Interest Rates
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CNBC's Tyler Mathisen looks back at the week's top business and financial stories. This week, bad jobs numbers, the pain of sequestration, and a shrinking U.S. trade deficit.
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FRANKFURT, April 4- The European Central Bank expects a gradual economic recovery later this year but will monitor incoming data very closely and is ready to cut interest rates if necessary, its president said on Thursday.
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NEW YORK, April 4- U.S. stock index futures turned flat on Thursday, with the S&P 500 dropping into negative territory after data showed an unexpected rise in weekly jobless claims. S&P 500 futures fell 0.2 point but remained above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.
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Atlanta Fed President Dennis Lockhart told CNBC more solid economic data coupled with a "substantial improvement" in jobs are needed before the central bank would consider tightening policy.
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FRANKFURT, April 4- The European Central Bank held its main interest rate at a record low of 0.75 percent on Thursday, as it waits to see whether the economy stabilises or recent weak economic data marks a start of another downturn. Following is the text of the ECB's statement issued after the meeting:.
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NEW YORK, April 4- U.S. stock index futures trimmed some gains on Thursday after data showed weekly jobless claims rose more than expected in the latest week. S&P 500 futures rose 3.5 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.
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FRANKFURT, April 4- The European Central Bank kept interest rates on hold on Thursday, waiting to see if a recession-hit economy perks up and whether an aggressive policy move by the Bank of Japan helps the euro zone.
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FRANKFURT, April 4- The European Central Bank held its main interest rate at a record low of 0.75 percent on Thursday, as it waits to see whether the economy stabilises or a recent slew of weak economic data is a start of another downturn.
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CNBC's Jackie DeAngelis reports the ECB will leave interest rates at current levels; Best Buy is discounting Apple's iPad 3 by 30 percent; and Carnival's ship, Triumph had to be towed to port after breaking loose from a dock.
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James Round, vice president of the LBBW Landesbank Baden, believes Draghi will focus on getting funds to small and medium enterprises by easing up on collateral requirements, or through launching a purchasing scheme.
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Atlanta Fed President Dennis Lockhart, talks with CNBC's Steve Liesman about continuing the Fed's asset purchase policy; the outlook on employment; and the cost of quantitative easing. "Clearly inflation has to be front and center as a concern," Lockhart added.
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Philip Shaw, chief economist at Investec, tells CNBC the Bank of England will keep its focus on short-term growth and the inflation outlook in the medium to long-term.
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Marcus Ashworth, head of fixed income at Espirito Santo Investment Bank, and Guillaume Menuet, European economist at Citi, discuss why the ECB should cut rates in the near future.
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Stephane Deo, global head of asset allocation at UBS, warns that markets are now pricing in bank risk, which Mario Draghi and the ECB must address on Thursday.
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FRANKFURT, April 4- The European Central Bank is expected to keep interest rates unchanged on Thursday but investors will be looking for any signs it is preparing for a cut in coming months to help lift the euro zone out of recession.
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Padhraic Garvey, head of developed markets rates and debt strategy at ING, discusses the effectiveness of interest rates as a central bank policy tool and the market's expectations of the ECB meeting.
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TOKYO, April 4- The Bank of Japan decided on a radical overhaul of its policy framework on Thursday, shifting its target when setting monetary policy to base money from the current overnight call rate. "The BOJ will conduct money-market operations so that the monetary base will increase at an annual pace of about 60 to 70 trillion yen," the BOJ said in a statement.
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SYDNEY, April 4- Australian retail sales surged expectations in the clearest sign yet that consumer demand is responding to lower interest rates. Clearly very strong, very surprising, "was the reaction of Stephen Walters, chief economist at JPMorgan, the data."
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Jesper Koll, MD & Head of Japanese Equity Research at JPMorgan Securities, and Paul Gambles, Managing Partner, MBMG, argue whether there is value in Japan equities.
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Todd Elmer, Currency Strategist at Citi remains cautious on the yen while weighing the impact of BoJ easing and other global central bank strategies on major currencies across the board.
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FRANKFURT, April 4- The European Central Bank is expected to hold interest rates on Thursday but investors will be looking for any signs it is preparing for a cut in coming months to help lift the euro zone out of recession.