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The Bank of England said it will buy as much as £5 billion ($5.4 billion) a day of long-dated government bonds until Oct. 14. For one, this re-stimulation will lift, not quell UK inflation, and that's bad for bonds and sterling." The mood gave pause to the U.S. dollar's march higher and the dollar index had its worst session in 2-1/2 years as the greenback recoiled from lofty heights. The dollar index was up 0.1% to 113.12, within striking distance of Wednesday's 20-year high of 114.78. ($1 = 0.9252 pounds)Register now for FREE unlimited access to RegisterEditing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.
BEIJING, Sept 29 (Reuters) - China's President Xi Jinping said in a phone call with Japan's Prime Minister Fumio Kishida on Thursday he attaches great importance to the development of China-Japan relations, state television CCTV reported. Xi said he is willing to work with Kishida to build China-Japan relationships, CCTV said, citing a phone call between the two to exchange congratulations to each other on the 50th anniversary of normalisation of diplomatic relations between the two countries. Register now for FREE unlimited access to RegisterReporting by Beijing newsroom; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.
Ohio GOP candidate J.R. Majewski's military record is again coming into question. According to The AP, Majewski was demoted because he drove under the influence in Japan. His campaign told the AP last week that he had been demoted for a brawl with a fellow servicemember. and I'm sure our parents and grandparents share these sentiments," Majewski told the AP on Wednesday. "The orders and military records that I have been able to obtain from my personal files shows that all of my deployments are listed as classified," Majewski told his supporters.
ATP roundup: Maxime Cressy sweeps Sebastian Korda in Tel Aviv
  + stars: | 2022-09-29 | by ( )   time to read: +2 min
September 29 - Fourth-seeded Maxime Cressy racked up 14 aces while posting a 6-4, 6-4 victory over Sebastian Korda in a battle of Americans in the second round of the Tel Aviv Watergen Open in Israel. Second-seeded Croatian Marin Cilic had 15 aces while recording a 6-7 (6), 6-2, 6-4 win over Austrian wild card Dominic Thiem. In another match of note, Constant Lestienne notched a 7-6 (2), 6-4 win over No. Shapovalov will next face Moldova's Radu Albot, who posted a 7-6 (3), 7-6 (3) victory over American Steve Johnson. Japan's Taro Daniel beat Ecuador's Emilio Gomez 6-4, 6-4.
Pedestrians cross a road in front of an electronic quotation board displaying the numbers of company stock prices on the Tokyo Stock Exchange in Tokyo on May 13, 2021. Shares in the Asia-Pacific rose at the open on Thursday following a rebound on Wall Street overnight. The Nikkei 225 in Japan advanced 1% and the Topix index gained 0.31%. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.72%. The S&P 500 gained 1.97% to 3,719.04, staging a comeback after notching a new bear market low the previous session.
"There will be impacts, there’s correlations ... some market volatility, and then how it weighs in the global growth picture," said Paul Malloy, head of municipals at Vanguard. The wild swings in the pound have ricocheted across currency markets, where volatility was already climbing. According to the widely watched Deutsche Bank Currency Volatility Index , volatility across currencies on Wednesday hit its highest level since the March 2020 COVID-19- induced market meltdown, jumping more than 20% from levels last week. Closely followed indicators of financial stress remain contained. U.S. stock market volatility as measured by the "fear index," the VIX (.VIX), has also climbed in recent days but remains below its 2022 highs.
North Korea Lobs More Missiles Into the Sea
  + stars: | 2022-09-28 | by ( Timothy W. Martin | Dasl Yoon | )   time to read: 1 min
SEOUL—North Korea launched two short-range ballistic missiles off its east coast on Wednesday, Seoul officials said, its second weapons test in recent days. The missiles were fired between 6:10 p.m. and 6:20 p.m. local time from the Sunan area on the outskirts of Pyongyang, according to Seoul’s military. They hit estimated altitudes of roughly 30 miles, with one traveling about 186 miles and the other about 217 miles before splashing into the waters between Korea and Japan, Tokyo’s defense ministry said.
Texas Sen. Ted Cruz was the only GOP committee member to oppose the bill. Other numbers to know:155 miles per hour: How fast the maximum sustained winds of Hurricane Ian were as of Wednesday morning, per the National Hurricane Center. 23 percentage points: Democrat Beto O’Rourke’s edge over Republican Gov. Last night, Democratic Gov. Tim.”Oklahoma Senate: Former President Donald Trump endorsed Republican Sen. James Lankford in his Senate bid, after conspicuously not endorsing the GOP incumbent in his primary.
TAIPEI, Sept 28 (Reuters) - Taiwan's central bank said on Wednesday it will not adopt foreign exchange control measures and that foreign exchange management measures are enough to maintain financial market stability. Taiwan has never implemented foreign exchange controls and foreign exchange management measures are sufficient to maintain financial market stability, it added. If another U.S. rate hike causes a large outflow of foreign capital, the bank said it has sufficient capacity to respond to fluctuations in the foreign exchange market. "The bank will not adopt foreign exchange control measures," it added. In its statement, the bank noted Taiwan's large foreign exchange reserves, sound balance of payments, trade surplus and very low foreign debt levels.
TOKYO—Vice President Kamala Harris, speaking aboard a naval destroyer in Japan, called out China for what she called disturbing behavior and said the U.S. would deepen unofficial ties with Taiwan. Ms. Harris’s speech followed a series of meetings with allies in which she sought to reassure them of Washington’s security commitments amid escalating tensions with China and North Korea, which fired ballistic missiles a few hours after the speech.
TOKYO—Vice President Kamala Harris, speaking aboard a naval destroyer in Japan, called out China for what she called disturbing behavior and said the U.S. would deepen unofficial ties with Taiwan. Ms. Harris’s speech followed a series of meetings with allies in which she sought to reassure them of Washington’s security commitments amid escalating tensions with China and North Korea, which fired ballistic missiles a few hours after the speech.
TOKYO, Sept 28 (Reuters) - Bank of Japan (BOJ) board members agreed that the central bank must scrutinise how the yen's recent sharp moves could affect inflation, minutes of the BOJ's July policy meeting showed on Wednesday. One member said the downward pressure on the yen may ease as the global economic slowdown begins to weigh on inflation and long-term interest rates across the world, the minutes showed. "If the global economy experiences a shock, there's a chance the current weak-yen trend could change into a strong-yen trend," another board member was quoted as saying. In a surprise move last week, the government intervened in the currency market to stem yen weakness by selling dollars and buying yen for the first time since 1998. Register now for FREE unlimited access to RegisterReporting by Leika Kihara; Editing by Christian Schmollinger & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.
HANOI, Sept 28 (Reuters) - FPT Semiconductor, a unit of Vietnam's leading tech company FPT (FPT.HM), launched its first line of semiconductor chips used in medical devices on Wednesday, part of the company's efforts to enter the competitive global industry. Global semiconductor makers have in recent years been betting on the Southeast Asian country, already a major regional manufacturing hub, as an alternative production destination to China. Samsung (009150.KS) said it will begin making semiconductor parts in Vietnam in July, 2023 after injecting $920 million into its plant in northern province of Thai Nguyen earlier this year. Intel increased its Vietnam chip investment by nearly 50% in 2021. Register now for FREE unlimited access to RegisterReporting by Phuong Nguyen; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.
Hong Kong CNN Business —Asian stocks fell Wednesday after another turbulent day for US markets, as investors continue to sell off amid fears of global inflation, further interest rate hikes and broader economic turmoil. Japan’s benchmark Nikkei (N225) index slid 2.2% as of lunchtime local time Wednesday, while South Korea’s Kospi (KOSPI) dropped 2.8%. Hong Kong’s Hang Seng Index (HSI) shed 2.2%, as China’s benchmark Shanghai Composite (SHCOMP) index slipped 0.9%. The dips come after another volatile day on Wall Street, with the Dow (INDU) and S&P 500 (INX) reaching their lowest levels since November 2020. That put the Dow (INDU) deeper into a bear market, as it fell more than 125 points, or 0.4%.
Harris landed in the South Korean capital early on Thursday and will condemn North Korea's latest missile launch during planned talks with South Korean President Yoon Suk-yeol, a White House official said. But South Korean President Yoon Suk-yeol told CNN in an interview aired on Sunday that in a conflict over Taiwan, North Korea would be more likely to stage a provocation and that the alliance should focus on that concern first. The missile test is the second since Sunday and comes two days after South Korea and U.S. forces conducted a military drill in waters off South Korea's east coast involving an aircraft carrier. North Korea's Kim Jong Un has said it is developing nuclear weapons and missiles to defend against U.S. threats. Harris' visit to the DMZ is the first by a senior Biden administration official and is expected to follow a meeting with Yoon.
Pound and U.S. dollar banknotes are seen in this illustration taken January 6, 2020. REUTERS/Dado Ruvic/Illustration/File PhotoLONDON, Sept 28 (Reuters) - Sterling tumbled again on Wednesday after the Bank of England (BOE) said it would step in to prop up the gilt market, the latest sign of nerves in financial markets which helped nudge the dollar to its latest two-decade peak. The BOE said it would buy as many long-dated government bonds as needed between now and Oct. 14 to stabilise financial markets, and added that it would postpone next week's start of its gilt sale programme. "As the rest of the world is in tightening mode, this should be sterling negative. Long-dated British government prices soared after the announcement and the yield on the 30-year gilt slid around 30 basis points.
At the International Monetary Fund's last count in the first quarter of this year, almost 5% of the world's foreign currency reserves were denominated in sterling - a total of $625 billion dollars worth of sterling and sterling assets on a crude calculation from the $12.55 trillion total. The UK has a reserve currency so it can always issue debt – it's just a question of the right price." But what if that reserve currency position is threatened and foreign central banks balk at holding so much sterling in their national savings stashes? Seven of the world's top 10 reserve holding central banks are in Asia or the Middle East. UBS chart on its 2022 survey of world reserve managersThe opinions expressed here are those of the author, a columnist for Reuters.
Central banks in Switzerland, the United Kingdom, Norway, Indonesia, South Africa, Taiwan, Nigeria and the Philippines followed the Fed in boosting rates over the past week. This dynamic — in which the Fed essentially exports inflation — adds pressure on local central banks. (The Bank of Japan has remained an outlier among major central banks and has resisted hiking rates despite an uptick in inflation.) Nigeria’s central bank hiked rates to 15.5% on Tuesday, much higher than economists had expected. That means the dollar could yet climb further, and other central banks won’t be able to relax.
Biogen and Eisai report successful test on Alzheimer's treatment
  + stars: | 2022-09-28 | by ( )   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBiogen and Eisai report successful test on Alzheimer's treatmentCNBC's Shep Smith reports on positive news regarding a drug trial from Biogen and Japan's Eisai, which showed a 27% decrease in cognitive decline among early stage Alzheimer's patients.
Biogen’s $11 bln Alzheimer’s gain has cushion
  + stars: | 2022-09-28 | by ( Robert Cyran | )   time to read: +3 min
NEW YORK, Sept 28 (Reuters Breakingviews) - An effective treatment for Alzheimer’s disease has long been the holy grail for drug companies. The $11 billion pop in Biogen’s (BIIB.O) market capitalization on Wednesday morning looks impressive but implies some skepticism that Japan’s Eisai (4523.T), and its partner Biogen, have found it. If the drug is priced at $20,000 a patient annually after discounts, it implies around 330,000 take it. Considering the disease affects far more people globally and there are no effective treatments, this seems like a low bar. Eisai will present the study’s results in late November and said it will publish the results in a peer-reviewed journal.
"More and more people are now aware they can sell luxury goods for some money and the buyer side is noticing that they can get a great deal," said Zhu, 33. China's second-hand luxury market is tipped to grow to $30 billion in 2025 from $8 billion in 2020, consultancy iResearch said late last year. HANDBAGS, JEWELLERYOffice worker Wang Jianing is exploring buying second-hand luxury products, given the economic climate. China's luxury resale marketplace is expected by analysts to remain dominated by local players for now. Though handbags remain the top-selling category on luxury platforms like ZZER, Zhu said sales of watches and jewellery are also growing fast.
Shionogi says COVID pill trial shows reduction in symptoms
  + stars: | 2022-09-28 | by ( )   time to read: +2 min
TOKYO, Sept 28 (Reuters) - Japan's Shionogi & Co Ltd (4507.T) said on Wednesday its oral treatment for COVID-19 demonstrated a significant reduction in symptoms compared with a placebo in a Phase III trial in Asia. Regulatory authorities in Japan previously denied emergency approval for use of the pill, saying they wanted to see more data on its effectiveness. read moreShionogi said it has shared top-line data from the Phase III study with Japanese regulators as part of deliberations on approval of the drug. The company has signed an agreement to sell about a million doses to the government, pending the drug's approval. The firm has received U.S. government support for a global Phase III trial.
SEOUL, Sept 28 (Reuters) - North Korea fired two short-range ballistic missiles off its east coast on Wednesday, South Korea's military said, a day before U.S. Vice President Kamala Harris is set to arrive in Seoul. The launch came two days after South Korea and U.S. forces conducted a military drill in waters off the South's east coast involving an aircraft carrier. On Sunday, North Korea fired another ballistic missile towards the sea off its east coast. "North Korea's provocations will further strengthen the South Korean-U.S. deterrence and response capability, and only deepen North Korea's isolation from the international community," the Joint Chiefs said in a statement. Following a stop in Japan, Harris will land in the South Korean capital and visit the heavily fortified Demilitarised Zone (DMZ) between the neighbours on Thursday.
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 27, 2022. The Bank of England said late on Monday it would not hesitate to change interest rates and was monitoring markets "very closely." U.S. stocks mostly faltered after a morning bounce, with the S&P 500 hitting a two-year intraday low. The MSCI world equity index (.MIWD00000PUS) reversed early gains on Tuesday, falling about 0.3% to a near two-year low early Tuesday afternoon. MSCI's broadest index of Asia shares outside Japan (.MIAPJ0000PUS) hit a fresh two-year low and was flat on the day.
Since the plant opened in its second largest market in late 2019, Tesla has sought to run the facility in China's commercial hub at full capacity, and recently upgraded its weekly output by 30%, to a maximum of 22,000 vehicles. Register now for FREE unlimited access to RegisterTesla did not immediately respond to a request for comment on Tuesday. The upgraded factory can produce 14,000 Model Ys and 8,000 Model 3s, the sources added. Now Tesla plans to turn out 20,500 units a week for the rest of the year, for a total of 13,000 Model Ys and 7,500 Model 3s, the sources said. Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020.
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