Author: omc_admin
American workers are the least confident they’ve been in over four years about finding a new job if they become unemployed, according to a new survey released by the Federal Reserve Bank of New York on Thursday. The NY Fed’s survey showed the mean perceived probability of finding a job within three months if one were to lose their current position fell by 1.9 percentage points to 49.2%, the lowest level since March 2021. The drop in job confidence comes despite continued strength in the broader labor market. In April, the US economy added 177,000 nonfarm payrolls, more than the…
Stocks ended last week slightly down after Federal Reserve Chair Jerome Powell reiterated the central bank’s wait-and-see approach to interest rate policy and President Trump unveiled a trade deal between the US and UK. All three major indexes finished last week in the red, as trade volatility moved stock charts. The S&P 500 (^GSPC) sank about 0.5%, while the Dow Jones Industrial Average (^DJI) slipped roughly 0.2% and the Nasdaq Composite (^IXIC) gave up about 0.3%. The week ahead will bring a fresh update on inflation, with the release of the Consumer Price Index (CPI) on Tuesday, as well as…
April’s Consumer Price Index (CPI) is expected to show the first clear signs of inflationary impacts from President Trump’s tariffs. The report, set for release at 8:30 a.m. ET on Tuesday, will greet investors less than 24 hours after markets soared on news the US and China have placed a 90-day pause on a wide swath of tariffs between the two countries. “We expect the first signs of tariff related inflation to show up in the April CPI released on Tuesday,” UBS chief economist Jonathan Pingle wrote in a note to clients on Monday. Inflation is expected to have picked…
Federal Reserve governor Adriana Kugler said Monday that steeper tariffs will drive prices higher, acting to push down incomes and lower economic growth. “Although higher tariffs on US imported goods may affect our macroeconomy through many channels … I think they will primarily act as a negative supply shock, raising prices and decreasing economic activity,” Kugler said in a speech in Dublin, Ireland. Kugler’s comments come even as the US and China have agreed to deescalate and slash tariff rates by 115 percentage points for 90 days as both sides discuss fairer trade between the two countries. The move will…
(Reuters) – Snap said on Tuesday it will not issue a second-quarter financial forecast citing economic uncertainty, as U.S. tariffs threaten to disrupt the global economy and digital advertising budgets, sending its shares down 14% in extended trading. The Snapchat parent faced challenges at the start of the current quarter, even as it continued to diversify both its advertiser base with small- and medium-sized businesses and its revenue sources with the growth of its subscription service. Snapchat+ subscribers rose 59% to 15 million in the first quarter. But economic uncertainty could trigger an ad spending shift to bigger rivals such…
MEXICO CITY (Reuters) – Mexico’s economy likely remained flat in the first three months of 2025 as a result of uncertainty generated by U.S. President Donald Trump’s fluctuating tariff policies, a Reuters poll showed on Tuesday. Gross Domestic Product (GDP) likely sat at 0.0% in the first quarter in seasonally adjusted terms, according to the median forecast of 15 analysts polled by Reuters, compared to a 0.6% quarter-on-quarter decline in the last three months of 2024. Analysts have for months warned that the Mexican economy may have shrunk again early this year, which would imply a technical recession. However, the…
By Rae Wee SINGAPORE (Reuters) – Shares struggled for direction on Wednesday and oil prices slid as relief over a potential easing of global trade tensions was offset by a worsening economic outlook and dour signals from corporates swept up by Donald Trump’s tariffs. U.S. Treasury yields also languished near multi-week lows as traders raised bets of more rate cuts from the Federal Reserve to support the world’s largest economy. Despite Trump’s move to soften the blow of his auto tariffs and signs of progress in broader trade negotiations, details remain scant, with Commerce Secretary Howard Lutnick saying he had…
By Stella Qiu SYDNEY (Reuters) -Core inflation in Australia slowed to a three-year low in the first quarter as costs in the services sector cooled markedly, data showed on Wednesday, supporting the case for another cut in interest rates in coming weeks. Investors are fully expecting a quarter-point rate cut from the Reserve Bank of Australia on May 20 given the darkening outlook for global growth caused largely by U.S. tariffs, even as a stronger-than-expected reading in headline inflation saw some scale back aggressive bets for five rate cuts this year. Data from the Australian Bureau of Statistics showed the…
By Shadia Nasralla LONDON (Reuters) – Oil prices extended declines on Wednesday and were set for their largest monthly drop in almost three and a half years as the global trade war eroded the outlook for fuel demand while concern over mounting supply also weighed. Brent crude futures were down 77 cents, or 1.2%, at $63.48 a barrel by 1305 GMT. U.S. West Texas Intermediate crude futures dropped 74 cents, also 1.2%, to $59.68. So far this month Brent and WTI have lost about 15% and 16% respectively for the biggest percentage falls since November 2021. Both benchmarks slumped after…
RIO DE JANEIRO/SAO PAULO (Reuters) -Brazilian state-run oil firm Petrobras reported on Tuesday oil, gas and gas liquids production of 2.77 million barrels of oil equivalent per day (boed) in the first quarter, down 0.2% from a year earlier. Petrobras’ oil production in Brazil fell by 1% year-on-year, to 2.21 million barrels per day (bpd), said the firm, adding that the Almirante Tamandare floating production vessel (FPSO) started producing in February at the country’s Buzios field. “The start of operations of the FPSO Almirante Tamandare is strategic for Petrobras and represents a sustainable expansion of production,” said Renata Baruzzi, head…