U.S. worker productivity grew faster than initially thought in the second quarter, reining in labor costs, suggesting that inflation pressures could continue to subside. Nonfarm productivity, which measures hourly output per worker, increased at a 2.5% annualized rate last quarter, the Labor Department’s Bureau of Labor Statistics said on Thursday. That was an upward revision … Read more
Adrian Mowat, EM-Equity Strategist, says the Fed moving policy rates slowly going back to neutral, arguably gives a weakening dollar. For emerging markets to have a combination of an end of a strong dollar and the Fed beginning to move to a more neutral policy takes away some significant headwinds, perhaps even giving some tailwinds. … Read more
Asian equities fell as fresh signs of slowing US inflation bolstered rate cut bets and spurred a rotation out of big tech stocks on Wall Street. The yen was volatile. Japanese shares fell more than 1% after Thursday’s rally in the yen prompted speculation that authorities had stepped in with official support. The currency fluctuated … Read more
U.S. prices were unchanged in May while consumer spending rose moderately, a trend that could draw the Federal Reserve closer to start cutting interest rates this year. The flat reading in the personal consumption expenditures (PCE) price index last month followed an unrevised 0.3% gain in April, the Commerce Department’s Bureau of Economic Analysis said … Read more
Gold prices were flat on Thursday, as investors awaited a key U.S. inflation reading that could provide further insights into the Federal Reserve’s policy path. FUNDAMENTALS * Spot gold was unchanged at $2,338.04 per ounce, as of 0125 GMT, after falling 1% in the previous session. * U.S. gold futures were down 0.2% at $2,358.30. … Read more
U.S. inflation rose moderately in March, but that is unlikely to change financial markets’ expectations that the Federal Reserve will hold off cutting interest rates until September. The personal consumption expenditures (PCE) price index increased 0.3% last month, the Commerce Department’s Bureau of Economic Analysis said on Friday. Data for February was unrevised to show … Read more
The nation’s economy slowed last quarter, growing at an annual rate of 1.6 per cent in a sign that the high interest rates may be taking a toll on borrowing and spending. Thursday’s report from the Commerce Department said the gross domestic product – the economy’s total output of goods and services – decelerated from … Read more
Production at U.S. factories increased solidly in March as output at motor vehicle assembly plants and elsewhere rose, suggesting that manufacturing was turning the corner after being constrained by higher borrowing costs. Manufacturing output rose 0.5% last month after an upwardly revised 1.2% rebound in the prior month, the Federal Reserve said on Tuesday. Factory … Read more
New York: US stocks fell Wednesday on worries that what seemed like a blip in the battle to bring down inflation is turning into a trend. The S&P 500 was 1.2% lower in a wipeout where nine out of 10 stocks in the index fell. The Dow Jones Industrial Average was down 514 points, or … Read more
The UK-based cosmetics company, The Body Shop, shut down all of its US-based operations and will soon be closing dozens of Canadian store locations after filing for bankruptcy, CNN reported. Earlier this month, The Body Shop, in an official release, announced that its US subsidiary was no longer operational, effective March 1. It further added … Read more
