S&P 500 futures and Treasury yields gain on Friday
S&P 500 futures and Treasury yields increased on Friday during a holiday-shortened trading session after the March jobs report showed a resilient economy and moderate inflation.
S&P 500 futures gained 0.2%. Futures on the Dow Jones Industrial average gained 55 points. However, Nasdaq-100 futures were flat.
The 2-year Treasury yield jumped 10 basis points to 3.93%. The 10-year Treasury yield added 8 basis points to 3.37%. (One basis point equals 0.01% and yields move inversely to prices.)
Average hourly earnings increased 4.2% on a 12-month basis, the lowest level since June 2021.
Job growth totals 236,000 in March, near expectations as hiring pace slows
Nonfarm payrolls grew by 236,000 for March, compared to the Dow Jones estimate for 238,000 and below the upwardly revised 326,000 in February.
The unemployment rate ticked lower to 3.5% amid an increase in labor force participation, against expectations that it would hold at 3.6%
Average hourly earnings rose 0.3%, pushing the 12-month increase to 4.2%, the lowest level since June 2021.
Australian regulator cancels Binance’s license at exchange’s own request
Australia’s top financial regulator canceled Binance’s derivatives license at the exchange’s own request.
The crypto exchange had been under review by the Australian Securities & Investment Commission since February, after the exchange acknowledged a “small number” of customers were trading at a higher level than permitted.
The cancellation is the latest in a mounting series of regulatory probes around the world aimed at Binance.
Lawmakers meet with Apple, Disney CEOs as part of talks on competition with China
High-profile tech and media executives shared their experiences of working in and competing with China with lawmakers who visited California this week.
Over the three-day trip that kicked off on Wednesday, lawmakers were scheduled to meet with Disney CEO Bob Iger and Apple CEO Tim Cook, as well as high-level executives from Google, Microsoft, Palantir and Scale AI.
The trip highlights the key role tech and media industries play in America’s increasingly complex relationship with China.
Iras probes home buyers who used ‘99-to-1’ loophole to avoid paying ABSD
The Inland Revenue Authority of Singapore (IRAS) has launched an audit of private property purchases involving a “99-to-1” sales contract that could be used to dodge paying the Additional Buyer’s Stamp Duty (ABSD).
A "99-to-1" sales contract involves buyers of private real estate properties selling just 1 per cent of the same property to a relative.
Such a deal allows the relative, who already owns other properties, to avoid paying the ABSD while still becoming a co-owner of the new property. It also allows the relative to become a co-applicant for bank loans for the property.
Upcoming events
Monday, 10 April
Easter Holiday - (United Kingdom, Euro Zone)
China - CPI (MoM) (Mar)
United States - BRC Retail Sales Monitor (YoY) (Mar)
Tuesday, 11 April
Euro Zone - Sentix Investor Confidence (Apr)
Euro Zone - Retail Sales (MoM) (Feb)
United States - WASDE Report
Wednesday, 12 April
United States - Core CPI (MoM) (Mar)
United States - Crude Oil Inventories
China - Trade Balance (USD) (Mar)
Thursday, 13 April
United Kingdom - GDP (MoM) (Feb)
United Kingdom - Manufacturing Production (MoM) (Feb)
Euro Zone - Industrial Production (MoM) (Feb)
United States - Initial Jobless Claims
Friday, 14 April
United States - Core Retail Sales (MoM) (Mar)
China - House Prices (YoY) (Mar)
Comments