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☆ Nigeria's Tinubu appoints investigator to probe central bank
▼ + stars: | 2023-07-30 | by ( ) www.reuters.com time to read: +1 min

[1/2] Nigeria's Central Bank Governor Godwin Emefiele briefs the media during the MPC meeting in Abuja, Nigeria January 24, 2020. REUTERS/Afolabi SotundeCompanies Tinubu Square Sa FollowABUJA, July 30 (Reuters) - Nigeria's President Bola Tinubu has appointed a financial watchdog to investigate the central bank, weeks after he suspended its governor, a copy of a letter from the president showed on Sunday. Tinubu on June 9 suspended Godwin Emefiele, who was then detained by state security agents for allegedly misappropriating funds and a "criminal breach of trust." In a letter dated July 28, Tinubu appointed the chief executive of Nigeria's Financial Reporting Council as special investigator of the Central Bank of Nigeria (CBN) and other government-owned entities. The investigator was to "provide a comprehensive report on public wealth currently in the hands of corrupt individuals and establishments."

Persons: Nigeria's Central Bank Governor Godwin Emefiele, Bola Tinubu, Tinubu, Godwin Emefiele, Dele Alake, Felix Onuah, MacDonald Dzirutwe, Christina Fincher Organizations: Nigeria's Central Bank Governor, MPC, REUTERS, Nigeria's, Central Bank of Nigeria, Thomson Locations: Abuja, Nigeria, ABUJA

[1/2] Rescue workers and other people transport an injured person to the hospital, after a blast in Bajaur district of Khyber Pakhtunkhwa, Pakistan July 30, 2023. Rescue 1122/Handout via REUTERSDERA ISMAIL KHAN, Pakistan, July 30 (Reuters) - At least 40 people were killed and over 130 injured when a suicide bomber set off explosives at a political rally in Pakistan's northwestern Khyber Pakhtunkhwa province on Sunday, police said. The provincial police chief Akhtar Hayat told Reuters the explosion was caused by a suicide bomb. "The JUI-F organised a workers convention in Khar town of Bajaur in which 40 people lost their lives and more than 130 were injured," Khan said. Pakistan has seen a resurgence of attacks by Islamist militants since last year when a ceasefire between the Tehreek-e-Taliban Pakistan (TTP) and Islamabad broke down.

Persons: DERA ISMAIL, Fazl, Akhtar Hayat, Nazir Khan, Khan, Zabihullah Mujahid, Shehbaz Sharif, Saud Mehsud, Dera Ismail Khan, Jibran Ahmad, Nilutpal, Gibran Peshimam, Andrew Cawthorne, Christina Fincher Organizations: Sunday, Ulema, Reuters, Thomson Locations: Bajaur district, Khyber Pakhtunkhwa, Pakistan, DERA ISMAIL KHAN, Bajaur, Afghanistan, Peshawar, Khar, Taliban Pakistan, Islamabad, Islamic State

☆ Saudi bourse extends losses on profit-taking; Egypt gains
▼ + stars: | 2023-07-30 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

July 30 (Reuters) - Saudi Arabia's stock market ended lower on Sunday, extending losses from the previous session on profit-taking, while the Egyptian index ended five sessions of losses. Saudi Arabia's benchmark index (.TASI) dropped 0.5%, weighed down by a 2.5% fall in Riyad Bank (1010.SE), while Saudi Awwal Bank (1060.SE) retreated 3.8%. On the positive side, National Shipping Company of Saudi Arabia (4030.SE) advanced more than 4% after posting a sharp rise in second-quarter net profit. In Qatar, the index (.QSI) gained 0.5%, led by a 2.7% rise in petrochemical maker Industries Qatar (IQCD.QA). ($1 = 3.7505 riyals)Reporting by Ateeq Shariff in Bengaluru Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Ateeq, Christina Fincher Organizations: Saudi, Riyad Bank, Saudi Awwal Bank, National Shipping Company, Industries Qatar, Eastern Company, Thomson Locations: Saudi, Saudi Arabia, Qatar, Ateeq Shariff, Bengaluru

The earnings, which missed forecasts, follow bumper earnings in 2022 after energy prices surged in the wake of Russia's invasion of Ukraine, but were in line with its second-quarter performance two years ago. In June, Shell announced it would buy back at least $5 billion in shares in the second half of the year. Shell shares were down 1.7% by 0730 GMT, compared with a 1% decline for the broader European energy index (.SXEP). Reuters GraphicsWEAKER QUARTERThe lower results mainly reflected lower liquefied natural gas (LNG) trading results, lower oil and gas prices, lower refining margins, and lower sales volumes, compared with the previous quarter, Shell said. Oil and gas prices soared last year in the wake of Russia's invasion of Ukraine but energy prices have dropped sharply this year as fears of shortages have eased.

Persons: Shell, Wael Sawan, Sawan, Jefferies, Giacomo Romeo, TotalEnergies, Norway's, Ron Bousso, Christina Fincher, Jason Neely Organizations: Shell, Reuters Graphics, Benchmark Brent, Thomson Locations: Ukraine

☆ ECB mulled raising banks' mandatory reserves in inflation fight -sources
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +3 min

The ECB raised interest rates for the ninth consecutive time on Thursday in its year-long effort to bring down inflation. It also decided to stop remunerating banks' minimum reserves to contain the amount it pays in interest and the losses it is likely to make. The ECB is currently remunerating lenders' mandatory reserves in the same way as their deposits, which are reserves held above the minimum. On Thursday it increased the deposit rate to 3.75%, in a widely expected decision, while cutting to zero the rate on minimum reserves. "Since then, the efficiency aspect has risen in relevance, in line with the higher level of the key ECB interest rates," it said.

Persons: Arne Petimezas, Petimezas, Francesco Canepa, Balazs Koranyi, Valentina Za, Christina Fincher, Catherine Evans Organizations: Central Bank, Reuters, ECB, AFS Group, Thomson Locations: FRANKFURT, Amsterdam

[1/3] A general view after a series of explosions at grain silos owned by agro-industrial cooperative C. Vale, in the city of Palotina, Parana State, Brazil, July 27, 2023. Brazil's Parana Firefighters/Handout via REUTERSSAO PAULO, July 27 (Reuters) - At least eight people have died, one was missing and nearly a dozen others wounded after a grain silo explosion on Wednesday at an agricultural co-operative in southern Brazil, the government of Parana state said on Thursday. The blast occurred at the C.Vale co-operative in the small town of Palotina, about 600 km (370 miles) from the state's capital Curitiba. Experts say grain dust particles are highly combustible and can cause fires or explosions in confined spaces such as grain storage facilities. Fire Department Official Manoel Vasco said dogs were helping in the search of the missing worker potentially trapped under a pile of grains.

Persons: C.Vale, Jose Ricken, Ricken, Manoel Vasco, Carlos Favaro, Luiz Inacio Lula da Silva, Darci Piana, Leonardo Benassatto, Ana Mano, Gabriel Araujo, Christina Fincher, Bernadette Baum, Alison Williams Organizations: Vale, Brazil's, Brazil's Parana Firefighters, REUTERS SAO PAULO, Fire, Agriculture, Thomson Locations: Palotina, Parana State, Brazil, Brazil's Parana, Parana, Curitiba . Parana, Paraguay

Spacey, tried under his full name Kevin Spacey Fowler, said in evidence that the case against him was weak, and that the incidents, if they had occurred at all, were consensual. [1/4]Actor Kevin Spacey leaves Southwark Crown Court after he was found not guilty on charges related to allegations of sexual offenses, in London, Britain, July 26, 2023. Spacey became one of several prominent names in entertainment to face allegations of sexual misconduct during the #MeToo movement. The court also heard evidence from singer Elton John and his husband David Furnish, who gave evidence by videolink from Monaco as part of Spacey's defence. Reporting by Michael Holden and Sam Tobin; editing by Kate Holton, Christina Fincher and Nick MacfieOur Standards: The Thomson Reuters Trust Principles.

Persons: Spacey, Kevin Spacey, Oscar, Kevin, Kevin Spacey Fowler, Susannah Ireland Spacey, Anthony Rapp, Buzzfeed, Rapp, Vic, Val Kilmer, Judi Dench, Elton John, David, videolink, Patrick Gibbs, Michael Holden, Sam Tobin, Kate Holton, Christina Fincher, Nick Macfie Organizations: London's Old, Southwark Crown, REUTERS, WORLD, Thomson Locations: London, Southwark, Spacey's London, Britain, U.S, Monaco

☆ Taiwan chipmaker UMC sees 'uncertain' demand, gearing up for AI
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +2 min

SummaryCompanies Wafer demand 'uncertain' in Q3UMC says gearing up to meet AI demandQ2 revenue -21.9% y/y, +3.8% q/q2023 capex guidance unchanged at $3 blnTAIPEI, July 26 (Reuters) - Taiwanese chipmaker United Microelectronics Corp (UMC) said on Wednesday that it sees "uncertain" demand in the third quarter but stuck to its 2023 capital spending plans as its gears up to meet customer demand for artificial intelligence (AI). The semiconductor industry has come under pressure as global economic woes dent demand for chips used in everything from cars to cellphones. "Looking into the third quarter, wafer demand outlook is uncertain given prolonged inventory correction in the supply chain," he added. However, the company kept its guidance for capital spending this year at $3 billion, compared with $2.7 billion for last year. "We are gearing up to offer the necessary silicon interposer technology and capacity to fulfil emerging AI market demand from customers," Wang said.

Persons: TSMC, Jason Wang, Wang, UMC, Ben Blanchard, Christina Fincher Organizations: United Microelectronics Corp, chipmaker, Qualcomm Inc, Germany's Infineon, UMC's, Thomson Locations: TAIPEI, U.S, UMC's Taipei, Taiwan

☆ A year before Paris Olympics, Ukraine torn over whether to compete
▼ + stars: | 2023-07-26 | by ( Margaryta Chornokondratenko | ) www.reuters.com time to read: +3 min

[1/6] Yaroslav Khartsyz, Ukrainian amateur boxer and Tokyo Olympics participant trains, amid Russia's attack on Ukraine, in Kharkiv, Ukraine July 25, 2023. The comment by Vadym Huttsait in an interview with Reuters suggests Kyiv could be open to reversing a controversial policy that would likely rule Ukrainian athletes out of competing at the Paris Olympics in 2024. Huttsait said they were discussing with Ukrainian sports federations if athletes could compete against Russian and Belarusian athletes taking part under a neutral flag. It is expected to allow Russian and Belarusians to compete under a neutral flag. The minister said he last talked to the IOC three weeks ago and tried to convince them that Russians and Belarusians cannot compete in the Olympics while Ukrainian cities are being bombed.

Persons: Yaroslav Khartsyz, Read, Vadym Huttsait, Huttsait, Margaryta Chornokondratenko, Max Hunder, Tom Balmforth, Christina Fincher Organizations: Tokyo, Paris Olympics, Reuters, Russian, IOC, Paris, Thomson Locations: Ukrainian, Ukraine, Kharkiv, Russia, KYIV, Kyiv, Belarus

The yuan firmed by more than 0.5% in both the onshore and offshore markets as investors cheered comments at the closely watched Politburo meeting, though many were still seeking specific details on greater stimulus measures. The yuan traded offshore was last at 7.1444 per dollar and in the onshore market it was at 7.1454 per dollar. Also propping up the yuan were China's major state-owned banks selling U.S. dollars to buy yuan in both onshore and offshore spot markets on Tuesday, sources told Reuters. The positive sentiment from China lifted the Australian dollar, often used as a liquid proxy for the yuan, which rose 0.4% to $0.6767. In Europe, the pound rose 0.22% to $1.2854, its first day of gains after seven straight sessions of losses, its longest such streak since March 2020.

Persons: Tommy Xie, Guillermo Felices, Ueda, Aninda Mitra, Rae Wee, Alun John, Shri Navaratnam, Lincoln, Christina Fincher Organizations: Reuters, European Central Bank, Federal Reserve, Bank of Japan, BNY Mellon Investment Management, Thomson Locations: SINGAPORE, LONDON, China, Europe, Asia, Singapore, London

☆ Britain warns Russia may start targeting civilian ships
▼ + stars: | 2023-07-25 | by ( Michelle Nichols | ) www.reuters.com time to read: +3 min

UNITED NATIONS, July 25 (Reuters) - Britain has information indicating the Russian military may move beyond attacks on Ukrainian grain facilities to target civilian shipping in the Black Sea, Britain's U.N. "We agree with the U.S. assessment that this is a coordinated effort to justify and lay blame on Ukraine for any attacks against civilian ships in the Black Sea," Woodward told reporters. The White House gave similar warnings last week about possible attacks on civilian ships and sea mines. Russian President Vladimir Putin is due to host African leaders in St. Petersburg this week and has promised free Russian grain "to replace Ukrainian grain." Moscow had complained that not enough Ukrainian grain went to poor countries under the Black Sea export deal.

Persons: U.N, Barbara Woodward, Rishi Sunak, Volodymyr Zelenskiy, Woodward, Vladimir Putin, Putin, Michelle Nichols, Rami Ayyub, Christina Fincher Organizations: UNITED NATIONS, British, United Nations, White, . Security, Wednesday, Church, Black, Thomson Locations: Britain, Russia, Ukraine, New York, Moscow, Ukrainian, St . Petersburg, Africa

Its group chief investment officer Jeffrey Jaensubhakij told Reuters GIC was keen to invest in Chinese companies that do business within China and do not export to the United States. "There are some 'China for China' type of investments that still make sense," he said. GIC said exposure to China was important for a diversified portfolio. GIC is the world's seventh-biggest sovereign investor with $690 billion in total assets, according to research firm Sovereign Wealth Fund Institute. The share of emerging market equities in GIC's portfolio rose to 17% by end of March from 16% a year earlier.

Persons: Jeffrey Jaensubhakij, Reuters GIC, GIC's, GIC, Lim Chow Kiat, Beijing scrambles, Ang Eng Seng, Jaensubhakij, GIC's Lim, Yantoultra Ngui, Xinghui, Xie Yu, Julie Zhu, Kane Wu, Christina Fincher Organizations: SINGAPORE, Reuters, HK, Ant Group, Temasek, Infrastructure, Sovereign Wealth Fund, Thomson Locations: China, Singapore, United States, Beijing, U.S, Asia, Japan, Xinghui Kok

"The major thing that we see now is onshore-traded Country Garden bonds going down," he said. Country Garden is a giant with thousands of projects in nearly 300 Chinese cities. Li Changjiang, the president of Country Garden Services, sold 3.2 million shares of the company last week, reducing his stake to 0.11% from 0.21%. They also cut its price target to HK$0.9 from HK$2.3 and that of Country Garden Services Holdings to HK$6.7 from HK$22. "Distressed Chinese property developers’ bond restructurings can buy them some room," Fitch Ratings said in a report on Monday.

Persons: Longfor, Wanda, Yao Yu, Morgan Stanley, Morgan, Li Changjiang, Fitch, Jason Xue, Tom Westbrook, Clare Jim, Xie Yu, Georgina Lee, Marc Jones, Kim Coghill, Jamie Freed, Barbara Lewis, Christina Fincher Organizations: HK, Dalian, Garden, Country Garden Services, Garden Holdings, Garden Services Holdings, China, Greenland Holdings, Ocean Group, Thomson Locations: SHANGHAI, SYDNEY, China, Hong Kong, Evergrande, Cayman Islands, Shanghai, Sydney, London

☆ Israeli financial markets slide after judicial overhaul vote
▼ + stars: | 2023-07-24 | by ( Steven Scheer | ) www.reuters.com time to read: +3 min

JERUSALEM, July 24 (Reuters) - Israeli financial markets tumbled on Monday, with the shekel hitting a two-week low versus the dollar, after lawmakers ratified the first bill of a judicial overhaul sought by Prime Minister Benjamin Netanyahu. In protest at the vote, a forum of some 150 of Israel's largest companies held a strike on Monday. Azrieli (AZRG.TA) and Big (BIG.TA), two of Israel's largest malls, said stores in their shopping centres would be closed. But news that compromise talks collapsed erased early gains and sent the shekel weaker, with losses deepening after the vote. The shekel has weakened some 10% versus the dollar since late January when the government unveiled its controversial judicial overhaul plan, setting off mass protests and harming foreign inflows.

Persons: Benjamin Netanyahu, Nir Elias, Arnon Bar, Netanyahu, Steven Scheer, Bansari Mayur, Karin Strohecker, James Mackenzie, Christina Fincher, Sharon Singleton Organizations: REUTERS, Bank of Israel, MPC, Supreme, Thomson Locations: Tel Aviv, Washington

[1/4]Spain's opposition People's Party leader Alberto Nunez Feijoo and People's Party spokeswoman Maria Concepcion Gamarra attend a meeting at the People's Party (PP) headquarters in Madrid, Spain, July 24, 2023. Puigdemont, who still wields considerable influence within Junts, said in mid-July the party would not support Sanchez. "We are sure about that, and that there will be no repetition (of the election)," the source said. Sumar lawmaker Jaume Asens has already begun talks with Junts on the platform's behalf, a source in the party said. Another PSOE source said the party would leave the PP to make the first attempt to form a government.

Persons: Sanchez, Alberto Nunez Feijoo, Vox, Feijoo, Sumar, Pedro Sanchez, Esquerra, Carles Puigdemont, Maria Concepcion Gamarra, Juan Medina, Jordi Turull, Turull, Puigdemont, Jaume Asens, Junts, Franco, Spain's, Eurointelligence, Joan Faus, Belen Carreno, Emma Pinedo, Inti Landauro, Charlie Devereux, Angus MacSwan, Aislinn Laing, Christina Fincher Organizations: Conservative, Exiled, People's Party, Socialist, PSOE, Socialists, ERC, Vox, People's, of Navarre, UPN, Canary Coalition, REUTERS, Basque Nationalist Party, Sumar, Puigdemont, Thomson Locations: Spain, Exiled Catalan, BARCELONA, MADRID, Basque, Catalan, Canary, Belgium, Catalonia, Madrid, Bildu, Junts, PSOE, Barcelona

☆ Benjamin Netanyahu, a hawk in the eye of the storm
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +4 min

[1/4] Israeli Prime Minister Benjamin Netanyahu sits between Justice Minister Yariv Levin and Defence Minister Yoav Gallant as lawmakers gather at the Knesset plenum to vote on a bill that would limit some Supreme Court power, in Jerusalem July 24, 2023. POLARIZINGPerhaps the most polarizing of Israel's leaders, but a supreme pragmatist, Netanyahu had always been seen as a recognizable conservative - pro-business and tough on security. A stocky, imposing figure, his poise and flawless American English have underlined his outsized role on the world stage. That meant closing ranks with religious and ultra-nationalist parties untroubled about upsetting Israel's allies with their openly expansionist agenda. A lifelong security hardliner and a scourge of liberal opinion, Netanyahu described himself in his autobiography - "Bibi My Story" - as "conservative but decidedly not extreme".

Persons: Benjamin Netanyahu, Yariv Levin, Yoav Gallant, Amir Cohen JERUSALEM, Netanyahu, Herzi Halevi, pragmatist, Israel's, Bibi, Itamar Ben, Gvir, Bezalel Smotrich, Joe Biden, James Mackenzie, Christina Fincher Organizations: REUTERS, Special Forces, West Bank, Thomson Locations: Jerusalem, Tel Aviv, Israel

☆ From pixels to pails, crowdfunded wells quench thirst in Senegal's drylands
▼ + stars: | 2023-07-19 | by ( Ngouda Dione | ) www.reuters.com time to read: +2 min

Water scarcity is so acute at this time of year that many communities face a dire choice: water your farms or quench you thirst. He turned to the internet, setting up crowdfunding campaigns where people can donate money to construct wells in communities lacking water. "In many villages, there were water problems, and this issue notably impacted on learning," said Diakhate, who previously worked in school construction. In a region pockmarked with wells in various states of disrepair, Diakhate hopes the internet can bring communities together to solve the problem of water scarcity. His group has built more than 50 wells this way since 2020, and nine more are under construction.

Persons: Ourou Amady, Mamadou Diakhate, Diakhate, Yoro Boubou Ba, Ngouda Dione, Cooper Inveen, Nellie Peyton, Christina Fincher Organizations: Workers, REUTERS, United Nations, Pepperdine University, Thomson Locations: Ourou, Podor, Senegal, PODOR, Senegal's, Dakar, Saharan Africa, Bagga

The lira hit a record low of 26.9 against the U.S. currency, sliding from Monday's close of 26.3505. The central bank will announce its rate decision at 1100 GMT on Thursday. "News saying that the central bank's interest rate hike will be below market expectations is triggering the lira depreciation," said one trader. But June's hike was below expectations, with economists saying Erdogan's influence over the central bank limits how far they can go in tightening policy. Turkey's annual inflation surged to a 24-year high of 85.51% last October, mainly due to lira depreciation because of Erdogan's policy of low rates.

Persons: Abdulkadir Selvi, Tayyip Erdogan, Nevzat Devranoglu, Daren Butler, Christina Fincher Organizations: Hurriyet, Ece Toksabay, Thomson Locations: ISTANBUL

LONDON, July 18 (Reuters) - The spectre of rising corporate debt defaults exacerbating a global economic slowdown has for months been largely brushed aside by resilient credit markets. Now, long-feared corporate debt woes are starting to hit home, while more companies are being downgraded to a junk credit rating - facing higher borrowing costs as a result. Retailer Casino, with 6.4 billion euros ($7.19 billion) of net debt, is in court-backed talks with creditors; Britain's Thames Water is in the headlines with its 14 billion pound ($18.32 billion) debt pile. For FACTBOX: Corporate debt woes are on the rise, click here. Nonetheless, not all firms may be able to survive the challenges of vast debt, higher interest and business costs and declining profits.

Persons: Julius Baer's, Markus Allenspach, Guy Miller, Miller, it's, Aymen Mahmoud, McDermott Will, Emery, Elena Lieskovska, Chiara Elisei, Dhara, Christina Fincher Organizations: SBB, P Global, U.S, Reuters, ICE, Zurich Insurance, ABN AMRO, European Central Bank, London Finance, Bain Capital, Thomson Locations: Swedish, Spain, Europe

☆ Factbox: Corporate debt woes are on the rise
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +4 min

Size of debt: 14 billion pounds ($18.33 billion). The firm said earlier in July shareholders would provide 750 million pounds, but warned it would need an extra 2.5 billion pounds between 2025-2030. Size of debt: 6.4 billion euros ($7.19 billion) in net debt. What's at stake: Casino faces 3 billion euros of debt repayments in the next two years, with rating agencies Moody's and Standard & Poor's warning a default is likely. Deadlines to watch: Casino aims to secure an agreement with creditors by July 27.

Persons: Toby Melville, What's, Jean, Charles Naouri, Casino, Daniel Kretinsky, Kretinsky, Chiara Elisei, Dhara, Christina Fincher Organizations: Thames, REUTERS, Water, Casino, SBB, Thomson Locations: London, Britain, LONDON, Sweden, France, England, Czech, Brookfield, Spain, Barcelona

☆ Morning Bid: Retail, housing and banks test jaunty July
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in U.S. and global markets from Mike DolanThe benign July investment environment gets tested on Tuesday by updates on U.S. retail sales and housing while the corporate earnings season kicks back into gear with another sweep of bank reports. Consensus forecasts are for a modest rise in retail sales and industrial output last month, while the NAHB homebuilder index is expected to have ticked higher in July to underline the recent housing market recovery more broadly. U.S. stock futures were flat going into the open and 10-year Treasury yields ticked down to their lowest level of the month so far. Crude oil prices tried to find their footing after Monday's sharp drop and continue to sustain year-on-year losses of more than 25%. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mike Dolan, Wall, HSI, Evergrande, Goldman Sachs, Janet Yellen, Morgan Stanley, Lockheed Martin, Charles Schwab, JB Hunt, Michael Barr, Christina Fincher Organizations: New York Federal, Bank of America, Bank of New, Mellon, Novartis, Sandoz, Bank of New York Mellon, Lockheed, PNC Financial, Synchrony, JB, Federal, Reuters Graphics Reuters, Reuters, Thomson Locations: U.S, Hong Kong, Treasuries, Canada

Summary BOJ has kept easy policy with eye on market functionSustained achievement of BOJ's price goal still distantUeda's remarks come amid speculation of July policy tweakJuly 18 (Reuters) - Bank of Japan (BOJ) Governor Kazuo Ueda said on Tuesday there was still some distance to sustainably and stably achieving the central bank's 2% inflation target, signalling his resolve to maintain ultra-loose monetary policy for the time being. "We have patiently continued our ultra-loose monetary policy under yield curve control (YCC)," with due consideration to the impact on financial intermediation and market function, Ueda told a news conference after attending a G20 finance leaders' meeting in India. Ueda said the BOJ will scrutinise at each policy meeting the pace of progress Japan was making in sustainably achieving its 2% target. "If our assumption (that sustained achievement of 2% inflation remains distant) is unchanged, our overall narrative on monetary policy remains unchanged," he said. Reporting by Leika Kihara and Tetsushi Kajimoto in Tokyo; Editing by Bernadette Baum and Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Kazuo Ueda, Ueda, Leika Kihara, Bernadette Baum, Christina Fincher Organizations: Bank of Japan, Reuters, Thomson Locations: India, Japan, Tokyo

☆ US stocks rise on earnings outlook, global shares dip on China data
▼ + stars: | 2023-07-17 | by ( Herbert Lash | ) www.reuters.com time to read: +5 min

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 12, 2023. The tech-heavy Nasdaq led U.S. stocks higher, supported by megacap growth stocks including Apple, Nvidia and Tesla, ahead of quarterly results from industry heavyweights later this week. Second-quarter earnings are expected to decline 8.1%, according to Refinitiv data, down further than the 5.7% decline expected at the start of the month. Data on U.S. retail sales are expected to show a rise of 0.3% ex-autos, continuing the slower trend but solid enough to fit into the market's soft-landing theme. Futures are pricing in an additional 32 basis points of tightening this year, with the benchmark rate expected to peak at 5.40% in November.

Persons: Brendan McDermid, Morgan Stanley, Goldman, it's, Anthony Saglimbene, James Ragan, Brent, Herbert Lash, Karen Brettell, Amanda Cooper, Wayne Cole, Lincoln, Christina Fincher, Barbara Lewis, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Wall, Nasdaq, Apple, Nvidia, Tesla, Tesla Inc, Bank of America Corp, Goldman Sachs Group Inc, Netflix Inc, Dow Jones, Fed, Treasury, Reuters Graphics Oil, Thomson Locations: New York City, U.S, China, Troy , Michigan, Davidson, Seattle, Europe, New York, London, Sydney

☆ Global shares dip after China data; US stocks gain
▼ + stars: | 2023-07-17 | by ( Herbert Lash | ) www.reuters.com time to read: +5 min

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 12, 2023. The tech-heavy Nasdaq led U.S. stocks higher, supported by megacap growth stocks including Apple and Tesla, ahead of quarterly results from industry heavyweights later this week. Stocks in Europe closed lower, with the pan-regional STOXX 600 index (.STOXX) down 0.63% while MSCI's gauge of stocks across the globe (.MIWD00000PUS), which is heavily weighted to U.S. megacap stocks, edged higher by 0.14%. Futures are pricing in an additional 32 basis points of tightening this year, with the benchmark rate expected to peak at 5.40% in November. U.S. crude fell $1.27 to settle at $74.15 per barrel and Brent settled down $1.37 at $78.50.

Persons: Brendan McDermid, Morgan Stanley, Goldman, it's, Anthony Saglimbene, James Ragan, Brent, Herbert Lash, Karen Brettell, Amanda Cooper, Wayne Cole, Lincoln, Christina Fincher, Barbara Lewis Organizations: New York Stock Exchange, REUTERS, YORK, Nasdaq, Apple, Tesla, Tesla Inc, Bank of America Corp, Goldman Sachs Group Inc, Netflix Inc, Dow Jones, Fed, Treasury, Reuters Graphics Sterling, Bank of England, CBA, Thomson Locations: New York City, U.S, China, Troy , Michigan, Davidson, Seattle, Europe, New York, London, Sydney

☆ Global shares dip after China data; traders bet on Fed sea change
▼ + stars: | 2023-07-17 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

This week's data macro calendar is light and Fed officials are in their "blackout period" ahead of their July policy meeting, leaving investors with the big question of whether last week's market moves will continue or reverse. U.S. stock index futures , erased earlier gains and were down 0.1% ahead of a packed week of corporate earnings. "We expect Fed officials cheered the latest inflation developments, but declaring victory with sub-4% unemployment, and over 4% core inflation, would be reckless." Copper , which is also highly sensitive to Chinese data, dropped 2.5% to $8,458 a ton. Additional reporting by Wayne Cole in Sydney; Editing by Lincoln Feast and Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Michael Brown, Brown, Tesla, Morgan Stanley, Goldman Sachs, disinflation, Michael Feroli, Sterling, Wayne Cole, Lincoln, Christina Fincher Organizations: Global, Federal Reserve, Bank of America, Netflix, JPMorgan, Reuters, Treasury, Bank of England, CBA, Brent, Thomson Locations: China, Europe, Libya, Sydney

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