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Dow closes lower by more than 370 points as inflation, growth worries resurface: Live updates
Stocks fell Thursday after the latest U.S. economic data showed a sharp slowdown in growth and pointed to persistent inflation.
Airbus CFO says A350 plane production increase not tied to Boeing troubles
Airbus is ramping up production of its A350 aircraft because of consumer demand and not the ongoing crisis at U.S. rival Boeing.
Exxon stock falls as earnings miss on lower natural gas prices and squeezed refining margins
Exxon Mobil’s first-quarter earnings missed expectations as the industry came under pressure from eroding refining margins and collapsing natural gas prices.
Chevron beats earnings estimates but profit falls on lower refining margins and natural gas prices
Chevron produced 1.57 million barrels of oil and gas daily in the U.S. for the quarter, an increase of 35% during the same period last year.
We’re boosting our price target on Alphabet by $30 after it delivered the quarter we’ve been waiting for
Alphabet on Thursday delivered a knockout first-quarter report and joined the tech-industry party by declaring its first-ever dividend.
Microsoft shares jump 4% after the big AI winner delivers in all the right places
Once again, Microsoft touted share gains as more and more customers used Azure’s platforms and tools to build their own AI solutions.
ForexLive European FX news wrap: Japanese yen volatility ramps up after Ueda presser
Headlines:
- USD/JPY returns to the highs for the day after flash in the pan drop
- USD/JPY hits the skids in fall to 155.00
- USD/JPY ramps higher as Ueda loses control
- BOJ governor Ueda says chance of a prolonged weakness in the yen is not zero
- BOJ governor Ueda says will adjust degree of monetary easing if underlying inflation rises
- BOJ governor Ueda says will continue to watch impact of FX on economy, prices
- SNB’s Jordan says central bank has been successful in fighting inflation
- France April consumer confidence 90 vs 92 expected
- Eurozone March M3 money supply +0.9% vs +0.6% y/y expected
- ICYMI: Trump advisers consider penalties for nations shifting away from the US dollar
Markets:
- AUD leads, JPY lags on the day
- European equities higher; S&P 500 futures up 0.8%
- US 10-year yields down 1.4 bps to 4.692%
- Gold up 0.5% to $2,344.29
- WTI crude up 0.4% to $84.09
- Bitcoin down 0.5% to $64,185
It was all about the Japanese yen during the session as the volatility swings pick up after the BOJ policy decision earlier today.
BOJ governor Ueda had his press conference but he did little to touch on the weaker yen and that was enough for traders to ramp USD/JPY higher. The pair moved up from 155.95 to 156.60 before a sudden surge higher in the yen brought the pair down to 155.00 right at the European open.
The timing of the move is largely suspect as it would be off-form for Tokyo to have intervened. The size of the move might have alluded to that at first but then the dip was quickly bought up. USD/JPY moved back up to 155.50-70 almost immediately, before regaining its composure to move to 156.80 now at the highs for the day.
Things are definitely heating up before the weekend with watchful eyes on any potential intervention from Tokyo, especially with it being a Japanese holiday on Monday. But I wouldn’t rule out a move then either if there isn’t anything today.
In other markets, stocks are staying underpinned after earnings beat from Alphabet and Microsoft. US futures are holding on to early gains for the most part while European indices are also posting modest gains so far on the day.
Coming up next, we have the US PCE price data to go through. That will offer traders more to work with after the Q1 GDP data yesterday. I shared some food for thought on that earlier here.
Have a great rest of the Friday and a wonderful weekend, everyone.
This article was written by Justin Low at www.forexlive.com.
SNB says climate change is a matter for politics, not central banks
SNB chairman, Thomas Jordan, says that they do take climate change very seriously but notes that:
„We should not give the impression that we can solve all the problems of the world with monetary policy.“
He also adds that the central bank takes into account all risks with its investments and that they do have exclusion criterias when making investment decisions. This of course is related to protests against the SNB, with environmental groups demanding for the Swiss central bank to offload investments in firms that are believed to be linked to global warming and climate change.
This article was written by Justin Low at www.forexlive.com.