Federal Reserve Governor Christopher Waller said on Thursday he continues to believe the U.S. central bank should cut interest rates at the end of this month amid mounting risks to the economy and the strong likelihood that tariff-induced inflation will not drive a persistent rise in price pressures. "It makes sense to cut the FOMC's policy rate by 25 basis points two weeks from now," Waller told a gathering of the Money Marketeers of New York University. "I see the hard and soft data on economic activity and the labor market as consistent: The economy is still growing, but its momentum...
The au Jibun Bank Japan Services PMI was revised lower to 50.9 in December 2024 from a flash reading of 51.4. The latest result followed November's print of 50.5, marking the second consecutive month of growth in the service sector and the strongest pace since September. New orders increased for the sixth straight month, with the growth rate reaching its strongest since August. Employment also rose, marking the 15th month of gains, though the rise was modest. Meanwhile, outstanding business accumulated for the second month in a row, with the growth rate marginal but surpassing the long-run...
The S&P Global Hong Kong SAR PMI eased to 51.1 in December 2024, down from 51.2 in November, marking the third consecutive month of private sector expansion, though at its slowest pace in the current sequence. Growth in new business softened as demand from both Mainland China and international markets weakened, leading to slower output growth. Companies remained cautious and opted to reduce staffing levels, although they continued to increase their inventory of input products. At the same time, pricing pressures remained subdued, contributing to the sharpest decline in average selling...
Asia-Pacific markets mostly climbed Monday, with investors awaiting business activity figures from several key economies in the region. China's Caixin services purchasing managers' index from S&P Global is due later in the day. Market reaction in China will also be in focus after the country's central bank said over the weekend it would implement a "moderately loose" monetary policy in 2025.December PMI figures for India and Hong Kong will also be released MondayFutures for Hong Kong's Hang Seng index last traded at 19,827, pointing to a stronger open for the index compared to the HSI's...
US stocks closed higher on Friday, ending the first week of the new year on a positive note ahead of data that should provide more insights on the health of the largest economy in the world. At close, the Dow Jones Industrial Average gained 0.8%, the S&P 500 index rose 1.3%, and the NASDAQ Composite index climbed 1.7%. The main Wall Street indexes reported stellar gains in 2024, but expectations of slower interest rate cuts and uncertainty over policies under incoming President Donald Trump have chipped away at this sentiment. In a relatively quiet day for economic data, investors will...
U.S. stocks moved higher on Friday as Wall Street tried to shake off a volatile start to the new year. The S&P 500 rose 1.2%, and the Dow Jones Industrial Average advanced 319 points, or about 0.9%. The Nasdaq Composite gained about 1.6%. Tech stocks were a bright spot for the market on Friday. Chip giant Nvidia climbed 4%, while server maker Super Micro Computer jumped 6%. Tesla rose 4% to lead the consumer discretionary group. Friday's move came off a choppy trading session on Thursday that saw stocks close lower after a morning rally. The S&P 500 and Nasdaq have fallen for five...
According to a statement by the Federal Reserve (Fed), Fed Chair Jerome Powell met with United States (US) President Donald Trump on Thursday, where the head of the Fed reiterated that the Fed's...
The Reserve Bank of Australia (RBA) maintained its cash rate at 4.1% during its April meeting, holding borrowing costs unchanged after slashing 25 bps in the February meeting, aligning with market...