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June Empire State Manufacturing Index Falls More Than Expected

The New York Federal Reserve's Empire State manufacturing index fell to 5.7 in June from 19.6 in May, compared with a smaller expected decrease to a reading of 13.5 in a survey compiled by Bloomberg.The Empire State index is the first manufacturing sector reading for June and suggests a slower pace of expansion.The new orders, shipments and prices paid readings decreased in the month but remained well above their breakeven point. The reading for number of employees increased.

International57d ago

June Empire State Regional Manufacturing Index 5.7 Vs. 13.5 Expected, 19.6 Prior

International57d ago

US Dollar Falls Early Monday, FOMC in Focus This Week

The US dollar fell against its major trading partners early Monday as markets look ahead to the Federal Open Market Committee meeting on Wednesday.The CME's FedWatch tool shows a 98.6% chance of no change to the current 3.50% to 3.75% target range for the federal funds rate.On Monday, the Empire State manufacturing index for June is due to be released at 8:30 am ET, followed by industrial production data for May at 9:15 am ET and the NAHB's home builders index for June at 10:00 am ET.Tuesday's highlights include housing starts and import and export price data for May and the New York Fed's services reading for June.Retail sales and pending home sales data for May are due to be released on Wednesday before the FOMC meeting.Thursday's highlights include weekly jobless claims and the Philadelphia Fed's manufacturing reading for May before Friday's Juneteenth holiday.A quick summary of foreign exchange activity heading into Monday:EUR/USD rose to 1.1612 from 1.1571 at the Friday US close and 1.1574 at the time Friday morning. The Eurozone trade balance turned to a deficit in April while Eurozone industrial production rose less than expected in the same month, according to data released earlier Friday. The next European Central Bank meeting is scheduled for July 23.GBP/USD rose to 1.3426 from 1.3408 at the Friday US close and 1.3414 at the same time Friday morning. There are no UK data on Monday's schedule. The next Bank of England meeting is scheduled for Thursday, when no change in the policy rate is expected.USD/JPY fell to 160.1511 from 160.2152 at the Friday US close, but was above a level of 160.1183 at the same time Friday morning. The Bank of Japan is expected to raise its policy rate by 25 basis points in its meeting announcement due to be released at 11:00 pm ET. Japanese services purchase activity declined in April, according to data released overnight.USD/CAD fell to 1.3978 from 1.3983 at the Friday US close and 1.3982 at the same time Friday morning. Canadian housing starts data for May are due to be released at 8:15 am ET, followed by Canadian wholesale and manufacturing data for April and Canadian capacity utilization for Q1 at 8:30 am ET. The next Bank of Canada meeting is scheduled for July 15.

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International57d ago

Persian Gulf Outlook Sends European Bourses to Fresh Zeniths

European bourses tracked into fresh record-high territory midday Monday, after Tehran and Washington announced that the Strait of Hormuz would re-open this week, as part of larger, ongoing peace negotiations.The pan-continental Stoxx Europe 600 Index, a broad equity gauge, was up 0.7% mid-session, into fresh record-high levels.Bank and tech shares gained on continental trading floors, while oil stocks sank.Front-month North Sea Brent crude-oil futures were down 5% at $83.01 a barrel, in midday trades.Investors also eyed Wall Street futures flashing green, and sharply higher closes overnight on Asian exchanges, led by a 5% upsurge on Tokyo's Nikkei 225 index.In economic news, seasonally adjusted industrial production in the Eurozone and in the European Union rose 0.1% in April from March, reported Eurostat. On year, industrial output increased by 0.3% in the euro area and by 0.9% in the broader EU.The Stoxx Europe 600 Technology Index was up 1.2%, and the Stoxx 600 Banks Index gained 1.5%.The Stoxx Europe 600 Oil and Gas Index eased 3%, while the Stoxx 600 Europe Food and Beverage Index declined 0.2%.The REITE, a European REIT index, rose 0.2%.On the national market indexes, Germany's DAX was up 1.2%, and the FTSE 100 in London gained 0.1%. The CAC 40 in Paris was up 1.2%, and Spain's IBEX 35 lifted 1.5%.Yields on benchmark 10-year German bonds were lower, near 2.95%.The Euro Stoxx 50 volatility index was down 7.6% at 17.29, indicating below-average volatility for European stock markets in the next 30 days, a positive signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.

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International57d ago

Ifo: Business Climate in German Residential Construction Sector Weakens in May

The business sentiment among Germany's residential construction companies deteriorated in May, following a decline in the previous month, amid a persistent state of uncertainty, the ifo Institute survey said Monday.The ifo business climate index for the sector declined to -29.3 points from -28.2 points in the previous month as companies saw a "somewhat worse" present situation despite a marginal improvement in expectations. Businesses, however, remained pessimistic over their future.Surveyed companies that reported "too few" orders fell to 42.2% from 43.8%, whereas cancellations of construction projects rose to 11.7% from 10.8%.

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International57d ago

Persian Gulf Outlook Lifts Wall Street Pre-Bell; Asian, Europe Higher

Wall Street futures pointed sharply higher pre-bell Monday, after oil prices declined on statements from Washington and Tehran that the Strait of Hormuz will re-open soon, as part of a larger peace plan.In the futures, the S&P 500 rose 1.2%, the Nasdaq inclined 2% and the Dow Jones was up 0.9%.West Texas Intermediate crude oil traded down 5.3% at $80.35, in morning hours.The VanEck Semiconductor Exchange-Traded Fund (SMH) traded up 3.6% pre-bell.Investors also look forward to the Federal Reserve's rate decision, slated for Wednesday following a two-day policy session. Markets expect no rate moves by the central bank.The national retail sales report for May is slated for a Wednesday am release.Asian exchanges traded sharply higher overnight, led by a 5% upsurge on Tokyo's Nikkei 225 index, as crude prices fell.European bourses tracked moderately north midday on the continent.On the economic calendar for Monday is the Empire State Manufacturing Index for June at 8:30 am ET, followed by the industrial production release for May at 9:15 am, and then the housing market index for June at 10 am.In pre-market action, bitcoin traded at $65,679, and 10-year US Treasuries offered 4.44%. Spot gold commanded $4,339 an ounce.

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International58d ago

India's Unemployment Rate Swells to 5.5% in May

India's official unemployment rate rose to 5.5% in May, according to the monthly Periodic Labour Force Survey (PLFS) bulletin released by the Ministry of Statistics and Programme Implementation (MoSPI) on Monday.The headline jobless rate compared with the 5.2% recorded in the previous month, driven by shifts across both rural and urban workforces.Urban unemployment fell to 6.4% from 6.6% in the prior month, while rural joblessness stood at 5.1%, versus 4.6% in April.The Labour Force Participation Rate edged down to 54.4% from 55%, while the Worker Population Ratio stood at 51.4%, versus 52.2% in April.

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International58d ago

India's Trade Deficit Narrows in May as Imports, Exports Rise

India's trade deficit fell to $28.21 billion in May from $28.38 billion in the previous month, according to government data on Monday.According to the Ministry of Commerce and Industry, merchandise exports increased to $45.20 billion from $43.56 billion, while imports jumped to $73.41 billion from $71.94 billion.

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International58d ago

Sinking Oil Prices Spur Asian Stock Markets Higher

Asian stock markets rallied on Monday following statements from Tehran and Washington that Persian Gulf hostilities may soon cease, and on resultant tumbling oil prices.Brent oil futures traded down 5.2% to $82.76 a barrel during Asian trading hours.Hong Kong, Shanghai, and Tokyo finished in the green, as did most other regional exchanges.In Japan, the Nikkei 225 opened higher and rose to the close, finishing up 5% as traders waded back into tech issues.The benchmark Nikkei 225 rose 3,297.46 to 69,317.50, striking a fresh all-time high, as gaining issues outnumbered losers 171 to 51.Leading the upside was semiconductor materials maker Taiyo Yuden, up 22.6%, while CyberAgent declined 5.1%.In economic news, Japan's tertiary (services) industry index increased 1.3% in April from March, and by 2.2% on the year, reported the Ministry of Economy, Trade and Industry.In Hong Kong, the Hang Seng Index opened higher and held ground, closing up 0.5% as tech-sector gains offset declines in oil and property shares.The broad gauge Hang Seng rose 124.57 to 24,842.67 as gaining issues outnumbered losers 52 to 41. The Hang Seng TECH Index gained 1.3% on the day, but the Mainland Properties Index fell 1.9%.Leading the upside was computer maker Lenovo, gaining 9.3%, while Aluminum Corporation of China declined 8.5%.On the mainland, the Shanghai Composite rose 1.6% to 4,096.47.On the other regional exchanges, the South Korean KOSPI rose 5.2%; the Taiwan TWSE advanced 2.8%; the Australian ASX 200 gained 1.2%; the Singapore Straits Times Index rose 1%, and the Thai Set was steady. In late trading in Mumbai, the Sensex was up 1%.The MSCI All Country Asia Pacific Index rose 2.9% on the day.

Hang SengNikkei 225Shanghai Composite

International58d ago

Market Chatter: Japan Farm Incomes Seen Falling 300 Yen Billion Under Proposed Consumption Tax Cut

A think tank warned that Japan's proposed 1% consumption tax on food could cut 800,000 small farms' annual income by over 300 billion yen, Nikkei Asia reported Monday.The average loss per farm would be about 400,000 yen, with the impact varying by size, according to Mitsubishi Research Institute, said the publication.Many of these farms are currently partially or fully exempt from remitting the 8% tax they collect on sales, so a rate cut would reduce their income rather than provide relief, the news daily said.The government, which is considering implementing the reduction from April 2027, plans to offer subsidies and financial support to affected farmers, the report said.The concern is that lower incomes could accelerate the trend of farmers leaving the industry altogether, it added.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Nikkei 225

International58d ago

Market Chatter: BOJ Poised for Largest Rate Hike in Decades as Governor Absent From Meeting

The Bank of Japan is poised to raise its key interest rate to a three-decade peak when its policy board convenes without Governor Kazuo Ueda present, Bloomberg News reported on Monday, citing its own survey.Most analysts surveyed by Bloomberg predict a quarter-point hike to 1% when the two-day gathering ends on Tuesday, the news wire said.Ueda, recently hospitalized for a liver-related infection, will submit written views to the board but will not participate in voting, the publication said.The central bank confirmed the unprecedented arrangement as policymakers move toward their highest benchmark since the mid-1990s, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Nikkei 225

International58d ago

Eurozone Records Trade Deficit in April

The euro area recorded a trade deficit of 1 billion euros in April, against the revised surplus of 4.9 billion euros in March, according to Eurostat data published Monday.The consensus estimate for the month was a surplus of 7.8 billion euros.Exports of goods to the rest of the world increased 5% year over year to 255.4 billion euros, while imports climbed 9.3% to 256.4 billion euros.

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International58d ago

Eurozone Monthly Industrial Production Up 0.1% in April

The euro area's industrial production rose 0.1% month over month in April, after a revised 0.4% increase in March, Eurostat data showed Monday.The consensus estimate for the month was a 0.3% gain.On a yearly basis, industrial production recorded a 0.3% climb, compared with the revised 2.8% drop earlier.

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International58d ago

Market Chatter: US, Iran Deal to End War Sparks Oil Selloff, Lifts Global Equities

The United States and Iran reached a framework agreement to end their conflict and reopen the Strait of Hormuz, triggering a more than 4% decline in Brent crude prices and lifting Asian stock markets, Reuters reported Monday.US President Donald Trump said the agreement includes reopening the Strait of Hormuz and ending the US blockade of Iranian ports. Broader talks on sanctions relief and Tehran's nuclear program are set to take place during a 60 day ceasefire period, according to the report.Pakistani Prime Minister Shehbaz Sharif, who helped mediate the talks, said the agreement calls for an immediate and permanent ceasefire, with a formal signing scheduled in Switzerland on Friday, Reuters added.Despite ongoing tensions involving Lebanon, Israeli Defense Minister Israel Katz said Israeli forces would remain in security zones in Lebanon, Syria and Gaza, and warned of a forceful response to any Iranian attack.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

International58d ago

Italian Trade Surplus Declines in April

Italy recorded a trade surplus of 4.29 billion euros in April, down from the revised surplus of 4.81 billion euros in March, according to data from statistics agency Istat published Monday.Analysts expected a trade surplus of 5.19 billion euros for the month.Seasonally adjusted exports fell 2.2% month over month, while imports declined 0.6%.

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International58d ago

Asia Week Ahead: Central Bank Decisions; Inflation; and Trade

The week ahead in Asia will be packed with a number of central bank decisions and macroeconomic data, with investors set to track the impact of the Middle East conflict on regional economies.The economic calendar starts quietly on Monday with services activity data from Japan, whole inflation figures from India and New Zealand's services PMI.Activity picks up Tuesday as the Reserve Bank of Australia and Bank of Japan announce policy decisions, while China releases a batch of closely watched activity indicators.Wednesday shifts the focus to trade, with Japan and Singapore due to report May figures.Thursday brings a cluster of central bank decisions from Taiwan, Indonesia and the Philippines, with New Zealand's first-quarter GDP and Thailand's trade data also on deck.Friday rounds out the week with inflation data from Japan and Malaysia, with New Zealand reporting trade numbers.Here's what to watch in the week ahead.MONDAY, June 14The week was off to a relatively light start with a handful of releases from India, New Zealand, and Japan.Japan released its tertiary industry activity index for April, a measure of change in the total value of services provided and consumed by the country's service sector.The index rose a seasonally adjusted 1.3% month on month, reversing from a 0.6% decline in the prior month and recording its first increase in three months.It also beat the Trading Economics forecast of a 0.5% increase.In New Zealand, the BusinessNZ Performance of Services Index fell to 47.5 in May from a downwardly revised 48.7 in April, marking a fourth straight month of contraction in the services sector. Trading Economics said the decline came as the Iran war weighed on business activity.India's annual wholesale price index (WPI)-based inflation rate rose to 9.68% year over year in May. The reading was higher than the consensus forecast of 9.10% tracked by Investing.com and compared with an 8.26% pace recorded in the prior month.Later Monday, India reports unemployment stats for May.TUESDAY, June 16Macro activity picks up Tuesday with central bank decisions scheduled in Australia and Japan, and a slew of monthly data from China.The Reserve Bank of Australia is expected to hold the official cash rate steady at 4.35%, according to a Trading Economics consensus.Economists at National Australia Bank said the latest decision would mark the end of the tightening cycle, with the next move likely down and now expected in the second quarter of 2027.In contrast, the Bank of Japan is forecasted to raise interest rates by 25 basis points to 1%, according to a Trading Economics consensus estimate.Bloomberg reported earlier June that the central bank was considering raising the policy rate amid high uncertainties over the Middle East conflict. Officials were expected to sift through as much data as possible until the last minute before making a final decision, though the decision to raise rates was unlikely to be unanimous, according to the report.China's industrial production and retail sales stats will also be in the news, alongside monthly unemployment and housing price data.Markets will review the figures to gauge how well the country's economy is faring amid the Middle East conflict. According to the Wall Street Journal, the data is likely to indicate overall improvement and economic resilience despite the macro headwinds.Hong Kong will report unemployment data the same day, while trade stats will be in focus in India and South Korea.In New Zealand, markets will await food inflation data which is expected to show "modest increases," according to CommBank.WEDNESDAY, June 17Focus shifts Wednesday to trade data from Singapore and Japan.Japan is expected to record a trade deficit of 564.6 billion yen in May, reversing from a 301.9 billion yen surplus a month earlier, according to a Trading Economics consensus.Wednesday will also bring the Reuters Tankan Index for June, a key gauge of Japanese business confidence, along with monthly machinery orders data.Meanwhile, Singapore's trade surplus is expected to narrow to $7 billion in May from $13.07 billion in April, according to Trading Economics. The city-state is also due to release monthly non-oil export data.A forward-looking report from Westpac capturing consumer confidence in New Zealand is also scheduled for Wednesday.THURSDAY, June 18Central banks across Taiwan, Indonesia and The Philippines will meet for interest rate decisions Thursday.Bank Indonesia will be in focus after it unexpectedly raised interest rates by 25 basis points earlier this month to support the rupiah.While some economists expect the central bank to deliver another 25 basis point hike, ING expects Bank Indonesia to hold rates steady and instead prioritize alternative measures to attract foreign capital inflows and stabilize the currency.The Philippines' central bank, Bangko Sentral ng Pilipinas, is widely expected to raise its benchmark rate by 25 basis points to 4.75% amid persistent inflationary pressure, according to a Trading Economics consensus.Meanwhile, Taiwan's central bank is expected to hold rates steady at 2%. ING said it will be monitoring the Central Bank of the Republic of China's press conference for clues on a possible rate hike in the third quarter.Elsewhere, New Zealand will report its first quarter gross domestic product growth rate. CommBank said it expects quarterly growth to reach 0.8%, shy of the Reserve Bank of New Zealand's 1% forecast.While the economy started 2026 with a decent moment, there will be "pockets of weakness" highlighting that economic recovery was a "bit patchy," CommBank said in a preview.Lastly, Thursday will feature Thailand's trade figures for May.FRIDAY, June 19The week rounds off with closely watched inflation data from Japan.According to ING, May's consumer prices could record a rise of 1.6% year on year, accelerating marginally from 1.4% in April. The subdued increase would reflect government measures, though price pressures are likely to broaden, ING said.Malaysia's headline inflation, also due the same day, is similarly expected to show a marginal rise to 2% year-on-year in May from 1.9% in April due to government fuel subsidies and stable food prices, the Wall Street Journal reported, citing DBS.Malaysia will additionally report monthly trade figures on Friday, while Macao will release monthly inflation data the same day.Trade figures from New Zealand will also feature Friday. According to a Trading Economics consensus, New Zealand's May trade surplus could narrow to NZ$875 million from NZ$1.92 billion a month earlier.South Korea's producer price inflation will also be among the highlights of the day.

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International58d ago

China Expects to Reach $20 Billion Bilateral Trade Target With Mongolia

China expects to reach its bilateral trade target of $20 billion with Mongolia this year, according to a Saturday press release from the Ministry of Foreign Affairs.This was one of the topics discussed during the meeting between Mongolian President Ukhnaagiin Khurelsukh and Chinese Foreign Minister Wang Yi in Ulaanbaatar.The ministry said Mongolia affirmed its adherence to the One China principle and agreed that Taiwan is an inseparable part of China.Mongolia assured that it will "not do anything to harm China's interests because of its relations with other countries", according to the ministry statement.

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International58d ago

Swiss Consumer Confidence Slightly Improves in May

Switzerland's consumer sentiment index rose to -38 points in May from -40 points earlier, according to data from the State Secretariat for Economic Affairs published Monday.The latest reading matched the consensus estimate for the month.In the previous year, the index stood at -37 points.

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International58d ago

India's Wholesale Inflation Quickens to 9.68% in May

India's annual wholesale price index (WPI)-based inflation rate rose to 9.68% year over year in May, according to data from the Ministry of Commerce and Industry released Monday.The reading was higher than the consensus forecast of 9.10% tracked by Investing.com and compared with an 8.26% pace recorded in the prior month.

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International58d ago

Swiss Monthly Producer, Import Prices Down 0.4% in May

Switzerland's monthly producer and import price index declined 0.4% in May, after a 0.8% gain in April, data from the country's Federal Statistical Office showed Monday.Analysts expected a 0.4% uptick for the month.On a yearly basis, Swiss producer and import prices were 1.8% lower, against the 2% drop earlier.

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International58d ago

Asia Week Ahead: Central Bank Decisions; Inflation; and Trade

ASX 200^BSEHang Seng^JKSEFTSE Bursa Malaysia KLCIKOSPINikkei 225Nifty 50^NZ50^PSEIM^SETShanghai Composite^STI^SZSETaiwan Weighted