New Zealand Hikes Interest Rate by 50 Basis Points in a Surprise Move; Asia Markets Mixed
Asian markets are mixed after Wall Street falls and U.S. job openings hit a two-year low, suggesting that the labor market is easing.
Today will see the release of February retail sales figures in Singapore. The country's financial sector led a 0.42% increase in the benchmark Straits Times Index. A four-day winning streak. According to a Reuters poll of economists, the Reserve Bank of New Zealand will likely raise its cash rate 25 basis points to 5%. Yellen also defended the Financial Stability Oversight Council from criticism. Some GOP members blame it for not identifying the bank crisis sooner. Bank of America has released a new report showing that these funds have received $18 billion on average per day since March. 10.
Bullion hit a session high at $2,043 an ounce and is currently on track to have its fifth positive session in six. Gold prices have risen 11.6% so far in the year. Credit Suisse's annual general assembly heard Lehmann say, "I am sorry that we weren't able to stem our loss of trust over the years and for disappointing you." Swiss regulators facilitated the deal to end a larger global banking crisis. However, it remains mired in legal and logistical problems. The deal was not approved by Credit Suisse shareholders or UBS shareholders.
-- Hakyung Kim