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☆ Firm dollar drags yen down closer to intervention range
▼ + stars: | 2024-04-23 | by ( ) www.cnbc.com time to read: +4 min

A firm U.S. dollar had the yen locked near a fresh 34-year low on Tuesday, keeping investors on heightened intervention watch as they looked ahead to key U.S. inflation report and the Bank of Japan's rate decision this week. A firm U.S. dollar had the yen locked near a fresh 34-year low on Tuesday, keeping investors on heightened intervention watch as they looked ahead to key U.S. inflation report and the Bank of Japan's rate decision this week. Traders have been keeping wary eye as yen slips towards 155.00, a level considered by many participants as the new trigger for intervention by Japanese authorities. The weak yen complicates the BOJ's policy path, with some market players betting the central bank could come under pressure to hike rates sooner than it wants to slow the currency's decline. Markets are currently pricing in a 46% chance of the Fed's first rate cut starting in September, with November not far behind at 42%, according to the CME FedWatch Tool.

Persons: Carol Kong, Shunichi Suzuki, BoE, Sterling, bitcoin Organizations: Bank of, Traders, Bank of Japan's, Commonwealth Bank of Australia, Japan's Finance, Federal Reserve, Investors, Commonwealth Bank of Australia's, European Central Bank, Bank of England Locations: Japan, Iran, Israel, Tokyo, Japan's, U.S, Commonwealth Bank of Australia's Kong

☆ Australia's CBA Q1 profit flat as competition in home loan market intensifies
▼ + stars: | 2023-11-13 | by ( Himanshi Akhand | ) www.reuters.com time to read: +2 min

Even though rate hikes since last year have boosted interest incomes and margins at Australian banks, rising cost of repayments has intensified competition in the home loan market, capping profit margins and hindering credit growth. Australia's biggest lender said cash net profit after tax was A$2.50 billion ($1.59 billion) for the quarter ended Sept. 30, same as the year earlier. CBA dominates Australia's A$2 trillion mortgage industry, which benefited from a property boom through COVID-19 restrictions. That had prompted Australia's "Big Four" banks to start offering cash payments for mortgage refinancing to lure borrowers. CBA's rivals National Australia Bank (NAB.AX), Westpac (WBC.AX) and ANZ Group (ANZ.AX) all posted higher annual profit earlier this month despite inflationary headwinds.

Persons: Edgar Su, CBA's, Matt Comyn, Australia's, Himanshi, Shilpi Majumdar Organizations: Commonwealth Bank of Australia, REUTERS, Commonwealth Bank of Australia's, Citi, CBA, National Australia Bank, Westpac, ANZ Group, Thomson Locations: Sydney, Australia, Australia's, COVID, Bengaluru

CBA said cash profit was A$2.5 billion ($1.6 billion) for the quarter, which was 3% better than a consensus estimate for the period, according to data aggregator Visible Alpha. "Home lending margins stabilised in the quarter," it added, without giving figures. Shares of CBA rose as much as 1% in morning trading, in line with the broader market (.AXJO) as analysts welcomed the better-than-expected margin outcome and a smaller-than-expected provision for potential loan impairments. Commenting on the bank's stabilising home loan margins, E&P Financial analyst Azib Khan said that "it would be helping on this front that CBA has been willing to forgo market share". For the year to September, CBA said it grew its mortgage book at 0.7 times the rate of the overall mortgage industry.

Persons: Brendan Sproules, Azib Khan, Himanshi, Shilpi Majumdar Organizations: Commonwealth Bank of, ANZ, Westpac, National Australia Bank, CBA, Citi, P, Thomson Locations: Bengaluru

Tuesday data showing a larger-than-expected fall in German industrial production in September contributed to the euro's weakness, said Fiona Cincotta, senior financial market analyst at City Index. The euro, like most other currencies, gained sharply on the dollar last week as a series of data points - most notably U.S. data from Friday showing job growth slowed in October - sent the U.S. unit lower. The dollar fell 1.4% last week, its steepest decline since mid-July, a sharp reversal after a recent run higher. Federal Reserve Bank of Minneapolis President Neel Kashkari said on Monday the U.S. central bank likely has more work ahead to control inflation. The yen softened to 151.74 per dollar last week, edging closer to October 2022 lows that spurred several rounds of dollar-selling intervention.

Persons: Dado Ruvic, Fiona Cincotta, Chester Ntonifor, Neel Kashkari, Jerome Powell, Carol Kong, Kong, Ankur Banerjee, Alun John, Sam Holmes, Miral Fahmy, Edmund Klamann, Kim Coghill, Emelia Organizations: REUTERS, Rights, PMI, Federal, Treasury, BCA Research, Fed, Federal Reserve Bank of Minneapolis, U.S, Bank, Australian, Commonwealth Bank of, Aussie, Thomson Locations: Rights SINGAPORE, LONDON, U.S, Australia, Tokyo, Singapore, London

Kirin has offered A$95 cash per Blackmores share, a 23.7% premium to the stock's last close, and a tad higher than its 22.4% jump in morning trade. Before the Kirin deal, its shares had been trading at one-third of their value at the height of the daigou craze in 2016. The board of Blackmores has unanimously recommended shareholders support the deal, with top shareholder and former chairman Marcus Blackmore also agreeing to vote in favour. Blackmores' share price rose as much as 22.4% to A$94, its highest since December 2021. Blackmores shareholders will be able to vote on the offer at a shareholder meeting in July and the companies expect the deal to close in early August.

☆ Commonwealth Bank of Australia's Indonesian arm hit by cyber attack
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: 1 min

March 8 (Reuters) - Commonwealth Bank of Australia (CBA.AX) said on Wednesday its Indonesian unit, PT Bank Commonwealth (PTBC), had been hit by a cyber incident. The incident involves unauthorised access of a web-based software application used for project management, the country's top lender said, adding that its Australian systems were segregated from PTBC's systems. Reporting by Riya Sharma in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Dollar finds footing as focus turns to Europe inflation
▼ + stars: | 2023-03-02 | by ( ) www.cnbc.com time to read: +3 min

The dollar lost 0.9% on the euro on Wednesday, its sharpest drop in a month. It was about 0.2% firmer on the euro on Thursday, with the common currency at $1.0649 in Asia trade ahead of inflation data due at 1000 GMT. The New Zealand dollar which rose 1.2% on Wednesday, fell 0.4% on Thursday to $0.6230. China's yuan settled back to 6.8928 to the dollar after logging its biggest jump of 2023 on Wednesday. Besides European inflation, euro zone employment and central bank minutes are due later in the day, as is U.S. jobless claims data.

☆ Dollar squeezed as inflation drives up euro
▼ + stars: | 2023-03-02 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

Euro zone inflation data is due later in the day. The yen hardly budged but the dollar made broad falls on Asian currencies as it retreats from recent highs. On Thursday the yen was a tad stronger at 136.04 to the dollar in early trade while the Australian dollar held Wednesday gains made despite softer-than-expected growth data and some hints that inflation may have peaked. "We consider the Australian dollar can increase materially in the weeks after China's Two Sessions meetings," he said. Besides European inflation, euro zone employment and central bank minutes are due later in the day, as is U.S. jobless claims data.

☆ This is one metal investors can consider buying on dip 'at any chance' they get, according to an analyst
▼ + stars: | 2023-03-02 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

The benchmark 62%-grade iron ore last traded at $126.80 per ton. Vincent Mundy | Bloomberg | Getty ImagesFalling prices for global crude steel output could also contribute to lower iron ore prices. "Global crude steel output fell modestly in year-on-year terms last month ... The result was driven by a fall in steel output amongst most of the world's largest steel producers." World crude steel output recorded a 3.3% drop in January compared to the same period last year, according to the World Steel Association.

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