July 14, 2024

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Asian markets mostly fell as investors weighed Yellen’s remarks on banks

Asian markets mostly fell as investors weighed Yellen’s remarks on banks

29 minutes ago

Factory and services activity in Australia is expected to contract in March

Service and factory activity in Australia is expected to fall into contraction territory in March, According to Juno Bank estimates.

The manufacturing PMI in March came in at 48.7, while the services PMI came in at 48.2, down from 50.5 and 50.7 in February, respectively.

A PMI above 50 shows an expansion, while a reading below 50 indicates a contraction in growth.

The bank noted that weak demand led to lower business activity. This was due to rising interest rates, persistent inflation and weak economic conditions, which affected new business for both Australian goods and services.

– Lim Hwi Ji

one hour ago

Factory activity growth in Japan continued to contract for five consecutive months

Japanese factory activity for the month of March rose slightly, but remained in contraction territory for the fifth consecutive month. Show a quick estimate from au Jibun Bank.

The manufacturing PMI rose to 48.6 from 47.7 in February, its first rise since March 2022.

A PMI reading above 50 indicates expansion, while a reading below 50 indicates contraction in growth.

But the estimate for Japan’s services sector came in at 54.2 for March, just above a reading of 54.0 for February, and the strongest reading since October 2013.

– Lim Hwi Ji

7 hours ago

Treasury Secretary Yellen says the emergency measures to support banks could be used again if needed

Treasury Secretary Janet Yellen said Thursday that federal emergency measures used to support Silicon Valley bank and signature bank customers could be used again if needed.

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“We used important tools to act quickly to prevent infection. And they are tools we can use again,” Yellen said in her written testimony before the House Appropriations Subcommittee.

“The strong measures we have taken ensure that Americans’ deposits are safe,” she added. Certainly, we will be ready to take additional measures if needed.”

Her comments come as regulators aim to reassure customers and investors in the midst of a banking crisis promoted by the Silicon Valley bank’s closure.

Alex Haring and Christina Wilkie

3 hours ago

Japan’s core inflation rate has fallen from its January peak

Government data on Friday showed that Japan’s core inflation reading eased from January’s high of 4.2% to 3.1% year-on-year in February.

The reading matched expectations of economists polled by Reuters.

Overall, inflation nationwide was at 3.3% for the month compared to a year ago, which is also lower than the January version of 4.3%.

The consumer price index for the economy, excluding fresh food and energy, rose 3.5% year-on-year.

– Jihe Lee

3 hours ago

CNBC Pro: Why a fund manager has never owned a bank stock — and reveals what he’s looking for instead

Some investors are starting to return to bank stocks after last week’s sell-off, but fund manager Ian Mortimer is clearly on the move.

In fact, he never owned a bank stock in any of his funds. Reveals why on CNBC Pro Talks.

Professional subscribers can read more here.

3 hours ago

CNBC Pro: Wall Street downgrades European banks, naming stocks to buy ‘if markets falter’

14 hours ago

Unemployment claims come in below expectations

Unemployment claims unexpectedly fell last week, indicating a still very tight job market.

The Labor Department reported Thursday that the initial filing for unemployment insurance came in at 191,000 for the week ended March 18, down from estimates of 198,000. This was a decrease of 1,000 from the previous period.

Continuing claims, which were a week late, rose by 14,000 to 1.694 million.

Stock market futures fell after the data was released.

– Jeff Cox

13 hours ago

Technology stocks lead the market higher

Technology stocks outperformed Thursday, with the Nasdaq 100 up more than 1.4%. Netflix was among the best performers, jumping nearly 7%. Meta Platforms, Amazon, Alphabet and Microsoft shares also jumped more than 1%.

8 hours ago

Cryptocurrency prices rebounded Thursday afternoon

Cryptocurrency prices jumped on Thursday as investors became optimistic that the Federal Reserve’s interest rate hike campaign will end soon. Wall Street also gave up some of its concerns about the ongoing crisis in the banking system.

Bitcoin rose more than 4% to $28,290.71, as measured by Coin. Ether added nearly 5% to trade at $1,822.50.

Cryptocurrencies rose along with other risky assets. All three major stock indices were higher on the day after the Fed’s sell-off in the previous session.

Find out the full story here.

– Tanaya Machel, Hakyung Kim

8 hours ago

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Energy is the biggest lag behind the S&P 500

see chart…

S&P 500 energy sector one day