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As the weekend comes to a close, let’s take a look at the top stories that shaped the week. From the U.S. manufacturing sector hitting an 18-month high to a warning about a potential debt crisis, here’s what you need to know.
The U.S. manufacturing sector has seen a significant upturn, with March 2024 marking the highest growth rate since September 2022. This development has been attributed to the strong performance of the SPDR Dow Jones Industrial Average ETF (NYSE:DIA) and the SPDR S&P 500 (NYSE:SPY). Analysts had predicted a lower growth rate, making this surge a clear indication of improving conditions. Read the full article here.
China’s manufacturing sector experienced a substantial increase in March 2024. This led to a rally in shares of Chinese companies and metal commodities, potentially causing a deflationary impact on global markets. The Alibaba Gr Holding (NYSE:BABA) and the VanEck Gold Miners ETF (NYSE:GDX) were among the beneficiaries of this growth.
Experts have warned that this surge could have a deflationary effect on global markets. Read the full article here.
The U.S. labor market experienced a significant boost in March 2024, with payrolls growing by 303,000. This marks the highest increase in 10 months and has dampened hopes for a rate cut in June. Companies like AstraZeneca (NASDAQ:AZN) and Adobe (NASDAQ:ADBE) were among those that contributed to this growth. Read the full article here.
Mohamed El-Erian, the chief economic adviser at Allianz, has criticized the U.S. Federal Reserve’s data-dependent strategy. He argues that this approach has caused the Fed to lose sight of its broader strategy. This critique comes at a time when the Fed’s data-dependent approach is under scrutiny. El-Erian suggests that the Fed’s focus on data has led it to become a play-by-play commentator, deviating from its original strategy. Read the full article here.
Wharton professor Joao Gomes has raised concerns about the rapid growth of U.S. debt. He warns that without immediate action from Congress, the U.S. could face a debt crisis by 2025. Gomes emphasizes the need for a serious debate to address this issue and prevent a potential crisis. His warning comes at a time when the U.S. debt is growing at an alarming rate, raising questions about the country’s financial stability. Read the full article here.
Wall Street illustration created using artificial intelligence via MidJourney.
Engineered by Benzinga Neuro, Edited by Ananya Gairola
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