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Asia markets set to rebound from Tuesday's broad sell-off
  + stars: | 2023-12-06 | by ( Lim Hui Jie | )   time to read: 1 min
Sydney Harbour taking in the Harbour Bridge, Opera House and ferries at sunrise during the COVID-19 pandemic on April 20, 2020 in Sydney, Australia. Asia-Pacific markets rebounded across the region, following a broad sell-off on Monday. Wednesday will see Australia release its third-quarter GDP numbers, while investors will also digest the Reuters Tankan survey for Japan in December, which showed improving business sentiment among large Japanese manufacturers. The Tankan survey, done by the Bank of Japan quarterly, measures economic conditions in Japan and the survey results are considered a key economic indicator. The Reuters monthly poll is considered to be a leading indicator of the BOJ's official survey.
Organizations: Sydney Harbour, Opera House, Reuters, Bank of Japan Locations: Sydney, Australia, Asia, Pacific, Japan
TOKYO (AP) — The bid-rigging trial around the Tokyo Olympics played out Tuesday in a Japanese courtroom — more than two years after the Games closed — with advertising giant Dentsu and five other companies facing criminal charges. Executives or management-level officials at each of the accused companies, and Tokyo Olympic organizing committee official Yasuo Mori, have been charged with violating anti-monopoly laws. Speaking in Tokyo district court, he said no bid process was ever decided upon or set up by the Tokyo Olympic organizing committee. Once the Olympics landed in Tokyo, Dentsu became the chief marketing arm of the Games and raised a record $3.3 billion in local sponsorship. Takahashi was a member of the Tokyo Olympic organizing committee and wielded powerful influence over the Olympic business.
Persons: Koji Henmi, Yasuo Mori, Cerespo, Dentsu, Sebastian Coe, Thomas Bach, Genta Yoshino, Henmi, ” Yoshino, Yoshino, Yoshiro Mori, Toshiro Muto, Tsunekazu Takeda, Haruyuki Takahashi, Takahashi Organizations: TOKYO, Tokyo Olympics, Tokyo Olympic, Tokyu Agency, Olympic Committee, IOC, Bank of Japan, Tokyo, Japanese Olympic Committee, Tokyo Metropolitan Government, Olympic, Aoki Holdings, Paris Locations: Tokyo, Dentsu, Switzerland, Japan, Sapporo, French, Salt Lake City, Osaka, paris
Morning Bid: RBA holds and the dollar pauses, too
  + stars: | 2023-12-05 | by ( )   time to read: +2 min
Pedestrians walk past the main entrance to the Reserve Bank of Australia building in central Sydney, Australia, October 3, 2016. The relative U.S. interest rate outlook right now fits the weaker dollar narrative - futures markets are pricing in bigger rate cuts by the Fed next year than by any other major or emerging market central bank. But will the Fed cut rates by 125 basis points next year? Doubts about that prospect have for now put the brakes on dollar selling. Gold , which shot to a record high in Asia's notoriously thin morning hours on Monday, has recoiled sharply.
Persons: David Gray, Tom Westbrook, Edmund Klamann Organizations: Reserve Bank of Australia, REUTERS, Bank, Aussie, Fed, Bank of Japan, Reuters, Thomson Locations: Sydney, Australia, Asia, U.S, Europe, Tokyo
For its biggest banks, however, there's a hitch: a generation of professional front-line staff have little experience with rising interest rates. The 38 members, which include credit dealers and data scientists, work to improve coordination between retail and wholesale divisions, as higher rates are expected to fuel trading activities. Still, if higher rates are new to most bankers, so they are for their clients, who have for years enjoyed rock bottom rates in Japan. "Almost no front-line bankers have experienced short-term rates above 0.5% as Japan last saw such rates in the 1990s," he said. "I think there are a lot of scepticism among front-line bankers over whether they can really increase their lending rates."
Persons: Masahiro Minami, they've, Izuru Kato, Kato, Satoru Yamamoto, Atsushi Kikuchi, Tokyo Tanshi's Kato, Makiko Yamazaki, Ritsuko Shimizu, David Dolan Organizations: MUFG Bank, TOKYO, Resona Holdings, Reuters, Bank, Mitsubishi, Daiwa Securities, Mizuho Financial, Mizuho, Thomson Locations: Japan, Tokyo
A Toyota logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. Toyota is targeting sales of 1.5 million battery-powered vehicles a year globally by 2026. The announcement came after Toyota executives said in July the company would focus on selling hydrogen-powered trucks and cars in Europe and China. A hydrogen fuel-cell vehicle uses an electric motor like an EV but draws power from a fuel stack where hydrogen is separated by a catalyst to produce electricity. Toyota sold about 3,500 fuel-cell vehicles globally over the January-October period.
Persons: David, Dee, Delgado, Daniel Leussink, Mariko Katsumura, Lisa Shumaker, Jamie Freed Organizations: New York, REUTERS, Rights, Toyota, European Union, European Automobile Manufacturers Association, Battery, Lexus, Thomson Locations: Manhattan , New York City, U.S, Europe, EU, China
Asia shares turn mixed, gold tops $2,100 an ounce
  + stars: | 2023-12-04 | by ( Wayne Cole | )   time to read: +5 min
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was still up 0.4%, led by gains in South Korea and Australia. Trade figures for China are due later in the week with the recent trend being softening exports to the U.S. overshadowing gains in Asia. S&P 500 futures dipped 0.1%, after finishing at a 20-month high on Friday, while Nasdaq futures lost 0.2%. The dive in yields and the dollar has been a boon for non-yielding gold, which added 0.9% to $2,088 an ounce, after hitting a record of $2,111.39 an ounce . Oil prices have not been so fortunate, amid doubts OPEC+ will be able to maintain planned output cuts.
Persons: Goldman Sachs, Jerome Powell, Claudio Irigoyen, Joachim Nagel, Christine Lagarde, Brent, Wayne Cole, Sam Holmes Organizations: Nikkei, payrolls Shipping, Japan's Nikkei, FTSE, Nasdaq, Federal Reserve, Bank of Japan's, European Central Bank, ECB, Sea, Thomson Locations: Red Sea, SYDNEY, U.S, Israel, Red, Asia, Pacific, Japan, South Korea, Australia, China, Canada
A worker is reflected in a wall of the Reserve Bank of Australia (RBA) head office in central Sydney, Australia, March 1, 2016. REUTERS/David Gray/File Photo Acquire Licensing RightsDec 5 (Reuters) - A look at the day ahead in Asian markets. The relative U.S. interest rate outlook right now fits the weaker dollar narrative - futures markets have the Fed cutting rates next year more than any major or emerging market central bank. And even if the Fed does go that far, other central banks are sure to lower their policy rates more than markets are currently predicting. Here are key developments that could provide more direction to markets on Tuesday:- Australia interest rate decision- Japan - Tokyo inflation (November)- South Korea inflation (November)By Jamie McGeever Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.
Persons: David Gray, Michele Bowman's, Philip Lowe, Jamie McGeever, Josie Kao Organizations: Reserve Bank of Australia, REUTERS, Reserve Bank of, Reuters, Bank of Japan, U.S, Thomson Locations: Sydney, Australia, Japan, South Korea, Asia, masse, Tokyo
Japanese national flag is hoisted atop the headquarters of Bank of Japan in Tokyo, Japan September 20, 2023. "It's true the impact of elevated global inflation is reaching Japan's economy with consumer inflation exceeding the BOJ's 2% target since the spring of 2022," Noguchi said, according to the text of his speech posted on the BOJ's website. "But the rise (in inflation) is mostly due to cost-push factors amid higher import prices," contrary to the wage-driven price increases seen in the United States and Europe, he said. "To achieve our 2% inflation target, we must see price rises backed by sustained wage increases," Noguchi said. With inflation exceeding the BOJ's 2% target for more than a year, market expectations are heightening that the central bank will exit ultra-loose monetary policy next year.
Persons: Issei Kato, Asahi Noguchi, Noguchi, we've, Kazuo Ueda, Leika, Jonathan Oatis Organizations: Bank of Japan, REUTERS, Rights, Thomson Locations: Tokyo, Japan, United States, Europe
Dollar eases as traders weigh rate cut prospects
  + stars: | 2023-12-01 | by ( )   time to read: +3 min
Data on Thursday showed U.S. consumer spending rose moderately in October, while the annual increase in inflation was the smallest in more than 2-1/2 years. "It remains to be seen if getting from 3% to 2% will be easy, or if inflation will remain sticky in 2024." Federal Reserve policymakers signaled on Thursday that the U.S. central bank's interest rate hikes are likely over, but left the door open to further monetary policy tightening should progress on inflation stall. Investor focus will now move to comments from Fed Chair Jerome Powell later on Friday, with traders likely to scrutinize every word to sketch out rate outlook. The Australian dollar rose 0.20% to $0.662, while the New Zealand dollar rose 0.37% to $0.618.
Persons: Ryan Brandham, Jerome Powell, Powell, Carol Kong, Sterling, Toshiro Muto Organizations: Risk, Commonwealth Bank of Australia, Bank of Japan, New Zealand Locations: North America, U.S, Europe
A New Zealand dollar coin sits atop a United States one dollar bill in this photo illustration taken on March 11, 2016. Consumer price growth in the 20 nations that share the euro currency dropped to 2.4% in November from 2.9% in October, well below expectations for a fall to 2.7%. The euro dropped as much as 0.5% against the dollar to $1.0910. The Japanese currency has firmed almost 3% against the dollar in November and is on course for its strongest month this year. Sterling was last at $1.2646, down 0.39% on the day, while the Australian dollar fell 0.1% to $0.6610.
Persons: David Gray, Matthew Landon, disinflation, Landon, ECB policymaker Fabio Panetta, Mohamad Al, Jerome Powell, Christopher Waller, Christopher Wong, Toyoaki Nakamura, Sterling, It's, Samuel Indyk, Ankur Banerjee, Vidya Ranganathan, Kim Coghill, Miral Fahmy, Susan Fenton Organizations: New Zealand, REUTERS, European Central Bank, Morgan Private Bank, ECB, ECB policymaker, Danske Bank, Bank of Japan, Thomson Locations: States, Europe, U.S, London, Singapore
BANGKOK (AP) — Asian shares were mostly higher Thursday ahead of an update on U.S. consumer inflation and a meeting of oil producers in Vienna. Consumer spending, the lifeblood of the economy, rose at a 3.6% annual rate from July through September. In Bangkok, the SET fell 0.5%. Facebook parent company Meta fell 2%, Google’s parent company Alphabet gave up 1.6% and Microsoft dropped 1%. Las Vegas Sands slid 4.9% after Miriam Adelson, the casino operator’s controlling shareholder, sold some $2 billion in stock.
Persons: That’s, Yue, India's Sensex, Taiwan's Taiex, Brent, gainers, Miriam Adelson Organizations: Federal, Consumer, U.S ., Bank, Nikkei, Capital Economics, OPEC, Sunday, New York Mercantile Exchange, Big Tech, Dow Jones, Nasdaq, Facebook, Meta, Microsoft, New York Stock Exchange, General Motors, GM, United Auto Workers, Canadian, Treasury, Sands Locations: BANGKOK, Vienna . U.S, U.S, Asia, Hong Kong, Shanghai, Australia, Bangkok, Sunday .
Dollar drifts near three-month low, focus on inflation data
  + stars: | 2023-11-30 | by ( )   time to read: +3 min
The index is down 3.7% in November on growing expectations the Fed will cut interest rates in the first half of 2024. The dollar clawed back some of its losses on Wednesday after data showed the U.S. economy grew faster in the third quarter than initially reported. "Markets will continue to play to focus on what FOMC officials say about the prospect of the upcoming rate-hike cycle." Two of the best-performers are at the polar opposite ends of the "carry" spectrum — the New Zealand dollar and Japanese yen . On Thursday, yen strengthened 0.09% to 147.11 per dollar, remaining close to two and half month high of 146.675 per dollar it touched on Wednesday.
Persons: Carol Kong, Jerome Powell, Christopher Waller, Christopher Wong, Goldman Sachs, Sterling Organizations: Federal, Commonwealth Bank of Australia, New Zealand, Bank of Japan Locations: U.S
REUTERS/Kim Hong-Ji/File Photo Acquire Licensing RightsNov 30 (Reuters) - A look at the day ahead in Asian markets. If this week has so far been strangely listless for Asian markets, that could be about to change suddenly on Thursday as investors brace for a deluge of top-tier economic data and policy events from across the continent. The latest industrial production and retail sales data from both Japan and South Korea are on tap too, all of which could move their respective markets, especially currencies. All else equal, the risks for Asian markets on Thursday may be tilted to the upside, even though stock markets around the world again struggled on Wednesday. South Korea's central bank is expected to keep its base rate on hold at 3.50% and leave it there until at least the middle of next year.
Persons: Kim Hong, That's, Goldman Sachs, Jamie McGeever, Josie Kao Organizations: Korea, South Korean, REUTERS, New Zealand, Bank of Japan, Reserve Bank of New Zealand, Thomson, Reuters Locations: Seoul, South Korea, China, India, Japan, U.S, Korea's, Korea
Adachi said Japan has yet to see a positive wage-inflation cycle, in which wages and inflation rise together, kick off. The BOJ can start debating an exit strategy only when the chance of such a cycle emerging heightens, he added. But Adachi said the BOJ did not necessarily need to wait until inflation-adjusted wage growth turns positive for it to normalise monetary policy. Hawkish member Naoki Tamura in August signalled a chance of ending negative rates early next year, saying Japan's inflation was already "clearly in sight" of the BOJ's target. With inflation exceeding its 2% target for more than a year, many market players expect the BOJ to end negative rates and YCC next year, with some betting on a move as early as January.
Persons: Issei Kato, Seiji Adachi, Adachi, we're, Naoki Tamura, YCC, Leika Kihara, Takahiko Wada, Chang, Ran Kim, Jamie Freed Organizations: Bank of Japan, REUTERS, Thomson Locations: Tokyo, Japan, TOKYO, MATSUYAMA, Matsuyama
The 2.2% year-on-year increase in the weighted median inflation rate, which is closely watched as an indicator on whether price rises are broadening, followed a 2.0% gain in September. It was the fastest rise since comparable data became available in 2001, Bank of Japan (BOJ) data showed. The data will be among the factors the BOJ will scrutinise at its next policy-setting meeting on Dec. 18-19. The weighted median is the inflation rate of items at the middle of the price changes, or around the 50th percentile point of the distribution. Unlike the consumer price index (CPI), which is swayed by fuel and energy costs, the weighted median inflation rate is useful to trace how widely prices are rising.
Persons: Issei Kato, Kazuo Ueda, Leika Kihara, Kim Coghill Organizations: Bank of Japan, REUTERS, Rights, Thomson Locations: Tokyo, Japan, Bank
Dollar hangs at three-month low as traders eye PCE data
  + stars: | 2023-11-28 | by ( )   time to read: +3 min
United States one dollar bills are curled and inspected during production at the Bureau of Engraving and Printing in Washington. The dollar index , a measure of the greenback against a basket of currencies, was last at 103.11, its lowest since Aug. 31. The dollar was track for a loss of more than 3% in November, its worst performance in a year. Market expectation that the Fed's rate increase cycle has finally come to an end has also put downward pressure on the greenback. PCE tops off a slew of other key economic events this week, including Chinese purchasing managers' index data and OPEC+ decision.
Persons: Kyle Rodda, Tony Sycamore Organizations: Engraving, The U.S, Federal Reserve, Reuters, greenback . U.S, Fed, Traders, Australian, Reserve Bank of New, Bank of Japan, IG Locations: United, Washington, The, U.S, OPEC, Reserve Bank of New Zealand
Funds' $10 billion net long dollar position in the week ending Nov. 7 was the biggest bullish bet on the greenback since October last year and a huge turnaround from the net short position worth more than $20 billion in mid-July. The last decade has shown that CFTC funds' net dollar positions tend to be long-term, directional trades held for at least a year, the longest of which was the net long from May 2013 through June 2017. But this time may be different - funds have only been net long dollars for nine weeks. The long dollar liquidation in the week to Nov. 14 was mostly against the euro and Japanese yen. Funds expanded their net long euro position by $2.9 billion, or nearly 21,000 contracts, the sixth increase in a row and the biggest since July.
Persons: Dado Ruvic, that's, Morgan, Jamie McGeever, Christina Fincher Organizations: REUTERS, Rights, Futures Trading Commission, Traders, Reuters, Funds, Bank of Japan, FX, Thomson Locations: Rights ORLANDO , Florida
FILE PHOTO:Coins and banknotes of Japanese yen are seen in this illustration picture taken June 16, 2022. REUTERS/Florence Lo/Illustration/ File Photo Acquire Licensing RightsTOKYO, Nov 28 (Reuters) - Japan's top business lobby Keidanren will discuss at next month's executive meeting the potential negative impact of the yen's weakness on the economy, the Yomiuri newspaper reported on Tuesday. Keidanren, which is comprised of major companies including big automakers and electronics firms, traditionally favoured a weak yen and have called on the government to stave off sharp yen rises that make Japan's exports less competitive overseas. Any discussion on the demerits of a weak yen by Keidanren would highlight a shift in how Japan's business sector views the currency's movement and its impact on the economy. The shift in Keidanren's stance could heighten calls by the business sector for the Bank of Japan to end ultra-low interest rates that have been blamed for accelerating the yen's decline, the newspaper said.
Persons: Florence Lo, Keidanren, Leika Kihara, Christopher Cushing Organizations: REUTERS, Rights, Yomiuri, Bank of Japan, Reuters, Thomson
The World’s Largest Buyer of U.S. Debt Isn’t Going Away
  + stars: | 2023-11-27 | by ( Jon Sindreu | )   time to read: 1 min
Japan is the world’s top holder of U.S. government debt. Photo: kimimasa mayama/ShutterstockCould the largest foreign buyer of American debt suddenly stop buying? Here is a comforting thought: This problem is probably already behind us. At a time when government issuance is massively expanding and firms face a 2025 refinancing cliff, overseas investors have gone from holding 43% of U.S. debt a decade ago to holding just 30%. Adding to the worries, the Bank of Japan might start raising interest rates next year, giving some Japanese owners a reason to repatriate their money.
Persons: kimimasa Organizations: Bank of Japan Locations: Japan
Bank of Japan (BOJ) Governor Kazuo Ueda attends a news conference after their policy meeting at BOJ headquarters in Tokyo, Japan April 28, 2023. REUTERS/Issei Kato/File Photo Acquire Licensing RightsTOKYO, Nov 27 (Reuters) - Bank of Japan Governor Kazuo Ueda said on Monday the central bank cannot say yet with conviction that inflation will sustainably and stably achieve its 2% inflation target. "We're seeing some positive signs in wages and inflation. But there's high uncertainty on whether this cycle will strengthen," Ueda told parliament. Reporting by Leika Kihara; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.
Persons: Kazuo Ueda, Issei Kato, Ueda, Leika Kihara, Tom Hogue Organizations: of Japan, REUTERS, Rights, Bank of Japan, Thomson Locations: Tokyo, Japan
TOKYO, Nov 27 (Reuters) - Japan's business-to-business service inflation accelerated in October as a tight job market lifted labour costs, underscoring a broadening of price pressures that could heighten the chance of a near-term end to ultra-loose monetary policy. The services producer price index, which measures the price companies charge each other for services, rose 2.3% in October from a year earlier, up from a revised 2.0% gain in September, Bank of Japan (BOJ) data showed on Monday. Information and communication, machinery repair and worker dispatching businesses saw fees increase from year-earlier levels due to higher labour costs. The data suggest Japan's economy is making progress towards achieving sustained rises in inflation accompanied by solid wage growth. His remarks have heightened market attention to developments in services prices, which most vividly reflect wages pressures companies face in their businesses.
Persons: Kazuo Ueda, Leika Kihara, Lisa Shumaker, Edwina Gibbs Organizations: Bank of Japan, Reuters, Thomson Locations: TOKYO
A man looks at an electric monitor displaying the Japanese yen exchange rate against the U.S. dollar and Nikkei share average outside a brokerage in Tokyo, Japan October 4, 2023. REUTERS/Issei Kato/File Photo Acquire Licensing RightsNov 28 (Reuters) - A look at the day ahead in Asian markets. Volatility across major asset classes is low - implied volatility on Wall Street is at its lowest in almost four years, global currency implied vol is the lowest since early last year, and U.S. bond vol is at a two-month low. China's markets, especially, have lagged, although Japanese stocks have outperformed thanks to the weak yen and a historic loosening of wider financial conditions. The Aussie on Monday rose above $0.66 for the first time since Aug. 10 and was one of the biggest winners among major currencies along with the Japanese yen and New Zealand dollar.
Persons: Issei Kato, Goldman Sachs, Michele Bullock, Bullock, Philip Lowe, Bullock's, Fed's Waller, Bowman, Goolsbee, Barr, Jamie McGeever Organizations: U.S ., Nikkei, REUTERS, Reserve Bank of Australia, Hong Kong Monetary Authority, Bank for International, New Zealand, Bank of, RBA, Thomson, Reuters Locations: Tokyo, Japan, U.S, Asia, Hong Kong, Bank of Japan, Australia
Eurizon strategists forecast US inflation to steadily fall to the Fed's target of 2%. Since the 1990s, Japan's aging population has caused inflation and interest rates to fall. By Eurizon's calculations, Japan's labor force peaked in 2019, at 1.7 times its size from 1950, which suggests an average annual labor force growth rate of 0.77 percent a year through the expansion. Similarly, China's labor force peak from 2018 will likely be pushed back by new policies. Eurizon SLJ Capital LimitedAs more countries follow Japan's demographic path, inflation should follow a similar trajectory.
Persons: , Stephen Jen, Joana Freire, Jen, Freire Organizations: Service, Japan, JPMorgan, Bank of, SLJ, Bank of America Locations: Japan, South Korea, Italy, China, EU, India
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of Japan will take a 'gradual and phased' approach in normalizing monetary policyKei Okamura of Neuberger Berman thinks Bank of Japan Governor Ueda will be "quite cautious" in monetary policy decisions.
Persons: Kei Okamura, Neuberger Berman, Ueda Organizations: Email Bank of Japan, Bank, Japan
Gold atop 6-month peak on softer U.S. dollar, bets on Fed
  + stars: | 2023-11-27 | by ( )   time to read: +2 min
Spot gold was up 0.4% at $2,009.69 per ounce by 0404 GMT. U.S. gold futures rose 0.3% to $2,009.50. "What's moving gold at the moment is the lower U.S. dollar because of the recent soft data," said Kyle Rodda, a financial market analyst at Gold rose sharply earlier in the session, hitting as high as $2,017.82 an ounce. Earlier this month, another inflation print showed weaker-than-expected consumer inflation, boosting hopes that the Fed could begin easing monetary conditions sooner than expected.
Persons: Kyle Rodda, Rodda, CME's Organizations: U.S . Federal, U.S, Fed, Traders, Bank of Locations: U.S, Bank of Japan
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