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☆ Euro steadies as markets raise bets of ECB hike after inflation data
▼ + stars: | 2023-08-30 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

[1/2] Euro and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. Money markets raised their bets on a September rate hike from the ECB, pricing in a 60% chance of a 25 basis-point move. "One key input to arrive at a final assessment is the inflation data this week," he added. The dollar index - which measures the currency against six major peers including the yen and euro - slipped 0.1% to 103.47. INTERVENTION TERRITORYThe dollar rose 0.35% to 146.38 yen .

Persons: Dado Ruvic, Benjamin Schroeder, pare, Charu, Jerome Powell, Naoki Tamura, bitcoin, cryptocurrency, Joice Alves, Kevin Buckland, Tom Westbrook, Miral Fahmy, Alex Richardson Organizations: U.S, REUTERS, European Central Bank, Federal, Reuters, Money, ECB, ING, Fed, Saxo . Money, Bank of Japan, Reserve Bank of Australia, People's Bank of, Thomson Locations: Germany, Spain, North Rhine, Westphalia, NRW, People's Bank of China, London, Tokyo

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON/TOKYO, Aug 30 (Reuters) - The euro eased against the dollar on Wednesday as investors looked to more labour market data in the U.S. and inflation data in the euro zone to provide clues on the path for central banks policies. "One key input to arrive at a final assessment is the inflation data this week," he added. The euro eased 0.2% to $1.0856. The dollar index - which measures the currency against six major peers including the yen and euro - edged 0.1% higher at 103.67. INTERVENTION TERRITORYThe dollar rose 0.38% to 146.43 yen .

Persons: Dado Ruvic, Benjamin Schroeder, pare, Matt Simpson, Jerome Powell, Naoki Tamura, bitcoin, cryptocurrency, Joice Alves, Kevin Buckland, Tom Westbrook, Miral Organizations: REUTERS, Reuters, Money, ECB, ING, Index, Fed, Bank of Japan, Reserve Bank of Australia, People's Bank of, Thomson Locations: TOKYO, U.S, Spain, Germany, Westphalia, NRW, People's Bank of China, London, Tokyo

☆ Japan's Simplex launches first ETFs focused on stocks below book value
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +2 min

A woman uses a mobile phone in front of an electric board displaying the Nikkei stock average outside a brokerage in Tokyo, Japan June 14, 2023. Some 189 companies in the Topix 500 (.TOPX500) trade below book value, compared to 17 in the S&P 500 (.SPX), according to Simplex. The funds launch next week and are focused on the areas of the market where many investors see the most potential. One of the funds, Simplex PBR Improvement over 1x ETF (2080.T), will contain about 500 stocks that average 0.7 times their book value. Simplex is also launching a third ETF (2082.T) focused on stocks where executive pay is tied to corporate performance.

Persons: Kim Kyung, Hiromasa Mizushima, Junko Fujita, Tom Westbrook, Miral Organizations: Nikkei, REUTERS, Rights, Simplex, Management, Japan's Nikkei, Tokyo bourse, Simplex Asset Management, Tokyo Stock Exchange, Thomson Locations: Tokyo, Japan

☆ Dollar finds feet as investors await further clues on Fed path
▼ + stars: | 2023-08-30 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsTOKYO, Aug 30 (Reuters) - The U.S. dollar on Wednesday clawed back some of the previous session's sharp declines as investors looked ahead to more labour market data for clues on the path for Federal Reserve policy. The dollar index - which measures the currency against six major peers including the yen and euro - added 0.09% to 103.64 as of the Asian afternoon. On Tuesday, it had surged to a 10-month peak at 147.375 leading into the JOLTS report, only to end the day with a 0.45% decline. The Aussie dollar dipped as much as 0.46% after the data but eventually shook the data off to trade little changed at $0.64775. The Chinese yuan weakened slightly in offshore trading to 7.3002 per dollar, but remained well above the Aug. 17 low of 7.3490.

Persons: Dado Ruvic, pare, Matt Simpson, Simpson, Naoki Tamura, Jerome Powell, bitcoin, cryptocurrency, we're, Chris Weston, Kevin Buckland, Tom Westbrook, Lincoln, Sam Holmes Organizations: REUTERS, Rights, U.S, Federal Reserve, U.S ., Treasury, Bank of Japan, Money, Fed, Reserve Bank of Australia, People's Bank of, Thomson Locations: People's Bank of China

☆ China rally runs on hope; bonds bet on slowdown
▼ + stars: | 2023-08-29 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

European futures rose 0.2% and FTSE futures rose 0.8% to point to a positive return from a day's holiday in London. SLOWINGElsewhere in Asia, investors' focus was on U.S. data that may determine whether or not interest rates need to rise further. U.S. Treasuries extended overnight gains, driving two-year yields down five basis points (bps) to 5% and 10-year yields down two bps to 4.1922%. The Australian dollar inched 0.3% higher to $0.6440, with incoming central bank governor Michelle Bullock due to speak later in the day. The yen remained pinned near Monday's 10-month low, for a loss of some 10% on the dollar this year.

Persons: Ryan Felsman, Michelle Bullock, Jason Xue, Sam Holmes, Kim Coghill Organizations: Foreigners, Treasury, Workers, of America, Financial, HK, Traders, Benchmark, Commonwealth Bank, Thomson Locations: China, Australia, SINGAPORE, Asia, Pacific, Japan, Hong Kong, London, U.S, Sydney . U.S, Shanghai

☆ Bonds rally, stocks drift as China boost fades
▼ + stars: | 2023-08-29 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

The yen remained an outlier and within a whisker of Monday's 10-month low, which has traders on edge about the risk of intervention. Over the weekend, China announced a halving in stock-trading stamp duties and had on Friday approved some guidelines for affordable housing. Hong Kong's Hang Seng (.HSI) closed less than 1% higher on Monday and was 1% firmer in early trade on Tuesday. On Tuesday in New Zealand shares in Tourism Holdings (THL.NZ), the world's largest campervan rental company, surged 13% after the company reported a record underlying profit. On Tuesday, U.S. job openings figures are due, ahead of Friday's broader labour market data and the ISM manufacturing survey.

Persons: Damian Rooney, Kazuo Ueda, Goldman Sachs, Ryan Felsman, Jason Xue, Sam Holmes Organizations: Nikkei, Argonaut Securities, HK, Bank of Japan, Tourism Holdings, New, Commonwealth Bank of Australia, Thomson Locations: SINGAPORE, U.S, Asia, Pacific, Japan, Hong Kong, China, Perth, New Zealand, Sydney, Shanghai

☆ Morning Bid: Strikes, system failures and a slowdown
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +3 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 2, 2023. Workers at Toyota plants in Japan were idle, meanwhile, as a systems malfunction crippling component orders brought output to a standstill for the world's top automaker. That comes on the heels of tech woes at British air control on Monday that disrupted flights. FTSE futures suggest a positive return from a day's holiday in London, while U.S. and European futures were flat. Hong Kong's Hang Seng (.HSI) was up 2% by mid-session and mainland blue chips (.CSI300) were up 1.5%.

Persons: Tom Westbrook, Gina Raimondo, it's, Hewlett Packard, Sam Holmes Organizations: REUTERS, Staff, Workers, Chevron, Toyota, Japan's Nikkei, U.S . Commerce, Tourism Holdings, Reuters, Thomson Locations: Frankfurt, Germany, Australia, Japan, Asia, London, Beijing

An electronic board shows Shanghai and Shenzhen stock indexes, at the Lujiazui financial district in Shanghai, China October 25, 2022. "It's pretty weak," said Sat Duhra, a portfolio manager at Janus Henderson who devises a macro score for countries by tracking seven factors including PMI surveys, real exchange rates, current accounts, growth estimates and liquidity. Even in Japan, the stock market success story of the year so far, portfolio manager Zuhair Khan at UBP Investments says he's shorting or avoiding companies reliant on China sales. However, I think more importantly, it has fallen short of initial expectations," said Jagdeep Ghuman, a portfolio manager for U.S. asset manager Nuveen. Reporting by Tom Westbrook and Rae Wee in Singapore, Dhara Ranasinghe in London and Summer Zhen and Xie Yu in Hong Kong.

Persons: Aly, Janus Henderson, Seema Shah, Zuhair Khan, Prashant Bhayani, it's, Jagdeep Ghuman, Nuveen, Tom Westbrook, Rae Wee, Dhara, Zhen, Xie Yu, Sam Holmes Organizations: REUTERS, Rights, BHP, PMI, Global Investors, UBP Investments, Vegas Sands, Wealth Management, U.S, Thomson Locations: Shanghai, Shenzhen, China, Rights SINGAPORE, London, Bangkok, Zealand, Europe, Thailand, Asia, Japan, Singapore, Hong Kong

REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsSHANGHAI/SINGAPORE, Aug 25 (Reuters) - China's banks will cut deposit rates soon as part of efforts to make mortgages more affordable and revive property demand, analysts reading China's cryptic policy messages reckon. But China did not opt for a broad rate cut that would further depress banks' narrow net interest margins, instead deferring to banks to cut their deposit rates and give themselves room to cheapen mortgages, analysts said. Lowering deposit rates will give banks much needed wiggle room to cut mortgage rates. "Further reductions to the deposit rates are 'arrows on the string,'" said Wang Yifeng, banking analyst at Everbright Securities. He also expects a tweak to rules so that existing mortgage rates can be reset lower.

Persons: Tingshu Wang, Wang Yifeng, Zhu Qibing, LPR, Zhu, Lu Ting, Lu, Xing Zhaopeng, Xing, Winni Zhou, Tom Westbrook, Samuel Shen, Vidya Ranganathan, Jacqueline Wong Organizations: China Securities Regulatory Commission, REUTERS, Rights, Bankers, Everbright Securities, People's Bank of China, BOC International China, Nomura, ANZ, Thomson Locations: China, Beijing, Rights SHANGHAI, SINGAPORE, Shanghai, Singapore

☆ Dollar rises ahead of Jackson Hole gathering
▼ + stars: | 2023-08-24 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +4 min

"But the reaction to them was pretty muted overall, suggesting the Jackson Hole symposium is the main thing on the markets' mind," he said. Elsewhere, the Turkish lira rallied to a 2-month high against the dollar, up about 6% to 25.55 against the dollar after the Turkish central bank hiked the 1-week repo from 17.5% to a much-higher-than expected 25%. According to the median estimate in a Reuters poll, economists were expecting the policy rate to increase to 20%. Turkey's central bank embarked on a tightening cycle in June after President Tayyip Erdogan appointed former Wall Street banker Hafize Gaye Erkan as governor. The dollar was 0.7% higher against the yen , not far from the 9-month high 146.565 touched last week.

Persons: Dado Ruvic, Jerome Powell's, Jackson, Stuart Cole, Powell, Cole, Patrick Harker, Susan Collins, Tayyip Erdogan, Hafize Gaye Erkan, Piotr Matys, Saqib Iqbal Ahmed, Joice Alves, Tom Westbrook, Ankur Banerjee, Angus MacSwan, Andrea Ricci, Nick Zieminski Organizations: REUTERS, Jackson, Equiti, Federal Reserve, Philadelphia Fed, Boston Fed, U.S, Turkish, Wall Street, Touch Capital, Bank of England, Thomson Locations: London, Europe, Turkish, British

☆ Dollar rises ahead of Jackson Hole, Turkish lira rallies
▼ + stars: | 2023-08-24 | by ( Joice Alves | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/file photo Acquire Licensing RightsLONDON, Aug 24 (Reuters) - The dollar rose on Thursday as investors awaited for U.S. job data ahead of the Federal Reserve's Jackson Hole symposium, while the Turkish lira rallied after a larger-than-expected central bank rate hike. Investors were cautious after softer-than expected data in Europe and the U.S. muddied the economic outlook sending the safe-haven dollar higher. "As the Jackson Hole symposium gets under way, market participants are looking for direction," said Isabel Albarran, Investment Officer at Close Brothers Asset Management. MORE COULD COMEElsewhere, the Turkish lira rallied, up 3% to 26.4040 against the dollar after the Turkish Central Bank hiked the 1-week repo from 17.5% to a much-larger-than expected 25%. Turkey's central bank embarked on a tightening cycle in June after President Tayyip Erdogan appointed former Wall Street banker Hafize Gaye Erkan as governor.

Persons: Dado Ruvic, Jackson, Jerome Powell, Isabel Albarran, Tayyip Erdogan, Hafize Gaye Erkan, Piotr Matys, Moh Siong Sim, China's, Joice Alves, Tom Westbrook, Ankur Banerjee, Angus MacSwan Organizations: REUTERS, Federal, Turkish, U.S, Investors, Investment, Asset Management, Turkish Central Bank, Wall Street, Touch Capital, British, Bank of England, PMI, Singapore, Thomson Locations: Europe, London

REUTERS/Aly Song/File Photo Acquire Licensing RightsHONG KONG/AMSTERDAM, Aug 24 (Reuters) - Global investors fleeing China have one simple message for the country's leadership: put prudence aside for a short while, and start spending big. "At this point there is confusion and, as long as there is confusion, then there's lack of credibility and that means investors are more likely to stay away," said Seema Shah, chief global strategist at Principal Global Investors in London. Prominent examples are heavy Chinese government spending during the 2008 Global Financial Crisis and its swift intervention during the 2015 market crash. But the subsidies need to come from local governments, many of which are cash-strapped or even drowning in debt and unable to pay their civil servants. The lack of concrete stimulus measures now is prompting many China watchers to downgrade their growth estimates for the next few years.

Persons: Aly, China's, Seema Shah, Chen Zhao, Zhao, hasn't, Frederik Ducrozet, Ducrozet, Principal's Shah, Yan Wang, Xi Jinping's, we’ve, Lorraine Tan, Dhara Ranasinghe, Davide Barbuscia, Yoruk, Xie Yu, Ankur Banerjee, Tom Westbrook, Li Gu, Vidya Ranganathan, Kim Coghill Organizations: REUTERS, Global, Global Investors, policymaking Politburo, Pictet Wealth Management, Local, UBS Bank, Federated Hermes, Foreigners, Asia, Morningstar, Thomson Locations: Huangpu, Shanghai, China, HONG KONG, AMSTERDAM, London, Beijing, Japan, United States, New York, Amsterdam, Hong Kong, Singapore

But it was U.S. Treasuries that hogged the limelight once again, with benchmark 10-year yields climbing to 4.366% - their highest level since 2007 and up almost 40 bps month-to-date - before losing some ground to 4.3141%. "There's a more cautiously optimistic mood across financial markets," said Fiona Cincotta, senior markets analyst at City Index in London. At the same time, however, inflation expectations have hardly budged - meaning "real" yields, which discount inflation expectations, have surged - a development likely to prompt investors to re-evaluate taking risks. The 10-year real rate breached 2% late last week. In Europe, benchmark bond yields in Germany, France and Italy eased after Monday's sharp climb , , .

Persons: BOJ's Ueda, Fiona Cincotta, Jackson, Padhraic Garvey, Vishnu Varathan, Kazuo Ueda, Karin Strohecker, Elizabeth Howcroft, Dhara Ranasinghe, Tom Westbrook, Chizu Organizations: REUTERS, Staff, Nvidia, Wall, Index, Federal Reserve, Treasury, ING . Markets, Fed, European Central Bank, Bank of England, Bank of Japan, Mizuho Bank, NVIDIA, Wednesday, Tech, P, Brent, Benchmark, Dalian, Thomson Locations: Frankfurt, Germany, Europe, Asia, U.S, London, Americas, Jackson Hole , Wyoming, Singapore, France, Italy

☆ Asia stocks snap losing streak, yields hit fresh peaks
▼ + stars: | 2023-08-22 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Benchmark 10-year yields climbed 2.5 basis points (bps) in early Tokyo trade to touch 4.366%, their highest level since 2007 and are up almost 40 bps for the month so far. European futures were last up 0.6% and FTSE futures rose 0.3%. At the same time, however, inflation expectations have hardly budged - meaning that "real" yields, which discount inflation expectations, have surged - a development likely to prompt investors to re-evaluate taking risks. The 10-year real rate breached 2% on Monday. Sovereign yields in Australia, Korea, New Zealand and Japan all rose on Tuesday, with 10-year Japanese yields hitting their highest since 2014 at 0.66%.

Persons: Issei Kato, BOJ's Ueda, Vishnu Varathan, Jerome Powell, Kazuo Ueda, Edwina Gibbs Organizations: REUTERS, SINGAPORE, Japan's Nikkei, Wall, Treasury, Mizuho Bank, Federal, Sovereign, BHP, Bank of Japan, New Zealand, Brent, Benchmark, Dalian, Nvidia, Thomson Locations: Tokyo, Japan, Asia, Pacific, Singapore, Australia, Korea, New Zealand, Hong Kong

☆ Soaring yields leave stocks struggling for headway
▼ + stars: | 2023-08-22 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Benchmark 10-year U.S. Treasury yields rose about 2.5 basis points (bps) in early Tokyo trade to 4.366%, extending an overnight rise to hit their highest since 2007. The 10-year real rate breached 2% in overnight trade. Sovereign yields in Australia, Korea, New Zealand and Japan all rose on Tuesday, with 10-year Japanese yields hitting their highest since 2014 at 0.66%. China disappointed markets with smaller-than-expected interest rate cuts on Monday, though it has been resolute in defending its sliding currency. The euro , which rose slightly overnight, was firm at $1.0906, while the Antipodean currencies , were pinned near nine-month lows and looking vulnerable.

Persons: Issei Kato, Vishnu Varathan, Jerome Powell, reiteration, Varathan, Himani Sarkar Organizations: REUTERS, Rights, Treasury, Japan's Nikkei, Wall, Mizuho Bank, Federal, UST, BHP, Reuters, Brent, Benchmark, Nvidia, Thomson Locations: Tokyo, Japan, Asia, Pacific, China, Singapore, Australia, Korea, New Zealand, CHINA, Hong Kong

☆ Morning Bid: Skyrocketing yields in the spotlight
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsA look at the day ahead in European and global markets from Tom WestbrookBond selling extended on Tuesday to drive 10-year Treasury yields to fresh 16-year highs in Asia trade and leave already-nervous stock markets cautious. But it isn't inflation, as inflation expectations have hardly budged -- investors are plainly demanding a higher return to keep on buying the stuff. Some analysts have drawn attention to the coincidence of timing between the selloff and the Bank of Japan's signal that it would allow 10-year Japanese yields as high as 1%. Small beer on the data calendar on Tuesday will keep the focus on yields and on Fed Chair Jerome Powell's Jackson Hole speech on Friday. The yen took a small boost on the risk of intervention after Bank of Japan Governor Kazuo Ueda met with Prime Minister Fumio Kishida.

Persons: Dado Ruvic, Tom Westbrook Bond, Jackson, Jerome Powell's Jackson, HSI, Thaksin Shinawatra, Kazuo Ueda, Fumio Kishida, Ueda, Shri Navaratnam Organizations: REUTERS, Bank of, BHP Group, Bank of Japan, Reuters, Better, Thomson Locations: Asia, Shanghai, Hong Kong, China, Bangkok

☆ US dollar slips as traders cautious before Fed's Jackson Hole symposium
▼ + stars: | 2023-08-21 | by ( Laura Matthews | ) www.reuters.com time to read: +3 min

The Japanese yen , which is on intervention watch, weakened 0.55% versus the greenback at 146.21 per dollar, with analysts now seeing the threshold for intervention at around 150 per dollar. Meanwhile, the offshore yuan , also on watch for intervention, rose 0.3% versus the greenback at 7.2853 per dollar. Jane Foley, head of FX strategy at Rabobank in London, said a firm dollar is problematic for both central banks since "it threatens to expose both currencies to undesirable weakness." His comments may set the direction for U.S. Treasury yields, which have driven the rise in the dollar in recent weeks. "If Powell stays on the theoretical side of things, that might lower implied volatility of the dollar and lead to a smaller reaction."

Persons: Dado Ruvic, Jackson, Sahota, Jane Foley, Jerome Powell, Karl Schamotta, Christine Lagarde, Powell, Laura Matthews, Samuel Indyk, Tom Westbrook, Kirsten Donovan, Mark Potter, Will Dunham, Jonathan Oatis Organizations: REUTERS, U.S, U.S . Federal, FX, Fed, Reuters, Rabobank, Treasury, European Central Bank, Thomson Locations: U.S ., , Wyoming, San Francisco, China, London, United States, Wyoming, Toronto, New York, Singapore

☆ Dollar retreats from 2-month high, yuan turns higher
▼ + stars: | 2023-08-21 | by ( Samuel Indyk | ) www.reuters.com time to read: +4 min

The dollar index , which measures the currency against six other majors, was last down 0.2% at 103.18, but still close to Friday's two-month high of 103.68. Ten-year yields rose 14 basis points last week and touched a 10-month high of 4.328%, within a whisker of a 15-year high. The offshore yuan had fallen to the weak side of 7.3 per dollar before firming after Reuters reported that state-owned Chinese banks were seen actively mopping up offshore yuan liquidity, a move that raised the cost of shorting the currency. China's currency reversed course in the offshore market and was last up 0.2% to 7.2909 per dollar. Sterling rose slightly to $1.2756 and the Swiss franc was just above a six-week low hit last week at 0.8793 per dollar.

Persons: Dado Ruvic, Jackson, Michael Brown, I'm, Brown, Jerome Powell, Vishnu Varathan, Adam Cole, Sterling, Samuel Indyk, Tom Westbrook, Kirsten Donovan, Mark Potter Organizations: REUTERS, Federal, Trader, Wall, Treasury, Mizuho Bank, New Zealand, Authorities, RBC Capital Markets, Reuters, Swiss, Thomson Locations: Europe, Wyoming, Singapore, China, London

☆ China surprises with modest rate cut amid growing yuan risks
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +4 min

The one-year loan prime rate (LPR) was lowered by 10 basis points to 3.45% from 3.55% previously, while the five-year LPR was left at 4.20%. The 10 bp cut in the one-year rate was smaller than the 15 bp cut expected by most poll respondents. Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages. The reduction in the one-year LPR came after the People's Bank of China (PBOC) unexpectedly lowered its medium-term policy rate last week. Cheung added that the unexpected rate outcome should be "negative to China growth outlook and the yuan exchange rate".

Persons: Tingshu Wang, LPR, Masayuki Kichikawa, Ken Cheung, Cheung, Winni Zhou, Tom Westbrook, Kevin Buckland, Sam Holmes Organizations: People's Bank of China, REUTERS, Rights, Sumitomo Mitsui DS Asset Management, Mizuho Bank, Thomson Locations: Beijing, China, Rights SHANGHAI, SINGAPORE, Shanghai

☆ China unveils measures to revive stock market
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +3 min

The China Securities Regulatory Commission (CSRC) proposed steps including cutting trading costs, supporting share buybacks and encouraging long-term investment to support a stock market (.CSI300) that has slid to nine-month lows. China's leaders vowed in late July to reinvigorate the stock market, which has been reeling as the country's economic recovery flags and woes in the property market deepen. The CSRC said on Friday that stablizing the stock market was a priority. "Without a relatively stable market environment, there's no basis for reviving the market and lifting sentiment," the regulator said. "The key to lifting market sentiment is to rescue the economy, and the property market is the crux," Niu said.

Persons: Aly, CSRC, Niu Chunbao, Niu, Pang Xichun, Jason Xue, Samuel Shen, Tom Westbrook, Toby Chopra, Jan Harvey Organizations: REUTERS, Rights, China Securities Regulatory Commission, Ministry of Finance, Wanji Asset Management, Nanjing RiskHunt Investment Management, Thomson Locations: Shanghai, China, Nanjing, Singapore

Yields on one-year real estate bonds rated AA- have widened 220 bps in the past month, data from Chinabond shows. That divergence reflects investors' expectations that Beijing will support LGFVs in order to minimise financial contagion, despite rising delinquencies among developers. Yields on LGFV bonds issued in August averaged around 3.9%, the lowest seen this year, according to data provider Dealing Matrix(DM). The chorus of economists calling for China to support LGFVs as part of measures to shore up the economy has grown. Chi Lo, Hong Kong-based senior economist at BNP Paribas Asset Management, said Beijing needs to refinance LGFV debt over the next three to five years to prevent the system from imploding.

Persons: Aly, Zhu Yangmo, LGFVs, Zhu, Chi Lo, Li Gu, Samuel Shen, Tom Westbrook, Vidya Ranganathan, Kim Coghill Organizations: REUTERS, Rights, China Central Depository, Asset Management, Garden Holdings, HK, China International Capital Corp, Tianjin Infrastructure Investment Group, AAA, China, Thomson Locations: Shanghai, China, Rights SHANGHAI, SINGAPORE, Hainan, Beijing, Tianjin, Hong Kong, imploding, Singapore

They are among the countless people with chronic pain who have been the unintended victims of the national crackdown on opioid prescribing. In response to the deadly opioid crisis, the Centers for Disease Control and Prevention issued guidelines intended to limit opioid prescriptions. That advice soon became enshrined in state laws across the country. issued new prescription guidelines intended, in part, to induce a course correction. But facing a confusing mess of federal and state laws, many physicians are still afraid to prescribe opioids to genuine pain sufferers.

Organizations: Centers for Disease Control

Garmin's Forerunner fitness trackers have long been one of the brand's most popular among serious runners. One of Garmin's most advanced Forerunners is the Forerunner 935, a fitness watch designed with marathon runners and triathletes in mind. A mid-size watch with premium featuresThe Forerunner 935 is a mid-sized watch that may feel a bit big for folks with small wrists. While running, Westbrook wanted it to show three or four different parameters simultaneously, and each one was clearly readable. When they're ready, the more advanced data analytics would still be there when they want them.

Persons: Ted Westbrook, Westbrook, — Westbrook, They're, they're Organizations: Garmin, GPS, Garmin Connect, Apple

☆ Yield gap between China and US widens to highest since 2007 after surprise rate cut
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +3 min

And markets widely expect the PBOC to loosen monetary policy further. But the divergent monetary policy paths between the world's two largest economies widened the yield gap to 164 basis points between China's benchmark 10-year government bonds and U.S Treasuries s - the highest since February 2007. "More broadly, recent economic data releases in China have been disappointing, while those in the U.S. have surprised to the upside." The widening yield gap reduced foreign appetite in China's onshore yuan bonds, with latest official data showing overseas investors' holding declined in July. But the expectations for further monetary easing and capital outflow risks has pressure on the Chinese yuan to depreciate further.

Persons: Janet Yellen, Mark Schiefelbein, David Chao, Eugenia Victorino, SEB, Winni Zhou, Tom Westbrook, Simon Cameron, Moore Organizations: Rights, People's Bank of China, Asia, Thomson Locations: United States, Diaoyutai, Beijing, China, Rights SHANGHAI, SINGAPORE, Invesco, U.S, Asia

☆ Zhongrong Trust's missed payments trigger fears among Chinese investors
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +3 min

Investors look at an electronic board showing stock information at a brokerage house in Shanghai, China, March 7, 2016. REUTERS/Aly Song/File Photo Acquire Licensing RightsSHANGHAI, Aug 16 (Reuters) - Anxious Chinese retail investors are bombarding listed companies with questions about their exposure to Zhongrong International Trust Co after missed payments by the trust company triggered fears of contagion across the country's financial system. Zhongrong managed assets worth 785.7 billion yuan ($107.69 billion) at the end of 2022, out of which 629.3 billion yuan were linked to trust products, according to its latest annual report. Its missed payments had added to stress in the financial sector from the country's worsening property crisis. One investor on Wednesday asked Shanghai-listed New China Life Insurance Company (601336.SS) - which owned 14 billion yuan ($1.92 billion) of products from Zhongrong at the end of last year - whether there was a risk of missed payments.

Persons: Aly, Huang Yan, Jason Xue, Tom Westbrook, Tomasz Janowski, Jason Neely Organizations: REUTERS, Rights, Zhongrong International, Co, Investors, Shanghai QiuYang, Zhongzhi Enterprise Group, Wednesday, Shanghai, China Life Insurance, KBC Corp, Bescient Technology, Shanghai New Vision Microelectronics, Nanhua, Jiangsu Azure Corp, Topsperity Securities, Thomson Locations: Shanghai, China, Shenzhen, Zhongrong, Jiangsu, Singapore

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