LONDON, SINGAPORE March 1 (Reuters) – World stocks rebounded on Wednesday after China’s manufacturing activity expanded at the fastest pace in more than a decade, while stronger-than-expected inflation numbers across the euro zone battered government bonds.
Inflation data from German regions, a day after February numbers showed price pressures surged more than expected across France and Spain, stoked fears that the European Central Bank would need to raise rates further.
Full coverage: REUTERS
Oil Rises As Chinese Factory Bounce Boosts Demand Outlook
LONDON, March 1 (Reuters) – Oil extended gains for a second session on Wednesday after a strong jump in manufacturing in China, the world’s top crude importer, boosted the outlook for global fuel demand.
China’s manufacturing activity expanded at the fastest pace in more than a decade in February, an official index showed on Wednesday, adding to hopes that the country’s recovery can offset a global slowdown and increase oil demand.
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Analysis: Rebounding U.S. Dollar A Growing Headache For Investors
NEW YORK, March 1 (Reuters) – Investors reeling from the recent volatility in global financial markets are eyeing another potential worry: a rebounding dollar.
The dollar has risen nearly 4% from its recent lows and stands near a seven-week high against a basket of other major currencies , driven by bets the Federal Reserve will need to raise rates higher than many investors had previously forecast to cool inflation.
The U.S. currency remains some 8% below the twenty-year high it attained last year. Yet its rebound, along with a surge in Treasury yields, has already complicated the outlook for a range of trades that prospered as the dollar tumbled in the latter half of 2022.
Full coverage: REUTERS
Credit Suisse Personal & Business Banking Boss Haux To Leave
ZURICH, March 1 (Reuters) – Credit Suisse (CSGN.S) on Wednesday said its Head of Personal & Business Banking, Anke Bridge Haux, is to leave the bank.
Haux, who has been with the Swiss bank for 15 years, is to take on a new role as CEO of the Swiss arm of LGT Bank in November.
Credit Suisse’s current chief operating officer of Personal & Business Banking, Michael Sager, will take over leadership of the business on an interim basis with immediate effect and become a member of the executive board of Credit Suisse (Switzerland) Ltd.
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Morning Bid: Brisk China Activity Sets The Mood
A look at the day ahead in European and global markets from Ankur Banerjee
After a tentative start to the month, markets in Asia got a jolt from China’s manufacturing activity which expanded at the fastest pace in more than a decade in February, and the exuberant mood is likely to seep through to European markets.
The MSCI Asia ex-Japan index was pinned near two-month lows at the start of the day before spiking up 1.4%, and was on track for its best day in nearly two months after China’s manufacturing purchasing managers’ index for February surged to 52.6, up from 50.1 in January.
Full coverage: REUTERS
