The S&P Global US Composite PMI rose to 53.5 in April 2023, up from 52.3 in the previous month, to signal the quickest upturn in business activity since May 2022.
The U.S. figures released on Friday somewhat defy recession fears, pulling
gold prices down 1.4% and underpinning the dollar.
The S&P Global US Composite PMI rose to 53.5 in April 2023, up from 52.3 in the previous month, to signal the quickest upturn in business activity since May 2022.
That only adds to economic uncertainty, so investors now have more doubts whether a 25bp hike in May will mark the end of tightening cycle.
As Fed officials signaled refusal to throw in the towel, gold recorded its worst weekly performance in eight weeks.
Oil steadied after plunging by 2% as investors weighed mixed data. Indian refiners' crude oil processing stayed near record peaks in March, similar to what was happening in China.
U.S. energy firms this week added oil and natural gas rigs for the first time in four weeks, energy services firm Baker Hughes.
However, crude oil production in the Permian will rise to a record 5.693m barrels per day in May, according to EIA.
The dollar saw its first weekly gain in two months though China and Europe’s improving data capped its rally.
Eurozone aggregate PMI data from S&P came in higher than expected in April (54.4 vs. 53.7), led by increased activity in the services sector.
Japan's consumer prices rose 3.1 percent in March, matching last month's figure and roughly in line with expectations, which may prompt the BOJ to consider acting.
But it is unlikely that Ueda, on his debut, will bin Kuroda’s super-loose policy this week given his cautious tone earlier this month.
Global equities rose on Thursday after the U.S. House of Representatives passed a bill to raise the federal debt ceiling, while U.S. Treasury yields fell as data reflected a cooling labor market.
2023-06-02U.S. employers boosted hiring in April while raising wages for workers, pointing to sustained labor market strength. NFP are expected to rise by 190,000 in May, a cooling of the surprise gain of 253,000 jobs created in April.
2023-06-01Global equities and U.S. Treasury yields were lower on Wednesday as risk-off sentiment dominated markets, with investors focused on a vote in Congress on raising the U.S. debt ceiling.
2023-06-01