Author: Press Room
By Dan Burns (Reuters) – Deposits at U.S. commercial banks rose near the end of March for the first time in about a month, showing signs of stabilizing after the two largest bank failures since the financial crisis rocked the banking system and rattled depositors. Federal Reserve data released on Friday showed deposits at all commercial banks rose to $17.35 trillion in the week ended March 29, on a nonseasonally adjusted basis, from a downwardly revised $17.31 trillion a week earlier. It was the first increase since the start of March and marked an end, for the moment, to a…
By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – The dollar slipped against some major currencies in thin trading Thursday, as investors consolidated positions and pondered how pivotal U.S. jobs data coming out on a stock trading holiday might impact Federal Reserve policy and unleash a potentially volatile market reaction. The U.S. stock market is closed on Good Friday and some European countries are shut on Monday as well. The closely watched U.S. non-farm payrolls report on Friday, when many markets around the world are closed, will follow disappointing manufacturing and services sector data from the Institute for Supply Management (ISM) and…
By Barani Krishnan Investing.com — U.S. natural gas futures resumed their weekly trend in the red, closing the current week down almost 10% after last week’s respite from three straight weeks of deficit. To add to the somber mood of longs in the market, the front-month contract took a fresh dive beneath the key $2 support, a reminder that new lows may be made in the coming days. Natural gas for settled at $2.0110 per mmBtu, or metric million British thermal units, on the New York Mercantile Exchange’s Henry Hub — down 14.4 cents, or 6.7%, on the day. For…
© Reuters. FILE PHOTO: Malaysian Prime Minister Anwar Ibrahim attends a wreath-laying ceremony at Rizal Park, in Manila, Philippines, March 2, 2023. REUTERS/Lisa Marie David KUALA LUMPUR (Reuters) – Malaysia said on Saturday it was firmly committed to protecting its sovereign rights and interests in the South China Sea after China expressed concern about Malaysian energy projects in a part of the sea that China also claims. Malaysian Prime Minister Anwar Ibrahim said on Tuesday China was worried about activity by the state energy firm Petronas in a part of the South China Sea that Malaysia says is its territory.…
The U.S. Treasury Secretary Janet Yellen recently told Reuters that it is “critical” to put in place a strong regulatory framework (and I agree, because good regulation means a great opportunity for new fintech products and services) but evidence suggests that the crypto market is not a financial market as we currently understand it. Perhaps we should cast a wider net for ideas for regulating it. Gamblification The Kenyan mobile payment service M-Pesa (by some measures Africa’s most successful fintech) transformed the national economy in incredible ways. There are now more than 200,000 SMEs using M-Pesa’s API, more than half…
Looking to profit from oil-powered dividends? Look no further than this discounted payer dishing 9.6%. Oil prices had plunged in recent months on recession fears. However, there’s still no recession. Oops. One point for the energy bulls. Meanwhile, OPEC said enough “cheap” oil. On Sunday the cartel announced production cuts. Oil prices popped. Will OPEC’s move prompt the Federal Reserve to raise rates even higher to cool demand for oil? I don’t think so because the Fed has a problem. It broke the banks! Higher rates could do more damage. High oil is painful, but a banking crisis is worse.…
Key Takeaways The Bureau of Labor Statistics has released their unemployment report today, showing that 236,000 new jobs were added in March, bringing the unemployment rate down slightly to 3.5% That’s right in line with projections of 238,000 new jobs from economists polled by the Wall Street Journal It’s a relatively flat picture, but overall the job market is looking weaker when this data is looked at in conjunction with the jobless claims and ADP private payrolls figures from this week For investors, it’s evidence that points to a potential change in the Fed’s tightening policy, with all eyes on…
Topline As waves of layoffs ripple through the long-booming labor market, the Labor Department’s jobs report on Friday showed a continued slowdown in employment—adding to a slew of signs this week that the economy may be cooling more quickly than believed, potentially risking the hard landing Federal Reserve officials have long tried to avoid. Key Facts Total employment increased by 236,000 in March—in line with economist expectations and marking the lowest monthly gain since December 2020, according to data released Friday by the Labor Department. Despite growing reports of corporate layoffs hitting the nation’s largest employers, the unemployment rate ticked…
To Doug, the end point was near and clear. He saw retirement within the next three years. With a sparkle in his eye, he pointed to where he and his wife, Sue, were to retire. Looking out, Doug spread his arms as if to hug the distant pine-covered mountains, he declared, “Yep! Sue and I will be retiring to our second home over there near our favorite hiking trails, plenty of fishing, and skiing.” The look of satisfaction on Doug’s face was short lived. Sue, Doug’s wife of 40-plus years, briskly moved from his side, blocking his path, stopping Doug…
April 7 marks the day that beer was allowed to be legally manufactured and sold following a long, dry Prohibition. On March 22, 1933, President Franklin Roosevelt signed the Cullen–Harrison Act into law, which moved the US away from Prohibition by allowing the manufacture and sale of beer that was approximately 4% alcohol by volume (just a little less than the average today) and some wines. After he signed, Roosevelt reportedly remarked to his aide Louis Howe, “I think this would be a good time for a beer.” Prohibition would officially remain in place for a few more months, but…
