On the other hand, IHS Markit reported that its service sector PMI jumped to 63.5% in April from 59.7% in March, marking its biggest monthly gain since the inception of this index in October 2009.Automatic Data processing reported that private sector payrolls increased 742,000 in April.
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Stocks opened mixed Friday, with the Dow Jones Industrial Average losing ground and the tech-heavy Nasdaq Composite jumping to the upside after a much-weaker-than-expected April jobs report.
The premium on options betting on declines in the Aussie and kiwi against the yen has narrowed across the curve from end-2020 levels, for tenors starting at one-week all the way up to a year.There’s room for upside in the Canadian dollar versus the yen, and in the Norwegian krone against the Swiss franc and euro, given the contrast in their policy paths, according to Audrey Childe-Freeman, Bloomberg Intelligence chief G-10 FX strategist.The Aussie and kiwi dollars are likely to outperform based on higher yields alone, she said, even if their central banks have resisted adjusting to more hawkish policy language so far.While the RBA has been adamant that it will keep pumping monetary support into the economy until it is fully repaired, its most recent outlook showed upbeat trajectories for growth and jobs, showing it’s on track to drive faster pay gains and inflation back toward its target.
now has a price tag: at least $2.4 million a day.That’s how much any move by the European Union to cut off access to London’s dominant clearinghouses for derivatives could cost traders in euro interest rate swaps, net of buying, according to an estimate from Albert Menkveld, professor of finance at Vrije Universiteit Amsterdam, who has sat on advisory panels to European regulatory authorities.Fragmenting cross-Channel clearing would result in additional costs because global dealers would need more collateral for their positions in multiple clearinghouses in the U.K.
While retail investors have been net buyers of stocks for 10 straight weeks, hedge funds have been sellers, client data from BofA Global Research showed, with the four-week average of net sales of equities by hedge funds hitting their highest levels since the firm began tracking the data in 2008.
Over the past year, the fallout from COVID-19 has contorted both the demand and supply sides of the global economy, creating bottlenecks in supply chains, havoc in freight markets and a rally in raw materials from corn to copper.
Instead, those fund managers say that they are continuing to rotate into value and cyclical stocks – whose fortunes are closely tied to economic conditions – in anticipation that the economic recovery will be longer and more gradual than originally anticipated.
— China’s appetite sent Brazil soybean exports to a record high in April, with the Asian nation working to feed its growing hog herd just as planted area for the oilseed may drop.Brazil shipped 12.6 million metric tons to China in April, a 19% jump from a year earlier and the most in a single month in data going back to 1997, according to Brazilian Trade Ministry data published on Thursday.
The jobs numbers reinforce views that monetary tightening remains distant, further helping non-interest-bearing bullion.The jobs data “is lagging, but suggest that, using last month’s data there was no urgency to change policy, which is price supportive for gold,” said Giovanni Staunovo, an analyst at UBS Group AG.Bullion surged on Thursday after several Federal Reserve officials played down concerns over inflation and pushed back on the idea of tapering bond purchases.Spot gold rose as much as 1.6% to $1,843.43 an ounce, the highest since mid February.