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"I stressed that companies must not provide material support to Russia's defense industrial sector and that they will face significant consequences if they do," Yellen told reporters at a news conference in San Francisco. "We are determined to do all that we can to stem this flow of material that aids Russia in conducting this brutal and illegal war," Yellen said, warning that any companies aiding Moscow's war effort could face sanctions. "We would like to see China crack down on this, especially when we're able to provide information," she said. Yellen stressed the Chinese firms in question were private and said she was not suggesting that this was occurring with knowledge of the Chinese government. Reporting by David Lawder and Ann Saphir, writing by Andrea Shalal and Alistair BellOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Lifeng, Carlos Barria, Yellen, David Lawder, Ann Saphir, Andrea Shalal, Alistair Bell Organizations: . Treasury, APEC, Economic Cooperation, REUTERS, FRANCISCO, Ukraine, Thomson Locations: U.S, Asia, San Francisco , California, China, Moscow, San Francisco, Russia

☆ U.S. Treasury yield curve will likely continue to steepen, analyst says
▼ + stars: | 2023-11-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. Treasury yield curve will likely continue to steepen, analyst saysGuy Stear, head of emerging markets and credit research Société Générale, weighs in on the outlook for bond markets.

Persons: Guy Stear, Société Organizations: U.S, Treasury

SAN FRANCISCO (AP) — World leaders, CEOs, protesters and thousands of others will soon descend on San Francisco for a global trade summit that could give the battered city a chance to reverse its image of an economic powerhouse now in decline. As host, San Francisco and the city's partners are polishing sidewalks, scrubbing away graffiti and moving homeless people to accommodations indoors. “It shows that San Francisco isn’t dead,” he said, adding he believes “there's an appetite for things to change” despite negative media narratives. This month, Air China resumed direct flights between San Francisco and Beijing after suspending flights just before the pandemic. —-Associated Press journalists Haven Daley in San Francisco and Huizhong Wu in Bangkok contributed to this report.

Persons: Joe Biden, Xi Jinping, London Breed, Breed, —, ”, Gavin Newsom, Newsom, Janet Yellen, Karl Kramer, LaunchSquad, Gilbert Manirakiza, Chotto Matte, Kurt Zdesar, San Francisco isn’t, “, Azalina Eusope, ” Eusope, Jennifer Friedenbach, San Francisco, Emily Cohen, Malcolm Yeung, Haven Daley, Huizhong Wu Organizations: FRANCISCO, Economic Cooperation, Francisco's, United Nations, London, Associated Press . California Gov, San Francisco, Fox, Treasury, San, APEC, San Francisco Living Wage Coalition, San Francisco Giants, dreamers, Coalition, Homelessness, city's Department of Homelessness, Air China, Chinatown Community Development Center, Associated Press Locations: San Francisco, Asia, United, Francisco, San, U.S, Israel, Kenya, Chinatown, Malaysian, Tenderloin District, Beijing, Tourism, China, Bangkok

New York is the $1.35 trillion fund's only office outside mainland China besides Hong Kong. CIC asked Bai Xiaoqing, who was in charge of some of its private equity investments from Beijing, to move to New York for the North America head role, the sources said, requesting anonymity because the move has not been publicly announced. U.S. authorities have been especially suspicious of investments originating from entities close to China's communist government, like CIC. CIC is also a significant investor in U.S. private equity funds, as so-called alternative assets comprise almost half of its portfolio. One of its most prominent investments has been a $2.5 billion Goldman Sachs Group Inc (GS.N) private equity fund aimed at investing in companies that can benefit from closer U.S.-China ties.

Persons: Bai Xiaoqing, Zhang Hong, Bai, Zhang, Peng Chun, Larry Fink, Milken, Echo Wang, Roxanne Liu, Kane Wu, Greg Roumeliotis, Edwina Gibbs Organizations: China Investment Corp, North America, CIC, Foreign Investment, American Enterprise Institute, Public, Goldman Sachs Group Inc, China -, China - U.S . Industrial Cooperation Fund, Britain, BlackRock Inc, BlackRock, China's Ministry of Finance, Industrial, Commercial Bank of China, U.S . Treasury, Thomson Locations: North, New York, China, Hong Kong, Washington, Beijing, United States, U.S, China - U.S, BlackRock

Spot gold dipped 1.1% to $1,936.09 per ounce by 2:38 p.m. ET (1938 GMT) and was down 2.8% in its worst week in six. Benchmark 10-year U.S. Treasury yield and the dollar index (.DXY) headed for weekly gains, making non-yielding gold less attractive for investors. Platinum shed 2% to $842.34, on track for its worst week since mid-2021. Reporting by Ashitha Shivaprasad and Anushree Mukherjee in Bengaluru; Editing by Tasim Zahid and Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Jerome Powell, Powell, Fawad, Bullion, Jim Wyckoff, Ashitha Shivaprasad, Anushree Mukherjee, Tasim Zahid, Shilpi Majumdar Organizations: Federal, Index, Reuters Graphics U.S, Federal Reserve, Treasury, Kitco Metals, Thomson Locations: East, India, Bengaluru

HONG KONG (AP) — Asian shares retreated Friday after rising bond market yields once again weighed on Wall Street, ending a lull in wider swings in prices during a brief respite from market moving data releases. A financial services business of China’s biggest bank, ICBC, said it was it by a ransomware attack that reportedly disrupted trading in the U.S. Treasury market. It was unclear how much of an impact the attack had on Treasury market trading. But it quickly sagged as Treasury yields rose following a report that suggested the U.S. job market remains remarkably solid. Topgolf Callaway Brands was another weight on the market and sank 16.9% despite beating analysts’ expectations for profit during the summer.

Persons: Jerome Powell, Australia’s, Taiwan’s Taiex, Stocks, sagged, Becton Dickinson, Brent Organizations: Investors, U.S . Federal, U.S . Treasury, Commercial Bank of China Financial Services, Treasury, Nikkei, Dow Jones, Nasdaq, Federal, Walt Disney Co, Wall, Topgolf Callaway Brands, New York Mercantile Exchange, U.S Locations: HONG KONG, Asia, Hong Kong, South Korea, Shanghai, China’s, U.S, York, Bangkok

SAN FRANCISCO, Nov 10 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Friday that she agreed with Chinese Vice Premier He Lifeng to "intensify communication" on economic issues but warned him to crack down on Chinese companies that give material support to Russia for its war in Ukraine. "During our discussions, we agreed that in-depth and frank discussions matter, particularly when we disagree," Yellen said. "And I emphasized that the current uncertain global landscape makes it particularly crucial that we maintain resilient lines of communication going forward." "We would like to see China crack down on this, especially when we're able to provide information," Yellen said. Discussing the Israel-Hamas war, Yellen spoke of the need "to prevent escalation and expansion of the conflict in the Middle East," the Treasury said in a statement.

Persons: Janet Yellen, Lifeng, Yellen, Joe Biden, Xi Jinping, Carlos Barria, Donald Trump's, Liao Min, Liao, Eric Beech, David Lawder, Ann Saphir, Andrea Shalal, David Ljunggren, Chizu Nomiyama, Andrea Ricci, Grant McCool, Christian Schmollinger, Simon Cameron, Moore Organizations: FRANCISCO, . Treasury, Economic Cooperation, Communist Party, Treasury, U.S, APEC, REUTERS, Industrial, Commercial Bank of, Finance, Ministry of Finance, Fund, Thomson Locations: Russia, Ukraine, San Francisco, Asia, China, RUSSIA, Israel, U.S, San Francisco , California, Commercial Bank of China, Washington, Beijing, United States

☆ Morning Bid: 'Not confident' Powell drags markets lower
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +3 min

Since the Fed left rates unchanged last week, markets had increasingly grown confident that the peak in U.S. rates was in sight. But up stepped Powell to squash any hopes of an impending rate cut. "[The Fed] is committed to achieving a stance of monetary policy that is sufficiently restrictive to bring inflation down to 2% over time," Powell said. That led stocks lower, with MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) skidding 1% to their lowest in a week. The rise in yields boosted the dollar, which is headed for its best week against the yen in three months.

Persons: Jerome Powell, Kevin Lamarque, Ankur Banerjee, Powell, Christine Lagarde, Walt Disney, policymaker Joachim Nagel, SNB's Thomas Moser, Edmund Klamann Organizations: Monetary Fund's, REUTERS, Ankur, European bourses, Treasury, Industrial, Commercial Bank of China's, U.S . Treasury, Reuters, Thomson Locations: Washington , U.S, Asia, Pacific, Japan, European, U.S, Commercial Bank of China's U.S, Norway, Sweden

She added that she plans to return to China next year after making her first trip there as treasury secretary in July. Biden and Xi will meet Wednesday on the sidelines of the Asia-Pacific Economic Cooperation summit in San Francisco, the first engagement in a year between the leaders of the world's two biggest economies. A Treasury Department readout of the meetings said both sides agreed to increase communications on economic issues and emphasized a commitment not to break economic ties. “Our mutual desire, both China and the United States, is to create a level playing field and ongoing, meaningful and mutually beneficial economic relations,” Yellen said. “That is our main focus.”Yellen has met with a host of Chinese officials throughout this year.

Persons: Janet Yellen, ”, Joe Biden, Xi Jinping, Yellen, Lifeng, “, Biden, Xi, ” Yellen, Liu, ___ Hussein Organizations: FRANCISCO, —, Treasury, Economic Cooperation Locations: China, Asia, San Francisco, United States, Zurich, Washington

ICBC's U.S. unit told market participants on Friday it was hoping to finish the cyber review over the weekend, but the sources said they expected it would spill into next week. The cyberattack sent ripples through the U.S. Treasuries market, where ICBC acts as a broker for hedge funds and other market participants, helping them trade in the securities. The Chinese parent then injected capital into the U.S. unit, allowing it to settle the trades and pay back BNY Mellon, the sources said. They also told market participants about the capital injection but did not disclose the amount or the reason for it, the sources said. SIFMA, the trade group, organized calls for market participants with updates, the sources said.

Persons: Tingshu Wang, BNY Mellon, ransomware, ICBC, SIFMA, Janet Yellen, Lifeng, Scott Skyrm, Jack McIntyre, Harry Robertson, James Pearson, Naomi Rovinick, Yoruk, Davide Barbuscia, Chris Prentice, Mike Derby, Carolina Mandl, Laura Matthews, Paritosh, Zeba, Megan Davies, Dhara Ranasinghe, Alexander Smith, Richard Chang, Anna Driver Organizations: Asset Management, Fair for Trade, Services, REUTERS, Commercial Bank of China, U.S ., ICBC Financial Services, Securities Industry, Financial Markets Association, ICBC, Treasury, China, U.S, New York Federal Reserve, Securities, Depository Trust, Clearing Corp, Thomson Locations: Beijing, China, ICBC's U.S, U.S, San Francisco, Treasuries, Hong Kong, Shanghai, London, Amsterdam, Carolina, New York

☆ Yellen and China's He to 'intensify communication' after pre-APEC meetings
▼ + stars: | 2023-11-10 | by ( ) www.cnbc.com time to read: +2 min

Janet Yellen, US Treasury secretary, and He Lifeng, China's vice premier, during a meeting in San Francisco, California, US, on Friday, Nov. 10, 2023. U.S. Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng agreed to "intensify communication" and work together on a range of economic, financial stability and regulatory issues, Treasury said on Friday. "During the meetings, Secretary Yellen emphasized the importance that both countries responsibly manage the bilateral economic relationship, including maintaining resilient communication channels," Treasury said. Yellen and He exchanged their views on domestic and global macroeconomic and financial developments, it said, noting that Yellen acknowledged "significant headwinds and risks to the global economy." They also discussed the Israel-Hamas war, and Yellen spoke about the need "to prevent escalation and expansion of the conflict in the Middle East," Treasury said.

Persons: Janet Yellen, Lifeng, Yellen Organizations: Treasury, ., Economic Cooperation, International Monetary Fund Locations: San Francisco , California, China, U.S, San Francisco, Asia, Russia, Ukraine, Israel

U.S. Treasury Secretary Janet Yellen attends a press conference after a meeting with Chinese Vice Premier He Lifeng, ahead of a U.S.-hosted APEC (Asia-Pacific Economic Cooperation) Summit in San Francisco, California, U.S., November 10, 2023. REUTERS/Carlos Barria Acquire Licensing RightsSAN FRANCISCO, Nov 10 (Reuters) - U.S. Treasury Secretary Janet Yellen on Friday said the ransomware attack on the Industrial and Commercial Bank of China that disrupted China's largest bank had not interfered with the market for U.S. government debt. "We have not seen an impact on the Treasury market," Yellen said, adding that she and China Vice Premier He Lifeng spoke about the issue during talks in San Francisco this week. The ICBC's access to an electronic settlement platform for U.S. Treasury securities remained suspended on Friday, a day after confirmation of the ransomware attack. "The Treasury Department and the United States has given "as much assistance as we possibly can to the firm in dealing with this issue," she said.

Persons: Janet Yellen, Lifeng, Carlos Barria, Yellen, David Lawder, Ann Saphir, Diane Craft Organizations: Treasury, APEC, Economic Cooperation, REUTERS, FRANCISCO, . Treasury, Industrial, Commercial Bank of, U.S, China, Treasury Department, Thomson Locations: U.S, Asia, San Francisco , California, Commercial Bank of China, San Francisco, United States

[1/2] People walk past a booth of ICBC Credit Suisse Asset Management Co at the 2020 China International Fair for Trade in Services (CIFTIS), in Beijing, China September 5, 2020. China's foreign ministry spokesperson Wang Wenbin said that business remained normal at ICBC head office, other branches and subsidiaries across the globe. Some market participants said trades going through ICBC were not settled due to the incident and that market liquidity had been affected. ICBC said it had successfully cleared Treasury trades executed on Wednesday and repurchase agreements (repo) financing trades done on Thursday. While market sources said on Thursday the impact of the ICBC hack appeared limited, the attack underlined how vulnerable systems at large organizations continue to be.

Persons: Tingshu Wang, ICBC, Wang Wenbin, Wang, Jerome Powell, Lockbit, Harry Robertson, Yoruk, Dhara Ranasinghe, Alexander Smith Organizations: Asset Management, Fair for Trade, Services, REUTERS, Industrial, Commercial Bank of China, Global, ICBC's, Authority, Traders, U.S . Treasury, Federal, Treasury, Cybersecurity, Infrastructure Security Agency, Thomson Locations: Beijing, China, China's, ICBC's U.S, Europe, Hong Kong, Shanghai, London, Amsterdam

☆ Euro finds footing on hawkish policy remarks, lower energy prices
▼ + stars: | 2023-11-09 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. The Australian dollar fell 0.5% overnight and was last at $0.6405, just above its 50-day moving average. It seems set for its largest weekly fall since June, as the central bank appeared to raise the bar for further hikes after lifting rates on Tuesday. In Asia, China's yuan touched a two-month high in overnight offshore trade. China's consumer prices fell in October, data showed on Thursday, stoking expectations for lower interest rates.

Persons: Dado Ruvic, Gabriel Makhlouf, Joachim Nagel, Jane Foley, Mario Draghi, Brent, Ping, Michael Wan, Jerome Powell, Tom Westbrook, Christian Schmollinger Organizations: REUTERS, Central Bank's, Bank of Japan, Rabobank, Treasury, New Zealand, Canadian, Italian, ECB, Financial, Reuters, Ping An Insurance Group, HK, MUFG, Bank of Israel, Thomson Locations: SINGAPORE, Ireland's, U.S, Asia, Europe, Singapore, East, Gaza City

And tensions between the countries heightened earlier this year when a Chinese surveillance balloon was spotted traveling over sensitive U.S. airspace. The U.S. military shot down the balloon off the Carolina coast after it traversed sensitive military sites across North America. With all of the tensions, the two nations have worked to smooth economic ties. Xi similarly met with Blinken in June when the secretary of state traveled to Beijing for talks with Wang. In January, she had her first face-to-face meeting with former Vice Premier Liu He in Zurich.

Persons: Janet Yellen, Joe Biden, Xi Jinping, Nicholas Szechenyi, ”, Biden, Shou Zi Chew, Wang Yi, Antony Blinken, Jake Sullivan, Xi, Wang, Yellen, Liu, “, Colleen Long, Aamer Madhani Organizations: WASHINGTON, —, Economic Cooperation, Center for Strategic, International Studies, APEC, Chinese Foreign, White, U.S, White House, Blinken, U.S . Treasury Department, China’s Ministry of Finance, Associated Press Locations: San Francisco, Asia, United States, China, U.S, Carolina, North America, Washington, Beijing, Zurich

☆ Climate protesters interrupt speech by Fed Chair Powell — for the second time in a month
▼ + stars: | 2023-11-09 | by ( Manav Tanneeru | Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Federal Reserve Chair Jerome Powell is leaving the door open for additional interest rate hikes to defeat inflation, he said Thursday in prepared remarks. However, investors are bullish about another pause in rate hikes next month, according to fed funds rate futures. As Powell began to deliver his speech, he was interrupted by climate protesters who made their way onto the stage. That could potentially be a headache for the Fed, since strong demand could be maintaining some upward pressure on prices. Richmond Fed President Thomas Barkin hinted that the Fed could forgo additional action because the economy perhaps hasn’t felt the full impact of the Fed’s previous 11 rate hikes just yet.

Persons: Jerome Powell, “, ” Powell, Powell, Stocks, Dow, Kathleen O’Neill Paese, Thomas Barkin, hasn’t, ” Barkin, — CNN’s Krystal Hur Organizations: DC CNN — Federal, International Monetary Fund, Economic, of New, Nasdaq, Treasury, Interim Kansas, Richmond Fed Locations: Washington, Washington ,, of New York, Jeffersonville , Indiana, New Orleans

Chartbook: Oil inventories and pricesCushing accounted for 55% of the nationwide depletion even though it held less than 10% of all crude inventories at the end of June. There were only small depletions in the rest of the Midwest (5 million barrels) and along the Gulf of Mexico (8 million barrels) and insignificant changes elsewhere. Since then, prices and spreads have collapsed, even though U.S. crude inventories at Cushing and elsewhere have barely changed so far. U.S. commercial crude inventories are about 9 million barrels (-2% or -0.22 standard deviations) below the prior ten-year seasonal average. Related columns:- U.S. oil futures surge as Cushing stocks evaporate(September 28, 2023)- Oil prices surge as stocks drain away from Cushing(September 15, 2023)- Depleting U.S. crude inventories lift oil prices(August 31.

Persons: Todd Korol, Brent, Brent's, CUSHING, NYMEX WTI, bullish, WTI, Cushing, John Kemp, David Evans Organizations: Gas, REUTERS, OPEC, Treasury, Manufacturers, Fund, Thomson, Reuters Locations: Granum , Alberta, Canada, Saudi Arabia, U.S, United States, Europe, China, Cushing, Oklahoma, of Mexico, NYMEX, OPEC

☆ Powell says Fed is 'not confident' it has done enough to bring inflation down
▼ + stars: | 2023-11-09 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

For the second time in recent weeks, a public speech from Powell was interrupted by climate protesters. Powell said that inflation is "well above" where the Fed would like to see it. "The Fed will be true to its mandate and hike further should inflation reaccelerate." "Monetary policy is generally working the way we think it should work" Powell said during a discussion following his speech. But Powell noted that the Fed is "attentive" that stronger than expected growth could undermine the fight against inflation and "warrant a response from monetary policy."

Persons: Jerome Powell, Powell, Stocks, Jeffrey Roach, Jacques Polak Organizations: International Monetary Fund, Dow Jones, Treasury, LPL, CME Group, Traders, Gross, Research Locations: Washington ,

Industrial and Commercial Bank of China Ltd (ICBC)'s logo is seen at its branch in Beijing, China, March 30, 2016. REUTERS/Kim Kyung-Hoon/File Photo Acquire Licensing RightsCompanies Industrial and Commercial Bank of China Ltd FollowNov 9 (Reuters) - A ransomware attack on Industrial and Commercial Bank of China (ICBC) disrupted some trades in the U.S. Treasury market on Thursday, the Treasury Department said. In ransomware attacks, hackers encrypt an organization's systems and demand ransom payments in exchange for unlocking them. The Financial Times reported earlier on Thursday that the U.S. Securities Industry and Financial Markets Association (SIFMA) told members that ICBC (601398.SS) had been hit by ransomware that disrupted the U.S. Treasury market by preventing it from settling trades on behalf of other market players. We continue to monitor the situation," a Treasury spokesperson said in a response to a question about the FT report.

Persons: Kim Kyung, Urvi, Pete Schroder, Zeba Siddiqui, Alexander Smith, Michelle Price, Lisa Shumaker Organizations: Commercial Bank of China Ltd, REUTERS, Industrial, Commercial Bank of China, U.S . Treasury, Treasury Department, Financial Times, U.S . Securities Industry, Financial Markets Association, Treasury, Thomson Locations: Beijing, China, U.S, Bengaluru, Washington

China's foreign ministry said on Friday the lender is striving to minimise risk impact and losses after the attack. "We don't often see a bank this large get hit with this disruptive of a ransomware attack," said Allan Liska, a ransomware expert at the cybersecurity firm Recorded Future. TRADES CLEAREDICBC said it had successfully cleared Treasury trades executed on Wednesday and repurchase agreements (repo) financing trades done on Thursday. Some market participants said trades going through ICBC were not settled due to the attack and affected market liquidity. The Treasury market appeared to be functioning normally on Thursday, according to LSEG data.

Persons: Kim Kyung, ICBC, Wang Wenbin, Wang, Lockbit, Allan Liska, Scott Skrym, Michael Gladchun, Loomis Sayles, SIFMA, Urvi, Pete Schroder, Gertrude Chavez, Davide Barbuscia, Carolina Mandl, Paritosh Bansal, Joe Cash, Stephen Coates, Tomasz Janowski Organizations: Commercial Bank of China Ltd, REUTERS, Industrial, Commercial Bank of China, Commercial Bank of China's, U.S . Treasury, ICBC Financial Services, Cybersecurity, Infrastructure Security Agency, Boeing, U.S . Treasury Department, Treasury, Securities, Financial Times, U.S . Securities Industry, Financial Markets Association, Thomson Locations: Beijing, China, U.S, Bengaluru, Washington, Carolina

☆ Morning Bid: Oil and bond yields try to find toehold
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +4 min

The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. The supply picture for U.S. crude, which is now down more than 20% from late September's peaks, has also weighed on energy prices. Crude inventories increased by 11.9 million barrels over the week to Nov. 3, sources said, citing American Petroleum Institute figures. With senior Fed officials on Wednesday side-stepping guidance on the central bank's next policy steps, attention focuses squarely on Powell's latest speech. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Carlo Allegri, Mike Dolan, Jerome Powell's, Powell, Jerome Powell, Thomas Barkin, Raphael Bostic, Kathleen O'Neill Paese, Christine Lagarde, Janet Yellen, Becton Dickinson, Emelia Sithole Organizations: New York Stock, REUTERS, Federal, American Petroleum Institute, Walt Disney, ABC, Warner Bros Discovery, Richmond Fed, Atlanta Fed, Louis Interim, European Central Bank, . Treasury, News Corp, Wynn Resorts, U.S, Treasury, Thomson, Reuters Locations: Manhattan, New York City , New York, U.S, Europe, Shanghai, Hong Kong, Washington, St, Brussels, Mettler, Toledo, TransDigm

ET, the 10-year Treasury was up by over 2 basis point at 4.529%. The 2-year Treasury yield was little changed and was last trading under one basis point higher at 4.94%. U.S. Treasury yields rose on Thursday as investors looked to economic data and comments from Federal Reserve officials for clues about what could be on the horizon for the economy. They are hoping to find clues in comments from Fed speakers this week as little key economic data is expected to be published. That would indicate that the Fed's monetary policy approach of higher interest rates is taking hold and having the desired effect.

Persons: Jerome Powell Organizations: Treasury, U.S, Federal Reserve

The latest decline brought the average rate on a 30-year mortgage down to 7.5% from 7.76% last week, mortgage buyer Freddie Mac said Thursday. As mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already out of reach for many Americans. They also discourage homeowners who locked in far lower rates two years ago, when they were around 3%, from selling. This average rate on a 30-year mortgage is now at the lowest level it's been since the first week of October, when it was 7.49%. The average rate on a 30-year home loan climbed above 6% in September 2022 and has remained above that threshold since, reaching 7.79% two weeks ago.

Persons: Freddie Mac Organizations: ANGELES, Treasury, U.S, Federal Reserve Locations: U.S

REUTERS/Kevin Lamarque/File Photo Acquire Licensing RightsNov 10 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The three main U.S. equity indices quickly sank, and ended between 0.7% and 1% lower on the day. If Asian and emerging stocks follow Wall Street's lead, they will close the week in the red. Sentiment towards China, meanwhile, suffered another blow on Thursday after inflation figures showed that consumer prices swung lower in October. On the political front, Chinese Vice Premier He Lifeng and U.S. Treasury Secretary Janet Yellen hold talks in San Francisco.

Persons: Jerome Powell, Kevin Lamarque, Jamie McGeever, Kazuo Ueda, Ueda, Lifeng, Janet Yellen, Yellen, Deepa Babington Organizations: Federal, Committee, Federal Reserve, REUTERS, Fed, Treasury, Traders, U.S ., Bank of Japan, ., PMI, Thomson, Reuters Locations: Washington , U.S, U.S, Tokyo, Japan, China, San Francisco, Zealand, India, Australia

However, the rally has run out of steam as several Fed policymakers this week pushed back against market expectations that the central bank will begin cutting interest rates soon. "The market got carried away regarding how soon it thought we would be seeing interest rate cuts being delivered. "But that was never the case and comments from various CB (central bank) officials this week have very much opened eyes to this." On the earnings front, shares of Walt Disney (DIS.N) rose 4.1% in premarket trade after the entertainment company exceeded Wall Street estimates for quarterly profit on higher attendance at its Shanghai and Hong Kong theme parks. MGM Resorts International(MGM.N) added 3.5% on beating third-quarter estimates for profit and revenue as the casino operator benefited from easing pandemic restrictions.

Persons: Brendan McDermid, Stuart Cole, Austan Goolsbee, Jerome Powell, Thomas Barkin, Walt Disney, Amruta Khandekar, Maju Samuel Organizations: Intercontinental Exchange Inc, New York Stock Exchange, REUTERS, Dow, Nasdaq, Federal Reserve, Treasury, Equiti, CB, Chicago Fed, Wall, International Monetary Fund, Richmond Fed, Labor Department, Dow e, Walt, Arm Holdings, Theatre, AMC Entertainment, MGM Resorts International, Thomson Locations: U.S, Shanghai, Hong Kong

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