Kaohoon Morning Brief – 8 April 2022

1) Fewer Americans filed for unemployment benefits last week

The number of Americans filing new claims for unemployment benefits in the week ended April 2, 2022, decreased by 5,000 to 166,000 claims, the level not seen since 1968. The figure was well below market expectations of 200,000.

Lower claims signaled for a tight job market and robust labor demand after the Covid-19 pandemic that caused the U.S. labor market to overflow with unemployed workers.


2) Congress approves a bill to ban Russian energy

The U.S. Congress in a 413-9 vote yesterday approved a ban on oil, gas and coal imports from Russia in response to the invasion in Ukraine. The bill is heading to the U.S. President Joe Biden to sign.


3) Oil finished lower amid different directions of Russia oil sanctions

Oil prices closed slightly lower on Thursday as investors continued to monitor the development of oil sanctions from western countries on Russia as Europe still kept Russia oil running.

International benchmark Brent crude closed 0.50% lower at $100.58 a barrel, while the West Texas Intermediate settled 0.60% lower at $96.03 per barrel.


4) US 10-year Treasury yield hits 3-year high

The U.S. Treasury 10-year yield reached a three-year high yesterday following hawkish signals from the Federal Reserve on faster policy tightening. The 10-year Treasury notes was up 3.8bps to 2.647%, while the 2-year note edged lower by 4.5bps to 2.457%, resulting in a 2-10 spread at 18.72 points.