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March US Factory New Orders Rise More Than Expected, Ex-Transportation Orders Higher

New orders for US factory goods rose by 1.5% in March, well above expectations for a 0.6% gain in a survey compiled by Bloomberg as of 7:35 am ET and following a revised 0.3% increase in February.Excluding a 0.8% rebound in transportation orders, new orders would have been up 1.6%, above a 1.3% gain expected and the same as in February.Durable goods new orders were unrevised from the advance estimate of a 0.8% gain and followed a 1.2% decline in February.Nondurable goods new orders increased by 2.1% after a 1.9% increase in the previous month.Factory shipments increased by 1.4%, while unfilled orders increased by 0.1%.Factory inventories increased by 0.6% and, when combined with already-published advance estimates for retail and wholesale inventories, shows business inventories on pace for a 0.9% gain in the month.

International141d ago

March Factory New Orders Excluding Transportation Rise 1.6% Vs. Expected 1.3% Increase, Prior 1.6% Increase

International141d ago

March Factory New Orders Rise 1.5% Vs. Expected 0.6% Increase, Prior 0.3% Increase

International141d ago

Global Risk Conditions Are Key to Canadian Dollar's Outlook, Says Mitsubishi UFG

The Canadian dollar (CAD or loonie), like nearly all G10 currencies, advanced in April versus the US dollar (USD), with global risk sentiment turning more positive despite the continued elevated price of crude oil, said MUFG.Global equities rebounded sharply, with the high level of crude oil not yet prompting investors to price an increased probability of global recession, writes the bank in its Month Foreign Exchange Outlook for May.In real terms, the price of crude oil remains relatively low and there was a large global stock of crude oil (8.2 billion barrels) before the Middle East conflict began, which has helped curtail the surge in energy prices, said MUFG. But each day that passes, the risks of increased volatility in financial markets rise, it added.CAD resilience reflects, to some degree, the terms of trade support, but other uncertainties are countering that support, said the bank.The Bank of Canada, like the Federal Reserve, looks more likely to look beyond the energy-related lift to inflation and could well be slow to hike rates. BoC Governor Tiff Macklem stated after the meeting in April that a policy rate "close to current settings" would be appropriate for returning inflation to target. However, Macklem was clear that if inflation persisted, action would be required, MUFG noted.An approach aligned with the Fed suggests the two-year United States-Canada swap spread can continue to trade in a relatively narrow range that would be consistent with USD/CAD remaining in a narrow trading range as well, said MUFG.Renewed conflict and equity market volatility picking up would see CAD underperform, it added.The bank's lower USD/CAD forecast is based on de-escalation and a gradual decline in crude oil prices and, as such, there are risks USD/CAD could be higher on a more prolonged conflict.

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International141d ago

Persian Gulf, Oil Outlooks Damp European Bourses Midday

European bourses tracked moderately lower midday Monday and oil prices again edged higher after unverified reports from Iranian news services claimed two missiles struck a US warship in the Strait of Hormuz.Petroleum stocks led gains on continental trading floors while bank, food and property shares lagged.Front-month North Sea Brent crude-oil futures were up 3.5%, at $111.91 a barrel in midday trades.Investors also eyed muted Wall Street futures amid higher closes overnight on Asian exchanges, led by a 4.6% gain on Taiwan's TWSE Index, while Seoul's KOSPI Index rose 5.1%.In economic news, the Eurozone manufacturing purchasing managers index logged at 52.2 in April, up from 51.6 in March, surpassing the 50-mark that separates growth from contraction, S&P Global reported.The pan-continental Stoxx Europe 600 Index was off 0.5% mid-session.The Stoxx Europe 600 Technology Index was down 0.2%, and the Stoxx 600 Banks Index lost 1.2%.The Stoxx Europe 600 Oil and Gas Index gained 0.2%, while the Stoxx 600 Europe Food and Beverage Index declined 0.7%.The REITE, a European REIT index, fell 0.7%.On the national market indexes, Germany's DAX was steady, and the FTSE 100 in London lost 0.1%. The CAC 40 in Paris was down 1%, and Spain's IBEX 35 eased 1.5%.Yields on benchmark 10-year German bonds were higher, near 3.07%.The Euro Stoxx 50 volatility index was up 4.8% at 23.71, 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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International141d ago

US Dollar Rises Early Monday, Focus This Week on April Employment Data

The US dollar rose against its major trading partners early Monday, with the focus this week on Friday's April employment report.Monday's schedule is light, with factory orders data for March due to be released at 10:00 am ET, followed by an appearance by New York Federal Reserve President John Williams at 12:50 pm ET and the US Treasury's borrowing requirement announcement at 3:00 pm ET.Tuesday's highlights include international trade data for March, services data for April from S&P Global and ISM, job openings data for March, and new home sales data for February and March.ADP private payrolls data for April and the Treasury's refunding announcement are the key releases on Wednesday.Weekly jobless claims data, preliminary productivity data for Q3, and construction spending for February and March are the highlights on Thursday.The April employment report is the main release on Friday, followed by the preliminary University of Michigan consumer sentiment reading for May and wholesale inventories data for March.A quick summary of foreign exchange activity heading into Monday:EUR/USD fell to 1.1697 from 1.1721 at the Friday US close and 1.1756 at the same time Friday morning. Eurozone manufacturing PMI rose in April while investor confidence increased to a smaller negative in May, according to data released earlier Monday. European Central Bank Vice President Luis de Guindos is due to speak at 8:30 am ET. The next European Central Bank meeting is scheduled for June 11.GBP/USD fell to 1.3543 from 1.3573 at the Friday US close and 1.3619 at the same time Friday morning. Monday is a holiday in the UK, so there are no data on the schedule. The next Bank of England meeting is scheduled for June 18.USD/JPY rose to 157.1341 from 156.7482 at the Friday US close and 156.6033 at the same time Friday morning. Monday is a holiday in Japan, so there were no data released overnight. The next Bank of Japan meeting is scheduled for June 15-16.USD/CAD rose to 1.3610 from 1.3591 at the Friday US close and 1.3567 at the same time Friday morning. There are no Canadian data on Monday's schedule, but Bank of Canada Governor Tiff Macklem is due to speak at 3:30 pm ET. The next Bank of Canada meeting is scheduled for June 10.

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International141d ago

AI, Persian Gulf Outlooks Cap Wall Street Pre-Bell; Asia Up, Europe Off

Wall Street futures pointed largely sideways pre-bell Monday, as traders weighed unverified reports of a US warship struck near the Strait of Hormuz, and assessed values with major equity indices at all-time zeniths.In the futures, the S&P 500 fell 0.1% and the Nasdaq was steady, after hitting fresh record highs on Friday. The Dow Jones was off 0.4% in pre-bell action.Investors also await the Job Opening and Labor Turnover Survey (JOLTS) report for March on Tuesday, and then the national April jobs report from Washington on Friday, for clues to US labor markets.Palantir Technologies (PLTR) reports earnings after-bell, while Advanced Micro Devices (AMD) and McDonald's (MCD) report later this week, among others.Spurred by tech-rallies, Asian exchanges traded mostly higher overnight in holiday-thinned trading. Taiwan's TWSE Index rose 4.6%, while Seoul's KOSPI Index gained 5.1%. Exchanges in Bangkok, Shanghai and Tokyo remained closed.European bourses tracked moderately lower midday on the continent.eBay (EBAY) shares traded up 9.9% pre-bell, after the online marketplace received a $56 billion buyout-bid from video-retailer GameStop (GME).On the economic calendar is the factory orders bulletin for March, at 10 am ET.John Williams, New York Federal Reserve president, is slated to speak on Monday.In premarket action, Bitcoin traded at $78,529, and 10-year US Treasuries offered 4.41%. Spot gold commanded $4,559 an ounce.

Dow JonesNasdaq CompositeS&P 500

International141d ago

AI-Tech Rallies Lift Asian Stock Markets in Holiday Thinned Trading

Led by large tech-rallies in Seoul and Taiwan, Asian stock markets gained ground on Monday in holiday-thinned trading.Hong Kong also finished in the green, while Bangkok, Shanghai and Tokyo remained shuttered.After recent AI-triggered rallies on Wall Street, Seoul's KOSPI Index rose 5.1% to strike a fresh all-time zenith, led by semiconductor giants Samsung Electronics, up 5.4%, and SJ Hynix, up 12.5%.Taiwan's TWSE Index rose 4.6% on the day, also hitting new record high, led by 6.6% rise in Taiwan Semiconductor Manufacturing shares.In Hong Kong, the Hang Seng Index opened higher and held ground, finishing up 1.2% as traders embraced tech and property shares.The broad gauge Hang Seng rose 319.25 to 26,095.88, as gaining issues outnumbered losers 71 to 19. The Hang Seng TECH Index gained 2.2% on the day, while the Mainland Properties Index rose 2.1%.Leading the upside was smart-phone and EV-maker Xiaomi, gaining 6.8%, while Macau gaming-house Galaxy Entertainment declined 2.8%.On the other regional exchanges, the Australian ASX 200 declined 0.4%; the Singapore Straits Times Index rose 0.2%, and Mumbai's Sensex was up 0.5%.In economic news, the seasonally adjusted South Korea manufacturing purchasing managers index (PMI) logged at 53.6 in April, up from 52.6 in March, and striking further above the 50-mark that separates growth from contraction, said S&P Global.

Hang SengNikkei 225Shanghai Composite

International141d ago

Eurozone Final Manufacturing PMI Hits 47-month High in April

The euro area's manufacturing sector saw renewed growth in April, supported by an increase in production levels on the back of higher new orders, according to final data from S&P Global published Monday.The S&P Global Eurozone Manufacturing PMI rose to a 47-month high of 52.2 in April, matching the flash estimate, compared with the previous month's 51.6.

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International141d ago

Germany's Manufacturing Growth Softens in April, Final PMI Data Shows

German manufacturing sector expansion eased in April as growth in both output and new orders was offset by weaker morale due to the Middle East conflict, S&P Global said Monday.The final headline S&P Global Germany manufacturing PMI slipped to 51.4, from the 46-month high of 52.2 in March. The flash estimate for April stood at 51.2.

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International141d ago

Italian Manufacturing PMI Hits Four-year High in April

Operating conditions in Italy's manufacturing sector improved the most in April in four years as producers ramped up output even as the Middle East conflict impacted demand, supply chain, and costs, S&P Global said Monday.The S&P Global Italy manufacturing PMI rose to a four-year high of 52.1 in April from 51.3 in March, against the consensus estimate of 51.9.

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International141d ago

Final PMI: French Manufacturing Sector Growth Accelerates in April Amid New Orders

France's manufacturing sector activity accelerated in April, as a "strong rise" in new orders fueled higher production levels despite intensifying price pressures, S&P Global data showed Monday.The final France Manufacturing PMI climbed to 52.8 from 50 in March 2026, in line with the flash estimate. Reaching its highest point since May 2022, the reading signals "solid improvement" within the French manufacturing sector.

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International141d ago

Asia Week Ahead: PMI Reports; Central Bank Decisions; and Inflation Prints

For the week ahead in Asia, the economic calendar is packed with S&P Global's monthly purchasing managers' index reports, inflation prints, and central bank decisions across the region.Monday brings a slate of S&P Global manufacturing PMI reports for April, alongside Indonesia's inflation and trade figures.On Tuesday, markets will turn to the Reserve Bank of Australia's interest rate decision, while Thailand and the Philippines release April inflation data.Wednesday features South Korea's April inflation print and New Zealand's first-quarter labor-market report, along with PMI readings from India, China, Hong Kong and Singapore.On Thursday, Malaysia's central bank decision will be in focus, alongside Taiwan's April inflation data and the Philippines' first-quarter GDP report.On Friday, Taiwan's April trade data and Malaysia's March industrial production figures will be due, before China closes out the week with April trade figures on Saturday.Here's what to watch in the week ahead.MONDAY, May 4The week kicked off with a slate of S&P Global purchasing managers' index reports covering manufacturing activity during April.Most economies in the region saw a rise in output despite the ongoing conflict in the Middle East which has pushed oil prices upwards.Malaysia's manufacturing sector expanded at its fastest pace in four years in April, supported by stronger output and a return to growth in new orders.The S&P Global Malaysia Manufacturing Purchasing Managers' Index rose to 51.6 in April from 50.7 in March, marking a second straight month of expansion.Output grew at the fastest pace since December 2021, while new orders increased as firms and clients built safety stocks amid uncertainty linked to the Middle East war.Output activity also expanded in South Korea, India, and Taiwan, according to S&P Global.Meanwhile, Vietnam's manufacturing sector also expanded, albeit at a slower pace.The S&P Global Vietnam Manufacturing PMI slipped to 50.5 in April from 51.2 in March, a seven-month low, signalling a tenth straight month of expansion but only marginal growth.In contrast, Indonesia's manufacturing sector slipped into contraction in April as cost pressures intensified due to material shortages and delays linked to the Middle East conflict.The S&P Global Indonesia Manufacturing Purchasing Managers' Index fell to 49.1 in April from 50.1 in March, dropping below the 50 mark for the first time in nine months.Manufacturing activity similarly slipped in the Philippines as new orders fell sharply and cost pressures intensified.Indonesia released inflation figures, noting a 2.4% year on year rise in prices during April -- slower than the 3.5% recorded a month prior.The island state also booked a trade surplus of $5.55 billion in the first quarter, supported by a strong non-oil and gas balance despite higher import growth, according to official data released by Statistics Indonesia.The Melbourne Institute released its monthly inflation gauge, noting another increase in April, mainly driven by higher recreation-related prices. The monthly cost of living also increased in April, especially for employees and self-funded retirees.TUESDAY, May 5An interest rate decision in Australia will capture headlines on Tuesday.The Reserve Bank of Australia is likely to rate hikes by 25 basis points to 4.35% as persistent inflation pressures and rising fuel costs linked to Middle East supply disruptions keeps the central bank on a hawkish path even as global peers hold steady.Thailand and the Philippines will release inflation data for April.Economists at ING said they expect the Philippines' headline inflation to rise above 5% as the government passes on the impact of higher global oil prices onto consumers. The Philippines' inflation climbed to 4.1% in March.Thailand is similarly expected to see a rise in consumer prices during April. According to a consensus compiled by Trading Economics, headline inflation could clock in at 1.7% on an annual basis, compared with a 0.08% decline in March.First-quarter gross domestic growth data will be due in Indonesia. DBS said it was forecasting 5.6% growth for the quarter thanks to government spending and festive spending during the period, the Wall Street Journal reported.Hong Kong will similarly release its first-quarter advance GDP growth estimate on Tuesday.Meanwhile, March retail sales figures will be expected in Singapore.On the activity front, S&P Global will release PMI reports manufacturing activity in Thailand and services and composite activity in Australia.WEDNESDAY, May 6Another inflation print, this time in South Korea.Economists at ING said they expect consumer prices to rise at a faster pace in April despite attempts by Seoul to rein in the impact of rising oil costs on consumers. A consensus compiled by Trading Economics indicated headline inflation could clock in at 2.6%.In March, South Korea's annual inflation rose to 2.2%, breaching the central bank's 2% target.First-quarter labor data from New Zealand will also be in the news.CommBank expects headline labor-market figures to remain weak, forecasting just 0.1% quarterly employment growth and a rise in unemployment to 5.5%, compared with Trading Economics consensus estimates of 0.3% employment growth and a 5.4% jobless rate for the first quarter."We do not envisage a labor market recovery until 2027, reflective of adverse impacts from geopolitical ructions," CommBank said in a preview.The Philippines will similarly release labor data for March, as well as industrial production figures.ING said it expects unemployment to edge higher. "On the industry side, weak soft construction activity should continue to weigh on growth," ING said.Additional S&P Global PMI reports covering services and composite activity in India and China, as well as overall activity in Hong Kong and Singapore, will be due.A business confidence report will be due in Thailand, while Hong Kong's March retail sales figures will also be on display.THURSDAY, May 7Malaysia's central bank will meet for its interest rate decision, with no change expected in the 2.75% policy rate.RHB Bank said it expects Bank Negara Malaysia to hold rates as growth remains steady and inflation remains in check, the Wall Street Journal reported.Taiwan's April inflation print will be due, with analysts looking for signs on how the Iran war was weighing in on prices. ING said it expects to see inflationary pressure picking up after limited pass through of energy prices in March.Australia will release March trade figures. The country's trade surplus could fall to A$4.45 billion from the A$5.69 billion recorded in the month prior, according to a consensus compiled by Trading Economics.CommBank said it expects the goods trade balance to decline due to rising fuel imports in the wake of the Iran conflict.The Philippines' first-quarter GDP growth figures will be expected. ING said the Philippines' economy could recover to a growth of 4.3% year on year thanks to favorable base effects and some pick-up in government spending.The Philippines' economy grew by 3% last quarter.Another confidence report covering consumer sentiment will be due in Thailand.FRIDAY, May 8Markets will be on the lookout for Taiwan's trade data for April.ING said it expects the island state's trade surplus to rise to $21.6 billion from $21.3 billion in the month prior. "We're looking for another strong month, with 59.3% YoY export growth and 35.5% import growth," ING said in a preview.In Malaysia, March industrial production figures will be due.S&P Global will release PMI reports covering services and composite activity in Japan.SATURDAY, May 9China will release its April trade data on Saturday.The world's second largest economy could record a surplus of $82.4 billion for the month, rising from $51.13 billion in March, according to a consensus compiled by Trading Economics.Analysts at DBS expect a sharp uptick in surplus, with export growth more than doubling to 8.4% from the 2.5% rise seen in March, the WSJ reported.

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International141d ago

Swiss Manufacturing PMI Climbs in April

Switzerland's manufacturing PMI increased to 54.5 in April from 53.3 in March, according to procure.ch and UBS data published Monday.The consensus estimate for the month stood at 52.

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International141d ago

S&P: Spanish Manufacturing Sector Rebounds in April

Spain's manufacturing sector conditions improved in April 2026 for the first time since November 2025, thanks to output growth and a "broad stabilisation" of new orders, S&P Global said Monday.The seasonally adjusted S&P Global Spain manufacturing PMI rose to 51.7 from 48.7 a month earlier, against the consensus estimate of 49.5. The survey noted further inflation and supply chain disruptions due to the Iran war.

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International141d ago

KOF: Swiss Employment Indicator Remains Positive for Q2 Despite Iran War

Swiss businesses maintained a steady employment outlook for the second quarter, despite rising energy costs and global supply chain volatility triggered by the Iran conflict, the KOF Swiss Economic Institute said Monday.The KOF employment indicator rose to 2.2 points from the revised 2.1 points in the first quarter, slightly higher than the long-term average of 1.7 points. Meanwhile, the net balance of employment expectations for the next three months remained at 2.9 points, with more companies planning to hire rather than reduce their headcount.On a sectoral level, the employment outlook brightened within the wholesale and manufacturing segments, even as both segments remain in contraction territory. Conversely, the outlook for hospitality, retail, and other services softened slightly.

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International141d ago

Indonesia's Producer Prices Rise 3.2% in Q1

Indonesia's producer price index across nine sectors rose 3.15% annually in the first quarter, according to data released by Statistics Indonesia on Monday.The pace of expansion accelerated from the 2.8% increase in the fourth quarter of 2025.On a quarter-over-quarter basis, the index climbed 1.7% from Q4 2025.The mining and quarrying sector recorded the sharpest annual increase, up 6.44%, alongside a strong 7.46% quarter-on-quarter gain. Agriculture, manufacturing, and transportation also posted steady growth in producer prices over the year.Other sectors showed moderate increases, including electricity and gas, accommodation and food services, education, and health. The water management sector rose 3.85% annually, the data showed.

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International141d ago

Ifo: German Automotive Businesses Become More Negative About Outlook in April

Morale across the German automotive industry weakened in April, as the Iran war made companies more pessimistic about the coming months despite a better assessment of their current business situation.The business climate indicator dropped to -23.8 points from -19.0 points in March, the ifo Institute said Monday. Business expectations declined to -30.7 points from -15.3 points.The ifo business survey also showed that automotive companies facing a shortage of key intermediate products like helium grew to 9.3% in April, from 1% in March. Meanwhile, businesses expect high energy prices to impact car purchases.

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International141d ago

India's Manufacturing Activity Quickens Pace in April; Growth Remains Weak

India's manufacturing activity gathered pace in April, with the seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index rising to 54.7 in April from 53.9 in March, according to data released by S&P Global on Monday.Manufacturing activity was driven by strong exports, with only mild recoveries in new business intake and production among Indian manufacturers. The rates of increase were still the second-weakest since 2022.Input costs and output charges rose at the fastest rates in 44 and six months, respectively, putting pressure on manufacturing growth."Survey participants indicated that advertising and demand resilience supported sales and production, but that growth was hampered by competitive conditions, the war in the Middle East, and a reluctance among clients to approve pending quotes," the report said.The bright spot in the scenario was the sharp expansion in export orders, which hit a seven-month high, buoyed by higher demand from clients in countries, including Australia, France, Japan, Kenya, mainland China, Saudi Arabia, the UAE, and the UK."Spillovers from the Middle East conflict are becoming more evident, particularly through inflation: input costs increased at the fastest pace since August 2022, and output prices rose at the quickest rate in six months," Pranjul Bhandari, Chief India Economist at HSBC, said. "Even so, output, new orders (including exports), and employment all grew moderately, pointing to continued resilience in India's manufacturing sector".Even as outstanding business volumes saw only a marginal rise, the rate of job creation was the strongest in ten months.The overall level of positive sentiment among manufacturers slipped since March; however, it was the second-highest since November 2024, on the hopes that marketing efforts will yield results and that pending projects will be approved.

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International141d ago

Australian State Economies to Diverge as National Growth Slows Down Into 2027, Westpac Says

Australian states' economic performances are poised to diverge as national growth slows down through 2026 and into 2027, Westpac said in a Monday report.The mining-based states of Queensland and Western Australia are once again expected to lead other regions as higher energy prices help drive sizeable income windfalls, which should provide a cushion for households against tighter financial conditions and help keep overall activity relatively resilient.The bank expects gross state product (GSP) growth in Queensland to slow to a year‑average pace of 1.8% in 2027 from 2.6% in 2026, accelerating to around 2% in 2028, with Olympics‑related infrastructure spending reinforcing momentum, the bank said.Like Queensland, higher dwelling prices are anticipated to support near-term demand through wealth effects in Western Australia, where Westpac expects GSP growth to moderate to 1.8% in 2027 from around 2.4% in 2026 before picking up to 2.4% in 2028.South Australia is also relatively well-positioned, given strength in both public and private activity, the bank said.However, the consumption-led states of New South Wales and Victoria are expected to underperform, with Victoria being the only state where consumption per capita is anticipated to fall below 2019 levels by 2028, Westpac said.The bank expects New South Wales' GSP growth to slow to just 0.8% in 2027 from around 1.9%, and forecasts Victoria's growth to reach 0.7% in 2027 from around 2% in 2026."While rate cuts in 2028 should eventually stabilize conditions, the longer the global shock persists, the deeper and more uneven the adjustment across states is likely to be," Westpac said.

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