US jobless claims rose slightly last week but remained below the 200,000 level in 'actual' terms, and the total number of people on these claims dipped below 1.3 mln and another new record low.
American existing home sales fell in April, and fell more than expected and the third retreat in a row. They are now down almost -6% from the same month a year ago, and the inventory of unsold houses is rising even if it is at historically low levels. Those that are selling are in the higher price segments, so average selling prices are rising, now at US$391,200 (NZ$610,000).
US mortgage rates dipped unexpectedly last week.
The Philly Fed factory survey is still expanding, but at a sharply reduced rate. However new orders and shipments rose. But employment decreased, and the price indexes remained elevated although edged down. Their looking-ahead indexes remained positive but reflect more muted optimism for growth over the next six months.
In China, some observers are suspecting that the President Xi has been forced to share power with Premier Li as a result of a string of policy mistakes. If so, it could mark a turning point in the hardline approach Xi has been pursuing. Or it might be just wishful thinking. In any event, China seems caught out by its hubris over the past few years.
Although the Australian jobless rate held steady at 3.9% in April from March (NZ = 3.2%), their participation rate slipped to 66.3% (NZ = 70.1%). The total number of jobs rose by only +4000 when a +20,000 rise was expected. But more than +92,000 of that rise was full-time jobs, whereas part-time roles fell -88,000.
Over the past week there has been little change to the cost of shipping containerised freight by sea, but the cost of shipping bulk cargoes has risen.
The UST 10yr yield will start today another -5 bps lower at 2.84%. The UST 2-10 rate curve is unchanged at +24 bps but their 1-5 curve is very much flatter at +73 bps. Their 30 day-10yr curve is also flatter at +234 bps. The Australian ten year bond is now at 3.29% and down -4 bps. The China Govt ten year bond is unchanged at 2.82%. And the New Zealand Govt ten year is little-changed at 3.62%.
On Wall Street, the S&P500 is staying down after yesterday's very sharp fall, little-changed in Thursday afternoon trade. Overnight, European markets were all down about -1% except London which was down -1.8%. Yesterday, Tokyo ended down -1.9%, Hong Kong ended down -2.5% but Shanghai rose +0.4% on lockdown easing expectations. The ASX200 ended its Thursday session down -1.7% but the NZX50 ended down a much lesser -0.5%.
The price of gold is on the move today, up +US$25 since this time yesterday at US$1841/oz.
And oil prices are +US$3 higher today and now just under US$109.50/bbl in the US, while the international Brent price is now just over US$110/bbl.
The Kiwi dollar will open today nearly +1c stronger against the US dollar, now at 64 USc. Against the Australian dollar we are firmish at 90.6 AUc. Against the euro we are almost unchanged at 60.4 euro cents. That all means our TWI-5 starts today at 71 which is up +40 bps from this time yesterday.
The bitcoin price has risen +3.3% from this time yesterday and is now at US$29,946. Volatility over the past 24 hours has been high at +/- 3.3%.
Source: Interest .co .nz
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