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☆ Dollar slips ahead of US inflation data, still hits month high against yen
▼ + stars: | 2023-04-12 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

SINGAPORE, April 12 (Reuters) - The dollar dipped on Wednesday against most major currencies, with the exception of the yen, with investors expecting U.S. inflation data out later in the global day to hold some clue on how soon U.S. interest rates will peak. The U.S. inflation data for March is forecast to come in at 5.2% year-on-year, down from 6.0% previously, while core inflation likely ticked higher to 5.6%, according to a Reuters poll of economists. A raft of Fed speakers on Tuesday offered little guidance on how much further U.S. interest rates would rise. New York Fed President John Williams said it depended on incoming data. Against the yen , the dollar rose to a nearly one-month high of 134.045, a reflection of the stark contrast between the Fed's aggressive monetary policy tightening cycle and the Bank of Japan's (BOJ) ultra-loose policy.

☆ South Korea to lend 500,000 rounds of artillery shells to US, report says
▼ + stars: | 2023-04-12 | by ( Hyonhee Shin | ) www.reuters.com time to read: +2 min

SEOUL, April 12 (Reuters) - South Korea reached an agreement last month to lend the United States 500,000 rounds of 155 mm artillery shells that could give Washington greater flexibility to supply Ukraine with ammunition, a South Korean newspaper reported on Wednesday. The DongA Ilbo newspaper cited unnamed government sources saying that South Korea decided to "lend" the ammunition instead of selling in order to minimise the possibility of South Korean shells being used in the Ukraine conflict. It said the loaned shells would be used primarily by the United States to fill its stockpile. Having bought 100,000 rounds of the shells last year, the U.S. government had asked to buy the same amount or more in February, but the South Korean government sought another way to supply the ammunition to its ally. South Korea is a key U.S. ally and major producer of artillery ammunition, but has sought to avoid antagonising Russia in light of economic ties and Moscow's influence over North Korea.

☆ This is what happened when 25 AI avatars were let loose in a virtual town
▼ + stars: | 2023-04-12 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Researchers let 25 AI avatars loose in a virtual town. "To be honest, I don't like Sam Moore," the AI Tom said. Jaime Sevilla, an AI researcher not involved in the study, told Insider the models behind the study could be applied to non-player characters in video games. After all, the AI agents in the study were prone to hallucinations — like failing to recall certain events — which he attributes to how the model was trained. While researchers concluded their AI agents displayed emergent human behaviors, Woolridge said "we need to be skeptical" and "question" what AI tells us at face value.

☆ World stocks hope for Fed pause, dollar stalls
▼ + stars: | 2023-04-11 | by ( Herbert Lash | ) www.reuters.com time to read: +6 min

Gold climbed back up above the key $2,000 per ounce level as the dollar came off Monday's peak, while oil prices rose despite Chinese inflation data pointing to persistently weak demand. Investors are eagerly awaiting U.S. consumer prices data on Wednesday and producer prices on Thursday. The consumer price index is expected to show core inflation rose 0.4% on a monthly basis (USCPF=ECI) and 5.6% year-over-year (USCPFY=ECI) in March, according to a Reuters poll of economists. The dollar fell after a strong U.S. jobs report for March showed a resilient labor market, adding to expectations of another Fed rate hike. The dollar index fell 0.244%, with the euro up 0.41% to $1.0904 and the yen weakening 0.12% at 133.78 per dollar.

The consumer price index is expected to show core inflation rose 0.4% on a monthly basis (USCPF=ECI) and 5.6% year-over-year (USCPFY=ECI) in March. The two-year Treasury yield, which typically moves in step with interest rate expectations, rose 3.5 basis points to 4.043%. "We're just beginning to feel the pain of these much higher interest rates. The dollar fell after a strong U.S. jobs report for March showed a resilient labor market, adding to expectations of another Fed rate hike. The 10-year JGB yield fell to as low as 0.445%, its lowest since April 4, after hovering at 0.465% in the previous session.

☆ World stocks cling to upbeat mood, dollar stalls
▼ + stars: | 2023-04-11 | by ( Dhara Ranasinghe | ) www.reuters.com time to read: +5 min

European stocks added 0.5% (.STOXX), U.S. equity futures pointed to a positive Wall Street open , and Japan's blue-chip Nikkei rallied over 1% (.N225). Markets price in a roughly 70% chance of a May hike, having last week priced such a move as a coin toss. Traders still price in rate cuts by year-end as the economic growth outlook weakens, exacerbated by banking turmoil. U.S. March inflation data on Wednesday could provide the next steer for markets on the rate outlook. U.S. Treasury yields edged down on Tuesday, however, , with rate sensitive two-year yields 4 bps lower at 3.96%.

☆ Indian startups go to court to stop Google's new in-app billing system
▼ + stars: | 2023-04-11 | by ( Aditya Kalra | ) www.reuters.com time to read: +2 min

NEW DELHI, April 11 (Reuters) - A group of Indian startups has asked a court to suspend Alphabet Inc (GOOGL.O) Google's new in-app billing fee system until the country's antitrust body investigates the U.S. firm for alleged non-compliance with its directives, a legal filing showed. The 744-page filing, seen by Reuters, asks the court to "keep the implementation of Google’s UCB in abeyance" until CCI hears the complaint. The new service fee system, it says, supports investments in Google Play app store and the Android mobile operating system, ensuring it distributes it for free, and covers developer tools and analytic services. But Indian startups argue Google's UCB system still imposes a "service fee" of 11-26%, compared with the earlier in-app payment system that charged a fee of 15-30%. The new system is "cloaked as another version" of Google's earlier system, the ADIF filing stated.

Justin Jones pumped his fist and declared "power to the people" as he returned to the state House of Representatives after being restored by the Metropolitan Council of Nashville and Davidson County. His colleague Justin Pearson, the other young Black legislator who was expelled, could get a similar vote for reinstatement on Wednesday when the Shelby County Board of Commissioners will consider reappointing him to his Memphis district. The conflict has captured national attention and served as a rallying cry for Democrats over the issues of democracy, gun violence and racial inequality. Republican lawmakers have remained largely silent since voting to oust Jones and Pearson. Reporting by Sandra Stojanovic and Omar Younis; Additional reporting by Daniel Trotta; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

☆ World stocks hold on to upbeat mood, dollar stalls
▼ + stars: | 2023-04-11 | by ( Dhara Ranasinghe | ) www.reuters.com time to read: +4 min

European stock markets opened broadly firmer (.STOXX), U.S. stock futures pointed to a positive open for Wall Street shares , and Japan's blue-chip Nikkei rallied over 1% (.N225). Friday's non-farm payrolls suggested labour markets remain resilient, boosting expectations for a 25 basis point (bps) U.S. rate increase in May. NEW BOJ CHIEFIn Asia, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.57%, while MSCI's world stock index was up 0.3% (.MIWD00000PUS). U.S. Treasury yields edged down in European trade , with rate sensitive two-year yields last down 3 bps at 3.96%. Brent crude futures rose 61 cents, or 0.74%, to $84.81 a barrel, while U.S. WTI futures gained 68 cents, or 0.83%, to $80.41 a barrel.

☆ Warmer Reaction for Kathy Hochul’s New Chief Judge Pick
▼ + stars: | 2023-04-11 | by ( Jimmy Vielkind | ) www.wsj.com time to read: 1 min

Judge Rowan Wilson was a partner at Cravath, Swaine & Moore LLP before his appointment to the New York State Court of Appeals. Photo: Court of Appeals, State of New York

☆ MLB roundup: Solo HR sends Rays to 10-0
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +11 min

Muncy also singled, all after Mookie Betts had led off the game with his second homer of the season for the Dodgers, who snapped a three-game losing streak. Reds starter Graham Ashcraft allowed two runs on six hits in six innings with seven strikeouts and three walks. Ryan Mountcastle drilled a two-run homer in the first inning and Austin Hays added a solo shot in the sixth. Alvarez drove in two runs to boost his major-league-leading RBI total to 16, plating a pair in the second inning with a single. Jake Cave hit a solo homer and double while Nick Castellanos added three hits and three RBIs.

☆ Conditions will remain challenging in next semi upcycle: Morgan Stanley's Moore
▼ + stars: | 2023-04-11 | 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 EmailConditions will remain challenging in next semi upcycle: Morgan Stanley's MooreJoseph Moore, Morgan Stanley semiconductor analyst, joins 'Squawk on the Street' to discuss the recent moves in the chipmaker space, if investors will see broad inventory write-downs, and more.

☆ Australia opposition lawmaker quits shadow cabinet over Indigenous referendum stance
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, April 11 (Reuters) - An Australian opposition lawmaker quit the shadow cabinet on Tuesday in disagreement with his Liberal party's decision to campaign against a proposal to constitutionally recognise the country's Aboriginal and Torres Island people. Explaining his decision to resign as shadow attorney general and shadow minister for Indigenous Australians, Julian Leeser said he was unable to persuade his Liberal colleagues to support the proposed constitutional changes. "I resign without rancour or bitterness and I remain a loyal Liberal," Leeser said during a media briefing, pledging his support to opposition leader Peter Dutton. Leaving the shadow cabinet will give Leeser the freedom to campaign for the recognition of Australia's Aboriginal people in the constitution and the establishment of an Indigenous advisory group, called the "Voice". Prime Minister Anthony Albanese, who has staked significant political capital on the referendum, welcomed Leeser's decision.

☆ Boeing says 11 Chinese airlines have resumed operating 737 MAX
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

BEIJING, April 11 (Reuters) - Boeing (BA.N) said on Tuesday that 11 Chinese airlines have resumed operation of the 737 MAX as of April 10, in a positive sign for the U.S. planemaker's attempts to rebuild its business in the world's second-largest aviation market. Based on these airlines, the number of 737 MAX returning to commerical service reached 43, accounting for approximately 45% of the Chinese 737 MAX fleet, the company also said in a social media post on its official WeChat account. Boeing did not name who the 11 airlines were but carriers including Hainan Airlines Holding Co Ltd (600221.SS), Fuzhou Airlines, Lucky Air and Air China (601111.SS) have flown the jets in the months since. "The move reaffirms our commitment to our civil aircraft customers in China," said Sherry Carbary, president of Boeing China. "The equipment upgrade allows us to further enhance our support for Chinese 737 MAX customers as they expand the aircraft's operations in and around China."

☆ Pakistan condemns India's decision to hold G20 meetings in Kashmir
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Danish Ismail/File PhotoISLAMABAD, April 11 (Reuters) - Pakistan on Tuesday condemned India's decision to hold Group of 20 meetings in the disputed Himalayan territory of Kashmir next month, calling the move "irresponsible". India currently holds the rotating year-long presidency of the G20 and is set to host a leaders' summit in New Delhi in early September. India's foreign ministry did not immediately respond to a Reuters request seeking comment on the statement from Pakistan. New Delhi has long accused Pakistan of stoking a decades-long separatist insurgency in Jammu and Kashmir, the only Muslim-majority region in India. Pakistan also accuses India of human rights violations in the parts of Kashmir under its control, a charge New Delhi rejects.

☆ Japan, China meet to discuss maritime concerns as Beijing simulates attack on Taiwan
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

TOKYO, April 10 (Reuters) - Senior Japanese and Chinese government officials met on Monday to discuss maritime concerns in disputed waters in the East China Sea as Beijing conducted wargames around Taiwan. Prior to the start of the talks, a top Japanese government spokesperson said Japan has been following China's military drills around Taiwan consistently and "with great interest". Beijing considers Taiwan as a part of China and regards meetings between senior U.S. and Taiwanese officials as interference in its internal affairs. He also asked Japan to pull its ships back from the seas around islands in the East China Sea claimed by both countries. China and Japan last month established a military communications hotline to help them defuse any air and sea incidents in the contested waters.

☆ Here are all of the Republican elected officials backing Trump's 2024 campaign
▼ + stars: | 2023-04-10 | by ( Bryan Metzger | Oma Seddiq | ) www.businessinsider.com time to read: +11 min

Michael Burgess — the Texas congressman endorsed Trump in March after being named to the former president's campaign's Texas leadership team. Eli Crane — the Arizona freshman tweeted his support for Trump's 2024 bid the night of his announcement. Barry Moore — the Alabama congressman endorsed Trump in a radio interview in December, citing the former president's "experience level." 3 House Republican endorsed Trump days before his widely expected 2024 announcement in November. Roger Williams — the Texas congressman endorsed Trump in March after being named to the former president's campaign's Texas leadership team.

Rowan Wilson, an associate judge on the Court of Appeals, was named as chief judge of the same court, overseeing the state's sprawling state judicial system. If confirmed, Wilson would be the first Black judge in the post, replacing Janet DiFiore who stepped down in August. "Judge Wilson's sterling record of upholding justice and fairness makes him well-suited to lead the court at this critical time," Hochul said in a statement. Hochul nominated Caitlin Halligan, a former New York solicitor general and current partner at law firm Selendy Gay Elsberg, to fill Wilson's current role. Wilson was nominated to the Court of Appeals by former New York Governor Andrew Cuomo, a Democrat, in 2017.

☆ China's payment association warns over risks of using AI products like ChatGPT
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI/BEIJING, April 10 (Reuters) - China's payment & clearing industry association warned on Monday against using Microsoft-backed OpenAI's ChatGPT and similar artificial intelligence tools due to "risks such as cross-border data leaks." "Payment industry staff must comply with laws and rules when using tools such as ChatGPT, and should not upload confidential information related to the country and the finance industry," the Payment & Clearing Association of China said in a statement on Monday. Italy has temporarily banned ChatGPT and launched a probe over suspected breaches of privacy rules. Excitement in China over the chatbot has helped to fuel a rally in tech, media and telecom (TMT) shares, with analysts cautioning bubble risks. Chinese shares in computer (.CSI930651), media (.CSI399971) and communications equipment (.CSI931160) tumbled between 3.4% and 5.6% on Monday.

☆ Wall Street is looking at the positive side of Samsung’s 96% profit drop, production cuts. Here's why
▼ + stars: | 2023-04-10 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Samsung's plan to cut memory chip production signals a potentially sooner-than-expected recovery for the broader memory chip market, according to Wall Street. Investors seemed to laud the news, sending shares of Micron Technology and Western Digital up about 8% each on Monday. Citi analyst Christopher Danely called the news a "huge positive" for the dynamic random access memory, or DRAM, industry. But while the cuts from Samsung should help ease some pricing pressures, caveats persist, with Morgan Stanley's Joseph Moore expecting a "fairly muted" upturn from the production cuts and slow margin recovery even in 2024. "Investors are much more excited than industry contacts around this, given obvious green shoots implied from production cuts," he wrote.

☆ Millions of student-loan borrowers will face 'catastrophic consequences' like delays in debt relief if Congress doesn't give Biden's Education Department more money, 17 Democratic lawmakers say
▼ + stars: | 2023-04-10 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Seventeen Democrats wrote a letter to lawmakers asking them to increase Federal Student Aid funding. The Democrats said lack of funding is "catastrophic" for millions of borrowers relying on relief. Congress didn't increase FSA funding last year, causing delays in repayment reforms. They called on the subcommittee to provide $2.7 billion in funding for FSA in fiscal year 2024, consistent with President Joe Biden's budget request. "The lack of adequate resources creates more barriers for students to continue their education," the lawmakers wrote.

☆ The lucky breaks that built Nike
▼ + stars: | 2023-04-08 | by ( Matthew Kish | ) www.businessinsider.com time to read: +5 min

Fittingly as "Air" hits theaters, Nike will release an Air Jordan in "lucky green." "Luck plays a big role," Nike cofounder Phil Knight wrote in the closing of his 2016 memoir, "Shoe Dog." Athletes get lucky, poets get lucky, businesses get lucky." Knight wrote. Next Wednesday, Nike will release the "Black and Lucky Green" Air Jordan 1.

Strikes have rolled through France, Portugal, Britain and Germany in recent weeks and could cause air travel disruption in parts of Europe through the Easter holidays, officials at airlines, airports and air traffic authorities told Reuters. There's no doubt about it," said Steven Moore, who is in charge of air traffic management operations at Eurocontrol. Airlines say they have to pay compensation without themselves getting compensated for air traffic delays. Consumer groups say air traffic control strikes are not new and airlines should be quicker to react and pay compensation. He called last week on the European Commission to do more to stop such strikes hitting overflights, by introducing minimum service rules, though industry experts say strikes are a national issue.

☆ Oil falls as weak U.S. economic data stokes recession fears
▼ + stars: | 2023-04-06 | by ( ) www.cnbc.com time to read: +2 min

Oil fell on Thursday as weak U.S. economic data raised concerns over a potential global recession and demand reduction, but benchmark prices were headed for a weekly advance after OPEC+ announced further output cuts and U.S. oil stocks dropped. "Crude oil's rally paused as it battled the headwinds created by the weak economic data. The slew of soft economic data soured market sentiment, stoking fears of a recession and prompting investors to adopt risk aversion strategies. U.S. crude inventories fell 3.7 million barrels last week, about 1.5 million barrels more than forecast, government data showed. Gasoline and distillate stocks also fell more than expected, drawing down by 4.1 million barrels and 3.6 million barrels, respectively.

☆ Chip stocks posted their best quarter since 2020. What's next for the sector and why the rally may fade
▼ + stars: | 2023-04-06 | by ( Samantha Subin | ) www.cnbc.com time to read: +8 min

Chip stocks made a breathtaking comeback in the first quarter, but don't be surprised if the rally gives up some of its gains, investors warn. The semiconductor sector on Friday wrapped up its best quarter since 2020 as investors rotated back into the downtrodden industry, with names like Nvidia notching its best quarterly stretch since 2001. The recent tear in semiconductor stocks brings the sector into overbought territory versus non-financial cyclicals, said Credit Suisse's Andrew Garthwaite in a recent note. Like many investors, Niles views Nvidia as a dominant AI play despite its rich valuation . While the stock's given those gains, many investors viewed the print as a sign of a bottom.

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