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☆ Dollar eyes weekly gain as U.S. economy stays robust
▼ + stars: | 2023-10-27 | by ( ) www.cnbc.com time to read: +3 min

The dollar was headed for a weekly gain on Friday, aided by solid U.S. growth figures that bolstered the case for higher-for-longer interest rates, while the yen hovered on the weaker side of 150 per dollar ahead of a key policy meeting next week. That added to bets the Federal Reserve is likely to keep monetary conditions restrictive for longer, driving the dollar broadly higher against a basket of currencies. The U.S. dollar index steadied at 106.57, having hit a three-week high of 106.89 in the previous session, and was on track for a weekly gain of about 0.4%. Sterling edged 0.07% higher to $1.21355, though was not too far from a three-week low of $1.2070 hit on Thursday. The European Central Bank, or ECB, on Thursday left interest rates unchanged as expected, ending an unprecedented streak of 10 consecutive rate hikes.

Persons: Lint, PMIs, Julien Lafargue, Tony Sycamore, we've, we're Organizations: Federal Reserve, U.S, European Central Bank, ECB, Barclays Private Bank, Analysts, IG, Treasury, Bank of Japan Locations: U.S, Asia, Gaza, Tokyo

☆ Dollar bounces, euro heavy on US/euro zone growth outlook divergence
▼ + stars: | 2023-10-25 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

[1/2] U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. Against the dollar, the euro was last 0.05% higher at $1.0595, having declined 0.75% on Tuesday. The euro is the most heavily weighted currency in the dollar index, which measures the greenback against a basket of six peers. "By contrast, the U.S. Federal Reserve could continue to raise interest rates just because the economic data looks strong." Pressure is mounting on the Bank of Japan to change its bond yield control as global interest rates rise.

Persons: Dado Ruvic, Tina Teng, Matt Simpson, Bitcoin, John Glover, Rae Wee, Lincoln Organizations: REUTERS, Rights, Wednesday, European Central Bank, CMC Markets, U.S . Federal Reserve, Bank of Japan, New Zealand, Reserve Bank of Australia's, Thomson Locations: Rights SINGAPORE, Australia, Wednesday .

☆ Morgan Stanley Names Ted Pick, a Bank Veteran, Its Next C.E.O.
▼ + stars: | 2023-10-25 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +2 min

Pick, 54, joined Morgan Stanley in 1990 and rose through the ranks in its investment banking and trading businesses, most recently serving as a co-president overseeing those units. In an interview, he said he hadn’t found out that he would be named chief executive until around 4:30 p.m. Wednesday, when the bank’s board of directors called him into a meeting and welcomed him with a standing ovation. He stands to inherit a very different bank from the one Mr. Gorman took over after the 2008 financial crisis. The power struggle was captured in “Blue Blood and Mutiny: The Fight for the Soul of Morgan Stanley,” by the journalist Patricia Beard. With a strong technology banking practice, Morgan Stanley played a central role last year in Mr. Musk’s takeover of Twitter, now known as X.

Persons: Pick, Morgan Stanley, hadn’t, Gorman, Morgan Stanley’s, John J, Mack, Philip J, Purcell, ”, Patricia Beard, Smith Barney, Morgan Organizations: Credit Suisse, Elon, Twitter

☆ Gold firms as U.S. bond yields slip, Middle East stays in focus
▼ + stars: | 2023-10-25 | by ( ) www.cnbc.com time to read: +2 min

Gold bars and gold coins in different sizes are lying in a safe on a table at the precious metal dealer Pro Aurum. "Gold had a great run, having rallied over 10% in ten days towards that key resistance level at $2,000. But with the Middle East conflict looking like it might not escalate immediately, gold may struggle to break $2,000. The dollar index eased while benchmark U.S. 10-year Treasury yields inched lower as investors bought into a recent sell-off. Spot silver was steady at $22.91 per ounce, platinum steadied at $884.63 and palladium advanced 0.5% to $1,124.80.

Persons: we've, Matt Simpson, Jerome Organizations: Aurum, Treasury, Russia, Hamas, City Index's, U.S Locations: Israel, U.S, Gaza, Palestinian

☆ Dollar bounces, euro heavy on U.S./euro zone growth outlook divergence
▼ + stars: | 2023-10-25 | by ( ) www.cnbc.com time to read: +3 min

The dollar was on the front foot on Wednesday, drawing support from yet another resilient U.S. economic data reading, while the euro struggled to make headway on the back of a darkening growth outlook in the bloc. Against the dollar, the euro was last 0.05% higher at $1.0595, having declined 0.75% on Tuesday. The euro is the most heavily weighted currency in the dollar index, which measures the greenback against a basket of six peers. "By contrast, the U.S. Federal Reserve could continue to raise interest rates just because the economic data looks strong." Pressure is mounting on the Bank of Japan to change its bond yield control as global interest rates rise.

Persons: Tina Teng, Matt Simpson, Bitcoin, John Glover Organizations: Wednesday, European Central Bank, CMC Markets, U.S . Federal Reserve, Bank of Japan, New Zealand, Reserve Bank of Australia's Locations: Bogota, Australia, Wednesday .

☆ Asian shares hit 11-month low on Middle East anxiety, surging yields
▼ + stars: | 2023-10-20 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

On Friday, the Bank of Japan intervened in the Japanese government bond (JGB) market as the 10-year JGB yield touched a decade high. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) skidded 0.8% to a fresh low since November last year, bringing the weekly loss to a sizeable 3%. "World leaders continue to trek to the Middle East to – if nothing else — delay the onset of any further hostility," said Kyle Rodda, senior financial market analyst at capital.com. Oil prices are headed for the second weekly gain on supply fears from an escalating regional conflict in the Middle East. "Now we’re talking about not just the Ukraine-Russia conflict, that front, but now you have another front, that’s in the Middle East that has to be satisfied...

Persons: Jerome Powell, Hong, HSI, Joe Biden, Israel, Kyle Rodda, Brent, Powell, Quincy Krosby, Stella Qiu, Shri Navaratnam Organizations: SYDNEY, Bank of Japan, Tokyo's Nikkei, Elon, U.S, LPL, Washington, Thomson Locations: East, Middle, Asia, Pacific, Japan, China, Iran, Yemen, Israel, Ukraine, Russia, U.S

☆ Asian shares pare losses on China data, Mid East risk lifts oil
▼ + stars: | 2023-10-18 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

Global bond markets also still nursed heavy losses as strong U.S. retail data argued for a punishingly long stretch of high rates. The outlook for the world economy did take a small turn for the better as China reported annual economic growth of 4.9% in the third quarter, beating forecasts for 4.4%. Retail sales and industrial output for September also surprised on the upside, suggesting activity had been gaining momentum. "A major spike in volatility and a downgrade of the global economic growth outlook is possible." Oil prices swung higher once more, driven by concerns over the Middle East and data showing a fall in crude stocks.

Persons: Issei Kato, Bonds, pare, Joe Biden's, Stocks, scurrying, Jerome Powell, Brent, Wayne Cole, Shri Navaratnam, Sam Holmes Organizations: REUTERS, Nikkei, SYDNEY, CBA, Japan's Nikkei, Nasdaq, Tech, Nvidia, Biden, Netflix, JPMorgan, Atlanta Fed, Federal Reserve, Bank of Japan, ., Thomson Locations: Tokyo, Japan, China, Gaza, Iran, Israel, Asia, Pacific

☆ Wall St ends mixed, US Treasury yields spike on robust data, solid earnings
▼ + stars: | 2023-10-17 | by ( Stephen Culp | ) 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., September 28, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNEW YORK, Oct 17 (Reuters) - The Nasdaq dipped and benchmark U.S. Treasury yields surged on Tuesday as robust economic data and strong third-quarter earnings sugested the Federal Reserve may keep policy tight for longer than expected. Yields on two-year Treasury notes rose to 17-year highs with five-year yields at 16-year peaks. Emerging market stocks rose 0.48%. Benchmark Treasury yields spiked after the strong retail sales data led market participants to adjust their expectations regarding the duration of the central bank's tightening cycle.

Persons: Brendan McDermid, Chip, Joe Biden's, Goldman Sachs, Thomas Martin, Martin, Biden, Brent, Stephen Culp, Selena Li, Alun John, Sharon Singleton, Cynthia Osterman, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Nasdaq, Treasury, Federal Reserve, Dow, Semiconductor, SOX, Bank of America, Dow Jones, Japan's Nikkei, U.S, Thomson Locations: New York City, U.S, China, Philadelphia, Atlanta, Israel, Asia, Pacific, Japan, Hong Kong, London

REUTERS/Kai Pfaffenbach/File Photo Acquire Licensing RightsHONG KONG/LONDON, Oct 17 (Reuters) - Bond yields rose on Tuesday and stocks steadied as markets continued to retrace last week's moves to safe-haven assets, focusing on corporate earnings prospects and the resilience of the U.S. economy rather than tensions in the Middle East. Benchmark 10-year bond yields in the U.S. and Germany (Bunds) rose around 5 basis points (bps) on Tuesday having risen 5-8 bps Monday - bond yields move inversely to prices. Israel's shekel remained on the weak side of the 4 per dollar level it softened to for the first time since 2015 on Monday. Russian President Vladimir Putin on Tuesday arrived in Beijing to meet Chinese President Xi Jinping even as the war in Ukraine raged on. If investors do not receive the coupon payment, all of Country Garden's offshore debts will be deemed in default.

Persons: DAX, Kai Pfaffenbach, Banks, BNY, Goldman Sachs, We're, Jorge Garayo, Joe Biden, Israel, Israel's shekel, Vladimir Putin, Xi Jinping, BoE, Gold, Brent, Selena Li, Alun John, Shri Navaratnam, Ed Osmond, Alex Richardson Organizations: Deutsche, REUTERS, Bank of America, Treasury, Bund, Societe Generale, U.S, Israel, Hamas, Iran's, Tuesday, HK, Bank of England, Swiss, Venezuela, Thomson Locations: Frankfurt, Germany, HONG KONG, U.S, Iran, Gaza, Beijing, Ukraine, Friday's, Washington, Israel, Hong Kong, London

SINGAPORE, Oct 17 (Reuters) - Oil prices steadied on Tuesday after a more than $1 slide on Monday amid hopes the U.S. would ease sanctions on producer Venezuela and as Washington stepped up efforts to prevent an escalation of the war between Israel and Hamas. Both oil benchmarks surged last week on fears the conflict in the Middle East could widen, with global benchmark Brent gaining 7.5% in its highest weekly gain since February. The Biden administration has been seeking ways to increase the flow of oil to world markets to alleviate high prices. But any real oil output increase by Venezuela will take time due to lack of recent investments. Reporting by Sudarshan Varadhan; Editing by Sonali Paul, Muralikumar Anantharaman and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Brent, Nicolas Maduro, Maduro's, Washington, Joe Biden, Biden, Sudarshan Varadhan, Sonali Paul, Muralikumar Anantharaman, Kim Coghill Organizations: Venezuela, U.S, West Texas, U.S ., Organization of Petroleum Exporting, Brent, Hamas, ANZ Research, Thomson Locations: SINGAPORE, U.S, Washington, Israel, Venezuela, Gaza, Iran

☆ Asia stocks rise on earnings hopes; keep wary eye on Mideast tensions
▼ + stars: | 2023-10-17 | by ( Selena Li | ) www.reuters.com time to read: +3 min

A man looks at an electric board displaying the Nikkei stock average outside a brokerage in Tokyo, Japan June 14, 2023. Overnight the S&P 500 (.SPX) had climbed 1%, while oil prices and the U.S. dollar had fallen. Benchmark 10-year Treasury yields are about 15 basis points off 16-year highs, though they crept higher in Asia trade Tuesday to 4.7331%. The euro traded at $1.0549 and the yen hovered just short of the 150-per-dollar mark at 149.53. If investors don't receive the coupon payment, all of Country Garden's offshore debts will be deemed in default.

Persons: Kim Kyung, Kerry Craig, Goldman Sachs, Morgan Stanley, Johnson, Craig, Joe Biden, Israel, Israel's shekel, Bitcoin, Selena Li, Shri Navaratnam Organizations: Nikkei, REUTERS, Tokyo's Nikkei, U.S ., Morgan Asset Management, Bank of America, Johnson, Netflix, Federal Reserve, Israel, Hamas, Iran's, HK, Brent, BlackRock, Thomson Locations: Tokyo, Japan, HONG KONG, U.S, Asia, Pacific, Gaza, Iran, Zealand, Brent

☆ Oil prices steady above $90 as investors assess Israel-Hamas war
▼ + stars: | 2023-10-16 | by ( Robert Harvey | ) www.reuters.com time to read: +2 min

Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. U.S. West Texas Intermediate (WTI) crude rose by 12 cents, or 0.14%, to $87.81 a barrel. Both benchmarks climbed nearly 6% on Friday, taking Brent 7.5% higher on the week and WTI up 5.9%. The war between Islamist group Hamas and Israel poses one of the most significant geopolitical risks to oil markets since Russia's invasion of Ukraine last year, analysts say. With fears of the conflict escalating, U.S. Secretary of State Antony Blinken will return to Israel on Monday to talk "about the way forward".

Persons: Israel, Brent, Antony Blinken, Hiroyuki Kikukawa, Putin, John Evans, Alexander Novak, Robert Harvey, Yuka Obayashi, Emily Chow, Susan Fenton, David Evans Organizations: REUTERS, Monday LONDON, Brent, . West Texas, Hamas, US, Thomson Locations: Cushing , Oklahoma, U.S, Gaza, Israel, Ukraine, Trading, United States, Moscow, Russian, Saudi, Russia, London, Tokyo

Oil prices rose last week as investors priced in the chance of escalation in the world's top oil-producing region, while U.S. Treasuries and gold prices rose as traders bought safe-haven assets. Traders are waiting to see if the conflict draws in other countries, which would drive up oil prices further and deal a fresh blow to the global economy. Oil prices eased but were still above $90 a barrel after surging last week. Before Hamas' attack, market sentiment had been driven by the global economy and the idea that the U.S. Federal Reserve was planning to keep rates higher for longer. European government bond yields rose after European Central Bank officials reiterated concerns about inflation.

Persons: Benjamin Netanyahu, Fiona Cincotta, Antony Blinken, Cincotta, Israel's shekel, Kyle Rodda, Rodda, Elizabeth Howcroft, Kevin Buckland, David Evans, Jan Harvey Organizations: REUTERS, Staff, Israel's, U.S, Traders, Nasdaq, U.S . Federal Reserve, Treasury, European Central Bank, Capital.com, Thomson Locations: Frankfurt, Germany, Israel, Gaza, Iran, East, Qatar, Jordan, Bahrain, United Arab Emirates, Saudi Arabia, Egypt, London, Tokyo

☆ Hurkacz wins thriller with Rublev to take Shanghai title
▼ + stars: | 2023-10-15 | by ( ) www.reuters.com time to read: +2 min

I had a match point and Andrey hit an amazing serve and then he had a match point and then I had some match points." Rublev broke Hurkacz's serve early in the second set but it was in the final set where the match really came to life. Rublev steadied himself to save match point and hold serve, and in the tiebreak he snatched early control to take a 3-0 lead. Two aces from the Polish player kept him in touch and at 5-6 down he served another ace to save match point. Both players broke serve again in quick succession to level the tiebreak at 8-8, but it was Hurkacz who had the last word and broke Rublev's serve again to win the title.

Persons: Poland's Hubert Hurkacz, China's Zhang Zhizhen, Aly, Hubert Hurkacz, Andrey Rublev, Hurkacz, Rublev, Andrey, Hurkacz's, Rublev steadied, Rublev's, Trevor Stynes, Christian Radnedge Organizations: Shanghai, Sports City Arena, Rights, Shanghai Masters, ATP, Miami, Thomson Locations: Shanghai, China, Russian

☆ Asia stocks hit 2-week high as Fed talk turns dovish
▼ + stars: | 2023-10-11 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Bull statues are placed in font of screens showing the Hang Seng stock index and stock prices outside Exchange Square, in Hong Kong, China, August 18, 2023. The S&P 500 (.SPX) gained overnight and MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 1.3% to a two-week high in morning trade. "I actually don't think we need to increase rates anymore," Atlanta Fed President Raphael Bostic told the American Bankers Association, to applause, in Nashville on Tuesday. On Wednesday the Australian and New Zealand dollars hit their highest levels on the dollar since the end of September, while sterling hit a three-week peak. European gas prices, which had jumped on news of the Middle East violence, surged further on Tuesday on concern a gas pipe in Finland was sabotaged.

Persons: Tyrone Siu, Raphael Bostic, Peter Dragicevich, Brent, Vivek Dhar, Sam Rines, Sam Holmes Organizations: REUTERS, Federal Reserve, paring, Japan's Nikkei, Atlanta Fed, American Bankers Association, Treasury, New Zealand, U.S, CPI, Fed, Bloomberg, HK, Benchmark, Samsung, Pepsi, Thomson Locations: Exchange, Hong Kong, China, SINGAPORE, paring U.S, Asia, Pacific, Japan, Nashville, Tuesday's, Israel, Finland, Estonia, Europe, Texas

☆ Dollar slips as dovish Fed speak dials down rate expectations
▼ + stars: | 2023-10-10 | by ( ) www.cnbc.com time to read: +2 min

The dollar softened on Tuesday along with U.S. interest rate expectations and a fall in Treasury yields as investors detected a slight dovish shift in Federal Reserve officials' tone. The yen held small gains as violence in the Middle East supported buying of safe-haven assets, and last traded firmly at 148.34 per dollar. However comments from two Fed officials turned around the mood and U.S. rate forecasts overnight after noting the recent selloff in bonds might negate the need for further hikes. Fed Vice Chair Philip Jefferson said the central bank would need to "proceed carefully" given the recent rise in yields. "A handful of other officials, including Fed Governor Christopher Waller, are scheduled to speak today.

Persons: —, Lorie Logan —, Philip Jefferson, Christopher Waller, Carol Kong, Sterling Organizations: Treasury, Federal, East, Swiss, Dallas, Columbus, New Zealand Locations: Asia, Tokyo

The Bank of Israel building is seen in Jerusalem June 16, 2020. The shekel fell 2.2% versus the dollar to 3.924 - its lowest since a 2016 - after the announcement, then steadied. The central bank also said it would provide liquidity through SWAP mechanisms in the market of up to $15 billion. "The Bank of Israel will continue monitoring developments, tracking all the markets, and acting with the tools available to it as necessary," it said. Israel's dollar-denominated government bonds also fell sharply in early European trading as investors got their first chance to react to the unprecedented weekend attack.

Persons: Ronen, Amir Yaron, Steven Scheer, Ari Rabinovitch, Emily Rose, Marc Jones, Jacqueline Wong, Sonali Paul, Andrew Heavens Organizations: of, REUTERS, Rights, Bank, Israel, Palestinian, Citi, Bank of Israel, Reuters, Thomson Locations: of Israel, Jerusalem, Gaza, Israel, Egypt, Yom, Tel Aviv, London

☆ Investors hope U.S. job numbers give Fed less reason to hike
▼ + stars: | 2023-10-06 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

Although the MSCI All-Country stock index (.MIWD00000PUS) was 0.2% higher, it has lost about 8% since its July peak, leaving it about 7% ahead for the year. We are talking about the duration, rather than higher rates," Spencer said. The dollar index is up 12 weeks in a row, equalling a streak that ran from July to October 2014. The dollar index was steady on Friday at 106.38. Gold was also steady at $1,821 an ounce after nine days of losses driven by rising global bond yields.

Persons: Brendan McDermid, Nonfarm, Patrick Spencer, RW Baird, Spencer, YEN, Kyle Rodda, Huw Jones, Tom Westbrook, Shri Navaratnam, Clarence Fernandez, Chizu Organizations: New York Stock Exchange, REUTERS, Federal, Treasury, Global, Analysts, Tokyo's Nikkei, London, Thomson Locations: New York City, U.S, Europe, Asia, Pacific, Japan

[1/2] Dollar banknotes are seen under Euro saving money box in this picture illustration taken February 16, 2017. The European common currency was last down 0.16% at $1.0533, a touch above Tuesday's 10-month low of $1.0448 but still set for a further weekly decline of 0.2% making that streak the longest since its launch in 1999. The dollar's recent strength has been underpinned by a rapid sell-off in U.S. government bonds, which sent yields to multi-year highs. "The pause in the bond sell-off is granting some room for recovery for most currencies against the dollar. The Australian dollar was steady at $0.6364, but set for a 1% weekly decline.

Persons: Dado Ruvic, Francesco Pesole, Vishnu Varathan, Rae Wee, Alun John, Shri Navaratnam Organizations: REUTERS, Rights, ING, Bank of Japan, Ministry of Finance, Mizuho Bank, Swiss, Thomson Locations: Rights SINGAPORE, LONDON, U.S, United States, Singapore, London, Lincoln

☆ Yen gets some relief as dollar pulls back overnight
▼ + stars: | 2023-10-05 | by ( ) www.cnbc.com time to read: +2 min

The yen got some much needed relief as the dollar and U.S. Treasury yields both steadied slightly lower on Thursday after mixed U.S. economic data overnight had markets lowering the odds of the Federal Reserve's raising interest rates again this year. The dollar index , which tracks the greenback against six peers, held near overnight levels at 106.78. Longer dated U.S. Treasury yields eased from 16-year highs after the data and remained off recent highs in the Asian morning. The yen, which tends to be sensitive to U.S. yields, last traded around 148.85 yen , down almost 0.2% from late U.S. levels and off Tuesday's low of 150.165. Sterling traded at $1.2139, off of Wednesday's fresh low of $1.20385 per dollar.

Persons: Kyle Rodda, Sterling Organizations: U.S, Treasury, ADP, Institute for Supply, PMI, Bank of, Japan Locations: Kawasaki, Japan, U.S

REUTERS/Issei Kato/File Photo Acquire Licensing RightsOct 5 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Global currency volatility on Wednesday spiked to its highest since May, a day after U.S. Treasury market volatility also jumped to a five-month high. And although U.S. yields fell across the board, yield curve steepening continued as the 30-year yield pierced 5.00%. Japanese assets, meanwhile, will also be sensitive to possible Bank of Japan activity in the domestic government bond or currency markets on Thursday. An esoteric corner of Japanese markets - yen cross-currency basis - is at levels consistent with previous bouts of volatility.

Persons: Issei Kato, Jamie McGeever, Josie Kao Organizations: U.S, REUTERS, Treasury, of, Bank of Japan, FX, Japan's Nikkei, PMI, Thomson, Reuters Locations: Tokyo, Japan, South Korea, Philippines, Thailand, Taiwan, Singapore, U.S, of Japan, Bank, India, Australia

☆ Stocks make meandering start to quarter; yen hits near 1-year low
▼ + stars: | 2023-10-02 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

The yen fell to within a whisker of 150-per-dollar and its weakness is a boon for exporters' and the pricing of their foreign earnings in yen. European futures rose 0.2%. Japanese stocks were also boosted by the Bank of Japan's quarterly Tankan survey, which showed an improvement in business sentiment. In the Treasury market 10-year yields rose 4 bps to 4.6124% and the two-year yield rose 3.7 bps to $5.0832%. Crude oil steadied after late-week fallsBrent December crude futures rose 16 cents, or 0.2%, to $92.36 a barrel.

Persons: Issei Kato, Christopher Wong, Brent, Kevin Buckland, Tom Westbrook, Edwina Gibbs, Simon Cameron, Moore Organizations: U.S, REUTERS, Rights, Japan's Nikkei, Bank, Bank of Japan, Futures, Treasury, New, . West Texas, Thomson Locations: Tokyo, Japan, U.S, India, Hong Kong, China, Asia, Pacific, New Zealand, Singapore

MANCHESTER, England (AP) — Britain’s Treasury chief is to announce a hike in the national minimum wage on Monday, as the governing Conservative Party tries to persuade voters it is on the side of those who are struggling financially. Chancellor of the Exchequer Jeremy Hunt has ruled out tax cuts, saying they would fuel inflation. The exact amount will be set after a recommendation by the Low Pay Commission, an advisory body. The right-of-center Tories, in power since 2010, are lagging far behind the center-left opposition Labour Party in opinion polls. Truss, whose plan for billions in unfunded tax cuts spooked the financial markets, is calling for the party to “revive Conservative values” such as “cutting red tape, lower(ing) taxes and trusting that markets will find the solutions we all want.”

Persons: Jeremy Hunt, Hunt, ” Hunt, “, Rishi Sunak, Sunak, Liz Truss, Boris Johnson, pocketbooks, Suella Braverman, Kemi Badenoch, James, Truss, ” Organizations: —, Treasury, Conservative Party, Conservatives, Low, Commission, U.K, Sky News, Labour Party, European Union Locations: MANCHESTER, England, Ukraine, Britain, Manchester

☆ Oil prices fall as Russia, Saudi Arabia expected to boost supply
▼ + stars: | 2023-09-29 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell in early trade on Friday after a recent rally, as profit-taking and expectations of supply increases by Russia and Saudi Arabia outweighed forecasts of positive demand from China during its Golden Week holiday. Oil prices had eased about 1% on Thursday, as traders took profits after prices soared to 10-month highs, and some worried that high interest rates may weigh on oil demand. "Oil prices recent rally paused overnight," National Australia Bank said in a note. Russia has not discussed a possible crude oil supply increase to compensate for Moscow's fuel exports ban with OPEC+, the Kremlin has said. "(An) increase in international travel during the Golden Week holiday is boosting Chinese oil demand," ANZ Research said in a note.

Persons: Brent Organizations: Brent, . West Texas, National Australia Bank, Aramco, Organization of, Petroleum, Russian, JPMorgan, Kremlin, ANZ Research Locations: New Mexico, U.S, Russia, Saudi Arabia, China, OPEC, Turkey, Brazil, Morocco, Tunisia

An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah/File Photo Acquire Licensing RightsCompanies Saudi Arabian Oil Co FollowSept 29 (Reuters) - Oil prices were set for a weekly gain of around 2% after regaining ground on Friday as strong holiday demand from China and persistently tight U.S. fundamentals outweighed expectations of possible supply increases from Saudi Arabia. The market eased about 1% in the previous session, as traders took profits after prices soared to 10-month highs, and some worried that high interest rates may weigh on oil demand. Improving macroeconomic data from China, the world's largest oil importer, coupled with strong fuel demand as the country as it embarked on its week-long Golden Week holiday on Friday, supported prices. "(An) increase in international travel during the Golden Week holiday is boosting Chinese oil demand," ANZ analysts said in a client note.

Persons: Ahmed Jadallah, Brent, Katya Golubkova, Jamie Freed, Sonali Paul Organizations: REUTERS, Rights Companies Saudi Arabian Oil, Brent, . West Texas, ANZ, Golden, Traders, Organization of, Petroleum, ING Bank, Aramco, National Australia Bank, Thomson Locations: Aramco, Saudi, Saudi Arabia, China, U.S, Cushing , Oklahoma, OPEC

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