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India's Unemployment Rate Rises to 5.1% in March

India's unemployment rate rose to 5.1% in March from from 4.9% in February, driven by the urban unemployment rate, according to government data released by the Ministry of Statistics & Programme Implementation on Wednesday.Unemployment in urban areas rose to 6.8% in March from 6.6% in the previous month, while rural unemployment was up at 4.3% in March from the previous month's level of 4.2%.Female unemployment increased to 5.3% in the reported month from 5.1% a month ago. The rural female unemployment rate rose to 4.1% from 4.0%, while the urban female unemployment rate climbed to 9.0% in March from 8.7% in the previous month.The male unemployment rate also rose to 5.0% in March from 4.8% in February. Rural male unemployment rate in March grew to 4.4% from 4.2% in the preceding month, while urban male unemployment rate moved up to 6.1% in the reported month, from 5.9%.India's overall Labour Force Participation Rate slipped to 55.4% in March, compared with 55.9% in the previous month.

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International114d ago

Australia's Jobless Rate Remains at 4.3% in March, Participation Rate Slips to About 67%

ASX 200

International114d ago

New Zealand Businesses Experiencing Significant Disruption From Middle East Conflict, Westpac Says

Businesses in New Zealand say they are experiencing considerable disruptions due to the Middle East conflict and the resulting surge in oil prices, Westpac said in a report on Thursday.Much of the momentum observed in economic activity before the war broke out has now stalled, and cost pressures and uncertainty have surged over the past month, according to the report."The impacts of those developments are extending well beyond transport costs, resulting in softer demand, concerns about supply security and increased economic uncertainty," the bank said. "That's on top of the broader pressure on operating costs, prices, and margins."For many industries experiencing sharply higher fuel costs, including transport services, construction materials, forestry, and agriculture, it is currently difficult to pass cost increases on to customers due to a combination of complex pricing arrangements and soft demand, the report said.Fertilizer importers have pointed to a material escalation in supply chain risk amid the conflict's impact on insured shipping capacity, and similar worries are emerging in meat exports, feed imports, and log shipping, "where two-way freight economics are breaking down," the bank said.Westpac flagged forestry as particularly vulnerable, with many operators anticipating a sharp slowdown in harvesting, especially among small to medium-sized crews.Meanwhile, tourism businesses are reporting cancellations and restaurants are reporting a drop in sales as uncertainty generated by the war is driving conservative consumer behavior and a focus on cash preservation, Westpac said.

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International114d ago

New Zealand Housing Market Value Rises in March, Says REINZ

New Zealand's nationwide housing market value rose by 0.2% year-on-year in March, with Auckland down 1.2% and areas outside Auckland seeing a modest 1.1% rise, Real Estate Institute of New Zealand (REINZ) said on Thursday.According to the REINZ House Price Index (HPI), Southland retained the top spot for annual HPI percentage growth over the 12 months, followed by Canterbury and Otago.Canterbury saw a 3.2% year-on-year increase in median sale prices in March, the seventh-strongest annual return among all regions, indicating a market with relatively "middle of the road" long-term performance.However, Canterbury's HPI rose 3.7% over the past year, marking the region's second-best annual performance, with REINZ attributing the difference from median prices to changes in the sales mix and noting that the HPI more accurately reflects underlying property values.

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International114d ago

TSX Closer: The Index Continues Its Winning Streak on Bullish Fundamentals

The Toronto Stock Exchange closed higher again on Wednesday, continuing a streak that has seen in rise in all but one of the past 11 sessions as investors, already bullish on market fundamentals even amid geopolitical turbulence, were further buoyed by optimism around the Canadian economy ahead of the federal government's Spring Fiscal Update scheduled for April 28.The S&P/TSX Composite Index closed up 53.63, or 0.15%, to 34,155.99, with most sectors higher and Info Tech, up near 3.6%, leading the way for the third successive day. Industrials, down near 0.9%, was the biggest loser.Tuesday's gains leave the TSX within 400 points of its record close of 34,541.27 hit on March 2. According to FactSet the TSX going in to today was up 4.07% over the past month and up 2,389.60, points or 7.54%, since the start of the year. The index has climbed 36.04% since the Jan.29, 2025 U.S. Inauguration Day.With the 2026 provincial budget season largely in the rearview mirror, the only major government left to update its fiscal outlook is the Government of Canada, Desjardins noted.Among highlights in its Federal Spring Economic Statement 2026 Preview, Desjardins said many of the changes since the introduction of Budget 2025 have been in the federal government's favor, particularly in relation to the economy. That, it added, has freed up fiscal room to increase defense spending and transfers to households while still posting an improved deficit and debt outlook relative to the budget.Desjardins said Canada remains one of the "cleanest fiscal dirty shirts" among advanced economies, and investor demand for government debt reinforces that positive sentiment. Desjardins does not expect a credit downgrade is in the Government of Canada's future, "at least not in the near term"."But this shouldn't be taken for granted," Desjardins said, before adding: "Despite the economic tailwind, risks loom on the horizon. These include the Canada-United States-Mexico Agreement (CUSMA) joint review and rising interest rates. The Government of Canada would be wise to keep some fiscal powder dry in case it needs to confront these risks."Last month, National Bank noted, Bank of Canada Governor Tiff Macklem was asked if an oil price shock is net positive or negative for the Canadian economy. Too early to tell was his dissatisfying answer, but he did explain that "the energy sector will do better, while consumers will be more squeezed". According to National Bank, one beneficiary he failed to mention were governments. It said: "Fiscal upside is easy to identify in oil-producing provinces, where crude futures curves imply a significant boost to non-renewable resource revenues. While not directly clipping oil royalties, the federal government stands to benefit too."For resource-rich nations like Canada, National Bank said, rising commodity prices are "a boon" to the terms of trade. All else equal, this boosts the GDP deflator and overall nominal output, which is strongly correlated with government revenue. Even before the Middle East conflict began, National Bank noted, GDP was trending on a higher plane due to economic resilience in 2025 and positive historical revisions. Together, it suggests that 2026 nominal output could be 4%, or $130 billion, higher than the feds assumed in their fall budget, National Bank added.National Bank estimates this GDP surprise is consistent with at least $20 billion in additional revenue in 2026-27, plus some upside to 2025-26. It said extra cash last fiscal year is consistent with Ottawa under-borrowing relative to their DMS plan, and interim fiscal results imply the same. However much upside revenue is realized, one key fiscal benchmark has materially improved. Canada's 2026-27 net debt-to-GDP ratio is tracking 1.6%-pts below the budget plan due to the extra GDP.A natural comparison to this episode, National Bank noted, came in 2022. Back then, surging commodity prices saw an additional $56 billion flow into government coffers relative to earlier plans. National Bank said the windfall will not be as large this time as the demand backdrop is weaker and the basket of commodity prices rising is narrower. "Like four years ago though, it will be difficult to resist spending some of the surprise income. And right on cue, Ottawa temporarily cut federal gas taxes. Still, we'd imagine a government that aims to "spend less" will let some revenue flow to the bottom line."Of commodities, West Texas Intermediate crude oil closed up by a penny Wednesday as U.S. President Trump again declared the war on Iran is near an end while traders continue to scramble for supply with the closure of the Strait of Hormuz keeping a fifth of daily oil demand off the market. WTI crude oil for May delivery closed up US$0.01 to settle at US$91.29 per barrel, while June Brent oil was up US$0.23 to US$95.02.Gold moved lower on Wednesday even as the dollar eased, with the price of the precious metal rangebound amid faltering hopes for lower U.S. interest rates as the war on Iran pushes up energy prices. Gold for May delivery was down US$33.80 to US$4,816.30 per ounce.

S&P/TSX CompositeS&P/TSX Composite$CXY

International114d ago

US Equity Markets Mixed as Investors Weigh Trump's Comments on Ending Iran War Soon

US equity indexes were mixed on Wednesday as investors weighed President Trump's comments on ending the Iran war soon.* Trump said the war with Iran was close to over, telling the world to brace for an "amazing two days."* The New York Federal Reserve's Empire State manufacturing index rose to 11 in April from minus 0.2 in March, above the expectations for a flat print in a Bloomberg-compiled survey.* The National Association of Home Builders' monthly housing market index fell to 34 in April from a revised 38 in March, compared with expectations for 37 in a survey compiled by Bloomberg.* May West Texas Intermediate crude oil fell $0.33 to settle at $90.95 per barrel, while June Brent crude, the global benchmark, was last seen down $0.03 at $94.76.* Tesla (TSLA) shares were up about 7.6% after CEO Elon Musk said on X the company has completed the tape-out of its AI5 chip and is advancing development of AI6 and Dojo3. Tape-out marks the final design stage before a chip is sent to manufacturing.* Lennox International (LII) shares were down nearly 6.9% after BNP Paribas initiated coverage for the stock at neutral with a $535 price target.

Dow JonesNasdaq CompositeS&P 500$LII$TSLA

International114d ago

Daily Roundup of Key US Economic Data for April 15

The Empire State index rose to 11.0 in April from minus 0.2 in March, indicating a return to expansion for the first manufacturing reading for the month.Import prices rose by 0.8% in March but were up only 0.1% when a 9.4% jump in petroleum prices was excluded. Import prices were up 0.6% excluding a 2.9% gain in all fuels, which were impacted by a sharp decline in natural gas prices.Export prices rose by 1.6% in March and were up 1.7% excluding a 0.9% gain in agricultural prices.The National Association of Home Builders Housing Market Index fell to 34 in April from 38 in March and was below a reading of 40 a year ago. The index was the lowest since September 2025.NAHB said that the decline in builder sentiment can be attributed to economic uncertainty and rising materials costs and interest rates.The Mortgage Bankers Association reported a 1.8% increase in mortgage applications in the week ended April 10 after a 0.8% decrease in the previous week. Refinancing activity rose due to lower mortgage rates while new home applications declined due to continued uncertainty.Total crude oil inventories fell by 5.1 million barrels in the week ended April 10, with commercial oil inventories down 900,000 barrels and stocks in the US Strategic Petroleum Reserve down 4.1 million barrels. Gasoline inventories and distillate inventories both decreased last week.

International114d ago

US Economic Activity Up in Most Districts, Inflation Generally Moderate Outside Energy, Beige Book Shows

US economic activity was up in most of the Federal Reserve Districts since the last Beige Book report, but there was weakness in some regions and energy price gains were widespread, the Federal Reserve's most recent update released Wednesday showed."Overall economic activity increased at a slight to modest pace in eight of the twelve Federal Reserve Districts, while two Districts reported little change and two Districts reported slight to modest declines," the Beige Book showed. "The conflict in the Middle East was cited as a major source of uncertainty that complicated decision-making around hiring, pricing, and capital investment, with many firms adopting a wait-and-see posture."Manufacturing activity posted small gains while consumer spending was up slightly, even with winter weather and higher fuel prices.Energy activity received a boost from higher oil prices, but uncertainty remained. The overall business outlook showed widespread uncertainty about future conditions.Employment was steady to slightly higher, except for a decline in one district. Labor demand was stable in most districts, with mostly replacement hiring and minimal layoffs, but there was increased demand for temporary workers.The availability of labor improved somewhat, but there were still issues finding skilled workers in some sectors."While most Districts indicated that AI had not yet significantly impacted overall staffing levels, some noted that AI-driven productivity improvements had enabled many firms to delay or reduce hiring," the Beige Book showed.Wages were up at a modest to moderate pace, with wage competition muted outside of some trades and health care.Price growth was generally moderate overall, but input costs, particularly for energy products, outpaced selling prices."Energy and fuel costs rose sharply in all Districts, attributed to the Middle East conflict, leading to higher freight and shipping costs and higher prices for plastics, fertilizers, and other petroleum-based products," the Beige Book showed, adding that input costs were also higher outside of energy.The report was prepared at the New York Fed based on information collected on or before April 6, before the release of the March consumer price report on April 10.

International114d ago

Employment 'Steady to Up Slightly,' Inflation Moderate Overall, Beige Book Shows

International114d ago

US Economy Expanded at Slight to Modest Pace in Eight Districts, Little Changed in Two, Down in Two, Beige Book Shows

International114d ago

NAHB April US Housing Index Declines More Than Expected, Lowest Since September 2025

The National Association of Home Builders' monthly housing market index fell to a reading of 34 in April from a revised reading of 38 in March, compared with expectations for a smaller decrease to a 37 print in a survey compiled by Bloomberg as of 7:40 am ET.The index was below a reading of 40 a year earlier and is at the lowest level since September 2025.The readings for single-family sales, six-month outlook, and buyer traffic all declined."Builder sentiment has fallen back in spring as buyers face ongoing elevated interest rates and growing economic uncertainty," said NAHB Chairman Bill Owens. "The year started with hopes for housing momentum growth, but risks with respect to the Iran war, energy costs, and declines for consumer confidence have slowed the market."Higher oil prices boosted building materials costs, NAHB Chief Economist Robert Dietz noted."Energy costs make up approximately 4% of residential construction material input and service costs," said Dietz. With near-term economic risks elevated, 70% of builders reported challenges pricing homes given uncertainty about material costs."

International114d ago

NAHB April US Housing Market Index 34 Vs. 37 Expected; 38 Prior

International114d ago

National Bank Sees Scope for Broader Government of Canada Bonds Outperformance Vs. U.S. Treasuries

Government of Canada (GoC) 30-year bonds have remained in a richer range to their United States Treasury counterparts year-to-date, failing to push well beyond the 100 bps differential, notes National Bank of Canada.While the near-term outlook is "muddied," the bank still sees scope for broader GoC outperformance on the back of a more favorable fiscal footing.

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International114d ago

March US Import Prices Rise Less Than Expected, Export Prices Up

US import prices rose by 0.8% in March, less than the 2.3% increase expected in a survey compiled by Bloomberg and following a 0.9% increase in February.Excluding a 9.4% increase in petroleum prices, import prices rose by only 0.1% in March after a 0.9% February increase. A 0.3% increase was expected for March.Excluding a 2.9% gain in all fuels, import prices were up 0.6% in March. Natural gas prices fell by 71% in the month.Export prices rose by 1.6% in March, higher than the expectations for a 1.5% increase and following a 1.9% increase in February. Export prices were up 1.7% excluding a 0.9% increase in agricultural commodity prices.

International114d ago

April Empire State Manufacturing Index Indicates a Return to Expansion

The New York Federal Reserve's Empire State manufacturing index rebounded to 11.0 in April from minus 0.2 in March, well above the expectations for a 0.0 reading in a survey compiled by Bloomberg as of 7:40 am ET.The Empire State index is the first manufacturing sector reading for April and suggests a return to expansion.The new orders, shipments, employment, and prices paid readings all increased in the month and remained above their breakeven point.

International114d ago

April Empire State Regional Manufacturing Index 11.0 Vs. 0.0 Expected, -0.2 Prior

International114d ago

March US Export Price Index Rises 1.6% Vs. Expected 1.5% Gain, Prior 1.9% Increase

International114d ago

March US Import Price Index Rises 0.8% Vs. Expected 2.3% Gain, Prior 0.9% Increase

International114d ago

Corporate Earnings, Persian Gulf Prospects Cap European Bourses Midday

European bourses tracked marginally lower midday Wednesday as traders mulled the earnings season and awaited clarity on possible Tehran-Washington peace talks.Property and tech stocks led gains on continental trading floors, while bank and oil shares lagged.Upmarket retail stocks pulled back after disappointing quarterly results from luxury-good purveyors Hermes and Kering, who reported sales suppressed in part by the Middle East conflict. Hermes stock was down 8.2% midday, while Kering shares were 9.9% lower.Investors also eyed flat Wall Street futures amid higher closes overnight on Asian exchanges.In economic news, seasonally adjusted industrial production in the Eurozone, and in the broader European Union, gained 0.4% month over month in February, Eurostat reported. Year over year, industrial output in February decreased by 0.6% in in the euro area and declined 0.1% in the EU.The pan-continental Stoxx Europe 600 Index was off 0.1% mid-session.The Stoxx Europe 600 Technology Index was up 0.3%, and the Stoxx 600 Banks Index lost 0.3%.The Stoxx Europe 600 Oil and Gas Index eased 0.2%, while the Stoxx 600 Europe Food and Beverage Index declined 0.1%.The REITE, a European REIT index, gained 0.4%.On the national market indexes, Germany's DAX was steady, and the FTSE 100 in London gained 0.1%. The CAC 40 in Paris was down 0.6%, and Spain's IBEX 35 eased 0.5%Yields on benchmark 10-year German bonds were slightly higher, near 3.03%.Front-month North Sea Brent crude-oil futures were up 1.4% at $96.12 a barrel.The Euro Stoxx 50 volatility index was up 2.1% at 21.07, indicating above-average volatility for European stock markets in the next 30 days, a negative signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.

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International114d ago

US Dollar Rises Early Wednesday Before Import Prices, Empire, Beige Book

The US dollar rose against its major trading partners early Wednesday ahead of the release of import and export price data for March and the New York Federal Reserve's Empire manufacturing index for April, as well as an appearance by Fed Governor Michael Barr, all at 8:30 am ET.The National Association of Home Builders sentiment reading for April is due to be released at 10:00 am ET, followed by weekly petroleum stocks data at 10:30 am ET.Fed Vice Chair for Supervision Michelle Bowman is due to speak at 1:45 pm ET, the Fed's Beige Book report is due to be released at 2:00 pm ET and the Treasury's TICS report for February is due at 4:00 pm ET.Earlier Wednesday, the Mortgage Bankers' Association said that a decline in mortgage rates lifted refinancing activity, though home purchase activity declined due to continued uncertainty.A quick summary of foreign exchange activity heading into Wednesday:EUR/USD fell to 1.1778 from 1.1792 at the Tuesday US close and 1.1797 at the same time Tuesday morning. Eurozone industrial production rebounded in February from a decline in the previous month. European Central Bank President Christine Lagarde is due to speak at 3:30 pm ET, followed by ECB policy board member Isabel Schnabel at 4:00 pm ET and ECB policy board member Philip Lane at 11:40 pm ET. The next European Central Bank meeting is scheduled for April 30.GBP/USD fell to 1.3552 from 1.3564 at the Tuesday US close and 1.3559 at the same time Tuesday morning. There are no UK data on Wednesday's schedule, but Bank of England Governor Andrew Bailey is due to speak at 11:50 am ET and again at 2:00 pm ET. The next Bank of England meeting is scheduled for April 30.USD/JPY rose to 158.9718 from 158.8620 at the Tuesday US close and 158.7746 at the same time Tuesday morning. Japanese business conditions slowed in April according to the Reuters Tankan survey released overnight, while core machinery orders improved in February after a decline in the previous month. The next Bank of Japan meeting is scheduled for April 27-28.USD/CAD rose to 1.3781 from 1.3770 at the Tuesday US close and 1.3751 at the same time Tuesday morning. Canadian manufacturing and wholesale sales data for February are due to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for April 29.

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International114d ago

TSX Closer: The Index Continues Its Winning Streak on Bullish Fundamentals

S&P/TSX CompositeS&P/TSX Composite$CXY