Manufacturing Data Lowers Stocks (Bloomberg)
U.S. manufacturing grew less than predicted last month, according to a new report, and that news sent stocks down to begin April. “The market is fairly sensitive at this level and that means we need continuing improvement in the economy to keep moving stocks forward,” Randall Warren, chief investment officer of Warren Financial Service in Exton, Pennsylvania, said. “We need good economic reports and we’re going to need good earnings reports later this month.”
Corn Supply up, Prices down (CNBC)
A recent government report showed that the corn supply was much higher than expected, and, in an occurrence beneficial to corn consumers, the price of the crop has fallen as a result. “We have to look at the upcoming corn crop rather than what’s influencing prices Thursday and today,” said David Maloni, economist at the American Restaurant Association. The price drop is “a good sign and it makes us more optimistic. It certainly helps.”
Dollar, Euro Fall against Yen (Reuters)
The aforementioned manufacturing data also led to the dollar falling against the yen to reach its lowest point against Japan’s currency in about a month. “The dollar sold off versus the yen after the disappointing ISM data, but trade is very thin and investors are likely using the data as an excuse to lighten dollar positions ahead of this week’s events,” said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington D.C. The euro also fell against the yen due to its ongoing problems.