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Since the dollar index hit a 15-month low and embarked on its current upswing on July 14, Goldman Sachs' U.S. financial conditions index has risen 52 basis points. Reuters Image Acquire Licensing RightsReuters Image Acquire Licensing RightsIt is a small sample size, but the exchange rate is becoming an increasingly important factor tightening U.S. financial conditions. But continued dollar appreciation could tighten financial conditions further without the Fed having to raise rates again. The last time they held a net long dollar position was November. Fed economists in June launched a financial conditions index called "FCI-G" - Financial Conditions Impulse on Growth - aimed at measuring the impact of conditions on activity and growth.

Persons: Kim Hong, Goldman Sachs, Jerome Powell, Jamie McGeever, Andrea Ricci Organizations: REUTERS, Rights, Federal Reserve, U.S, HSBC, BULLS, Futures, Reuters, Goldman's FC, Open Market, Thomson Locations: Seoul, Rights ORLANDO , Florida, U.S, Goldman's

☆ Policymakers see darker days ahead in China as growth sputters
▼ + stars: | 2023-09-07 | by ( Divya Chowdhury | ) www.reuters.com time to read: +3 min

MUMBAI, Sept 6 (Reuters) - Policymakers expect persistently slower growth in China, perhaps even more sluggish than current consensus estimates, seeing its transition from an infrastructure- and investment-led economy to becoming consumption-driven as "difficult". "The inflation rate in China is around 0% - that means distortion of domestic demand and domestic supply," he said. This follows economic growth in 2022 recorded at one of its worst levels in nearly half a century. The Croatian central bank chief sees narrowing room for expansionary policies in China, adding, "We have to be careful." The RBNZ has already factored in "a pretty subdued period" for commodity prices within their projections, before they see them beginning to rise again, Hawkesby said.

Persons: Takahide Kiuchi, Goushi Kataoka, Boris Vujcic, Robert Holzmann, Christian Hawkesby, Hawkesby, Divya Chowdhury, Savio Shetty, Lisa Mattackal, Mehnaz Yasmin, Mark Heinrich Our Organizations: Former Bank of Japan, Reuters Global Markets, European Central Bank, ECB, Reserve Bank of New Zealand, Thomson Locations: MUMBAI, China, Europe, Croatian, Austrian, United States, Mumbai, Bengaluru

☆ Can stocks finish strong in 2023? Wall Street giants weigh in
▼ + stars: | 2023-09-07 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

Global stocks notched their second-worst month of the year in August, with the MSCI broad aggregate of world indexes dropping 2.96%, according to LSEG data. This has carried into a tepid start to September trade, but Madison Faller, global investment strategist at JPMorgan Private Bank, said in a research note on Friday that 2023 can still finish strong. "While there are still things we don't know, the read from the key players — central banks, Wall Street, Main Street and the C-suite — suggests that the outlook feels brighter today than it did a year ago," Faller said. "With less worry about the near term, more firms are starting to focus on how they can continue growing in the long term. Technology stocks, particularly those with a heavy focus on AI, have driven a huge portion of the market's gains so far this year.

Persons: Madison Faller, Faller, haven't, Jerome Powell, Powell didn't, Goldman Sachs, it's, Peter Oppenheimer, we're, Tesla Organizations: NYSE, NYSE Stock, JPMorgan Private Bank, Federal Reserve, Fed, European Central Bank, Bank of England, Global Equity, CNBC, Nvidia, Facebook Locations: Wall, China, U.S

☆ Investors have shifted to gold by the most since 2012, driven by central banks' buying spree, JPMorgan says
▼ + stars: | 2023-09-07 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

As central banks pile up gold reserves, investors are also accumulating the precious metal, JPMorgan reports. But its uncertain the central bank momentum will last, with buy ups normalizing last quarter. Since Russia's invasion of Ukraine in early 2022, foreign central banks have added to their gold reserves in an effort to be less dependent on the US dollar. However, this could have been due to turmoil in Turkey's local gold market, causing its central bank to increase sales. Central bank demand has driven the commodity's price beyond what would be suggested by real 10-year Treasury yields.

Organizations: JPMorgan, Service, World Gold, outflows Locations: Wall, Silicon, Ukraine, Russia, Central

HONG KONG (AP) — China's exports and imports both fell in August from a year earlier, reflecting tepid global demand that is adding to pressures on its slowing economy. Customs data released Thursday showed exports for August slumped 8.8% to $284.87 billion in the fourth straight month of decline. The total trade surplus fell to $68.36 billion from $80.6 billion in July. China’s imports from Russia, mostly oil and gas, increased 13.3% from a year earlier to $11.52 billion. Exports to the European Union tumbled 10.5% from the same time last year to $41.3 billion, while imports of European goods declined 2.5% to $24.56 billion.

Persons: ” Julian Evans, Pritchard, ”, August's Organizations: —, Federal Reserve, Capital Economics, Kremlin, European Union Locations: HONG KONG, Europe, Asia, U.S, Russia, Ukraine

That has put pressure on risky EM currencies, echoing the dynamics observed last year when the Fed began raising rates. In the Sept. 1-6 poll, almost all beaten-down emerging market currencies were forecast to move little, or trade modestly higher against the dollar in a year, with some making small gains in three months. The underperformance of China has probably been the biggest story holding back EM currencies." Earlier this year, many analysts expected China's reopening to boost the yuan and other EM currencies, especially those exporting commodities to the world's second-largest economy, but this scenario did not unfold as anticipated. Through the end of this year, we believe most EM Asia currencies can weaken," said Nick Bennenbroek, international economist at Wells Fargo.

Persons: Chris Turner, Nick Bennenbroek, Hugo Pienaar, Devayani Sathyan, Veronica Khongwir, Jonathan Cable, Sharon Singleton Organizations: Treasury, greenback, Fed, ING, Reserve Bank of India, Korean, Bureau for Economic Research, Thomson Locations: BENGALURU, JOHANNESBURG, China, Asia, Wells Fargo, Russian, South Africa, Bengaluru

REUTERS/Brendan McDermid Acquire Licensing RightsORLANDO, Florida, Sept 7 (Reuters) - If you think this time is different, and the post-2008 world of low interest rates and bond yields is over, think again. What's more, Fed officials' longer-term rate projections and New York Fed model estimates of the theoretical long-run equilibrium interest rate - or 'R-Star' - suggest policymakers probably agree. The Fed's persistently low long-term rate outlook and New York Fed's declining R-Star estimates despite the highest inflation, policy rate and bond yields in years, suggest rates and yields won't stay this high for long. With the fed funds target range currently 5.25-5.50%, Fed policy is extremely restrictive, by around 250 basis points or more. The Fed publishes its updated inflation, growth and policy rate outlook on September 20 in the latest Staff Economic Projections.

Persons: Brendan McDermid, Steven Major, HSBC's, Jamie McGeever Organizations: New York Stock Exchange, REUTERS, Rights, U.S ., Bank of America, New York Fed, The New York Fed, Dallas Fed, Reuters, Artificial, Fed, Thomson Locations: New York City, U.S, Rights ORLANDO , Florida, Ukraine, U.S . Republic, China, Japan, York

Sept 8 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Brent crude oil is now higher than it was a year ago, the first time since January that year-on-year price changes have been positive. In other words, all else equal, oil is now contributing to headline inflation rather than diluting it. Here are key developments that could provide more direction to markets on Friday:- Japan GDP (Q2, revised)- Japan current account (July)- Japan bank lending (August)By Jamie McGeever; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Jamie McGeever, John Williams, Joe Biden, Xi Jinping, Josie Kao Organizations: Brent, Investors, New York Fed, nudging, Saturday, Saturday . U.S, Apple, Thomson, Reuters Locations: Japan, Asia, New Delhi, China, Beijing, Saturday .

☆ Morning Bid: Transatlantic surprise gap opens up again
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +5 min

The exterior of the Marriner S. Eccles Federal Reserve Board Building is seen in Washington, D.C., U.S., June 14, 2022. And the gap between those two gauges, which had halved from July peaks, is starting to yawn wider yet again. Although the steep annual drop in Chinese exports and imports last month was marginally better than forecast, the ongoing funk in activity remains stark and threatens Beijing's overall economic growth target of about 5%. At least six senior Fed officials are in speaking engagements later on Thursday - including Fed board member Michelle Bowman and New York Fed chief John Williams. Events to watch for on Thursday:* U.S. weekly jobless claims, Q2 labor cost and productivity revisions* Federal Reserve Board Governor Michelle Bowman, New York Fed President John Williams, Chicago Fed chief Austan Goolsbee, Philadelphia Fed chief Patrick Harker, Atlanta Fed chief Raphael Bostic and Dallas Fed chief Lorie Logan all speak.

Persons: Sarah Silbiger, Mike Dolan, Andrew Bailey, Michelle Bowman, John Williams, bourses steadied, Austan Goolsbee, Patrick Harker, Raphael Bostic, Lorie Logan, Joe Biden, Susan Fenton Organizations: Eccles Federal Reserve, Washington , D.C, REUTERS, U.S, Federal, Treasury, Bank of England, Bank of Canada, Fed, New York Fed, Apple, Beijing, Federal Reserve, Michelle Bowman , New York Fed, Chicago Fed, Philadelphia Fed, Atlanta Fed, Dallas Fed, PMI Reuters Graphics Reuters, Thomson Locations: Washington ,, U.S, United States, Europe, China, Brent, Saudi Arabia, Russia, Japan, Asia, Michelle Bowman , New, Atlanta, India, New Delhi

☆ Asia stocks slip, dollar firms on growth concerns, Fed outlook
▼ + stars: | 2023-09-06 | by ( Kane Wu | ) www.reuters.com time to read: +3 min

REUTERS/Androniki Christodoulou/File Photo Acquire Licensing RightsHONG KONG, Sept 6 (Reuters) - Asia stocks fell on Wednesday after faltering growth in China and Europe heightened concerns about global economic momentum, while the dollar firmed as investors weighed the outlook for Federal Reserve interest rates. MSCI's gauge of Asia Pacific stocks outside Japan (.MIAPJ0000PUS) dipped 0.45%. "The China decline was bigger than expected," said Redmond Wong, Greater China market strategist at Saxo Markets. Manufacturing data from Germany, Britain and the euro zone also showed declines, while their service sectors fell into contraction. "The Europe data were rather weak.

Persons: Androniki, HSI, Redmond Wong, Wong, Australia's, Christopher Waller, John Milroy, Ord Minnett, Brent, Kane Wu, Edmund Klamann, Sam Holmes Organizations: REUTERS, Federal Reserve, Saxo Markets, Nikkei, U.S, BlackRock Investment Institute, Institute for Supply Management, PMI, Thomson Locations: Tokyo, Japan, HONG KONG, Asia, China, Europe, London, U.S, 0520GMT, Asia Pacific, Greater China, Germany, Britain, BlackRock, ., Saudi Arabia, Russia

☆ Morning Bid: Restive markets simmer after oil sideswipe
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +4 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 20, 2023. That's a moment in the whole disinflation story as it virtually wipes out the negative annual base effect so powerful this year in helping drag headline inflation rates back down. The more complicated inflation picture comes against the week's downbeat business surveys from Europe and Japan. That take was reinforced overnight by a New York Fed study that suggested the theoretical 'neutral' interest rate keeping the economy at equilibrium continued to fall in the second quarter. The energy picture saw Asia and European bourses in the red again, with Japan's Nikkei (.N225) bucking the trend.

Persons: Brendan McDermid, Mike Dolan Roiled, Lorie Logan, Susan Collins, Mike Dolan, John Stonestreet Organizations: New York Stock Exchange, REUTERS, Treasury, Bank of Canada, New, New York Fed, NY, Japan's Nikkei, Dallas Federal, Boston Fed, Reuters Graphics Reuters, Thomson, Reuters Locations: New York City, U.S, Saudi Arabia, Russia, That's, Europe, Japan . U.S, New York, Asia, European, Canada

"Further progress is likely to become more difficult as base effects fade, and supply-constraints could drive global energy and food prices higher again." Brent crude prices have risen 27% since mid-year and U.S. crude is up 30%, with U.S. retail pump prices already up almost 10% so far since June. Oil and inflation expectationsReuters GraphicsSLOWING DESCENTAnd alongside creeping worries about rising debt supply, the long end of bond markets has been rattled again by the oil price jump. And this has been a far bigger influence on the inflation trajectory than oil prices per se. Yet, restive crude prices will still cloud a messy and tricky battle with inflation expectations just as policy tightening cycles near an end.

Persons: Brent that's, Christian Keller, Akash Utsav, Andrew Goodwin, there's, George H.W, Jamie Freed Organizations: Brent, UBS, Organization for Economic Cooperation, Development, Barclays, Federal Reserve, European Central Bank, Bank of England, U.S, Treasury, Oxford, Monetary Fund, Reuters Graphics Reuters, Reuters, Thomson Locations: Ukraine, Saudi Arabia, Russia, tailwind, U.S, Europe, Britain, West, George H.W . Bush

☆ A key global oil price zoomed past $90 a barrel for the first time in 2023 — and analysts say it could keep inflation high
▼ + stars: | 2023-09-06 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Saudi Arabia and Russia said they will extend oil supply cuts of 1.3 million barrels a day through December 2023. Analysts think inflation could stay at higher levels for longer due to the higher oil prices. US West Texas Intermediate, or WTI, crude oil futures also hit a 10-month high. Higher oil prices are bad news for the world's central banks, which have been trying to tame high inflation since last year. Energy is a key input for economic activities, so higher oil prices generally lead to inflation.

Persons: Brent, Jorge Leon, Leon, Naeem Aslam, Aslam Organizations: Service, West Texas, Organization of, Petroleum, Rystad Energy, Energy, Zaye, International Energy Agency, IEA Locations: Saudi Arabia, Russia, Wall, Silicon, OPEC

☆ What’s going on with China’s shadow banking system?
▼ + stars: | 2023-09-06 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

The world’s second-largest economy is grappling with growing financial distress, which means big problems for the nation’s nearly $3 trillion shadow banking industry. What’s happening: Shadow lenders, including trust firms, operate outside of the formal banking system. That’s because shadow banks are not just a problem in China. The key concern, said Towes, is whether Western organizations have loaned to shadow banks and are now vulnerable. Production cuts by OPEC+, which produces 40% of the world’s crude oil, have helped send oil prices higher in recent months, a development that could have repercussions for inflation and interest rates.

Persons: they’ve, ”, Phillip Toews, “ we’ve, Toews, that’s, Goldman Sachs, Matt Egan, That’s, It’s, “, Jan Hatzius, ” Hatzius, —, CNN’s Hanna Ziady, Brent, ” Stephen Innes Organizations: CNN Business, Bell, New York CNN, Asset Management, US, IMF, Global, Federal Reserve, West Texas, Organization of, Petroleum, Saudi Ministry of Energy Locations: New York, China, Beijing, Europe, Saudi Arabia, Russia, OPEC

☆ Polish central bank stuns with 75 bps rate cut, zloty plunges
▼ + stars: | 2023-09-06 | by ( Anna Koper | ) www.reuters.com time to read: +3 min

WARSAW, Sept 5 (Reuters) - Poland's central bank cut its main interest rate by 75 basis points to 6.00% on Wednesday, in a shock decision ahead of October elections that sent the zloty currency tumbling against the euro. The National Bank of Poland (NBP) said it took the decision because it expects inflation to return to target faster than originally expected. It said that the adjustment to interest rates would be "conducive to meeting the NBP inflation target in the medium term". NBP Governor Adam Glapinski had previously signalled that a rate cut could come in September if inflation fell to single digits. "We have already said that it is too early for a rate cut, and certainly such an aggressive rate cut, when the prospects (of a slowdown) in inflation are still distant," said Piotr Bielski, director of the economic analysis department of Santander Bank Polska.

Persons: Adam Glapinski, Piotr Bielski, J.P, Morgan, Wojciech Paczos, Jaroslaw Kaczynski, Anna Koper, Pawel Florkiewicz, Alan Charlish, Anna Wlodarczak, Karol Badohal, Marc Jones, Justyna Pawlak, Nick Macfie, Sharon Singleton, Marguerita Choy Organizations: Reuters, National Bank of Poland, Santander Bank Polska, Cardiff University, Justice, Thomson Locations: WARSAW, NBP, Poland, Pawel

Crude oil prices pushed higher, adding to inflationary pressures at a time when investors are hoping to see central banks back away from interest rate hikes. Energy stocks rose along with crude oil prices after Saudi Arabia and Russia said they will extend their voluntary production cut of 1 million barrels of oil a day through the end of the year. Much of the information fueled hopes that the Fed might moderate interest rate increases to fight inflation, which has been easing for months. Wall Street expects the Fed to hold its benchmark interest rate steady at its next meeting later in September, just as it did at its previous meeting. The central bank has raised its main interest rate aggressively since 2022 to the highest level since 2001.

Persons: ” Stephen Innes, Russell, Cintas, Brent, Kroger, Alex Veiga, Damian J, Troise Organizations: Japan’s Nikkei, Management, Labor, Dow Jones, Nasdaq, New York Stock Exchange, Merck, Co, JPMorgan Chase, Microsoft, Energy, Chevron, New York Mercantile Exchange, Institute for Supply Management, GameStop, Dave, AP Business Locations: Asia, U.S, Seoul, Australia, Shanghai, Saudi Arabia, Russia

Elsewhere in Asian FX markets, China's yuan slid to a 10-month low on Wednesday through 7.32 per dollar and is a whisker from plumbing depths not recorded since late 2007. Investors could get further reminders on the currency's vulnerability from Chinese trade and FX reserves figures on Thursday. Chinese trade has been one of the biggest economic red flags this year. Beijing's nominal FX reserves have risen this year, even as the nominal value of Beijing's holdings of U.S. Treasuries has fallen to a 14-year low. Here are key developments that could provide more direction to markets on Thursday:- China trade (August)- Malaysia interest rate decision- Australia trade (August)By Jamie McGeever; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Jamie McGeever, Treasuries, Josie Kao Organizations: REUTERS, FX, Asian FX, Reuters, Thomson Locations: Shanghai, China, India, Japan, Asian, Beijing, U.S, Malaysia, Australia

WARSAW, Poland (AP) — Poland's central bank lowered its interest rates by 75 basis points on Wednesday despite the country's double-digit inflation rate. The National Bank of Poland's monetary policy council announced that it was cutting the reference rate from 6.75% to 6%, and other interest rates by the same amount. Economists had been expecting a rate cut, but not such a large one. In conditions of high inflation, central banks tend to raise interest rates, a move that can help bring down inflation over time by discouraging consumption. Interest rate cuts, on the other hand, make financing cheaper and tends to encourage consumers and businesses to spend more.

Persons: Adam Glapinski, Marek Tatala, “, Ryszard Petru, ” Petru Organizations: National Bank of, Law, Justice, Freedom Foundation, Twitter Locations: WARSAW, Poland, National Bank of Poland, Warsaw, Ukraine

The BlackRock logo is pictured outside their headquarters in the Manhattan borough of New York City, New York, U.S., May 25, 2021. "We prefer short-term government bonds over credit," the institute, an arm of BlackRock (BLK.N), the world's largest asset manager, said in a note. "We go underweight high quality credit on a strategic view of five years and longer and trim our overall underweight to sovereign bonds." "We think high quality credit offers limited compensation for any potential hit to returns from wider spreads and sensitivity to interest rate swings," the institute said. "To turn positive on long-term bonds, we would need to see term premium rise much more or think market expectations of future policy rates are too high.

Persons: Carlo Allegri, Davide Barbuscia, Jonathan Oatis Organizations: REUTERS, BlackRock Investment, ICE, Thomson Locations: BlackRock, Manhattan, New York City , New York, U.S

☆ Singapore’s central bank boss faces a tough start
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, Sept 5 (Reuters Breakingviews) - Central banks pride themselves on being predictable. He is a former deputy to Menon, and currently a permanent secretary at the manpower ministry after spending 18 years in various stints at the central bank. He has led MAS’ financial stability assessment of the city state and completed a two-year secondment to the International Monetary Fund. During his 12-year term, he built up Singapore’s reputation as a global fintech hub and boosted its appeal as a leading financial centre. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Ravi Menon, Chia Der, There’s, Chia, Menon, Pernod Ricard, Una Galani, Katrina Hamlin Organizations: Reuters, Monetary Authority of, MAS, International Monetary Fund, X, Thomson Locations: SINGAPORE, Monetary Authority of Singapore, Singapore, China

☆ JPMorgan says the biggest risk of de-dollarization isn't a rival currency — it's that the US could lose a key tool it's used to fight past economic crises
▼ + stars: | 2023-09-05 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The biggest risk of de-dollarization is that the US could lose a key tool it's used to fight past crises, JPMorgan said. De-dollarization risks mostly relate to inflation and debt burdens, strategists said. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Instead, the key de-dollarization risk that Western economies face is mostly related to inflation and their debt burdens, they explained. Bu while JPMorgan expects "marginal de-dollarization," to take place, the pace is not expected to be rapid.

Persons: —, Marko Kolanovic, dollarization Organizations: JPMorgan, Service, West, AA, AAA Locations: Western, Wall, Silicon, East, Ukraine

☆ Oil prices surge after Saudi Arabia and Russia extend production cuts
▼ + stars: | 2023-09-05 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —Oil prices hit a new high for the year so far after Saudi Arabia and Russia — the world’s biggest crude exporters — said they would extend output cuts by at least another three months. The moves by Saudi Arabia and Russia reinforce efforts by the alliance known as OPEC+ — which includes members of the Organization of the Petroleum Exporting Countries and other producers — to support oil prices by agreeing to deep and prolonged production cuts. Saudi Arabia needs Brent crude to trade at around $81 a barrel in order to balance its budget, according to the International Monetary Fund. Production cuts by OPEC+, which produces 40% of the world’s crude oil, have helped send oil prices higher in recent months, a development that could have repercussions for inflation and interest rates. “These impending increases in oil prices present a fresh challenge for central banks as they continue their diligent efforts to bring inflation levels back in line with their desired targets.”

Persons: —, Brent, Alexander Novak, Novak, “, ” Stephen Innes Organizations: London CNN, West Texas, Organization of, Petroleum, Saudi Ministry of Energy, International Monetary Fund, Russia’s, Reuters Locations: Saudi Arabia, Russia, OPEC, Saudi, Riyadh, Ukraine

Pumpjacks are seen during sunset at the Daqing oil field in Heilongjiang province, China August 22, 2019. REUTERS/Stringer/File Photo Acquire Licensing RightsSept 6 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Oil is back in the spotlight after Russia and Saudi Arabia on Tuesday extended output cuts. Oil prices have essentially been disinflationary all year, meaning the year-on-year price change has always been negative, sometimes dramatically so. With the dollar, bond yields and oil prices all marching higher, it is little wonder investors are drawing in their horns.

Persons: Stringer, Jamie McGeever, Brent, Japan's Hajime Takata, Josie Kao Organizations: REUTERS, Reserve Bank of Australia, U.S ., Asia, Bank, Japan's, Thomson, Reuters Locations: Heilongjiang province, China, Asia, Taiwan, Russia, Saudi Arabia, Japan, Australia

☆ Morning Bid: Global business splutters, dollar surges
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +4 min

But the U.S. jobs picture underscores the "soft-landing" consensus - something Tuesday's updates on global business surveys from last month suggest may not be the case elsewhere. Even though messy workouts of China's ongoing property bust were some relief - as real estate giant Country Garden made some last minute dollar bond payments - the funk in the wider economy clearly persists. That saw the euro fall back against the dollar to levels not seen since mid-June. But that provided little solace to sterling , which was also pummelled by the dollar to its lowest since June. The sour business polls took some heat out of the recent oil price rebound , but did little to calm the long end of the bond market.

Persons: Dado Ruvic, Mike Dolan, disinflation, Philip Lowe, Glazer, Luis de Guindos, Isabel Schnabel, Hugh Lawson Organizations: REUTERS, U.S, Reserve Bank of Australia, Stock, Wall, English football, Manchester United, Sunday, Central Bank, ECB, Treasury, Reuters Graphics Reuters, Reuters, Thomson Locations: U.S, Europe, China

Two of them - Norway and United Kingdom - delivered a total of 50 basis points of rate hikes in the lowest such tally since January. Turkey delivered a super-sized 750 bps rate rise in August while Russia lifted its benchmark by 350 bps and Thailand added 25 bps. "Major central banks will maintain a restrictive policy stance through 2024," said Madhavi Bokil, senior vice president strategy and research at Moody's. "Significant easing by emerging market central banks is unlikely with advanced economy central banks still battling elevated inflation, and uncertainty around the U.S. interest rate outlook." Emerging markets interest ratesReporting by Karin Strohecker and Vincent Flasseur Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Jason Lee, Carsten Brzeski, Brzeski, Costa, Madhavi Bokil, Karin Strohecker, Vincent Flasseur, Tomasz Janowski Organizations: People's Bank of China, REUTERS, New Zealand, Thomson Locations: Beijing, Norway, Brazil, Turkey, Russia, Central, United Kingdom, Australia, New, China, Europe, Chile, Costa Rica, Uruguay, Thailand

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