Key Events Around the Globe: April 01

Japan’s Factory Growth Slows in March As Iran War Weighs, Pmi Shows

Japan’s factory activity expanded at a slower pace in March as growth in output, orders and manufacturers’ confidence cooled and cost pressures hit a 19-month high due to the Middle East conflict, a private-sector survey showed.

The final S&P Global Japan Manufacturing Purchasing Managers’ Index (PMI) fell to 51.6 in March from a 45-month high of 53.0 in February, but slightly overshot the flash figure of 51.4. A reading above 50.0 indicates expansion, while below that level signals contraction.

Crude Oil Stocks Surge as API Reports Unexpected Inventory Build

Comparing the latest figures to the previous week’s data further underscores the unexpected nature of this development. The prior report indicated an increase of 2.300 million barrels, already signaling higher inventory levels. However, the current rise to 10.263 million barrels marks a significant jump, suggesting a continued trend of surplus in crude oil stock piles.

This unexpected build in crude oil inventories could have broader implications for the oil market, potentially influencing trading strategies and price movements. The data highlights the complexities of predicting oil demand and the challenges faced by analysts in forecasting inventory changes.

US Job Openings Fall in February; Hiring Lowest Since Pandemic

US job openings fell more than expected in February and hiring dropped to the lowest level in nearly six years, government data showed.

Job openings, a measure of labor demand, decreased 358,000 to 6.882 million by the last day of February, the Labor Department’s Bureau of Labor Statistics said in its Job Openings and Labor Turnover Survey, or JOLTS report. Economists polled by Reuters had forecast 6.918 million unfilled jobs. The job openings rate dropped to 4.2% from 4.4% in January. Hiring decreased by 498,000 positions to 4.849 million last month, the lowest level since March 2020 at the start of the COVID-19 pandemic.

US Consumer Confidence Nudges Higher in March

US consumer confidence unexpectedly edged up in March, but households anticipated higher inflation over the next 12 months amid a surge in gasoline prices and continued tariffs pass through, a survey showed.

The Conference Board said its consumer confidence index increased to 91.8 this month. Data for February was revised slightly down to show the index at 91.0 instead of 91.2. Economists polled by Reuters had forecast the index at 88.0.