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As on Apr 26, 2024 12:00 AM |
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Eurozone private sector credit continued to increase in March but the pace of recovery remained weak, data from the European Central Bank showed Friday. Claims on the private sector gained 0.8 percent on a yearly basis, which was slightly faster than the 0.7 percent increase in February. The adjusted loans to the private sector also grew 0.8 percent following February's 0.7 percent increase. Among the borrowing sectors, annual growth in adjusted loans to households eased to 0.2 percent from 0.3 percent. By contrast, loans to non-financial corporations grew at a faster rate of 0.4 after a 0.3 percent rise. Further, data showed that the broad monetary aggregate M3 advanced 0.9 percent in March, faster than the 0.4 percent rise in February. At the same time, the narrow measure, M1 posted an annual fall of 6.7 percent after a 7.8 percent decrease. Powered by Commodity Insights |
UK consumer sentiment improved in April on slowing inflation about further tax cuts, a monthly survey conducted by the market research group GfK revealed Friday. The consumer confidence index rose to -19 in April from -21 in March. Among five indices of consumer confidence, four measures were up and one stayed at the same level as in March. Powered by Commodity Insights |
Gold futures surged by nearly $20 to reach around $2,360 per ounce in Asian electronic trading on Friday. Despite this jump, the precious metal is on track for a 2.5% decline, marking its first weekly drop in four months. Investor focus remains on the March Personal Consumption Expenditures (PCE) figures, scheduled for later in the day, which could provide clearer signals regarding the Federal Reserve's monetary policy stance. Investors are analyzing recent economic data for insights into the Fed's next moves, with the US GDP growth for the first quarter showing the slowest expansion in nearly two years. However, the increase in consumer inflation has fueled speculation that the Fed might maintain its current restrictive monetary policy for a longer period. In domestic markets, MCX futures surged towards Rs 71,700 per 10 grams. Powered by Commodity Insights |
Crude oil futures edged towards $84 per barrel on Friday, poised to record a weekly gain of about 2%. This rebound follows two consecutive weeks of losses, initiated by a retreat from the six-month high of $87.67 per barrel reached on April 12th. The upswing in prices was supported by the highly anticipated US gross domestic product (GDP) report, which revealed a 1.6% increase in the first quarter, following a robust 3.4% surge in the final quarter of 2023. Additionally, recent data indicated a significant 6.37 million barrel decrease in US crude inventories last week, further bolstering prices. On the geopolitical front, Israel intensified airstrikes on Rafah despite calls from its allies to avoid attacking the southern Gaza city. In domestic markets, MCX May expiry oil futures climbed Rs 79 to Rs 6990 per barrel. Powered by Commodity Insights |
Singapore's industrial production declined at the fastest pace in seven months in March, data from the Economic Development Board revealed on Friday. Industrial production declined 9.2 percent year-on-year in March, reversing 4.4 percent growth in February. Excluding bio-medical manufacturing, industrial production contracted 5.9 percent annually in March after a 2.0 percent gain in the previous month. On a monthly basis, industrial production decreased sharply by 16.0 percent in March, after a 14.6 percent strong recovery in the prior month. Among the major clusters, production in the biomedical engineering segment declined the most by 34.3 percent annually in March, followed by electronics output with a 11.3 percent drop. Meanwhile, output produced in the chemicals segment showed an increase of 4.2 percent. Powered by Commodity Insights |
The US Energy Information Administration or EIA released its natural gas inventory report yesterday, showing a net increase of 92 Bcf as of April 19, 2024 compared to week ago level. Working gas in storage was 2,425 Bcf as of Friday, April 19, 2024, according to EIA estimates. This represents a net increase of 92 Bcf from the previous week. Stocks were 439 Bcf higher than last year at this time and 655 Bcf above the five-year average of 1,770 Bcf. At 2,425 Bcf, total working gas is within the five-year historical range. Powered by Commodity Insights |
The LME Zinc inventories continued to fall in last session. The stockpiles on the exchange dropped by 600 tonnes to 254600 tonnes - testing two month and half low. Powered by Commodity Insights |
The dollar index stabilized around 105.6 on Friday, with investors adopting a cautious stance ahead of a crucial US inflation report for March. This release is expected to offer insights into the Federal Reserve's future monetary policy direction. On Thursday, the index dipped to nearly two-week lows following data indicating that the US economy expanded by an annualized 1.6% in the first quarter of 2024, marking its slowest growth in approximately two years. Despite this, underlying inflation showed signs of picking up during the same period. Additionally, the latest jobless claims data continued to signal a tight labor market, adding complexity to the outlook for potential Fed rate adjustments this year. The dollar remained under pressure against most major currencies, although it continued to hover near 34-year highs against the yen. The Bank of Japan's impending monetary policy decision added to the market's cautious tone, with investors closely monitoring any developments that could impact currency movements. Powered by Commodity Insights |
Consumer prices in the Tokyo region of Japan were up 1.8 percent on year in April, the Ministry of Internal Affairs and Communications said on Friday. That was beneath estimates for an annual gain of 2.6 percent, which would have been unchanged from the March reading. Core CPI, which excludes the volatile costs of food prices, advanced 1.6 percent on year - also well shy of forecasts for an increase of 2.2 percent and slowing from 2.4 percent in the previous month. Powered by Commodity Insights |
The Bank of Japan (BoJ) maintained its key short-term interest rate at around 0% to 0.1% in April, following its first rate hike since 2007 in March. The central bank also committed to continuing bond purchases, aligning with its March decision. In its quarterly outlook, the BoJ raised its CPI forecast for FY 2024 to 2.8% from 2.4% due to diminishing effects of higher import prices. The board anticipates core inflation to reach 1.9% in 2025, up from earlier estimates of 1.8%, citing a recent uptick in oil prices. However, the BoJ reduced its GDP growth forecast for 2023 to 1.3% from 1.8% and for FY 2024 to 0.8% from 1.2%, primarily due to lower private consumption. Powered by Commodity Insights |
Gold futures recovered from earlier losses to rise above $2340 an ounce as investors awaited further US economic data for insights into the Federal Reserve's monetary policy direction. Market focus is on the first-quarter GDP data and Friday's March PCE report, especially after higher-than-expected consumer inflation shifted rate-cut expectations. Fed officials' recent comments suggest a delay in rate cuts, with the first hike likely in September. The commodity has retreated nearly 5% from its April 12 peak of $2448.80, driven by technical factors, geopolitical concerns, and the Fed's reduced rate cut expectations. MCX June gold futures bounced back above Rs 71000 mark, trading marginally higher. Powered by Commodity Insights |
Crude oil futures held steady around $83 per barrel on Thursday, buoyed by a surprise drop in oil inventories. Market attention now turns to US GDP data and the Fed-preferred PCE price index report to gauge future trends. Prices slipped in the previous session as tensions in the Middle East eased, with Iran and Israel signaling no further military actions. Progress in oil tanker deliveries in the Red Sea alleviated supply concerns, easing tightness in foreign markets. MCX May crude oil futures traded up Rs 47 at Rs 6936 per barrel. Powered by Commodity Insights |
Japan's index of leading economic indicators stood at 111.8 in February 2024, unchanged from preliminary estimates and up from a final 109.5 in the previous month. This marks the highest reading since August 2022, with consumer sentiment reaching its highest level since April 2019. In April 2024, the service sector expanded the most since May 2023, while factory activity saw its smallest decline in 11 months, indicating a near-stabilization in the economy. Powered by Commodity Insights |
Japan's index of coincident economic indicators was revised upward to 111.6 in February 2024 from a flash reading of 110.9 but fell from an upwardly revised 112.3 in January. This marks the second straight month of declines, indicating the lowest figure since May 2022. The country is grappling with challenges such as elevated inflation, weak consumption, and a persistent decline in manufacturing activity, hindering sustained economic recovery. Additionally, uncertainties persist regarding overseas economies, including the impacts of global monetary tightening and concerns about a slow turnaround in China. Powered by Commodity Insights |
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