8 May 2023
The US financial market was finally able to rebound quite significantly between 1.7%- 2.3%, buoyed by the rally in technology stocks led by Apple as well as the release of Nonfarm Payrolls (Apr.) employment data last Friday which came in at 253k, much higher than the forecast of 180k and the previous period's 165k; thereby eliminating concerns of a global recession threat.
READ MORE
5 May 2023
All three major Wall Street indexes ended lower in negative territory of less than 1% as latest US bank crisis threat emerged from PacWest Bancorp whose share price plunged 51% and dragged down other regional bank stocks. PacWest Bancorp confirmed it was exploring strategic options, including the possibility of having to sell its assets.
READ MORE
4 May 2023
Investors digested Federal Reserve Chairman Jerome Powell's comments, following the US central bank's decision to raise interest rates 25bps (as expected) to 5%-5.25% which is the 10th consecutive hike since March 2022, and puts the FFR at its highest level since 2007. At last night's FOMC Meeting the Fed also signaled that they could pause the rate hike in June; although incoming data will still determine future decisions.
READ MORE
3 May 2023
All three major US indexes fell more than 1% on Tuesday (02/05/23) as regional bank shares tumbled on renewed fears over the financial system, following the news regarding JPMorgan's purchase on First Republic Bank assets; as investors tried to gauge how much raise the Federal Reserve may need for the interest rates at the FOMC Meeting decision, which can be seen early Thursday morning at 01.00 WIB.
READ MORE
2 May 2023
China's economy still seems not strong enough to drive the global economy as their Composite PMI for April still seems to contract to 54.4 (from 57 previously) where the economic slowdown is spread evenly across all sectors.
READ MORE