August 17, 2023
United States:
US Jobless Claims Decline in Sign of Resilient Labor Market
Applications for unemployment benefits fell by the most in five weeks, suggesting the resilient economy is making employers reluctant to reduce headcount.
Initial claims decreased by 11,000 to 239,000 in the week ended Aug. 12, according to Labor Department data out Thursday. The figure was in line with the median estimate in a Bloomberg survey of economists.
Europe:
European Stocks Fall on Fed Rate Outlook Worries; Adyen Plunges
European stocks extended declines after minutes from the Federal Reserve’s policy meeting in July suggested further interest-rate increases could be needed to contain inflation.
The Stoxx Europe 600 fell 0.7% by 3:08 p.m. in London, declining for a third session. Industrial goods and services stocks led the retreat, while the basic resources and energy sectors were the biggest gainers.
Asia:
China Told State Banks to Escalate Yuan Intervention
Chinese authorities told state-owned banks to step up intervention in the currency market this week, in a push to prevent a surge in yuan volatility, according to people familiar with the matter.
Senior officials are also considering the use of tools such as cutting banks’ foreign-exchange reserve requirements to prevent a rapid depreciation in the currency, said the people. The request came as the yuan fell toward 7.35 per dollar, a level that top leadership has been paying close attention to, they added.
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