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July 19 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The disconnect between Asia and the rest of the world has widened recently, and correlations between the MSCI Asia ex-Japan index and leading U.S. and global indexes are the weakest in about a month. Bulls in Asia will be hoping some of that momentum drives local trading on Wednesday. The MSCI Asia equity index ex-Japan is up 4.6% this year, significantly underperforming the MSCI World index, S&P 500 and Nasdaq which are up 17%, 19% and 38%, respectively. Disappointing second quarter growth figures this week pushed the Chinese economic surprises index to its lowest in more than three years.

Persons: Jamie McGeever, John Kerry, Li Shangfu, Henry Kissinger, Pita Limjaroenrat, Josie Kao Organizations: Bulls, Nasdaq, Bank of America, Bank of New York Mellon, Biden, Thomson, Reuters Locations: Asia, Japan, U.S, China, Beijing, Thailand, Zealand

SAO PAULO, July 18 (Reuters) - An alternative investment vehicle controlled by French insurer AXA (AXAF.PA) said on Tuesday it will inject $49 million into reforestation projects in Brazil led by local startup Mombak. Mombak, which is also backed by Bain Capital, will lead projects to reforest over 10,000 hectares of degraded pastureland, generating up to 6 million carbon credits. "We are building the largest carbon removal projects in the world," Mombak co-founder Peter Fernandez said in an interview. "The single largest opportunity that humanity has to do reforestation is in Brazil." "We would like to significantly scale up our deployment in Brazil and other Amazon basin countries."

Persons: Mombak, Peter Fernandez, Fernandez, Adam Gibbon, Gabriel Araujo, Brad Haynes, Josie Kao Organizations: SAO PAULO, AXA, AXA IM Alts, Bain Capital, Greenpeace, Reuters, Thomson Locations: Brazil

☆ TikTok to perform 'stress test' ahead of EU Digital Services Act
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

BRUSSELS, July 18 (Reuters) - Chinese-owned social media platform TikTok has voluntarily agreed to a "stress test" to prepare for the European Union's Digital Services Act (DSA), EU industry chief Thierry Breton said on Tuesday. Under the EU's Digital Services Act (DSA), Alphabet unit Google (GOOGL.O), Meta and other large online platforms will risk hefty fines if they do not control illegal content. TikTok will also be subject to the DSA rules, which require companies to manage risk, conduct external and independent auditing, share data with authorities and adopt a code of conduct. "Recent events have shown the impact TikTok has on democracies — and how important independent EU enforcement is," wrote Breton on Twitter. "TikTok voluntarily agreed to perform a #StressTest to prepare for #DSA.

Persons: Thierry Breton, Breton, TikTok, Shou Zi Chew, Sudip Kar, Josie Kao Organizations: Union's Digital Services, EU's Digital Services, DSA, Twitter, Thomson Locations: BRUSSELS

July 18 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Data on Monday showed that the world's second largest economy grew at a frail pace in the second quarter while China's Evergrande Group (3333.HK), the world's most indebted property developer, said it lost an eye-watering $81 billion over 2021 and 2022. The shadow over local markets cast by China's second quarter GDP data on Monday is unlikely to lift completely by Tuesday, and the pressure on policymakers in Beijing to deliver more stimulus to shore up activity will surely increase. Chinese GDP grew 0.8% in April-June from the previous quarter, beating the consensus forecast of 0.5%. JPMorgan, Morgan Stanley and Citigroup trimmed China's growth forecast for 2023 to as low as 5%, with Morgan Stanley also trimming its 2024 GDP forecast by 40 basis point to 4.5%.

Persons: Jamie McGeever, China's, Morgan Stanley, Janet Yellen, Josie Kao Organizations: HK, Nasdaq, JPMorgan, Citigroup, Treasury, Reserve Bank of Australia, Thomson, Reuters Locations: China, Asia, Japan, U.S, Beijing, Real, India

Adolph sued Uber in 2019, claiming the company misclassified UberEats drivers as independent contractors rather than employees, who must be reimbursed for work expenses under California law. A unique California law called the Private Attorney General Act, or PAGA, allows workers to sue for employment law violations on behalf of the state and keep one-quarter of any money they win. The California Supreme Court said nothing in that law bars workers from pursuing claims on their own behalf in arbitration while separately litigating large-scale claims in court. Michael Rubin, who represents Adolph, said the ruling could spur companies to reconsider forcing workers' claims into arbitration if large-scale PAGA lawsuits can still proceed in court. Business groups maintain that arbitration is quicker and more efficient than court, allowing workers to recoup more money.

Persons: Erik Adolph, Adolph, Uber, Theane, Michael Rubin, Rubin, Daniel Wiessner, Alison Frankel, Alexia Garamfalvi, Josie Kao Organizations: Technologies, California Supreme, Private, Supreme, Viking, Business, Trade, U.S . Chamber of Commerce, Thomson Locations: California, U.S, Albany , New York, New York

REUTERS/Chen Lin/File PhotoJuly 17 (Reuters) - Chinese e-retailer Temu has filed a new lawsuit accusing rival Shein of violating U.S. antitrust law in its dealings with clothing manufacturers, escalating a legal clash for dominance in the fast-fashion market. Temu, represented by prominent U.S. law firm Boies Schiller Flexner, filed the new case on Friday in Boston federal court. The two companies are already embroiled in litigation in Chicago federal court, where Shein has alleged Temu worked with influencers to disparage Shein on social media. Temu's complaint alleged Shein "forces manufacturers to sign loyalty oaths certifying that they will not do business with Temu." A spokesperson for Shein on Monday said Temu's lawsuit was "without merit and we will vigorously defend ourselves."

Persons: Chen Lin, Temu, Shein, Boies Schiller Flexner, influencers, YipitData, Temu's Boies Schiller, Denise Casper, Philip Korologos, James Denvir, Boies Schiller, Mike Scarcella, Josie Kao Organizations: REUTERS, Temu, Shein, District of, Thomson Locations: Singapore, Boston, Chicago, U.S, United States, Los Angeles, China, Europe, Asia, District of Massachusetts

☆ Microsoft, UK ask for two-month pause of appeal over Activision deal
▼ + stars: | 2023-07-17 | by ( Sam Tobin | ) www.reuters.com time to read: +2 min

Britain's competition regulator, the Competition and Markets Authority (CMA), in April became the first major regulator to block the acquisition of the "Call of Duty" maker, citing concerns about the impact on competition in cloud gaming. The U.S. Federal Trade Commission (FTC) has also opposed the tie-up, but suffered a major defeat last week when a federal court rejected the FTC's application to temporarily halt the deal. Companies cannot offer remedies after its publication and their only recourse is to the Competition Appeal Tribunal (CAT). But last week, less than an hour after a U.S. federal court ruled the deal could go ahead, the CMA said it could look again at a modified proposal. The judge also asked whether the FTC's initial defeat in the U.S. had been taken into consideration by the CMA.

Persons: Marcus Smith, Sam Tobin, Josie Kao Organizations: Microsoft, Monday, Activision Blizzard, Markets Authority, U.S . Federal Trade Commission, CMA, CAT, Thomson Locations: London, Britain, U.S

☆ Swiss police evacuate villages due to wildfire
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +1 min

GENEVA, July 17 (Reuters) - Swiss police ordered the evacuation of several mountain villages late on Monday as a forest fire spread, while it was not immediately clear how many people were affected. It later added that three other villages were to be evacuated and warned of rockfalls. Air Zermatt, which operates four of the helicopters, said efforts to extinguish the fire would continue through the night. Valais police posted pictures showing a helicopter dangling a water cannon above a forest fire in the afternoon. loadingThe area is affected by the same Mediterranean heatwave affecting southern Europe, with temperatures set to exceed 30 Celsius in parts of the Valais canton this week, forecasts show.

Persons: Emma Farge, Gabrielle Tetrault, Farber, Josie Kao Organizations: Swiss, Twitter, rockfalls, Air Zermatt, Thomson Locations: GENEVA, Valais, Ried, Morel, Brig, Air, Europe

☆ Lebanon's central bank to phase out Sayrafa exchange platform
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

Beirut, July 17 (Reuters) - Lebanon’s central bank will decommission the controversial exchange platform known as Sayrafa after governor Riad Salameh’s 30-year tenure ends this month, one of the institution’s vice governors told Reuters on Monday. "It's about the way Sayrafa will be phased out," he said. The exchange platform was set up in May 2021, 18 months into Lebanon's economic meltdown. Chahine said the platform would be replaced by an "exchange rate determination electronic platform" set up through international providers. The World Bank described it as one of the "weak, and often counterproductive, policies implemented by the Lebanese authorities since the outbreak of the crisis."

Persons: Riad Salameh’s, Salim Chahine, Sayrafa, Chahine, Maya Gebeily, Josie Kao Organizations: Reuters, International Monetary Fund, Bloomberg, World Bank, Thomson Locations: Beirut, Sayrafa's

☆ US Senate leader Schumer to add China sanctions to defense bill over fentanyl
▼ + stars: | 2023-07-16 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, July 16 (Reuters) - U.S. Senate Majority Leader Chuck Schumer said on Sunday that he will push to include in upcoming defense policy legislation a bipartisan amendment to sanction China over its alleged role in the production of the synthetic opioid fentanyl. Reporting by David Morgan; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Chuck Schumer, David Morgan, Josie Kao Organizations: U.S, Thomson Locations: China

☆ US weather: flash floods in the northeast, heatwave intensifies
▼ + stars: | 2023-07-16 | by ( Brad Brooks | ) www.reuters.com time to read: +4 min

The NWS said the northeast could experience impassable roadways, tornadoes and even mudslides in some areas of higher terrain. Flooding inundated the northeast in recent days, with Vermont in particular reporting catastrophic flooding in its capital Montpelier, which is under a flash flood warning again on Sunday. HEAT WARNINGS FOR A QUARTER OF AMERICANS[1/10]A man takes picture of a digital sign displaying the high temperature, in Death Valley, California, U.S. July 15, 2023. REUTERS/Jorge GarciaThe heat warnings spread from the Pacific northwest, down through California, through the Southwest and into the Deep South and Florida. The NWS said widespread record-breaking high temperatures are likely to be recorded across the Southwest, in the western Gulf Coast and also in south Florida.

Persons: Kathy Hochul, Jorge Garcia, Brad Brooks, Josie Kao Organizations: National Weather Service, NWS, Sunday, REUTERS, U.S . Census, Thomson Locations: England, New England, New York, Boston, Philadelphia, Upper Makefield Township, Pennsylvania, Vermont, Montpelier, Mississippi, Texas, Arkansas, Louisiana, Gulf, Death Valley , California, U.S, California, Florida, Arizona, Nevada, Gulf Coast, Pacific, Lubbock , Texas

☆ Hmong cuisine and culture are having a moment in the US. We spoke with the restaurateurs and farmers driving innovation.
▼ + stars: | 2023-07-16 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +11 min

It marks a renaissance of sorts for the Hmong community, which has historically been insular. He also recently appeared on "Iron Chef" and was the first to serve Hmong food at the Minnesota State Fair. Though for decades, Xiong said Hmong businesses struggled to market outside the Hmong community. La Vang-Herr also opened her Hmong business in an area with few Hmong residents. Sean LeschMortchee's, a Hmong eatery in a former Wausau, Wisconsin, ice-cream stand, has also been a lifeline for the local Hmong community since opening earlier this year.

Persons: Yia Vang, Vang, James Beard, Kao Kalia Yang, Sunisa Lee, Lee Pao Xiong, Paul, Xiong, Peng Her, They're, We've, Diane Moua, Moua, Gemma Weston, Mai Vang, Pom, La, Herr, Sean Lesch Mortchee's, Sa Sor Lee, there's, Lee, Toua Xiong, we've, Pheng, we're Organizations: Service, Union Hmong, Minnesota, Fair, Google, Center, Hmong Studies, Concordia University, St, Pew Research Center, Hmong Institute, Twin Cities, Twin, American Farmers Association Locations: Wall, Silicon, Vang, Minneapolis, Oakland , California, Vietnam, Madison , Wisconsin, Minnesota, Twin, Siskiyou County, California, New York, Montague, Oregon, Portland , Oregon, Wausau , Wisconsin, Twin Cities, St

☆ US heatwave: high temperatures forecast, northeast braces for rain
▼ + stars: | 2023-07-16 | by ( Brad Brooks | ) www.reuters.com time to read: +3 min

[1/6] Agricultural worker Ernesto Hernandez takes a water break while enduring high temperatures in a tomato field, as a heat wave affects the region near Winters, California, U.S. July 13, 2023. The heat warnings spread from the Pacific northwest, down through California, through the Southwest and into the Deep South and Florida. Temperatures of over 115 Fahrenheit (46 Celsius) are forecast for areas of southern California's high desert, along with Arizona and Nevada. The NWS said widespread record-breaking high temperatures are likely to be recorded across the Southwest, in the western Gulf Coast and also in south Florida. "The combination of sizzling temperatures and oppressively high dew points will result in sultry heat throughout theSouth into the upcoming week," the NWS wrote.

Persons: Ernesto Hernandez, Loren Elliott, Brad Brooks, Josie Kao Organizations: REUTERS, National Weather Service, NWS, U.S . Census, Weather Service, Thomson Locations: Winters , California, U.S, New England, California, Florida, Arizona, Nevada, Gulf Coast, Pacific, New York, Boston, Philadelphia, Upper Makefield Township, Pennsylvania, Vermont, Montpelier, Mississippi, Texas, Arkansas, Louisiana, Gulf, Lubbock , Texas

☆ US Senate leader Schumer wants to sanction China over fentanyl
▼ + stars: | 2023-07-16 | by ( David Morgan | ) www.reuters.com time to read: +2 min

WASHINGTON, July 16 (Reuters) - U.S. Senate Majority Leader Chuck Schumer will push to include in upcoming defense policy legislation a bipartisan amendment to sanction China over its alleged role in producing the synthetic opioid fentanyl, he said on Sunday. Schumer blamed China for much of the fentanyl that U.S. authorities say is responsible for the overdose deaths of tens of thousands of Americans. He said the drug comes from production sites in China "with the total acceptance and acquiescence of the Chinese government." "This will really get tough with them and we will make them clamp down on the fentanyl coming to the United States," Schumer said. The Democratic-led Senate is due to begin debating the fiscal 2024 National Defense Authorization Act, or NDAA, on Tuesday.

Persons: Chuck Schumer, Schumer, Washington, Sherrod Brown, Tim Scott, Joe Biden, David Morgan, Josie Kao Organizations: U.S, Washington , D.C, Democratic, Republican, Pentagon, Thomson Locations: China, New York, Washington ,, Beijing, United States

The San Francisco federal court had ruled in favor of Microsoft on Tuesday, saying the FTC had failed to show the deal would be illegal under antitrust law. "The FTC asks this Court to enjoin the merger at issue pending resolution of the FTC’s appeal to the Ninth Circuit Court of Appeals. The FTC had said it was seeking a preliminary injunction to temporarily stop the deal until an internal FTC judge could assess it. It is rare for a merger fight to go to an appeals court. The agency settled with the companies before the appeals court made a decision.

Persons: We're, Brad Smith, Jacqueline Scott Corley, Corley, Diane Bartz, David Shepardson, Kanishka Singh, Tim Ahmann, Josie Kao, Jamie Freed Organizations: U.S . Federal Trade Commission, Microsoft, Activision, San, FTC, Ninth Circuit, Appeals, Nintendo, Britain's, Markets Authority, Foods, Oats, Thomson Locations: San Francisco, Britain, California

☆ Iraq-Iran gas-for-oil barter would likely violate US sanctions
▼ + stars: | 2023-07-14 | by ( Arshad Mohammed | ) www.reuters.com time to read: +3 min

However, three former U.S. officials said a barter would likely run afoul of U.S. sanctions. There has been speculation the waiver might be amended to allow barter, an issue the official declined to address. We have no comment at this time regarding reports of a barter arrangement between Iraq and Iran," the official said. Former U.S. officials said the Treasury Department, which oversees most U.S. sanctions against Iran, defines the term "transaction" so broadly that it would cover a barter exchange. "As far as a strictly legal question, it absolutely does violate U.S. sanctions," he added.

Persons: Mohammed Shia, Sudani, Richard Goldberg, Goldberg, Antony Blinken, that's, Arshad Mohammed, Josie Kao Organizations: Iraqi, Foundation for Defense, Democracies, Trump, State Department, Iran, U.S, Treasury Department, Treasury, Thomson Locations: Tehran, U.S, Iraq, Iran, Baghdad, Iraqi, Washington

☆ Exclusive: MoonLake Immunotherapeutics explores sale-sources
▼ + stars: | 2023-07-14 | by ( David Carnevali | ) www.reuters.com time to read: +2 min

July 14 (Reuters) - MoonLake Immunotherapeutics (MLTX.O), a developer of an antibody-derived treatment for inflammatory skin conditions, is exploring a sale, according to people familiar with the matter. Immunology-focused companies have been coveted acquisition targets, as highlighted by recent deals such as Merck & Co's (MRK.N) $10.8 billion acquisition of Prometheus BioSciences Inc and Eli Lilly's (LLY.N) $2.4 billion purchase of Dice Therapeutics (DICE.O). MoonLake is testing Sonelokimab for the treatment of other inflammatory conditions, including psoriatic arthritis and psoriasis. If successful, MoonLake would encroach on a market dominated by bigger peers such as Novartis AG (NOVN.S) and AbbVie Inc (ABBV.N). In 2022, MoonLake went public through a merger with a special purpose acquisition company, which helped it raise more than $200 million in cash.

Persons: drugmakers, Eli Lilly's, MoonLake, hidradenitis suppurativa, hidradenitis, Merck KGaA, David Carnevali, Josie Kao Organizations: Nasdaq, Merck, Co's, Prometheus BioSciences, Dice Therapeutics, Novartis AG, AbbVie Inc, Citigroup, Thomson Locations: Zug, Switzerland, New York

[1/2] Elon Musk's Twitter profile is seen on a smartphone placed on printed Twitter logos in this picture illustration taken April 28, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoJuly 14 (Reuters) - Elon Musk on Friday said the purpose of his new artificial intelligence company, xAI, will be to "understand the universe." During the Spaces session, which had a delayed start as Twitter needed to "tweak the algorithm" to promote the chat to more users, Musk said xAI would work closely with his other companies, Twitter and Tesla (TSLA.O). The company will use public tweets to train its AI models and may also work with Tesla on AI software. He also accused all AI companies of training their models using Twitter data in what he characterized as an illegal manner.

Persons: Dado Ruvic, Elon Musk, Musk, xAI, AGI, Tesla, Sheila Dang, Krystal Hu, Jonathan Oatis, Josie Kao, Diane Craft Organizations: Elon, Twitter, REUTERS, Google, Microsoft, White, Thomson Locations: xAI, China, Dallas, New York

WASHINGTON, July 14 (Reuters) - Microsoft (MSFT.O) urged an appeals court in sometimes scathing language on Friday to reject the U.S. Federal Trade Commission's (FTC) request to pause its $69 billion deal to buy Activision (ATVI.O). The agency asked the 9th Circuit Court of Appeals late on Thursday to require the companies to delay consummating the transaction while the court considered the FTC's broader appeal. Microsoft said on Friday the agency had been slow to file in federal court, and thus it was inappropriate to press for a delay so late in the game. "The district court’s consideration of the FTC's primary claim at trial shows that the court did not misapply the law," Microsoft said. Legal experts have said the agency faced an uphill fight in convincing the appeals court to overturn Corley's ruling.

Persons: Jacqueline Scott Corley, Corley's, Biden, Diane Bartz, David Shepardson, Josie Kao Organizations: Microsoft, U.S . Federal Trade Commission's, Activision, FTC, Sony, PlayStation, Markets Authority, Big Tech, Thomson Locations: San Francisco, Britain

A U.S. judge said on Thursday that Ripple Labs Inc did not violate securities law by selling its XRP token on public exchanges. Although the decision was specific to the individual case, it unleashed a wave of optimism among crypto investors that more cryptocurrencies may also not be deemed securities. Still, the enthusiasm for some was tempered by a report from the Wall Street Journal that Binance, the world's largest cryptocurrency exchange, has laid off more than 1,000 people in recent weeks. "The regulatory environment is changing," said Matthew Dibb, chief investment officer at crypto asset manager Astronaut Capital. Still, crypto investors have taken encouragement from the world's biggest asset manager, BlackRock (BLK.N), filing to launch a bitcoin exchange traded fund last month.

Persons: XRP, Coinbase, Bitcoin, Matthew Dibb, Justin d'Anethan, Binance.US, bode, Sam Bankman, Alex Mashinsky, Patrick Hillmann, Hillmann, We'd, Chris Weston, it's, Vidya Ranganathan, Simon Cameron, Moore, Alex Richardson, Josie Kao Organizations: Labs, U.S . Securities, Exchange Commission, Wall Street, Capital, SEC, U.S, Wall, Twitter, BlackRock, Fidelity, Thomson Locations: SINGAPORE, WASHINGTON, U.S, California , New Jersey, South Carolina, Wisconsin, Asia, Keyrock, Hong Kong, XRP, reining, China, Binance, Melbourne, Singapore

☆ Chevron opted to buy vs build US LNG processing - gas executive
▼ + stars: | 2023-07-14 | by ( Curtis Williams | ) www.reuters.com time to read: +2 min

July 14 (Reuters) - Chevron Corp (CVX.N) is comfortable with buying U.S. liquefied natural gas (LNG) on long-term contracts rather than constructing its own U.S. domestic export facility, said Freeman Shaheen, the company's head of global gas. The second largest U.S. oil and gas producer in June 2022 signed agreements with LNG developers Cheniere Energy (LNG.A) and Venture Global LNG for a combined 4 million tonnes per annum (MTPA) of the super-chilled natural gases. The Cheniere and Venture Global LNG deals will provide an outlet for natural gas flowing from its Permian Basin shale holdings in West Texas and New Mexico. It opted not to build an export terminal in the U.S., where several major plants are already under construction. Top LNG traders Shell (SHEL.L) and BP (BP.L) separately filed for arbitration against Venture Global LNG for failing to supply contracted cargoes, even as it sold to non-contract customers as prices soared last year.

Persons: Freeman Shaheen, Shaheen, Curtis Williams, Josie Kao Organizations: Chevron Corp, Cheniere Energy, Venture Global LNG, Chevron, Venture Global, Reuters, Top, Shell, BP, Thomson Locations: U.S, Angola, Australia, Israel, West Texas, New Mexico, Argentina, West Africa, Calcasieu, Houston

☆ UN raises concerns over Syria aid route from Turkey, cites 'unacceptable issues'
▼ + stars: | 2023-07-14 | by ( Michelle Nichols | ) www.reuters.com time to read: +4 min

The United Nations has not used the Bab al-Hawa crossing since the Security Council authorization expired on Monday. "The United Nations and its implementing partners must continue to engage with relevant state and non-state parties as operationally necessary." "The United Nations will need to engage to clarify any additional modalities for the delivery of humanitarian aid in north-west Syria," OCHA wrote. "Any such modalities must not infringe on the impartiality (based on needs alone), neutrality, and independence of the United Nations' humanitarian operations," it said. "We had pre-positioned a lot of material in the area (northwest Syria) before the deadline.

Persons: Bab, OCHA, Cross, Bashar al, U.N, Stephane Dujarric, Assad, Michelle Nichols, Josie Kao, Diane Craft Organizations: UNITED NATIONS, United, Security, Security Council, Reuters, Humanitarian Affairs, United Nations, Syria Government, International Committee, ICRC, Syrian Government, Thomson Locations: United Nations, Syria, Turkey, United, Syrian, Damascus, Russia, Moscow, Washington

LONDON, July 14 (Reuters) - An accelerating dollar slide could be a U.S. gift to its allies by helping them catch up with its impressive disinflation. A dollar slide of this size and speed has typically elicited yelps of pain from U.S. trading partners. Euro zone headline inflation - which peaked about one percentage point above and three months later than the U.S. equivalent last year - was still 2.5 points above it last month. The ECB will likely stay shy of peak Fed rates, but an expected move to 4.0% policy rates by year-end will involve two quarter point hikes after the Fed has stopped. A time-limited dollar drop now may be more benign than a simple reversion to a new 'currency war'.

Persons: Goldman Sachs, Mike Dolan, Josie Kao Organizations: Reserve, Monetary, Sterling, Bank of England, European Central Bank, ECB, Fed, Transatlantic, Reuters, Twitter, Thomson Locations: U.S, Europe, Britain, Swiss

"Everyone is expecting a rate cut," Finance Minister Fernando Haddad noted in an interview with RedeTV journalist Kennedy Alencar. Planning Minister Simone Tebet was even more emphatic, saying at an event in Rio de Janeiro that the central bank must start its easing cycle with a 50-basis-point cut. She said high interest rate levels were hurting the retail sector. However, they still diverge on the size of the cut, with 55% of those polled betting on a 25 basis point move while 32% expect a 50 basis point cut. On Thursday, Lula himself renewed calls on the central bank to cut interest rates.

Persons: Luiz Inacio Lula da Silva's, Fernando Haddad, Kennedy Alencar, Haddad, Simone Tebet, Lula, Gabriel Galipolo, Ailton Aquino, Lula's, Bernardo Caram, Rodrigo Viga Gaier, Gabriel Araujo, Steven Grattan, Josie Kao, Frances Kerry Organizations: RIO DE, Finance, Reuters Graphics Reuters, Thomson Locations: BRASILIA, RIO, RIO DE JANEIRO, Rio de Janeiro, Brazil, Brasilia

Unlike the U.S., where home buyers can snag a 30-year mortgage, Canadian borrowers must renew their mortgages every five years at the prevailing interest rates. MORTGAGE DELINQUENCIES LOWLatest data released during the quarterly earnings showed mortgage delinquencies for all banks were low. Of the big six banks in Canada, Bank of Nova Scotia (BNS.TO) and National Bank of Canada (NA.TO) do not offer mortgage extensions, meaning the payment owed by the consumer goes up for each hike the BoC announces. Bank of Montreal (BMO.TO), CIBC (CM.TO) and TD Bank (TD.TO) each allow for negative amortization as rates rise. So it is working counter to what the Bank of Canada is trying to accomplish," Briggs added.

Persons: Greg Taylor, Desjardins, Mike Rizvanovic, Rizvanovic, Darcy Briggs, Briggs, Nivedita Balu, Josie Kao, David Gregorio Our Organizations: TORONTO, Bank, Purpose Investments, Bank of Nova, National Bank of Canada, BoC, RBC, Scotiabank, National Bank, Bank of Montreal, CIBC, TD Bank, Desjardins . Royal Bank of Canada, BMO, Franklin Templeton, Bank of Canada, Thomson Locations: U.S, Canada, Bank of Nova Scotia, Franklin Templeton Canada, Toronto

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