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US March CPI Rises 0.9% Vs. Expected 0.9% Increase, Prior 0.3% Gain

KOF Global Barometers Diverge in April

The KOF Swiss Economic Institute's global economic barometers diverged in April but remained slightly above the 100-point level, indicating continued "moderate" economic growth across the world, despite the uncertainties created by the US/Israel-Iran war.The coincident global barometer declined 0.2 point to 102.1 points, while the leading barometer rose 1.7 points to 102.9 points, according to a Friday release.The decrease in the coincident barometer was mainly due to negative contributions from Europe and the Asia, Pacific & Africa region. On the other hand, the increase in the leading barometer was largely attributed to positive contributions from the Western Hemisphere and the Asia, Pacific & Africa region.

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International165d ago

US Dollar Mixed Early Friday, Focus on Consumer Prices

The US dollar was mixed against its major trading partners early Friday -- up versus the yen and Canadian dollar, down versus the euro and pound -- ahead of the release of March consumer price data at 8:30 am ET, which is expected to be heavily impacted by rising energy prices due to the conflict in Iran.Overall CPI is expected to rise by 0.9% on that energy price spike, while core prices, which exclude the food and energy components, are seen up by only 0.3%.The University of Michigan's preliminary consumer sentiment index for April is due to be released at 10:00 am ET, at the same time as factory orders data for February.The St. Louis Federal Reserve is expected to update its GDP nowcast estimate for Q1 around midday, and the US Treasury is scheduled to publish its March budget statement at 2:00 pm ET.A quick summary of foreign exchange activity heading into Friday:EUR/USD rose to 1.1716 from 1.1701 at the Thursday US close and 1.1674 at the same time Thursday morning. There are no Eurozone data on Friday's schedule. The next European Central Bank meeting is scheduled for April 30.GBP/USD rose to 1.3440 from 1.3436 at the Thursday US close and 1.3405 at the same time Thursday morning. There are no UK data on Friday's schedule. The next Bank of England meeting is scheduled for April 30.USD/JPY rose to 159.2040 from 159.0822 at the Thursday US close and 159.0410 at the same time Thursday morning. Japanese producer price growth accelerated in March while Japanese consumer sentiment declined in April, according to data released overnight. The next Bank of Japan meeting is scheduled for April 27-28.USD/CAD rose to 1.3836 from 1.3813 at the Thursday US close, but was below a level of 1.3853 at the same time Thursday morning. Canadian employment data for March is due to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for April 29.

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International165d ago

US-Iran Ceasefire Hopes Lift European Bourses Midday

European bourses tracked higher midday Friday as traders weighed reports that US and Iran ceasefire negotiators will meet in Islamabad on Saturday.Bank and tech stocks led gains on continental trading floors, while oil shares lagged.Front-month North Sea Brent crude-oil futures were up 0.1% at $96.05 a barrel.Investors also eyed flat Wall Street futures amid higher closes overnight on Asian exchanges.In other news, European airports could face jet-fuel shortages if the Strait of Hormuz is not reopened in three weeks, Financial Times reported, citing a Airports Council International letter to the European Union.The pan-continental Stoxx Europe 600 Index was up 0.8% mid-session.The Stoxx Europe 600 Technology Index was up 1.3%, and the Stoxx 600 Banks Index rose 1.8%.The Stoxx Europe 600 Oil and Gas Index eased 0.8%, while the Stoxx 600 Europe Food and Beverage Index edged 0.9% higher.The REITE, a European REIT index, gained 0.3%.On the national market indexes, Germany's DAX was up 0.7%, and the FTSE 100 in London gained 0.4%. The CAC 40 in Paris was up 0.8%, and Spain's IBEX 35 lifted 0.7%.Yields on benchmark 10-year German bonds were higher, near 3.03%.The Euro Stoxx 50 volatility index was down 4.6% at 22.47, but still 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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International165d ago

Canadian Dollar Prospects Should Improve, Follow An Appreciating Trend To Year End, says BMO

Higher oil prices haven't provided lasting support for the Canadian dollar (CAD or loonie), amid escalating geopolitical and global economic risks, along with fading Federal Reserve rate cut prospects that have boosted the US dollar (USD), says Bank of Montreal (BMO).Even markets continuing to price in Bank of Canada rate hikes have failed to provide lasting support, adds the bank, noting that from the close on Feb. 27, the Canadian dollar has weakened a net 1.5% to around $1.385 (US$0.722).But, BMO says, as the U.S. dollar's boost from the Iranian conflict ebbs and Fed rate cuts resume, and with the BoC on a long pause, Canadian dollar prospects should improve.The bank says it looks for the CAD to follow an appreciating trend to $1.33 (US$0.752) by the end of 2026 as the Canadian economy rebounds after being hit disproportionately by the United States trade policy.Still, BMO adds, trade policy is a key risk for the Canadian dollar and the broader economy, with the review of the USMCA scheduled by July 1. BMO's working assumption is that the agreement won't be renewed and neither will any party give its six months' notice to exit.Instead, BMO expects a sequence of annual negotiation intervals to commence, which could last for at least the next two or three years.Meantime, while new Section 122 10% tariffs applied to USMCA noncompliant goods only, new national security or sectoral tariffs loom (Section 232) and Canada has been mentioned in the Section 301 investigations into unfair trade practices. The weight of U.S. trade policy on the loonie could mount "quickly," according to BMO.

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International165d ago

Uncertain Ceasefire View Caps Wall Street Pre-Bell; Asia, Europe Up

Wall Street futures wavered pre-bell Friday as traders awaited US-Iran ceasefire negotiations, slated to start Saturday in Pakistan.In the futures, the S&P 500 was steady, the Nasdaq inclined 0.1% and the Dow Jones was off 0.1%.West Texas Intermediate crude oil futures tracked in a relatively tight range, just under $98 a barrel.Investors also await the March consumer price index (CPI) report from Washington, due at 8:30 am ET, and sure to be parsed for clues of building inflationary pressures in the US economy.Asian exchanges traded mostly higher overnight, while European bourses tracked north midday on the continent, on Middle East ceasefire prospects.On the economic calendar, in addition to the CPI bulletin, is the University of Michigan consumer sentiment report for April, and the February factory orders release, at 10 am ET.The weekly Baker Hughes domestic oil-and-gas rig count logs at 1 pm.In pre-market action, bitcoin traded at $71,755, and 10-year US Treasuries offered 4.29%. Spot gold commanded $4,758 an ounce.

Dow JonesNasdaq CompositeS&P 500

International165d ago

Eurozone's Monthly Services Output Rises 1.2% in January

The euro area's seasonally adjusted services production rose 1.2% month over month in January, after zero growth in the previous month, according to Eurostat data published Friday.On a yearly basis, the eurozone's services output was 1.5% higher, against the 0.5% gain earlier.

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International165d ago

Ceasefire Prospects Lift Asian Stock Markets

Asian stock markets gained ground Friday, after media reports that US-Iran ceasefire negotiations will take place on Saturday in Pakistan.Hong Kong, Shanghai and Tokyo finished in the green, as did most other regional exchanges.Brent oil futures held under $100 a barrel, near $96 during Asian trading hours.In Japan, the Nikkei 225 opened higher and rose to the close, finishing up 1.8% as traders weighed a profit report from a major retailer and mulled Middle East peace prospects.The benchmark Nikkei 225 rose 1,028.79 to 56,924.11, although losing issues outnumbered gainers 146 to 75.Leading the upside was Fast Retailing, up 12% after reporting H1 earnings and issuing upbeat guidance. Consultancy BayCurrent declined 5.8%.In economic news, Japan's producer price index (PPI) rose 2.6% on year in March, after rising 2.1% on year in February, pushed by higher oil bills, reported the Bank of Japan.In Hong Kong, the Hang Seng Index opened higher and held ground, closing up 0.6% after an inflation report from Beijing suggested the nation's bout with industrial-price deflation may be ebbing.The broad gauge Hang Seng rose 141.14 to 25,893.54 as gaining issues outnumbered losers 56 to 31. The Hang Seng TECH Index gained 0.8% on the day, while the Mainland Properties Index rose 0.4%.Leading the upside was Contemporary Amperex Technology, gaining 9%, while noodle-maker Tingyi declined 3.3%.On the mainland, the Shanghai Composite rose 0.5% to 3,986.22.In economic news, China's producer price index (PPI) rose 0.5% on year in March, snapping a 41-month stretch of contraction, reported the National Bureau of Statistics.China's consumer price index (CPI) rose 1% in March on year, slipping February's 1.3% reading, added the NBS.On the other regional exchanges, the S. Korean KOSPI rose 1.4%; the Taiwan TWSE inclined 1.6%; the Australian ASX 200 declined 0.1%; the Singapore Straits Times Index rose 0.3%, and the Thai Set inclined 1.2%. In late trading in Mumbai, the Sensex was up 1.2%The MSCI All Country Asia Pacific Index rose 0.7% on the day.

Hang SengNikkei 225Shanghai Composite

International165d ago

Chinese NEV Exports Surge 140% in March, Car Association Says

Chinese exports of new energy vehicles surged 140% year over year to 349,000 units, the China Passenger Car Association said Thursday.BYD (HKG:1211, SHE:002594) led the pack with 116,882 units, while Geely (HKG:0175) exported 52,186 units and Chery Automobile (HKG:9973) exported 40,837 units to complete the top three exporters for the month.The surge could be attributable to energy shocks due to the war in Iran, Bloomberg reported separately.

Shanghai Composite^SZSEHKG:0175HKG:1211SHE:002594

International166d ago

Correction: German Annual Inflation Confirmed at 2.7% in March

(Corrects month in the headline)Confirming the flash estimate, Germany's annual inflation rate increased to 2.7% in March from 1.9% in February, final data from the country's Federal Statistical Office showed Friday.On a monthly basis, consumer prices were up 1.1%, matching the preliminary reading and against the previous 0.2% uptick.The annual harmonized inflation rate for March was also confirmed at 2.8%, compared with 2% earlier. Meanwhile, harmonized consumer prices were affirmed to be 1.2% higher month over month, against the previous reading of a 0.4% gain.

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International166d ago

Taiwan's Exports, Imports Rise in March

Taiwan's exports rose 61.8% year on year in March to a record $80.2 billion, while imports increased 38.3% on year to a record $58.9 billion, according to preliminary data released by the Ministry of Finance on Friday.Monthly, exports jumped 61% from February, while imports climbed 59.1%, the data showed.For January to March, cumulative exports totaled US$195.7 billion, up 51.1% from the same period a year earlier, while cumulative imports reached $142.8 billion, an increase of 34.8% from a year ago.

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International165d ago

Ceasefire Prospects Lift Asian Stock Markets

Hang SengNikkei 225Shanghai Composite