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☆ Stocks waver, short-end U.S. yields rise after hawkish Fed statement
▼ + stars: | 2023-09-20 | by ( Herbert Lash | ) www.reuters.com time to read: +5 min

"They're talking about higher rates for longer, but it's really the economy that matters. MSCI's U.S.-centric gauge of stocks across the globe (.MIWD00000PUS) fell 0.25% as stocks on Wall Street mostly slid. "Right now the message is we're going to leave rates higher for longer to make sure we slay the inflation dragon. Sterling came under pressure after data showed Britain's high inflation rate fell unexpectedly in August, prompting speculation that the Bank of England could pause its historic run of interest rate hikes as soon as Thursday. The dollar index rose 0.076%, with the euro down 0.02% to $1.0675.

Persons: Brendan McDermid, Jerome Powell, Powell, Gennadiy Goldberg, it's, Anthony Saglimbene, Sterling, Brent, Herbert Lash, Dhara Ranasinghe, Samuel Indyk, Tom Westbrook, Toby Chopra, Chizu Nomiyama, Sharon Singleton, Aurora Ellis Organizations: New York Stock Exchange, REUTERS, Global, Federal Reserve, Market, Fed, TD Securities, Dow Jones, Nasdaq, Japan's Nikkei, Bank of England, Bank of, U.S, West Texas, Thomson Locations: New York City, U.S, New York, MSCI's U.S, Troy , Michigan, Europe, Asia, Pacific, Japan, Sweden, Switzerland, Norway, Britain, London, Singapore

☆ Dollar higher as Fed skips rate hike but stiffens hawkish stance
▼ + stars: | 2023-09-20 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +4 min

As they did in June, Fed policymakers at the median still see the central bank's benchmark overnight interest rate peaking this year in the 5.50%-5.75% range, just a quarter of a percentage point above the current range. But from there, the Fed's updated quarterly projections show rates falling only half a percentage point in 2024 compared with the full percentage point of cuts anticipated at the meeting in June. Interest rate sensitive two-year Treasury yields hit 17-year highs on Wednesday after the Fed decision. "It looks as though the Fed is trying to send as hawkish a signal as it possibly can," said Gennadiny Goldberg, interest rate strategist at TD Securities. The yen was down 0.13% versus the greenback at 148.05 per dollar after the Fed decision.

Persons: Dado Ruvic, Karl Schamotta, Schamotta, Jerome Powell, Gennadiny Goldberg, Dominic Bunning, BoE, Masato Kanda, Janet Yellen, bitcoin, Saqib Iqbal Ahmed, Herbert, Joice Alves, Brigid Riley, Marguerita Choy, Jonathan Oatis Organizations: REUTERS, U.S, Federal Reserve, TD Securities, Bank of England, Reuters, FX Research, HSBC, Washington, Treasury, Thomson Locations: Toronto, Japan, U.S, New York, London, Tokyo

The benchmark 10-year Treasury yield hit 4.399% overnight in Asia, its highest rate since early November 2007, and the two-year yield rose further above 5%. MSCI's gauge of stocks across the globe (.MIWD00000PUS) shed 0.27%, while the pan-European STOXX 600 index (.STOXX) lost 1.05%, hit by lowered growth outlooks. CENTRAL BANKSGlobal central banks take stage, with five of those overseeing the 10 most-heavily traded currencies holding rate-setting meetings this week. A swathe of emerging market central banks including Turkey and South Africa will also meet. The Swedish crown sank to a record low against the euro on Monday, days before the Riksbank is expected to raise interest rates again.

Persons: Brendan McDermid, BOE, Brent, Marc Chandler, Chandler, Saira Malik, France's, Stocks, Xi, Kazuo Ueda, Herbert Lash, Nell Mackenzie, Dhara, Stella Qiu, Philippa Fletcher, Alexander Smith, Christina Fincher Organizations: New York Stock Exchange, REUTERS, Treasury, Global, Federal, United Auto Workers, Detroit Three, Bannockburn Global, U.S, Societe Generale, Dow Jones, Nasdaq, China Evergrande, HK, CENTRAL, Bank of England, Bank of Japan, European Central Bank, Thomson Locations: New York City, U.S, China, Bannockburn, New York, Asia, Turkey, South Africa, Swedish, London, Sydney

☆ Dollar gains, crosses key 145 yen level
▼ + stars: | 2023-08-11 | by ( Herbert Lash | ) www.reuters.com time to read: +4 min

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. In the 12 months through July, the PPI rose 0.8% after a 0.2% gain the prior month. Prior to the inflation data, that chance was already above 85%. The stronger dollar led the yen to briefly touch 145.03 in late afternoon trade, its highest since June 30. Japan intervened in currency markets last September when the dollar rose past 145 yen, which prompted the Finance Ministry to buy the yen and push the pair back to around 140 yen.

Persons: Florence Lo, Thierry Wizman, Wizman, Everyone's, Marvin Loh, Loh, Moh Siong Sim, Herbert Lash, Alun John, Ankur Banerjee, Kirsten Donovan, William Maclean, Jonathan Oatis Organizations: U.S, REUTERS, Federal, PPI, Labor Department, Treasury, Singapore, Finance Ministry, Swiss, Thomson Locations: Macquarie, New York, Boston, Japan, London, Singapore

☆ US investors flag retaliation risks after Biden's China tech curbs
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +4 min

But several portfolio managers said the bigger worry was whether China would strike back, as it has in the past. "It is naïve to think that there won't be some type of retaliation from China," said Tom Plumb, CEO of mutual fund Plumb Funds. China could restrict exports of rare earths used in consumer electronics, electric vehicles, and other components, or target other U.S. technology companies, Plumb said. SELF-SUFFICIENCYChina hawks in Washington say American investors have transferred capital and valuable know-how to Chinese technology companies that could help advance Beijing's military capabilities. Phillip Wool, a co-portfolio manager of Rayliant Quantamental China Equity ETF, said U.S.-China tensions were causing investors to miss out on China growth.

Persons: Florence Lo, Joe Biden's, Biden, Rick Meckler, Tom Plumb, Plumb, Michael Ashley Schulman, Phillip Wool, Shashwat Chauhan, Amruta, Chibuike Oguh, Laura Matthews, Herbert Lash, Davide Barbuscia, Michelle Price, Grant McCool Organizations: REUTERS, Cherry Lane Investments, China Exchange, Wall, Micron Technology, U.S, Funds, Reuters, Running, Capital Advisors, China Equity, Thomson Locations: China, U.S, Beijing, New Jersey, Washington, Rayliant

☆ Shares, dollar gains after moderate US CPI data
▼ + stars: | 2023-08-10 | by ( Herbert Lash | ) www.reuters.com time to read: +5 min

The consumer price index (CPI) gained 0.2% last month, the Labor Department said, lifting the annualized rate to 3.2% from 3% in June. The pace of core CPI, which strips out volatile food and energy prices, slowed to 4.7% in July from 4.8% the prior month. But investors remained cautious as another CPI report and jobs data await Fed policymakers before their next meeting in September. MSCI's gauge of stock performance across the globe (.MIWD00000PUS) gained 0.38%, while the pan-European STOXX 600 index (.STOXX) rose 0.79%. Gold prices ticked up after the U.S. inflation data on speculation the Fed is at the end of its rate hike cycle.

Persons: Brendan McDermid, Russell Price, Price, Brad Bechtel, Brad Conger, Callaghan, Brent, Herbert Lash, Samuel Indyk, Ankur Banerjee, Edwina Gibbs, Sam Holmes, Susan Fenton, Alexandra Hudson, Richard Chang Organizations: New York Stock Exchange, REUTERS, Global, Labor Department, Reuters, Fed, Ameriprise, FX, Jefferies, Co, Dow Jones, Nasdaq, Treasury, U.S, Thomson Locations: New York City, U.S, Troy , Michigan, Conshohocken , Pennsylvania, CHINA, China, Asia, Pacific, Japan, London

While an ISM survey offered a tough assessment of U.S. manufacturing conditions, so-called hard data suggest the sector is shuffling along. Federal Reserve data in June showed factory production rebounded in the second quarter, ending two straight quarterly declines. Meanwhile, U.S. construction spending increased solidly last month and May's data was revised higher, boosted by outlays in both single and multifamily housing projects, the Commerce Department said. China's Caixin/S&P Global manufacturing purchasing managers' index (PMI) missed analysts forecasts and showed the first decline in activity since April. Money markets now see a 60% probability that the Bank of England will hike rates by 25 basis points on Thursday.

Persons: Dado Ruvic, Steven Ricchiuto, Carlos Casanova, Kit Juckes, Sterling, Herbert Lash, Joice Alves, Ankur Banerjee, Alex Richardson, Hugh Lawson, Alexander Smith Organizations: REUTERS, Reuters, Federal, outlays, Commerce Department, Labor, Survey, Labor Department, Mizuho Securities USA, Reserve Bank of Australia, Bank of Japan, U.S, Natixis Investment, P Global, European Central Bank, ECB, Societe Generale, Bank of, Thomson Locations: Asia, Hong Kong, U.S, Bank of England, London, Singapore

☆ Dollar gains after Fed loan survey, yen slips
▼ + stars: | 2023-07-31 | by ( Herbert Lash | ) www.reuters.com time to read: +5 min

The dollar index , a measure of the greenback against six major currencies, rose 0.28% after trading little changed earlier in the session. The euro retreated from early gains after data showed economic growth in Europe nudged higher and inflation ticked lower. The dollar advanced 0.78% against the yen at 142.250 after a fresh intervention by the BoJ on Monday. The dollar posted its first monthly loss against the yen since March, and its second successive monthly loss against the euro and pound. The euro earlier rose after data showed euro zone inflation fell further in July, while the bloc returned to growth in the second quarter of 2023 with a greater-than-expected expansion.

Persons: Marc Chandler, Chandler, Jackson, Joe Manimbo, Sterling, BoE, Herbert Lash, Alun John, Rae Wee, Himani Sarkar, Kim Coghill, Christina Fincher, Mark Heinrich, Deepa Babington Organizations: YORK, Federal Reserve, Survey, Bannockburn Global, Index, Bank of Japan, China's State, Federal, Market, Central Bank, Rabobank, ECB, Bank of England's, Thomson Locations: Bannockburn, New York, U.S, Jackson Hole , Wyoming, Washington, Europe, Asia, China, London, Singapore

☆ Global shares slip, dollar soars vs yen on BoJ policy expectations
▼ + stars: | 2023-07-21 | by ( Herbert Lash | ) www.reuters.com time to read: +5 min

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. The yen weakened 1.19% to 141.77 per dollar, while the dollar index , a measure of the greenback against major trading currencies, rose 0.31%. "None of them are happening with massive severity, but the longer we go on with higher rates, more and more that's going to come through," he said. BOJ policymakers prefer to scrutinize more data to ensure wages and inflation keep rising before changing yield control policy, five sources familiar with the matter said. "Markets were building up expectations which now look unlikely to play out," said Guillaume Paillat, a multi-asset manager at Aviva Investors.

Persons: Brendan McDermid, BoJ, Dow, Garrett Melson, Mullarkey, Patrick Spencer, Guillaume Paillat, Brent, Herbert Lash, Naomi Rovnick, Stella Qiu, Conor Humphries, David Holmes, Marguerita Choy, Cynthia Osterman Organizations: New York Stock Exchange, REUTERS, Fed, ECB, Reuters, Bank of Japan, U.S . Federal Reserve, European Central Bank, Nasdaq, Investment, Microsoft Corp, Apple Inc, SLC Management, Baird, Microsoft, Apple, NYSE, Aviva Investors, Treasury, Thomson Locations: New York City, U.S, Boston, London, MSCI's U.S, Europe, China, Sydney

Gold prices slipped as the dollar rebounded to its highest level in more than a week as investors prepare for next week's big central bank policy meetings, including the BoJ, the U.S. Federal Reserve and the European Central Bank. The yen weakened 1.13% to 141.68 per dollar, while the dollar index , a measure of the greenback against major trading currencies, rose 0.36%. BoJ policymakers prefer to scrutinize more data to ensure wages and inflation keep rising before changing yield control policy, five sources familiar with the matter said. The report added there was no consensus within the central bank and the decision could still be a close call. As Japanese inflation has stayed above the BoJ's target, traders have bet on the central bank ditching its yield curve control program, a move likely to cause the yen to strengthen.

Persons: Brendan McDermid, BoJ, Garrett Melson, Patrick Spencer, Spencer, you've, Guillaume Paillat, Brent, Herbert Lash, Naomi Rovnick, Stella Qiu, Conor Humphries, David Holmes, Marguerita Choy Organizations: New York Stock Exchange, REUTERS, Fed, ECB, Reuters, Bank of Japan, U.S . Federal Reserve, European Central Bank, Investment, Nasdaq, Baird, Microsoft Corp, Apple Inc, NYSE, Aviva Investors, Treasury, Thomson Locations: New York City, U.S, Boston, Europe, China, London

☆ Global shares rise, dollar rebounds as Fed seen on target for rate hike
▼ + stars: | 2023-07-18 | by ( Herbert Lash | ) www.reuters.com time to read: +4 min

Retail sales increased 0.2% last month, the U.S. Commerce Department said, but core retail sales increased 0.6%, excluding automobiles, gasoline, building materials and food services. Headline data for May also was revised higher to show sales gaining 0.5% instead of 0.3% as previously reported. Asian stocks fell earlier in the session as markets caught up with growth data from Monday showing the post-pandemic bounce in China's economy was over. Besides the Fed, the European Central Bank and the Bank of Japan also hold policy meetings next week. Expectations that the Fed and the ECB will diverge on rate hikes have caused the dollar to weaken recently.

Persons: Brendan McDermid, Morgan Stanley, Jimmy Chang, Chang, J.P, Morgan, Fiona Cincotta, DAX, Brent, Herbert Lash, Elizabeth Howcroft, Selina Li, Chizu Nomiyama, Jonathan Oatis, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Bank, Federal, Bank of America, U.S . Commerce Department, Rockefeller, Dow Jones, Nasdaq, Deutsche Bank, Citigroup, Fed, European Central Bank, Bank of, ECB, U.S, West Texas, Thomson Locations: New York City, U.S, New York, Europe, China, Germany, Bank of Japan, London, Hong Kong

☆ Global shares rise, US shares mixed as Fed seen on target for rate hike
▼ + stars: | 2023-07-18 | by ( Herbert Lash | ) www.reuters.com time to read: +4 min

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 7, 2023. Headline data for May also was revised higher to show sales gaining 0.5% instead of 0.3% as previously reported. Deutsche Bank said it was lowering its forecast for China's economic growth this year, following similar moves on Monday by J.P. Morgan, Morgan Stanley and Citigroup. Besides the Fed, the European Central Bank and the Bank of Japan also hold policy meetings next week. Expectations that the Fed and the ECB will diverge on rate hikes have caused the dollar to weaken recently.

Persons: Brendan McDermid, Dow Industrials, Thomas Hayes, Dow, Morgan Stanley, J.P, Morgan, Fiona Cincotta, DAX, Brent, Elizabeth Howcroft, Selina Li, Chizu Nomiyama, Jonathan Oatis Organizations: New York Stock Exchange, REUTERS, Reserve, U.S . Commerce Department, Treasury, Dow, Nasdaq, Microsoft Corp, Amazon.com Inc, Apple Inc, Great, Great Hill Capital, Bank of America, Dow Jones, Deutsche Bank, Citigroup, Fed, European Central Bank, Bank of, ECB, Thomson Locations: New York City, U.S, Great Hill, New York, Europe, China, Germany, Bank of Japan, Hong Kong

☆ US stocks rise on earnings outlook, global shares dip on China data
▼ + stars: | 2023-07-17 | by ( Herbert Lash | ) www.reuters.com time to read: +5 min

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 12, 2023. The tech-heavy Nasdaq led U.S. stocks higher, supported by megacap growth stocks including Apple, Nvidia and Tesla, ahead of quarterly results from industry heavyweights later this week. Second-quarter earnings are expected to decline 8.1%, according to Refinitiv data, down further than the 5.7% decline expected at the start of the month. Data on U.S. retail sales are expected to show a rise of 0.3% ex-autos, continuing the slower trend but solid enough to fit into the market's soft-landing theme. Futures are pricing in an additional 32 basis points of tightening this year, with the benchmark rate expected to peak at 5.40% in November.

Persons: Brendan McDermid, Morgan Stanley, Goldman, it's, Anthony Saglimbene, James Ragan, Brent, Herbert Lash, Karen Brettell, Amanda Cooper, Wayne Cole, Lincoln, Christina Fincher, Barbara Lewis, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Wall, Nasdaq, Apple, Nvidia, Tesla, Tesla Inc, Bank of America Corp, Goldman Sachs Group Inc, Netflix Inc, Dow Jones, Fed, Treasury, Reuters Graphics Oil, Thomson Locations: New York City, U.S, China, Troy , Michigan, Davidson, Seattle, Europe, New York, London, Sydney

☆ Global shares dip after China data; US stocks gain
▼ + stars: | 2023-07-17 | by ( Herbert Lash | ) www.reuters.com time to read: +5 min

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 12, 2023. The tech-heavy Nasdaq led U.S. stocks higher, supported by megacap growth stocks including Apple and Tesla, ahead of quarterly results from industry heavyweights later this week. Stocks in Europe closed lower, with the pan-regional STOXX 600 index (.STOXX) down 0.63% while MSCI's gauge of stocks across the globe (.MIWD00000PUS), which is heavily weighted to U.S. megacap stocks, edged higher by 0.14%. Futures are pricing in an additional 32 basis points of tightening this year, with the benchmark rate expected to peak at 5.40% in November. U.S. crude fell $1.27 to settle at $74.15 per barrel and Brent settled down $1.37 at $78.50.

Persons: Brendan McDermid, Morgan Stanley, Goldman, it's, Anthony Saglimbene, James Ragan, Brent, Herbert Lash, Karen Brettell, Amanda Cooper, Wayne Cole, Lincoln, Christina Fincher, Barbara Lewis Organizations: New York Stock Exchange, REUTERS, YORK, Nasdaq, Apple, Tesla, Tesla Inc, Bank of America Corp, Goldman Sachs Group Inc, Netflix Inc, Dow Jones, Fed, Treasury, Reuters Graphics Sterling, Bank of England, CBA, Thomson Locations: New York City, U.S, China, Troy , Michigan, Davidson, Seattle, Europe, New York, London, Sydney

☆ Manhattan office market's tough outlook persists, leaving investors on sidelines
▼ + stars: | 2023-07-12 | by ( Herbert Lash | ) www.reuters.com time to read: +5 min

[1/2] The Empire State Building and Manhattan skyline are pictured from the Summit at One Vanderbilt observatory in Manhattan in New York City, U.S., April 14, 2023. "There's essentially almost no market for office buildings right now because people don't know where the bottom is," said Andrew Nelson, a real estate economist who runs Nelson Economics in Washington. Opportunistic investors who could clear the market of unneeded office space and help lift values are biding their time, sitting on the sidelines, Lim said. The increase in negative absorption comes despite the number of office jobs in Manhattan now exceeds pre-pandemic levels. And Savills Plc (SVS.L) said direct available office space in Manhattan now measures 70.4 million square feet, the highest in history.

Persons: Mike Segar, There's, Andrew Nelson, Andrew Lim, Lim, JLL, Nelson, Mark Berry, Kroll, Herbert Lash, Nick Zieminski Organizations: Empire, Vanderbilt, REUTERS, Reuters, Nelson Economics, Jones Lang LaSalle Inc, SOAR, Kroll Bond, Agency, Thomson Locations: Manhattan, New York City, U.S, Washington, New York

A jump in the number of people working part-time for economic reasons also suggested a weaker labor market, but the pace of job growth remains strong and with inflation still double the Fed's target rate, a rate hike this month is likely. "The Fed is being hawkish and that prevents the dollar from depreciating too much. After the jobs data, futures pointed to an 88.8% probability that the Fed hikes in three weeks. Adding a tailwind to the rally in the yen was some position-squaring among speculators, who have built up sizeable bearish positions, Hardman said. The Australian dollar rose 0.8% to $0.6681, but it is still battered by weak Chinese economic data and broad risk aversion.

Persons: Joe Manimbo, We're, Thierry Wizman, They've, Lee Hardman, Hardman, YEN, Herbert Lash, Amanda Cooper, Rae Wee, Sam Holmes, Mark Potter, Barbara Lewis, Marguerita Choy Organizations: Federal Reserves, Labor Department, Treasury, ECB, Strong U.S, Bank of Japan, Thomson Locations: U.S, Japan, New York, London, Singapore

☆ Dollar eases after strong labor market reports
▼ + stars: | 2023-07-06 | by ( Herbert Lash | ) www.reuters.com time to read: +4 min

NEW YORK, July 6 (Reuters) - The dollar eased after a brief rebound on Thursday as data showing the U.S. labor market remains strong increased chances the Federal Reserve will raise interest rates later this month. "Take it together with how equity markets have responded, that gives a clear picture of the dollar today. The dollar index , measuring the U.S. currency against six others including the euro and Japan's yen, fell 0.18% to 103.13. "The FX market is taking more of a 'one-dimensional approach' to trading the British disease," said Stephen Gallo, global FX strategist at BMO Capital Markets. The Chinese yuan last traded down slightly at 7.2575 per dollar in the offshore market , a day after falling about 0.4%.

Persons: payrolls, Brian Daingerfield, Lorie Logan, Brad Bechtel, Stephen Gallo, Gallo, Bitcoin, Herbert Lash, Samuel Indyk, Rae Wee, David Holmes, Mark Potter, Richard Chang Organizations: YORK, Reserve, Labor Department, Institute for Supply Management, NatWest Markets, Fed, Dallas, FX, Jefferies, of England, BMO Capital Markets, Thomson Locations: U.S, Stamford , Connecticut, London, Singapore

☆ FOREX Dollar gains after Fed minutes reinforce rate hike expectations
▼ + stars: | 2023-07-05 | by ( Herbert Lash | ) www.reuters.com time to read: +3 min

Fed funds futures showed expectations of a 25 basis point hike at the end of a two-day policy meeting on July 26 rose to 88.7%, according to CME Group's FedWatch Tool. The dollar index , which measures the U.S. currency against a basket of six others, including the euro and Japan's yen, rose 0.262% . The Fed will likely increase rates in July after the hawkish pause last month baring any surprises, said Jeffrey Roach, chief economist for LPL Financial. The dollar rose to around 144.48 yen, but was still below the 145 threshold that prompted intervention by Japanese authorities last autumn. The dollar-yen rate has broadly moved in sync with the U.S. 10-year Treasury yield , which rose to 3.9375% after the Fed minutes were released.

Persons: Dado Ruvic, baring, Jeffrey Roach, Roach, Joe Manimbo, Shusuke Yamada, Herbert Lash, Amanda Cooper, Kevin Buckland, Marguerita Choy, Mark Heinrich Our Organizations: REUTERS, U.S, Federal, LPL Financial, Labor Department, Treasury, Bank of America, Ministry, Finance, People's Bank of China, Thomson Locations: U.S, Washington, Tokyo, Beijing, London

☆ Dollar steady before Fed minutes; yen hovers below 145-mark
▼ + stars: | 2023-07-05 | by ( Herbert Lash | ) www.reuters.com time to read: +3 min

[1/2] FILE PHOTO-U.S. Dollar banknotes are seen in this illustration taken July 17, 2022. The Federal Open Market Committee is due to release the minutes from its most recent policy meeting at 1400 EDT (1800 GMT). "Of course, another barometer for what the Fed does will be the jobs report on Friday," he said. The dollar hovered around 144.165 yen, below the 145 threshold that prompted intervention by Japanese authorities last autumn. The Australian dollar fell 0.1% to $0.6683, on course to snap a four-day streak of gains.

Persons: Dado Ruvic, Joe Manimbo, Manimbo, Shusuke Yamada, Herbert Lash, Amanda Cooper, Kevin Buckland, Shri Navaratnam, Helen Popper, Mark Heinrich Our Organizations: REUTERS, U.S, Federal, Fed, Treasury, Independence, Bank of America, Ministry, Finance, People's Bank of China, Thomson Locations: Washington, U.S, Tokyo, Beijing, London

The Institute for Supply Management (ISM) said its manufacturing PMI dropped to 46.0 from 46.9 in May, the lowest reading since May 2020. "The ISM saw the dollar pare its earlier gains," he said. The yield on interest rate-sensitive two-year Treasuries fell on the news, before later heading higher, as did the dollar. The yen fell to near eight-month lows against the dollar as intervention came into sight after Finance Minister Shunichi Suzuki warned on Friday against investors selling the yen too far as it weakened past the threshold of 145 to the dollar. The Japanese yen weakened 0.17% versus the greenback to 144.59 per dollar.

Persons: Marc Chandler, pare, Treasuries, Shunichi Suzuki, Joice Alves, Ankur Banerjee, David Evans, Conor Humprhies, Christina Fincher Organizations: Institute for Supply Management, PMI, Bannockburn Global, Japan, Bank of Japan, European Central Bank, Thomson Locations: Bannockburn, New York, China, London, Singapore

SL Green Realty said it sold the building at 245 Park Avenue, which has 1.8 million-square-foot of office space, to a U.S. affiliate of Japanese real estate developer Mori Trust Co Ltd. Its sale represents a slight discount to the $2.21 billion that China's HNA Group paid to acquire the building in 2017 when New York City's commercial real estate market was at its peak. SL Green took control of 245 Park Avenue last year after lenders seized the building from HNA Group. Jesse Keenan, sustainable real estate professor at Tulane University, said the transaction is a speculative investment that suggests the deep downturn in the New York commercial real estate market may have bottomed out. SL Green Realty was the biggest gainer among listed REITs, leading its peers Vornado Realty Trust (VNO.N), Office Properties Income Trust (OPI.O), and Boston Properties Inc (BXP.N).

Persons: Kohn Pedersen Fox, Angelo Gordon, Jesse Keenan, Keenan, Vornado, Chibuike Oguh, Herbert Lash, Lisa Shumaker, Lance Tupper, Michelle Price Organizations: YORK, SL Green Realty Corp, Big, SL Green Realty, Mori Trust, Kohn Pedersen Fox Associates, Grand, Ares Management, Societe Generale, HNA, Green, HNA Group, Tulane University, New York, Green Realty, Vornado Realty, Income, Boston Properties Inc, Thomson Locations: New York City, U.S, Manhattan, New York

"While it appears to be a hot number on the actual number of people employed, the wage rate is not increasing as fast," said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh. The data brought relief to investors who mostly expect the Fed to pause hiking rates at its policy meeting on June 13-14. But some pointed to the much hotter-than-expected jobs data as a sign the Fed still has not yet tamed inflation. All 11 S&P 500 sectors advanced, with the materials index (.SPLRCM) leading, up 3.4%, and the consumer discretionary sector (.SPLRCD), housing Amazon, close behind, rising 2.2%. The S&P 500 posted 15 new 52-week highs and two new lows; the Nasdaq Composite recorded 74 new highs and 40 new lows.

Persons: Kim Forrest, Phil Orlando, Nobody’s, Michael Landsberg, Herbert Lash, Shreyashi Sanyal, Shristi, Shashwat Chauhan, Nivedita Bhattacharjee, Maju Samuel Organizations: Amazon, Nvidia, Reserve, Labor Department, Bokeh Capital Partners, Fed, Federal Reserve, Federated Hermes, Reuters Graphics Reuters, Dow Jones, Nasdaq, Dow, Verizon Communications Inc, T Inc, Mobile US Inc, Inc, U.S, Verizon, Mobile, Nvidia Corp, Landsberg Bennett, Wealth Management, NYSE, Thomson Locations: Washington, Pittsburgh, New York, Punta Gorda , Florida, Bengaluru

Focus now shifts to the Labor Department's closely watched unemployment report for May, due on Friday. The data will help determine whether the Fed sticks with its aggressive rate hikes. "The market became confident that, 'wow the Fed rate hike for June is pretty much not happening' and confidence is falling for raising rates for July," he said. C3.ai Inc (AI.N) slumped after the artificial intelligence company forecast an annual revenue outlook below analysts' estimates. Dollar General Corp (DG.N) plunged as retail companies cut their full-year sales forecasts as high inflation dimmed the U.S. consumer outlook.

Persons: Goldman Sachs, Edward Moya, I'm, Jimmy Chang, Chang, Jason Pride, We've, Herbert Lash, Shreyashi Sanyal, Shristi, Shounak Dasgupta, Maju Samuel, Deepa Babington Organizations: Labor, Dow Jones, Nasdaq, ADP, Labor Department, Unit, Futures, Reuters Graphics Reuters, Senate, Rockefeller Global, Nvidia Corp, Glenmede, Dow, Salesforce Inc, Goldman Sachs Group Inc, Meta, Inc, General Corp, Thomson Locations: New York, Philadelphia, Bengaluru

The Labor Department reported that U.S. job openings unexpectedly rose in April, pointing to persistent strength in a labor market that suggests pressure on both wages and inflation. Futures traders raised to 70% the probability of a 25 basis points hike at the Fed's June 13-14 policy meeting. FEDWATCHFed Governor and vice chair nominee Philip Jefferson said skipping a rate hike in two weeks would provide policymakers time to see more data before making a decision. The Labor Department's closely watched May unemployment report, due on Friday, could decide whether a rate hike occurs. Intel was the biggest gainer on the S&P 500 as the chipmaker said it was on track to hit the upper end of its second-quarter revenue forecast.

Persons: Brendan McDermid, Joe Biden, it's, Brad Conger, Callaghan, Conger, FEDWATCH, Philip Jefferson, Patrick Harker, Tim Ghriskey, we've, Nvidia Corp's, Herbert Lash, Shreyashi Sanyal, Shashwat Chauhan, Shounak Dasgupta, Maju Samuel, Richard Chang Organizations: New York Stock Exchange, REUTERS, Senate, Co, Labor Department, Philadelphia Fed, Inverness, Labor, Dow Jones, Nasdaq, Technology, Federal Deposit Insurance Corporation, Parts Inc, Genuine, O'Reily, Hewlett Packard Enterprise Co, Nvidia, Intel, Thomson Locations: New York City, U.S, Conshohocken , Pennsylvania, New York, Bengaluru

The S&P 500 (.SPX) index closed flat but remained near its highest level since August 2022, just above 4,200 points. The S&P 500 and the Nasdaq were still set for monthly gains in May. Over the weekend, U.S. President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy agreed to temporarily suspend the debt ceiling and cap some federal spending. But I firmly believe a debt ceiling agreement will be approved before the June 5 drop dead date." Only four of the S&P 500's 11 sectors were higher, while declining stocks outweighed advancing shares on both the S&P 500 and Nasdaq.

Persons: Joe Biden, Kevin McCarthy, McCarthy, Sam Stovall, Anthony Saglimbene, Thomas Hayes, FEDWATCH, Elon Musk, Shreyashi Sanyal, Shashwat Chauhan, Shounak Dasgupta, Maju Samuel, David Gregorio Our Organizations: Dow Jones, Nasdaq, Republican, Republicans, Nvidia Corp, Reuters Graphics Reuters, Digital, Federal, Semiconductor, Nvidia, Great, Capital, Labor, Thomson Locations: New York, Troy , Michigan, Philadelphia, China's, Beijing, Bengaluru

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