MONEY MASTER

Quick Summary German unemployment crossed 3 million , the highest level in 12 years Jobless rate rose to 6.6% , highlighting weak labour momentum GDP grew 0.3% in Q4 , beating expectations despite trade turmoil Inflation ticked up in several states , keeping price pressures in focus What’s Happening in the Labour Market Germany’s unemployment climbed sharply at the start of the year, underscoring the  lagging impact of recent economic stagnation . Unemployed:   3.08 million  (+177,000 vs December) Unemployment rate:   6.6%  (seasonally unadjusted) Seasonally adjusted rate:   6.3% , unchanged Labour office head  Andrea Nahles  said momentum remains weak, with seasonal factors driving much of the rise. Economy Holds Up Better Than Expected Despite job market softness,  Germany’s economy showed resilience . Q4 GDP:   +0.3% q/q  (vs 0.2% expected) Annual growth:   +0.2% , confirming initial estimates The statistics office said the ...

  HSBC Holdings plc is set to announce its first wave of job cuts within weeks, primarily targeting senior roles, as part of an ongoing restructuring led by Michael Roberts, head of the bank’s new global wholesale banking division. This revamp, unveiled by Group CEO Georges Elhedery, aims to streamline operations in response to investor concerns amid growing competition from fintechs and regional banks. Roberts emphasized that the cuts will be managed “quickly and thoughtfully” to minimize disruption, with several rounds expected over the coming weeks. The restructuring consolidates HSBC’s commercial and institutional banking under Roberts and introduces a new international wealth and premier banking segment overseen by Barry O’Byrne. The overhaul also includes geographical reorganization, splitting HSBC’s operations into an Eastern region (Asia-Pacific and the Middle East) and a Western region (UK, Europe, and the Americas). Hong Kong and the UK will remain as standalone u...

Economy US: Consumer comfort declines to match low for this year.  Consumer confidence in the US fell last week to match the lowest level this year as Americans grew more pessimistic about the economy and the buying climate. The Bloomberg Consumer Comfort Index slipped to 43.6 in the period ended March 20 from 44.3 the prior week. The measures tracking current views of the economy and the buying climate both dropped to the lowest level since mid-Dec, while perceptions of personal finances rose to a five-month high. (Bloomberg) US: Atlanta Fed downgrades 1Q GDP view to 1.4%.  The US economy is on track to grow 1.4% in the 1Q following disappointing data on durables goods orders and home resales, the Atlanta Federal Reserve's GDPNow forecast model showed. That pace was weaker than the regional Fed's prior estimate of 1.9% on March 19, the Atlanta Fed said. (Reuters) US: Jobless claims climbed less than forecast last week . Filings for US unemployment benefits last w...