U.S. manufacturing activity contracted in March for the fourth straight month, dropping to its lowest level in nearly three years amid a sharp pullback in demand. The Institute for Supply Management (ISM) said in an April 3 report that its manufacturing PMI fell to 46.3 last month compared to 47.7 percent in February. Readings below…
US Manufacturing Slumps to Lowest Level in 3 Years
U.S. manufacturing activity contracted in March for the fourth straight month, dropping to its lowest level in nearly three years amid a sharp pullback in demand. The Institute for Supply Management (ISM) said in an April 3 report that its Manufacturing Purchasing Managers’ Index (PMI) fell to 46.3 last month compared to 47.7 percent in February….
Wall Street Opens Lower as Oil Output Cut Reignites Inflation Worries
Wall Street’s main indexes opened lower on Monday after a surge in oil prices brought back inflation worries, bolstering bets that the U.S. Federal Reserve will deliver another interest rate hike at its next meeting. The Dow Jones Industrial Average fell 28.37 points, or 0.09 percent, at the open to 33,245.78. The S&P 500 opened…
America’s Biggest Banks Experience Massive Deposit Withdrawals
America’s 25 biggest banks saw a huge $90 billion outflow of deposits last week, a sharp reversal from the prior week where larger financial institutions absorbed some of the deposits being withdrawn at a record pace from smaller banks in the wake of the Silicon Valley Bank (SVB) collapse. Between the collapse of SVB over…
America’s Biggest Banks See Surge in Deposit Withdrawals
America’s 25 biggest banks saw a huge $90 billion outflow of deposits last week, a sharp reversal from the prior week where larger financial institutions absorbed some of the deposits being withdrawn at a record pace from smaller banks in the wake of the Silicon Valley Bank (SVB) collapse. Between the collapse of SVB over…
America’s Biggest Banks Experience Massive Withdrawals
America’s 25 biggest banks saw a huge $90 billion outflow of deposits last week, a sharp reversal from the prior week where larger financial institutions absorbed some of the deposits being withdrawn at a record pace from smaller banks in the wake of the Silicon Valley Bank (SVB) collapse. Between the collapse of SVB over…
Dollar Gains as Surprise OPEC+ Cut Adds to Inflation Conundrum
April 3, 2023
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SINGAPORE/LONDON—The dollar rose against other major currencies on Monday as fears over inflation resurfaced after a surprise announcement by major oil producers to cut production targets further, with traders wagering the Federal Reserve may need to increase interest rates again at its next meeting. The announcement on Sunday by the Organization of the Petroleum Exporting…
Oil Prices Surge, Fed Rate Path in Question Again
April 3, 2023
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SYDNEY/LONDON—Oil prices surged on Monday after Saudi Arabia and other OPEC+ producers announced a surprise cut in their output target, a move that rippled through stock markets and boosted the dollar due to reinvigorated fears about the stickiness of global inflation. Brent oil futures looked set for its biggest daily percentage gain in around a…
A ‘Feel-Good’ Period Before ‘Inevitable’ US Recession: JPMorgan Investment Officer
April 2, 2023
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Business & Marketseconomic recessioneconomyhigh inflationJPMorgan ChasePolicies & ImpactsrecessionU.S. economyUS
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Markets could see a rally before an inevitable downturn, said Bob Michele, the chief investment officer of JPMorgan Asset Management, adding that American investors are cleaning out their portfolios with assets that can withstand an economic recession. “I actually think in the next quarter, we could see risk assets rally. Having been an investor through…
Recession Odds Jump as the Fed Crushes Consumers
Commentary Recession odds have climbed considerably since Jerome Powell’s testimony before Congress and the latest FOMC meeting. However, the recent failures of Silicon Valley Bank (SVB) and Credit Suisse (CS), as higher rates impact regional bank liquidity, also added to the risks. This isn’t the first time we have warned the aggressive rate hiking campaign…
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