt.Of commodities, gold traded higher by midafternoon Thursday as the dollar dropped after a report showed a key U.S. inflation measure rose last month, while first-quarter gross domestic product rose less than expected. Gold for June delivery was up US$71.30 to US$4,632.80 per ounce, remaining within the US$200 range it has traded within for the past month.But West Texas Intermediate crude oil closed lower, falling off four-year highs touched overnight during Asian trade on a report the U.S. may end the ceasefire with Iran as the largest-ever supply shock hits hardest for the continent that relies on Persian Gulf supplies now trapped behind the closed Strait of Hormuz. WTI crude oil for June delivery closed down US$1.81 to settle at US$105.07 per barrel after touching US$110.93 overnight, while June Brent oil was last seen down US$4.12 to US$113.91, after it reached US$126.34 overnight, the highest since 2022.

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International9d ago

US Equity Markets End Higher Amid Gains in Tech, Communication, Industrial Stocks

US equity indexes closed higher on Thursday in a broad-based rally led by technology, communication services, and industrials despite ongoing geopolitical tensions.* US President Donald Trump will hear about updated military options for Iran from Pentagon officials on Thursday, as a possible way of forcing Tehran into an agreement, CNN reported.* Iran's new supreme leader gave a statement Thursday, vowing not to give up the country's nuclear or missile technologies and signaling Tehran would keep control of the Strait of Hormuz, Bloomberg reported.* The US core personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, rose to 3.2% year-on-year in March from 3%, meeting expectations.* June West Texas Intermediate crude oil fell $1.82 to settle at $105.06 per barrel, while June Brent crude, the global benchmark, was last seen down $3.94 at $114.09.* Qualcomm's (QCOM) shares were up roughly 14%, the biggest gainer on the S&P 500 and the Nasdaq, after the company posted better-than-expected fiscal Q2 adjusted earnings and revenue late Wednesday.* Meta Platforms (META) was down nearly 8% after the company overnight raised its forecast for 2026 capital expenditures, despite a Q1 earnings and revenue beat.

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International9d ago

US Equity Indexes Jump as Earnings Help Trigger Broad-Based Rally

US equity indexes surged in a broad-based rally led by communication services and industrials ahead of the close on Thursday, whistling past a worsening geopolitical environment.The Dow Jones Industrial Average jumped 1.8% to 49,733.1, with the S&P 500 up 1.1% to 7,216.5 and the Nasdaq Composite higher by 1% to 24,923.8. Technology was the sole decliner, but was off session lows in the final leg of trading.Alphabet's (GOOG, GOOGL) shares jumped 7%, among the leaders on the Nasdaq, after the company overnight reported higher Q1 earnings and revenue that topped market expectations. Qualcomm's (QCOM) shares soared 14%, the top performer on the S&P 500 and the Nasdaq, after the company posted better-than-expected fiscal Q2 adjusted earnings and revenue late Wednesday. Caterpillar (CAT) raised its full-year sales growth outlook as Q1 results exceeded market expectations. Its shares soared 8.7%, the Dow's leader.US President Donald Trump will hear about updated military options for Iran from Pentagon officials on Thursday, as a possible way of forcing Tehran into an agreement, CNN reported. Trump's current strategy is to inflict economic pain on Iran.Iran's new supreme leader gave a rare statement Thursday, vowing not to give up the country's nuclear or missile technologies and signaling Tehran would keep control of the Strait of Hormuz, Bloomberg reported. Iran will "guard" its "advanced technologies" like it does its own borders, Mojtaba Khamenei was cited as saying in a written statement. It will "secure the Persian Gulf region and dismantle the hostile enemy's exploitation of this waterway," he added, referring to the strait.Nevertheless, West Texas Intermediate crude oil futures fell 1.6% to $105.22, and Brent crude futures dropped 3.4% to $114.01.In economic news, the US core personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, rose to 3.2% year-on-year in March from 3%, meeting expectations. Core PCE climbed 0.3% month-over-month, as expected, but down from the 0.4% reported in February.Most US Treasury yields dropped, with the 10-year down 3.2 basis points to 4.38%, and the two-year slumped 5.3 basis points to 3.88%.

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International9d ago

Daily Roundup of Key US Economic Data for April 30

The advance estimate of Q1 GDP showed a 2.0% gain after a 0.5% increase in the previous quarter, with personal spending up 1.6% after a 1.9% gain.There were positive contributions from nonresidential fixed investment, inventory growth and government spending that were partially offset by negative contributions from residential fixed investment and net exports.The GDP price index rose by 3.6% after a 3.7% gain in the previous quarter. The PCE price index and core PCE price both accelerated from Q4.The initial estimate for Q2 GDP from the Atlanta Federal Reserve's GDP nowcast is for a 3.7% gain.Personal income rose by 0.6% in March after a flat reading in February while personal consumption expenditures rose by 0.9% in March after a 0.6% increase.After an adjustment for a 0.7% increase in the PCE price index, real consumption was up 0.2% in March after a 0.3% increase in February. The year-over-year rate for the overall price index jumped to 3.5% from 2.8%.Core PCE prices rose by 0.3% in the month after a 0.4% gain while the year-over-year rate accelerated to 3.2% from 3.0%.The employment cost index rose by 0.9% in Q1 after a 0.7% gain in the previous quarter, reflecting faster growth in both wages and benefits.The Chicago PMI fell to 49.2 in April from 52.8 in March, the last regional manufacturing reading for the month. The ISM's national index is due to be released on Friday.Initial jobless claims decreased by 26,000 to 189,000 in the week ended April 25, the lowest level in over 50 years, trimming the four-week moving average by 3,500 to 207,500.Insured claims fell by 23,000 to 1.785 million in the employment survey week ended April 18. Insured claims were at level of 1.816 million in the employment survey week ended March 14.The Conference Board's measure of leading indicators fell by 0.6% in March after a 0.3% increase in February, led by negative contributions from building permits, business conditions expectations and stock prices. The Conference Board said that the LEI suggests a further weakening in the US economy is possible in the coming months due to higher oil prices and supply chain issues.Natural gas stocks rose by 79 billion cubic feet to 2.142 trillion cubic feet in the week ended April 24, up 5.7% from a year earlier and 7.7% higher than the seasonal average for the current week over the previous five years.

International9d ago

US Equity Indexes Rise as Communication Services Tops Sectors Amid Iran's Retaliation Warning Shots

US equity indexes rose after midday Thursday as investors weighed mega-cap corporate earnings and a warning from Iran's new supreme leader that Tehran won't give up its nuclear stockpile.The Dow Jones Industrial Average jumped 1.4% to 49,552.2, with the S&P 500 up 0.5% to 7,170.3. The Nasdaq Composite rose 0.1% to 24,700.5. All sectors except technology and consumer discretionary rose. Communication services, industrials, and health care led the gainers.Alphabet's (GOOG, GOOGL) shares jumped 7%, among the leaders on the Nasdaq, after the company overnight reported higher Q1 earnings and revenue that topped market expectations. Qualcomm's (QCOM) shares soared 14%, the top performer on the S&P 500 and the Nasdaq, after the company posted better-than-expected fiscal Q2 adjusted earnings and revenue late Wednesday. Caterpillar (CAT) raised its full-year sales growth outlook as Q1 results exceeded market expectations. Its shares soared 8.7%, the Dow's leader.Meta Platforms' (META) shares sank 9%, among the worst performers on the S&P 500 and the Nasdaq, after the company overnight raised its forecast for 2026 capital expenditures, overshadowing its Q1 earnings and revenue beat. Microsoft (MSFT) said Wednesday that it expects capital expenditures of $190 billion for the 2026 calendar year, including roughly $25 billion from higher component pricing. Shares were down 4.6%, among the steepest decliners on the Nasdaq and the Dow.Meanwhile, US President Donald Trump will hear about updated military options for Iran from Pentagon officials on Thursday, as a possible way of forcing Tehran into an agreement, CNN reported. Trump's current strategy is to inflict economic pain on Iran.Iran's new supreme leader gave a rare statement Thursday, vowing not to give up the country's nuclear or missile technologies and signaling Tehran would keep control of the Strait of Hormuz, Bloomberg reported. Iran will "guard" its "advanced technologies" like it does its own borders, Mojtaba Khamenei was cited as saying in a written statement. It will "secure the Persian Gulf region and dismantle the hostile enemy's exploitation of this waterway," he added, referring to the strait.West Texas Intermediate crude oil futures fell 2.2% to $104.49, and Brent crude futures dropped 3.3% to $114.09.In precious metals, gold futures climbed 1.3% to $4,621.5, and silver futures jumped 2.1% to $73.07.Most US Treasury yields dropped, with the 10-year down 1.8 basis points to 4.4% and the two-year slumped 4.3 basis points to 3.89%.In economic news, the personal consumption expenditures price index increased by 0.7% in March, as expected, lifting the year-over-year rate to 3.5% from 2.8%. The price index increased by 0.4% month-over-month in February. The core PCE price index increased by 0.3%, as expected, following a 0.4% gain in February. The year-over-year rate accelerated to 3.2% from 3.0% in the previous month.US economic growth, measured by gross domestic product, rose by 2.0% in Q1 after a 0.5% gain in Q4, slower than a 2.3% increase expected in a survey compiled by Bloomberg.US initial jobless claims fell to 189,000 in the week ended April 25 from an upwardly revised 215,000 in the previous week, compared with expectations for an increase to 212,000 in a survey of analysts compiled by Bloomberg. The four-week moving average declined by 3,500 to 207,500.

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International9d ago

US Equity Indexes Mixed Following Big-Tech Earnings, Iran's Retaliatory Warning

US equity indexes traded mixed at midday Thursday as investors weighed mega-cap corporate earnings and a warning shot from Iran's new supreme leader amid declining crude oil prices after midday Thursday.The Dow Jones Industrial Average jumped 1.5% to 49,591.6, with the S&P 500 up 0.5% to 7,169.1. The Nasdaq Composite was slightly down at 24,673.1. All sectors except technology and consumer discretionary rose. Industrials, health and communication services led the gainers.Alphabet's (GOOG, GOOGL) shares jumped 7%, among the leaders on the Nasdaq, after the company overnight reported higher Q1 earnings and revenue that topped market expectations. Meta Platforms' (META) shares sank 9%, among the worst performers on the S&P 500 and the Nasdaq, after the company overnight raised its forecast for 2026 capital expenditures, overshadowing its Q1 earnings and revenue beat.Meanwhile, US President Donald Trump will hear about updated military options for Iran from Pentagon officials Thursday, as a possible way of forcing Tehran into an agreement, CNN reported. Trump's current strategy is to inflict economic pain on Iran.Iran's new supreme leader gave a rare statement Thursday, vowing not to give up the country's nuclear or missile technologies and signaling Tehran would keep control of the Strait of Hormuz, Bloomberg reported.In economic news, the core personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, rose to 3.2% year-on-year in March from 3%, meeting expectations. It climbed 0.3% month-over-month, down from the 0.4% reported in February.

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International9d ago

Atlanta Fed US Initial Q2 GDP Nowcast Estimate 3.7% Gain

International9d ago

Inflation Hits Fastest Since Mid-2022 Amid Higher Energy Prices

US inflation accelerated in March to the fastest pace since mid-2022 as the Middle East conflict sent energy prices soaring.The personal consumption expenditure price index rose 0.7% month over month in March, following a 0.4% gain in the prior month, the Bureau of Economic Analysis reported Thursday. The latest reading marked the highest since June 2022.Gasoline and other energy goods prices soared 21% in March.Energy prices have surged following the US-Israel war with Iran that has disrupted shipments through the crucial Strait of Hormuz. The conflict paused following a recent ceasefire between the US and Iran and later between Israel and Lebanon.On a yearly basis, the PCE price index increased 3.5%, the biggest jump since May 2023 and accelerating from 2.8% in February.The Federal Reserve's preferred inflation metric, which excludes food and energy, eased to 0.3% month over month in March from 0.4% in February. Annual growth accelerated to 3.2% from 3%.All inflation prints met estimates in Bloomberg-compiled surveys."Inflationary pressures continued to percolate," Ksenia Bushmeneva, economist at TD Economics, said in a report. "The situation around the energy crisis remains uncertain and gas prices are likely to remain elevated for some time."On Wednesday, the Fed kept its benchmark lending rate steady, saying the Middle East conflict is fueling uncertainty around the US economic outlook.Personal consumption expenditures jumped 0.9%, as Wall Street expected. Inflation-adjusted real consumer spending increased by 0.2%, compared with expectations for a 0.3% increase."In the near-term, higher tax refund checks -- which are running about 11% higher than a year ago -- and lower income taxes will partially shelter consumers," Bushmeneva said. "However, going forward households may have to pull back on spending to offset higher gas prices and still-elevated inflation."

International9d ago

US Natural Gas Stocks Rose by 79 Bln Cubic Feet in Week Ended April 24 Vs. Expected 83 Bln Increase; Prior Gain of 103 Bln

International9d ago

Deutsche Bank: ECB Flags Intensifying Inflation, Growth Risks Posed by Middle East War

A June interest rate increase may be on the cards for the European Central Bank as it flagged increased upside risks to inflation and downside risks to growth due to the war in the Middle East, according to Deutsche Bank Research.The ECB on Thursday maintained its three key interest rates, as expected, but noted that a prolonged war would have a greater impact on broader inflation and the euro area economy. The central bank said its Governing Council "remains well positioned" to navigate the current uncertainty, while noting that it is "not pre-committing to a particular rate path.""Overall, this is a statement that does not pre-commit the ECB to hiking in June. But it does not stop the ECB from hiking in June either," Deutsche Bank's Chief European Economist Mark Wall said in a same-day quick take note.

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International9d ago

US Equity Indexes Jump as Tech Earnings, Q1 Economic Growth Help Trigger Broad-Based Rally

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