Asia markets trade mixed tracking Wall Street losses overnight

Job openings plunged in February in a sign that the ultra-tight labor market may be loosening up.

Available positions fell to 9.93 million for the month, down more than 600,000 from January and well below the FactSet estimate of 10.4 million, according to a Labor Department report Tuesday.

The decline marked the first time openings were below 10 million since May 2021.

Separations and hires also both moved lower though quits rose to just over 4 million.

—Jeff Cox

Crude oil climbed on Tuesday, with the output cut from OPEC+ continuing to push prices above $80 per barrel.

West Texas Intermediate crude was 1% higher at $81.27 per barrel, while international benchmark Brent ticked up 0.9% to $85.75. The Energy Select Sector SPDR Fund (XLE) also headed higher on Tuesday.

The surprise output cut sent oil prices surging as much as 6% a day earlier, and added to worry that the move could stoke more inflation and add to recession fears.

The output cut amounts to 1.16 million barrels per day, and now puts the total amount of cuts from OPEC+ at 3.66 million barrels per day.

— Brian Evans

U.S. Treasury Secretary Janet Yellen said the banking crisis is “stabilizing” and regulators are prepared to act again to protect deposits if necessary, according to Bloomberg News.

“My read is the outflows from smaller and medium-sized banks are diminishing and matters are stabilizing, but it’s a situation we’re watching very closely,” Yellen told reporters on Tuesday.

Yellen also pushed back against criticism toward the Financial Stability Oversight Council, which some GOP members have blamed for not identifying the banking crisis earlier. She said the crisis itself only afflicted “a couple of banks” which were extraordinarily exposed to the threat of runs.

“I don’t think there’s a fundamental problem with the banking system,” Yelled added.

— Brian Evans

Gold futures were higher on Tuesday, gaining nearly 2% after hitting its highest level since March of 2022.

Bullion reached a session high of $2,043 per ounce is on track for its fifth positive session out of the last six. Gold flew past $2,000 per ounce after bond yields fell on news of weaker than expected available jobs data from the Labor Department.

So far this year, gold prices have gained 11.6%. The precious metal is often touted as a hedge against inflation.

— Brian Evans, Nick Wells

Credit Suisse Chairman Axel Lehmann apologized to shareholders on Tuesday for the bank’s collapse and controversial takeover by UBS.

“I apologize that we were no longer able to stem the loss of trust that had accumulated over the years, and for disappointing you,” Lehmann said during Credit Suisse’s annual general meeting. This marked the first time the bank’s leaders addressed the public since the buyout deal.

Swiss authorities helped broker an emergency rescue of the troubled bank by its larger domestic rival for just 3 billion Swiss francs, over the course of a weekend in late March.

The deal, which was facilitated by Swiss regulators to stem a wider global banking crisis, remains entangled in legal and logistical challenges. Neither UBS nor Credit Suisse shareholders were allowed a vote on the deal.

— Hakyung Kim