1 hour ago
Japan’s factory activity growth slows for fifth straight month
Factory activity in Japan rose slightly in March, but remained in contraction territory for the fifth straight month. The preliminary figures of au Jibun Bank were displayed.
The manufacturing Purchasing Managers Index rose to 48.6 from 47.7 in February, the highest since March 2022.
A PMI value above 50 indicates expansion, while a value below 50 indicates contraction in growth.
However, Japan’s service sector estimate was 54.2 in March, slightly above February’s 54.0, the strongest figure since October 2013.
— Lim Hijie
7 hours ago
Treasury Secretary Yellen says emergency action to backstop banks could be used again if needed
Treasury Secretary Janet Yellen said on Thursday that federal emergency measures used to help customers of Silicon Valley Bank and Signature Bank can be used again if needed.
In written testimony before the House Appropriations Subcommittee, Yellen said, “We used important tools to act quickly to prevent contagion. And they are tools we can use again. .
“The strong actions we have taken will ensure that Americans’ deposits are safe,” she added. ”
Her comments come at a time when regulators aim to reassure customers and investors amid a banking crisis fueled by the shutdown of Silicon Valley Bank.
— Alex Haring, Christina Wilkie
2 hours ago
Japan’s core inflation slows from January peak
Japan’s core inflation rate eased to 3.1% y/y in February from a peak of 4.2% in January, government data showed on Friday.
The figure is in line with expectations of economists surveyed by Reuters.
Overall, national inflation is 3.3% compared to a year ago, lower than 4.3% in January.
The consumer price index for the economy, excluding fresh food and energy, also rose 3.5% year-on-year in the same month.
— Lee Ji-hye
2 hours ago
CNBC Pro: Reveals why a fund manager has never owned bank stocks and what he wants instead
After last week’s plunge, some investors are creeping into bank stocks, but fund manager Ian Mortimer is avoiding them.
In fact, he has never owned bank stock in any of his funds. He reveals why on his CNBC Pro Talks.
Pro subscribers can read more here.
2 hours ago
CNBC Pro: Wall Street downgrades European banks, telling them to buy stocks ‘in case markets go bad’
Wall Street downgrades European banks after sector stress led to an emergency merger of two of Switzerland’s biggest banks.
Two investments also upgraded another sector, designating 12 shares to own “in case the market goes bad.”
CNBC Pro subscribers can read more here.
— Ganesh Rao
13 hours ago
Unemployment claims are below expectations
Jobless claims fell unexpectedly last week, indicating that the labor market remains very tight.
Initial claims for unemployment insurance totaled 191,000 in the week ending March 18, below the estimated 198,000, the Labor Department reported Thursday. This was a decrease of 1,000 from the previous term.
Recurring bills running one week late increased by 14,000 to 1,694,000.
Stock market futures fell on the release of the data.
— Jeff Cox
12 hours ago
Tech stocks lead the market
Tech stocks outperformed on Thursday, with the Nasdaq 100 Index gaining more than 1.4%. Netflix was one of his top performers, up about 7%. Shares of Meta Platforms, Amazon, Alphabet and Microsoft also rose by more than 1%.
7 hours ago
Cryptocurrency prices recover Thursday afternoon
Cryptocurrency prices surged on Thursday as investors grew optimistic that the Federal Reserve’s rate hike campaign would end soon. Wall Street has also dispelled some concerns about the ongoing crisis in the banking system.
According to Coin Metrics, the price of Bitcoin rose more than 4% to $28,290.71. Ether traded at $1,822.50, he rose nearly 5%.
Crypto rose along with other risk assets. All three of the major stock indices he rose in the previous session, a day after he was induced by the Fed.
See full text here.
— Tanaya Machel, Ha Kyung Kim
8 hours ago
Energy is the biggest laggard in the S&P 500
S&P 500 Energy Sector 1 Day