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The forint led losses among central European currencies, which largely stayed under pressure as markets awaited more clues about the U.S. Federal Reserve's tapering timeline. Only the crown firmed, amid growing certainty the Czech central bank could accelerate its own rate tightening cycle. Its central bank delivered a lower-than-expected 15 basis point rate increase on Tuesday, but assured markets a tightening cycle would continue as it lifted its inflation forecasts. Central banks in Hungary and the Czech Republic were the first in the European Union to start interest rate hikes in June. Markets are betting the Czech central bank could deliver a 50 basis point rate hike - above their standard 25 basis point moves - at a Sept. 30 meeting.
Persons: Hungary's forint, Evergrande, Commerzbank, ted, Jason Hovet, Joanna Plucinska, Gergely, Pravin Char Organizations: U.S, Union, European Union, PX, BUX Budapest, CRBEX, BELEX, nk Czech Locations: PRAGUE, U.S . Federal, Czech, European, Warsaw, Poland, Brussels, Hungary, Czech Republic, PX Prague, CRBEX Zagreb, BELEX Belgrade, Sofia, Republic, Prague, Budapest
EMERGING MARKETS-Most bourses rise on Evergrande relief
  + stars: | 2021-09-22 | by ( Susan Mathew | ) www.reuters.com   time to read: +3 min
Shares in Russia, South Africa, Turkey and Poland rose between 0.6% and 1.5%. But worries remained as Evergrande made no mention of an $83.53 million coupon payment on an offshore dollar bond also due on Thursday. “We think emerging market equities are very attractive longer term, provided you understand the risk of shorter term volatility. South Africa's inflation was 4.9% in August, above expectations and up from 4.6% in July. For GRAPHIC on emerging market FX performance in 2021, see tmsnrt.rs/2egbfVh For GRAPHIC on MSCI emerging index performance in 2021, see tmsnrt.rs/2OusNdXFor TOP NEWS across emerging marketsFor CENTRAL EUROPE market report, seeFor TURKISH market report, seeFor RUSSIAN market report, see
Persons: Evergrande, Kevin Headland, Russia’s rouble Organizations: U.S, Manulife Investment Management, Reuters Global Markets, National Wealth Fund, CENTRAL Locations: China, Taiwan, Russia, U.S . Federal, South Africa, Turkey, Poland, Hong Kong, Frankfurt, Shenzhen, South Africa's
(Reuters) -European stocks rose on Wednesday, recovering from its early-week losses after debt-laden developer China Evergrande said it would make some interest payments, while travel and leisure index jumped to a 14-week high. The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 21, 2021. The property developer said it would make a coupon payment on its domestic bonds, offering relief to investors worried about payments default following financial troubles. The Europe-wide STOXX 600 index rose 0.5%, extending Tuesday’s bounce after its worst session in two months, with commodity-linked stocks also in the lead. Deutsche Post fell 1.3% after U.S. delivery firm FedEx Corp cut its full-year forecast after labour shortages crimped earnings and slowed packages.
Persons: China Evergrande, Staff Evergrande’s, Jerome Powell, Organizations: Reuters, REUTERS, Staff, Staff Evergrande’s Frankfurt, MGM, Commonwealth, Federal, Deutsche, FedEx Corp Locations: China, Frankfurt, Germany, Boston, Kentucky, Europe, United States, Jackson
(Reuters) -London’s FTSE 100 rose on Wednesday, extending gains on the back of heavyweight energy and mining stocks, while investors awaited key central bank meetings for clues on stimulus taper timeline. FILE PHOTO: Pedestrians leave and enter the London Stock Exchange in London, Britain August 15, 2017. REUTERS/Neil Hall/File PhotoThe FTSE 100 jumped 0.7% after recording its best session in two months on Tuesday. Industrial metal miners led the gains as copper prices surged after default fears around property giant China Evergrande eased. Entain jumped 10% to an all-time high and was the top FTSE 100 gainer after the gambling firm revealed a $22.4 billion takeover proposal from Boston-based DraftKings, which was nearly double a bid it rejected from MGM this year.
Persons: Neil Hall, Entain, , Laura Hoy, Hargreaves Lansdown, Oxford BioMedica, PZ Cussons Organizations: Reuters, London Stock Exchange, REUTERS, MGM, U.S, U.S . Federal, Bank of, Oxford, Serum Institute of India Locations: London, Britain, China, Boston, mull, U.S ., Imperial
The benchmark closed down 0.67% at 29,639.40, while the broader Topix slid 1.02% to end at 2,043.55, also the lowest since Sept. 6. “That is because investor focus is on the Fed meeting... how the interest rate projections will look like and whether the Fed will start tapering before the end of the year,” he said. The outcome of the Fed’s two-day meeting is scheduled at 1800 GMT with a news conference half an hour later. Itochu was the worst performer among the Topix’s 30 core names, losing 4.08%, while Mitsui & Co slid 2.86%. (Reporting by Junko Fujita; Additional reporting by Kevin Buckland; Editing by Subhranshu Sahu and Devika Syamnath)
Persons: allaying, Shigetoshi Kamada, , Itochu, Junko Fujita, Kevin Buckland, Subhranshu Sahu, Devika Organizations: Nikkei, U.S, Federal Reserve, China Evergrande’s, Group, Tachibana Securities, Mitsui, Co, Machinery, Daikin, Mizuho Financial, Mitsubishi, Financial, MUFG Union Bank, SoftBank Group, Nintendo Locations: TOKYO, China, U.S
But forecasters and outside analysts expect the Fed to hedge on exactly when the “taper” might begin, and tie it to a rebound in job growth following the disconcertingly tepid report in August, when only 235,000 jobs were created. While August job growth was disappointing, U.S. nonfarm payrolls swelled by just over 1 million in July and have increased an average 716,000 since May. Fed officials, however, may decide they need more time to assess the risk from a handful of evolving issues before deciding to push ahead with the reduction in the bond-buying program. Leaning in the other direction: The surge of COVID-19 infections driven by the Delta variant of the coronavirus. Some measures of service activity have dipped, prompting forecasters to mark down their outlooks for economic growth this year.
Persons: Jerome Powell, Graeme Jennings, Aneta Markowska, Thomas Simons, nonfarm payrolls, Powell, Joe Biden Organizations: WASHINGTON, Federal, House, Capitol, Jefferies, Fed, Financial, China Evergrande Group, Kansas City Fed Locations: Washington , U.S, U.S
But forecasters and outside analysts expect the Fed to hedge on exactly when the “taper” might begin, and tie it to a rebound in job growth following the disconcertingly tepid report in August, when only 235,000 jobs were created. The Fed is due to release its latest policy statement and economic projections at 2 p.m. EDT (1800 GMT), with Fed Chair Jerome Powell holding a news conference half an hour later to discuss the outcome. While August job growth was disappointing, U.S. nonfarm payrolls swelled by just over 1 million in July and have increased an average 716,000 since May. Leaning in the other direction: The surge of COVID-19 infections driven by the Delta variant of the coronavirus. Some measures of service activity have dipped, prompting forecasters to mark down their outlooks for economic growth this year.
Persons: Fed’s Powell, Jerome Powell, Aneta Markowska, Thomas Simons, nonfarm payrolls, Powell, Joe Biden Organizations: WASHINGTON, Federal, Jefferies, Fed, Financial, China Evergrande Group, Kansas City Fed Locations: U.S
Spot gold rose 0.2% to $1,777.68 per ounce by 0356 GMT, while U.S. gold futures were flat at $1,778.00. Fed’s two-day meet is due to conclude on Wednesday as investors focus on any new signals on when a taper may begin. The U.S. central bank is also likely to provide an outlook on interest rate hikes from the current near zero level. An eventual interest rate hike would raise the opportunity cost of holding the non-interest bearing gold. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.1% to 1,000.79 tonnes on Tuesday from 1,001.66 tonnes on Monday.
Persons: Ilya Spivak, ” Spivak, Stocks, China Evergrande, Silver Organizations: U.S, Fed, Holdings, SPDR, Trust Locations: U.S . Federal, U.S, China
The Reserve Bank of Australia (RBA) remains adamant that its rates are likely to stay at 0.1% until 2024, which is why local 10-year bond yields trade five basis points below Treasuries at 1.28%. Both are set to be way behind the Reserve Bank of New Zealand (RBNZ) which is considered almost certain to raise its rates early next month. Markets are fully priced for a move of 25 basis points to 0.5%, though they scaled back wagers on a half-point hike following a speech from RBNZ Assistant Governor Christian Hawkesby on Tuesday. The RBNZ has not raised interest rates by 50 basis points since 2000 when they were up at 6.0%. While 10-year yields eased a touch to 1.89%, they remain 56 basis points above Treasuries.
Persons: , Jonathan Petersen, Christian Hawkesby, Jacqueline Wong Organizations: New, U.S . Federal, Capital Economics, Fed, Reserve Bank of Australia, Reserve Bank of New Zealand Locations: New Zealand
Japanese shares fall ahead of Fed outcome
  + stars: | 2021-09-22 | by ( Reuters Staff | ) www.reuters.com   time to read: +2 min
The Nikkei share average was down 0.63% to 29,650.78 by 0209 GMT, while the broader Topix fell 0.67% to 2,050.67. “That is because investor focus is on the Fed meeting... how the interest rate projections will look like and whether the Fed will start tapering before the end of the year,” he said. The outcome of the Fed’s two-day meeting is scheduled at 1800 GMT with a news conference half an hour later. Trading houses led the decline in Japanese equities, with Marubeni losing 3.59% and Mitsui & Co slipping 2.6%. Heavyweight tech start-up investor SoftBank Group advanced 1.69% and Uniqlo clothing shop-owner Fast Retailing gained 0.95%.
Persons: allaying, Shigetoshi Kamada, , Junko Fujita, Subhranshu Sahu Organizations: U.S . Federal Reserve, Nikkei, Estate Group, Tachibana Securities, Marubeni, Mitsui, Machinery, Daikin Industries, Mizuho Financial, Mitsubishi, Financial, MUFG Union Bank, Mitsui Fudosan, SoftBank Group Locations: TOKYO, China, U.S, Real, Tokyo
SINGAPORE (Reuters) -Oil prices climbed more than $1 on Wednesday, extending overnight gains after industry data showed U.S. crude stocks fell more than expected last week in the wake of two hurricanes, highlighting tight supply as demand improves. “Crude is supported by the API weekly report, which noted a bigger-than-expected decline in U.S. crude oil stocks,” said Ravindra Rao, vice president of commodities at Kotak Securities. “Prices are still rangebound ahead of the EIA weekly report due later today and ahead of the U.S. Federal Reserve’s monetary policy decision ... The market will be watching for data from the U.S. Energy Information Administration on Wednesday to confirm the big drops in crude and fuel stocks. Global gas prices are expected to break records this winter as a hot northern hemisphere summer leaves inventories low in key markets.
Persons: Jo Yong, , Ravindra Rao, Jeffrey Halley Organizations: REUTERS, West Texas, Brent, China Evergrande, Kotak Securities, U.S, U.S . Federal, American Petroleum Institute, Reuters, U.S . Energy, Administration, Global, Royal, Shell, Organization of, Petroleum Locations: SINGAPORE, Seoul, U.S ., China, Gulf of Mexico, Nigeria, Angola, Kazakhstan
SINGAPORE (Reuters) - Stocks found support and U.S. futures lifted in relief on Wednesday after teetering developer China Evergrande said it would pay some bond interest due on Thursday, allaying fears of an imminent and messy collapse that had spooked investors. FILE PHOTO: An investor sits in front of a board showing stock information at a brokerage office in Beijing, China, December 7, 2018. S&P 500 futures reversed an early loss to trade slightly higher after Evergrande pledged to pay the scheduled coupon on a yuan bond that is due on Thursday. [FRX/]Moves were capped ahead of Wednesday’s Fed meeting, however, and the dollar was firm at $1.1727 against the euro. [MET/L][O/R]Brent crude futures were last up 0.9% at $75.02 a barrel and U.S. crude rose 1% to $71.18.
Persons: Stocks, China Evergrande, allaying, Thomas Peter, Evergrande, Treasuries, , Ryan Felsman, Lehman, Powell, Tapas Strickland, Gold Organizations: REUTERS, Federal Reserve, Japan’s Nikkei, Rabobank, Australian, Fed, Treasury, Australia, Brent Locations: SINGAPORE, China, Beijing, Taiwan, Asia, Pacific, Japan, Hong Kong
SINGAPORE (Reuters) - Stocks found relief on Wednesday after teetering developer China Evergrande said it would be able to pay a coupon on one of its bonds, easing some market jitters, however, the Federal Reserve’s looming policy decision kept investors cautious. That weighed on MSCI’s broadest index of Asia-Pacific shares outside Japan, which fell 0.3%, however, Australia was higher. S&P 500 futures were last up 0.2%. [FRX/]Moves were capped ahead of Wednesday’s Fed meeting, however, and the dollar was flat against the euro, with the risk of a hawkish Fed supporting the dollar. Most analysts think the Fed will not go into detail about its tapering plans but say risks lie in board members’ “dot plot” of rates projections.
Persons: Stocks, China Evergrande, Thomas Peter, , Rob Carnell, Evergrande, Lehman, Powell, Tapas Strickland, Gold Organizations: Federal, REUTERS, People’s Bank of, Shanghai, Japan’s Nikkei, ING, Treasury, Rabobank, Fed, Australia, Brent Locations: SINGAPORE, China, Beijing, People’s Bank of China, Asia, Pacific, Japan, Australia, Hong Kong, Singapore
Stocks find relief in Evergrande deal
  + stars: | 2021-09-22 | by ( Tom Wilson | Tom Westbrook | ) www.reuters.com   time to read: +4 min
LONDON/SINGAPORE (Reuters) - Stocks and riskier currencies found relief on Wednesday as market jitters around China Evergrande eased, with the embattled developer saying it could pay a coupon on one of its bonds. The news sent benchmark bond yields higher, as well riskier currencies such as the Australian dollar and Chinese yuan, and kept a cap on the dollar. Still, traders were left with few details and Evergrande made no mention of dollar bond interest also due on Thursday. Euro zone bond yields also edged higher, while the safe-haven yen eased slightly. The dollar index slipped slightly to 93.189, staying not far off Monday’s one-month high of 93.455.
Persons: China Evergrande, China’s, Evergrande, , Matteo Cominetta, Lehman, Salman Baig Organizations: LONDON, REUTERS, Staff, London, Paris, Evergrande’s, Federal, Global, Barings Investment Institute, Analysts, People’s Bank of, Shanghai, AUSSIE, Fed Locations: SINGAPORE, China, Frankfurt, Germany, Evergrande’s Frankfurt, People’s Bank of China, Asia, Pacific, Japan
LONDON (Reuters) - Risk-sensitive currencies such as the Australian dollar and Chinese yuan jumped and the safe-haven yen eased slightly on Wednesday after Chinese property giant Evergrande said it would make an upcoming yuan bond coupon payment, allaying immediate fears of a default. The yen weakened about 0.2% to 109.43 to the dollar, showing little reaction to the Bank of Japan’s decision to keep policy on hold. The dollar index stood at 93.226 in early London trade, staying not far off Monday’s one-month high of 93.455. The Chinese yuan was fairly stable, firming slightly to 6.4748 per dollar in offshore trade, edging back from one-month low of 6.4878 set on Monday. Elsewhere, the Canadian dollar stood little changed, having pared gains made on Tuesday after Prime Minister Justin Trudeau’s Liberals won a tightly-contested election.
Persons: Thomas White, Evergrande, budging, , Steen Jakobsen, today’s, Powell’s dovish Jackson, Justin Trudeau’s, Cryptocurrencies, Bitcoin Organizations: REUTERS, Bank of, People’s Bank of China, ” ING, FX, Bloomberg, U.S . Federal Reserve, Treasury, Saxo Bank, Canadian Locations: Australia, London, U.S, United States
Safe-haven assets such as the yen and U.S. Treasuries rose slightly in morning trade. S&P 500 futures fell 0.4% in early Asia trade and the offshore yuan was under pressure near a one-month low at 6.4850 per dollar. But investors are now anticipating some sort of regulatory response from Beijing and hoping global fallout can be contained. The dollar held firm at $1.1722 against the euro and bought 109.13 yen. Brent crude futures were last up 0.4% at $74.64 a barrel and U.S. crude rose 0.4% to $70.75.
Persons: Lehman, , Powell, Tapas Strickland, Gold Organizations: China, Federal Reserve, Nikkei, Equity, Rabobank, Bloomberg, Treasury, Australia, Brent Locations: SINGAPORE, China, Singapore, Asia, Hong Kong, Beijing
The dollar index stood at 93.226 in early Asian trade, staying not far off Monday’s one-month high of 93.455. The euro changed hands at $1.1725, having stabilised at a one-month low of $1.1700 on Monday. The dollar traded at 109.165 yen, near the low end of its trading range since mid-August. Ahead of the onshore trading, the Chinese yuan was on the defensive at 6.4845 per dollar in the offshore trade, near one-month low of 6.4878 set on Monday. Elsewhere, the Canadian dollar stood little changed, having pared the gains made on Tuesday after Prime Minister Justin Trudeau’s Liberals won a tightly-contested election.
Persons: , Tohru Sasaki, JP Morgan, Evergrande, Powell, Morgan’s Sasaki, Justin Trudeau’s Organizations: The Bank of, JP, U.S . Federal Reserve, Canadian Locations: TOKYO, The Bank of Japan, U.S, United States
European stocks are expected to open higher on Wednesday as global investors await the outcome of the latest meeting of the U.S. Federal Reserve and as tensions ease over embattled Chinese property developer Evergrande. Britain's FTSE is seen opening 16 points higher at 6,985, Germany's DAX 52 points higher at 15,364, France's CAC 40 up 28 points at 6,566 and Italy's FTSE MIB 11 points higher at 25,059, according to IG. Top of the agenda for investors on Wednesday is the conclusion of the U.S. Federal Reserve's highly anticipated September meeting with investors looking out for any indications about the Fed's tapering of its easy monetary policy. The Fed will release a policy statement with economic and interest rate forecasts, then Chairman Jerome Powell is expected to speak to the media at 2:30 p.m. Powell has said previously that tapering could occur this year, but investors are waiting for more details, particularly after mixed economic data released since Powell's last comments.
Persons: Germany's DAX, Jerome Powell, Powell Organizations: U.S . Federal Reserve, Britain's FTSE, CAC, U.S, U.S . Federal Locations: Britain's, U.S .
Gold inches higher ahead of Fed policy decision
  + stars: | 2021-09-22 | by ( ) www.cnbc.com   time to read: +1 min
Canadian maple leafs sit on the faces of one ounce gold coins in London, the United Kingdom, on July 15, 2014. Gold prices edged up on Wednesday, ahead of the U.S. Federal Reserve's policy signals later in the day on reducing stimulus for the world's largest economy. Spot gold rose 0.2% to $1,777.68 per ounce by 0356 GMT, while U.S. gold futures were flat at $1,778.00. The U.S. central bank is also likely to provide an outlook on interest rate hikes from the current near zero level. An eventual interest rate hike would raise the opportunity cost of holding the non-interest bearing gold.
Persons: Ilya Spivak, Spivak, Stocks, China Evergrande, Silver Organizations: leafs, U.S, Fed, Holdings, SPDR, Trust Locations: London, United Kingdom, U.S . Federal, U.S, China
An investor sits in front of a board showing stock information at a brokerage office in Beijing, China, December 7, 2018. read moreSingapore-traded FTSE China futures are about 2% below Friday's closing level. S&P 500 futures fell 0.4% in early Asia trade and the offshore yuan was under pressure near a one-month low at 6.4850 per dollar. Evergrande - as expected - missed interest payments due Monday to at least two of its largest bank creditors, Bloomberg reported on Tuesday. Brent crude futures were last up 0.4% at $74.64 a barrel and U.S. crude rose 0.4% to $70.75.
Persons: Thomas Peter, Lehman, Powell, Tapas Strickland, Gold, Tom Westbrook, Richard Pullin Organizations: REUTERS, China, Federal Reserve, Nikkei, Equity, Rabobank, Bloomberg, Treasury, Australia, Brent, Thomson Locations: Beijing, China, SINGAPORE, Singapore, Asia, Hong Kong
Marketmind: Some relief - but how long will it last?
  + stars: | 2021-09-22 | by ( ) www.reuters.com   time to read: +2 min
Relief is at hand for markets on Wednesday, after China's Evergrande said it would make a domestic bond coupon payment. And with the U.S. Federal Reserve set to conclude its two-day meeting later on Wednesday, perhaps this week's market excitement is not over yet. For the Fed, weaker-than-anticipated jobs numbers have already dampened expectations it will announce an imminent start to tapering bond-buying stimulus. It might however clear the way for tapering later this year and show in updated projections whether higher-than-expected inflation or a resurgent coronavirus pandemic is weighing more on the economic outlook. - European earnings: Playtech, IG Group- U.S. earnings: NikeReuters Graphics Reuters GraphicsReporting by Dhara Ranasinghe; editing by Sujata RaoOur Standards: The Thomson Reuters Trust Principles.
Persons: China's Evergrande, Evergrande, mulling, UK's Entain, Sam Woods, Dhara, Sujata Rao Organizations: U.S . Federal, Bank of, Republicans, IG Group, Nike Reuters Graphics Reuters, Thomson Locations: Dhara, Bank of Japan, China, Brazil
Tesla drivers looked at the road less often when using Autopilot in an MIT study. Drivers using Autopilot looked elsewhere for longer, including at their phones, the study found. Researchers at the Massachusetts Institute of Technology (MIT) tracked where 290 Model X and Model S drivers looked while using Autopilot, and compared the measurements against the same people driving without Autopilot. MIT's study looked at trips with Autopilot-enabled vehicles that drove at least partly on a highway. MIT's study comes as scrutiny intensifies of Tesla's Autopilot, following a series of crashes while the feature was engaged.
Persons: Tesla Organizations: MIT, Service, Massachusetts Institute of Technology, Electrek, Traffic Safety Administration, Federal Trade Commission Locations: Boston
Federal Reserve chair Jay Powell struck a dovish tone on Tuesday Pool/Getty ImagesUS futures rose on Wednesday as focus turned to the Federal Reserve's monetary policy decision. S&P 500 futures rose 0.58% as of 4.45 a.m. Dow Jones futures climbed 0.63%, while Nasdaq 100 futures rose 0.4%. In Asia overnight, China's CSI 300 index fell 0.7% - less than many analysts had feared - after reopening from a two-day holiday. Europe's continent-wide Stoxx 600 index rose 0.74%, putting it on track for a second day in the green.
Persons: Jay Powell, Evergrande, Hengda, Dow Jones, China's, Analysts, Brett Ryan, Ryan, Brent Organizations: Federal, Dow, Nasdaq, CSI, Nikkei, People's Bank, of America, Investors, Deutsche Bank, Treasury, Bloomberg Locations: Asia
JP Morgan CEO Jamie Dimon looks on during the inauguration of the new French headquarters of US' JP Morgan bank on June 29, 2021 in Paris. Fed Chairman Jerome Powell has already suggested that the central bank could start to dial back on its pandemic-era monetary stimulus before the end of this year. The U.S. central bank is also due to publish its highly-anticipated inflation and interest rates forecasts. Speaking to CNBC-TV18, Dimon said that if the U.S. continues to see inflation running hot over the next few months then the central bank could be forced to act quickly. "Inflation to me, it looks like there's a part that's transitory and there's part that's not — that's not a disaster," he added.
Persons: Morgan, Jamie Dimon, JP Morgan, JPMorgan Chase, Jerome Powell, Dimon, Powell Organizations: US, JP, JPMorgan, Federal, CNBC, TV18, Fed Locations: Paris, U.S
U.S. Treasury yields move lower ahead of Fed decision
  + stars: | 2021-09-22 | by ( Silvia Amaro | ) www.cnbc.com   time to read: 1 min
U.S. government debt prices were higher on Wednesday morning as investors awaited to hear from Federal Reserve Chairman Jerome Powell. At around 1:30 a.m. ET, the yield on the benchmark 10-year Treasury note was lower by 8 basis points to trade at 1.3328% and the yield on the 30-year Treasury bond dropped by 11.5 basis points to trade at 1.8685%. Yields move inversely to prices. U.S. government debt yields had bounced back slightly on Tuesday as the Evergrande-led sell-off eased.
Persons: Jerome Powell Organizations: Federal, Treasury
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