US stocks hit by latest inflation data; gold prices jump

Most of Asia’s markets began the brand new quarter on the entrance foot, however Wall Road primarily fell (MOHD RASFAN)

Wall Road shares principally fell Monday after contemporary inflation knowledge raised questions on US financial coverage, whereas gold costs shot to a contemporary report.

The Institute for Provide Administration’s March survey is the primary to point out US manufacturing exercise rising since September 2022. However markets fixated on a 3.3 % rise within the ISM’s costs index as in contrast with February.

“The market circled when ISM got here up this morning,” stated Jack Ablin of Cresset Capital. “That is one signal that would present that the inflation is selecting up extra.”

Whereas the Nasdaq mustered a slim achieve, each the Dow and S&P 500 retreated.

Markets have been scrutinizing inflation knowledge to gauge the probability of a shift in financial coverage.

The Federal Reserve has stated it expects three rate of interest cuts this yr, however that plan may slide if inflation stays elevated.

US Treasury yields jumped after Monday’s ISM knowledge.

In Asian commerce, Seoul, Singapore and Manila rose, whereas there have been losses in Taipei and Jakarta.

Hong Kong, Sydney, Wellington, London, Paris and Frankfurt had been closed for Easter Monday.

Gold hit a report excessive of $2,265.73, in response to Bloomberg Information, extending the yr’s rally fueled by central financial institution hints at an easing of credit score circumstances.

Additionally it is being supported by its attraction as a protected haven in instances of turmoil, with geopolitical tensions rising.

Shanghai jumped round one % as merchants welcomed information that China’s manufacturing grew for the primary time in half a yr, giving a lift to leaders as they battle to kickstart the struggling economic system.

The 50.8 studying in March was the primary displaying growth since September and was properly above forecasts.

“The economic sector appears to be resilient, partly helped by sturdy exports,” stated Zhang Zhiwei at Pinpoint Asset Administration.

“If fiscal spending rises and exports stay sturdy, the financial momentum might enhance.”

However Tokyo sank a couple of % because the Financial institution of Japan’s intently watched Tankan survey confirmed that confidence amongst Japan’s largest producers slipped within the first quarter, having risen for 3 straight quarters.

– Key figures round 2040 GMT –

New York – Dow: DOWN 0.6 % at 39,566.85 (shut)

New York – S&P 500 – DOWN 0.2 % at 5,243.77 (shut)

New York – Nasdaq – UP 0.1 % at 16,396.83 (shut)

Tokyo – Nikkei 225: DOWN 1.4 % at 39,803.09 (shut)

Shanghai – Composite: UP 1.2 % at 3,077.38 (shut)

Hong Kong – Dangle Seng Index: Closed for vacation

London – FTSE 100: Closed for a vacation

Greenback/yen: UP at 151.65 yen from 151.35 yen on Thursday

Euro/greenback: DOWN at $1.0746 from $1.0790

Pound/greenback: DOWN at $1.2548 from $1.2623

Euro/pound: UP at 85.61 pence from 85.48 pence

West Texas Intermediate: UP 0.6 % at $83.71 per barrel

Brent North Sea Crude: UP 0.5 % at $87.42 per barrel

New York – Dow: UP 0.1 % at 39,807.37 factors (shut)

dan-jmb/sst

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