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☆ Analysis: Investors seek to break through Japan Inc's 'value trap'
▼ + stars: | 2023-04-20 | by ( Ankur Banerjee | ) www.reuters.com time to read: +5 min

SINGAPORE, April 20 (Reuters) - Corporate governance in Japan has suddenly become a cause celebre, rousing the world's third-largest stock market out of decades of lethargy and drawing in hordes of foreign investors. Japan's stock market has long been seen by investors as a 'value trap' where companies focus on market share, hoard cash and care little about shareholder returns. What has prompted investors globally to sit up and take notice is an endorsement from legendary billionaire investor Warren Buffett. The MSCI Japan Value index (.dMIJP0000VPUS) is up 9% since August 2020 versus a 9% drop for the MSCI Japan growth index (.dMIJP0000GPUS). "I think the value trap that was Japan is no longer."

The MSCI All-World index (.MIWD00000PUS) fell 0.2%, thanks to a broad-based decline in equities around the world. S&P 500 and Nasdaq 100 futures , fell between 0.3-0.5%, suggesting a touch of weakness at the opening bell. The Fed's "beige book" of economic conditions is published on Wednesday and appearances are due from Chicago Fed President Austan Goolsbee and New York Fed President John Williams. In an interview with Reuters on Tuesday, St Louis Fed President James Bullard said that, far from pausing, the central bank should keep raising interest rates, based on how persistent inflation has proven to be. UK inflation fell to 10.1% in March, from February's 10.4% - above expectations for a decline to 9.8% and the highest in western Europe, according to data on Wednesday.

☆ Stocks slip as focus turns back to Fed and inflation
▼ + stars: | 2023-04-19 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

"With those stresses easing away, markets are now back to focusing on the Fed." A slew of Federal Reserve speakers are in the frame over the rest of this week ahead of the pre-meeting blackout period that begins on the weekend. The Fed's "beige book" of economic conditions is published on Wednesday and appearances are due from Chicago Fed President Austan Goolsbee and New York Fed President John Williams. "Lower rate volatility and reduced expectations for Fed rate hikes should put the broad U.S. dollar in a weaker position," HSBC analysts said in a currency outlook note. This held down real yields, propped up equity multiples, and tightened credit spreads in the face of falling earnings expectations.

☆ Morning Bid: Sterling's inflation test
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Tom WestbrookTraders are scaling back bets on U.S. rate cuts, but dialling up expectations for British hikes. On Tuesday, it was bigger-than-expected pay rises that strengthened expectations for the Bank of England to lift rates next month and to continue doing so thereafter. On Wednesday, British inflation data is in focus. On balance, the sheer size of the Bank of England's task of reining in inflation has been supportive for sterling, which hit a 10-month high last week. Implied volatility in the options market suggests traders don't expect sudden changes in the currency's slow grind higher.

☆ Stocks slip as focus falls back on Fed
▼ + stars: | 2023-04-19 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

The Fed's "beige book" of economic conditions is published later on Wednesday and appearances are due from Chicago Fed President Austan Goolsbee and New York Fed President John Williams. Markets are pricing an 86% chance the Fed raises rates by 25 basis points at the May meeting, and that wasn't swayed terribly much by conflicting outlooks from two non-voting Fed officials on Tuesday. St Louis Fed President James Bullard told Reuters the Fed ought to keep raising rates to subdue persistent inflation. Atlanta Fed President Raphael Bostic told CNBC he thinks the Fed should hike one more time then pause to consider the next move. The prospect of peak rates has been applying downward pressure on the U.S. dollar.

☆ NBA roundup: Devin Booker, Suns even series with Clippers
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +3 min

[1/3] Apr 18, 2023; Phoenix, Arizona, USA; Phoenix Suns guard Devin Booker (1) against the Los Angeles Clippers in the second half during game two of the 2023 NBA playoffs at Footprint Center. Kevin Durant added 25 points, six rebounds and five assists as Phoenix rebounded from a Game 1 home loss. Kawhi Leonard registered 31 points, eight rebounds, seven assists and three steals and Russell Westbrook added 28 points for the Clippers. Mitchell, the seventh-leading scorer in the NBA this season at 28.3 points per game, had just 17 points Tuesday but collected a career-high 13 assists. Mobley had 13 points and 13 rebounds while Garland scored 32 points, including 26 in the first half.

☆ China may hold lending benchmarks steady as recovery remains on track -analysts
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI/SINGAPORE, April 19 (Reuters) - China is widely expected to stand pat on lending benchmarks at the monthly fixing on Thursday, a Reuters survey showed, as economic recovery has been well on track - as seen from better-than-expected first-quarter data. China's economy grew at a faster-than-expected pace in the first quarter, reducing the urgency for authorities to ease monetary policy to aid recovery, traders and economists said. The loan prime rate (LPR), which banks normally charge their best clients, is calculated each month after 18 designated commercial banks submit proposed rates to the People's Bank of China (PBOC). In a poll of 30 market watchers, 27 predicted no change to either the one-year LPR or five-year tenor . The interest rate on medium-term lending facility (MLF) loans serves as a guide to the LPR.

"I don't have the brain for stock investments, and I am waiting to redeem mutual fund products once they break even. The interest in precious metals is a worrying indicator that China's efforts to revive its economy via domestic spending, after years of strict COVID curbs, may not be working. Households savings grew by 9.9 trillion yuan in the January-March period, after rising a record 17.8 trillion yuan in 2022. In 2021, they grew by 9.9 trillion yuan. "Economic fundamentals, risk aversion and the recovery of domestic consumption all drive the investment demand for jewellery and precious metals," said Pang Xichun, research director at Nanjing RiskHunt Investment Management Co.

☆ Ether jumps to 11-month high in wake of software upgrade
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: 1 min

SINGAPORE, April 14 (Reuters) - Cryptocurrency ether leapt more than 5% in early Asia trade on Friday, as traders breathed a sigh of relief that a technology upgrade ran relatively smoothly this week. The second-biggest cryptocurrency by market capitalisation, ether hit as high as $2,130.80, its highest since May 2022. Reporting by Tom Westbrook; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

US inflation, Fed rates and marketsU.S. stocks ended sharply higher on optimism the Fed could be nearing the end of its aggressive rate hiking cycle. The yield on two-year Treasuries , which reflect the outlook on interest rates, rose 0.5 basis point to 3.977% and 3.3 basis points to 3.454% on 10-year notes . "That's why we do not have those dramatic moves in U.S. Treasuries on the back of better-than-expected inflation data." The dollar index fell 0.5% to its lowest level in more than two months, while the yen strengthened 0.29% to 132.74 per dollar. The Aussie dollar rose 1.0% on the back of surprise surges in both Chinese exports, which rose 14.8% compared with last March, and domestic Australian jobs.

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, March 10, 2023. Futures also showed expectations rose of the Fed cutting rates noticeably in September, and more deeper by December. "The way we've been trading over the last sessions indicates that the market is more positively positioned with regards to their exposure to Treasuries," Skiba said. The dollar index fell 0.48%, at its lowest in two months, while the yen strengthened 0.55% at 132.41 per dollar. The Aussie dollar rose 1.0% on the back of surprise surges in both Chinese exports, which rose 14.8% compared with last March, and domestic Australian jobs.

☆ Stocks and gold cheer U.S. inflation picture, while dollar slides
▼ + stars: | 2023-04-13 | by ( Amanda Cooper | ) www.reuters.com time to read: +5 min

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, March 10, 2023. The annual 5% headline rise for U.S. inflation was the smallest since May 2021 and down from 9.1% last June. The dollar index was down 0.2%, near its lowest in two months, while U.S. stock futures , rose 0.1-0.2%, suggesting a modest rally at the open. The Aussie dollar rose 0.6% on the back of surprise surges in both Chinese exports, which rose 14.8% compared with last March, and domestic Australian jobs. Alibaba shares (9988.HK) fell by as much as 5% at one stage, but later pared losses to close 2% lower.

☆ Morning Bid: Euro(pe) is on a roll
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in European and global markets from Tom WestbrookThe euro emerged as the clearest winner of slowing U.S. inflation and a watchful Fed. The common currency climbed 0.7% on Wednesday and was still going at $1.10 in the Asian morning. It is up seven weeks in a row - the longest winning streak since the latter stages of 2020 when the dollar was falling and global markets were in a stimulus-soaked euphoria. The thinking goes that inflation will keep Europe's central bankers more hawkish than their U.S. counterparts, although perhaps not by much. Earnings this week could test the dollar's downtrend as markets look for signals on consumer behaviour and signs of tightening credit.

☆ Tech drags Hong Kong stocks, dollar squeezed as US inflation slows
▼ + stars: | 2023-04-13 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

SINGAPORE, April 13 (Reuters) - Asian stocks struggled on Thursday, dragged by selling in Hong Kong tech shares, while the dollar was under pressure and short-dated bonds were firm as softening U.S. inflation seemed to suggest the U.S. rate hike cycle was nearing its end. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) slid 0.3%, largely pressured by a 1.5% drop in Hong Kong tech stocks (.HSTECH) in the wake of the Financial Times reporting SoftBank was selling down its Alibaba stake. Alibaba shares (9988.HK) were down 3% in early trade and SoftBank (9434.T) shares flat and neither immediately responded to Reuters enquiries. Elsewhere oil prices held sharp gains made in the wake of the inflation data, with Brent crude futures steady at $87.22 a barrel. Shares of embattled Chinese property developer Sunac China (1918.HK) resumed trade after a more than year-long suspension in Hong Kong, with the company in the midst of a debt restructure.

☆ Ban Noncompetes, and Set Millions of Americans Free - The New York Times
▼ + stars: | 2023-04-11 | by ( Adam Westbrook | Emily Holzknecht | ) www.nytimes.com time to read: +1 min

It may also contain language that puts restrictions on your life even after you leave that job. These are noncompete clauses, the focus of the Opinion video above. Once the domain of high-flying executives privy to trade secrets or other highly sensitive information, noncompete clauses have become the scourge of employees of all kinds. Many low-wage workers — including hairstylists, fast-food line cooks and security guards — are now burdened by them. In a hopeful development, the Federal Trade Commission proposed a rule this year that would ban the use of noncompete clauses in future employment contracts and void such clauses in existing contracts.

Organizations: Federal Trade Commission Locations: United States

☆ Morning Bid: Have payrolls resurrected the 'soft landing'?
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

[1/2] An employee hiring sign with a QR code is seen in a window of a business in Arlington, Virginia, U.S., April 7, 2023. Earnings for Citi, Wells Fargo and JP Morgan Chase & Co later in the week will be in focus for colour on financial conditions. Inflation figures due Wednesday can also help markets to gauge how aggressive the Federal Reserve may need to be. Friday's jobs data lifted yields, but didn't substantially shift a bigger picture view that hikes are all but finished and cuts are coming. China is running military exercises in the wake of Taiwan's president visiting the United States, while the U.S. scrambles to find the source of a damaging document leak.

☆ NBA roundup: Warriors hang 157 on Blazers, glide into playoffs
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +12 min

Shaedon Sharpe added 18 points to go with a team-high seven rebounds, while Jeenathan Williams had 17 points for Portland. New Orleans' Brandon Ingram had 42 points and 12 rebounds, CJ McCollum scored 23 points and Trey Murphy III had 20. Lindell Wigginton scored 17 points and Bobby Portis had 16 for the Bucks. Jaden Hardy led all scorers with 25 points, with Theo Pinson forging a triple-double (23 points, 13 rebounds, 12 assists) for the Mavericks. De'Aaron Fox, who scored 13 points, played less than 18 minutes.

☆ NBA roundup: Wolves take key step in play-in race with win
▼ + stars: | 2023-04-09 | by ( ) www.reuters.com time to read: +3 min

Jazz 118, Nuggets 114Rookie Ochai Agbaji scored a career-high 28 points and Utah concluded its home slate with a win over Denver in Salt Lake City. Kris Dunn finished with 19 points, 14 assists and eight rebounds for the Jazz. Kentavious Caldwell-Pope scored 21 points and Jamal Murray netted 20 in the loss for Denver, which had already clinched the No. Kevin Knox led the Trail Blazers with game-high totals in points (30) and rebounds (11). Shaedon Sharpe scored 26 points and Trendon Watford added 24 for Portland.

☆ Morgan Stanley a step closer to setting up futures company in China
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI/SINGAPORE, April 6 (Reuters) - Morgan Stanley (MS.N) said on Thursday it looks forward to setting up a futures company in China after the country's securities regulator accepted its application. China Securities Regulatory Commission (CSRC) accepted Morgan Stanley's application to open up a futures business in the world's second-largest economy on Monday, according to CSRC's website. A Morgan Stanley spokesperson said the bank "looks forward to establishing a futures company in China as we grow our domestic business footprint." Rival JPMorgan Chase & Co (JPM.N) became the first foreign bank that fully owns a futures company in China in 2020. Morgan Stanley would potentially become the second foreign bank to wholly own a futures business in China should its application get CSRC's approval.

☆ Stocks meander as US jobs dry up, kiwi jumps on RBNZ surprise
▼ + stars: | 2023-04-05 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Futures indicated European markets were set for a broadly lower open, with Eurostoxx 50 futures down 0.26%, German DAX futures down 0.12%. Two-year treasury yields , which closely track short-term rate expectations, dived almost 15 basis points and the dollar tracked the move to hit two-month troughs. Elsewhere investors see a few more rate hikes in store in Europe, where German exports have turned surprisingly strong. The euro flat at $1.0952, just shy of a two-month high it hit overnight on the dollar at $1.0973. Commodity markets are settling after Monday's surge in oil prices on news of surprise OPEC+ production cuts.

☆ Stocks struggle as US jobs dry up, kiwi leaps on RBNZ surprise
▼ + stars: | 2023-04-05 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Two-year treasury yields , which closely track short-term rate expectations, dived almost 15 basis points and the dollar tracked the move to hit two-month troughs. U.S. interest rate futures have rallied strongly over the last few weeks, as traders figure that under pressure banks will tighten up on lending anyway and save the need for monetary policymakers to do the job. DOLLAR SQUEEZEDOutside the United States, markets see other central banks staying the course on hikes to tame inflation. Elsewhere investors see a few more rate hikes in store in Europe, where German exports have turned surprisingly strong. Commodity markets are settling after Monday's surge in oil prices on news of surprise OPEC+ production cuts.

Chinese demand is helping boost Singapore property prices, Chinese students are snapping up apartments in Sydney and Melbourne, and agents say Chinese interest is ticking up in Thailand. But they indicate that in the wake of the pandemic, Chinese families are looking to relocate assets, and even themselves, overseas. Home purchases in Singapore, where Chinese are the top foreign buyers, cooled early in 2023 from last year's torrid pace - but only slightly despite a steep rise in real estate stamp duties. The Singapore American School has "seen significant interest from Chinese families looking to enrol," it said in a statement responding to Reuters questions. Canada, another real estate market popular with Chinese investors, has put a two-year ban on foreign purchasers.

Seven Chinese firms including Chanson International (CHSN.O) and Hongli Group (HLP.O) have launched public offerings in March to raise a combined $82.3 million, compared with just four in the preceding two months. That will "reduce regulatory uncertainty" said Mandy Zhu, head of China Global Banking at UBS, and standardise domestic firms' international listings. "But we will abide by Chinese rules and carry out all follow-up work cooperation if necessary." Earlier in the week, steelmaker Hongli Group, food grain manufacturer YanGuFang International Group (YGF.O) and wheelchair-maker Jin Medical International listed in the U.S, also receiving tepid responses from investors. Reuters reported on Thursday that London is also courting new Chinese listings.

Europe-wide inflation data is due at 0900GMT. French inflation data on Friday also came in a whisker above expectations, and Dutch inflation also rose. "Inflation data in the eurozone will be an important driver, (for the euro)" said Francsco Pesole, FX strategist at ING, who expects the euro to reach $1.10 some time next week, after consolidating today. The dollar has also been dragged back as the focus on the U.S. banking sector in March caused U.S. interest rate markets to dramatically reprice the outlook. Both currencies found support from expanding Chinese manufacturing activity, though data on Friday showed the pace was slowing down.

☆ Morning Bid: Q1 was hard to get a handle on, and a choppy Q2 beckons
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

Pulling in one direction is a bank collapse that set interest rate expectations diving. After a month of wild swings for bonds and interest rate futures, rate expectations are settling around a peak in the Fed funds rate near 5% and then steady downhill from there. Euro zone inflation data later in the day can reinforce that, if it echoes stronger-than-expected German figures published on Thursday. Nerves on banks and lower U.S. Treasury yields have delivered investors into the arms of profitable, big cap technology companies. Q1 world marketsKey developments that could influence markets on Friday:Economics: Euro zone inflation, U.S. core PCEReporting by Tom Westbrook; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

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