Singapore March core inflation at 3.1% y/y

Fortune
The $34 trillion U.S. debt is nearly as big as the economy and there’s (still) no plan to fix it
Goldman Sachs, International Monetary Fund, and the Congressional Budget Office are the latest to warn it’s a looming problem.
INSIDER
China's true military spending in 2022 was likely worth $711 billion, or 'nearly equal' to the US military budget that year: US think tank
That's compared to a US military budget of around $742 billion that year, which was spread out across various theaters in the world.
Fortune
Analysts have long complained about fuzzy statistics from China. A proposed new statistics law shows Beijing is worried too
Economists and even Chinese officials have used their own pet statistics to better understand the world’s second-largest economy.
AFP News
US Federal Reserve keeps interest rates at 23-year high
The US Federal Reserve on Wednesday held interest rates steady for a sixth straight meeting, keeping the level at a 23-year high to fight stubborn price increases.For months, the US central bank has held its benchmark lending rate at a high level to cool demand and rein in price increases -- with a slowdown in inflation last year fueling optimism that the first cuts were on the horizon.
Reuters
Canada posts surprise trade deficit as gold exports fell in March
OTTAWA (Reuters) -Canada in March recorded a surprise trade deficit of C$2.28 billion ($1.66 billion), the largest in nine months, as exports declined faster than imports, data showed on Thursday. Total exports fell 5.3% in March mainly due to exports of unwrought gold declining from a record high reached in February, while imports were down 1.2%, led by electronics and metal ores and non-metallic minerals, Statistics Canada said. Analysts polled by Reuters had forecast a trade surplus of C$1.50 billion in the month.
Reuters
Weak US productivity could threaten Fed's 'soft landing' hopes
Weaker U.S. productivity gains in the first quarter may challenge the Federal Reserve's efforts to finish its inflation fight without a painful rise in unemployment, potentially stalling progress on prices absent a further economic slowdown. A jump last year in how much workers produce helped the economy grow fast and hiring remain strong while inflation fell nonetheless. Data for the first three months of 2024, however, showed worker productivity rose at a 0.3% annual pace, compared to increases of more than 3% in the prior three quarters.
INSIDER
The Fed once again holds interest rates steady — with cuts expected later this year
The Federal Reserve announced interest rates will remain unchanged, staying in line with Powell's remarks that more data is needed before any cuts.
Reuters
Japan's FX intervention signals 160 yen line in the sand, says ex-official
Japanese authorities likely intervened in the currency market to signal they see 160 yen to the dollar as their line in the sand, Columbia University academic and former finance ministry executive Takatoshi Ito told Reuters on Thursday. "Intervention is effective if conducted in a timely manner," said Ito, who is an associate of former Bank of Japan Governor Haruhiko Kuroda and retains close contact with current Japanese policymakers. Japanese authorities are suspected of having stepped into the foreign exchange market at least twice this week to prevent sharp and economically debilitating declines in the yen.
Reuters
US labor market still tight; productivity falters in first quarter
WASHINGTON (Reuters) -The number of Americans filing new claims for unemployment benefits held steady at a low level last week, pointing to a still fairly tight labor market that should continue to underpin the economy in the second quarter. Economists largely shrugged off other data from the Labor Department on Thursday showing growth in worker productivity almost stalled in the first quarter, noting that the trend in productivity remained solid. At face value, the sharp slowdown in productivity and accompanying surge in labor costs would raise concerns about inflation pressures building up as well as profit margins being squeezed, which would impact demand for labor.
Reuters
WRAPUP 3-US job gains fewest in six months; unemployment rate rises to 3.9%
U.S. job growth slowed more than expected in April and the increase in annual wages fell below 4.0% for the first time in nearly three years, but it is probably too early to expect that the Federal Reserve will start cutting interest rates before September as the labor market remains fairly tight. The Labor Department's closely watched employment report on Friday also showed the unemployment rate rising to 3.9% from 3.8% in March amid rising labor supply. Financial markets boosted the odds of a September rate cut and saw the U.S. central bank reducing borrowing costs twice this year instead of only once before the data.
Reuters
Yen higher after suspected intervention
The yen gained on Thursday, following a sudden rally late on Wednesday that traders and analysts attributed to intervention by Japanese authorities, while the dollar was broadly lower before key jobs data on Friday. The sharp move in the yen on Wednesday came in a quiet period for markets after Wall Street had closed, and hours after the U.S. Federal Reserve had wrapped up its policy meeting. Fed Chair Jerome Powell confirmed the central bank's expectation to cut rates, but acknowledged such a move would come later than expected due to stubbornly high inflation.
Reuters
FOREX-Dollar drops as employers add fewer jobs than expected in April
The dollar fell to a three-week low against the yen on Friday after data showed that U.S. job growth slowed more than expected in April and annual wage gains cooled, boosting bets that the Federal Reserve will cut rates two times this year. The unemployment rate rose to 3.9% from 3.8%, still staying below 4% for the 27th straight month. “The data's soft across the board from the Fed's perspective," said Jason Pride, chief of investment strategy and research at Glenmede in Philadelphia.
Reuters Videos
Euro zone factory downturn takes turn for worse
STORY: The downturn in euro zone factory activity deepened in April.The closely watched manufacturing Purchasing Managers' Index fell to 45.7 in April from 46.1 in March.It was the 22nd month in a row below the key 50 mark separating growth from contraction.The sector endured falling demand despite factories cutting prices.But the decline was inconsistent across the bloc.The situation got worse in France and Italy, but the sector moved closer to expanding in powerhouse Germany.Spain did particularly well - as activity expanded at its fastest rate in almost two years due to higher demand.An index measuring output rose slightly.But it does not look like an immediate turnaround is coming, as the new orders index fell to a four-month low.Factories depleted stockpiles of both purchased and final goods, and cut the size of their workforce for an eleventh month.Manufacturers also reduced prices again, fueling belief that the European Central Bank will reduce borrowing costs in June.The bloc's economy recovered last quarter from a mild recession.Official data out earlier in the week showed it expanded 0.3% quarter-on-quarter over January-March.
USA TODAY
Jobs report today: Employers added 175,000 jobs in April, unemployment rises to 3.9%
U.S. employers added 175,000 jobs in April. Unemployment rose to 3.9%
Reuters
CORRECTED-WRAPUP 2-Weaker US jobs data soothes Fed worries of renewed overheating
Federal Reserve officials, buffeted by concerns the economy might again overheat, got relief on Friday when jobs data for April showed a marked cooling in wage growth and a pace of hiring in line with levels seen before the COVID-19 pandemic. The gain of 175,000 payroll jobs last month was the lowest since October of 2023, while the 3.9% annual change in average hourly earnings was the smallest since May of 2021 and continued what has been a steady decline towards the mid-3% range which policymakers feel is consistent with their 2% inflation target. It was still a "solid" report in terms of the numbers of jobs generated, said Chicago Fed President Austan Goolsbee, but more like the type of employment growth seen before the COVID-19 pandemic and therefore a boost to confidence that the economy is not again overheating.
Reuters
Euro zone bond yields headed for weekly fall after Powell comments, await US data
Euro zone yields dropped on Friday ahead of U.S. jobs data and were headed for a weekly fall after Federal Reserve Chair Jerome Powell suggested rate cuts remained on the table, soothing fears of a possible hike by the U.S. central bank. Money markets are pricing in 70 basis points (bps) of European Central Bank monetary easing in 2024 , and 39 bps for the Fed. Germany's 10-year bond yield, the benchmark for the euro zone, fell 2.5 bps to 2.53% and was set to end the week 5 bps lower.
Reuters
GLOBAL MARKETS-Investors bet weaker U.S. payrolls spur more Fed rate cuts
Global shares rose on Friday as investors bet that news of slower-than-expected U.S. non-farm payrolls jobs growth would give the Federal Reserve more reason to cut interest rates later in the year. U.S. interest rate futures priced in two cuts of 25 basis points apiece this year, perhaps starting in September, compared with just one cut being forecast before the jobs numbers were released ahead of Wall Street's opening bell. The data also sent U.S. stock futures sharply higher, building on an already bullish mood after news of Apple's record $110 billion share buyback.
CNN Business
The US economy added just 175,000 jobs last month and unemployment rose to 3.9%
US job growth slowed considerably last month, with just 175,000 positions added in April, according to Bureau of Labor Statistics data released Friday.
Reuters
UPDATE 1-Japan's FX intervention signals 160 yen line in the sand, says ex-official
Japanese authorities likely intervened in the currency market to signal they see 160 yen to the dollar as their line in the sand, Columbia University academic and former finance ministry executive Takatoshi Ito told Reuters on Thursday. "Intervention is effective if conducted in a timely manner," said Ito, who is an associate of former Bank of Japan Governor Haruhiko Kuroda and retains close contact with current Japanese policymakers. Japanese authorities are suspected of having stepped into the foreign exchange market at least twice this week to prevent sharp and economically debilitating declines in the yen.
Reuters
Oil prices fall, head for steepest weekly drop in three months
NEW YORK (Reuters) -Oil prices edged lower on Friday, on course for their steepest weekly loss in three months, as investors weighed weaker-than-expected U.S. jobs data and the timing of a Federal Reserve interest rate cut. Brent crude futures for July were down 29 cents, or 0.35%, to $83.38 a barrel at 11:30 a.m EDT (1530 GMT). Both benchmarks are set for weekly losses as investors are concerned that higher-for-longer interest rates will curb economic growth in the U.S., the world's leading oil consumer, as well as in other parts of the world.

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Singapore March core inflation at 3.1% y/y

Latest stories

The $34 trillion U.S. debt is nearly as big as the economy and there’s (still) no plan to fix it

China's true military spending in 2022 was likely worth $711 billion, or 'nearly equal' to the US military budget that year: US think tank

Analysts have long complained about fuzzy statistics from China. A proposed new statistics law shows Beijing is worried too

US Federal Reserve keeps interest rates at 23-year high

Canada posts surprise trade deficit as gold exports fell in March

Weak US productivity could threaten Fed's 'soft landing' hopes

The Fed once again holds interest rates steady — with cuts expected later this year

Japan's FX intervention signals 160 yen line in the sand, says ex-official

US labor market still tight; productivity falters in first quarter

WRAPUP 3-US job gains fewest in six months; unemployment rate rises to 3.9%

Yen higher after suspected intervention

FOREX-Dollar drops as employers add fewer jobs than expected in April

Euro zone factory downturn takes turn for worse

Jobs report today: Employers added 175,000 jobs in April, unemployment rises to 3.9%

CORRECTED-WRAPUP 2-Weaker US jobs data soothes Fed worries of renewed overheating

Euro zone bond yields headed for weekly fall after Powell comments, await US data

GLOBAL MARKETS-Investors bet weaker U.S. payrolls spur more Fed rate cuts

The US economy added just 175,000 jobs last month and unemployment rose to 3.9%

UPDATE 1-Japan's FX intervention signals 160 yen line in the sand, says ex-official

Oil prices fall, head for steepest weekly drop in three months