The data comes just a few days after the Federal Reserve kept interest rates steady and shot down expectations for an interest rate cut in March. But Fed Chair Jerome Powell struck a somewhat optimistic note on the U.S. economy, which drove investors into risk-driven assets despite the prospect of higher-for-longer interest rates.
On Thursday, two OPEC+ sources said the group has kept its oil output policy unchanged, and will decide in March whether or not to extend the voluntary oil production cuts in place for the first quarter.
In Asia, Japan’s Nikkei added 0.5%, bringing the weekly gain to 1.2%, while MSCI’s broadest index of Asia-Pacific shares outside Japan jumped 1.2% and was up 0.7% on the week.
The Office of the Comptroller of the Currency (OCC) said that the bank engaged in unsafe or unsound practices, including failure to establish effective risk management and internal controls.
SYDNEY (Reuters) – Asian shares faltered on Thursday after Wall Street took a late spill, while investors stuck to bets for sizable cuts in U.S. interest rates this year even if the kick off might now be a little later than first hoped.
The Chinese yuan was among the worst performers on Thursday, down 0.2% as data showed little improvement in a sluggish economic recovery. A private survey showed that China’s manufacturing sector grew as expected in January, but its pace of growth now appeared to be slowing.
The Fed’s comments spurred a sharp reversal in risk-driven markets, particularly stocks, on Wednesday. This in turn fueled increased safe-haven demand for gold. The yellow metal was also aided by increased demand as a conflict between U.S.-led forces and the Yemen-based Houthi Group worsened.
ARB’s price movement had been bullish, as evidenced by its ascent past the moving averages, which served as dynamic support levels during its uptrend. However, the price has encountered substantial resistance, leading to a halt in its rally.
“After assessing the degree of macroeconomic effects of the Noto Peninsula Earthquake by monitoring its impact for about the next one or two months, the bank is highly likely to reach a point where it can normalise monetary policy,” one board member was quoted as saying.
The U.S. central bank is expected to leave interest rates unchanged on Wednesday and investors will focus on any clues from Fed Chairman Jerome Powell on the likelihood of a rate cut in March.
