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As on Apr 26, 2024 12:00 AM |
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The U.S. Census Bureau announced the wholesale inventories and retail inventories advance statistics for March 2024. Wholesale inventories for March were estimated at an end-of-month level of $896.2 billion, down 0.4 percent from February 2024, and were down 2.1 percent from March 2023. The January 2024 to February 2024 percentage change was revised from the preliminary estimate of up 0.5 percent to up 0.4 percent. Retail inventories for March were estimated at an end-of-month level of $788.1 billion, up 0.3 percent from February 2024, and were up 4.4 percent from March 2023. The January 2024 to February 2024 percentage change was unrevised from the estimate of up 0.5 percent. Powered by Commodity Insights |
The U.S. Census Bureau announced the international trade advance statistics for March 2024. The international trade deficit was $91.8 billion in March, up $1.5 billion from $90.3 billion in February. Exports of goods for March were $169.2 billion, $6.1 billion less than February exports. Imports of goods for March were $261.0 billion, $4.6 billion less than February imports. Powered by Commodity Insights |
Pending home sales in the U.S. surged by much more than expected in the month of March, according to a report released by the National Association of Realtors on Thursday. NAR said its pending home sales index spiked by 3.4 percent to 78.2 in March after jumping by 1.6 percent to 75.6 in February. A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale. Pending home sales in the South and West led the sharp monthly increase, soaring by 7.0 percent and 6.8 percent, respectively. The report said pending home sales in the Northeast also jumped by 2.7 percent, while pending home sales in the Midwest plunged by 4.3 percent. NAR also revealed it expects existing sales to surge by 9.0 percent to 4.46 million in 2024 and skyrocket by another 13.2 percent to 5.05 million in 2025. Powered by Commodity Insights |
The Labor Department released a report on Thursday showing an unexpected decrease by first-time claims for U.S. unemployment benefits in the week ended April 20th. The report said initial jobless claims fell to 207,000, a decrease of 5,000 from the previous week's unrevised level of 212,000. With the unexpected decline, jobless claims dropped to their lowest level since hitting 200,000 in the week ended February 17th. The Labor Department said the less volatile four-week moving average also edged down to 213,250, a decrease of 1,250 from the previous week's unrevised average of 214,500. Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also slid by 15,000 to 1.781 million in the week ended April 13th. The four-week moving average of continuing claims also fell to 1,794,000, a decrease of 7,250 from the previous week's revised average of 1,801,250. Powered by Commodity Insights |
A report released by the Commerce Department on Thursday showed the U.S. economy grew by much less than expected in the first quarter of 2024. The Commerce Department said gross domestic product increased by 1.6 percent in the first quarter after surging by 3.4 percent in the fourth quarter of 2023. The GDP growth in the first quarter reflected increases in consumer spending, residential fixed investment, nonresidential fixed investment, and state and local government spending. However, the positive contributions were partly offset by a decrease in private inventory investment and an increase in imports, which are a subtraction in the calculation of GDP. The Commerce Department said the notable slowdown in GDP growth compared to the previous quarter primarily reflected decelerations in consumer spending, exports, and state and local government spending and a downturn in federal government spending. The report showed consumer spending growth slowed to 2.5 percent in the first quarter from 3.3 percent in the fourth quarter, with an increase in spending services partly offset by a decrease in spending on goods. On the inflation front, the Commerce Department said the personal consumption expenditures price index surged 3.4 percent in the first quarter after advancing by 1.8 percent in the fourth quarter. Excluding food and energy prices, the PCE price index spiked 3.7 percent in the first quarter after jumping by 2.0 percent in the fourth quarter. Powered by Commodity Insights |
WTI Crude oil futures held steady around $83 per barrel on Thursday, buoyed by a drop in oil inventories. Oil 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. Crude oil inventories in the U.S. unexpectedly pulled back sharply in the week ended April 19th, according to a report released by the Energy Information Administration on Wednesday. The EIA said crude oil inventories plunged by 6.4 million barrels last week after jumping by 2.7 million barrels in the previous week. Economists had expected crude oil inventories to increase by 1.6 million barrels. At 453.6 million barrels, U.S. crude oil inventories are about 3 percent below the five-year average for this time of year, the EIA added. The report also said gasoline inventories edged down by 0.6 million barrels last week and are about 4 percent below the five-year average for this time of year. Powered by Commodity Insights |
Gold futures recovered from earlier losses an ounce as investors? awaited key US inflation data for insights into the Federal Reserve's monetary policy direction. The commodity has retreated nearly 5% from its April 12 record peak of $2448.80. Meanwhile, Gold trading volumes on Shanghai Futures Exchange have been soaring recently despite the massive record-breaking rally in the metal. The metal consolidates in a range as markets gear up for Friday?s US Personal Consumption Expenditure data. Powered by Commodity Insights |
Indian rupee saw a sideways movement but saw good gains in intraday trades as local equities surged. The key equity indices ended with significant gains on Thursday, rising for the fifth day in a row. The Nifty settled above 22,550 mark. PSU bank, healthcare and auto stocks advanced. This rally pulled down the INR from 83.40 per US dollar to 83.31 per US dollar in intraday activity. Meanwhile, the US dollar index maintained a subdued stance around 105.50 ? testing near one week low . Investors are carefully positioning themselves, recognizing the potential influence of upcoming data on the Federal Reserve's monetary policy trajectory. Powered by Commodity Insights |
COMEX Copper futures stayed well supported, breaking above $4.50 per pound to near 20 month high amid largely steady equities. Markets eyed M&A activity in the mining sector, as Australian giant BHP Group's takeover proposal for Anglo American. Equities mostly held up to their recent momentum. UK stocks hit record high on Thursday, on track for its third record closing high of the week. Copper also benefited from weakness in the US dollar and ideas that recent fall in LME Copper inventories will trigger good demand for the commodity from funds. Powered by Commodity Insights |
Crude oil inventories in the U.S. unexpectedly pulled back sharply in the week ended April 19th, according to a report released by the Energy Information Administration on Wednesday. The EIA said crude oil inventories plunged by 6.4 million barrels last week after jumping by 2.7 million barrels in the previous week. Economists had expected crude oil inventories to increase by 1.6 million barrels. At 453.6 million barrels, U.S. crude oil inventories are about 3 percent below the five-year average for this time of year, the EIA added. The report also said gasoline inventories edged down by 0.6 million barrels last week and are about 4 percent below the five-year average for this time of year. Meanwhile, distillate fuel inventories, which include heating oil and diesel, increased by 1.6 million barrels last week but are about 7 percent below the five-year average for this time of year. Powered by Commodity Insights |
The Conference Board Leading Economic Index (LEI) for China fell by 0.2 percent in March 2024 to 151.5 (2016=100), following a downwardly revised 0.3 percent decrease in February. As a result, the LEI declined by 1.3 percent during the six-month period ending March 2024, a smaller decrease than the contraction of 2.1 percent over the previous six-month period. The Conference Board Coincident Economic Index (CEI) for China also dropped significantly by 1.7 percent in March 2024 to 146.4 (2016=100), more than reversing a 0.7 percent increase in February. The CEI grew by 1.6 percent in the six-month period between September 2023 and March 2024, a faster pace than the 0.4 percent growth rate over the previous six months period. The Leading Economic Index provides an early indication of significant turning points in the business cycle and where the economy is heading in the near term. The Coincident Economic Index provides an indication of the current state of the economy. Powered by Commodity Insights |
With orders for transportation equipment showing a substantial increase, the Commerce Department released a report on Wednesday showing new orders for U.S. manufactured durable goods surged by more than expected in the month of March. The report said durable goods orders soared by 2.6 percent in March after climbing by a downwardly revised 0.7 percent in February. The bigger than expected increase in durable goods orders came as orders for transportation equipment shot up by 7.7 percent in March. Orders for non-defense aircraft and parts led the way higher, skyrocketing by 30.6 percent. Excluding the surge in orders for transportation equipment, durable goods orders crept up by 0.2 percent in March after inching up by 0.1 percent in February. Ex-transportation orders were expected to rise by 0.3 percent. The report said orders for computers and electronic products advanced by 0.8 percent, while orders for fabricated metal products edged up by 0.2 percent. Orders for both electrical equipment, appliances and components and machinery also inched up by 0.1 percent, but orders for primary metals fell by 0.5 percent. The Commerce Department also said orders for non-defense capital goods excluding aircraft, a key indicator of business spending, rose by 0.2 percent in March after climbing by 0.4 percent in February. Shipments in the same category, which is the source data for equipment investment in GDP, also crept up by 0.2 percent in March after falling by 0.6 percent in February. Powered by Commodity Insights |
US crude oil inventories fell around 6 million barrels last week as the pace of exports picked up to hit a four-month high. Powered by Commodity Insights |
The Indian rupee saw thin movement on Wednesday as supportive risk sentiment capped the downside for the local currency while a bounce in crude oil arrested the strengthening. The INR closed at 83.33 per US dollar, almost unchanged on the day. The US dollar index stays in a sluggish mode after falling under 106 mark and supported the INR. Meanwhile, the economic cues remain firm. Reserve Bank Of India (RBI) has stated in a latest monthly update that in India, conditions are shaping up for an extension of a trend upshift in real GDP growth, backed by strong investment demand and upbeat business and consumer sentiments. CPI inflation has gravitated to 4.9 per cent in March after averaging 5.1 per cent in the preceding two months. In the near term, however, extreme weather events may pose a risk to inflation along with prolonged geo-political tensions that could keep crude oil prices volatile. Powered by Commodity Insights |
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