Boston Federal Reserve President Susan Collins said on Friday that wherever the U.S. central bank stops with its interest rate rises, maintaining that level for some time will be critical in helping to lower high inflation back to the 2% target.
* U.S. inflation cools in February. * Two-year U.S. Treasury yield set for biggest monthly drop since 2008. * S&P 500 on track for back-to-back quarterly gains. By Chuck Mikolajczak.
Argentina's central bank dollar sell-off is set to end March at the fastest monthly pace since late 2019, according to official data and traders, underscoring the precarious position for the indebted country as drought hits its vital grains exports. The bank will end the month having sold $1.9 billion in foreign currency to meet payments and prop up the embattled peso currency's crawling peg.
Ecuador's central bank on Friday cut the Andean country's economic growth forecast for the year to 2.6%, from 3.1%, citing the impact of reduced oil exports, and said economic growth in 2022 was 2.9% Protests, an earthquake, and damage to infrastructure have all weighed on Ecuador's oil operations this year, with the country's energy ministry cutting its oil production forecast for 2023 by 8%. ...
* February PCE growth slows. * Rate-sensitive stocks lead gains. * Micron down as China to launch cybersecurity review. * Indexes up: Dow 0.74%, S&P 0.85%, Nasdaq 1.09% By Amruta Khandekar and Ankika Biswas.
* Drop in euro zone, U.S. inflation data bolsters market mood. * Two-year Treasuries enjoy biggest monthly rally since 2008. * Euro up 3% this month, yen 2.5% higher, gold surges 8% By Chuck Mikolajczak.
European Central Bank: * ECB CONCLUDES ASSET QUALITY REVIEWS OF CRELAN, CITADELE BANKA, GOLDMAN SACHS AND MORGAN STANLEY. * ASSET QUALITY REVIEWS CARRIED OUT AFTER BANKS CLASSIFIED AS SIGNIFICAN. * ECB - NO CAPITAL SHORTFALLS IDENTIFIED. * ECB - BANKS EXPECTED TO ADDRESS FINDINGS Further company coverage:
- U.S. consumer sentiment fell for the first time in four months in March as consumers worried increasingly that a recession is coming, although the turmoil in the banking system has yet to resonate extensively among American households, a survey released on Friday showed.
* First Quantum up on JV to develop Peru copper project. * Rogers Communications (RCIAF) down after billion-dollar deal nod. * Jan GDP up 0.5% vs. est. of 0.3% * TSX up 0.6% By Johann M Cherian. March 31 - Canada's main stock index edged up on Friday as investor sentiment gained steam after data showed the domestic economy grew more than expected in January.
The dollar pared gains against the euro on Friday after U.S. data showed personal consumption expenditure growth slowed in February, supporting hopes of a softer monetary policy approach from the Federal Reserve.
* Key U.S. inflation gauge slightly below expectations. * All precious metals set to gain in March. By Bharat Gautam and Deep Kaushik Vakil. Gold prices were on track for a second straight quarterly rise on Friday, as growing bets that the U.S. Federal Reserve will slow the pace of interest rate hikes drew investors to the metal.
* Consumer spending increases 0.2% in February. * Core PCE price index rises 0.3%; up 4.6% year-on-year. * Income climbs 0.3%; saving rate jumps to 4.6% from 4.4% By Lucia Mutikani. U.S. consumer spending rose moderately in February, and while inflation cooled, it remained high enough to possibly allow the Federal Reserve to raise interest rates one more time this year.
Canada's main stock index edged up on Friday after data showed the domestic economy had grown more than expected in January, boosting investor confidence, and Rogers Communications also surged post a government nod for its billion-dollar deal. At 9:33 a.m. ET, the Toronto Stock Exchange's S&P/TSX composite index was up 121.11 points, or 0.61%, at 20,062.1.
-Federal Reserve policymakers may take some comfort from data on Friday showing a key gauge of inflation cooling in February, but it's far from clear if it marks enough headway for U.S. central bankers to end their year-long campaign to hike interest rates.
Russia's economy is set for a shallower contraction this year than previously thought, a Reuters poll showed on Friday, but above-target inflation will prevent the central bank from trimming its key rate, squeezing growth prospects.
Wall Street's main indexes opened higher on Friday after data showed inflation slowed in February, supporting hopes of a softer monetary policy approach from the Federal Reserve.
* Canadian dollar weakens 0.1% against the greenback. * Touches its strongest since Feb. 21 at 1.3508. * Canadian GDP rises 0.5% in January. * Canadian bond yields trade mixed across curve.
U.S. consumer spending rose moderately in February, likely payback after surging the prior month, and while inflation showed signs of cooling it remained elevated, which could see the Federal Reserve raising interest rates one more time this year. The personal consumption expenditures price index increased 0.3% last month after accelerating 0.6% in January.
U.S. consumer spending rose moderately in February, and while inflation cooled, it remained high enough to possibly allow the Federal Reserve to raise interest rates one more time this year. The slowdown in consumer spending reported by the Commerce Department on Friday followed the largest increase in nearly two years in January.
* February PCE growth slows. * Virgin Orbit (VORB) announces layoff plans, shares tank. * Futures up: Dow 0.37%, S&P 0.28%, Nasdaq 0.14% By Amruta Khandekar and Ankika Biswas. March 31 - Wall Street's main indexes were set to open higher on Friday after data showed inflation slowed in February, supporting hopes of a softer monetary policy approach from the Federal Reserve.
The dollar pared gains against the euro on Friday after U.S. data showed personal consumption expenditure growth slowed in February, supporting hopes of a softer monetary policy approach from the Federal Reserve. The euro was 0.17% lower at $1.08855 after the data.
The Canadian economy grew more than expected in January and is seen expanding further in February, data showed on Friday, results that are likely to fuel concern by the central bank that inflation has yet to be fully tamed. The economy gained by 0.5% in January, ahead of analysts' forecasts of a 0.3% rise, after contracting 0.1% in December, Statistics Canada said.
U.S. Treasury yields dipped and the closely watched inversion between two-year and 10-year yields narrowed after data showed that core inflation came in below expectations in February.
U.S. consumer spending rose moderately in February, likely payback after surging the prior month, and while inflation showed signs of cooling it remained elevated, which could see the Federal Reserve raising interest rates one more time this year. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 0.2% last month, the Commerce Department said on Friday.
Futures tracking Wall Street's main indexes extended gains on Friday after data showed personal consumption expenditure growth slowed in February, supporting hopes of a softer monetary policy approach from the Federal Reserve.
Brazil's jobless rate rose to 8.6% in the three months through February, statistics agency IBGE said on Friday, slightly below market expectations of 8.7%. The data showed a 0.5% growth in unemployment compared with the three previous months, IBGE said.
The euro was
heading for its best week since mid-January on Friday after
inflation data left markets positioned for more rate rises in
the euro zone than in the United States, while the dollar ...
- Canada's main stock index edged up on Friday as investor sentiment gained steam after data showed the domestic economy grew more than expected in January. Rogers Communications reversed earlier gains and fell 1.0% after its C$20 billion bid for Shaw Communications Inc was cleared by the Canadian government, making it the country's No. 2 telecoms firm.
Futures tracking Canada's main stock index were muted on Friday as investors remained cautious ahead of domestic economic growth data and key U.S. inflation numbers. Contracts tied to gold prices were also little changed and precious and base metal prices remained subdued as markets awaited U.S. personal consumption expenditures data, due at 8:30 a.m. ET.
OPEC oil output fell in March due to oilfield maintenance in Angola and a halt in some of Iraq's exports, a Reuters survey found on Friday, adding to the impact of strong adherence by top producers to a supply cut deal by the wider OPEC+ alliance.
Brazil's government debt as a share of gross domestic product grew to 73% in February, from 72.5% in January, central bank data showed on Friday. The Brazilian public sector posted a primary deficit of 26.453 billion reais for the month, below the 30 billion reais shortfall expected by economists polled by Reuters.
* February PCE data due at 8:30 am ET. * Virgin Orbit (VORB) announces layoff plans, shares tank. * Futures mixed: Dow up 0.23%, S&P up 0.19%, Nasdaq flat. By Amruta Khandekar and Ankika Biswas. March 31 - U.S. stock index futures were mixed on Friday as investors awaited inflation data for cues on the Federal Reserve's monetary policy path amid receding fears of a banking crisis.
A look at the day ahead in U.S. and global markets from Mike Dolan. Global investors seem keen to put the March bank shock behind them, but inflation's grim persistence makes it difficult to clear the horizon.
A look at the day ahead in U.S. and global markets from Mike Dolan Global investors seem keen to put the March bank shock behind them, but inflation's grim persistence makes it difficult to clear the horizon.
The Bank of Japan on Friday raised the maximum size of its planned Japanese government bond purchases for all maturities over the next three months, doubling down on efforts to defend its ultra-loose policy. The BOJ said it would offer to buy between 475 billion yen and 875 billion yen of 5-year to 10-year bonds, raising the top end of the range from 775 billion yen in the previous three months.
* U.S. PCE data due at 1230 GMT. * Platinum, palladium head for quarterly declines. * Dollar eyes quarterly drop. By Ashitha Shivaprasad. Gold prices slipped on Friday, but the safe-haven metal was bound for its second straight quarterly rise after recent banking turmoil raised hopes of a less-aggressive U.S. Federal Reserve and shored up interest in bullion.
The Hungarian forint
slipped on Friday, as worries about Hungary's access
to European Union funds and a larger-than-expected trade deficit
weighed on sentiment.
-The S&P 500 was set to end its second straight quarter on a high note on Friday, as evidence of cooling inflation further supported hopes of a softer monetary policy approach from the Federal Reserve in light of recent banking sector problems.
- The S&P 500 was set to end its second straight quarter on a high note on Friday, as evidence of cooling inflation further supported hopes of a softer monetary policy approach from the Federal Reserve in light of recent banking sector problems.
'China is open for business' was the message its newly-appointed Premier Li Qiang delivered this week to the Boao Forum, an international summit sometimes touted as Asia's answer to the World Economic Forum's meetings in Davos.
* Futures: Dow flat, S&P up 0.04%, Nasdaq down 0.02% U.S. stock index futures were flat on Friday as investors steered clear of big bets ahead of crucial inflation data, amid receding fears of a banking crisis. The Commerce Department is expected to release February data on the personal consumption expenditures price index- the Fed's preferred measure of inflation, at 8:30 am ET.
Fresh competition in Brazil's lucrative meal voucher market must wait, according to people familiar with discussions between the Finance Ministry and central bank, which disagree about how to regulate a new system in time for its scheduled launch in May. A law passed in September under former President Jair Bolsonaro allows workers to move their meal credit between providers and spend it at any...
Inflation in the euro zone dropped by the most on record in March but "core" price growth accelerated, which is likely to strengthen the case for more interest rate hikes by the European Central Bank.
Greece's jobless rate stood at 11.4% in February, up from an downwardly revised 10.3% in January, data from statistics service ELSTAT showed on Friday.
* World stocks up 6% after rollercoaster few months. * Bond markets see huge swings between hope and fear. * Banking turmoil evokes memory of crises past. * Dollar slips whereas bitcoin roars back to form. By Marc Jones.
Fresh competition in Brazil's lucrative meal voucher market must wait, according to people familiar with discussions between the Finance Ministry and central bank, which disagree about how to regulate a new system in time for its scheduled launch in May. A law passed in September under former President Jair Bolsonaro allows workers to move their meal credit between providers and spend it at any...
The Bank of Japan on Friday reduced the minimum size of its planned Japanese government bond purchases for all maturities over the next three months. The BOJ said it would offer to buy between 475 billion yen to 875 billion yen of 5-year to 10-year bonds, lowering the bottom end of the range from 575 billion yen in the previous three months.
In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.
Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.
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