Dow gains more than 250 points Friday as index finishes best month since January
The Dow Jones Industrial Average rose on Friday, notching its best month since January.
The blue-chip index closed 272 points, or 0.8%, higher at 34,098.16. The S&P 500 added 0.83% to finish at 4,169.48. The Nasdaq Composite advanced 0.69% to end at 12,226.58 as investors parsed the latest crop of technology earnings.
The Dow finished April 2.5% higher, its best monthly showing since January, when the average ended up 2.8%. The S&P 500 logged a 1.5% monthly gain — its second positive month in a row — while the Nasdaq ended the month only slightly higher.
Big banks asked for final bids on First Republic
U.S. regulators have asked banks for their best and final takeover offers for First Republic by Sunday afternoon, in a move that authorities hope will cap a period of uncertainty for regional lenders.
JPMorgan Chase and PNC are likely bidders for the ailing lender, which would be seized in receivership and immediately sold to the winning bank, according to sources.
Bank of America is among several other institutions that are weighing a potential bid for First Republic, according to people with knowledge of the matter.
Series I bond rates fall to 4.3% amid cooling inflation
Series I bonds will offer a 4.3% interest rate through October, according to new rates issued by the U.S. Department of the Treasury on Friday.
The new rate marks a decline from the 6.89% annual returns Series I bonds were offering for the six months ending in April. That record rate prompted higher demand for the bonds, which offer inflation protection.
The new 4.3% rate comes as inflation has been coming down. The personal consumption expenditures price index, a key measure for inflation watched by the Federal Reserve, rose 0.3% in March and 4.6% for the year, according to new government data released on Friday.
China’s ride-hailing giant Didi reports 19% drop in revenue in 2022, citing Covid
Chinese ride-hailing giant Didi Global on Saturday reported a 19% year-on-year fall in 2022 revenue, as the country’s Covid lockdowns and a regulatory crackdown took a toll.
In its first annual report since it delisted from the U.S. last year, Didi said its total revenue fell to 140.79 billion yuan ($20.37 billion) primarily “due to the effects of Covid-19 pandemic outbreaks in the second and fourth quarter of 2022” which hit its China business.
Net loss attributable to Didi Global narrowed to 23.78 billion yuan in 2022, compare with the net loss of 49.34 billion yuan in 2021, helped by factors such as investment gains, the report said.
Singapore hikes property tax in latest round of cooling measures
Singapore is raising taxes for property purchases amid concerns that surging prices “could run ahead of economic fundamentals.”
In a fresh round of cooling measures announced late Wednesday, the government said both local and foreign buyers of residential properties will now have to pay higher additional buyers’ stamp duties. The changes will take effect from today, the authorities said.
This will be the third round of cooling measures by Singapore following previous similar moves.
Upcoming events
Monday, 1 May
Labour Day - Singapore, Euro Zone, China, United Kingdom
United States - ISM Manufacturing PMI (Apr)
United States - 3-Month Bill Auction
Tuesday, 2 May
China - Labour Day
United Kingdom - Nationwide HPI (YoY) (Apr)
Euro Zone - Manufacturing PMI (Apr)
Euro Zone - CPI (YoY) (Apr)
Wednesday, 3 May
China - Labour Day
Euro Zone - Unemployment Rate (Mar)
United States - ADP Nonfarm Employment Change (Apr)
Thursday, 4 May
United Kingdom - Composite PMI (Apr)
Euro Zone - ECB Monetary Policy Statement
Friday, 5 May
United Kingdom - Construction PMI (Apr)
United States - Unemployment Rate (Apr)
Comentarios