June 8, 2023
United States:
Nasdaq 100 Edges Higher as Jobless Claims Jump: Markets Wrap
The tech-heavy Nasdaq 100 edged higher and Treasuries erased a drop after data showing US jobless claims surged more than expected last week.
The jump in jobless claims to the highest since October 2021 shows that the labor market, while largely resilient, is starting to show signs of cooling. That delivered a boost to the tech sector, which has been flagging under speculation that the Federal Reserve will keep interest rates higher for longer.
Europe:
Euro Zone Succumbs to Mildest of Recessions on Energy Shock
The euro area suffered the mildest possible recession during the winter after Russia’s war in Ukraine sent energy prices soaring.
The 20-nation economy shrank by 0.1% between January and March, revised data showed Thursday, adding to a fourth-quarter decline of the same magnitude and resulting in the first six-month contraction since the Covid-19 pandemic.
Asia:
China’s Biggest Jewelry Chain Slows Expansion to Boost Profit
Chow Tai Fook Jewellery Group Ltd., one of the world’s largest jewelry retailers by market value, is dialing back expansion plans in an effort to boost profitability as the company fends off intensifying competition.
The group is planning to add 600 to 800 new stores in mainland China in the fiscal year ending March 2024, vice-chairman Sonia Cheng said in an interview Thursday, down from more than 1,500 it added over the past year. Instead, it’ll focus on increasing productivity and sales growth at existing stores, while trying to attract younger consumers, said the 42-year-old daughter of billionaire and company Chairman Henry Cheng.
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