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Atlanta Fed US Q1 GDP Nowcast Estimate Unrevised From Previous 1.2% Gain

US March Advance Trade Gap Slightly Smaller Than Expected, Inventories Up

The US advance international trade in goods deficit widened to $87.87 billion in March from $83.49 billion in February, according to data released by the US Census Bureau.This was a slightly smaller gap than the $88.0 billion deficit expected in a survey compiled by Bloomberg.Exports rose by 2.5% in March while imports were up by 3.3%.In the same report, wholesale inventories rose by 1.4% in March after a 0.9% increase in February. Analysts polled by Bloomberg expected wholesale inventories to increase by 0.4%.Retail inventories were up 0.7% in March following a 0.3% increase in the previous month. This was a larger increase than the 0.1% gain expected by analysts. Excluding a 1.2% increase in motor vehicle inventories, retail inventories were up 0.5% in the month.

International56d ago

March US Housing Starts Jump, Permits Decline, Completions Up

March housing starts jumped by 10.8% from the previous month to a 1.502 million annual rate after a decrease to a 1.356 million pace in February, well above the 1.38 million rate expected in a survey compiled by Bloomberg as of 7:40 am ET.Building permits plunged by 10.8% to a 1.372 million rate in March, below the 1.39 million rate expected and following an increase to a 1.538 million rate in February. Homes permitted but not started also decreased, so the outlook is pessimistic for a starts gain next month.Home completions rose by 0.1% to a 1.366 million rate after a 6.3% decline in the previous month. Completions were down 12.8% year-over-year.

International56d ago

March US Durable Goods New Orders Post Larger-Than-Expected Gain

New orders for US durable goods rose by 0.8% in March following a decline of 1.2%, above expectations for a 0.5% increase in a survey compiled by Bloomberg.Excluding a 0.8% increase in transportation orders, new orders would have been up 0.9% in March after a 1.2% increase in January. Expectations were for a 0.4% gain.Durable goods shipments increased by 0.7% after a 1.6% increase in February. Excluding transportation, shipments were up 0.7% after a 1.4% jump in the previous month.Nondefense capital goods new orders excluding aircraft rose by 3.3% in the month, while shipments increased by 1.2%.

International56d ago

Ifo Indicator for German Companies Planning Price Increases Surge in April Amid Middle East Conflict

The number of German companies planning to pass on rising energy costs to customers rose to a more than three-year high in April over the Iran war's impact on prices, the ifo Institute said Wednesday.Month over month, the indicator for price expectations rose to 31.6 points from 25.5, representing the highest level since the first month of 2023. The indicator tracks the percentage of companies that plan to hike prices on balance.Sector-wise, price expectations from manufacturing, energy-intensive companies, chemicals and consumer-related all surged, while that for energy-intensive companies also increased, albeit at a slower rate.

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International56d ago

March US Advance Retail Inventories Rise 0.7% Vs. Expected 0.1% Gain, Prior 0.3% Gain

International56d ago

March US Advance Wholesale Inventories Rise 1.4% Vs. Expected 0.4% Gain, Prior 0.9% Gain

International56d ago

March US Advance Goods Trade Deficit $87.87 Bln Vs. Expected $88 Bln, Prior $83.49 Bln

International56d ago

March US Durable Goods Orders Ex-Transportation Rise 0.9% Vs. 0.4% Gain Expected, Prior 1.2% Gain

International56d ago

March US Durable Goods New Orders Rise 0.8% Vs. 0.5% Gain Expected; Prior 1.2% Decline

International56d ago

March US Building Permits 1.372 Million Rate Vs. Expected 1.39 Million, Prior 1.538 Million

International56d ago

March US Housing Starts 1.502 Million Rate Vs. Expected 1.38 Million, Prior 1.356 Million

International56d ago

German Flash Annual Inflation Rises to 2.9% in April

Germany's annual inflation rate rose to 2.9% in April from 2.7% in March, according to provisional data from the country's Federal Statistical Office published Wednesday.The latest reading is below the consensus estimate of 3%.On a monthly basis, consumer prices were 0.6% higher, against the previous 1.1% increase and the expected 0.7% rise.The annual harmonized inflation rate was 2.9%, compared with the prior 2.8% and the market forecast of 3.1%. Meanwhile, harmonized consumer prices were up 0.5% month over month, against the previous reading of a 1.2% gain and the expected 0.8% rise.

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International56d ago

Oil Outlook Damps European Bourses Midday

European bourses tracked moderately lower midday Wednesday as traders weighed still-rising oil prices amid an apparent stalemate regarding the opening of the Strait of Hormuz.Front-month North Sea Brent crude-oil futures were up 2.9% at $107.47 a barrel.Oil and tech stocks led gains on continental trading floors, while food and property shares lagged.UBS shares were up 5.4% midday after the company reported higher Q1 earnings and revenue.Investors also eyed Wall Street futures inching into the green amid uneven gains overnight on Asian exchanges.In economic news, the consumer confidence for the euro area declined to a negative 20.6 in April from a negative 16.4 in March, the European Commission reported. In the broader European Union, the index dropped to negative 19.4 from negative 15.4.The pan-continental Stoxx Europe 600 Index was off 0.3% mid-session.The Stoxx Europe 600 Technology Index was up 0.7%, and the Stoxx 600 Banks Index was flat.The Stoxx Europe 600 Oil and Gas Index advanced 0.7%, while the Stoxx 600 Europe Food and Beverage Index declined 0.7%.The REITE, a European REIT index, fell 1.2%.On the national market indexes, Germany's DAX was down 0.2%, and the FTSE 100 in London lost 0.8%. The CAC 40 in Paris was down 0.6%, and Spain's IBEX 35 eased 0.6%.Yields on benchmark 10-year German bonds were higher, near 3.07%.The Euro Stoxx 50 volatility index was down 0.6% at 23.62, 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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International56d ago

US Dollar Rises Early Wednesday Ahead of Busy Data Schedule, FOMC Meeting

The US dollar rose against its major trading partners early Wednesday, except for a decline versus the Canadian dollar, ahead of a series of economic releases in the morning and the Federal Open Market Committee policy statement in the afternoon.Durable goods orders, housing starts, and advance trade data, all for March, are due to be released at 8:30 am ET.Weekly petroleum stocks data are due to be released at 10:30 am ET, and the Atlanta Federal Reserve is expected to update its GDP nowcast estimate around midday.The FOMC is expected to hold its target rate steady in its post-meeting statement at 2:00 pm ET, followed by Fed Chairman Jerome Powell's press conference at 2:30 pm ET. The CME FedWatch shows a 100% chance of no rate change being priced into the markets.Earlier Wednesday, the Mortgage Bankers Association reported that mortgage applications declined in the week ending April 24 after a large increase in the previous week, as mortgage rates rose slightly.A quick summary of foreign exchange activity heading into Wednesday:EUR/USD fell to 1.1705 from 1.1710 at the Tuesday US close but was above a level of 1.1694 at the same time Thursday morning. Eurozone consumer confidence and business sentiment both declined in April, while the Eurozone money supply expanded in March, according to data released earlier Wednesday. The next European Central Bank meeting is scheduled for Thursday, when no change in the target rate is expected.GBP/USD fell to 1.3510 from 1.3516 at the Tuesday US close but was above a level of 1.3484 at the same time Tuesday morning. There are no UK data on Wednesday's schedule. The next Bank of England meeting is scheduled for Thursday, when no change in the target rate is expected.USD/JPY rose to 159.7876 from 159.6661 at the Tuesday US close and 159.6369 at the same time Tuesday morning. There were no Japanese data released overnight. The next Bank of Japan meeting is scheduled for June 15-16.USD/CAD fell to 1.3681 from 1.3687 at the Tuesday US close but was above a level of 1.3662 at the same time Tuesday morning. The Bank of Canada is expected to maintain its target rate in its announcement at 9:45 am ET. There are no Canadian data on Wednesday's schedule.

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International56d ago

Tech Optimism Lifts Wall Street Pre-Bell; Asia Mixed, Europe Off

Wall Street futures pointed modestly higher pre-bell Wednesday after a strong Seagate Technology (STX) earnings report, released overnight, signaled AI demand boom for data storage tech continues.In the futures, the S&P 500 rose 0.1%, the Nasdaq inclined 0.3% and the Dow Jones was marginally up.Seagate Technology shares traded up 17.6% pre-bell after the data storage device maker reported better-than-expected fiscal Q3 non-GAAP EPS and revenue, and issued upbeat guidance late Tuesday.Peer data storage enterprises also gained pre-bell, including Western Digital (WDC), up 10.7%, and SanDisk (SNDK), up 7.3%.Tech titans Alphabet (GOOG, GOOGL), Microsoft (MSFT), Amazon.com (AMZN) and Meta Platforms (META) are slated to report earnings after-bell.Traders also await the 2 pm ET rate announcement from the Federal Reserve, although the CME Group Fedwatch tool predicts a 100% chance the central bank will hold steady. Chair Jerome Powell's 2:30 pm press conference will be parsed for clues to Fed mood.Asian exchanges were mixed overnight, with Seoul's KOSPI Index striking a fresh all-time zenith. European bourses edged lower midday on the continent.On the economic calendar at 8:30 am ET is the durable goods orders bulletin for March, the housing starts and building permits bulletins for March, the international trade in goods release for March, and the retail and wholesale inventories reports for March.The weekly EIA petroleum status report posts at 10:30 am.The Atlanta Federal Reserve Survey of Business Uncertainty for April logs at 11 am.In premarket action, Bitcoin traded at $77,846, West Texas Intermediate crude oil traded up 3.5% at $103.40, and 10-year US Treasuries offered 4.36%. Spot gold commanded $4,567 an ounce.

Dow JonesNasdaq CompositeS&P 500$AMZN$GOOG$META$MSFT$STX

International56d ago

MBA US Mortgage Applications Fall in Week Ended April 24; Mortgage Rates Slightly Higher

Mortgage applications fell by 1.6% in the week ended April 24 after a 7.9% gain in the previous week, with average 30-year fixed mortgage rates slightly higher, according to Mortgage Bankers Association data released Wednesday.Applications for refinancing loans fell by 4%, while new purchase applications rose by a seasonally adjusted 1%.The average contract interest rate for 30-year fixed mortgages with loan balances of $832,750 or less rose to 6.37% from 6.35% in the previous week."After a brief pause, in part because of the elevated geopolitical uncertainties, potential homebuyers certainly appear to be moving forward this spring and taking advantage of the more favorable inventory conditions in most parts of the country," said Mike Fratantoni, MBA's senior vice president and chief economist.

International56d ago

MBA US Mortgage Applications Fall 1.6% in Week Ended April 24 After 7.9% Increase in Prior Week

International56d ago

CRIF: Taiwan's Exports Expected to Hit About $861 Billion in 2026

Taiwan's exports are projected to surge to as high as $860.6 billion in 2026, driven by strong AI-related demand, according to CRIF estimates released Tuesday.The outlook comes after exports reached a record $195.74 billion in the first quarter, soaring 51.1% from the same period a year earlier, and far exceeding earlier government forecasts.March shipments alone hit an all-time high of $80.18 billion, up 61.8% annually. This marks the first time monthly exports surpassed the $80 billion threshold.Growth was mainly powered by electronics, with semiconductor-related components and ICT products posting exceptional gains, while traditional sectors such as textiles and metals continued to lag.ICT and audiovisual exports more than doubled in the first quarter, while electronic components rose 42.7%, driven by high AI demand.CRIF said that despite global uncertainties, including weaker global trade forecasts, Taiwan's export momentum is expected to remain resilient on continued technology sector strength.

Taiwan Weighted

International56d ago

Property, Tech Sectors Undergird Asian Stock Markets

Asian stock markets somewhat shrugged off Middle East turmoil, with tech shares rising on earnings outlooks, and China property issues gaining after a Beijing report indicated the struggling sector may be firming.Exchanges in Japan were closed on holiday.Hong Kong and Shanghai finished in the green, while other regional exchanges were uneven.In Hong Kong, the Hang Seng Index opened higher and rose to the close, finishing up 1.7% in a property-sector-led rally.The broad gauge Hang Seng rose 432.06 to 26,111.84, as gaining issues outnumbered losers 77 to 13. The Hang Seng TECH Index gained 1.7% on the day, while the Mainland Properties Index rose 4.5%.Leading the upside was China Overseas Land, gaining 8.9%, while pork purveyor WH Group declined 5.8%.On the mainland, the Shanghai Composite rose 0.7% to 4,107.51.In economic news, China's housing markets are showing signs of recovery, with transaction volumes in major cities rising in March and price declines shrinking, "indicating a gradual return of buyer confidence and improving market liquidity," reported the official State Council Information Office.On the other regional exchanges, the S. Korean KOSPI rose 0.8%; the Taiwan TWSE declined 0.5%; the Australian ASX 200 declined 0.3%; the Singapore Straits Times Index fell 0.6%, and the Thai Set inclined 0.8%. In late trading in Mumbai, the Sensex was up 0.8%.MSCI All Country Asia Pacific Index rose 0.1%.

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International56d ago

US Dollar Rises Early Wednesday Ahead of Busy Data Schedule, FOMC Meeting

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