Growth of factory activity in Japan remains under contract for five consecutive months
Japan’s factory activity edged up in March but remained in contraction territory for the fifth straight month, a flash estimate by au Jibun Bank showed.
The manufacturing purchasing managers’ index rose to 48.6 from 47.7 in February, its first rise since March 2022.
A PMI reading above 50 indicates expansion, while a reading below 50 indicates growth contraction.
But the estimate for Japan’s services sector was 54.2 for March, slightly up from 54.0 for February and the strongest reading since October 2013.
— Lim Hui Jie
Treasury Secretary Yellen says emergency measures to support banks could be reinstated if needed
Treasury Secretary Janet Yellen said Thursday that federal emergency measures that halted customers at Silicon Valley Bank and Signature Bank could be reinstated if necessary.
“We have used important tools to act quickly and prevent contagion. And they are tools that we could use again,” Yellen said in written testimony before a budget subcommittee.
“The strong measures we have taken ensure that Americans’ deposits are safe,” she added. “Of course we would be prepared to take additional measures if warranted.”
Her comments come as regulators aimed to reassure customers and investors amid the banking crisis fostered by the shutdown of Silicon Valley Bank.
– Alex Harring, Christina Wilkie
Japan’s core inflation falls from January peak
Japan’s core inflation figure fell to 3.1% yoy in February from its January peak of 4.2%, government data showed on Friday.
The value is in line with the expectations of economists polled by Portal.
Overall, nationwide inflation for the month came in at 3.3% yoy, also down from January’s reading of 4.3%.
The consumer price index of the economy excluding fresh food and energy also rose 3.5% month-on-month.
– Jihye Lee
CNBC Pro: Why a fund manager has never owned a bank stock — and reveals what they’re looking for instead
Some investors are creeping back into bank stocks after last week’s sell-off, but fund manager Ian Mortimer is clearly a distraction.
In fact, he’s never owned a bank stock in any of his funds. He reveals why on CNBC Pro Talks.
Pro subscribers can read more here.
CNBC Pro: Wall Street downgrades European banks, names stocks to buy ‘if markets turn sour’
Wall Street downgrades European banks after tensions in the sector led to the emergency merger of two major Swiss banks.
Two investments also upgraded another sector, naming a dozen stocks to own “in case markets go sour.”
CNBC Pro subscribers can read more here.
— Ganesh Rao
Jobless claims are below expectations
Jobless claims fell unexpectedly last week, suggesting the labor market remains extremely tight.
Initial jobless claims for the week ended March 18 totaled 191,000, below the estimate of 198,000, the Labor Department reported Thursday. That was down 1,000 from the previous period.
Continuing claims, which are one week behind, rose 14,000 to 1.694 million.
Stock market futures fell after the data release.
– Jeff Cox
Tech stocks lead the market higher
Tech stocks outperformed on Thursday, with the Nasdaq 100 index up more than 1.4%. Netflix was among the top performers, up about 7%. Meta Platforms, Amazon, Alphabet, and Microsoft shares were also up more than 1%.
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NDX jumps
Cryptocurrency prices rally Thursday afternoon
Cryptocurrency prices soared on Thursday as investors grew optimistic that the Federal Reserve’s rate-hiking campaign would soon come to an end. Wall Street also shed some of its fears about the ongoing crisis in the banking system.
Bitcoin’s price surged more than 4% to $28,290.71, according to Coin Metrics. Ether gained nearly 5% to trade at $1,822.50.
Crypto rose with other risky assets. All three major stock indices were higher the day after their Fed-induced sell-off in the previous session.
Watch the full story here.
– Tanaya Macheel, Hakyung Kim
Energy is the biggest laggard in the S&P 500
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S&P 500 Energy Sector 1 Day