![]() This material may not be published, broadcast, rewritten or redistributed without permission.Police Car Lights Stock Images by CarolinaSmith 113 / 5,167 Police car with full array of lights. The euro cost $1.0990, down from $1.1008.ĪP Business Writer Stan Choe contributed from New York.Ĭopyright 2023 The Associated Press. dollar inched down to 134.93 Japanese yen from 135.04 yen. Brent crude, the international standard, lost 32 cents to $76.69 a barrel. ![]() Earnings reports will also arrive from Duke Energy, The Walt Disney Co. government will give the latest monthly updates on inflation at the consumer and wholesale levels. ![]() The Fed said it’s not sure of its next move, as swaths of the economy have shown sharp slowdowns but the job market remains largely resilient. High rates do that by slowing the economy and hurting prices for investments, which runs the risk of causing a recession if they stay too high for too long. The Federal Reserve has lifted its benchmark interest rate to a range of 5%-5.25%, up from virtually zero early last year, in hopes of slowing high inflation. Among the reasons some smaller and mid-sized banks gave for the forecast were wanting to take less risk and worries about deposit outflows. Not only that, the survey suggested banks widely expect to raise their standards over the course of 2023. That in turn could raise the risk of a recession that many investors already see as highly likely.Ī report Monday from the Federal Reserve showed many banks tightened their lending standards during the first three months of the year. The larger concern for markets is that all the turmoil could cause banks to pull back on their lending. Weighed down by much higher interest rates, smaller and mid-sized banks are scrambling to assure Wall Street their deposits are secure and not at risk of seeing a sudden exodus, similar to the runs that toppled Silicon Valley Bank and others. jobs, which calmed worries about a possible recession but raised concerns about high inflation, and fears about smaller and mid-sized banks dominated the previous week. The Dow Jones Industrial Average slipped 0.2% to 33,618.69 while the Nasdaq composite added 0.2% to 12,256.92.Ī strong reading on U.S. On Wall Street, the S&P 500 edged up by less than 0.1% to 4,138.12, coming off its worst week in nearly two months. “The survey showed a tightening of credit availability, impacting companies’ margins and signaling an imminent economic slowdown.” stocks traded within a tight range, remaining mostly unchanged in volatile trading, as investors reacted to the mixed response to the Fed’s senior loan officer survey," said Anderson Alves, analyst at ActivTrades. “Asian equities traded sideways on Tuesday after U.S. China’s trade surplus in April widened, growing 82.3% compared to the same period last year. and European Union showed a contraction in comparison with last year. Exports grew to $295.4 billion compared with a year earlier, although at a slower pace, building on momentum seen in the March data when exports rose 14.8%.īut imports shrank at a faster pace, with the total slumping 7.9% to $205.2 billion compared to the same time last year, according to data Tuesday from the General Administration of Customs. Hong Kong's Hang Seng lost 0.6% to 20,177.55, while the Shanghai Composite edged up 0.3% to 3,406.03.Ĭhinese exports grew 8.5% in April, showing more unexpected strength despite weakening global demand, according to customs data. Japan's benchmark Nikkei 225 gained 1.1% in afternoon trading to 29,254.37. NEW YORK – Asian shares traded mixed Tuesday as investors took a wait-and-see view on the week ahead that's full of reports on some of the market’s biggest worries, including stubbornly high inflation across the economy.
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