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☆ Yen jumps on suspected intervention, sterling hits one-year high
▼ + stars: | 2024-07-17 | by ( ) www.cnbc.com time to read: +4 min

The yen rose sharply on Wednesday in what traders suspected was likely the result of yet another intervention from Japanese authorities to prop up the battered currency from multidecade lows. The euro was last down 0.8% at 171.15 yen, while sterling fell 0.76% to 203.75 yen. Combined with the estimated amount spent a day earlier, Japan is suspected to have bought nearly 6 trillion yen via intervention last week. That sent traders paring back bets of a rate cut from the Bank of England in August, providing a small boost to sterling , which was last up 0.43% to $1.3029. But the more important data is the inflation data, and that's telling the market that the Fed is in a position to cut fairly soon."

Persons: Geoff Yu, Masato Kanda, Michael Brown, Kyle Rodda Organizations: Mellon, Kyodo, Bank of Japan, Bank of England, Monetary, MPC, Tuesday's, Federal Reserve, New Zealand, Reserve Bank of New Locations: London, Tokyo, Japan, Reserve Bank of New Zealand

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

☆ Dollar on defensive after pullback from nearly 3-month peak
▼ + stars: | 2024-02-07 | by ( ) www.cnbc.com time to read: +2 min

The dollar remained under pressure on Wednesday after retreating from a nearly three-month high against the euro in the previous session with a decline in U.S. bond yields adding to the drag. The dollar remained under pressure on Wednesday after retreating from a nearly three-month high against the euro in the previous session with a decline in U.S. bond yields adding to the drag. U.S. Treasury yields also turned down from highs overnight on solid demand at a sale of new three-year notes, removing some support for the dollar. The U.S. dollar index , which measures the currency against six major peers, including the euro, was flat at 104.14, following Tuesday's 0.29% slide. The currency pair tends to be extremely sensitive to moves in Treasury yields.

Persons: Jerome Powell scuppered, Matt Simpson, James Kniveton Organizations: Federal, Treasury, U.S, CPI, Federal Reserve Locations: U.S, Asia

The dollar index , which measures its value against six major currencies, fell as far as 102.89, the lowest since Aug. 31. The index is on track for a loss of more than 3% in November, its worst performance since November 2022. The Conference Board said its consumer confidence index increased to 102.0 this month from a downwardly revised 99.1 in October. In other currencies, the euro rose to a 3-1/2-month peak of $1.0985 . The dollar fell 0.2% to 148.33 yen , with the Japanese currency continuing its recovery from the brink of 152 per dollar earlier in the month.

Persons: Dado Ruvic, Sterling, Karl Schamotta, underscoring, Gertrude Chavez, Dreyfuss, Alun John, Brigid Riley, Ed Osmond, Mark Potter, Kevin Liffey Organizations: REUTERS, U.S, Federal Reserve, Board, Federal Housing Finance Agency, Traders, Australian, New Zealand, Reserve Bank of New, Thomson Locations: Swiss, U.S, Toronto, OPEC, Reserve Bank of New Zealand, New York, London, Tokyo

☆ Systematic hedge funds pummeled in post-U.S. CPI stocks rally - Goldman Sachs
▼ + stars: | 2023-11-16 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. Stockpicking hedge funds that actively chose bets managed to gain 0.6% on Tuesday and are now poised for their best month since January this year, said Goldman Sachs. These hedge funds posted a positive 2.7% performance for the month to November 14 and up were up 5.8% for the year so far, the Goldman note added. Quantitative multi-strategy hedge funds have been the best performing strategies so far this year, with an 11.05% positive performance to end-October, said BNP Paribas. Hedge funds which trade on market volatility bear the lowest average of a 2.46% gain for the year to the end of October, said the French bank.

Persons: Brendan McDermid, Goldman Sachs, Goldman, Nell Mackenzie, Dhara Ranasinghe Organizations: New York Stock Exchange, REUTERS, Global, Reuters, Nasdaq, BNP, Thomson Locations: New York City, U.S

Nov 15 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Biden and Xi have only met once before, and this is Xi's first visit to the U.S. since 2017. In a separate dinner with business leaders, he will also be looking to boost flagging investment by U.S. firms in China. The latest retail sales, industrial output, investment and unemployment figures for October will give an insight into whether China's economy is maintaining the surprisingly strong momentum it showed in the third quarter. Citi's China economic surprises index has been in positive territory for almost a month, suggesting activity is strengthening or analysts are lowering their expectations.

Persons: Jamie McGeever, Russell, Joe Biden, Xi Jinping, Biden, Xi, China's Organizations: Tuesday's, Nasdaq, Asia Pacific Economic Cooperation, U.S, Tencent Holdings, JD.Com, Thomson, Reuters Locations: Tuesday's U.S, Zealand, Asia, San Francisco, China, Japan

☆ Morning Bid: 'Remarkable' US markets surf crosscurrents
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. Stock futures are higher once again ahead of the bell today. As cash Treasury markets returned from Monday's Columbus Day holiday to a week of heavy long-term debt auctions, they were also greeted with rekindled optimism about the Federal Reserve's policy rate trajectory. Ten-year U.S. Treasury yields are set to kick off Tuesday's U.S. trading day at some 4.65% - almost a quarter of a percentage point below the peak set just after Friday's blowout September jobs report. Elsewhere, PepsiCo (PEP.O) edged 0.8% higher ahead of the beverage maker's third-quarter results and Unity (U.N) jumped 6.4% after the video-game software maker said its CEO John Riccitiello would retire.

Persons: Brendan McDermid, Mike Dolan, Lorie Logan, Logan, Philip Jefferson chimed, John Riccitiello, Christopher Waller, Neel Kashkari, Mary Daly, Raphael Bostic, Ed Osmond Organizations: New York Stock Exchange, REUTERS, Columbus, Federal, Dallas Fed, Treasury, Monetary Fund, IMF, World Bank, Fund, HK, Bloomberg, Alibaba, Baidu, PepsiCo, Reserve, San Francisco Fed, Atlanta Fed, PepsiCo NFIB Consumer, Reuters Messaging, Thomson, Reuters Locations: New York City, U.S, Israel, Marrakesh, China, Beijing, Minneapolis, San

☆ Djokovic keen to have fun but fully focused on winning at US Open
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

[1/2] Sep 5, 2023; Flushing, NY, USA; Novak Djokovic of Serbia reacts after winning a game against Taylor Fritz of the United States on day nine of the 2023 U.S. Open tennis tournament at USTA Billie Jean King National Tennis Center. Appearing more relaxed in his post match interview, Djokovic sang, '(You Gotta) Fight for Your Right (to Party)' with fans in the stands joining along. "I'm trying to enjoy the moments on the court, but there's so much stress and pressure going on that it's hard to have fun, so to say, on the court," Djokovic told reporters. "It's really about finding a way to navigate through the match and win a match for me, you know. "Both of the guys ... Shelton and Tiafoe, have a lot of charisma," Djokovic said.

Persons: Novak Djokovic, Taylor Fritz, USTA Billie Jean King, Danielle Parhizkaran, belting, Margaret Court's, Arthur Ashe, Djokovic, Frances Tiafoe, Ben Shelton, . Shelton, Tiafoe, They're, Shrivathsa Sridhar, Peter Rutherford Organizations: USTA Billie, USTA Billie Jean King National Tennis Center, U.S, Beastie Boys, Arthur, Thomson Locations: Flushing , NY, USA, United States, Bengaluru

"There's a lot of data we're going to see here over the next several weeks as we head to the end of July Fed meeting. The pan-European STOXX 600 index (.STOXX) lost 0.78% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) shed 0.39%. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) closed 0.84% lower, while Japan's Nikkei (.N225) lost 0.25%. The U.S. dollar was holding steady against other major currencies as traders awaited the Fed minutes. The dollar index rose 0.097%, with the euro down 0.04% to $1.0873.

Persons: Mike Segar, Tim Ghriskey, Ingalls & Snyder, Data, Sterling, Brent, Sinéad Carew, Tom Wilson, Stella Qiu, Dhara, Sam Holmes, Helen Popper, Christina Fincher Organizations: Wall, New York Stock Exchange, REUTERS, U.S . Federal Reserve, Treasury, Federal, Investors, Tuesday's, Independence, Ingalls &, Dow Jones, Nasdaq, Japan's Nikkei, Traders, U.S, Brent's, Thomson Locations: Manhattan, New York City , New York, U.S, Tuesday's U.S, New York, Asia, Pacific, Japan, Saudi Arabia, Russia, London, Sydney

☆ Analysis: U.S. bank loan plan provides Fed rate hike path amid SVB fallout
▼ + stars: | 2023-03-14 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +5 min

Banks can use eligible government securities on their books like Treasuries and agency mortgage backed-debt to guarantee the loans. By comparison, a one-year loan from a Federal Home Loan Bank, a government state enterprise that provides low-cost lending to regional banks, is around 5.4%, according to market participants. In essence, the bank lending program will allow the Fed to keep raising rates." U.S. banks had raised their holdings of government securities during periods of ultra-low interest rates to defend falling interest net margins. Major banks led by Goldman Sachs (GS.N) and Barclays Bank (BARC.L) have called for a pause from the Fed next week.

Markets remained fragile, with European bank stocks tumbling over 5% on Monday and U.S. banks set to open lower (.SX7P). Markets also moderated their view on UK rates and were pricing in a roughly 75% chance of a 25 bps hike when the Bank of England meets next week. Goldman Sachs said on Sunday the banking stress meant it no longer expected the Fed to hike rates next week. "It's not going to want to go clattering in with another 50 (bps hike) and see some other financial institution getting hosed." A new Fed bank funding scheme aimed at addressing some of Silicon Valley Bank's apparent problems with losses in its bond portfolio is expected to further help with stability for banks and bonds.

☆ Morning Bid: Banks rescued, rates recoil, stress builds
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +5 min

Early last week as much as a half point rate hike was almost fully priced. Now back as low as 4.8%, the implied peak Fed rate for the cycle has plummeted almost a full percentage point over that time. Goldman Sachs now says it no longer expects the Fed to raise rates on March 21-22. The Federal Reserve also made it easier for banks to borrow from it in emergencies. More broadly, the implications for Fed monetary policy caused most ructions and complicated overall index direction that's torn between bank losses and the repricing of rates.

☆ Morning Bid: Bank on some bumps
▼ + stars: | 2023-03-12 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +2 min

Regulators were scrambling over the weekend to contain the fallout from the sudden collapse of Silicon Valley Bank late last week. Banking stocks were hit particularly hard, with the S&P 500's regional banks index tumbling 18% on the week. U.S. yields ended the week sharply lower, following Friday's mixed U.S. jobs report that saw strong employment gains but moderating wage growth. The European Central Bank appears to be poised for a half-point increase to its rate on Thursday. Facing economic challenges, China unexpectedly kept its central bank governor and finance minister in their posts at the annual session of the parliament on Sunday.

☆ EUROPE Market mood downbeat ahead of raft of data
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Anshuman DagaThe overarching downbeat mood among investors shows no signs of improving as markets become increasingly wary of a further rise in borrowing costs. Although U.S. markets took a breather and rose on Monday, they ended well below the day's highs and Asian markets were back in the red on Tuesday after gaining in early trade. Tuesday's U.S. consumer confidence data will be especially scrutinised for households' views on economic prospects and inflation expectations. European markets will deal with CPI data due from France and Spain. While inflation has eased a bit, providing some support to markets, a barrage of economic data suggests that inflation is stickier than expected, reinforcing the "higher-for-longer" rates view.

☆ Morning Bid: Market mood downbeat ahead of raft of data
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

Tuesday's U.S. consumer confidence data will be especially scrutinised for households' views on economic prospects and inflation expectations. Economists polled by Reuters expect a median reading of 109.5 on the index, which unexpectedly fell in January. European markets will deal with CPI data due from France and Spain. While inflation has eased a bit, providing some support to markets, a barrage of economic data suggests that inflation is stickier than expected, reinforcing the "higher-for-longer" rates view. British Prime Minister Rishi Sunak struck a deal with the European Union on post-Brexit trade rules for Northern Ireland.

☆ Take Five: The truth about inflation
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +5 min

That puts Tuesday's U.S. inflation data on the must-watch list. 1/ INFLATION BETSurprisingly strong January U.S. jobs data forced markets to rethink the view that interest rates will peak soon. Now, Tuesday's latest inflation figure is the next big test for where the Federal Reserve takes rates in coming months. Stock markets are confident that the Fed can bring down inflation without triggering a sharp growth slowdown. January's inflation report on Wednesday could show double-digit price rises, meaning no respite yet on the interest-rate front.

[1/2] Myanmar's military parade to mark the 72nd Armed Forces Day in the capital Naypyitaw, Myanmar March 27, 2017. REUTERS/Soe Zeya Tun/File PhotoWASHINGTON, Jan 31 (Reuters) - The United States and its allies imposed further sanctions on Myanmar on Tuesday, marking the two-year anniversary of the coup with curbs on energy officials and members of the junta, among others. Washington imposed sanctions on the Union Election Commission, mining enterprises, energy officials and current and former military officials, according to a Treasury Department statement. It marks the first time the United States has targeted Myanma Oil and Gas Enterprise (MOGE) officials under the current Myanmar sanctions program, a Treasury spokesperson said. Washington also targeted former and current Myanmar military officials, the Treasury said, accusing the Air Force of continuing to launch air strikes using Russian-made aircraft against pro-democracy forces that have killed civilians.

[1/2] Myanmar's military parade to mark the 72nd Armed Forces Day in the capital Naypyitaw, Myanmar March 27, 2017. REUTERS/Soe Zeya Tun/File PhotoWASHINGTON, Jan 31 (Reuters) - The United States and its allies imposed further sanctions on Myanmar on Tuesday, marking the two-year anniversary of a military coup with curbs on energy officials and junta members, among others. Washington imposed sanctions on the Union Election Commission, mining enterprises and energy officials, among others, according to a Treasury Department statement. It marks the first time the United States has targeted Myanma Oil and Gas Enterprise (MOGE) officials under the current Myanmar sanctions program, a Treasury spokesperson said. Mining Enterprise No 1 and Mining Enterprise No 2, both state-owned enterprises, as well as the Union Election Commission, were also hit with sanctions by Washington.

Companies Ledgerx LLC FollowDec 12 (Reuters) - Sam Bankman-Fried, the founder and former CEO of now-bankrupt crypto exchange FTX, said on Monday he would testify remotely at Tuesday's U.S. House Financial Services Committee hearing to examine the collapse of the company. Tuesday's hearing will be the first time Bankman-Fried appears publicly before U.S. lawmakers. In a Twitter Spaces event on Monday with Twitter account Unusual Whales, Bankman-Fried said he would be "calling in" to the hearing from the Bahamas. A spokesperson for Bankman-Fried confirmed that he would not be testifying at the hearing in person. The Senate Banking Committee will also hold a hearing on FTX's collapse on Wednesday, Dec. 14, in which Bankman-Fried says he is not scheduled to appear.

☆ FTX's Sam Bankman-Fried says he will testify remotely at upcoming congressional hearing
▼ + stars: | 2022-12-12 | by ( Industry Insight | Insights In Action | Service Is Now Table Stakes As Clients Seek Higher Value Firms | ) www.reuters.com time to read: 1 min

Dec 12 (Reuters) - Sam Bankman-Fried, the founder and former CEO of now-bankrupt crypto exchange FTX, said on Monday he would testify remotely at Tuesday's U.S. House Finanical Services Committee hearing to examine the collapse of the company. In a Twitter Spaces event held on Monday with Twitter account Unusual Whales, Bankman-Fried said he would be "calling in" to the hearing. A spokesperson for Bankman-Fried confirmed that he would not be testifying at the hearing in person. FTX CEO John Ray will also appear before the committee, although it is not yet clear if he will testify virtually or in person. Reporting by Hannah Lang in Washington; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

☆ Gold slips as dollar firms to kick start big data week
▼ + stars: | 2022-12-12 | by ( ) www.cnbc.com time to read: +2 min

One kilo gold bars are pictured at the plant of gold and silver refiner and bar manufacturer Argor-Heraeus in Mendrisio, Switzerland, July 13, 2022. Gold prices fell on Monday, dragged down by a firmer dollar, while investors positioned for key U.S. inflation data and the Federal Reserve's rate-hike verdict due this week. Investors will keep a close eye on Tuesday's U.S. Consumer Price Index (CPI) data and Fed's final meeting of 2022 scheduled on Dec. 13-14. Additionally, the European Central Bank (ECB) and the Bank of England (BoE) are also set to announce rate hikes this week, as policymakers continue their battle against inflation. Spot silver lost 0.8% to $23.27, platinum fell 0.5% to $1,016.88 and palladium ticked 0.6% lower to $1,938.33.

Australia's central bank raised interest rates by a quarter percentage point to a 10-year high on Tuesday as expected, and said more tightening was needed. Australian stocks slumped 2.5% and the MSCI Asia ex-Japan stock index fell 1.2%, its biggest fall in over two weeks. Some days, investors look at sluggish activity through the 'bad news is good news' lens, betting that weak data will prevent central banks from raising rates too much. Other days, bad news is just bad news and Tuesday was one of them - bonds surged and oil slumped to its lowest since the first week of the year. Will bad news be bad news and good news be good news, or bad news be good news and good news be bad news?

Nov 10 (Reuters) - Democrat Tina Kotek won a tough three-way race to become the next governor of Oregon, the Associated Press projected on Thursday, enabling Democrats to extend nearly four decades of control over the Oregon governorship. Official returns from Tuesday's election showed Kotek winning 47.1% of the vote to 43.5% for Republican Christine Drazan. The last time a Republican was elected governor was in 1982, and Kotek was always favored to succeed Democratic governor Kate Brown, who could not run again due to term limits. With the polls tightening late in the race, President Joe Biden visited Oregon in mid-October to campaign with Kotek, a former state legislator. In Michigan, Democratic Governor Gretchen Whitmer was re-elected and voters flipped the state House and Senate from Republican to Democratic control.

SummarySummary Companies Key House, Senate races still too close to callRepublican-controlled Congress would stymie Biden agendaPHOENIX, Ariz./BIRMINGHAM, Mich., Nov 8 (Reuters) - Control of Congress was up for grabs after Tuesday's U.S. midterm elections with many of the most competitive races uncalled, leaving it unclear whether Republicans would seize control from President Joe Biden's Democrats. In the House of Representatives, Republicans had been favored to win a majority that would allow them to halt Biden's legislative agenda. By early Wednesday, the party had flipped four Democratic House seats, Edison Research projected, one short of the number they need to take over the chamber. The Georgia Senate race could end up in a Dec. 6 runoff, possibly with Senate control at stake. Democrats currently control the 50-50 Senate with Vice President Kamala Harris able to break any ties.

☆ Analysis: Three takeaways from the U.S. midterm elections
▼ + stars: | 2022-11-09 | by ( James Oliphant | ) www.reuters.com time to read: +6 min

REUTERS/Marco BelloWASHINGTON, Nov 8 (Reuters) - Tuesday's U.S. midterm elections will determine whether Republicans seize control of Congress from Democrats. Early exit polls from Edison Research, however, showed reason for concern as Democrats appeared to be losing support from crucial voting blocs. The exit polls showed 54% of voters with college degrees picking Democrats while 45% voted for Republicans. Exit polls showed Republicans were winning 40% of the Hispanic vote, compared to 32% won by Trump in 2020. Now all eyes will be on his next move — and whether he has the guts to take on Trump for the 2024 Republican presidential nomination.

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