April 25, 2024
United States:
US GDP Growth Slows to 1.6% While Core Inflation Accelerates
The US economy grew last quarter at the slowest pace in almost two years as consumer and government spending cooled amid a sharp pickup in inflation.
Gross domestic product increased at a 1.6% annualized rate, below all economists’ forecasts, the government’s initial estimate showed. A wider trade deficit subtracted the most from growth since 2022. The economy’s main growth engine — personal spending — rose at a slower-than-forecast 2.5% pace.
Europe:
Barclays Leads European Banks in Showing Path After Rate Hikes
Europe’s biggest investment banks delivered further evidence that as the boost from rising interest rates fizzles out, investors can find solace in the fact that there’s signs of life in capital markets.
Barclays Plc shares rose about 6% in morning trading, with shareholders cheering an equities trading surge that helped cement a solid start to its three-year strategy revamp. Equities also lifted revenue at French rival BNP Paribas SA, along with cost cuts. At Deutsche Bank AG, meanwhile, sagging earnings at the corporate and retail bank were offset by strong fixed-income trading.
Asia:
India Stands Out for Cheap Bonds as JPMorgan Date Nears
Indian equities have soared to become among the world’s most expensive, yet its bonds appear relatively cheap despite being Asia’s best performers this year.
The benchmark 10-year note offers a premium of almost 270 basis points over the earnings yield for the MSCI India share index, making the country’s debt more attractive to investors just months before its inclusion in JPMorgan Chase & Co’s indexes from June.
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