Latest Finance-Economy News
Bond Rout Deepens as Oil Prices Surge on Iran War Escalation
Global stocks and bonds fell sharply after another jump in oil prices, stoking inflation concerns from the Iran war. US retail gasoline prices hit their highest since September 2024.
Crude is on track for its biggest weekly surge since 2022 as the White House considers all options to tame the crisis.
US February Payrolls Report Shows Job Declines
Nonfarm payrolls dropped by 92,000 in February, with losses in professional services, manufacturing, and leisure. Private sector employment rose by 63,000 per ADP, led by education, health, and construction.
Average hourly earnings held steady at 3.8% year-over-year.
ISM Manufacturing PMI at 52.4 Amid Mixed Signals
The ISM Manufacturing PMI stood at 52.4, with inventories contracting but customer inventories too low. Employment contracted at a slower rate while imports rose; twelve industries expanded.
Chemical industry saw growth in orders and production but employment contraction.
ISM Services PMI Rises to 56.1 for 20th Straight Month
ISM Services PMI gained 2.3 points to 56.1, with faster growth in activity, orders, and employment. Inventories and backlogs grew; supplier deliveries slowed as prices rose softly.
Positive sales indications in data centers, healthcare, and food sectors.
Global PMI Signals 3.0% GDP Growth Before Middle East War
Global PMI output hit one of its highest since the pandemic in February, indicating 3.0% annualized GDP growth. This upturn occurred prior to US-Israeli attacks on Iran, showing pre-war resilience.
March flash PMIs on March 24 will assess war impact.
Week Ahead: US CPI, PCE, and GDP Under Spotlight
Markets focus on US CPI, Fed's PCE price index, and Q4 GDP second estimate amid Middle East tensions. UK GDP, eurozone production, and China inflation also key.
US JOLTs openings, durable goods, and Michigan sentiment due Friday.
Trump Criticizes Banks for Stalling Crypto CLARITY Act
President Trump slammed banks for blocking the crypto CLARITY Act as the bill faces a new impasse. Blockchain.com CEO discussed digital asset regulation and crypto volatility.
Landmark legislation aims for clearer rules on digital assets.
Oil Prices Spike on Strait of Hormuz Closure Fears
Oil prices rose sharply due to widening Middle East conflict and potential Strait of Hormuz closure. US natural gas prices edged higher but stayed under $3/mmbtu with ample inventories.
Combined oil & gas rig count fell to 541.
ABA Forecasts Unemployment Peak at 4.5% Mid-2026
Economic Advisory Committee expects US unemployment to rise to 4.5% mid-2026, then ease to 4.3% by year-end. Forecast reflects ongoing labor market pressures amid global uncertainties.
Banking sector monitors impacts on deposits and lending.
Monday US Calendar: Employment Trends and Inflation Expectations
Conference Board's Employment Trends Index aggregates labor indicators for employment health view. NY Fed releases consumer inflation expectations amid market focus on price pressures.
Data crucial for labor market and inflation trajectory insights.
Prediction Markets Bet on Modest March Jobs Growth
Robinhood markets price >-25k March payrolls at 85¢, >10k at 76¢, and >0 at 72¢ for April 3 report. Traders anticipate nonfarm payroll changes amid economic uncertainties.
Contracts resolve based on BLS data with trading restrictions.