6 Mins Ago
Japan’s exports in January rise 11.9% year on year
Japan’s exports rose 11.9% in January year on year, according to official data.
The reading beat Reuters’ estimates of a 9.5% rise. The country’s imports fell 9.6%, compared with projections of a 8.4% decline.
Japan’s posted a trade deficit of 1.758 trillion yen ($11.73 billion), compared with a surplus of 68.9 billion yen in December.
—Lee Ying Shan
37 Mins Ago
Sentiment at large Japanese firms sours in February: Reuters Tankan survey
Business sentiment at large Japanese firms soured in February, according to the monthly Reuters Tankan survey. The data fuels fears of further economic weakness in Japan, after data last week showed the economy slipped into a technical recession.
The sentiment index for manufacturers stood at -1, compared to +6 in January. Separately, the poll also showed the service sector index at +26, down from +29 in January. A negative figure indicates pessimists outnumber optimists in the sector, and vice versa.
“The loss of business confidence raises worries Japanese firms may become reluctant to boost wages enough to achieve stable and sustainable inflation in a country that has been mired in a deflationary mindset for more than a decade,” Reuters reported.
The Reuters monthly poll is considered to be a leading indicator of the Bank of Japan’s official survey.
—Lee Ying Shan
3 Hours Ago
Stocks close lower on Tuesday
Here’s how the major indexes closed:
— Pia Singh
4 Hours Ago
U.S. crude pulls back more than 1% after hitting three-month high last week
An aerial view of Phillips 66 oil refinery is seen in Linden, New Jersey, United States.
Tayfun Cosku | Anadolu Agency | Getty Images
U.S. crude oil futures pulled back Tuesday after hitting a three-month high last week as the conflict in the Middle East raged on.
The West Texas Intermediate contract for March fell $1.01, or 1.28%, to settle at $78.18 a barrel. The Brent contract for April dropped $1.22, or 1.46%, to $82.34 a barrel. There was no WTI settlement on Monday due to the President’s Day holiday.
U.S. crude gained 3% last week to settle Friday at its highest price, $79.19 a barrel, since Nov. 6. The global benchmark rose 1.5% for the week to settle at its highest price since Jan. 26.
Robert Thummel, senior portfolio manager with Tortoise Capital, said prices likely pulled back Tuesday due in part to traders taking profits after WTI booked a solid run so far this month.
Crude futures gained last week on the conflict in the Middle East after Israel launched strikes in Lebanon and vowed to press on with its offensive in Gaza to the southern city of Rafah.
Houthi militants on Monday attacked another cargo ship in the Bab el-Mandeb strait, forcing the crew to abandon the vessel. The Iran-allied militants claimed they caused “catastrophic damage” to the ship.
— Spencer Kimball