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The S&P 500 set a record closing high on Thursday, finishing a fifth consecutive month of gains to extend a four-year rally. The Dow industrials, which surpassed its 2007 record on March 5 and has set a series of record highs since then, ended Thursday's session at yet another nominal closing high - at 14,578.54. For the day, the Dow rose 52.38 points, or 0.36 percent. The Nasdaq Composite added 11 points, or 0.34 percent, to close at 3,267.52.
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China's factory sector grew at a faster pace in March, led by solid improvement in new orders and production, according two separate surveys released on Monday. The China Federation of Logistics and Purchasing (CFLP) and the National Bureau of Statistics said that the official purchasing managers' index, that measures the performance of the manufacturing sector, rose to 50.9.
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Confidence among Japanese businesses improved in the March quarter as weaker yen boosted expectations of an economic recovery, the quarterly Tankan survey showed Monday. The survey is closely watched by the Bank of Japan for formulating policies. The sentiment index for large manufacturers rose to -8 in the March survey, up from -12 in the December survey.
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Oil, Copper and Silver Decline as Asian Economic Data Weighs on Risk Appetite
Gold May Come Under Pressure if ISM Manufacturing Data Surprises to the Upside
WTI Crude Oil (NY Close): $97.23 // +0.65 // +0.67%
Prices are pulling back from resistance at 97.67, the 123.6% Fibonacci expansion. Near-term support is at 96.55, the 100% expansion, with a break beneath that eyeing a formerly broken falling trend line at 96.08. Alternatively, a reversal above resistance aims for the 138.2% Fib at 98.36.
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Activity in the U.S. manufacturing sector expanded at a much slower than expected rate in the month of March, according to a report released by the Institute for Supply Management on Monday.
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After reporting a notable drop in U.S. construction spending in the previous month, the Commerce Department released a report on Monday showing that construction spending rebounded by slightly more than expected in February.
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The monetary base in Japan jumped 19.8 percent on year in March, the Bank of Japan said on Tuesday, standing at 134.741 trillion yen.
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The Reserve Bank of Australia is on Tuesday scheduled to conclude its monetary policy meeting and then announce its decision on interest rates, highlighting a modest day for Asia-Pacific economic activity. The RBA is widely expected to keep rates on hold at 3.00 percent.
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After reporting a notable drop in U.S. construction spending in the previous month, the Commerce Department released a report on Monday showing that construction spending rebounded by slightly more than expected in February. The report said construction spending rose 1.2 percent to a seasonally adjusted annual rate of $885.1 billion in February from the revised January estimate of $874.8 billion.
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Activity in the U.S. manufacturing sector expanded at a much slower than expected rate in the month of March, according to a report released by the Institute for Supply Management on Monday. The ISM said its purchasing managers index fell to 51.3 in March from 54.2 in February, although a reading above 50 indicates continued growth in the manufacturing sector.
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Spain's unemployment dropped in March, adding to hopes that the economy will stabilize in 2013, data from the Labor Ministry showed Tuesday.
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The Reserve Bank of Australia on Tuesday decided to retain the cash rate unchanged at 3 percent for a third consecutive time as downside risks to global economic outlook receded and domestic consumption showed signs of moderate recovery. The central bank, however, stuck to its view that the current inflation outlook provided room to ease policy further.
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New orders for U.S. manufactured goods showed a notable rebound in the month of February, according to a report released by the Commerce Department on Tuesday, with the increase largely due to strength in the volatile transportation sector. The report said factory orders surged up by 3.0 percent in February following a revised 1.0 percent decrease in January.
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New orders for U.S. manufactured goods showed a notable rebound in the month of February, according to a report released by the Commerce Department on Tuesday, with the increase largely due to strength in the volatile transportation sector.
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The continuing downturn in the U.K. manufacturing sector have reignited fears of a triple-dip recession amid lackluster demand from both domestic and foreign markets. Further, mortgage approvals declined again in February, reflecting no credible support from the Funding for Lending Scheme to the housing market.
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Unemployment in the euro area held steady at a record high in February, raising concerns that the ongoing recession is set to be a prolonged one as the region's debt crisis continues to weigh on economic activity, latest data showed Tuesday.
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Russia's central bank left its main refinancing rate unchanged for the seventh consecutive month, but reduced rates on long-term liquidity operations by a quarter point as it sees increased risks to economic growth.
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Australia posted a seasonally adjusted merchandise trade deficit of A$178 million in February, the Australian Bureau of Statistics said on Wednesday.
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Australia saw a seasonally adjusted merchandise trade deficit of A$178 million in February, the Australian Bureau of Statistics said on Wednesday.
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China will on Wednesday see the March results for the non-manufacturing and HSBC services PMIs, highlighting a modest day for Asia-Pacific economic activity.
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China's service sector grew at a faster pace in March led by robust new order inflows, results of two separate surveys showed Wednesday. Along with further pick up in manufacturing, this demonstrates a moderate recovery of the economy after continued slowdown during most of 2012. The business activity index, a gauge of the country's non-manufacturing sector performance, rose to 55.6 in March.
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While activity in the U.S. service sector grew for the 39th consecutive month in March, a report released by the Institute for Supply Management on Wednesday showed that the pace of growth unexpectedly slowed compared to the previous month. The ISM said its non-manufacturing index dipped to 54.4 in March from 56.0 in February, although a reading above 50 indicates continued growth.
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While activity in the U.S. service sector grew for the 39th consecutive month in March, a report released by the Institute for Supply Management on Wednesday showed that the pace of growth unexpectedly slowed compared to the previous month.
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Private sector employment in the U.S. rose by much less than expected in the month of March, according to a report released by payroll processor Automatic Data Processing, Inc. (ADP) on Wednesday, with the data raising concerns about Friday's jobs report from the Labor Department. ADP said private sector employment increased by 158,000 jobs in March.
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The slowdown in India's economic growth is only "temporary", Prime Minister Manmohan Singh said in New Delhi on Wednesday.
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Private sector employment in the U.S. rose by much less than expected in the month of March, according to a report released by payroll processor Automatic Data Processing, Inc. (ADP) on Wednesday, with the data raising concerns about Friday's jobs report from the Labor Department.
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Inflation in the euro area weakened for the third consecutive month in March, but by less than expected by economists, as a marked deceleration in energy prices more than offset faster growth in service costs.
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The Bank of England is unlikely to restart its unconventional measures on Thursday as the assessment of policymakers will be weighed down by concerns about inflation despite persisting risks of a triple-dip recession. At the regular two-day meeting, the nine-member committee is expected to hold the interest rate at 0.50 percent and the central bank's quantitative easing unchanged.
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The International Monetary Fund will contribute EUR 1 billion to the Cyprus bailout, which is aimed at stabilizing the country's bloated banking sector and restoring public finances, IMF Managing Director Christine Lagarde said in a statement on Wednesday. The loan amount which is part of the EUR 10 billion rescue offered by the troika will be paid over a three-year period.
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Retail sales in February climbed a seasonally adjusted1.3 percent on month in February, the Australian Bureau of Statistics said on Thursday, standing at A$21.949 billion.
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The total number of building permits issued in Australia was up a seasonally adjusted 3.1 percent on month in February, the Australian Bureau of Statistics said on Thursday, standing at 13,371.
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Retail sales in February jumped a seasonally adjusted1.3 percent on month in February, the Australian Bureau of Statistics said on Thursday, coming in at A$21.949 billion.
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The Bank of Japan will on Thursday conclude its monetary policy meeting and then announce its decision on interest rates, highlighting a modest day for Asia-Pacific economic activity. The BoJ is widely expected to keep rates on hold at 3.00 percent.
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The Bank of Japan launched an aggressive monetary easing program on Thursday, as newly appointed Governor Haruhiko Kuroda began his campaign to reverse 15 years of deflation which has been a drag on the economy. Concluding the two-day monetary policy meeting today, the policy board said the BoJ will double the monetary base and its holdings of Japanese Government Bonds and exchange-traded funds.
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European Central Bank President Mario Draghi signaled on Thursday that the bank is set to maintain low interest rates in coming months as the economic weakness in the euro area has extended into the early part of the year. "A gradual recovery is projected for the second half of this year, subject to downside risks," Draghi said.
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Offsetting the recent downward trend, first-time claims for U.S. unemployment benefits rose for the third consecutive week in the week ended March 30th. A report released by the Labor Department on Thursday showed that initial jobless claims rose to 385,000, an increase of 28,000 from the previous week's unrevised figure of 357,000.
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Partly offsetting the recent downward trend, first-time claims for U.S. unemployment benefits rose for the third consecutive week in the week ended March 30th.
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Despite clear signals that the 17-nation economy remained stuck in recession during the first quarter, the European Central Bank resisted an interest rate cut in April likely due to concerns over falling bank lending. The main refinancing rate was kept at 0.75 percent for the ninth straight month after the meeting of the Governing Council in Frankfurt on Thursday.
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The Bank of England decided not to lift its quantitative easing as policymakers were worried about above target-inflation even after the government allowed it to expand stimulus disregarding high inflation. At the regular two-day meeting, the nine-member committee decided maintained the quantitative easing at GBP 375 billion and the interest rate unchanged at 0.50 percent.
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The European Central Bank held its key interest rate at a record low for the ninth month in a row in April.
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