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REUTERS/Bobby Yip/File Photo Purchase Licensing Rights New Tab , opens new tabJune 26 (Reuters) - A look at the day ahead in Asian markets. The first definition that appears in an online search for the meaning of "resilience" is "the capacity to withstand or to recover quickly from difficulties; toughness." In that light, the direction Asian markets are liable to take on Wednesday is hard to call. Broader concerns about the weakness of the yen and potential intervention from Japanese authorities, and the Chinese yuan's steady depreciation, still hang heavily over Asian markets. Here are key developments that could provide more direction to markets on Wednesday:- Australia inflation (May)- RBA assistant governor Kent speaks- Singapore manufacturing production (May)Sign up here.

Persons: Bobby Yip, Tuesday's, Christopher Kent, Kent, Jamie McGeever Organizations: Hong Kong Stock Exchange, REUTERS, Nvidia, Tuesday's U.S, Reserve Bank of Australia, Bank of Japan, U.S, Reuters, Thomson Locations: Hong Kong, China, U.S, Tuesday's, Singapore, Australia

☆ Stocks are in a sweet spot but bears still fear a bubble is near bursting. Here's what 5 forecasters are saying about a potential crash.
▼ + stars: | 2024-06-16 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

Here's what five forecasters have to say about the latest rally — and why they think the stock market is headed for a fall. In 2009, he wrote a book predicting a stock market crash and ensuing economic depression, which he said could last for 10 years or more. The research firm is predicting the S&P 500 could see a steep correction following a rally to 6,500. Yet, that could end up being an excellent opportunity for investors who are diversified in other areas of the market, Bernstein said. AdvertisementTypically, there are eight warning signs of a market bubble forming, and six of them have already flashed, the bank said.

Persons: Stocks, —, haven't, Harry Dent Stocks, Harry Dent, Dent, John Higgins, Higgins, John Hussman, Hussman, Richard Bernstein, Bernstein Organizations: Service, Nasdaq, Apple, Nvidia, Fox Business Network, Stocks, Capital Economics, John Hussman Elite, UBS

☆ Mega-cap stocks are overvalued and risk a big correction, according to a CIO. Here's why that presents a 'monstrous' buying opportunity.
▼ + stars: | 2024-06-11 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

The stock market's leaders are overvalued and could suffer a big correction, RBA's Richard Bernstein said. The RBA chief investment officer pointed to a discrepancy between the debt and equity markets, which could hint at a soon-to-come market correction. But, only a narrow group of stocks are dominating the equity market, which implies profits aren't expanding for most companies. While large-cap stocks tanked during the lost decade of the 2000s, small-cap, energy, and emerging market stocks did exceedingly well. In a previous note, he said the stock market's shifting leadership from the most-hyped names to underloved equities presents once-in-a-generation opportunity for investors.

Persons: RBA's Richard Bernstein, —, Richard Bernstein, Bernstein, Goldman Sachs, Goldman Sachs Research Bernstein, Russell Organizations: Service, Wall Street, Apollo, Bloomberg, Goldman Sachs Research, Nasdaq

☆ Yen eases despite intervention threat, Aussie steady before RBA
▼ + stars: | 2024-05-07 | by ( ) www.cnbc.com time to read: +3 min

The yen continued to drift lower against the dollar on Tuesday as gaping interest rate differentials weighed on the currency, despite fresh warnings from Japanese officials following two rounds of suspected dollar-selling intervention last week. The U.S. dollar gained 0.22% to 154.235 yen in early Asian trading, adding to its 0.58% rally from Monday. The Aussie edged up 0.17% to $0.6636, heading back towards the high of $0.6650 from Friday, a level last seen on March 8. All but one of the 37 economists surveyed in a Reuters poll expect the RBA to keep rates on hold, with the other predicting a quarter point rate hike, amid stubbornly high inflation. "A different set of central bankers would have had the policy rate higher sooner on the same set of data," Taylor Nugent, a markets economist at National Australia Bank, wrote in a note.

Persons: Michele Bullock, Masato Kanda, Carol Kong, Bullock, Taylor Nugent Organizations: U.S, Reserve Bank of Australia, The U.S ., Bank of Japan, Japan's Ministry of Finance, Federal, Commonwealth Bank of Australia, Bank of, National Australia Bank Locations: The, Japan

☆ Asia stocks track Wall Street gains as softer-than-expected U.S. jobs data fuels rate cut hopes
▼ + stars: | 2024-05-06 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

China's and Australia's flags are seen on the tables where China's Foreign Minister Wang Yi and Australia's Foreign Minister Penny Wong held their bilateral meeting at Parliament House in Canberra on March 20, 2024. Asia-Pacific markets tracked Wall Street gains on Monday as a softer-than-expected U.S. jobs report fueled hopes that the Federal Reserve could start cutting rates soon. Investors, meanwhile, awaited the Reserve Bank of Australia's rate decision on Tuesday and China's April trade data on Thursday. ING said in a note last week that the RBA meeting was "worth watching closely," adding that recent inflation data from Australia showed growth in prices was starting to accelerate. However, the analysts said Australia's inflation data was better than they had expected, and compared to the US, the country's economy had slowed more with the labor market softening substantially.

Persons: Wang Yi, Penny Wong Organizations: House, Wall, Federal Reserve, Investors, Reserve Bank, ING, Global Locations: Canberra, Asia, Pacific, Australia, Hong Kong, China, India, Japan, South

NEW YORK (AP) — Lorrie Moore, Naomi Klein and the Egyptian writer Ahmed Naji are among the finalists for National Book Critics Circle awards. Honorary prizes are going to Judy Blume and to a longtime ally of Blume's in the fight against book bans, the American Library Association. On Thursday, the critics circle announced nominees in seven competitive categories, ranging from fiction to debut book to best translation. The other fiction nominees are Justin Torres' “Blackouts,” winner of the National Book Award last fall; Teju Cole's “Tremor,” Daniel Mason's “North Woods”; and Marie NDiaye's “Vengeance Is Mine,” translated from the French by Jordan Stump. The book critics circle, founded in 1974, consists of hundreds of reviewers and editors from around the country.

Persons: — Lorrie Moore, Naomi Klein, Ahmed Naji, Judy Blume, Blume's, Moore, “, Justin Torres, ” Daniel Mason's “, Marie NDiaye's, Jordan Stump, Grace E, Tina Post's, ” Nicholas Dames, ”, Myriam Gurba's, Naji, Katharine Halls, Matthew Zapruder's “, ” Susan Kiyo Ito's, David Mas, Patricia Wakida, Jonathan Coe's Martin Luther King, Gregg Hecimovich, Hannah Crafts, Anna, Rachel Shteir's, Betty Friedan, Jonny Steinberg's, Winnie, Nelson, Saskia Hamilton's “, ” Kim Hyesoon's, ” Romeo Oriogun's, Robyn Schiff's, Kareem Abdulrahman, Natascha Bruce, Dorothy Tse's ”, Don Mee, Kim Hyesoon's, ” Todd, ” Maureen Freely’s, Tiffany, Indonesian Norman Erikson Pasaribu's, John Leonard, Ariana Benson's, ” Emilie Boone's, ” Victor Heringer's “, ” Tahir Hamut Izgil's, Donovan X, Martin J, Siegel's, Blume, Becca Rothfield, Marion Winik Organizations: American Library Association, Rotten, PEN America, U.S, Washington Locations: Egypt, Indonesian

☆ Australia appoints Bank of England's Andrew Hauser as new Reserve Bank of Australia deputy head
▼ + stars: | 2023-11-27 | by ( ) www.cnbc.com time to read: +1 min

Andrew Hauser, executive director of markets at the Bank of England, has been appointed the new deputy governor of the Reserve Bank of Australia. Australia on Monday appointed the Bank of England's, or BoE, Andrew Hauser as the new deputy governor of the Reserve Bank of Australia, or RBA, filling a position that had been vacant since Michele Bullock was elevated to the top role two months ago. Hauser, the executive director of markets at the BoE, is expected to start his five-year term before the first RBA board meeting next year. "I am humbled and deeply honored to be asked to serve as the RBA's next Deputy Governor," said Hauser, who is British and has 30 years of experience at the BoE. Hauser has a master's degree in economics from the London School of Economics and a degree from Oxford University.

Persons: Andrew Hauser, BoE, Michele Bullock, Hauser Organizations: Bank of England, Reserve Bank of Australia, Monday, Bank of England's, British, London School of Economics, Oxford University Locations: Australia

☆ Australia to introduce bill giving central bank experts more sway
▼ + stars: | 2023-11-26 | by ( ) www.reuters.com time to read: +2 min

A worker is reflected in a wall of the Reserve Bank of Australia (RBA) head office in central Sydney, Australia, March 1, 2016. The bill would implement the recommendations of a review of the Reserve Bank of Australia (RBA) released in April that requires legislation enacted by parliament, Treasurer Jim Chalmers said on Sunday. "We want to ensure Australia's central bank remains world class with a monetary policy framework fit to meet our current and future economic challenges," Chalmers said in a statement. The Treasury Laws Amendment (Reserve Bank Reforms) Bill 2023 will reinforce the RBA's independence from government, including by repealing the power of the treasurer to overrule monetary policy decisions, he said. Chief among them was to split the RBA's board into one for monetary policy and one for governance.

Persons: David Gray, Jim Chalmers, Chalmers, Bill, Renju Jose, William Mallard Organizations: Reserve Bank of Australia, REUTERS, Rights, Australian, Policy Board, Thomson Locations: Sydney, Australia

☆ Australian inflation fight to be a drawn-out process, central bank assistant governor says
▼ + stars: | 2023-11-12 | by ( ) www.reuters.com time to read: +2 min

A worker is reflected in a wall of the Reserve Bank of Australia (RBA) head office in central Sydney, Australia, March 1, 2016. Speaking at a UBS conference, Reserve Bank of Australia (RBA) Assistant Governor Marion Kohler said inflation was still expected to decline but not expected to reach the top end of the RBA's 2%-3% target until the end of 2025. Consumer price inflation ran at 5.4% in the third quarter, down from a peak of 7.8% last year but above RBA expectations. As a result, the central bank revised up its forecasts for inflation and economic growth in its quarterly statement on policy released last week. Falling goods prices have led the slowdown in inflation, but domestically generated costs continued to rise, Kohler said.

Persons: David Gray, Marion Kohler, Kohler, Wayne Cole, Sam Holmes Organizations: Reserve Bank of Australia, REUTERS, Rights, UBS, Thomson Locations: Sydney, Australia

☆ Australia central bank sees risk of upside surprises to inflation in policy outlook
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +3 min

Earlier this week, it ended a four-month pause by raising its cash rate a quarter point to a 12-year high of 4.35%. Stubborn inflation in the service sector led the RBA to revise up its forecasts for both CPI and core inflation. "There is potential for further upside surprises to inflation," the RBA cautioned, pointing to domestic cost pressures and external factors such as global warming. Such surprises would risk de-anchoring inflation expectations and require even higher interest rates, the RBA said. Growth for end 2024 was lifted by a quarter point to 2.0%, while the forecast for late 2025 stayed at 2.25%.

Persons: David Gray, Wayne Cole Organizations: REUTERS, Rights, Reserve Bank of Australia, Thomson Locations: Sydney, Australia, AUSTRALIA

☆ Dollar bounces after sharp selloff, euro dented by weak data
▼ + stars: | 2023-11-07 | by ( Karen Brettell | ) www.reuters.com time to read: +4 min

U.S. one dollar banknotes are seen in front of displayed stock graph in this illustration taken, February 8, 2021. The dollar index which tracks the U.S. unit against six main peers, was up 0.37% at 105.64. If that continues, he added, attention will turn to how long to keep interest rates at current levels. The euro fell 0.37% to $1.0677 after data showed a larger-than-expected fall in German industrial production in September. 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, Jerome Powell, Marc Chandler, Chester Ntonifor, Chandler, Powell, Neel Kashkari, Austan Goolsbee, Fiona Cincotta, Carol Kong, Karen Brettell, Alun John, Ankur Banerjee, Paul Simao Organizations: REUTERS, U.S ., Australian, Fed, Bannockburn Global, BCA Research, Traders, Minneapolis, . Chicago Fed, PMI, Index, Reserve Bank of Australia, Commonwealth Bank of Australia, Thomson Locations: U.S, Bannockburn, New York, Tokyo, London, Singapore

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

☆ Australia's central bank raises rates to 12-year high, tempers hawkish stance
▼ + stars: | 2023-11-07 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

As a result, the local dollar slipped 0.4% to $0.6460 and bond futures rallied as investors lengthened the odds on a further rise in December. "It was a dovish hike...it's not pointing to any immediate need for a follow-up," said Rob Thompson, rates strategist at RBC Capital Markets. "You'd think they'd have opened the door to a bit more than this, but they are just trying to do as little as possible. INFLATION PROVES STUBBORNThis was Bullock's first rate change since taking over as governor in September, and could go some way to burnish her inflation-fighting credentials. Reporting by Wayne Cole Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Michele Bullock, it's, Rob Thompson, Bullock, Wayne Cole, Shri Navaratnam Organizations: Reserve Bank of Australia, RBC Capital Markets, CPI, Australia, Thomson Locations: SYDNEY, United States, Canada, Europe

☆ RBA's rate hike: Inflation is 'too high for comfort,' CIO says
▼ + stars: | 2023-11-07 | 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 EmailRBA's rate hike: Inflation is 'too high for comfort,' CIO saysDaniel Murray, deputy CIO at EFGAM, discusses the Reserve Bank of Australia's interest rate hike.

Persons: Daniel Murray Organizations: EFGAM, Reserve Bank

☆ Asia stocks snap winning streak, Aussie slips
▼ + stars: | 2023-11-07 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 1.2% following a three-day rally that lifted the benchmark by nearly 6%. South Korean shares (.KS11) fell 3% as traders unwound some of Monday's surge on the reimposition of a short-selling ban. Treasuries were broadly steady in Asia, having unwound a little of last week's rally on Monday. Ten-year yields hovered at 4.92% - about 10 basis points above where they closed on Friday, but below where they were a week earlier. "It was a dovish hike...it's not pointing to any immediate need for a follow-up," said RBC Capital Markets rates strategist Rob Thompson on the phone from Sydney.

Persons: Kim Kyung, Nicholas Chia, it's, Rob Thompson, Alan Ruskin, George Saravelos, Gold, bitcoin, Ankur Banerjee, Lincoln Organizations: Tokyo Stock Exchange, REUTERS, Rights, Reserve Bank of Australia, South, Japan's Nikkei, Shanghai, Nasdaq, Standard Chartered, Fed, Capital Markets, U.S, Deutsche Bank, Brent, Thomson Locations: Tokyo, Japan, Rights SINGAPORE, Australia, Asia, Pacific, Sydney, Taiwan, East, Russia, Saudi Arabia, Singapore

☆ Take Five: You (may) have arrived at your destination
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +5 min

No wonder markets see a 70% chance that the Fed's brutal 20-month tightening cycle is over and that rate cuts could begin as soon as June. So watch closely to see if the top central bankers push back against the cut chatter until inflation is truly tamed. Shekel, gold, oil response to the war5/RACE DAY RATE HIKEThe famous Melbourne Cup horse race runs on Tuesday, but some of the shortest odds are on an Aussie central bank rate hike over in Sydney that day. Three-year and 10-year Australian government bond yields have hit their highest since 2011, though backed off slightly on the Fed's hold. The Australian dollar has also rallied strongly against its New Zealand counterpart as rate expectations diverge.

Persons: Marc Jones, Dhara, Kevin Buckland, Tom Westbrook, Lewis Krauskopf, BoE, Horton, Walt Disney, Mittal, shekel, Antony Blinken, Jordan, Luci Ellis, Kripa Jayaram, Riddhima Talwani, Gareth Jones Organizations: Federal Reserve, Fed, ECB, FX, Bank of Japan, Reuters, eBay, Nvidia, UBS, ABN Amro, Allianz, Friday, U.S, Melbourne Cup, Westpac, New Zealand, Thomson Locations: Australia, Gaza, Here's, London, Tokyo, Singapore, New York, Britain, U.S, Europe, Commerzbank, Israel, Gaza City, Iran, Sydney

☆ Australia's surprisingly strong Q3 inflation raises odds of Nov rate hike
▼ + stars: | 2023-10-25 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

Markets are wagering both the U.S. Federal Reserve and the European Central Bank are done with hiking. HAWKISH MESSAGINGThe recent messaging from the central bank has been on the hawkish side. The biggest contributors to the third quarter inflation were fuel, rents, and electricity. Fuel prices rose 7.2% from a year ago, reversing two quarters of price falls, with the conflict in the Middle East potentially set to further stoke inflationary pressures. The central bank forecast in August that inflation was only projected to return to the top of the bank's target band of 2-3% in late 2025.

Persons: David Gray, Worryingly, Adam Boyton, Gareth Aird, Michele Bullock, Woolworths WOW.AX, Taylor Nugent, Stella Qiu, Wayne Cole, Shri Navaratnam Organizations: REUTERS, Rights, Reserve Bank of Australia, Australian Bureau, Statistics, Wednesday, Commonwealth Bank of Australia, ANZ, Economics, CBA, U.S . Federal Reserve, European Central Bank, Woolworths, National Australia Bank, NAB, Thomson Locations: Sydney, Australia

☆ Australia central bank sees possible cost savings in tokenisation
▼ + stars: | 2023-10-15 | by ( ) www.reuters.com time to read: +2 min

A worker is reflected in a wall of the Reserve Bank of Australia (RBA) head office in central Sydney, Australia, March 1, 2016. REUTERS/David Gray/File Photo Acquire Licensing RightsSYDNEY, Oct 16 (Reuters) - Australia's central bank on Monday said tokenised money could help save billions of dollars in costs in domestic financial markets, as it studies whether and how to launch a central bank digital currency. Australia's government on Monday separately outlined proposals for regulating crypto and digital assets that will make platforms subject to existing Australian financial services laws and require platform operators to obtain an Australian Financial Services Licence. The RBA has been studying whether to issue a central bank digital currency (CBDC) of its own and if it would help facilitate atomic settlement in tokenised asset markets. A wholesale CBDC could also act as a complement to new forms of privately issued digital money, including tokenised bank deposits and asset-backed stablecoins.

Persons: David Gray, Brad Jones, Jones, tokenisation, " Jones, Wayne Cole, Jamie Freed Organizations: Reserve Bank of Australia, REUTERS, Rights, Australian Financial, Treasury, Thomson Locations: Sydney, Australia

☆ The Fed's higher for longer surprised the market, but it shouldn't have: RBA's Michael Contopoulos
▼ + stars: | 2023-09-21 | 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 EmailThe Fed's higher for longer surprised the market, but it shouldn't have: RBA's Michael ContopoulosMichael Contopoulos, Richard Bernstein Advisors director of fixed income, joins the 'Fast Money' traders at the desk talking rising rates, the Fed's next move, the state of the economy and more.

Persons: Michael Contopoulos Michael Contopoulos, Richard Bernstein Organizations: Richard Bernstein Advisors

☆ Bullock takes over at Australia central bank with soft landing in sight
▼ + stars: | 2023-09-17 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

[1/3] Incoming RBA Governor Michele Bullock delivers the Sir Leslie Melville Public Lecture at the Australian National University in Canberra, Australia, August 29, 2023 in this handout image. The Reserve Bank of Australia (RBA) has been on hold for three months after raising interest rates aggressively for more than a year. The tightening has slowed Australia's growth, but analysts think the economy could still achieve a soft landing. If Australia avoids recession and delivers a soft landing, history may judge outgoing Governor Philip Lowe more kindly. In the search to replace Bullock as deputy, Chalmers has indicated the government is looking at candidates inside and outside the central bank.

Persons: Michele Bullock, Leslie Melville, Tracey Nearmy, Bullock, it's, Cherelle Murphy, Philip Lowe, Lowe, Jim Chalmers, Chalmers, Stephen Halmarick, Stella Qiu, William Mallard Organizations: Australian National University, ANU, REUTERS, Rights, Reserve Bank of Australia, EY Oceania, Commonwealth Bank of Australia, Thomson Locations: Canberra, Australia, Handout, New Zealand, Germany, Europe's, COVID

☆ Australia Q2 business investment hits highest in 7-1/2 years
▼ + stars: | 2023-08-31 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

The central business district (CBD) of Melbourne can be seen from the area located along the Yarra River called Southbank located in Melbourne, Australia, July 27, 2016. Spending of A$37.58 billion ($24.43 billion) was the highest since late 2015, while investment in equipment reached a record peak of A$17.53 billion. Firms also lifted spending plans for the fiscal year to June 2024 to A$157.8 billion, up 14.5% on the previous quarter. Figures for gross domestic product (GDP) for the June quarter are due next week and analysts are tipping growth of only around 0.3%. ($1 = 1.5370 Australian dollars)Reporting by Wayne Cole; Editing by Christopher Cushing and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: David Gray, Nomura, Andrew Ticehurst, Wayne Cole, Christopher Cushing, Stephen Coates Organizations: REUTERS, Rights, Australian Bureau, Statistics, Reserve Bank of Australia, Investors, Thomson Locations: Melbourne, Southbank, Australia

☆ Australia July jobs take a surprise fall as market loosens
▼ + stars: | 2023-08-17 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

A worker pushes a trolley loaded with goods past a construction site in the central business district (CBD) of Sydney in Australia, March 15, 2018. REUTERS/David Gray/File Photo Acquire Licensing RightsSYDNEY, Aug 17 (Reuters) - Australia employment unexpectedly fell in July to end two months of very strong growth, while the jobless rate ticked higher in a sign the drum-tight labour market might finally be loosening. "Even so, the deterioration in the labour market has a long way to run before the RBA can completely relax." The labour market has proved remarkably resilient with 399,000 net jobs added in the 12 months to July even as interest rates have climbed 400 basis points to a decade-high of 4.1%. "It is getting harder to argue for a sustained lift in wage inflation momentum," said Justin Smirk, a senior economist at Westpac.

Persons: David Gray, Ben Udy, Justin Smirk, Wayne Cole, Jacqueline Wong, Sam Holmes Organizations: REUTERS, Rights, Bank of Australia, Australian Bureau of Statistics, ABS, Oxford Economics Australia, Westpac, Thomson Locations: Sydney, Australia

☆ Aussie set for biggest one-day drop since March, yen at 3-week low
▼ + stars: | 2023-08-01 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

The Aussie fell 1.4% to $0.6626, wiping out the 0.87% gains it clocked in July and set for its sharpest daily drop since March. "I think it was right that the RBA held today, given trimmed mean inflation and unemployment matched the RBA's forecasts. China's Caixin/S&P Global manufacturing purchasing managers' index (PMI) missed analysts forecasts and showed the first decline in activity since April. The euro eased 0.2% to $1.0975, not too far from an almost three-week low touched on Friday. Money markets now see a 60% probability that the Bank of England will hike rates by 25 basis points on Thursday.

Persons: David Gray, Matt Simpson, Carlos Casanova, Kit Juckes, Sterling, Joice Alves, Ankur Banerjee, Alex Richardson, Hugh Lawson Organizations: REUTERS, Australian, Reserve Bank of Australia, Bank of Japan's, City, Federal, P Global, European Central Bank, ECB, Societe Generale, Bank of, Thomson Locations: Sydney, Australia, China, Asia, Hong Kong, U.S, Bank of England, London, Singapore

☆ Australia holds rates steady, might be done tightening
▼ + stars: | 2023-08-01 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

Markets had leaned toward a steady outcome given recent data showed inflation had eased for a second quarter and consumer spending was softening. However, economists were more split on the outcome, with 20 out of 36 polled by Reuters expecting a hike. Swaps now implied a risk of around 13 basis points of tightening by year end. In a relief for policymakers, headline inflation slowed more than expected in the second quarter while retail sales posted their biggest fall this year in June. "While the RBA retains a tightening bias, we expect the hurdle to another rate hike is high.

Persons: Philip Lowe, Lowe, Michele Bullock, Belinda Allen, Goldman Sachs, Hebe Chen, Stella Qiu, Wayne Cole, Anisha Sircar, Sam Holmes Organizations: SYDNEY, Reserve Bank of Australia, Reuters, Commonwealth Bank of Australia, CBA, National Australia Bank, IG, Reuters Global Markets, Thomson

☆ Australia's central bank leaves rates unchanged at 4.1%
▼ + stars: | 2023-08-01 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

The Reserve Bank of Australia held interest rates at 4.1% for a second month on Tuesday as the central bank buys time to assess the impact of previous hikes, while warning of further hikes in the future. Economists were divided on whether the Australian central bank would raise interest rates at this meeting, with a slim majority expecting a 25-basis point hike. "The higher interest rates are working to establish a more sustainable balance between supply and demand in the economy and will continue to do so," Governor Philip Lowe said in a statement. "In light of this and the uncertainty surrounding the economic outlook, the Board again decided to hold interest rates steady this month. This will provide further time to assess the impact of the increase in interest rates to date and the economic outlook," he added.

Persons: Philip Lowe Organizations: Opera, The Reserve Bank of Australia Locations: Sydney, Australia, Australian

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