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US jobless claims data recent news: The number of Americans filing new claims for unemployment benefits rose last week to the highest level in more than eight months, offering more evidence that the labor market was steadily cooling.

The weekly jobless claims report from the Labor Department on Thursday, the most timely data on the economy's health, followed news last week that the economy added the fewest jobs in six months in April, while job openings dropped to a three-year low in March.

Ebbing labor market momentum has put two interest rate cuts from the Federal Reserve this year back on the table. "The labor market shows some signs of rebalancing with fewer job openings posted around the country, and now company layoffs are picking up, hinting at caution on the part of companies as they weigh the outlook for the second half of the year," said Christopher Rupkey, chief economist at FWDBONDS.

Initial claims for state unemployment benefits increased 22,000 to a seasonally adjusted 231,000 for the week ended May 4, the highest level since the end of last August. The increase was the largest in nearly four months.

Economists polled by Reuters had forecast 215,000 claims in the latest week. Claims broke above the 194,000-225,000 range, which had prevailed since the start of the year. Some of the rise last week was likely related to seasonal issues following the recently ended school spring breaks.

"Given that the varied timing of school spring breaks, and holidays like Easter and Passover, makes the seasonal adjustment process very complicated, we often see volatile readings in the seasonally adjusted data around this time of year," said Daniel Silver, an economist at JPMorgan.

Unadjusted claims shot up 19,690 to 209,324 last week, with filings in New York surging by 10,248. Pantheon Macroeconomics Chief Economist Ian Shepherdson speculated that the jump could reflect "Citigroup employees laid off in January but paid through April making their first claims." There were also sizeable increases in applications in California, Illinois, Indiana and Texas. Only Iowa reported a drop in claims in excess of 1,000.

Sentiment surveys including the Institute for Supply Management and the NFIB have been flagging a sharp slowdown in the labor market. Companies, however, appear to be cutting back on hiring while largely holding on to their workers after struggling to find labor during and after the COVID-19 pandemic. Stocks on Wall Street were trading higher. The dollar fell against a basket of currencies. US Treasury prices were mixed.

LABOR MARKET REBALANCING

The labor market is steadily rebalancing in the wake of 525 basis points worth of interest rate hikes from the US central bank since March 2022 to dampen demand in the overall economy. Financial markets expect the Fed to start its easing cycle in September. A handful of economists believe the first rate cut will come in July. Inflation data next week, which is expected to show a moderation in monthly consumer price increases after three straight months of strong readings, could offer fresh clues on the timing of the much-awaited rate cut.

The central bank last week left its benchmark overnight interest rate unchanged in the current 5.25 per cent-5.50 per cent range, where it has been since July. While economists expect the labor market to soften this year, they did not believe that last's week surge in claims was the beginning of that trend.

The number of people receiving benefits after an initial week of aid, a proxy for hiring, increased 17,000 to a seasonally adjusted 1.785 million during the week ending April 27, the claims report showed.

"This still very low level of continuing claims is further evidence that the big jump in initial claims in early May is not the start of a persistent rise in laid-off workers but bears close watching," said Stuart Hoffman, senior economic advisor at PNC Financial.

"The labor market is becoming better balanced between demand for and supply of workers which will help moderate upward wages pressures, especially as legal immigration has risen by over 1 million in each of the past two years."

US jobless claims data recent news:&nbsp;The number of Americans filing new claims for unemployment benefits rose last week to the highest level in more than eight months, offering more evidence that the labor market was steadily cooling.


US weekly jobless claims highest in more than eight months as labor market eases

Brent crude oil price news:&nbsp;Oil prices rose on Friday, continuing upwards trend on the signs of improving economy in China and as negotiations to halt hostilities in the stand-off between Israel and Hamas yielded no results.

Brent futures rose 37 cents, or 0.4 per cent, to $84.24 a barrel, while US West Texas Intermediate crude grew 41 cents, or 0.5 per cent, to $79.64 at 0003 GMT. In the previous session, oil prices edged up to a one-week high on data of rising crude oil imports in China in April and as investors saw the cooling US job market as an indication of possible interest rate cuts.

China's exports and imports returned to growth in April after contracting in the previous month, signalling an improvement in demand. "Ongoing signs of strength in demand in China should see commodity market remain well supported," ANZ Research said in a note.

In the US, there is considerable uncertainty about where inflation will head in coming months, San Francisco Federal Reserve President Mary Daly said on Thursday, while adding she still has faith that price pressures are continuing to ease.

Daly did not say if she felt the US central bank was likely or not to cut interest rates this year. Financial markets expect the US central bank to start its easing cycle in September. Israeli forces bombarded areas of Rafah on Thursday, Palestinian residents said, as Prime Minister Benjamin Netanyahu dismissed US President Joe Biden's threat to withhold weapons from Israel if it assaults the southern Gaza city.

A senior Israeli official said late on Thursday that the latest round of indirect negotiations in Cairo to halt hostilities in Gaza had ended and Israel would proceed with its operation in Rafah and other parts of the Gaza Strip as planned.

Brent crude oil price news:&nbsp;Oil prices rose on Friday, continuing upwards trend on the signs of improving economy in China and as negotiations to halt hostilities in the stand-off between Israel and Hamas yielded no results.


Oil prices up on stronger Chinese data, Middle East conflict

US stock market:&nbsp;The Dow Jones Industrial Average closed higher on Thursday, the seventh straight daily advance for the benchmark, as all three major US indexes gained after weekly jobless claims data offered fresh hope for interest-rate cuts.

US Federal Reserve policy has been the main driver of investor sentiment in 2024. Renewed hopes the central bank will cut rates have pushed the Dow (.DJI) to its biggest rally since December. It closed at its highest since April 1.

Other benchmarks also benefited. After a flat day on Wednesday, the S&amp;P 500 (.SPX) resumed its upward trajectory and closed above 5,200 points for the first time since April 9.

US equity markets have clawed back losses incurred during April on fears the Fed may ultimately raise interest rates, and as tensions in the Middle East threatened to escalate. "We've almost had a full recovery of that," said Brad Bernstein, managing director at UBS Private Wealth Management.

For the quarter thus far, the Dow is 1.1 per cent lower, the S&amp;P 500 is 0.8 per cent down and the Nasdaq Composite (.IXIC) is off 0.2 per cent. While next week's producer and consumer prices readings are regarded as the next key signpost, other data have buoyed investor rate-cut hopes.

The number of Americans filing new claims for unemployment benefits increased more than expected to a seasonally adjusted 231,000 last week, data showed. Economists polled by Reuters had forecast 215,000 claims.

Last week's data showing slowing job growth in April and job openings falling to a three-year low in March had investors pricing in one or two rate cuts by the Fed this year. Prior to that, traders were pricing in just one rate cut.

Declining US Treasury yields also supported stocks since higher rates offer investors less risk while also making borrowing to fuel growth more expensive. The yield on the 10-year note was at 4.46 per cent on Thursday, down from 4.7 per cent two weeks ago.

"In the last few days, we've had some interesting events which have really helped calm the bond market," said Bernstein, noting factors including the US Treasury and Fed announcing plans to buy Treasuries.

Lower yields are particularly supportive for tech megacap stocks, Apple (AAPL.O), Amazon.com (AMZN.O) and Meta Platforms META.O&gt; rose between 0.6 per cent and 1 per cent.

The S&amp;P 500 (.SPX) gained 26.41 points, or 0.51 per cent, to 5,214.08 points, while the Nasdaq Composite (.IXIC) gained 43.51 points, or 0.27 per cent, to 16,346.27. The Dow Jones Industrial Average (.DJI) rose 331.37 points, or 0.85 per cent, to 39,387.76.

Ten of the 11 major S&amp;P sectors rose, led by a 2.3 per cent rise in the real estate index (.SPLRCR). Data center operator Equinix (EQIX.O) surged 11.5 per cent after its first-quarter results.

On the flip side, chip designer Arm Holdings dipped 2.3 per cent as its full-year revenue forecast came in below expectations. Bigger rival Nvidia (NVDA.O), which is still to report this earnings season, slipped 1.8 per cent.

Roblox (RBLX.N) slumped 22.1 per cent after the video-gaming platform cut its annual bookings forecast, in a sign that people were dialing back spending amid an uncertain economic outlook and elevated levels of inflation.

Robinhood Markets (HOOD.O) was 3.1 per cent lower, despite the online brokerage beating estimates for first-quarter profit, thanks to robust crypto trading volumes and rate hikes that boosted its net interest revenue.

Meanwhile, Spirit Airlines (SAVE.N) jumped 12.9 per cent, having hit a record low earlier this week.

US stock market:&nbsp;The Dow Jones Industrial Average closed higher on Thursday, the seventh straight daily advance for the benchmark, as all three major&nbsp;US&nbsp;indexes gained after weekly jobless claims data offered fresh hope for interest-rate cuts.


Dow closes up to make it seven in a row, as jobs data boosts rate-cut hopes

US dollar rate index news: The US dollar had a soft tone in early Asian trading on Friday after losing ground overnight to the euro and sterling on the back of US data showing further signs of a cooling labour market and hence higher odds of Fed rate cuts this year.

Against the Japanese yen, the dollar was trading at 155.39 yen , down from highs of 155.95 hit in the previous session. The euro stood at $1.0782 , after a 0.3 per cent gain overnight.

The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, was flat at 105.25. The dollar's retreat followed data showing a jump in initial claims for US state unemployment benefits which, coming on top of last week's weak payrolls report, furthered risk-taking in a market that has been vacillating for weeks on when and how much the Federal Reserve will cut rates this year.

Alongside a light rally in US Treasuries and commodities, most major currencies rose, including a yen that has been hobbled by its low yields and sterling which had appeared vulnerable after a dovish Bank of England policy review.

Still, analysts cautioned against dragging out the rally. "We note jobless claims are weekly data that can be very volatile from week to week," Commonwealth Bank of Australia's Joseph Capurso, said in a note. "It is far too early to conclude the labour market is weakening significantly."

For one, they said, the yen's low yields and still-yawning chasm between those and US interest rates could tempt speculators to re-test 34-year lows the currency hit last week. Market players estimate Tokyo spent some $60 billion last week to bring the yen back from those lows and Japan's Finance Minister Shunichi Suzuki repeated his line on the government's intent to intervene if needed at a regular post-cabinet meeting news conference on Friday.

"Intervention may have temporarily stalled dollar-yen's upward momentum, but participants are clearly buying into this temporary weakness, which will likely cause dollar-yen to pivot around the 155 levels," said Rong Ren Goh, a portfolio manager in the fixed income team at Eastspring Investments.

Sterling traded at $1.2525 . It had gained 0.2 per cent in the wake of the US data, recovering from a low of $1.2446, its weakest since April 24, after the Bank of England (BoE) paved the way for an interest rate cut.

The BoE held its benchmark interest rate at a 16-year high of 5.25 per cent on Thursday, as expected, but a second official on the Monetary Policy Committee backed a cut, in what was seen as another step towards the bank lowering interest rates.

"The BoE's urgency and willingness to cut ahead of the Fed will continue to weigh on the currency," Goh said. US Treasury yields slipped on Thursday amid relief that all $125 billion in new note and bond supply this week was absorbed smoothly. The 10-year yield was last at 4.46 per cent, down from 4.52 per cent on Thursday and by about 28 basis points in 2 weeks.

Traders will be closely watching April US producer price index (PPI) and the consumer price index (CPI) out next week for signs that inflation has resumed its downward trend towards the Fed's 2 per cent target rate.

Meanwhile, in a fresh but unsurprising development in the long running Sino-US trade spat, the US administration added 37 Chinese entities to a trade restriction list, for "acting contrary to the national security or foreign policy interests of the United States," the Federal Register showed on Thursday. Being added to the list makes it harder for US suppliers to ship to the targeted entities.

&nbsp;

US dollar rate index news:&nbsp;The&nbsp;US&nbsp;dollar had a soft tone in early Asian trading on Friday after losing ground overnight to the euro and sterling on the back of&nbsp;US&nbsp;data showing further signs of a cooling labour market and hence higher odds of Fed rate cuts this year.


Dollar nurses losses after another set of soft jobs data

The number of Americans filing new claims for unemployment benefits increased more than expected last week as the labor market steadily eases.

Initial claims for state unemployment benefits increased 22,000 to a seasonally adjusted 231,000 for the week ended May 4, the Labor Department said on Thursday. Economists polled by Reuters had forecast 215,000 claims in the latest week. Claims had been tucked in a 194,000-225,000 range for much of the year.

Some the rise last week was likely related to seasonal issues, with school spring breaks out of the way. The labor market is steadily rebalancing in the wake of 525 basis points worth of interest rate hikes from the Federal Reserve since March 2022 to dampen demand in the overall economy.

The economy added the fewest jobs in six months in April, while job openings dropped to a three-year low in March, the government reported last week.

Ebbing labor market momentum has put two rate cuts from the Fed this year back on the table. Financial markets expect the U.S. central bank to start its easing cycle in September. The Fed last week left its benchmark overnight interest rate unchanged in the current 5.25%-5.50% range, where it has been since July.

The number of people receiving benefits after an initial week of aid, a proxy for hiring, increased 17,000 to a seasonally adjusted 1.785 million during the week ending April 27, the claims report showed.

Initial claims for state unemployment benefits increased 22,000 to a seasonally adjusted 231,000 for the week ended May 4, the Labor Department said on Thursday.


US weekly jobless claims increase more than expected

Asian shares were subdued on Thursday as investors awaited China trade data to gauge the health of the Chinese economy, while the yen steadied after three days of declines as Japan talked up a potential currency intervention.

Later in the day, the Bank of England (BoE) will decide its interest rate policy, with all eyes on the prospects of a June rate cut following the overnight move by Sweden's Riksbank to cut rates, which underlined Europe's divergence from the U.S. Federal Reserve.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1 per cent, hovering not far from a 15-month high hit earlier in the week after Fed Chair Jerome Powell reiterated a stance for policy easing later this year.

Investors will be focusing on the U.S. consumer inflation data for April due next Wednesday after three straight prints of upside surprises for a better sense of the direction of the Fed's policy.

Chinese bluechips rose 0.6 per cent and Hong Kong's Hang Seng index gained 0.7 per cent thanks to a 2 per cent bounce in technology shares and a recovery in Chinese property developers.

The CSI real estate index rose 0.9 per cent, recouping some of the large losses a day earlier.

Japan's Nikkei rose 0.3 per cent. Nasdaq stock futures eased 0.1 per cent, dragged lower by Uber, which fell 5.7 per cent overnight as the ride-sharing company issued a downbeat forecast after a surprise quarterly loss.

"A first rate cut by the Riksbank has not been enough to further push the bullish sentiment. Eyes are on the Bank of England," said analysts at ING in a note to clients.

"Since Powell's dovish stance just last week, markets will listen carefully for a similar direction as the Fed. This also means that markets may face a surprise if a similar turn towards more dovishness is not reflected in this BoE meeting."

The Japanese yen steadied at 155.56 per dollar after falling for three sessions. It rose more than 3 per cent last week after Japanese authorities likely intervened in the market twice to stem its fast declines. [FRX/]

On Thursday, the top currency diplomat Masato Kanda said there is no limit for reserves in currency intervention, keeping traders on edge, while minutes from the Bank of Japan's April meeting showed policymakers turned overwhelmingly hawkish, helping the yen steady.

However, Japan's real wages in March fell 2.5 per cent from a year earlier, marking declines for two years, an argument for policymakers to not hike aggressively.

In the Treasuries market, yields were little changed after edging up the day before, with movements likely to be muted ahead of the U.S. inflation report next week. Two-year yields held at 4.8449 per cent, while the 10-year yield was at 4.4963 per cent, having risen 3 basis points overnight.

Oil prices were slightly higher on Thursday, having bounced off two-month lows the previous session. Brent futures rose 0.2 per cent to $83.76 a barrel, while U.S. crude gained 0.3 per cent to $79.24 a barrel. [O/R]

Gold prices were 0.1 per cent higher at $2,311.23 per ounce.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1 per cent, hovering not far from a 15-month high hit earlier in the week after Fed Chair Jerome Powell reiterated a stance for policy easing later this year.


Asian Markets News: Shares subdued as China trade eyed, yen steadies after recent falls

US wholesale inventories fell in March, confirming that inventory investment was a drag on economic growth in the first quarter. The Commerce Department's Census Bureau said on Wednesday that wholesale inventories fell 0.4 per cent as estimated last month. Stocks at wholesalers rebounded 0.2 per cent in February.

Economists polled by Reuters had expected that inventories, a key part of gross domestic product, would be unrevised. Inventories dropped 2.3 per cent on a year-on-year basis in March.

Private inventory investment cut 0.35 per cent percentage point from GDP growth in the first quarter, the government reported last month. It was the second straight quarter that inventories subtracted from GDP.

The economy grew at a 1.6 per cent annualized rate in the January-March quarter, the slowest pace in nearly two years. Wholesale motor vehicle inventories slipped 0.1 per cent. There were decreases in wholesale stocks of metals, hardware, paper, medication as well as apparel, groceries, farm products and alcohol. But petroleum stocks increased as did those of lumber, furniture, machinery and computer equipment.

Excluding autos, wholesale inventories fell 0.5 per cent in March. This component goes into the calculation of GDP. Sales at wholesalers declined 1.3 per cent in March after rising 2.0 per cent in February. At March's sales pace it would take wholesalers 1.35 months to clear shelves, up from 1.34 months in February.

US&nbsp;wholesale inventories fell in March, confirming that inventory investment was a drag on economic growth in the first quarter.&nbsp;The Commerce Department's Census Bureau said on Wednesday that wholesale inventories fell 0.4&nbsp;per cent&nbsp;as estimated last month.


US wholesale inventories drop by unrevised 0.4% in March

US dollar rate index news: The dollar held tight ranges against most peers on Thursday as traders awaited key US inflation data for cues on Federal Reserve policy, while the focus on the massive interest rate gap between Japan and the US helped it make some gains on the yen.

Against the Japanese yen, the dollar slowly inched up after it fell more than 3 per cent last week, its biggest weekly percentage drop since early December 2022.

The yen received a slight boost in the Asian morning following the release of the Bank of Japan's summary of opinions from its April meeting, showing many board members saw the need to raise rates and eventually reduce the bank's bond purchases.

The move was brief, however, with the market decidedly bearish on the currency. Last week's Fed policy meeting and downside surprise in US job growth have markets increasing bets for two rate cuts this year. But a chasm remains between Japan's ultra-low yields and those in the United States.

"The market is not really worried about the sudden turn by the Fed. So in this sense, the market is biased for the upside for dollar/yen," said Masafumi Yamamoto, chief currency strategist at Mizuho Securities.

Traders remain wary of possible currency intervention by Tokyo, potentially triggering some sharp, "nervous moves" as the greenback edges higher, he added, likely keeping dollar/yen locked in the 155-160 range.

Japan's top currency diplomat Masato Kanda on Thursday reiterated a warning that Tokyo is ready to take action in the currency market. Focus swings to the April US producer price index (PPI) and the consumer price index (CPI) out next week, which markets will watch for signs that inflation has resumed its downward trend toward the Fed's 2 per cent target rate.

Fed Bank of Boston President Susan Collins said overnight that the US economy needs to cool to return inflation back to target. The dollar index rose to 0.05 per cent to 105.55, while the Japanese yen was mostly flat at 155.59 per greenback.

Sterling was down 0.07 per cent at $1.2487 ahead of the Bank of England's policy decision later on Thursday. The BOE is likely to take another step towards its first interest rate cut in four years as inflation falls.

The big question for investors is whether the BOE suggests that a cut could come in June - when the European Central Bank has already signalled it will reduce borrowing costs. 
The euro was steady at $1.0743.

US dollar rate index news:&nbsp;The dollar held tight ranges against most peers on Thursday as traders awaited key&nbsp;US&nbsp;inflation data for cues on Federal Reserve policy, while the focus on the massive interest rate gap between Japan and the&nbsp;US&nbsp;helped it make some gains on the yen.


Dollar holds its ground as key inflation data looms

US stock market:&nbsp;The Dow Jones Industrial Average ended higher on Wednesday, stretching its winning streak to six straight sessions and closing above 39,000 points for the first time in five weeks, as investors kept betting on supportive US monetary policy.

The other Wall Street benchmarks cooled a touch as momentum stalled and US Treasury yields rose on the day of a 10-year notes auction. The S&amp;P 500 ended unchanged after four sessions of gains, and the Nasdaq Composite slipped to a second consecutive decline.

There was not much news to move the indexes, outside of reports from individual companies. "We're just waiting for the next catalyst to jump-start the direction in the market, and we're probably going to get that next week," said Ameriprise Chief Market Strategist Anthony Saglimbene. The Producer Price Index (PPI) is due on May 14, and the Consumer Price Index (CPI) is scheduled for May 15.

"I think traders are reluctant to take broader stocks or broader averages higher, until they get a fresh update on inflation," he added.

The S&amp;P 500 has leveled off close to the 5,200 mark, which it last closed above on April 9. On Wednesday, it was hampered by sliding shares of Uber (UBER.N) which posted a surprise quarterly loss and issued a downbeat forecast.

The ride-hailing platform fell 5.7 per cent, was among the S&amp;P 500's biggest decliners, after it forecast second-quarter gross bookings would not meet expectations. Tesla (TSLA.O) fell 1.7 per cent after Reuters reported US prosecutors were examining whether the company committed securities or wire fraud by misleading investors and consumers about self-driving capabilities of its electric vehicles.

Other megacap stocks such as Nvidia (NVDA.O), Amazon (AMZN.O) and Alphabet (GOOGL.O) slipped between 0.2 per cent and 1.1 per cent, as the 10-year Treasury yield edged up. Rising yields helped dampen optimism spurred by a positive earnings season and softer-than-expected labor market data last week that had tempered concerns about the Federal Reserve keeping interest rates higher for longer.

Traders are pricing in a 67 per cent chance of the Fed cutting rates by at least 25 basis points in September, according to the CMEGroup's Fedwatch tool, up from about 54 per cent a week ago.

Fed policymakers who spoke on Wednesday stayed consistent to recent messaging, including at the US central bank's policy meeting last week. Boston President Susan Collins said the current setting of monetary policy will slow the economy in the way she believes will be necessary to get inflation back to the Fed's 2 per cent target.

The Dow Jones Industrial Average (.DJI) rose 172.13 points, or 0.44 per cent, to 39,056.39, the S&amp;P 500 (.SPX) lost 0.03 points, or 0.00 per cent, to 5,187.67 and the Nasdaq Composite (.IXIC) lost 29.80 points, or 0.18 per cent, to 16,302.76.

Among S&amp;P sectors, utilities (.SPLRCU) rose 1.1 per cent, extending its run of higher finishes to 14 out of the last 16 sessions, boosted as Vistra Corp (VST.N) jumped 9.1 per cent after reporting strong earnings.

However, seven of the 11 sectors declined, with real estate (.SPLRCR), materials (.SPLRCM) and consumer discretionary (.SPLRCD) the worst performers. Intel (INTC.O) fell 2.2 per cent after warning of a sales hit from the US revoking some of the chipmaker's export licenses for China.

Tripadvisor (TRIP.O) tumbled 28.7 per cent, its largest ever one-day percentage drop, after the online travel agency ruled out a possible sale at this time and posted a surprise quarterly loss. Uber rival Lyft (LYFT.O) climbed 7.1 per cent after projecting higher-than-expected gross bookings and a core profit for the current quarter.

The S&amp;P 500 posted 32 new 52-week highs and 3 new lows while the Nasdaq recorded 100 new highs and 83 new lows.

US stock market:&nbsp;The Dow Jones Industrial Average ended higher on Wednesday, stretching its winning streak to six straight sessions and closing above 39,000 points for the first time in five weeks, as investors kept betting on supportive US monetary policy.


Dow ends higher for 6th session, but Treasury yields pressure market

Brent crude oil price news: Oil prices rose in early trade on Thursday as shrinking US crude inventories signalled tighter supply, and amid rising hopes that the Federal Reserve would cut interest rates by the end of the year.

Brent crude futures for July rose 23 cents to $83.81 a barrel by 0033 GMT. US West Texas Intermediate crude for June was up 29 cents to $79.28 per barrel.

Crude inventories dropped last week by 1.4 million barrels to 459.5 million barrels, according to the Energy Information Administration, more than analysts' expectations in a Reuters poll for a 1.1 million-barrel draw as refinery activity increased.

Rising gasoline stocks, which swelled unexpectedly by more than 900,000 barrels in the week to 228 million barrels, the EIA said, kept prices from moving higher.

Increasing expectations that the US central bank will cut interest rates by year end after weaker-than-expected US jobs data also boosted oil prices. Lower interest rates can increase spending on crude oil.

Hopes for a ceasefire in the Middle East, however, with the US saying earlier in the week that negotiations on a Gaza ceasefire should be able to close the gaps between Israel and Hamas negotiations, kept oil prices from moving higher.

Brent crude oil price news:&nbsp;Oil prices rose in early trade on Thursday as shrinking&nbsp;US&nbsp;crude inventories signalled tighter supply, and amid rising hopes that the Federal Reserve would cut interest rates by the end of the year.


Oil rises on US crude storage draw, Fed rate cut hopes

Asian Markets News:&nbsp;Stocks lacked direction on Wednesday, while the dollar remained firm despite lower U.S. Treasury yields as markets assessed mixed signals from U.S. policymakers and economic data on the path for Federal Reserve interest rates.

The yen remained on the back foot even with the threat of currency intervention from Japanese authorities to support it.

Crude oil hovered near two-month lows amid signs of easing supply pressure and continued hopes for a Middle East ceasefire.

MSCI's broadest index of Asia-Pacific shares outside Japan slid 0.19 per cent, weighed down partly by declines from mainland Chinese blue chips. However, Hong Kong's Hang Seng rose 0.52 per cent.

Japan's Nikkei slumped about 1 per cent as traders took profits following the previous session's 1.6 per cent surge. The tech-heavy index also succumbed to pressure from a sell-off in U.S. chip stocks on Tuesday.

U.S. stock futures were flat.

The yen slipped 0.16 per cent to 154.94 per dollar, even as Japan's Finance Minister Shunichi Suzuki expressed deep concern over the negative impact of a weak currency and reiterated a readiness to respond to excessive volatility.

The U.S. dollar index - which measures the currency against the yen, euro, sterling and three other major peers - rose 0.09 per cent to 105.51, adding to Tuesday's 0.3 per cent advance.

The euro edged down 0.12 per cent to $1.07325 and sterling lost 0.14 per cent to $1.24915.

On Tuesday, Minneapolis Fed President Neel Kashkari suggested the U.S. central bank may need to forgo interest rate cuts this year due to stubborn inflation.

Last week, Fed Chair Jerome Powell said the wait to loosen policy is taking longer than anticipated, but signalled his inclination is still to cut.

And while prices have been sticky, the labour market showed some signs of weakening in the monthly payrolls data from Friday. Consumer price data in a week from now will be closely watched.

"Debate continues within markets and amongst policymakers about the appropriate level for interest rates," Kyle Rodda, senior financial markets analyst at Capital.com, wrote in a report.

"A lack of major U.S. economic data in the days ahead (means) there was little to position for or react to," he added. "For now, the markets see marginally higher chances for two cuts in the U.S. this year, with the first fully baked in for November."

U.S. long-term Treasury yields stood at 4.4651 per cent in Asian trading, after dipping to a nearly one-month low of 4.42 per cent on Tuesday.

Gold slipped 0.16 per cent to around $2,310 per ounce.

Crude oil extended Tuesday's declines after market sources said that data due later from the American Petroleum Institute will show a jump in U.S. crude and fuel stocks for last week, a sign of lower demand.

Meanwhile, the U.S. believes negotiations on a Gaza ceasefire should be able to close the gaps between Israel and Hamas, lessening the risks of supply disruptions.

Brent crude oil futures fell 32 cents, or 0.38 per cent, to $82.84 a barrel. U.S. West Texas Intermediate crude futures fell 28 cents, or 0.36 per cent, to $78.10 a barrel.

Asian Markets News:&nbsp;MSCI's broadest index of Asia-Pacific shares outside Japan slid 0.19%, weighed down partly by declines from mainland Chinese blue chips.


Asian Markets News: Stocks drift, dollar firm as Fed rate path pondered

US stock market: The S&amp;P 500 and Dow Jones Industrial Average both clung onto gains to ended slightly higher on Tuesday, extending recent winning streaks fueled by renewed expectations that the Federal Reserve will cut interest rates this year.

The advances pushed the S&amp;P 500 (.SPX) to a fourth straight higher close, and its best winning run since March. For the Dow (.DJI), it is now on its longest positive run since December 2023, gaining for the fifth session in a row.

The benchmark performances came despite Walt Disney (DIS.N) slumping 9.5 per cent, its biggest percentage fall since November 2022, as a surprise profit in its streaming entertainment division was eclipsed by a drop in its traditional TV business and weaker box office.

Despite Disney's drag, markets have been generally buoyed by a weaker-than-expected labor market report last week, which fueled bets that the U.S. central bank will cut rates.

The Nasdaq Composite (.IXIC) has also benefited, but it slipped lower in afternoon trade on Tuesday and closed slightly lower, snapping its own winning run at three.

"I think the market is in this little holding pattern until the big data comes next week," said Garrett Melson, portfolio strategist at Natixis Investment Manager Solutions, referring to the Producer Price Index (PPI) due on May 14, and the Consumer Price Index (CPI) scheduled for May 15.

Generally, the Fed and policymakers have been consistent in their message in recent weeks that rate cuts will come but the central bank is going to be cautious in implementing them. This meant, on a day lacking major data announcements, markets shrugged off comments from Minneapolis Federal Reserve President Neel Kashkari that the Fed may need to hold rates steady for the remainder of the year due to stalled inflation and housing market strength.

Overall, Friday's payrolls data and better-than-expected earnings reports have helped soothe investor jitters around sticky inflation and a robust economy that have kept the rates elevated.

Traders are anticipating rate cuts of 46 basis points (bps) from the Fed by the end of 2024, according to LSEG's interest rate probabilities app, with the first pivot to rate cut seen in September and another in December. They were expecting only one cut before the labor report last week.

"The market is far more hypersensitive to the data than the Fed is," said Natixis' Melson, adding that "the bar for the Fed to abandon the easing bias is extremely high." The S&amp;P 500 (.SPX) gained 6.96 points, or 0.13 per cent, to 5,187.70 points, while the Nasdaq Composite (.IXIC) lost 16.69 points, or 0.10 per cent, to 16,332.56. The Dow Jones Industrial Average (.DJI) rose 31.99 points, or 0.08 per cent, to 38,884.26.

Megacap stocks Alphabet (GOOGL.O) and Meta Platforms (META.O) rose 1.9 per cent and 0.6 per cent, respectively, boosting the main indexes. Nvidia (NVDA.O) fell 1.7 per cent after the Wall Street Journal reported that Apple (AAPL.O) was developing its own chip to run artificial intelligence (AI) software in data centers.

Apple gained 0.4 per cent as it introduced a new chip called the M4, but put the new chip in an iPad Pro model rather than a laptop. Tesla (TSLA.O) fell 3.8 per cent after data showed the U.S. automaker sold 62,167 China-made electric vehicles in April, down 18 per cent from a year earlier.

Palantir Technologies (PLTR.N) tumbled 15.1 per cent, its sharpest one-day decline since May 2022, after the data analytics firm's annual revenue forecast fell short of analysts' estimates. The S&amp;P 500 posted 49 new 52-week highs and 2 new lows while the Nasdaq recorded 155 new highs and 69 new lows.

US stock market:&nbsp;The S&amp;P 500 and Dow Jones Industrial Average both clung onto gains to ended slightly higher on Tuesday, extending recent winning streaks fueled by renewed expectations that the Federal Reserve will cut interest rates this year.


US stock market: S&P, Dow end slightly up, extend closing streaks despite Disney drag

US dollar rate index news: The dollar was back on the front foot on Wednesday, making modest gains after earlier losses from renewed bets on Federal Reserve rate cuts this year, while the yen eased towards the 155 per dollar level and kept intervention risks from Tokyo high.

The offshore yuan further retreated from a more than three-month high hit last week, helped by hopes of further policy stimulus from Beijing to shore up its economy. It last stood at 7.2247 per dollar.

The yen was last little changed at 154.75 per dollar, edging away from its peak of 151.86 hit last week on the back of suspected intervention from Japanese authorities to prop up the sliding currency.

Analysts have said that any intervention from Tokyo would only serve as a temporary respite for the yen, given stark interest rate differentials between the US and Japan remain. Bank of Japan Governor Kazuo Ueda said on Wednesday the central bank will scrutinise the impact of yen moves on inflation in guiding monetary policy, while the country's Finance Minister Shunichi Suzuki repeated a warning that authorities were ready to respond to excessively volatile moves in the currency market.

"If we were to see a sudden, sharp move up in dollar/yen then I would expect them to step into the market to support the yen. But if we continue to see a gradual move up, I doubt they'll come in, but there's obviously a risk," said Carol Kong, a currency strategist at Commonwealth Bank of Australia.

The euro and New Zealand dollar edged 0.02 per cent lower each to $1.0752 and $0.6000, respectively. Against a basket of currencies, the greenback was steady at 105.41 , some distance away from a roughly one-month low it hit last week.

Investors continue to be focused on the pace and timing of Fed rate cuts that will likely drive currency moves, with the latest weaker-than-expected US jobs data and an easing bias from the US central bank cementing expectations that rates will likely be lower by the end of the year.

While Minneapolis Fed President Neel Kashkari said on Tuesday it is too soon to declare that inflation has definitely stalled out, that did little to move the needle on market pricing for rate cuts.

"The market brushed off comments from Minneapolis Fed President Kashkari, who sits at the hawkish end of the spectrum and is a non-voter this year," said Rodrigo Catril, senior FX strategist at National Australia Bank.

Elsewhere, sterling dipped 0.08 per cent to $1.2499, ahead of the Bank of England's policy decision on Thursday, where focus will be on how soon the central bank could begin cutting rates. 
Analysts expect the central bank to leave the door open to lower interest rates as early as June.

The Australian dollar fell 0.2 per cent to $0.6585, pressured in part by a less hawkish outlook from the Reserve Bank of Australia than anticipated after it held interest rates steady on Tuesday.

US dollar rate index news:&nbsp;The dollar was back on the front foot on Wednesday, making modest gains after earlier losses from renewed bets on Federal Reserve rate cuts this year, while the yen eased towards the 155 per dollar level and kept intervention risks from Tokyo high.


Dollar regains momentum as yen struggles

Brent crude oil price news:&nbsp;Oil prices fell in early Asian trading hours on Wednesday after market sources said that data from the American Petroleum Institute showed an increase in US crude and fuel stockpiles, an indicator of weak demand.

Brent crude oil futures fell 21 cents, or 0.3 per cent, to $82.95 a barrel by 0020 GMT. US West Texas Intermediate crude futures fell 13 cents, or 0.2 per cent, to $78.25 a barrel.

US crude stocks rose by 509,000 barrels in the week ended May 3, market sources said citing American Petroleum Institute figures. Gasoline and distillate fuel inventories also rose, they said.

Official US government data on stockpiles is due at 1430 GMT. Analysts polled by Reuters expect US crude oil inventories to have fallen by about 1.1 million barrels last week. Both benchmarks fell marginally in the previous session on signs of easing supply tightness. The EIA updated its forecasts for 2024 and now expects world oil and liquids output to grow more this year than earlier projections, and demand to grow less than it previously thought.

Hopes of a ceasefire in Gaza have also put pressure on oil prices in recent sessions. The US believes negotiations on a Gaza ceasefire should be able to close the gaps between Israel and Hamas. US Central Intelligence Agency Director Bill Burns will travel to Israel on Wednesday for talks with the Israeli Prime Minister Benjamin Netanyahu and other top officials, a source familiar with the matter told Reuters.

Also weighing on oil, the US dollar edged higher on Wednesday. A stronger greenback dampens oil demand by making it more expensive for investors holding other currencies.

Brent crude oil price news:&nbsp;Oil prices fell in early Asian trading hours on Wednesday after market sources said that data from the American Petroleum Institute showed an increase in&nbsp;US&nbsp;crude and fuel stockpiles, an indicator of weak demand.


Oil prices edge lower on rising US stockpiles

India's small malls are increasingly turning into ghost malls as consumers move towards online purchases and bigger shopping centres for a better experience, a consultancy report said on Tuesday.

Mall properties with a vacancy rate of more than 40 per cent have been termed ghost malls.

While there was a 238 per cent year-on-year increase in the Gross Leasable Area (GLA) of all shopping centres in prime Indian markets in 2023, the number of ghost malls rose to 64 from 57 in 2022, said real estate consultancy Knight Frank India.

Industry analysts said this reflected weak consumer demand and could lead to job losses and economic dislocation, particularly for small retailers and service providers.

Private consumption, accounting for 60 per cent of India's gross domestic product (GDP), has remained weak, rising 3.5 per cent year-on-year in the last quarter of 2023 while the economy grew 8.4 per cent.

"Many of the small shopping malls are on the verge of closure," said Gulam Zia, director of Knight Frank after the release of the "Think India Think Retail 2024" report based on a survey of 29 top cities.

There has been a sharp rise in low-performing retail assets with 13.3 million square feet of shopping space remaining vacant, resulting in the loss of 67 billion rupees ($802.5 million) of revenue for developers in 2023, the report said.

Unable to match the convenience and diversity of large shopping centres, many small mall owners are caught in a downward spiral of declining revenue, Zia said.

Among small shopping centres, with an average leasing area of 100,000 square feet, 132 are on the verge of turning into ghost malls - with the vacancy rate rising to 36.2 per cent in 2023 from 33.5 per cent in the previous year, the report said.

However, among bigger shopping malls, with an average leasing area of 500,000 square feet, the vacancy rate remained at 5 per cent, and at 15.5 per cent among middle-level shopping malls, it said.

In the top eight cities, including Delhi, Mumbai and Bengaluru, the total number of shopping malls declined to 263 in 2023, with eight new retail centres added but 16 shut down.

($1 = 83.4846 rupees)

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Mall properties with a vacancy rate of more than 40&nbsp;per cent&nbsp;have been termed ghost malls. Industry analysts said this reflected weak consumer demand and could lead to job losses and economic dislocation, particularly for small retailers and service providers.


Reuters