* CarMax (KMX) falls as Q4 profit misses estimates. * March CPI at 2.4% YoY vs 2.6% estimate. * Indexes down: Dow 2.86%, S&P 500 3.66%, Nasdaq 4.40% By Stephen Culp. Wall Street stocks tumbled on Thursday on mounting worries over the economic impact of U.S. President Donald Trump's multi-front tariff war.
Janus Henderson, which manages $379 billion in assets, is advising investors to cut stock holdings and buy more investment-grade sovereign bonds as tariffs threaten to slow global growth, a fund manager said.
* Janus Henderson recommends 55% equities, 45% bonds amid recession fears. * Tariffs threaten global growth, prompting shift to investment-grade bonds. * Potential recovery catalysts in Europe and China include fiscal stimulus. By Saeed Azhar.
U.S. natural gas output and demand will both rise to record highs in 2025, the U.S. Energy Information Administration said in its Short-Term Energy Outlook on Thursday. EIA projected dry gas production will rise from 103.2 billion cubic feet per day in 2024 to 105.3 bcfd in 2025 and 107.1 bcfd in 2026.
Interest rate cuts remain possible at some point, but uncertainty related to huge changes in U.S. trade policy make it hard to know how the economy will fare for now and how the U.S. central bank's rate policy should be adjusted, Austan Goolsbee, president of the Federal Reserve Bank of Chicago, said on Thursday.
* Fed's Goolsbee says uncertainty in economy is high right now. * Goolsbee says economy was solid ahead of tariff imposition. * Goolsbee says if economy gets back on track, rate cuts still possible. By Michael S. Derby.
Argentina and China's central banks agreed to renew a $5 billion activated bilateral swap agreement for another year, Argentina's central bank said on Thursday. The tranche was set to start decreasing in June of this year, but will now be fully available until mid-2026, the monetary authority added in a statement.
President Donald Trump's pause on some of his new import taxes may have eased some of the stress building in financial markets for now, but leaves in place the same set of circumstances that had reset the U.S. economic outlook with rising recession risks and potentially rising inflation.
* Markets jumped on Wednesday on hopes of negotiated deals during tariff pause. * Companies say the uncertainty makes it hard to plan. * They are worried by signs demand is weakening. By Fedja Grulovic, Patricia Weiss, Jaspreet Singh.
Argentina and China's central banks agreed to renew a $5 billion bilateral swap agreement for another year, Argentina's central bank said on Thursday. The tranche was set to start decreasing in June of this year, but will now be fully available until mid-2026, the monetary authority added in a statement.
Sterling was buffeted by moves elsewhere on Thursday, jumping 1% against an under-pressure dollar and dropping more on the resurgent euro as currency markets swung in the aftermath of the previous day's shock postponement of some tariffs.
U.S. President Donald Trump's rollback of some of the steep tariffs he has imposed has done little to lower the average import duty rate from the elevated levels to which his wave of levies had driven them, researchers from Yale University said on Thursday.
Federal Reserve Bank of Chicago President Austan Goolsbee said Thursday that the impact of tariffs on the economy do not suggest an obvious monetary policy response, although if that uncertainty can be resolved and the economy gets back on track, interest rates can likely fall.
Four companies tapped the U.S. corporate bond market on Thursday after financial markets got a brief lift from the Trump administration's Wednesday pause on tariffs on some countries.
President Donald Trump's pause on some of his new import taxes may have eased some of the stress building in financial markets for now, but leaves in place the same set of circumstances that had reset the U.S. economic outlook with rising recession risks and potentially rising inflation.
President Donald Trump's pause on some of his new import taxes may have lessened the stress that had been building in financial markets for now, but leaves in place the same set of circumstances that had reset the U.S. economic outlook with rising recession risks and potentially rising inflation.
- Philadelphia Federal Reserve President Patrick Harker did not comment on the outlook for the economy or monetary policy in prepared remarks for a speech to a financial technology innovation conference on Thursday.
Philadelphia Federal Reserve President Patrick Harker did not comment on the outlook for the economy or monetary policy in prepared remarks for a speech to a financial technology innovation conference on Thursday.
* Indexes down: Dow 2.95%, S&P 500 3.64%, Nasdaq 4.37% * GM, Ford downgraded by brokerages UBS, Goldman Sachs. * March CPI at 2.4% YoY vs 2.6% estimate. By Shashwat Chauhan and Purvi Agarwal.
Federal Reserve Governor Michelle Bowman told lawmakers on Thursday that she would overhaul how the U.S. central bank monitors large banks, encourage innovation, and pursue "pragmatic" rules for the financial system. Testifying before the U.S. Senate Banking Committee, Bowman said the current regulatory system should be streamlined.
Federal Reserve Governor Michelle Bowman told lawmakers on Thursday that she would overhaul how the U.S. central bank monitors large banks, encourage innovation, and pursue "pragmatic" rules for the financial system. Testifying before the U.S. Senate Banking Committee, Bowman said the current regulatory system should be streamlined.
* Markets jump on hopes of negotiated deals during US tariff pause. * But companies say the uncertainty makes it hard to plan. * They are worried by signs demand is weakening. By Fedja Grulovic, Patricia Weiss and Jaspreet Singh.
U.S. consumer prices unexpectedly fell in March amid cheaper gasoline and used motor vehicles, but the benign inflation reading is unlikely to be sustained after President Donald Trump doubled down on tariffs on imported Chinese goods.
* BANK OF CANADA TO AUCTION C$4.5 BILLION OF 26-DAY CASH MANAGEMENT BILLS ON FRIDAY, FINAL CALL FOR TENDERS SHOWS Source text: https://www.bankofcanada.ca/markets/government-securities-auctions/calls-for-tenders-and-results/cash-management-bills/
Kansas City Federal Reserve President Jeff Schmid said on Thursday he will remain "squarely focused" on inflation and the risk new U.S. import taxes could shift prices higher and feed into rising public inflation expectations.
* Indexes down: Dow 1.77%, S&P 500 2.25%, Nasdaq 2.67% * GM, Ford downgraded by brokerages UBS, Goldman Sachs. * March CPI at 2.4% YoY vs 2.6% estimate. By Shashwat Chauhan and Purvi Agarwal. April 10 - Wall Street's main indexes fell on Thursday, coming off a blistering rally following U.S. President Donald Trump's move to temporarily lower the heavy tariffs on dozens of countries.
* Yields fall as market stabilizes following selloff. * Consumer prices unexpectedly fall in March. * Treasury to sell $22 bln 30-year bonds. By Karen Brettell. U.S. Treasury yields dipped on Thursday, after a solid 10-year note auction and pause in some trade tariffs on Wednesday helped the market stabilize from a sharp bond market selloff earlier this week.
- Higher-than-expected tariffs would "very likely" raise both unemployment and inflation, Dallas Federal Reserve President Lorie Logan said on Thursday in remarks that made clear her most immediate concern is keeping inflation, and inflation expectations, in check.
- U.S. consumer prices unexpectedly fell in March, but inflation risks are tilted to the upside after President Donald Trump doubled down on tariffs on imported Chinese goods even as he lowered duties on other nations. The consumer price index dipped 0.1% last month after gaining 0.2% in February, the Labor Department said on Thursday.
-Traders on Thursday bet the U.S. Federal Reserve will resume cutting interest rates in June and probably deliver a full percentage point of reductions to its policy rate by the end of the year. after data showed inflation last month was softer than economists had expected.
The number of Americans filing new applications for unemployment benefits rose slightly last week and could trend higher as companies navigate President Donald Trump's tariffs on imports. Initial claims for state unemployment benefits increased 4,000 to a seasonally adjusted 223,000 for the week ended April 5, the Labor Department said on Thursday.
Traders on Thursday bet the U.S. Federal Reserve will resume cutting interest rates in June and probably deliver a full percentage point of reductions to its policy rate by the end of the year. after data showed inflation last month was softer than economists had expected.
The number of Americans filing new applications for unemployment benefits rose slightly last week and could trend higher as companies navigate President Donald Trump's tariffs on imports. Initial claims for state unemployment benefits increased 4,000 to a seasonally adjusted 223,000 for the week ended April 5, the Labor Department said on Thursday.
* Consumer Price Index dips 0.1% in March. * CPI increases 2.4% on year-on-year basis. * Core CPI rises 0.1%; advances 2.8% on year-on-year basis. * Labor market stable in early April. By Lucia Mutikani.
U.S. stock index futures pared their early losses on Thursday after a cooler-than-expected inflation reading bolstered expectations that the Federal Reserve would remain on track to cut interest rates this year. A Commerce Department report showed the consumer price index rose 2.4% in March on an annual basis, compared with expectations of a 2.6% rise, according to economists polled by Reuters.
Euro zone government bond yields rose on Thursday and markets scaled back their bets on European Central Bank rate cuts after the U.S. administration said it would temporarily lower U.S. tariffs to bring countries to the bargaining table. President Donald Trump's move eased immediate concerns about a sharp slowdown of the global economy and a recession in the United States.
Harvesh Seegolam, the former central bank governor of Mauritius, was charged with fraud on Thursday and released on bail, his lawyer said, a day after he was arrested alongside the former finance minister over alleged theft from a state company.
UBS Chairman Colm Kelleher on Thursday reiterated the Swiss bank's intention to repurchase shares to the tune of $3 billion in 2025, despite looming capital rule changes in the country and global economic uncertainty. The bank plans to repurchase $1 billion in shares in the first half of 2025 and up to an additional $2 billion in the second half of the year.
U.S. President Donald Trump's decision to pause the hefty duties he had said he would impose on dozens of countries one week ago followed turmoil in financial markets that included an acute selloff in the $29 trillion Treasury market. Trump said on Wednesday the bond market had recovered well after investors became queasy about it in reaction to his tariff announcements.
Australia's top central banker said on Thursday that it was still too early to decide on the path for interest rates, adding it needed to be patient as it assesses the economic impact of U.S. trade policies that have upended financial markets.
Australia's top central banker said on Thursday that it was still too early to decide on the path for interest rates, adding it needed to be patient as it assesses the economic impact of U.S. trade policies that have upended financial markets.
* Calm returns to U.S. Treasuries after Trump tariff pause. * Treasury market key to financial market stability. * Bond vigilantes back - analysts. U.S. President Donald Trump's decision to pause the hefty duties he had said he would impose on dozens of countries one week ago followed turmoil in financial markets that included an acute selloff in the $29 trillion Treasury market.
Greek industrial output declined by 0.1% year-on-year in February, after an upwardly revised 2.7% increase in January, data from statistics service ELSTAT showed on Thursday. A breakdown of index components showed manufacturing production rose 0.9% from the same month in 2024.
Taiwan state-backed bodies could over the next decade buy an extra $200 billion from the United States and bump up the percentage of LNG it gets from the county by one-third to help narrow the trade deficit, the economy minister said on Thursday.
* Taiwan economy minister eyes more LNG imports from US. * Taiwan foreign minister wants 'coalition' with US on trade. * Taiwan stocks rebound after three days of precipitous falls. * Taiwan central bank warns stock market uncertainty not lifted. By Ben Blanchard and Faith Hung.
U.S President Donald Trump's dramatic decision to pause hefty tariffs on dozens of countries was an important step towards stabilising the global economy, European Commission President Ursula von der Leyen said on Thursday.
Euro zone government bond yields jumped, spreads tightened, and markets scaled back their bets on European Central Bank rate cuts after the U.S. administration said it would temporarily lower U.S. tariffs to bring countries to the bargaining table. U.S. President Donald Trump's move eased concerns about a sharp slowdown of the global economy and a recession in the United States.
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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