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Morgan Stanley Sees Chinese Auto Market Recovery Gaining Momentum in Late Summer 
Bessent Says U.S. Must Strengthen Supply Chains and Economic Security 
Gold Prices Rise Above $4,000 as Inflation Data and Weaker Dollar Boost Demand 
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Malaysia Central Bank Moves to Support Ringgit Amid Foreign Fund Outflows 
SpaceX Eyes Starlink Mobile Phone Service to Challenge Verizon, AT&T, and T-Mobile 
Australia Jobs Growth Strengthens Rate Hike Outlook 
BOJ Hawk Signals Faster Interest Rate Hikes Amid Inflation Risks 
Oil Prices Drop as Strait of Hormuz Shipping Recovers 
Japan Signals Preference for Low Interest Rates as BOJ Policy Debate Intensifies 
Wall Street Ends Mixed as Tech Stocks Struggle Ahead of Micron Earnings 
Asian Markets Rally as Micron and Qualcomm AI Outlook Lifts Global Tech Stocks 
Asian Stocks Sink as Apple Price Hikes Spark AI Valuation Fears, South Korea and Japan Lead Selloff 
U.S. Dollar Reaches One-Year High as Tech Sell-Off and Fed Rate Hike Expectations Support Demand 
Oil Prices Drop as Middle East Supply Recovery Eases Market Concerns 
Gold Drops Below $4,000 as Strong US Dollar and Fed Rate Hike Expectations Pressure Bullion 
Japan's services sector expanded for the 12th consecutive month in March, though growth momentum weakened as escalating Middle East conflict weighed heavily on business sentiment. The S&P Global Japan Services PMI dipped to 53.4 from February's 21-month peak of 53.8, still surpassing the preliminary estimate of 52.8. Any reading above 50 signals expansion, keeping Japan's service industry firmly in growth territory despite the slowdown.
New business activity increased at its most modest pace since December, while new export orders picked up slightly compared to the previous month. The mixed signals suggest that while domestic demand is softening, international interest in Japanese services remains relatively stable.
Business confidence took a significant hit, falling to its lowest point since September 2020. Companies expressed growing concern over how long the Middle East conflict might last and its potential ripple effects on global demand and inflation. S&P Global Economics Associate Director Annabel Fiddes noted that geopolitical uncertainty was the primary driver behind the decline in business optimism.
Cost pressures intensified during the month, with input prices climbing at their fastest rate in nearly a year. Companies linked the surge to higher expenses for raw materials, energy, and fuel — all directly influenced by ongoing instability in the Middle East. On a positive note, output charge inflation eased from February's near 12-year high, offering some relief to consumers.
Hiring slowed to a five-month low, as businesses struggled to fill positions due to candidate shortages and higher-than-usual voluntary departures. Japan's tight labor market continues to challenge service providers looking to scale their workforce.
Japan's broader Composite PMI, which reflects both manufacturing and services activity, slipped to 53.0 from a 33-month high of 53.9 in February, indicating that overall economic growth, while still solid, is losing some of its earlier momentum heading into the second quarter.
