- USDTHB: moving in the range 34.00-34.25 this morning
· SET Index: 1,605.4 (-0.32%), 30 March 2023
· S&P 500 Index: 4,050.8 (+0.57%), 30 March 2023
· Thai 10-year government bond yield (interpolated): 2.36 (+1.22 bps), 30 March 2023
· US 10-year treasury yield: 3.55 (-2.00 bps), 30 March 2023
- US labor market remains tight; corporate profits decline
- Tokyo CPI inflation slows slightly less than expected in March
- Chinese manufacturing PMI slows in March, services hit 15-year high
- Gold prices keep $2,000 in sight as bank fears bring bumper quarter
US labor market remains tight; corporate profits decline The number of Americans filing new claims for unemployment benefits rose moderately last week, showing no signs yet that tightening credit conditions were having a material impact on the tight labor market. But the risks to the economy are mounting. Other data on Thursday showed corporate profits in the fourth quarter declining by the most in five years, in part because of penalties and fines imposed on several businesses. That included a $1.7 billion civil penalty against Wells Fargo for what the government said was to "settle allegations that it illegally assessed fees and interest charges on auto and car loans. "Initial claims for state unemployment benefits increased 7,000 to a seasonally adjusted 198,000 for the week ended March 25, the Labor Department said. Economists polled by Reuters had forecast 196,000 claims for the latest week. Claims have stayed low despite high-profile layoffs in the technology industry.
Tokyo CPI inflation slows slightly less than expected in March Consumer price index inflation in Japan’s capital fell slightly less than expected in March, data showed on Friday, as the impact of government subsidies on utility prices was largely offset by sharp increases in the prices of most other goods. Tokyo Core CPI rose 3.2% in the 12 months to March, data from the Statistics Bureau showed, more than expectations for growth for 3.1%, but below the prior month’s reading of 3.3%. The core reading excludes volatile items such as fresh food. Including all items, overall Tokyo CPI rose 3.3% in March, down slightly from the 3.4% seen in the prior month. The reading, which usually heralds a similar trend in nationwide inflation data released later, indicates that while government subsidies on utilities helped ease some cost pressures, high food and household goods prices kept inflation elevated in Tokyo through March.
Chinese manufacturing PMI slows in March, services hit 15-year high Chinese manufacturing activity slowed slightly less than expected in March, data showed on Friday, amid some resilience in local demand and continued momentum from the lifting of anti-COVID measures earlier this year. But service sector activity blew past estimates to reach its highest level in nearly 15 years, as the sector continued to benefit from pent-up demand and government measures to increase domestic spending. This also helped overall business activity expand during the month, keeping up the momentum from a post-COVID boom. The Chinese manufacturing purchasing managers’ index (PMI) grew 51.9 in March, more than estimates of 51.5 but below the prior month’s reading of 52.6.
Gold prices keep $2,000 in sight as bank fears bring bumper quarter The 10-year government bond yield (interpolated) on the previous trading day was 2.36, +1.22 bps. The benchmark government bond yield (LB31DA) was 2.36, +2.00 bps. LB31DA could be between 2.00-2.50 Meantime, the latest closed US 10-year bond yields was 3.55, -2.00 bps. USDTHB on the previous trading day closed around 34.28 Moving in a range of 34.00-34.25 this morning. USDTHB could be closed between 34.00-34.50 today. Gold prices were flat on Friday, staying within sight of the key $2,000 level after wild swings this week, although safe haven demand in the wake of a potential banking crisis put the yellow metal on course for a sharp rise this quarter. Bullion prices flirted with the $2,000 level for most of this week, before staging a rally on Thursday after higher-than-expected U.S. jobless claims pointed to further cooling in the jobs market, which in turn could spur a drop in inflation. This limits the economic headroom afforded to the Federal Reserve in raising interest rates, which in turn bodes well for non-yielding assets such as gold. Gold prices shot up through March as fears of a banking crisis saw investors pile into traditional safe haven assets, chiefly the yellow metal.
Sources : ttb analytics , Bloomberg, CNBC, Trading economics, Investing, CEIC
