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☆ Moana: Disney casts 17-year-old Australian Catherine Laga‘aia to star in live-action version
▼ + stars: | 2024-06-13 | by ( Lianne Kolirin | ) edition.cnn.com time to read: +3 min

CNN —An Australian teenager of Samoan heritage has been announced as the star of the upcoming live-action version of the hit Disney movie “Moana.”Seventeen-year-old Catherine Laga‘aia has been cast as the eponymous heroine of the movie, which begins filming this summer. She is no stranger to showbiz, however, as her father is Jay Laga‘aia, a New Zealand-born actor who starred in two of the “Star Wars” movies. He is also one of the movie’s producers, alongside, among others, “Hamilton” creator Lin-Manuel Miranda, who wrote much of the original movie’s soundtrack. Auli’i Cravalho starred as Moana in the original film, along with Rachel House, Nicole Scherzinger and Temuera Morrison. Disney has successfully reimagined several of its animated classics as live-action movies, beginning with “Beauty and the Beast” in 2017, followed by “Aladdin” and “The Lion King” in 2019 and “The Little Mermaid” last year.

Persons: Catherine Laga‘aia, ”, Alice Hart, Sigourney Weaver, Jay Laga‘aia, Dwayne Johnson, “ Hamilton, Lin, Manuel Miranda, Laga‘aia, “, Moana, Tuai, I’m, Katie, Lin Manuel Miranda, John Tui, Frankie Adams, Rena Owen, Gramma Tala, Thomas Kail, “ Hamilton ”, Johnson, Auli’i Cravalho, Rachel House, Nicole Scherzinger, Temuera Morrison, “ Aladdin ”, King ” Organizations: CNN, Pacific Islanders, Disney, Samoa, Broadway, Nielsen Locations: Motunui, New Zealand, Maui, Sydney, Fa‘aala, Savai‘i, ‘ Upolu, Samoa, Australia, Moana, Zealand

☆ Son Heung-min reveals his daily routine
▼ + stars: | 2024-06-12 | by ( Tania Bryer | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSon Heung-min reveals his daily routineTottenham Hotspur captain Son Heung-min reveals to Tania Bryer why he's an AIA Singapore brand ambassador and what his daily routine looks like.

Persons: Heung, Son Heung, Tania Bryer, he's Organizations: Tottenham Hotspur, AIA Locations: AIA Singapore

☆ Japanese architect Fumihiko Maki, credited with fusing East with West, has died at 95
▼ + stars: | 2024-06-12 | by ( Associated Press | ) edition.cnn.com time to read: +4 min

Tokyo (AP) — Japanese architect Fumihiko Maki, who won the prestigious Pritzker Prize for designs praised as smartly and artfully fusing the East with the West, has died. Maki, who taught architecture and urban design at Harvard, died June 6, his office, Maki & Associates, said Wednesday. A devoted educator, Maki, in addition to teaching at Washington University, Harvard and the University of Tokyo, lectured around the world. Maki, along with fellow Tange students Arata Isozaki and Kisho Kurokawa, were the pillars of Japanese modernism. The Pritzker, in selecting Maki, praised him as part of a new wave of architects rebuilding postwar Japan.

Persons: Fumihiko Maki, Pritzker, Maki, Mark Lennihan, Zaha Hadid, Kengo Kuma, Skidmore Owings, St . Louis, oku, ” Maki, “, Kenzo Tange, Arata Isozaki, Kisho Kurokawa, Bill Lacy, Arnold Brunner Organizations: Tokyo, Harvard, Associates, National Museum of Modern Art, Yerba Buena Center, Arts, Trade, Trade Center, Pritzker, University of Tokyo, Cranbrook Academy of Art, Harvard University Graduate School of Design, Skidmore, Jackson & Associates, Washington University, Washington University , Harvard, MIT Press, American Academy of Arts, American Institute of Architects, AIA Locations: Kyoto, U.S, San Francisco, New York, Chiba, Japan, Hillside, Tokyo, Manhattan, British, Iraqi, Michigan, Merrill, Chicago, Sert, Cambridge, St ., Israel

☆ BofA names 'Asia's most important stocks' — and analysts give one over 40% upside
▼ + stars: | 2024-05-17 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +2 min

BofA Securities has screened for 20 of Asia's "most important stocks," selected from the constituents of the MSCI Asia Pacific Index. Here are 10 stocks from the investment bank's list, which stand out for having substantial upside potential, according to FactSet's consensus price targets. This gives the stock upside potential of 42.0%. Analysts' target price on the stock is 103,211 Korean won ($76.61), or 32.0% potential upside, according to FactSet data. Their average target price is 233,378 Korean won, implying nearly 20.9% upside potential, FactSet data shows.

Persons: — CNBC's Michael Bloom Organizations: BofA Securities, MSCI, AIA Group, Hong, Samsung Electronics, SK Hynix, Korean Locations: Hong Kong, Korean

☆ Beyond the U.S.: Investment analyst names markets — and stocks — he’s betting on right now
▼ + stars: | 2024-04-11 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +2 min

One investment analyst says he's looking for opportunities outside the U.S. stock market. HDFC Bank In India, the investment analyst is betting on Indian bank HDFC . HDFC Bank recently reported 55.4% year-on-year growth in gross advances for the quarter ended March 31. Shares in the bank are traded in the Nifty India Financials ETF (15.6% weight) and iShares India 50 ETF (11.2%). Shares in the life insurer are traded in the iShares MSCI Hong Kong ETF (20.0% weight) and Franklin FTSE Hong Kong ETF (19.2%).

Persons: we've, Steven Glass, CNBC's, Glass, AIA's Organizations: Sydney, Pella Funds Management, HDFC Bank, India, India Financials, AIA, AIA Group, Hong, Hong Kong ETF, Franklin FTSE, Franklin FTSE Hong Kong ETF Locations: Europe, Pella, Asia, China, India, FactSet, Singapore, Vietnam, Hong Kong, Franklin FTSE Hong

☆ We should be deepening the regional value chain, says former Indonesian trade minister
▼ + stars: | 2024-02-14 | 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 EmailWe should be deepening the regional value chain, says former Indonesian trade ministerMari Pangestu, independent non-executive director of AIA Group and former Indonesian minister of trade, discusses Indonesia's trade outlook and the importance of diversifying investment sources and markets.

Persons: Mari Pangestu Organizations: AIA Group Locations: Indonesian

☆ From Goldman to Bridgewater, here's everything we know about how Wall Street is embracing AI
▼ + stars: | 2024-01-29 | by ( Bianca Chan | Michelle Abrego | ) www.businessinsider.com time to read: +5 min

Once ChatGPT hit the scene at the end of 2022, Wall Street ramped up its efforts in AI. Here is what we know about how Wall Street is embracing AI:AdvertisementBanks accelerated their AI research and use cases due to the rise of ChatGPTWe identified 17 of the top AI executives and technologists to know at the country's biggest banks. Large language models, the form of AI behind ChatGPT, could transform how Wall Street does business. As financial firms' AI strategies come into focus, they're hiring more technologists with specialized skills. For those who want to land an AI job on Wall Street, here's everything you need to know about how tech skills and roles are changing.

Persons: ChatGPT, —, Banks, Jamie Dimon, Dimon, Goldman Sachs, Marco Argenti, Dimitris Tsementzis, aren't, Bridgewater, Charlie Flanagan, Tim Mace, AllianceBernstein, Andrew Chin Organizations: JPMorgan, Man, Service, fintech, Deutsche Bank, fund's AIA, Management Locations: dealmaking, Swedish

☆ Bridgewater is launching a machine learning-powered macro fund this summer. Here's how it works.
▼ + stars: | 2023-11-20 | by ( Bianca Chan | ) www.businessinsider.com time to read: +5 min

But the rest, from idea generation to testing and the models used to make trades, will all be developed through AI and machine learning. Sekhon came to Bridgewater in 2018 after a life in academia, where he taught machine learning at Harvard, UC Berkeley, Yale. Sekhon applies machine learning to analyze Bridgewater's reams of data from the past to predict what will happen in the future. At AIA Labs, much of the work is focused on combining statistical models with language models. And now, AI language models have progressed to the point where humans can interrogate and probe them, much in the same way people talk to each other through language, Sekhon said.

Persons: Bridgewater's, Greg Jensen, It's, Jensen, we've, " Jensen, Bridgewater, Jasjeet Sekhon, Sekhon, Jas Organizations: Artificial Investment, AIA, Bridgewater, AIA Labs, Harvard, UC Berkeley, Yale Locations: Bridgewater, Westport , Connecticut

☆ Global funds dumped another $3 bln in China stocks in Oct -Morgan Stanley
▼ + stars: | 2023-11-06 | by ( Summer Zhen | ) www.reuters.com time to read: +1 min

HONG KONG, Nov 6 (Reuters) - Global fund managers sold China equities sharply in October despite further steps from authorities aimed at boosting the world's second-largest economy, according to a report from Morgan Stanley that cited data from fund flow tracker EPFR. "The outflows (are) mostly due to regional funds' rebalancing out of China, in which European-domiciled funds led," Morgan Stanley analysts led by Gilbert Wong said. According to Morgan Stanley, persistent outflows have resulted in foreign long-only managers being their most underweight on China since 2018. Stocks sold off include JD.com (9618.HK), Xiaomi (1810.HK) and China Construction Bank (601939.SS). Separately, Goldman Sachs prime services data showed hedge fund net allocation to China increased to 8.5% as of end-October, up from 8.1% at end-September.

Persons: Morgan Stanley, Gilbert Wong, Stocks, Goldman Sachs, Summer Zhen, Edwina Gibbs Organizations: Global, Reuters, Investors, CSI, HK, China Construction Bank, Baidu, AIA, Thomson Locations: HONG KONG, China, Hong Kong, U.S

☆ Hong Kong central bank leaves interest rate unchanged, tracking Fed move
▼ + stars: | 2023-11-02 | by ( ) www.reuters.com time to read: +1 min

A taxi drives in front of skyscrapers at the central business district, including AIA Central, China Construction Bank (CCB) Tower, Bank of China Tower, Cheung Kong Centre, HSBC and Standard Chartered Bank headquarters, in Hong Kong, China August 17, 2021. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsHONG KONG, Nov 2 (Reuters) - The Hong Kong Monetary Authority (HKMA) on Thursday left its base rate charged through the overnight discount window unchanged at 5.75%, tracking a move by the U.S. Federal Reserve to keep rates steady. The U.S. central bank held interest rates steady on Wednesday as policymakers paused its aggressive tightening of monetary policy to consider if conditions were restrictive enough to tame inflation. "The Hong Kong dollar exchange rate remains stable, and the Hong Kong dollar interbank rates might remain high for some time," HKMA said in a statement, adding that local financial and monetary markets continue to operate in a smooth and orderly manner. Hong Kong's monetary policy moves in lock-step with the United States as the city's currency is pegged to the greenback in a tight range of 7.75-7.85 per dollar.

Persons: Tyrone Siu, HKMA, Donny Kwok, Jacqueline Wong Organizations: AIA Central, China Construction Bank, Bank of China, Cheung, Cheung Kong Centre, HSBC, Standard Chartered Bank, REUTERS, Hong, Hong Kong Monetary Authority, U.S . Federal Reserve, Hong Kong, Thomson Locations: Cheung Kong, Hong Kong, China, HONG KONG, U.S, United States

☆ Climate fintech is exciting investors right now. Here's why it's primed to be the next red-hot sector.
▼ + stars: | 2023-10-24 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +5 min

Startups operating at the intersection of climate tech and fintech are attracting a lot of investor attention right now. The so-called "climate fintech" sector is another such area that has seen investment tick up against the backdrop of the broader malaise that has hobbled the startup ecosystem, according to investors. Fintech-focused venture firm CommerzVentures defined climate fintech as companies that speed up decarbonization or help manage and adapt to climate risks. Climate fintech is also a software play so it has the ability to scale quickly and efficiently, which is a sweet spot for most VC investors, Morgenthaler added. "Clear and simplified renewable energy contracts, energy invoices, and tariffs in turn allow consumers to access the cheapest energy from multiple renewable sources," Bessemer investor Aia Sarycheva said.

Persons: Paul Morgenthaler, Morgenthaler, Jeremy Brown, fintech, It's, Sarycheva Organizations: " Venture, Morningstar's, Equity, Energy, Bessemer Locations: Europe, Anthemis, Bessemer

☆ Earnings are still good, but stocks are acting like the economy is slowing
▼ + stars: | 2023-10-19 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

There are macro cross currents: earnings are still good, but stocks are acting like the economy is slowing, and the commentary on the consumer has turned cautious. The markets are not sure, but parts are acting like the consumer is slowing down. The AIA/Deltek Architecture Billings Index, a measure of activity at major architecuture firms, reported the lowest levels in September since December 2020, during the height of the pandemic. Earnings growth at 2.8% is good but also lower than the earlier reporters. earnings beat: 5.5% Earnings growth: 2.8% Revenue growth: 6.4% Source: Earnings Scout Welcome to 'higher for longer limbo' The bottom line: there is no escape velocity without relief on bonds.

Persons: Elon Musk, Tesla, Peter Arvan, JB Hunt, Parker Hannifin, Donaldson, WESCO, Martin Marietta, Parker, Hannifin, Ingersoll Rand Organizations: General Motors, Ford, Pool Corp, Revenue, Rand, Caterpillar, AIA, Billings, billings, Ingersoll, Vulcan, Fed Locations: Union, Ingersoll, Fluor

☆ Bad news for commercial real estate: Architects report a big drop in business
▼ + stars: | 2023-10-18 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Architecture firms reported a sharp drop in business in September, indicating that the commercial real estate market could see even more pain in the next year. The index is a forward-looking indicator of demand for non-residential construction activity, both commercial and industrial buildings. Commercial real estate has been hit with a double whammy. Among real estate sectors, firms with a multi-family residential focus saw more of a decline. Multi-family construction boomed over the last few years, with a record number of units now flooding the market and putting pressure on rents.

Persons: Kermit Baker, bode, Peter Boockvar Organizations: AIA, Billings, Bleakley Financial Locations: billings

☆ Exclusive: China tells banks to roll over local government debts as risks mount - sources
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +6 min

Local government debt reached 92 trillion yuan ($12.58 trillion), or 76% of the country's economic output in 2022, up from 62.2% in 2019. Reuters is reporting these measures for banks to defuse local debt risks for the first time. Banks are being encouraged to issue new loans to LGFVs to repay bonds and non-standard debt, the sources said. And, Chinese investors are rushing to buy bonds of LGFVs, including from the riskiest issuers, as Beijing's attempts to reduce local debt risks encourages them to bet on an implicit government guarantee. Over 2.1 trillion yuan LGFV bonds matured in the first half of 2023, and another 1.75 trillion yuan in the second half of this year and 1.69 trillion yuan in the first half of 2024, the highest maturity pressure in history, the note said.

Persons: Tyrone Siu, ”, National Financial Regulatory Administration didn't, Banks, CLIFF LGFVs, LGFVs, Simon Cameron, Moore, Kim Coghill Organizations: AIA Central, China Construction Bank, Bank of China, Cheung, Cheung Kong Centre, HSBC, Standard Chartered Bank, REUTERS, Rights, People's Bank of China, Reuters, Treasury, National Financial Regulatory Administration, Communist Party, ANZ Research, UBS, Financial, Beijing, Shanghai, Thomson Locations: Cheung Kong, Hong Kong, China, Rights BEIJING, Beijing, Tianjin, Guizhou, Guangxi

HONG KONG, Aug 31 (Reuters Breakingviews) - Prudential’s (PRU.L), new CEO has inherited an old problem. Wadhwani’s decision to lead the $35 billion company from Hong Kong underscores its focus. Its Hong Kong and London-listed stock trades at just over 13 times expected earnings for 2023, per Visible Alpha. Larger rival AIA, listed in Hong Kong, is valued at around 18 times. The group’s new business profit in the mainland slipped 16% to $171 million in the first half as Pru withdrew some products from the market.

Persons: Anil Wadhwani, Pru, Peter Thal Larsen, Thomas Shum Organizations: Reuters, AIA, HK, U.S ., Prudential, Investments, Thomson Locations: HONG KONG, U.S, Greater China, Hong Kong, London, China

"We are delighted to see ongoing momentum...we continue to feel good about our growth prospects in Hong Kong," he said. Besides disclosing earnings, Wadhwani announced a strategy that included "targeted investment in structural growth markets" across Asia and Africa. Prudential's annualised premium equivalent (APE) sales, a closely watched gauge of insurance sales, rose 37% to $3 billion on a stronger pickup in sales from Chinese mainland visitors to Hong Kong. Prudential said APE sales in Hong Kong rose more than four times in the first half, and business generated from Chinese mainland visitors enjoyed a "significant increase" following the opening of the border. Reporting by Sumeet Chatterjee in Hong Kong and Carolyn Cohn in London; Editing by Christopher Cushing and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Simon Dawson, Prudential's, Anil Wadhwani, Wadhwani, Sumeet Chatterjee, Carolyn Cohn, Christopher Cushing, Sharon Singleton Organizations: Prudential, REUTERS, Prudential PLC, Jefferies, China, Hong Kong, AIA, HK, Consumers, Thomson Locations: London, Britain, HONG KONG, Asia, Hong Kong, Hong, Africa, Hong Kong . Hong Kong, China

☆ India is an emerging insurance market, says AIA
▼ + stars: | 2023-08-27 | 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 EmailIndia is an emerging insurance market, says AIALee Yuan Siong, CEO of the insurance company, says India is a very important market for the company and the country is "developing very, very well."

Persons: Lee Yuan Siong Organizations: India Locations: India

☆ Chinese rush to buy Hong Kong insurance, dollars as confidence cracks, yuan weakens
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +5 min

SHANGHAI/HONG KONG, July 6 (Reuters) - Chinese investors are rushing offshore to make dollar deposits and buy Hong Kong insurance in a signal domestic confidence is languishing and that the ailing yuan faces more pressure. New premiums collected on Hong Kong insurance policies leapt a staggering 2,686% to $9.6 billion in the first quarter of 2023. "The burst of insurance buying in Hong Kong reflects a gloomy domestic outlook, and worries about an uncertain future." "Offshore demand for policies denominated in Hong Kong dollars is low – U.S. dollar-denominated policies are more prevalent, to provide access to global asset allocation," said Lawrence Lam, chief executive officer at Prudential Hong Kong. The wealth manager at Noah fears that a sustained rush into Hong Kong insurance risks inviting Beijing's policy tightening.

Persons: Helen Zhao, lurch, Noah Holdings, Lawrence Lam, Hao Hong, Tan Xiaofen, We've, Sami Abouzahr, Samuel Shen, Winni Zhou, Georgina Lee, Summer Zhen, Tom Westbrook, Kim Coghill Organizations: Hong, AIA, HK, Prudential, Manulife, Noah Holdings, Savings, Bank of China, U.S, Prudential Hong Kong, Investment, School of Economics, Management, Beihang University, HSBC, Thomson Locations: SHANGHAI, HONG KONG, Hong Kong, Macau, COVID, U.S, Beijing

☆ China’s Catch-22 situation for the economy – and how to invest around it
▼ + stars: | 2023-07-02 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

A look through China's economy today reveals a few dilemmas, especially for investors trying to gauge future growth. The nature of China's economic recovery over the last few months from Covid have unique characteristics that aren't easily captured in broad strokes, Goldman Sachs' Andrew Tilton and a team pointed out back in late May. That means the stock winners of China's recovery are likely hidden under broader market performance. One month since Goldman's assessment, China's economic trajectory remains the same. "If weak confidence becomes so entrenched, it could be self-fulling and derail the economic recovery."

Persons: outflows, Michael Pettis, Chang Li, There's, — it's, Goldman Sachs, Andrew Tilton, Covid, — CNBC's Michael Bloom Organizations: Peking University, CNBC, Citi, AIA, Hong Locations: U.S, China, Hong Kong, Shenzhen

Hong Kong stocks such as Alibaba (9988.HK) and Tencent (0700.HK) are among the 24 stocks which will be priced and traded in both yuan and the Hong Kong dollar under the Dual Counter Model on the Hong Kong stock exchange (HKEX) from Monday. Offshore yuan deposits in Hong Kong alone are estimated at some 833 billion yuan ($117 billion). "Mainland investors, including mutual fund companies like us, have genuine incentives to trade Hong Kong stocks in yuan," said Ding of ChinaAMC. "There's lot of political uncertainty these days so you may want to hold yuan rather than U.S. dollars, or the Hong Kong dollar, which is pegged to the U.S. ($1 = 7.8217 Hong Kong dollars)Reporting by Samuel Shen and Georgina Lee; Editing by Vidya Ranganathan and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Ding Wenjie, Ding, it's, Dong Chen, YUAN, Sun, Kai Properties, ChinaAMC, David Friedland, Samuel Shen, Georgina Lee, Vidya Ranganathan, Kim Coghill Organizations: HK, Hong Kong, Hong, China, Fund, U.S ., Global Capital Investment, China Asset Management, The U.S, Pictet Wealth Management, AIA, Hang Seng Bank Ltd, Interactive Brokers, Thomson Locations: SHANGHAI, HONG KONG, Hong, Hong Kong, China, Brazil, Russia, Beijing, Moscow, Ukraine, The, Pakistan, Asia, Asia Pacific

☆ Tencent applies for dual counter trading on Hong Kong exchange
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: 1 min

March 31 (Reuters) - Tencent Holdings Ltd (0700.HK) said on Friday the video game company has applied for a dual currency counter with the Hong Kong Stock Exchange to allow investors to trade its shares in the yuan, in addition to the Hong Kong dollar. The stock exchange said in December it will introduce a new dual counter trading model from the first half of 2023. Other Hong Kong-listed companies such as insurer AIA Group Ltd (1299.HK) have also applied for a dual currency counter with the Hong Kong exchange. The launch of the dual currency counter is aimed at further advancing the internationalisation of the Chinese yuan, the Hong Kong bourse operator said earlier this month. Reporting by Nausheen Thusoo in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ A powerful 'X-class' solar flare just hit Earth. Forecasters are bracing for more sun activity in the coming days.
▼ + stars: | 2023-03-30 | by ( Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +4 min

The sun blasted Earth with a powerful X-class solar flare on Tuesday, causing radio blackouts. Three more moderate solar flares followed, and we could see more eruptions in the coming days. This may be a precursor to even more solar activity in the coming days. NASA/SDOThat report forecast a chance of more M-class flares in the coming days, with a "slight chance" of another X-class flare on Thursday. More often, though, solar activity triggers energetic displays of Northern Lights, or aurora borealis, sometimes pushing them further south than their normal Arctic occurrence.

HONG KONG, March 22 (Reuters Breakingviews) - Time may be on Richard Li’s side. By cobbling together acquisitions, Li has built a brand to sell life insurance across Hong Kong, Japan and Southeast Asia. The value of new business – a measure of the present value of future earnings from policies signed - rose around 30%. Follow @KatrinaHamlin on TwitterCONTEXT NEWSAsian insurer FWD has made a fresh application for a Hong Kong listing, according to stock exchange filings published on March 13. A first attempt to go public in Hong Kong in 2021 was refused owing to concern over its dual-class shares.

☆ Asian markets tumble as SVB fears rattle banking sector
▼ + stars: | 2023-03-14 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Investors are now on edge over whether the demise of SVB could spark a broader banking sector meltdown. On Monday, US stocks were mixed, with banking shares taking a hit. In Hong Kong, shares in Bank of China (Hong Kong) and Hang Seng Bank fell 3.7% and 1.3% respectively. Sumitomo Mitsui Financial Group and Mizuho Financial Group both dropped more than 7%. In Seoul, KB Financial Group and Shinhan Financial Group fell 3.6% and 2.5% respectively.

☆ The Fed wants higher unemployment because it would bring down inflation
▼ + stars: | 2023-03-10 | by ( Phil Rosen | ) www.businessinsider.com time to read: +7 min

Powell testified abou the Federal Reserve's semi-annual monetary policy report to Congress and the state of the economy Chip Somodevilla/Getty1. A reading of 200,000 or more jobs added in February means we're getting a bigger rate hike this month. Fed Chair Jerome Powell said this week that the trajectory of monetary policy doesn't hinge solely on today's jobs report, but markets are still bracing for impact. Remember, the Fed's stated goal is a 2% inflation rate. Meanwhile, Wharton's Jeremy Siegel said Thursday that the Fed is taking a flawed policy approach, and it shouldn't be so focused on jobs.

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