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Mar 3, 2023 - 07:42:33 PST
Yesterday’s inflation report (in the form on skyrocketing labor costs) helped lead Bankrate’s 30-year mortgage rate to over 7% … again. Here is yesterday’s horrible unit lab…
US Services PMI Signals Inflation Re-Accelerating In Feb, Return To ExpansionMar 3, 2023 - 07:40:02 PST
With both manufacturing sector surveys still in contraction (and signaling a staglfationary drop in production while prices paid rebound), expectations were for both Services sector surveys to signal growth in February.
Gold prices climbed to their highest in more than two weeks on Friday and were on track for their biggest weekly rise since mid-January, supported by a softer dollar as investors gauged the U.S. central bank's policy path.
Physical gold prices traded at a premium in India this week, as a drop in domestic rates encouraging buying, while top consumer China saw healthy demand and fresh imports in the region.
There’s never a shortage of dealmaking gossip at Toronto’s annual mining show, though past gatherings have brought more speculation than actual transactions. This year feels different.
An avalanche of hot inflation data over the past month has lifted US borrowing costs to the highest point in a decade and a half, intensifying debate over how much further interest rates must rise to rein in soaring consumer prices.
China’s Central Bank Signals Supportive Tone for Struggling Property Sector: FTMar 3, 2023 - 05:48:21 PST
Gongsheng, vice-governor of the People’s Bank of China, said the central bank would “learn from experience”, a reference to the market liquidity crisis triggered by the default of property developer Evergrande in late 2021 and the government’s introduction of tighter debt limits. “
Core consumer inflation in Japan's capital Tokyo slowed in February as the effect of government energy subsidies kicked in, though an index stripping away the effect of fuel hit a fresh three-decade high in a sign of broadening inflationary pressure.
Citigroup Cuts Hundreds of Jobs, Including in Investment Banking and Mortgage UnitsMar 3, 2023 - 05:42:49 PST
The move comes just weeks after rival JPMorgan Chase & Co. cut hundreds of mortgage employees. Goldman Sachs Group Inc., for its part, embarked on one of its biggest rounds of job cuts ever in January when it planned to eliminate thousands of positions across the company.
Central Banks Have Pumped Around $1 Trillion in Liquidity to Boost the Market in 2023: MWMar 3, 2023 - 05:39:29 PST
A trillion-dollar boost to asset prices. In a research note shared with clients last month, Matt King, a global markets strategist at Citigroup Inc., detailed how the world’s largest central banks had recently injected $1 trillion into the global financial system.
The US 30-year yield rose to the highest level since November, joining the rest of the Treasury market in offering investors a return of at least 4% after another batch of strong labor-market data.
Bitcoin dropped to the lowest level in about two weeks, part of a wider retreat in crypto markets as investors digested the unraveling of a key industry payments network.
Inflation in Tokyo decelerated for the first time in more than a year, as ramped-up government subsidies masked a strengthening price trend that will keep scrutiny on the Bank of Japan’s policy path under the likely leadership of Kazuo Ueda.
It’s a time-honored tale. A new force enters the market — quantitative easing, leveraged ETFs, high-frequency trading — and a cottage industry on Wall Street is born devoted to exposing the risks it supposedly poses for investors.
China’s central bank Governor Yi Gang signaled monetary policy will largely be stable this year, saying interest rates in the economy are appropriate, inflation will remain under control and the currency’s volatility wasn’t a concern. Most Read from BloombergIsrael’s Window to Strike Iran Narrows as Putin Enters EquationTycoon Deripaska Warns Russia May Run Out of Money in 2024Americans Need to Be Richer Than Ever to Buy Their First HomeFed Event Scrapped After Participant Shows P
European Central Bank Vice President Luis de Guindos said underlying price pressures will be an important factor for future monetary-policy decisions.
Home Depot, Lowe’s Under Pressure as Housing Recovery, Lumber Prices Muddy OutlookMar 3, 2023 - 05:26:39 PST
Home improvement retailers are feeling pressure from investors as questions arise about the housing market.
Fed’s Bostic Open to Further Rate Hikes Pending New Data, Targets Summer PauseMar 3, 2023 - 05:25:39 PST
Atlanta Fed president Raphael Bostic said Thursday he is open to raising rates further amid signs the economy remains strong, adding that he is targeting this summer for the Fed to end its interest rate increases.