US stocks fell as tech shares tumble

US stocks fell as a gauge of semiconductor stocks dropped the most since October amid analyst downgrades on suppliers to the personal-computer business.  The  S&P  500  Index  fell  1.5%  to  2,061.05.  The  Dow  Jones Industrial Average declined 292.60 points (1.6%) to 17,718.54.

Fed’s Evans says low inflation makes rate rise too risky in 2015

Federal Reserve Bank of Chicago President Charles Evans  said inflation remains too low to justify an interest-rate increase in 2015, despite “terrific” progress  in  reducing  US  unemployment.  Evans  explained  that  his  worry over low inflation stemmed from the harm it could do to price expectations, and there should be no hurry to tighten financial conditions until it is  clear that inflation will reach the Fed’s 2% target within 1-2 years.

Factories in US feel pain of rising dollar, slump in oil

Orders  for  American-made  durable  goods  unexpectedly  dropped  in February  as  manufacturers  absorbed  the  damage  inflicted  by  a  rising dollar and slumping energy production. Bookings for goods meant to last at least three years declined 1.4% mom after a 2% gain in January, data from the  Commerce  Department  showed.  The  median  forecast  surveyed  by Bloomberg estimated durable goods orders would rise 0.2%.

ECB’s bond-buying is already helping economy, Liikanen says

The  impact  of  asset  purchases  by  the  ECB  is  visible  in  the  euro  area economy,  according  to  Governing  Council  member  Erkki  Liikanen. “Monetary-policy  decisions  and  the  measures  taken  have  already  had  a clear, positive impact on the economic outlook,” Liikanen said, adding that the ECB is committed to delivering on primary mandate of price stability.

ECB gives Greece extra US$1.1bn in breathing space

The  European  Central  Bank  made  more  than  €1bn  (US$1.1bn)  of  extra funding  available to Greek lenders as euro  area finance officials told the Athens  government  it’s  time  to  prove  it  can  be  trusted.  The  Governing Council  handed  Greece  the  biggest  increase  in  emergency  funding  in  a month, raising the limit to just over €71bn.

German economy powers ahead as Ifo sentiment improves

German business confidence increased for a fifth month in March, adding to signs that Europe’s largest economy is back in position as the region’s economic powerhouse. The Ifo institute’s business climate index advanced to  107.9  in  March  from  106.8  in  February.  The  median  estimate  in  a Bloomberg News survey was for an increase to 107.3.

President Aquino expressed confidence in Philippine economy

President  Benigno  Aquino  expressed  confidence  the  Philippines  can withstand potential interest rate increases by the US  Federal Reserve this year, predicting  a better year for the economy.  “There will be changes but there will still be investors looking for the best returns,” Aquino  said. The Philippines  will  have  an  even  better  year  on  rising  incomes,  tourism, typhoon rebuilding, manufacturing, he said.

Oil rises to two-week high on lower gain in crude output

Oil  advanced  to  a  two-week  high  as  the  shrinking  size  of  US  crude production  gains  and  a  falling  dollar  outweighed  rising  supply.  Brent  for May settlement climbed US$1.37 (2.5%) to US$56.48 a barrel.

Source: Bloomberg