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☆ Fed 'skip' chatter triggers dollar's biggest weekly fall since January
▼ + stars: | 2023-06-02 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

The Australian dollar surged after an increase in the minimum wage there stoked bets for another raise in rates next week. The dollar index , which measures the U.S. currency against six others, has dropped nearly 0.8% this week, its biggest weekly loss since mid-January. Philadelphia Fed President Patrick Harker said on Thursday "it's time to at least hit the stop button for one meeting and see how it goes", referring to the June 13-14 Fed meeting. Money markets are pricing in a roughly 29% chance of a June hike, down from near 70% earlier in the week. Even if a hike doesn't happen next week, markets expect one by autumn.

Persons: Fiona Cincotta, let's, Patrick Harker, Philip Jefferson, Guy Miller, Christine Lagarde, Joe Biden, Monday's, Ray Attrill, Dhara Ranasinghe, Kevin Buckland, Mark Heinrich, Mark Potter, Andrew Heavens Organizations: Federal Reserve, Australian, City Index, Philadelphia Fed, Reuters, Zurich Insurance, European Central Bank, U.S . Senate, National Australia Bank, NAB, Traders, Reserve Bank of Australia, Thomson Locations: U.S, City, April's, London, Tokyo

☆ Aussie housing dip over, prices to rebound into next year on rate view
▼ + stars: | 2023-06-01 | by ( Vivek Mishra | ) www.reuters.com time to read: +3 min

Summary poll dataBENGALURU, June 1 (Reuters) - Australia's housing market outlook has improved significantly, with home prices expected to on average stagnate this year compared to the near double-digit fall predicted three months ago, according to a Reuters poll of housing analysts. They were then forecast to rise 4.5% in 2024, almost twice the expected rate from the previous poll. While ANZ and Westpac forecast no growth this year, CBA expected a 3.0% rise and NAB predicted a 4.0% decline in prices. "We are almost at the top of the RBA's hiking cycle, which means the headwind on property prices from rates ratcheting higher has largely run its course." (For other stories from the Reuters quarterly housing market polls:)Reporting by Vivek Mishra; Polling by Sujith Pai and Veronica Khongwir; Editing by Hari Kishan, Ross FinleyOur Standards: The Thomson Reuters Trust Principles.

Persons: Adelaide Timbrell, Gareth Aird, Shane Oliver, Vivek Mishra, Sujith Pai, Veronica Khongwir, Hari Kishan, Ross Finley Organizations: Bank of Australia, ANZ, Westpac, CBA, NAB, Economics, AMP, Thomson Locations: BENGALURU, New Zealand

☆ This Nordstrom Credit Card Offers Early Access to the Retailer’s Annual Anniversary Sale
▼ + stars: | 2023-05-31 | by ( ) www.wsj.com time to read: +6 min

(Nordstrom does offer another credit card, the Nordstrom Retail Credit Card, which offers similar rewards but can only be used to make store purchases.) While Nordstrom’s rewards aren’t top of the market, especially when compared to flat cash back credit card options, the card does come with a big fringe benefit for devotees of the department store: early access to the Nordstrom Anniversary Sale, which begins each year in July. The Nordstrom Visa credit card also rewards your spending at Nordstrom—or wherever else you shop. No foreign transaction feesIt is worth noting that not all of these perks are exclusive to credit card users, including early sale access. Nordstrom’s Visa credit card makes the most sense for serious fans of the retailer—people who shop there regularly and deeply value accessing the store’s annual anniversary sale early to nab the most-coveted deals.

Persons: Kerri Anne Renzulli, Nordstrom, who’ve, you’d Organizations: Nordstrom, TD Bank, you’ve, Nordy, nab Locations: Nordstrom, The Wells

☆ Factbox: Penalties imposed on Australian companies over the recent years
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +3 min

Here are some of the major penalties imposed by the regulators:AMP LTD (AMP.AX)Troubled Australian wealth manager AMP Ltd was fined a court-mandated penalty of A$24 million in May for billing dead clients for insurance and financial advice. In October 2022, ANZ was penalised A$25 million for failing to provide certain benefits it had agreed to give customers. In October 2022, CBA's trading unit was fined A$20 million for compliance failures in delivering financial services. NATIONAL AUSTRALIA BANK (NAB.AX)National Australia Bank, the country's second-largest bank, was charged A$18.5 million penalty in August 2021 by a court for issuing misleading fee disclosure statements or none at all. WESTPAC BANKING CORP (WBC.AX)Australia's third-biggest lender, Westpac Banking Corp was ordered to pay A$113 million in penalties in April 2022 for multiple compliance failures across its businesses.

☆ Dollar steady on mounting Fed hike bets, debt ceiling deal optimism
▼ + stars: | 2023-05-29 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

SINGAPORE, May 29 (Reuters) - The dollar held firm on Monday supported by growing expectations of further rate hikes by the U.S. Federal Reserve, though news that a debt ceiling deal had been finalised drew some of the safe haven bids away from the greenback. DEBT DEAL DONE? "We've got a risk-positive response so far to the debt deal news," said NAB's Attrill. "Obviously there's still the need to get this debt deal over the line, but I think markets are happy to travel on the presumption that it will get done before the new X-date." U.S. Treasury Secretary Janet Yellen had on Friday said the government would default if Congress did not increase the $31.4 trillion debt ceiling by June 5, having previously said a default could happen as early as June 1.

☆ Dollar elevated as sticky inflation cements Fed hike bets, debt ceiling deal lifts optimism
▼ + stars: | 2023-05-29 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

The yen's renewed decline has come on the back of rising U.S. Treasury yields, as bets grow that interest rates in the United States would stay higher for longer. Cash U.S. Treasuries were untraded in Asia on Monday, owing to the Memorial Day holiday in the United States, while futures were broadly steady. DEBT DEAL DONE? "We've got a risk-positive response so far to the debt deal news," said NAB's Attrill. "Obviously there's still the need to get this debt deal over the line, but I think markets are happy to travel on the presumption that it will get done before the new X-date."

☆ The 18 best ways to make money by reading, from submitting book reviews for cash to narrating audiobooks
▼ + stars: | 2023-05-27 | by ( Zulie Rane | ) www.businessinsider.com time to read: +16 min

She always wanted to earn money from reading books, but said the best way to do that doesn't exist. Here are a few of the best ways to make money by reading books using social media. The good news is that BookTok is one of the best ways to make money by reading books. Post your book reviews on a publication like Books Are Our Superpower and make money by reading books that way. Until then, I hope this article helps you find the best ways to make money by reading books.

☆ The up-and-coming stock pickers you should have on your radar
▼ + stars: | 2023-05-22 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

Rising stars of equity research. When it comes to equity research, these analysts are a "strong buy." For a third consecutive year, Insider reporters canvassed their sources to identify the rising stars of equity research. Click here to meet our 17 rising stars of equity research. These are 10 of the cheapest places to nab a beach house in the US.

2 mortgage provider has told mortgage brokers that "if a customer is unable to meet serviceability under the standard assessment criteria", it might apply a modified serviceability assessment rate. Since the buffer is a guideline, banks are allowed to deviate from it. "APRA should consider officially lowering the serviceability buffer for refinancers." Representatives for Commonwealth Bank of Australia (CBA.AX) and ANZ Banking Group Ltd (ANZ.AX) were not immediately available for comment. ($1 = 1.4743 Australian dollars)Reporting by Byron Kaye and Lewis Jackson; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

☆ Dollar gains as debt deal hopes rekindle hawkish Fed bets
▼ + stars: | 2023-05-19 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

That eased fears of an unprecedented and economically catastrophic default, leading markets to revise their expectations of where U.S. interest rates could go. The euro fell to a more than seven-week low of $1.0760, while the U.S. dollar index rose 0.07% to 103.57, flirting with Thursday's two-month high of 103.63. "It does remove one obstacle to the Fed continuing to raise rates." U.S. Treasury yields have climbed on the back of the hawkish Fed repricing and amid a pick up in risk sentiment. The two-year Treasury yield , which typically moves in step with interest rate expectations, last stood at 4.2510%, while the benchmark 10-year yield was last at 3.6402%.

☆ Dollar buoyed by hawkish Fed expectations as debt deal eyed
▼ + stars: | 2023-05-19 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

SINGAPORE, May 19 (Reuters) - The dollar firmed near a six-month peak against the yen on Friday on the back of rising U.S. Treasury yields, as optimism over debt ceiling talks in Washington raised expectations of higher-for-longer interest rates. The news helped calm fears of an unprecedented and economically catastrophic American debt default, leading markets to revise their expectations of where U.S. interest rates could go. The dollar stayed elevated in early Asia trade on Friday and last bought 138.40 yen , having risen to a near six-month high of 138.75 yen in the previous session. U.S. Treasury yields have climbed on the back of the hawkish Fed repricing and amid a pick up in risk sentiment. The two-year Treasury yield , which typically moves in step with interest rate expectations, last stood at 4.2581%, edging away from a low of 3.964% at the start of the week.

☆ This startup uses generative AI to speed up the property-buying process. Check out the 14-slide pitch deck Orbital Witness used to raise $9 million.
▼ + stars: | 2023-05-19 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

Orbital Witness uses generative AI to speed up the due diligence process when buying properties. The London-based startup has raised $9 million in a round led by US property tech investor Parker89. A startup that uses generative AI to streamline the lengthy due diligence associated with buying property has raised $9 million in a round led by US investor Parker89. Amid a tougher funding environment, Pearce said that the team was still very specific about who they took money from and skewed towards property tech investors. The round was led by property tech investors Parker89, which has backed Properly, Flyhomes, and Orchard.

☆ Australia employment unexpectedly drops, reinforcing rate pause bets
▼ + stars: | 2023-05-18 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

SYDNEY, May 18 (Reuters) - Australia employment unexpectedly dipped in April after two months of outsized gains, and the jobless rate also ticked up in a sign the red-hot labour market might be cooling, bolstering the case for a pause in interest rate hikes next month. The jobless rate ticked up to a three-month high of 3.7% from a near 50-year low of 3.5%, when analysts had expected no change. Markets reinforced bets of a rate pause next month but were pricing in some risk of a move in August or September. "We expect to see a gradual softening in labour market conditions over 2023 as the impact of interest rate increases to date start to bite," said Sean Langcake, head of macroeconomic forecasting for Oxford Economics Australia. "NAB's view is that there will likely be at least one further rate increase, but we remain close to the peak of this interest rate cycle."

ISLAMABAD, May 18 (Reuters) - Pakistan's powerful anti-corruption agency has summoned former Prime Minister Imran Khan for questioning on Thursday into the graft charges that led to his arrest on May 9. It was not clear if Khan, who denies the charges, would heed the summons. A spokesman for Khan's party, the Pakistan Tehreek-e-Insaf, was not immediately available for a comment. The Supreme Court ordered Khan's release on bail last Friday, and another court on Wednesday extended his protective bail until May 31. Punjab's information minister Amir Mir said the government did not have any plans to arrest Khan as he had been given bail by court.

☆ Analysis: Australian banks' bid to shake mortgage reliance brings new risks
▼ + stars: | 2023-05-16 | by ( Byron Kaye | ) www.reuters.com time to read: +5 min

"When there's a macroeconomic downturn, it's generally institutional and business lending exposures that are impacted first," he added. For decades, Australian housing finance has significantly outpaced business lending, making home loan margins the engine of profits. A more recent exodus from non-lending retail services like financial advice has further weighted banks' allocation of capital to residential property. The big four banks said in earnings updates this month that their net interest margins peaked in late 2022 and have since narrowed. To hedge against interest rates risks, the Big Four may now chase new services-based revenues from commercial clients in non-lending segments, added Garland.

☆ News startup Messenger launches with Trump 'exclusive' while advertisers expressed skepticism ahead of debut: 'We can't have another Quibi'
▼ + stars: | 2023-05-15 | by ( Lucia Moses | ) www.businessinsider.com time to read: +8 min

Jimmy Finkelstein's startup The Messenger launched today with a Trump interview leading the site. Advertisers said it'll be tough to sell ads on a site without an established audience. The site led with an interview with former President Donald Trump and ads from the American Petroleum Institute. The Messenger said it'll roll out seven other verticals including business, entertainment, and sports later in the year. Image from The Messenger's launch ad campaign.

☆ The Messenger, Jimmy Finkelstein's digital news startup, meets advertiser skepticism ahead of May 15 launch: 'We can't have another Quibi'
▼ + stars: | 2023-05-11 | by ( Lucia Moses | ) www.businessinsider.com time to read: +8 min

Jimmy Finkelstein's startup The Messenger will roll out an ad campaign touting its mission to provide unbiased news. An ad campaign by Publicis unit Le Truc will kick off May 22 and is designed to provoke, with copy like "Agendas are for meetings. Image from The Messenger's launch ad campaign. The Messenger said it'll have three to four big advertisers at launch as well as a significant amount of programmatic advertising. The Messenger's ad campaign promotes its ambitions to provide unbiased news.

☆ Dollar rises slightly, sterling hovers near one-year high
▼ + stars: | 2023-05-09 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

The offshore yuan last traded 0.1% lower at 6.9287 per U.S. dollar. The benchmark 10-year yield was last at 3.4995%, after rising more than five basis points in the previous session. There's still a tightening in credit conditions that is coming ... but overall, at this stage, the survey is not depicting a credit crunch ahead. The Aussie was last 0.05% lower at $0.67775, after having risen to a roughly three-week top of $0.6804 on Monday. The kiwi fell 0.2% to $0.6332, having similarly scaled a one-month high of $0.63585 the day earlier.

☆ Dollar edges up, sterling hovers near one-year high
▼ + stars: | 2023-05-09 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

The euro was last 0.16% lower at $1.0987, while the Japanese yen slipped 0.1% to 135.24 per dollar. There's still a tightening in credit conditions that is coming ... but overall, at this stage, the survey is not depicting a credit crunch ahead. "The dollar didn't really get much of a kick on that," said Catril, referring to the survey. The kiwi slipped 0.11% to $0.6338, having similarly scaled a one-month high of $0.63585 the day earlier. Elsewhere, the British pound fell 0.06% to $1.26105, but was not far from the previous session's one-year peak of $1.2668, ahead of Thursday's central bank policy meeting.

May 9 (Reuters) - Pakistan's anti-graft watchdog arrested former Prime Minister Imran Khan at Islamabad High Court on Tuesday, in a dramatic move that threatens fresh turmoil in the nuclear-armed country. You won't get any other opportunity," the Pakistan Tehreek-e-Insaf (PTI) party wrote on Twitter. In most of the cases, Khan faces being barred from holding public office if convicted, with a national election scheduled for November. Previous attempts to arrest Khan from his Lahore home resulted in heavy clashes between his supporters and law enforcement personnel. Political infighting is common in Pakistan, where no prime minister has yet fulfilled a full term and where the military has ruled for nearly half of the country's history.

☆ Australia business activity robust in April, cost pressures still a challenge
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, May 8 (Reuters) - Australian business conditions remained sturdy in April, supported by robust sales and labour market strength despite high inflation and rising interest rates, while cost pressures were still posing a challenge for firms. The survey from National Australia Bank Ltd (NAB) (NAB.AX) released on Monday showed its index of business conditions fell two points to +14 in April, but stayed well above its long-run average. The volatile measure of confidence edged up to 0, compared with March's -1, suggesting that an equal share of firms were optimistic as pessimistic. The still strong business activity showed why the Reserve Bank of Australia stunned markets last week by lifting rates to an 11-year high of 3.85%, when traders had looked for an extended pause, and warned that more tightening might be needed. Cost growth remained a challenge, with the measure of labour costs steadying at a quarterly rate of 1.9% and purchase costs picking up to 2.3%, compared with 1.9% in March.

May 8 (Reuters) - Australia's Westpac Banking Corp (WBC.AX) on Monday threw out a cost-cutting target citing inflation and flagged thinner profit margins going ahead, but investors pushed its shares higher after it handily beat expectations for first-half profit. Westpac shares closed 2% higher, ahead of a broader market advance (.AXJO) of 0.8%, as the market cheered the better-than-expected profit. Costs for Westpac came to A$5 billion for the half, down from A$5.2 billion a year earlier. Westpac declared an interim dividend of 70 Australian cents per share, up from 61 Australian cents last year. ($1 = 1.4810 Australian dollars)Reporting by Roushni Nair in Bengaluru; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

☆ I tested 5 quick and easy ways to earn your first dollar online. This is my guide for how to do it.
▼ + stars: | 2023-05-06 | by ( Zulie Rane | ) www.businessinsider.com time to read: +10 min

Rane says that the first dollar is the hardest to earn online, and then tried five ways to do it. So I decided to write an actual actionable guide on how to earn your first dollar online. So let's get into five ways to earn your first dollar online — that I have testedWhat do you need to earn your first dollar online? Let's look at five uncommon ways to earn your very first dollar online. I recommend:Hopefully, you'll be able to leave user testing and playing games for pennies behind as you move forward toward more profitable ways to earn money online.

2 lender, fell short of analyst forecasts in half-year profit released on Thursday and took a hit to its share price after warning that the windfall from rising interest rates had peaked. The update signals a tough new phase for Australia's lenders which have benefited from a year of rising interest rates by charging more to borrowers while limiting the amount they pay deposit-holders. "What the market's concerned about is the exit NIM (net interest margin)," said Hugh Dive, chief investment officer at Atlas Funds Management which holds bank stocks. In personal banking, which includes mortgages, profit shrank slightly due to a A$393 million impairment charge. The bank had telephoned 7,000 borrowers deemed to be most vulnerable to rising interest rates and just 13 had requested assistance.

☆ ANZ's half-year profit tops estimates but outlook downbeat
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

Competition in retail banking is as intense as it has ever been, both in Australia and New Zealand," Chief Executive Officer Shayne Elliott said. 2 lender National Australia bank (NAB.AX) said its margins had peaked during the last half and warned of uncertainties amid a tougher credit environment ahead. ANZ's net interest margin, a key gauge of profitability, was at 1.75% at the end of March, compared with 1.58% last year. Margins at the Australian lender have swelled from a series of interest rate hikes by the central bank since May last year, but analysts have warned margins could plateau going forward. ($1 = 1.4945 Australian dollars)Reporting by Navya Mittal and Savyata Mishra in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

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