Stocks Decline in Slowest Trading Day of This Year

Stocks dropped in the slowest trading day of 2021 after a rally that drove the equity market to all-time highs. Treasuries climbed. The S&P 500 dropped by 0.097% to 4,073.94 while Dow Jones was down 96.95 points (0.29%) to 33,430.24.

US Job Openings Hit Two-year High, Signaling More Hiring Ahead

US job openings rose to a two-year high in February, led by gains in some of the industries hardest hit during the pandemic and indicating employers are poised to ramp up hiring in the coming months. The number of available positions increased to 7.37 million during the month from an upwardly revised 7.1 million in January. Vacancies in health care rose to a record.

Fed’s Mester Says Jobs Report ‘great’ But Fed Will be Patient

Federal Reserve Bank of Cleveland President Loretta Mester said the better-thanexpected March payroll report was “great” but that a lot more progress is needed to get the economy to where it was before the pandemic. “It was a great report, it’s nice to see those numbers. We’re still almost 8.5 million jobs below where we were before the pandemic so we need more of those kinds of jobs reports coming out,” she said.

IMF Lifts Global Growth Forecast, Warns of Diverging Rebound

The International Monetary Fund upgraded its global economic growth forecast for the second time in three months, while warning about widening inequality and a divergence between advanced and lesser-developed economies. The global economy will expand 6% this year, up from the 5.5% pace estimated in January, the IMF said in its World Economic Outlook published.

ECB’s Wunsch Predicts Healthy Rebound But Bumpy Crisis Exit

The euro-area economy is headed for a healthy rebound once coronavirus restrictions come to an end, but investors still need to brace for a bumpy exit from unprecedented stimulus, European Central Bank Governing Council member Pierre Wunsch said. He hopes that at some point they’re going to discuss an exit, because it will show that their policy is effective.

Australia Central Bank Holds as Housing Surge Comes to Fore

Australia’s central bank kept its key policy instruments unchanged following the cooling of a global bond selloff and as the impact of record-low interest rates on asset markets comes into focus. Reserve Bank of Australia Governor Philip Lowe and his board held the cash rate and three-year yield target at 0.10% and made no changes to the longerdated bond-buying program.

China’s Growth Set to Drive World Economy in Post-pandemic Years

China will drive global economic growth in the coming years as the world recovers from an pandemic that’s killed 2.9 million people, the International Monetary Fund predicts. local GDP is expected to rise by more than $28 trillion to $122 trillion over that period, after falling $2.8 trillion last year in the biggest peacetime shock to output since the Great Depression.

Oil Gains With Stronger Growth Outlook Allaying Virus Concerns

Oil rose as a brighter outlook for economic growth and summer travel eased concerns around the impact of a resurgent coronavirus. Brent crude for June settlement rose US$0.59 to US$62.74 per barrel.

Source: Affin Hwang Research - 8 Apr 2021