17 minutes ago
Philippine GDP grows slower than expected in the first quarter
The Philippine economy grew at a slightly slower pace than expected in the first quarter of 2024, according to official data.
The economic growth rate in the first quarter was 5.7% compared to the previous year, slightly lower than the 5.9% forecast in a Reuters poll.
GDP statistics for the first quarter remained higher than the previous quarter's 5.5%.
The government also released consumer price data showing that the Philippines' headline inflation rate rose from 3.7% year-on-year in March 2024 to 3.8% in April.
— Shreyashi Sanyal
1 hour ago
Bank of Japan officials discussed a bigger-than-expected interest rate hike, records of an April meeting show.
According to a summary of opinions from the Bank of Japan's Monetary Policy Meeting in April, the Bank of Japan may raise interest rates at a faster pace than the market expected.
The central bank said there was “high uncertainty” about expected economic activity and prices in April.
In April, the bank predicted inflation would be between 2.5% and 3% in fiscal 2024, up from its January forecast of 2.2% to 2.5%.
The Bank of Japan stated, “If this outlook materializes, the price stability target of 2% will be achieved sustainably and stably in about two years,'' and future policy interest rates will exceed the level factored in. . market.
— Lim Huijie
2 hours ago
Japan's real wages fell 2.5% in March, marking the 24th consecutive month of decline
Japan's real wages in March fell 2.5% from the same month last year, marking the 24th consecutive month of decline.
The 2.5% decline in March was faster than the 1.8% recorded in February, as cost increases outpaced nominal wages.
Nominal wages rose 0.6% year-on-year to 301,193 yen ($1,938.66), slowing from February's 1.4% rise.
— Lim Huijie
1 hour ago
Mitsubishi Motors Corporation stock falls after Japanese automaker expects annual profit to drop
Mitsubishi Motors Corporation shares fell 5% in early trading on expectations that the company's profit for the current fiscal year would be revised downward.
Mitsubishi Corporation on Wednesday said it expects net profit for the fiscal year ending March 2025 to be 144 billion yen ($926,784.06), down about 7% from last year's net profit of 154.71 billion yen.
Toyota Motor Corp. on Wednesday expected its operating profit to decline again this fiscal year.
On this day, the comprehensive TOPIX index rose 0.4%.
— Shreyashi Sanyal
7 hours ago
UBS says investors should remain 'vigilant' and diversify across asset classes amid global uncertainty
According to UBS, several risks could still impact market momentum.
“While we continue to see a positive macro environment for risk assets, investors are concerned about a range of economic developments that could once again increase market volatility,” said Mark Hefele, chief investment officer of global wealth management at the firm. “We need to remain vigilant about geopolitical risks.”
Mr. Hefele put oil prices at risk and warned investors that despite recent gains in U.S. stocks, including the S&P 500's best four-day gain since November on positive Fed remarks, It noted that several concerns remain that could increase concerns. These include continued uncertainty over the Gaza Strip ceasefire agreement, potentially “fragile” disinflationary trends, and the upcoming US presidential election.
“Volatility in asset classes may remain high as markets fluctuate between different scenarios. Investors will want to diversify and balance across asset classes,” the investment chief said in a note Wednesday. “High-quality bonds can help mitigate that volatility and keep portfolios on track,” he said. It becomes a strategy.
— Peer Singh
8 hours ago
US crude oil recovers losses due to unexpected drop in stockpiles
Panoramic view of Phillips 66's Los Angeles refinery in Carson, California. Processes domestic and imported crude oil into gasoline, diesel fuel, and other petroleum products.
Binguan | Reuters
Crude oil futures rose on Wednesday, reversing early losses as U.S. crude inventories fell.
West Texas Intermediate for June rose 61 cents, or 0.78%, to settle at $78.99 a barrel. The July Brent contract last traded at $83.75 a barrel, up 59 cents, or 0.72%.
Oil prices fell more than 1% in early trading as U.S. commercial crude inventories fell by 1.4 million barrels in the first week of May, according to official data from the Energy Information Administration. The decline was surprising when compared to industry data that showed an increase of 509,000 barrels.
Oil prices have fallen nearly 7% since hitting an all-time high in April as traders jacked up prices over fears of war between Iran and Israel. Since then, investors have largely sold off the war premium, with Morgan Stanley removing the $4 per barrel risk from its oil price forecast for this year.
— Spencer Kimball
11 hours ago
Fed's Collins wants more confidence that inflation is receding before cutting rates
Boston Fed President Susan Collins speaks at the National Business Economics Association Economic Policy Conference in Washington, DC on March 30, 2023.
Ting Sheng | Bloomberg | Getty Images
Boston Fed President Susan Collins said Wednesday that it will likely take longer than expected to bring inflation back to the central bank's target, but policymakers are wary of waiting too long to begin normalizing interest rates. He pointed out that it should be.
“Recent surprises in economic activity and inflation to the upside suggest that policy should remain at current levels until there is greater confidence that inflation is on a sustained path toward 2%,” Collins said in a speech at the Massachusetts Institute of Technology. This suggests that it may be necessary to maintain it.”
Collins said he was focusing on inflation expectations, further signs of disinflation, and signals from moderating wages and labor markets when considering the conditions that need to be in place before cutting rates.
“The current situation requires systematic patience, recognizing that progress will take time and will continue to be uneven,” Collins said. “The hurdles are too high to begin normalizing policy,” he added.
He said current Fed policy is “in the right place” as information evolves.
— Jeff Cox
