FEDERAL RESERVE

Wall St set for higher open as chip stocks bounce back after selloff

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[ WALL Street’s main indexes eyed a higher open on Thursday as chip stocks rebounded, while investors awaited commentary from Federal Reserve officials to ascertain the outlook for interest-rate cuts. Micron Technology rose 1.6% after a report that the memory-chip maker is set to get more than $6 billion in grants from the U.S. Commerce … Read more

Wall St set for lower open as some big bank earnings disappoint

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[ WALL Street’s main stock indexes were on track for a lower open on Friday as most megacap growth stocks and chipmakers receded, while some big banks dipped after dour quarterly results. JPMorgan Chase & Co fell 2.8% in premarket trading after the bank’s forecast for its income from interest payments came in below analysts’ … Read more

Asian shares fall on U.S. rate scare, yen plumbs 34-yr low

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[ SYDNEY: Asian shares tracked Wall Street lower on Thursday as sticky U.S. inflation forced markets to slash bets on how much the Federal Reserve might ease this year, sending the dollar flying to a 34-year high against the beleaguered yen. Europe is set for a subdued open ahead of the European Central Bank meeting, … Read more

Red hot US payrolls pull rug under June Fed rate cut bet

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[ LONDON: The dollar and bond yields rose on Friday after much stronger than expected growth in March U.S. payrolls sent investors scurrying to review their bets on when the Federal Reserve will cut interest rates. The U.S. Labor Department reported that nonfarm payrolls increased by 303,000 in March, far ahead of a forecast rise … Read more

Ringgit ends higher as US$ retreats on selling activities

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[ KUALA LUMPUR: The ringgit ended higher against the US dollar as the greenback retreated on selling activities after the United States (US) ISM purchasing managers’ index for services report showed that price pressures are easing, said an analyst. At 6 pm, the ringgit rose to 4.7380/7425 against the US dollar from Wednesday’s close of … Read more

US inflation increases moderately in February; consumer spending surges

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[ WASHINGTON: U.S. prices increased moderately in February and the cost of services outside housing slowed considerably, keeping a June interest rate cut from the Federal Reserve on the table. The personal consumption expenditures (PCE) price index rose 0.3% last month, the Commerce Department’s Bureau of Economic Analysis said on Friday. Data for January was … Read more

Fed’s balancing act could see June rate cut in play even with sticky inflation

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[ WASHINGTON: Federal Reserve Chair Jerome Powell says the central bank is not growing more tolerant of higher inflation even though the latest policymaker projections raised the inflation outlook for the year without triggering a tougher monetary-policy response. But former Fed officials and other analysts see Powell nevertheless approaching a difficult moment trying to reconcile … Read more

Nasdaq, S&P 500 set to slip at open after hitting record highs

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[ THE S&P 500 and the Nasdaq were set to open lower on Friday after strong gains in the previous session, as investors cheered the Federal Reserve sticking to its rate-easing stance and awaited commentary from Chair Jerome Powell later in the day. All three main U.S. indexes hit fresh record closing highs on Thursday … Read more

Ringgit ends lower against US dollar on mild profit-taking

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[ KUALA LUMPUR: The ringgit depreciated against the US dollar at the close today on mild profit-taking following recent gains, said an analyst. At 6 pm, the ringgit fell to 4.7340/7390 against the greenback from Thursday’s close of 4.7140/7170. Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the weaker ringgit was attributed … Read more