Tesla on Tuesday posted a decline in quarterly deliveries for the first time in nearly four years and missed Wall Street estimates, a performance some described as "ugly" as price cuts failed to stir demand in a highly competitive market. (Read more on Reuters)
Minneapolis Federal Reserve Bank President Neel Kashkari said on Thursday that at the U.S. central bank's meeting last month he penciled in two interest rate cuts this year but if inflation continues to stall, none may be required by year end. (Read more on Reuters)
EUROPE
Eurozone inflation fell more than economists had anticipated last month, further solidifying expectations of monetary policy easing by the European Central Bank in the upcoming months. In March 2024, the annual consumer price inflation rate in the Euro Area dropped from 2.6% to 2.4%, according to preliminary data from Eurostat released on Wednesday. (Read more on Euronews)
The European Central Bank will begin lowering borrowing costs at its June meeting, Governing Council member Pablo Hernandez de Cos said. “I think that today my central scenario is that June could actually be the first reduction in interest rates,” the Spanish policymaker said in Barcelona. (Read more on Bloomberg)
ASIA PACIFIC
Taiwan's biggest earthquake in at least 25 years is likely to tighten supply of tech components such as display panels and semiconductors, analysts said, as manufacturers in the global tech powerhouse restore operations at affected facilities. The powerful 7.2-magnitude earthquake struck Taiwan's eastern coast near Hualien County on Wednesday morning, killing nine people and injuring more than 1,000. (Read more on Reuters).
Business confidence among major Japanese manufacturers worsened for the first time in four quarters, falling to 11 in March from 13 three months earlier, after a sharp drop in the auto sector caused by production cuts, the Bank of Japan's Tankan survey showed Monday. (Read more on Kyodo News)
AFRICA REGIONAL
BlackRock Inc., the world’s biggest asset manager, sees an opportunity to invest in Kenyan stocks, which have gone from the world’s worst performers in 2023 to the best this year. The All-share stock index in Nairobi has surged 49%, when measured in dollars, rebounding from a 43% plunge in 2023, when the index was trading at levels last seen in 2011. (Read more on Bloomberg)
Zimbabwe says it will re-launch its currency for a sixth time next week, in a bid to reign-in inflation after the latest collapse of the Zimbabwe dollar. New Reserve Bank of Zimbabwe Governor John Mushayavanhu said the Zimbabwe Gold (ZiG), would replace the last incarnation of the Zimbabwe dollar, and would be backed by a select group of foreign currencies, gold and other precious metals the country produces. (Read more on CNBC Africa)
MAURITIUS
The Bank of Mauritius held its key interest rate at 4.5%, citing a robust economy, a falling unemployment rate and easing inflation. The central bank believes past rate hikes are still working through the system and the current stance supports price stability and economic development.(Read more on the website of Bank of Mauritius)
Headline inflation in Mauritius for the 12 months ending March 2024 dropped to 5.8%, down from 6.1% in February and a significant decline from 11.1% a year prior. Lower food and non-alcoholic beverage prices are credited for the recent improvement in March compared to February. (Read more on the website of Statistics Mauritius)
Source: Reuters, Bloomberg, Euronews, Kyodo News, CNBC Africa, Bank of Mauritius, Statistics Mauritius
Market Scorecard
Source: Yahoo Finance, Investing.com, Stock Exchange of Mauritius
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