April 18, 2024
United States:
US Yields Rise as Solid Data Keeps Lid on Fed Bets: Markets Wrap
Treasury yields edged higher after solid economic data spurred bets the Federal Reserve will be in no rush to cut interest rates.
Ahead of the start of the Fed’s pre-meeting silent period, the bond market saw mild losses. That’s a day after dip buyers resurfaced to snatch Treasuries at attractive yields, triggering a wave of short-covering. Equities wavered after a four-day losing streak that drove the S&P 500 close to “oversold” levels.
https://www.bloomberg.com/news/articles/2024-04-17/stock-market-today-dow-s-p-live-updates
Europe:
German GDP Probably Grew in First Quarter, Bundesbank Says
The German economy — Europe’s largest — is set to avoid a winter recession thanks to a pick-up in manufacturing, rising exports and surging construction at the start of the year, according to the Bundesbank.
After warning just four weeks ago that output probably shrank for a second straight quarter between January and March, the central bank said the period may, in fact, have seen a “slight increase.” It did, though, caution that a sustained recovery isn’t assured.
Asia:
China Vows to Act After US Calls for Tariffs on Steel Products
China slammed a US plan to impose new restrictions on its steel and aluminum products, saying it will take action to protect the country’s interests.
The US is “arbitrarily slapping tariffs on Chinese products,” politicizing economic issues and undermining the security of the global supply chain, the Ministry of Commerce said in the statement on Thursday. China urges US to stop increasing tariffs and pledges to take all necessary measures to defend its rights, it said.
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