Source: The People’s Bank of China Chinese lenders slashed the key interest rate for long-term loans, hitting the biggest reduction in three years. MCHI is 1.29% up, while BABA is up 0.69%. The five-year loan prime rate was cut down to 4.45% from 4.6%, marking the biggest drop since a revision in 2019.The one-year loan prime rate was maintained at 3.7%, versus economists’ … [Read more...] about Chinese Banks Slash Key Interest Rate
Forex News
21,000 More Americans Filed for Jobless Claims Last Week
Source: Department of Labor The total initial claims filed in the US in the week to May 14 stood at 218,000, up by 21,000 from the prior week. DJI is down -0.96%, DXY is down -0.97%. On a four-week moving average, US jobless claims climbed by 8,250 to 199,500. The previous week’s jobless claims were revised to 197,000 from 203,000.The continuing claims stood at 1.317 … [Read more...] about 21,000 More Americans Filed for Jobless Claims Last Week
Higher Prices, Mortgage Rates Drag US Existing-Home Sales
Source: National Association of Realtors Existing-home sales in the United States declined for the third straight month in April, dragged by higher prices and mortgage rates during the period. XHB is up 0.93%, while ITB is up 1.32%. Total existing-home sales fell by 2.4% in April, indicating a seasonally adjusted annual rate of 5.61 million. Year-on-year sales fell 5.9% … [Read more...] about Higher Prices, Mortgage Rates Drag US Existing-Home Sales
Manufacturing Activity Drops to Two-Year Low
Source: Federal Reserve Bank Philadelphia Manufacturing activity continued to expand in May, albeit at a slower pace, hitting a two-year low. QQQ is down 0.55%, while SPY is down 0.89%. The diffusion index for current activity declined by 15 points to 2.6 in May, as most firms indicated no changes in current activity while 20% saw declines.The new orders index climbed … [Read more...] about Manufacturing Activity Drops to Two-Year Low
Eurozone, EU Construction Production Growth Hit Three-Month Low in March
Source: Eurostat Construction production growth slowed in both the eurozone and European Union in March, hitting the lowest level in three months. EZU is down 0.43%, while VGK is down 0.74% premarket. Total construction production in the eurozone was flat in March, slower than the 1.1% in the previous month.Building production growth contracted by 0.1%, versus the 0.7% … [Read more...] about Eurozone, EU Construction Production Growth Hit Three-Month Low in March
