Singapore’s March non-oil domestic exports (NODX) shrank 8.3% year-on-year, official data showed on Monday, though the drop was smaller than the previous month and less than forecast. On a seasonally adjusted month-on-month basis, NODX increased 18.4%, Enterprise Singapore data showed, versus the prior month’s 8.2% decline. Economists had forecast 1.7% growth. The trade reliant city-state has now recorded six consecutive months of year-on-year contraction in the NODX, amid concerns over the economic outlook. The Monetary Authority of Singapore (MAS) left its monetary policy settings unchanged last week, even though the inflation rate remains elevated, reflecting policy makers’ concerns about its growth outlook.
The major Asian stock markets had a mixed day today:
The major Asian currency markets had a mixed day today:
Some economic news from last night:
PBoC Loan Prime Rate remain the same at 3.65%
Trade Balance (Mar) increased from -898.1B to -754.5B
Adjusted Trade Balance increased from -1.25T to -1.21T
Exports (YoY) (Mar) decreased from 6.5% to 4.3%
NAB Quarterly Business Confidence decreased from -1 to -4
CPI (YoY) (Q1) decreased from 7.2% to 6.7%
CPI (QoQ) (Q1) decreased from 1.4% to 1.2%
Some economic news from today:
Tertiary Industry Activity Index (MoM) remain the same at 0.7%
Experts are warning that interest rates may have to increase more than expected to control high inflation. The Bank of England may raise the base rate as high as 5%, as current measures are not reducing inflation. In March, the Consumer Prices Index inflation was 10.1%, still much higher than the predicted 9.8%. The Bank of England’s goal is to keep inflation near 2%. Deutsche Bank economists originally predicted rates would peak at 4.25%, but they are now predicting a peak of 4.75% due to continued inflation growth. The Office for National Statistics revealed that food prices increased by 19.1% year-on-year, the largest increase since August 1977.
The major Europe stock markets had a mixed day today:
The major Europe currency markets had a mixed day today:
Some economic news from Europe today:
German PPI (MoM) (Mar) decreased from -0.3% to -2.6%
Trade Balance (Feb) increased from -30.6B to 4.6B
Treasury Secretary Janet Yellen stressed the importance of healthy, “fair” competition between the US and China. “There is a world in which, as companies in the U.S. and China challenge each other, our economies can grow, standards of living can rise, and new innovations can bear fruit,” Yellen said, according to pre-released remarks. “But this type of healthy competition is only sustainable if it is fair to both sides.” She denounced aggressive tactics used to gather technological information, but only mentioned China’s aggressive tactics. The news comes as China continues to sell off massive US debt.
US Market Closings:
Canada Market Closings:
Brazil Market Closing:
The oil markets had a negative day today:
The above data was collected around 12:50 EST on Thursday
The above data was collected around 12:56 EST Thursday.
Japan 0.471% (-0.5bp), US 2’s 4.17% (-0.091%), US 10’s 3.5337% (-6.83bps); US 30’s 3.74% (-0.052%), Bunds 2.445% (-5.9bp), France 2.953% (-6.1bp), Italy 4.33% (-3.5bp), Turkey 11.92% (+5bp), Greece 4.323% (+0.2bp), Portugal 3.329% (-3.5bp); Spain 3.482% (-6.1bp) and UK Gilts 3.747% (-11bp).