Williamson, chief business economist at S&P Global Intelligence: Confidence in the outlook for the year ahead has also improved, which will help maintain solid growth in the second quarter. However, the continued improvement in the economy has been accompanied by new upward price pressures, especially wage increases that have pushed up costs. Rising raw material and fuel prices have also increased the cost burden, which in turn has pushed average prices of goods and services up at the highest pace since July last year. Both manufacturers and service providers are seeing an increase in cost and price inflation, which could trigger higher inflation in the short term.

Williamson, chief business economist at S&P Global Wealth Intelligence: Business activity in the U.S. service sector rose further in March, further indicating that the U.S. economy achieved strong growth in the first quarter. Combined with the accelerated growth of the manufacturing industry, the latest service sector PMI data shows that the annualized GDP growth rate in the first three months of this year was about 2%.

The final value of the S&P Global Services PMI in the United States in March was 51.7, the lowest since December 2023.

According to The Information: Amazon (AMZN.O) laid off hundreds of employees in its physical store technology department.

According to New Delhi Radio, a reactor explosion occurred in southern India, five people are feared dead and several others are trapped.

U.S. new energy vehicle stocks fell in early trading, with Tesla (TSLA.O) falling more than 1% at one point, Li Auto (02015.HK) falling 2.7%, Xpeng Motors (XPEV.N) falling more than 3%, and NIO (NIO.N) falling 1.79%.

London cocoa futures fell more than 6% to 7,390 pounds per ton.

Canada’s S&P Global Composite PMI for March was 47, compared with 47.1 in the previous month.

ICE New York cocoa futures fell 5% to $8,982 a tonne.

The Nigerian Electricity Regulatory Agency stated that it has approved an increase in electricity prices for 15% of consumers.

ECB board member Hernandez de Cos: The core scenario expects the first rate cut in June.

ECB Governing Council member Hernández de Cos: We have not explicitly provided forecasts for future monetary policy, but recent inflation data are consistent with our inflation target.

ECB board member Hernández de Cos: The recent decline in headline and core inflation rates suggests that monetary policy is being effectively transmitted.

The Colombian peso reached its highest level since June 2022 against the dollar.

ECB Governing Council member Hernandez Decos: Eurozone inflation data is positive news.

Neto, President of the Central Bank of Brazil: The process of global inflation decline has stagnated.