Global Macro Environment Is Still Highly Uncertain

SHANGHAI, May 16 (SMM) - The US non-farm payrolls rose 253,000 in April, far exceeding expectations, and its unemployment rate was 3.4%, hitting a new low since 1969. The labour market performed well, easing expectations for interest rate cuts. But on the other hand, the US April CPI rose 4.9% year-on-year, which was lower than market expectations and the previous reading. The US core CPI rose 5.5% year-on-year in April, which was in line with market expectations but lower than the previous reading. CPI data showed signs of slowing US inflation, giving the Federal Reserve room to pause interest rate hikes. US bank stocks plummeted again on Thursday, led by Westpac Banking Corp. Renewed fears of banking crisis has put pressure on the Fed to raise interest rates. Gold purchases by global central banks hit a record high compared with the same period of previous years in the first quarter. The US debt ceiling negotiation meeting has been postponed. The global macro environment is still highly uncertain. China’s economic data fell far short of expectations in April. M2 increased by 12.4% year-on-year, compared with 12.6% expected and 12.7% previously.

More popular news

China’s Central Bank Releases Key April Economic Data: RMB Loans Issued to the Real Economy, Newly-Added Social Financing, Newly Added RMB Loans, Balance of M2, M1 and M0, All Recording Enormous Growth       

EIA Cuts Brent and WTI Oil Price Forecasts for 2023 as Recession Fears, Inflation and Banking Crisis Overshadow OPEC's Production Cuts

Chile’s Latest Move Marks One Step Closer to the Establishment of Lithium Version of OPEC

Global Chip Market Will Decline 20% This Year

SMM Comment (May 11): Non-Ferrous and Ferrous Metals Go Down, Oil Outperforms on Firm Fuel Demand in the World's Largest Oil Consumer, Dollar Climbs, US April CPI Data Triggers Financial Market Volatility           

IMF: Western Sanctions against Russia Are Ineffective, European Economy Faces Multiple Challenges    

Dollar, Oil, Gold, Base Metals, Ferrous Metals All Go Down, EIA Cuts Oil Price Forecast

Goldman Sachs, Barclays warn: Fed will not cut interest rates this year

India to become Europe’s top supplier of refined oil products after massive purchases of Russian oil     

China To Actively Expand Domestic Effective Demand And Boost New Energy Vehicle Sales, National Development And Reform Commission Says         

Morgan Stanley, Goldman Sachs and BoA Are Pessimistic, Here Is Why