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Persian Gulf Outlook Caps European Bourses Midday

European bourses tracked sideways midday Wednesday after US President Donald Trump unilaterally extended a Persian Gulf ceasefire on Tuesday, but the Strait of Hormuz remained closed to tanker traffic.Property, oil, and tech stocks led gains on continental trading floors, while bank shares lagged.Front-month North Sea Brent crude-oil futures were up 1% at $99.49 a barrel.Investors also eyed Wall Street futures in the green amid choppy closes overnight on Asian exchanges.In economic news, the European Commission on Wednesday proposed AccelerateEU, a set of measures to tackle fossil fuel shortages triggered by the Strait of Hormuz closure. However, the EC said true security would come from a shift to domestically produced clean energies.The pan-continental Stoxx Europe 600 Index was stable mid-session.The Stoxx Europe 600 Technology Index was up 1%, while the Stoxx 600 Banks Index lost 0.9%.The Stoxx Europe 600 Oil and Gas Index rose 1.5%, while the Stoxx 600 Europe Food and Beverage Index edged 0.1% higher.The REITE, a European REIT index, gained 0.8%.On the national market indexes, Germany's DAX was down 0.2%, and the FTSE 100 in London was steady. The CAC 40 in Paris was down 0.4%, and Spain's IBEX 35 eased 0.4%.Yields on benchmark 10-year German bonds were steady, near 3%.The Euro Stoxx 50 volatility index was down 4.4% at 23.10, 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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International17d ago

US Dollar Falls Early Wednesday Ahead of State Unemployment, Oil Stocks

The US dollar fell against its major trading partners early Wednesday before the release of state-level unemployment data for February at 10:00 am ET and weekly oil stocks data at 10:30 am ET.Earlier Wednesday, the Mortgage Bankers Association said mortgage applications jumped in the week ended April 17 as the ceasefire in the Middle East pushed mortgage rates lower.A quick summary of foreign exchange activity heading into Wednesday:EUR/USD rose to 1.1753 from 1.1726 at the Tuesday US close, but was below a level of 1.1760 at the same time Tuesday morning. European Central Bank policy board member Philip Lane is due to speak at 9:15 am ET, followed by Eurozone consumer confidence data for April at 10:00 am ET and an appearance by ECB President Christine Lagarde at 1:30 pm ET. The next European Central Bank meeting is scheduled for April 30.GBP/USD rose to 1.3517 from 1.3482 at the Tuesday US close and 1.3510 at the same time Tuesday morning. UK consumer prices rose more than expected in March, lifting the year-over-year rate, but core price growth slowed, data released earlier Wednesday showed. The next Bank of England meeting is scheduled for April 30.USD/JPY fell to 159.2427 from 159.6204 at the Tuesday US close, but was above a level of 159.2184 at the same time Tuesday morning. The Japanese trade surplus grew sharply in March, according to data released overnight. The next Bank of Japan meeting is scheduled for April 27-28.USD/CAD fell to 1.3656 from 1.3662 at the Tuesday US close and 1.3659 at the same time Tuesday morning. Canadian new home price 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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International17d ago

MBA US Mortgage Applications Rise Further in Week Ended April 17 on Decline in Mortgage Rates

Mortgage applications rose by 7.9% in the week ended April 17 on solid gains in both refinancing activity and new home applications as 30-year fixed mortgage rates declined, according to Mortgage Bankers Association data released Wednesday.This follows a 1.8% increase in overall activity in the week ended April 10.Applications for refinancing loans rose by 6%, while new purchase applications increased by a seasonally adjusted 10%.The average contract interest rate for 30-year fixed mortgages with loan balances of $832,750 or less fell to 6.35% from 6.42% in the previous week due to positive reaction to the Middle East ceasefire."Despite the geopolitical uncertainty, housing demand is being supported by a still resilient job market, and homebuyers are experiencing a buyer's market in most of the country given the higher levels of inventory relative to last year," said Mike Fratantoni, MBA's senior vice president and chief economist.

International17d ago

Persian Gulf Ceasefire Lifts Wall Street Pre-Bell; Asia Mixed, Europe Off

Wall Street futures pointed moderately higher pre-bell Wednesday after President Donald Trump unilaterally extended a US Persian Gulf ceasefire on Tuesday.However, global crude prices edged higher in morning hours, as the Strait of Hormuz remained effectively closed to tanker traffic.In the futures, the S&P 500 rose 0.6%, the Nasdaq inclined 0.7%, and the Dow Jones was up 0.5%.West Texas Intermediate crude oil traded up 0.5% at $90.08 in pre-bell activity.Asian exchanges traded unevenly overnight, although Tokyo's Nikkei 225 index struck a fresh all-time zenith on strength in tech shares. European bourses edged lower midday on the continent.AT&T (T) traded up 1.2% pre-bell after reporting Q1 EPS below consensus but topping revenue expectations, and affirming guidance, in a morning release.Tesla (TSLA), Lam Research (LRCX), IBM (IBM), and Texas Instruments (TXN) are slated to report earnings after the close, among others.On the economic calendar is the Atlanta Fed Business Inflation Expectations for April at 10 am ET, followed by the weekly EIA petroleum status report at 10:30 am.In pre-market action, Bitcoin traded at $78,004, and 10-year US Treasuries offered 4.28%. Spot gold commanded $4,756 an ounce.

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International17d ago

MBA US Mortgage Applications Rise 7.9% in Week Ended April 17 After 1.8% Increase in Prior Week

International17d ago

Persian Gulf Outlook Roils Asian Stock Markets

Asian stock markets turned in a choppy Wednesday as traders weighed a unilateral extension of a Persian Gulf ceasefire by US President Donald Trump, but also the ongoing closure of the Strait of Hormuz, through which the Asian Pacific receives much of its crude and LNG.Shanghai and Tokyo finished in the green, while Hong Kong fell back. Other regional exchanges were also uneven.In Japan, the Nikkei 225 opened lower, but rose to the close, finishing up 0.4% and striking a fresh all-time zenith, as tech issues rallied.The benchmark Nikkei 225 rose 236.69 to 59,585.86, though losing issues outnumbered gainers 181 to 41, as the rally was concentrated shares exposed to AI-outlooks.Leading the upside was tech-financier SoftBank, up 8.5%, while beverage house Sapporo declined 5.2%.In economic news, Japan logged an international trade deficit of $10.7 billion in the fiscal year ended March 31, remaining in the red for the fifth straight year, reported the Ministry of Finance.In Hong Kong, the Hang Seng Index opened lower and declined in trading, closing down 1.2% on weakness in tech shares.The broad gauge Hang Seng fell 324.24 to 26,163.24, as losing issues outnumbered gainers 70 to 20. The Hang Seng TECH Index lost 1.9% on the day, while the Mainland Properties Index fell 0.2%.Leading the upside was computer-maker Lenovo, gaining 5.7%, while Contemporary Amperex Technology dropped 5%.On the mainland, the Shanghai Composite rose 0.5% to 4,106.26.On the other regional exchanges, the S. Korean KOSPI rose 0.5%; the Taiwan TWSE inclined 0.7%; the Australian ASX 200 declined 1.2%; the Singapore Straits Times Index fell 0.2%, and the Thai Set declined 0.2%. In late trading in Mumbai, the Sensex was down 1%.The MSCI All Country Asia Pacific Index fell 0.6% on the day.

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International17d ago

Taiwan's Securities Markets Regulator to Relax Ownership Rules for Digital Banks

Taiwan's Financial Supervisory Commission (FSC) plans to relax ownership rules for web-only banks, after three years of operation, the regulator announced Tuesday.Under the revised framework, the changes will ease restrictions on the shareholding ratio of financial industry investors and adjust rules on the number of professional directors.The proposed revisions aim to allow online banks to diversify their shareholder base, strengthen capital and expand digital financial services. The draft will be published for public consultation, with a 30-day period for stakeholders to submit feedback, the FSC said.

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International17d ago

Euro Area's Government Debt-to-GDP Ratio Rises to 87.8% in 2025

The euro area's general government gross debt-to-gross domestic product ratio came in at 87.8% in 2025, according to Eurostat data published Wednesday.In 2024, the region's government debt-to-GDP ratio stood at a revised 87%.

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International17d ago

Euro Area's Government Deficit-to-GDP Ratio Declines to 2.9% in 2025

The eurozone's seasonally adjusted general government deficit-to-gross domestic product ratio stood at 2.9% in 2025, down from the revised 3% in the previous year, according to Eurostat data published Wednesday.

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International17d ago

Bank Indonesia Keeps Interest Rate Unchanged at 4.75%

Bank Indonesia kept its benchmark interest rate unchanged at 4.75%, following a two-day policy meeting on April 21 and April 22, in line with analysts' expectations, according to a Wednesday announcement by the country's central bank.The deposit and lending facility rates were also maintained at 3.75% and 5.50%, respectively.The central bank said the decision is aimed at supporting exchange rate stability and keeping inflation within its 2026-2027 target range of 2.5±1%. It is also an effort to stabilize the rupiah amid global uncertainties.Bank Indonesia added it stands ready to further tighten monetary policy if needed to maintain currency stability and manage inflation. The macroprudential and payment system policies will continue to support credit growth, financial stability, and economic activity, the central bank said.

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International17d ago

China Launches Measures to Improve Service Sector

China introduced a set of measures that aims to boost the quality and efficiency of the service sector, the State Council said in a Tuesday press release.The measures will address weaknesses within the sector to ensure quality services in the elderly care and childcare services, as well as healthcare and culture, tourism and sports.The policy will also include the coordination of the establishment of major open cooperation platforms, such as the service trade's demonstration zones for innovative development.The service sector's total scale is expected to be worth 100 trillion yuan by 2030.

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International17d ago

UK Average House Prices Up 0.1% MoM in February

House prices in the UK rose 0.1% month over month on average in February compared with the previous month's revised 0.5% decline, according to government data published Wednesday.The house price index was up 1.2% on an annual basis, with the average property valued at 268,000 pounds sterling.

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International17d ago

Moody's Changes Thailand's Outlook to Stable from Negative

Moody's changed the outlook on the government of Thailand to stable from negative, according to a Tuesday release by rating agency.The ratings firm also affirmed the foreign and local currency issuer and local currency senior unsecured ratings at Baa1, and Thailand's foreign currency commercial paper rating at P-2.The move comes amid the easing of downside risks from a tariff shock after the US reduced levies on Thai exports to levels which are largely in line with regional peers.Risks related to higher oil prices due to the Middle East conflict are expected to weigh on growth but will be comparable to peers.

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International17d ago

Saudi Arabia's Annual Construction Costs Climb 2% in March

Saudi Arabia's construction cost index increased 2% year over year in March, following a 1.4% rise in the previous month, according to data from the General Authority for Statistics released Wednesday.The latest increase was largely attributed to higher construction costs in both the residential and non-residential sectors.On a monthly basis, construction costs in the kingdom were 0.6% higher.

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International17d ago

UK's Annual Retail Prices Up 4.1% in March

The UK's retail prices rose 4.1% year over year in March, following a 3.6% increase in February, data from the Office for National Statistics showed Wednesday.The reading is above market expectations of a 3.9% growth.On a monthly basis, the index was 0.8% higher, against the prior 0.4% increase and the expected 0.7% gain.

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International17d ago

UK's Annual Producer Input, Output Prices Jump in March

Producer input prices in the UK increased 5.4% year over year in March, following a revised 0.7% gain in February, data from the Office for National Statistics showed Wednesday.Meanwhile, producer output or factory gate prices jumped 2.6% annually, against the revised 1.8% rise earlier.On a monthly basis, producer input prices climbed 4.4% in March, compared with the revised 0.9% increase previously and the forecast of a 2.8% gain. Monthly factory gate prices edged up 0.9%, versus a 0.5% decline earlier and a projected 1% growth.

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International17d ago

UK's Annual Inflation Accelerates to 3.3% in March

Britain's annual inflation rate climbed to 3.3% in March from 3% in February, according to data from the Office for National Statistics published Wednesday.The latest reading aligned with consensus estimates.On a monthly basis, consumer prices were 0.7% higher, compared with the 0.4% gain earlier and the market forecast of 0.6% growth.Meanwhile, the UK's annual core inflation rate was 3.1%, compared with the prior and expected 3.2%. Month over month, core consumer prices gained 0.4%, against the previous reading of 0.6% increase and the consensus estimate of a 0.5% rise.

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International17d ago

Australian Corporations Report Elevated Hedging Activity Amid Middle East Conflict, CommBank Says

Australian corporations are increasing their hedging activity in an attempt to navigate business and investment risks amid uncertainty brought on by the Middle East conflict, Commonwealth Bank of Australia said in its inaugural FX Barometer report Wednesday.The survey, conducted between Feb. 16 and April 10, shows importers hedging around 80% of their currency exposures and exporters hedging 86%, while businesses that both import and export are hedging around two-thirds of their exposures, reflecting partial natural offsets.The activity levels indicate that company profits are highly exposed to volatility in the Australian dollar, with smaller businesses more at risk to adverse currency movements compared with larger counterparts, according to the report."Large businesses hedge around 80% of their currency exposures, while smaller businesses hedge around 53%, highlighting the higher exposure of smaller businesses to unfavorable currency movements," said Carol Kong, a CommBank economist and currency Strategist.The report further found that super funds hedge around three-quarters or more of their foreign property and infrastructure assets. More than 80% of super funds plan to raise exposure to foreign exchange in the next three months, while none of the super funds surveyed expect to lower their exposure.

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International17d ago

Huafon Chemical's Attributable Profit Jumps 33% in Q1

Huafon Chemical's (SHE:002064) attributable profit rose 33% to 668.6 million yuan in the first quarter from 504.3 million yuan in the year-ago period, according to a Tuesday filing with the Shenzhen bourse.Earnings per share at the polyurethane product materials company increased 30% to 0.13 yuan from 0.10 yuan in the prior-year period.Operating income grew 7.2% year over year to 6.77 billion yuan from 6.31 billion yuan.Shares increased 2% during the midday break on Wednesday.

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International17d ago

Westpac-Melbourne Institute Leading Index Falls in March

An indicator of Australian economic activity fell in March, signaling a renewed slowdown in growth expectations as higher interest rates and weaker consumer sentiment weigh on the outlook, according to a report by Westpac and Melbourne Institute published on Wednesday.The Westpac-Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, fell to negative 0.13% in March from 0.05% in February.Australia's economy has slowed in early 2026, with the March index signaling a return to below-trend growth for the first time since last year, and potentially the start of another soft patch after the cost-of-living-driven weakness of 2022 to 2024, said Matthew Hassan, head of Westpac's Australian macro-forecasting.The leading index has weakened notably, shifting from a 0.31% gain in October last year to a 0.15% decline currently, driven by higher interest rates and renewed pressure in the energy market linked to tensions in the Middle East.Australia's headline growth momentum has been weighed down by weaker consumer sentiment, a sharp March equity sell-off, and a narrowing yield spread, though an early April rebound in shares could signal some near-term relief if sustained, Hassan said.Commodity prices and volatile dwelling approvals have been the main drivers of recent index gains, while the remaining components have collectively made no net contribution since October.The Reserve Bank monetary policy board is expected to deliver another 25 basis-point rate hike at its May meeting, as rising underlying inflation and the risk of higher inflation expectations outweigh emerging, but still modest, signs of weakening growth, Hassan added.

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