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☆ Oil prices fall on fear of high U.S. interest rates depressing demand
▼ + stars: | 2024-05-21 | by ( ) www.cnbc.com time to read: +2 min

Oil storage drums stacked in the Keihin industrial area of Kawasaki, Kanagawa Prefecture, Japan, on Monday, April 15, 2024. Oil prices fell in early Asian trade on Tuesday, with investors anticipating higher-for-longer U.S. inflation and interest rates will depress consumer and industrial demand. "Fears of weaker demand led to selling as the prospect of Fed rate cut became more distant," said analyst Toshitaka Tazawa at Fujitomi Securities. Lower interest rates reduce borrowing costs, freeing up funds which could boost economic growth and demand for oil. OPEC+ could extend some voluntary output cuts if demand fails to pick up, people with knowledge of the matter previously told Reuters.

Persons: Toshitaka Tazawa, Philip Jefferson, Michael Barr, Raphael Bostic, Ebrahim Raisi, Ayatollah Ali Khamenei, Mohammed Bin Salman, Fujitomi's Tazawa Organizations: Brent, . West Texas, Federal, Fujitomi Securities, Atlanta Fed, Reuters, Saudi Arabia's Crown, Iranian, Investors, Organization of, Petroleum Locations: Kawasaki, Kanagawa Prefecture, Japan, Saudi, OPEC

☆ IMF chief warns of emerging market risk with high U.S. interest rates
▼ + stars: | 2024-04-30 | by ( Matt Clinch | ) www.cnbc.com time to read: +1 min

International Monetary Fund (IMF) Managing Director Kristalina Georgieva speaks during a briefing on the Global Policy Agenda at IMF headquarters during the IMF/World Bank Spring Meetings in Washington, DC on April 18, 2024. Kristalina Georgieva, the managing director of the International Monetary Fund, played down the prospect of any negative impact from a monetary policy divergence between Europe and the U.S., but said issues could be more acute in emerging markets. The benchmark rates of most advanced economies soared in recent years, as central banks aimed to tame inflation following the Covid-19 pandemic. A high U.S. interest rate environment is traditionally bad news for emerging markets, as it makes their debts — often priced in U.S. dollars — more expensive. "It is a much more serious issue for countries where the impact of high interest rates in the United States are more profound — in many emerging market economies," Georgieva told CNBC's Silvia Amaro in Brussels on Monday.

Persons: Kristalina Georgieva, Georgieva, CNBC's Silvia Amaro Organizations: Monetary Fund, IMF, International Monetary Fund Locations: Washington , DC, Europe, U.S, United States, Brussels, Japan

☆ Dollar stands tall as U.S. rate-cut bets recede
▼ + stars: | 2024-04-15 | by ( ) www.cnbc.com time to read: +2 min

The dollar steadied on Monday, holding its biggest weekly gain since 2022, as escalating conflict in the Middle East and the prospect of stubbornly high U.S. interest rates gave support. The dollar steadied on Monday, holding its biggest weekly gain since 2022, as escalating conflict in the Middle East and the prospect of stubbornly high U.S. interest rates gave support. There was little initial reaction to a weekend attack on Israel by Iran. Canadian and New Zealand inflation figures are due on Tuesday, along with Chinese growth numbers. British inflation data is out on Wednesday and Aussie jobs data on Thursday.

Persons: Jason Wong, Sterling Organizations: New Locations: Asia, Israel, Iran, New Zealand, Israeli, Damascus, Wellington, Zealand

☆ Goldman still expects U.S. inflation to fall significantly as markets alarmed by recent rise
▼ + stars: | 2024-04-11 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Goldman Sachs still expects stubbornly high U.S. inflation to ease over the coming months, despite investors slashing bets for Federal Reserve interest rate cuts, after yet another print showed that consumer prices remain sticky. The CPI, a broad measure of goods and services costs across the economy, rose 0.4% for the month, putting the 12-month inflation rate at 3.5%. In the Goldman Sachs view, the U.S. CPI will fall back to 2.4% this year, down from the current annualized rate of 3.5%. We obviously have oil prices currently going up, and that's certainly something that has been a bit stronger than what we initially anticipated," Mueller-Glissmann said. He added that the inflationary impact of rising oil prices will likely be limited, because the bank expects that the Organization of the Petroleum Exporting Countries will eventually bring spare capacity online.

Persons: Goldman Sachs, Christian Mueller, Glissmann, CNBC's, Mueller Organizations: Federal Reserve, Labor Department's Bureau of Labor Statistics, U.S, CPI, of, Petroleum Locations: U.S, penciling

☆ Veteran investor Roche says a rebalancing from the U.S. to Europe is underway and has further to go
▼ + stars: | 2024-03-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailVeteran investor Roche says a rebalancing from the U.S. to Europe is underway and has further to goVeteran investor David Roche, president and global strategist at Independent Strategy, says Europe is well positioned to capitalize on a cooling off of sky-high U.S. stock valuations.

Persons: Roche, David Roche Organizations: Independent Locations: U.S, Europe

☆ Dollar waits on U.S. inflation reading, bitcoin tops $60,000
▼ + stars: | 2024-02-29 | by ( ) www.cnbc.com time to read: +3 min

The U.S. dollar was firm and the yen was headed for a monthly loss in the lead up to U.S. inflation data that could ruffle the interest rate outlook, while bitcoin surged above $60,000. The U.S. dollar was firm and the yen was headed for a monthly loss in the lead up to U.S. inflation data that could ruffle the interest rate outlook, while bitcoin surged above $60,000. Bitcoin is on a tear and topped $63,000 overnight as it rides a wave of cash rushing to new U.S. bitcoin exchange-traded funds. It is up more than 45% this month, its largest gain since December 2020 and a record high above $69,000 is within sight. The New Zealand dollar nursed losses on bets that rate hikes there are finished.

Persons: bitcoin, Masato Kanda, Sue Ann Lee, Kristina Clifton, Sterling Organizations: U.S, New Zealand, Reserve Bank of New, Federal, Commonwealth Bank of Australia Locations: Japan, U.S, Asia, Sao Paulo, Reserve Bank of New Zealand, Europe

☆ Japan slipped into a technical recession. The Bank of Japan has to juggle supporting the yen and fragile growth
▼ + stars: | 2024-02-16 | by ( Clement Tan | In Clemtan | ) www.cnbc.com time to read: +3 min

BOJ Governor Kazuo Ueda is under pressure to stem yen depreciation driven by the divergence between high U.S. interest rates and Japan's ultra easy policy. Yet, he is also constricted by high inflation that BOJ policymakers still deem unsustainable, even as it crimped domestic demand and tipped the economy into a technical recession. She previously served as a member of BOJ policy board from 2011 to 2016, helping to make monetary policy decisions. At its January meeting, the BOJ decided unanimously to keep short-term interest rates at -0.1%. BOJ policymakers have been cautious and fastidious with their primary task: reflating an economy that's been mired in decades of deflationary pressures.

Persons: Kazuo Ueda, Sayuri Shirai, CNBC's, dousing, BOJ, Shirai Organizations: Istock, Getty, Bank of Japan, Germany, Keio University Locations: Tokyo, Japan

TOKYO (AP) — Shares declined Wednesday in Asia after disappointingly high U.S. inflation data sent stocks sliding on Wall Street and raised prospects that interest rates will remain elevated for longer. Hong Kong’s Hang Seng index resumed trading after the Lunar New Year holiday, edging 0.7% higher to 15,861.77 after opening lower. High interest rates hurt all kinds of investments, and they tend to particularly hurt high-growth stocks like technology companies. Stocks of smaller companies fell even more because high rates could hurt them more than bigger rivals by making it more difficult to borrow cash. Yields jumped in the bond market as traders built up expectations for the Fed to keep rates high for longer.

Persons: Australia's, Korea's Kospi, Sensex, Tuesday’s, Russell, Alexandra Wilson, Elizondo, Carl Icahn Organizations: TOKYO, —, Nikkei, Federal Reserve, Labor Department, Dow Jones, Nasdaq, Microsoft, Fed, Treasury, Goldman, Goldman Sachs Asset Management, Wall, JetBlue Airways, New York Mercantile Exchange, Brent, U.S Locations: Asia, Indonesia, Southeast, China, Bangkok, Goldman Sachs

☆ Senators to question Merck, J&J and Bristol Myers Squibb CEOs over high U.S. drug pricing
▼ + stars: | 2024-02-08 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Senators will question the CEOs of Johnson & Johnson , Merck and Bristol Myers Squibb on U.S. drug prices at a hearing Thursday, as lawmakers on both sides of the aisle work to rein in high health-care costs for Americans. Prescription drug prices in the U.S. are also more than 2.5 times as high as those in other high-income nations, another federal report showed. The Senate Health, Education, Labor and Pensions Committee says that's especially true for some of the top drugs from J&J, Merck and Bristol Myers Squibb. ET and include testimony from J&J CEO Joaquin Duato, Merck CEO Robert Davis and Bristol Myers Squibb CEO Chris Boerner. A spokesperson for Bristol Myers Squibb did not immediately respond to a request for comment ahead of the hearing.

Persons: Sen, Bernie Sanders, Ed Markey, Joaquin Duato, Robert Davis, Chris Boerner, Duato, Davis, Bristol Myers, Eli Lilly's, J Organizations: Capitol, Johnson, Merck, Bristol Myers Squibb, U.S, Health, Education, Labor, Pensions, Bristol Myers, CNBC, J, Bristol Locations: U.S

☆ China’s VC playbook is undergoing a sea change as U.S. IPO exits get tougher
▼ + stars: | 2024-02-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

That's far less than in the previous years — the share of U.S. dollars in total VC funds raised was around 15% for the years 2018 to 2021, the data showed. China investments, China exitsWashington and Beijing in 2022 resolved a long-standing audit dispute that reduced the risk of Chinese companies having to delist from U.S. stock exchanges. "With U.S. IPOs no longer being a viable exit strategy for China assets, investors should target local exits in their respective capital markets—in other words, China exits for China assets, and U.S. exits for overseas assets," Liao said. The 20 largest VC deals for China-headquartered companies in 2013 were predominantly in e-commerce and software services, according to PitchBook data. ... the venture capital scene has become even more state-concentrated and focused on government priorities.

Persons: China’s renminbi, Athit Perawongmetha, Kyle Stanford, China —, Liao Ming, Stocks, Liao, Didi, Beijing's, Camille Boullenois Organizations: Reuters, Reuters BEIJING — Venture, Liao Ming, U.S, Sequoia, Prospect, Capital, New York Stock Exchange Locations: U.S, Bangkok, Thailand, Reuters BEIJING, China, Sequoia, Washington, India, Japan, Greater China, Beijing, New York, Hong Kong, U.S . Washington

The hefty Davos promotions come after India surpassed China last year as the world's biggest country by population. Now India is touting its growing strength as a nation of innovation and as a global business hub in front of some of the world's richest and most powerful people. "As China's economy slows down, India's relatively rapid growth stands out as a clear opportunity for investors in Davos looking for bright spots." "We had an all-time revenue record in India," Apple CEO Tim Cook said on the company's latest earnings call in November, in response to an analyst's question about the company's momentum there. Hidary said Indian billionaire Mukesh Ambani's smartphone company Jio will serve about 600 million people in India through a $12 device.

Persons: There's, Ravi Agrawal, Agrawal, Narendra Modi, that's, Tim Cook, Apple Tim Cook, Punit Paranjpe, Jack Hidary, Hidary, Mukesh, Ambani Organizations: India Engagement, Wipro, Infosys, Tata, Foreign Policy, CNN, CNBC, World Bank, International Trade Administration, Visual, Bank of India, Dell, HP, Lenovo, Apple, AFP, Getty, India, AMD, Nvidia, Micron, WEF Locations: DAVOS, Switzerland, Davos, India, China, CNN India, Maharashtra, Tamil Nadu, Telangana, Karnataka, U.S, Mumbai, Bangalore, Gujarat

NAPERVILLE, Illinois, Nov 28 (Reuters) - It is rare that U.S. corn supplies build in a marketing year while soybean supplies slip, but that is exactly what is happening in 2023-24, keeping soybean prices relatively elevated versus corn. The U.S. Department of Agriculture pegs total U.S. corn supplies in 2023-24 to rise 10% on the year, while soybean inventory is seen shrinking 3%. U.S. corn versus soybean supply: Year-on-yearThe 2007-08 rise in corn and fall in soybean supplies was policy-driven, and the only other recent, directionally similar year was 2003-04, when the U.S. soybean crop fell victim to rare, widespread pest issues as well as dry weather. USDA’s long-term projections issued earlier this month suggest just that, pegging 2024 U.S. corn acres at 91 million and soybeans at 87 million versus 83.6 million in 2023. Interestingly, USDA in the couple of years leading up to 2007-08 had also overestimated U.S. soybean acres in March and undershot corn.

Persons: Karen Braun, Matthew Lewis Organizations: U.S . Department, Agriculture, USDA, Crop Watch, Reuters, Thomson Locations: NAPERVILLE , Illinois, U.S, Chicago, North Dakota

AI (Artificial Intelligence) letters and robot hand miniature in this illustration taken, June 23, 2023. The Global X Robotics & Artificial Intelligence ETF (BOTZ.O) received $35.5 million in net inflows in the week ending on Wednesday, its strongest since June earlier this year, according to Lipper data. "Improved inflation data and the likelihood of rate cuts in the second half of 2024 have maintained market optimism throughout November, contributing to investor interest," said Tejas Dessai, AVP, Research Analyst at Global X. So far this year, the Global X fund has gained 27.7% year-to-date, supported by the 233% rally in shares of its top holding Nvidia (NVDA.O), whose graphics processing units (GPUs) dominate the market for AI. The Global X fund, which has total net assets of $2.2 billion, has seen net inflows of $554.8 million so far this year.

Persons: Dado Ruvic, chipmaker, Aniket Ullal, Bansari Mayur, Shweta Agarwal Organizations: REUTERS, chipmaker Nvidia, Robotics, Intelligence, Federal Reserve, Tejas Dessai, Global, Nvidia, Wall, Thomson Locations: ., Bengaluru

Imported soybeans are transported at a port in Nantong, Jiangsu province, China August 6, 2018. If confirmed, Tuesday's sales would be the largest single-day soybean purchases by the world's top soy importer since late July, according to U.S. Department of Agriculture (USDA) daily sales data. They were the latest in a series of soy import deals since late last week by Sinograin, China's state-owned importer, according to three export traders with knowledge of the deals. Total purchases over that time were estimated at as much as 20 to 25 cargoes, two traders said. Confirmed sales to China as of late October were down 35% from a year ago, and sales to all destinations were down 28%.

Persons: Stringer, Sinograin, Brazil's, Karl Plume, Marguerita Choy, Bill Berkrot Organizations: REUTERS, Rights, U.S . Department of Agriculture, High, USDA, Traders, Thomson Locations: Nantong, Jiangsu province, China, Gulf Coast, Pacific Northwest, U.S, Brazil, China's, High U.S, Chicago

[1/3] The Standard Chartered bank logo is seen at their headquarters in London, Britain, July 26, 2022. The broader European banking index (.SX7P) fell as much as 2.4% to its lowest in four months by 1017 GMT. Top fallers on the index were Standard Chartered, down 9%, Swedbank (SWEDa.ST), down 7% and BNP Paribas (BNPP.PA), down around 4%. Concerns about China's economic fragility are also hitting some European banks with major operations in Asia. Sabadell (SABE.MC) rose around 3.7% after raising its outlook for 2023 net interest income growth on the back of higher interest rates.

Persons: Peter Nicholls, Chris Hiorns, Banks, Hiorns, Angelo Meda, Meda, Iain Withers, Naomi Rovnick, Joice Alves, Jesus Aguado, Danilo Masoni, Amanda Cooper, John Stonestreet, Toby Chopra Organizations: Chartered, REUTERS, BNP, European Central Bank, Traders, SIM, Sabadell, Thomson Locations: London, Britain, LONDON, Milan, Asia, Madrid

☆ China ramps up yuan internationalisation under Belt and Road Initiative
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +4 min

[1/2] A China yuan note is seen in this illustration photo May 31, 2017. And funding BRI projects has helped China revitalise the once-stalled process of yuan internationalisation. Another policy bank, the Export-Import Bank of China, signed a yuan-based loan agreement with Saudi National Bank, while Bank of China helped Egypt issue Africa's first yuan-denominated Panda bonds. Beijing also allocated an additional 80 billion yuan ($10.94 billion) to its Silk Road Fund for BRI projects. "Can you do this in a targeted way with MOUs with all BRI countries?

Persons: Thomas White, Vladimir Putin, Xi, Alicia Garcia Herrero, China revitalise, Malaysia's Maybank, Haoxin Mu, Natixis, Garcia Herrero, Samuel Shen, Tom Westbrook, Simon Cameron, Moore Organizations: REUTERS, Rights, Initiative, Forum, Asia Pacific, Natixis, China International Capital Corp, China Development Bank, BBVA, Export, Import Bank of China, Saudi National Bank, Bank of, Fund, Thomson Locations: China, Rights SHANGHAI, SINGAPORE, Beijing, Russia, Asia, U.S, Ukraine, Africa, Europe, Egypt's, BBVA Peru, Bank of China, Egypt

Oct 19 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. But the one-two combination of new multi-year highs for U.S. bond yields and a steep selloff on Wall Street looks set to deliver an early blow to Chinese and other markets across Asia on Thursday. As well as rising bond yields on Wednesday, Wall Street felt the heat from downbeat U.S. earnings. Stocks fell the most in two weeks, even though the message from Fed officials on the stump was that interest rate hikes are probably over. Here are key developments that could provide more direction to markets on Thursday:- South Korea interest rate decision- Indonesia interest rate decision- Several Fed officials speak, including Chair Jerome PowellBy Jamie McGeever; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Jamie McGeever, Stocks, Jerome Powell, Josie Kao Organizations: Treasury, Will, Bank of Japan, Government Bond, Bank of Korea, Bank Indonesia, Thomson, Reuters Locations: U.S, Asia, South Korea, Indonesia, Japan, Malaysia, Australia, Hong Kong, Korea

REUTERS/Jason Reed/File Photo Acquire Licensing RightsOct 12 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. But the tone of trading across Asian markets on Thursday may be a little more cautious than some of the headline moves on Wednesday indicate, and may also hinge on the U.S. yield curve. But ugly U.S. producer inflation data at the U.S. open on Wednesday - monthly, annual, headline and core readings were all higher than expected - was a reality check for those betting the Fed is all but done raising rates. But this flipped back again after the latest Fed minutes were released, paving the way for a late flourish on Wall Street and positive close for the three main indexes. The 'pivot' message from Fed officials this week has been pretty strong and consistent, and Governor Christopher Waller on Wednesday was the latest to beat that drum.

Persons: Jason Reed, Jamie McGeever, Christopher Waller, India's, Josie Kao Organizations: U.S . Federal, REUTERS, CPI, U.S, PPI, India's CPI, Bank, Thomson, Reuters Locations: Washington, Malaysia, Asia, Japan, U.S, Europe, India, Marrakech, Morocco

By contrast, both funds received their highest monthly net inflows of 2023 in June, gaining $265.5 million and $29.74 million, respectively, according to Lipper data. But AI stocks have suffered along with broader markets in recent weeks, as Treasury yields hovering around 16-year highs dull investors' risk appetite. Retail investor flows into the sector have also cooled as the initial fervor surrounding AI wanes. September saw the lowest net monthly retail flows of $1.96 billion into AI-linked stocks since April, according to Vanda Research. "It is possible this negative sentiment could reverse again in Q4, particularly if large cap tech stocks like Nvidia held in AI-themed tech ETFs continue to show strong earnings growth," CFRA's Ullal added.

Persons: Dado Ruvic, Aniket, Mark Haefele, Bansari Mayur, Ira Iosebashvili, Mark Potter Organizations: REUTERS, Robotics, Intelligence, Global Robotics, Automation, CFRA Research, Vanda Research, Global, Nvidia, UBS Global Wealth Management, Thomson, & $ Locations: Bengaluru

Passersby are reflected on an electric stock quotation board outside a brokerage in Tokyo, Japan April 18, 2023. REUTERS/Issei Kato/File Photo Acquire Licensing RightsSept 25 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. This may hinge largely on whether the U.S. bond market regains its footing. Here are key developments that could provide more direction to markets on Monday:- Singapore inflation (September)- Vietnam inflation, trade, industrial production (September)- Vietnam GDP (Q3)By Jamie McGeever; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Issei Kato, Jamie McGeever, Goldman Sachs, Lisa Shumaker Organizations: REUTERS, Fed, Bank of England, Swiss National Bank and Bank of Japan, Treasury, Thailand's, Thomson, Reuters Locations: Tokyo, Japan, Asia, U.S, Vietnam, Singapore

That has put pressure on risky EM currencies, echoing the dynamics observed last year when the Fed began raising rates. In the Sept. 1-6 poll, almost all beaten-down emerging market currencies were forecast to move little, or trade modestly higher against the dollar in a year, with some making small gains in three months. The underperformance of China has probably been the biggest story holding back EM currencies." Earlier this year, many analysts expected China's reopening to boost the yuan and other EM currencies, especially those exporting commodities to the world's second-largest economy, but this scenario did not unfold as anticipated. Through the end of this year, we believe most EM Asia currencies can weaken," said Nick Bennenbroek, international economist at Wells Fargo.

Persons: Chris Turner, Nick Bennenbroek, Hugo Pienaar, Devayani Sathyan, Veronica Khongwir, Jonathan Cable, Sharon Singleton Organizations: Treasury, greenback, Fed, ING, Reserve Bank of India, Korean, Bureau for Economic Research, Thomson Locations: BENGALURU, JOHANNESBURG, China, Asia, Wells Fargo, Russian, South Africa, Bengaluru

Sept 8 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Brent crude oil is now higher than it was a year ago, the first time since January that year-on-year price changes have been positive. In other words, all else equal, oil is now contributing to headline inflation rather than diluting it. Here are key developments that could provide more direction to markets on Friday:- Japan GDP (Q2, revised)- Japan current account (July)- Japan bank lending (August)By Jamie McGeever; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Jamie McGeever, John Williams, Joe Biden, Xi Jinping, Josie Kao Organizations: Brent, Investors, New York Fed, nudging, Saturday, Saturday . U.S, Apple, Thomson, Reuters Locations: Japan, Asia, New Delhi, China, Beijing, Saturday .

☆ South African rand pares losses after Powell speech
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +2 min

South African Rand coins are seen in this illustration picture taken October 30, 2020. At 1528 GMT, the rand traded at 18.6550 against the dollar , about 0.9% stronger than its previous close, after gaining as much as 1% earlier in the day. The rand has had a turbulent week, contributing to its over 4% losses month-to-date. The risk-sensitive rand often takes cues from global factors like U.S. monetary policy in the absence of domestic economic data cues. South Africa's benchmark 2030 government bond was weaker, with the yield up 1 basis points at 10.210%.

Persons: Mike Hutchings, Jerome Powell, Danny Greeff, Jackson, Greeff, Tannur Anders, Sonia Cheema, Devika Syamnath, Jonathan Oatis Organizations: REUTERS, Rights, U.S . Federal Reserve, Treasury, Analytics, Johannesburg Stock Exchange, Thomson Locations: Rights JOHANNESBURG, United States, Johannesburg

A selection of injector pens for the Wegovy weight loss drug are shown in this photo illustration in Chicago, Illinois, U.S., March 31, 2023. REUTERS/Jim Vondruska/Illustration/File Photo Acquire Licensing RightsFRANKFURT, Aug 24 (Reuters) - Supplies of Novo Nordisk's (NOVOb.CO) popular weight-loss drug Wegovy are limited in Germany less than a month after its launch in Europe's largest drug market, major drug distributors and doctors told Reuters. The volumes of the weekly injection that the Danish drugmaker has delivered to the country so far have fallen short of strong demand, the wholesalers said. "Demand is by far exceeding the available volumes," a spokesperson for Noweda, which has almost a quarter of the German drug wholesale trade, told Reuters, adding the problem was nationwide. The distributors, which act as go-betweens for drug companies and pharmacies, declined to give details of volumes.

Persons: Jim Vondruska, Thomas Horbach, Sanacorp, Pharmahandel, Pharma Privat, Helios St, Elisabeth Klinik, Jodok Fink, ”, Ludwig Burger, Maggie Fick, Josephine Mason, Mark Potter Organizations: REUTERS, Rights, Reuters, Noweda, Novo, Pharma, Thomson Locations: Chicago , Illinois, U.S, Novo, Germany, Europe, Munich, Oberhausen, Freiburg, Frankfurt, London

Japanese Yen and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. The dollar hit a one-month high against a basket of major currencies, before steadying, as investors sought a safe haven on concerns about China's economy. Japan's currency weakened to as low as 145.22 per dollar in early Asian hours, its lowest since Nov. 10, before quickly reversing course in a volatile start to the week. Japan intervened in currency markets last September when the dollar rose past 145 yen, prompting the Ministry of Finance (MOF) to buy the yen and push the pair back to around 140 yen. With the yen loitering around the 145 level again, traders expect Japanese officials to start warning of intervention soon as they did in June.

Persons: Yen, Dado Ruvic, Charu Chanana, Chris Turner, Russia's rouble, Sterling, Joey Chew, Ankur Banerjee, Harry Robertson, Shri Navaratnam, Lincoln, Susan Fenton Organizations: REUTERS, Bank of Japan, Ministry of Finance, Saxo Markets, International Trust Co, ING, Australian, Federal, Asia FX, HSBC, Thomson Locations: SINGAPORE, Japan, United States, China, U.S, Russian, Ukraine, Asia, Singapore, London

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