Bank of Canada holds rates
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The Numbers: The Consumer Price Index shows that the annual inflation rate in the U.S. decreased to 4.99% in March from 6% in February. Prices were up 0.1% from February to March. Risers: Food prices continue to rise significantly. Over the past year, the price of eggs has jumped 36%, margarine is up 33%, and frozen vegetables have gained 20%. Food at home and food away from home were both up 8%, while food from vending machines and mobile vendors jumped 16%. The only food products with lower prices are beef and bacon. Fallers: Gasoline prices were down significantly as the price of crude oil has fallen from the highs hit when Russia first invaded Ukraine in February 2022. Electronics have also dropped, with the cost of computers and televisions falling by 5% and 14% over the past year, respectively.
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US Markets Stock futures were flat overnight after markets ended in the green on Wednesday following the release of CPI data. - Tesla shares fell 0.3% in after-hours trading as the carmaker is due to report second-quarter earnings in a week.
- Broadcom gained 0.3% overnight after falling on Wednesday, when the European Commission expressed concerns regarding the chipmaker's proposed acquisition of cloud computing firm VMware
- The current 10 Year U.S. Treasury yield is set at 3.44210%
| Dow Jones | 33,833.34 | 0.44% | | S&P 500 | 4,120.88 | 0.29% | | Nasdaq | 12,030.61 | -0.01% | | Russell 2000 | 1,789.36 | 0.15% | *Stock Market data as of the last closing bell. Data received directly from the reference indexes through ICE Data Services. Do you not understand any of these figures? Check out our explainer.
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Canadian Markets The Bank of Canada kept interest rates steady for the second consecutive month. - The bank upgraded its economic outlook and noted that the inflation rate is falling.
- Bank of Canada Governor Tiff Macklem said that a rate cut later this year is an "unlikely scenario."
- The bank predicts that the economy will continue to grow at a faster pace than previously expected due in part to strong population gains from immigration.
*Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services
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European Markets European markets closed slightly higher on Wednesday as investors reacted to the latest inflation data from the US. - The Stoxx 600 index rose 0.11% after losing some of its earlier gains in afternoon trading.
- The media and industrial sectors saw gains of around 0.75%, travel and leisure fell 1.9%, and tech dropped 0.88%.
- Investors in Europe are concerned that bank earnings could spark turmoil in markets.
- The Lord Mayor of London, whose role is to promote business in the British capital, seeks to attract £20 trillion in investment by 2030.
| Euro STOXX 50 | 4,334.03 | 0.02% | | UK (FTSE 100) | 7,824.84 | 0.50% | | Germany (DAX) | 15,703.60 | 0.31% | | France (CAC 40) | 7,396.94 | 0.09% | *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Asian Markets Stocks in Asia closed higher as investors awaited the release of critical U.S. inflation data that would influence the Federal Reserve's monetary policy. - The International Monetary Fund lowered its global growth forecast, warning that the world's economy is likely to grow at a slow pace in the medium term.
- Japan's Nikkei 225 rose 0.57% and South Korea's Kospi climbed 0.11%. In Australia, the S&P/ASX 200 increased by 0.47%.
- In China, Hong Kong's Hang Seng index fell by 1.05% and the Shanghai Composite rose by 0.41%.
| S&P Asia 50 | 4,687.95 | -1.62% | | Japan (Nikkei 225) | 28,108.20 | 0.09% | | South Korea (KOSPI) | 2,548.18 | -0.10% | | China (Hang Seng) | 20,209.99 | -0.49% | | India (SENSEX) | 60,320.97 | -0.12% | *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Commodities Oil prices fell in early trading on Thursday, following two consecutive days of gains. - Oil prices rose 2% on Wednesday but could not carry that momentum into Thursday's trading.
- Brent and West Texas Intermediate both fell 0.2% in early morning trading on Thursday.
- Investors are concerned that efforts by the Federal Reserve to use rate hikes to fight inflation may slow economic growth and dampen oil demand in the world's largest oil user.
- The Energy Information Administration said crude oil stockpiles increased by 597,000 barrels last week.
| Oil (NYSEARCA:OIL) | 31.37 | 1.65% | | Gold (NYSEARCA:GLD) | 187.19 | 0.49% | | Silver (NYSEARCA:SLV) | 23.43 | 1.69% | | Corn (NYSEARCA:CORN) | 24.82 | -0.36% | | Lumber (NASDAQ:WOOD) | 72.37 | -0.47% | *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.
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Currency Exchange Rates The U.S. Dollar lost ground on Thursday following the release of lower-than-expected inflation data. - Investors believe that the Federal Reserve will put an end to quantitative tightening after an interest rate hike in May.
- The U.S. Dollar Index fell to a one-week low of 101.40 after losing 0.6% overnight.
- The Euro rose to a two-month high of $1.1005, while the Japanese Yen weakened and the Sterling rose.
| UK(GBP) | £0.80 | -0.49% | | Europe (EURO) | €0.91 | -0.66% | | Canada (Canadian Dollar) | $1.34 | -0.23% | | Japan (Yen) | ¥133.26 | -0.26% | *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.
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 |  | Liam Gill is a lawyer who raised $250k with just an idea and turned it into a $35M tech startup.
He now teaches entrepreneurs how to Pitch, Negotiate and Strategize so they can do the same.
Let's Connect |   | | Editor | Eduardo Garcia is a writer and editor based in New York. He is the author of "Things You Can Do," an illustrated book about climate action. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
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