DIRS.INFO The most relevant business & tech news

☆ Stocks firmer after dip in euro zone inflation, dollar firm
▼ + stars: | 2023-06-30 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, June 29, 2023. REUTERS/StaffLONDON, June 30 (Reuters) - Global shares stocks were firmer on Friday after data showed that inflation in the euro zone continued to fall this month, and attention turned to U.S. prices figures before the opening bell on Wall Streeet. The dollar and U.S. stock index futures , were firm ahead of the U.S. Personal Consumption Expenditures (PCE) index reading due at 1230 GMT, the Fed's favoured inflation gauge. Euro zone inflation fell to 5.5% in June as the cost of fuel tumbled, with Germany the only country to report an increase, with the European Central Bank still on course for a ninth consecutive rate hike next month, sending euro zone government bond yields higher.

Persons: Jerome Powell, Patrick Spencer, Baird, Spencer, Shunichi Suzuki, Rob Carnell, Hong, Brent, Gold, Huw Jones, Ankur Banerjee, Stephen Coates, Kim Coghill, Chizu Organizations: REUTERS, Staff LONDON, Global, U.S, Federal, European Central Bank, ECB, ING, Big Tech, Finance, Nikkei, Strong U.S, Thomson Locations: Frankfurt, Germany, U.S, Europe, CHINA, Asia, China, Pacific, Japan, Shanghai, Strong

☆ Asia shares steady as weak China data fuel stimulus hopes, yen frail
▼ + stars: | 2023-06-30 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

Futures indicated European stocks were set for a higher open, with Eurostoxx 50 futures up 0.18%, German DAX futures up 0.24% and FTSE futures 0.28% higher. But before that euro zone June inflation data will likely provide cues to the broader picture in the region, after data on Thursday showed German inflation rose more than expected in June. The strong economic data sent Treasury yields higher, with the yield on 10-year Treasury notes touching a three-month high of 3.868% on Thursday. China's blue-chip CSI300 Index (.CSI300) and the Shanghai Composite Index (.SSEC) rose nearly 1%, while Hong Kong's Hang Seng Index (.HSI) was up 0.24% on stimulus hopes. U.S. crude was flat at $69.87 per barrel and Brent was at $74.49, up 0.2% on the day.

Persons: Shunichi Suzuki, DAX, Rob Carnell, Jerome Powell, Hong, Brent, Ankur Banerjee, Stephen Coates, Kim Coghill Organizations: Federal Reserve, Finance, Investors, U.S, Reuters, Union, Bank of Japan, Thomson Locations: SINGAPORE, China, Asia, Pacific, Japan, Spain, Italy, U.S, Shanghai

☆ Asia shares edge lower on rate hike worries, yen frail
▼ + stars: | 2023-06-30 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

China's blue-chip CSI300 Index (.CSI300) fell 0.14% and the Shanghai Composite Index (.SSEC) eased 0.11%. The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, pointing to continued labour market strength. The data "will have traders likely consider a greater likelihood of further interest rate hikes from the Fed." "We expect the moderate pace of interest rate decisions to continue." The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was at 4.872%, having touched more than a three-month high of 4.892% overnight.

Persons: Australia's, HSI, Economists, Ryan Brandham, Jerome Powell, Powell, Rob Carnell, YEN, Shunichi Suzuki, Brent, Ankur Banerjee, Stephen Coates Organizations: Federal Reserve, Japan's Nikkei, Gross, Commerce Department, Validus Risk, Federal, Treasury, U.S, Central Bank's, Bank of Japan, Japanese Finance, Thomson Locations: SINGAPORE, Asia, Pacific, Japan, China, Shanghai, North America, U.S, Spanish, Madrid

☆ Asian shares subdued, yen and yuan hover near 8-mth troughs
▼ + stars: | 2023-06-29 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was flat, while markets in Singapore, India and Malaysia are closed for holidays. Japan's Nikkei (.N225), however, gained 1% and was headed for a monthly rise of 8.5% and a quarterly jump of 19%. The offshore yuan hovered near an eight-month trough at 7.24 per dollar on Thursday, after the central bank fixed the daily guidance at the weakest level since November. European Central Bank President Christine Lagarde, on the other hand, cemented expectations for a ninth consecutive rise in euro zone rates in July. U.S. crude futures were little changed at 69.55 per barrel, and Brent crude was down 0.1% at $74.00 per barrel.

Persons: HSI, Jerome Powell, Stephen Wu, Christine Lagarde, Kazuo Ueda, Mark McCormick, hawkish, Powell, Brent, Stella Qiu, Lincoln Organizations: SYDNEY, Japan's Nikkei, Nasdaq, Apple, Dow, Micron Technology, European Central Bank, Commonwealth Bank of Australia, ECB, Bank of Japan, U.S, Reuters, TD Securities, Thomson Locations: Asia, Pacific, Japan, Singapore, India, Malaysia

☆ Asia markets set for mixed open ahead of Australia inflation figures and China industrial profits
▼ + stars: | 2023-06-28 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Asia-Pacific markets are set for a mixed open as the region awaits May inflation figures out of Australia and China releases its industrial profits for May. In Australia, futures for the S&P/ASX 200 were at 7,095, higher than the index's last close of 7,118.2. Economists polled by Reuters expect the country's inflation rate to ease to 6.1%, compared with the 6.8% recorded in April. Investors will be watching China's year-to-date industrial profits, after factory activity stayed in contraction territory for a second straight month in May. The country's industrial output growth for May came in at 3.5%, slightly lower than the 3.6% expected by economists polled by Reuters.

Organizations: Lonsdale, Boxing, Reuters, Nikkei Locations: Melbourne, Australia, Asia, Pacific, China, Japan, Chicago, Osaka

☆ China starts to slow yuan's one-way slide
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +4 min

Analysts said that together the moves showed official unease at the yuan's downward momentum and that they could slow but perhaps not halt a decline, given the dour economic outlook. "They are sending more signals now they're uncomfortable ... they would like to slow the yuan weakness," said Moh Siong Sim, a currency strategist at Bank of Singapore. The yuan ended Monday at a seven-month low of 7.2425 per dollar and was at 7.2105 in Tuesday afternoon trade. BACK FOOTThe push back comes as investors sour on China, with data showing China's vaunted rebound faltering. Analysts said moves to halt the yuan's slide were not yet as firm as last year, when regulators rolled out measures to encourage capital inflows, but might be enough to slow selling.

Persons: Yuan, Siong Sim, Stocks, Alvin Tan, We've, Rob Carnell, Carnell, That's, Ankur Banerjee, Tom Westbrook, Rae Wee, Vidya Ranganathan, Kim Coghill, Jacqueline Wong Organizations: People's Bank of China, Analysts, Bank of Singapore, UBS, Australian, Asia FX, RBC Capital Markets, Beijing, Thomson Locations: SHANGHAI, BEIJING, China, Hong Kong, Asia, Shanghai, Singapore

☆ Asian stocks teeter as Russia, rates and China risks weigh
▼ + stars: | 2023-06-27 | by ( Kane Wu | ) www.reuters.com time to read: +3 min

MSCI's gauge of Asia Pacific stocks outside Japan (.MIAPJ0000PUS) was up 0.08% at 0126 GMT, after dropping 0.06% an hour earlier. "Asian equities are set for a downturn on Tuesday, prompted by Wall Street's risk-aversion behavior," said Anderson Alves, a global macro analyst at ActivTrades. All three major U.S. stock indexes ended in the red on Monday, with megacap momentum stocks pulling the tech-heavy Nasdaq down the most. The Dow Jones Industrial Average (.DJI) fell 0.04%, the S&P 500 (.SPX) lost 0.45% and the Nasdaq Composite dropped 1.16%. Hang Seng Index (.HSI) and China's benchmark CSI300 Index (.CSI300) opened up 0.3% and 0.1%, respectively, shaking off losses from the past four sessions.

Persons: Wall, Anderson Alves, Alves, Goldman Sachs, Redmond Wong, Wong, Vladimir Putin's, Brent, Kane Wu, Sam Holmes Organizations: Nikkei, ActivTrades, Dow Jones, Nasdaq, U.S, Global, China, Saxo Markets, Treasury, Thomson Locations: HONG KONG, Russia, Asia Pacific, Japan, Europe, U.S, ActivTrades, Asia

☆ Asia markets mostly set to fall after Wall Street sees tech sell-off
▼ + stars: | 2023-06-27 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

With the Melbourne skyline in the background, a ship sets sail out of the Port of Melbourne on September 14, 2021. Asia-Pacific markets are set to fall after Wall Street saw a tech sell-off Monday, with Tesla tumbling 6% after Goldman Sachs downgraded the electric car maker, citing pricing headwinds. Other tech names like Nvidia, Alphabet and Meta Platforms also lost more than 3% each. In Australia, futures for the S&P/ASX 200 were at 7,052, lower than the index's last close of 7,078.7. Hong Kong's Hang Seng index look set to snap its five day losing streak, with futures at 18,894 compared to the HSI's close of 18,794.13.

Persons: Wall, Goldman Sachs Organizations: Melbourne, Port, Nvidia, Nikkei Locations: Port of Melbourne, Asia, Pacific, Australia, Japan, Chicago, Osaka

☆ Morning Bid: China supports, peak rate haze
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +4 min

It made its displeasure at further yuan weakness clear on Tuesday, lifting official daily targets while state banks sold dollars. Even though investors seemed to bat away the bizarre weekend events in Russia, the murky Western interest rate picture continues to hamper European and U.S. stocks. Central bankers meeting at an annual European Central Bank forum in Portugal dissuaded markets from betting on a peak in the interest rate cycle just yet. While those comments are likely more directed at European policymakers, where disinflation is lagging, markets also still expect the Fed to push ahead with at least one more interest rate rise next month. The hawkish rate picture didn't deter demand for two-year Treasury notes at Monday's auction, however, and 2-year yields slipped below 4.70% on Tuesday.

Persons: Mike Dolan, Li Qiang, Hong Kong's, Christine Lagarde, Lagarde, Gita Gopinath, Morgan Stanley, Emelia Sithole Organizations: Federal, Economic, Bank of Japan, European Central Bank, ECB, Conference, University of Michigan's, Dallas Federal, Richmond Fed, Central Bank, Treasury, Walgreens, Reuters, Thomson Locations: U.S, China, Beijing, Tianjin, Shanghai, Russia, Portugal, Sintra

Hong Kong/London CNN —Oil prices edged higher, while global stocks and the ruble fell early Monday as investors reacted to the weekend’s brief and chaotic insurrection in Russia. Markets were largely focused on whether the turmoil in Moscow could disrupt global energy supplies. US crude oil futures briefly climbed 1.3% during Asian trading hours. Signs that global energy demand could weaken as economies slow have pushed US crude prices down by nearly 14% so far this year to just under $70 a barrel. Stocks slip, ruble slidesReacting to the short-lived Wagner insurrection, the Russian ruble opened at its lowest level in nearly 15 months.

Persons: Brent, Vladimir Putin, Antony Blinken, ”, Yeap Jun Rong, Wagner, Jeffries, Jerome Powell Organizations: London CNN, Rystad Energy, Wagner Group, IG Group, Brent, Russian, Japan’s Nikkei, Bank of England, Bank of Japan Locations: Hong Kong, London, Russia, Moscow, Asia, Shanghai

☆ Asia markets set for weak open as Wall Street rally fades
▼ + stars: | 2023-06-26 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Asia-Pacific markets are set for a weak open in the final week of June, following U.S. markets which snapped a multi-week winning streak Friday. In an early Monday note, CMC Markets analyst Tina Teng, wrote that "economic concerns took central stage again as recession fears mounted, with spiking rates in both Europe and the US rattling global markets." Over the weekend, Europe also saw a brief rebellion by the Wagner private military group in Russia, and markets are likely to be on edge. In Australia, futures for the S&P/ASX 200 were at 7,043, lower than the index's last close of 7,099.2. Hong Kong's Hang Seng index is also poised to fall, with futures at 18,764 compared to the HSI's close of 18,889.97.

Persons: Tina Teng, Wagner Organizations: CMC, Nikkei Locations: Asia, Pacific, U.S, Europe, Russia, Japan, Chicago, Osaka, Australia, Hong

Asia-Pacific markets are set for a mixed open as investors look to inflation data out of Japan and Singapore, as well as flash estimates from the au Jibun bank on Japan's manufacturing and services activity. Japan's core inflation rate in May eased slightly to 3.2% year-on-year, lower than April's 3.4% but still above the BOJ's 2% target. In Australia, futures for the S&P/ASX 200 were at 7,145, lower than the index's last close of 7,195.5. Should the losses hold, Australia is on pace for a third-straight day of losses, after seeing its largest one-day fall in June on Thursday. Mainland Chinese markets are closed Friday for a public holiday.

Organizations: Nikkei, Reuters Locations: Asia, Pacific, Japan, Singapore, Chicago, Osaka, Australia

☆ Asia stocks slide as growth outlook darkens
▼ + stars: | 2023-06-23 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.7% and is down 3.6% for the week, its worst since March. Japan's Nikkei (.N225) fell 1% as core inflation in Japan hit its fastest pace in more than four decades. Last week the U.S. Federal Reserve surprised markets with a hawkish outlook and central banks in Australia and Canada have delivered unexpected hikes. Two-year Treasury yields rose 9 bps to 4.8% overnight and were steady at 4.7888% in Asia on Friday. Brent crude futures were set for their worst week in nearly two months and fell 0.5% to $73.79 a barrel.

Persons: HSI, Wong Kok Hoong, Henry Russell, Maybank's Wong, Jerome Powell, Simon Cameron, Moore Organizations: Nikkei, Trade, China . Hong Kong, U.S . Federal Reserve, ANZ, U.S, Brent, Thomson Locations: SINGAPORE, Asia, Pacific, Japan, China . Hong, Maybank, Singapore, Britain, Norway, Australia, Canada, Europe, United States

☆ Analysis: Investors shelve China assets before bigger stimulus
▼ + stars: | 2023-06-23 | by ( Summer Zhen | ) www.reuters.com time to read: +5 min

[1/2] A view of the city skyline, ahead of the annual National People's Congress (NPC), in Shanghai, China February 24, 2022. A global fund manager survey by BofA Securities showed shorting Chinese stocks was the second-most "crowded" trade in June, after going long on big tech. "I can't believe that there is anymore bad news to absorb," said Andy Maynard, head of equities at China Renaissance. Restoring confidence is looking increasingly like a long-term project and investors are positioning for a longer game and a slower rebound. "We are all looking for something a bit more decisive in helping to restore animal spirits, investor confidence and market confidence, and I think that hope may be still at risk of being disappointed."

Persons: Aly, Morgan Stanley, Hong, Dong Chen, Andy Maynard, Morgan, James Liu, Guan Yi, Summer Zhen, Jason Xue, Tom Westbrook, Jacqueline Wong Organizations: National People's Congress, REUTERS, BofA Securities, Pictet Wealth Management, China, Reuters, G Investments, Thomson Locations: Shanghai, China, HONG KONG, Beijing, Asia, Singapore, Hong Kong, Pacific

☆ Asian markets slide as investors fear more rate hikes by major central banks
▼ + stars: | 2023-06-23 | by ( Laura He | ) edition.cnn.com time to read: +1 min

Hong Kong CNN —Asian stock markets tumbled Friday as investors fretted that more interest rate hikes by major central banks would drag on global economic growth. Mainland Chinese stock markets were closed for a public holiday. Federal Reserve Chair Jerome Powell said Wednesday that more interest rate increases might be needed this year to bring down US inflation to the central bank’s 2% target. “The re-acceleration of global monetary policy tightening dampened markets’ sentiment across regions,” said Ken Cheung, chief foreign exchange strategist for Asia at Mizuho Bank. “The increasing inflation momentum will pave the way for the Bank of Japan’s inflation upgrade and the possible monetary policy tweak in the medium term.”

Persons: Australia’s, Kospi, Jerome Powell, ”, “, Ken Cheung Organizations: Hong Kong CNN, Nikkei, US, Bank of England, Bank of Japan, Mizuho Bank, Bank of Locations: Hong Kong, South, Japan, Asia

The total tax breaks will amount to 520 billion yuan, Vice Minister of Finance Xu Hongcai said at a press conference. The announcement follows a June 2 Cabinet meeting during which authorities said they would extend and optimise the tax exemption and study policies to promote NEV development. Analysts said the cap on the purchase tax exemption would help drive growth of cheaper models that are mainly produced by domestic firms rather than premium vehicles from foreign makers. NEV sales rose 10.5% in May from a month earlier, showed data from the China Passenger Car Association. The tax break was announced in 2014 and extended in 2017, 2020 and 2022.

Persons: Finance Xu Hongcai, Cui Dongshu, Li Auto, Warren, Berkshire Hathaway, Susan Zou, Qiaoyi Li, Liz Lee, Siyi Liu, Donny Kwok, Miyoung Kim, Christopher Cushing Organizations: China, Auto, Ministry of Finance, Finance, China Passenger Car Association, EV, HK, Reuters, Berkshire, Volkswagen, Analysts, Tesla, Rystad Energy, Thomson Locations: BEIJING, SHANGHAI, China, BYD, Beijing, Hong Kong

The total tax breaks will amount to 520 billion yuan, Vice Minister of Finance Xu Hongcai said at a press conference. The announcement follows a June 2 Cabinet meeting during which authorities said they would extend and optimise the tax exemption and study policies to promote NEV development. The tax break was announced in 2014 and extended in 2017, 2020 and 2022. NEV sales rose 10.5% in May from a month earlier, showed data from the China Passenger Car Association. They jumped 60.9% from a year earlier when COVID-19 curbs still roiled auto production and sales.

Persons: Finance Xu Hongcai, Cui Dongshu, Li Auto, Susan Zou, Qiaoyi Li, Liz Lee, Siyi Liu, Donny Kwok, Miyoung Kim, Christopher Cushing Organizations: China, Auto, Ministry of Finance, Finance, China Passenger Car Association, EV, HK, Reuters, Tesla, Rystad Energy, Thomson Locations: BEIJING, SHANGHAI, China, BYD, Beijing, Hong Kong

☆ Asia markets set to fall as Wall Street rally cools from last week
▼ + stars: | 2023-06-21 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Pedestrians cross a street in front of the Tokyo Stock Exchange, operated by Japan Exchange Group, in Tokyo, Japan. Asia-Pacific markets are set to fall Wednesday, mirroring moves on Wall Street as stocks came back from the Juneteenth holiday to trade lower on Tuesday. In Japan, the Nikkei 225 slid 0.42%, leading losses in the region along with the Topix, which fell 0.21%. In Australia, the S&P/ASX 200 fell 0.21%, and if the losses hold, this would break the index's seven-day winning streak. Hong Kong's Hang Seng index also looks set to extend its losses for a third-straight day, with futures at 19,347 compared to the HSI's close of 19,607.08.

Persons: Kazuo Ueda, Kospi Organizations: Tokyo Stock Exchange, Japan Exchange Group, Nikkei Locations: Tokyo, Japan, Asia, Pacific, Australia

☆ Morning Bid: Nevermind the cricket, here's inflation
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Tom WestbrookBritish inflation figures this morning could take traders' minds off England's cricket defeat, should they show the slowdown that economists are hoping for. But a bit the questions Australia's comeback at Edgbaston has asked about England's aggressive new cricketing style, an upside inflation surprise can upset the policy outlook. In Asia, China's slowdown and the lack of big-bang stimulus had markets on the slide. Later on Wednesday, Federal Reserve Chair Jerome Powell appears before the U.S. Congress where he will be quizzed about policymakers' projections for two more interest rate hikes this year. Key developments that could influence markets on Wednesday:British inflation dataFed Chair Jerome Powell speaksReporting by Tom Westbrook; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

Persons: Tom Westbrook, Joe Biden, Antony Blinken's, Jerome Powell, Jacqueline Wong Organizations: Reuters, Bank of England, Edgbaston, U.S, U.S . Congress, Thomson Locations: Asia, California, China

The CEO role will be handed over to Eddie Yongming Wu, chairman of Alibaba's Taobao and Tmall Group, while Executive Vice Chairman Joseph Tsai will take over Zhang as chairman. "The idea or expectation that one person could manage the business' crown jewel Cloud and at the same time manage the entire Alibaba Group is an unreasonable expectation." "It would be inappropriate for me to continue serving as chairman and CEO of both companies at the same time during the spin-off process." Alibaba thanked Zhang for his "extraordinary leadership in navigating unprecedented uncertainties affecting the company's business over the past few years." Wu, who co-founded Alibaba alongside Ma and Tsai over two decades ago, will continue to concurrently serve as chairman of Taobao and Tmall Group, Alibaba said.

Persons: Zhang, Joseph Tsai, Alibaba, Daniel Zhang, Eddie Yongming Wu, Alibaba's, Daniel, Brian Wong, Jack Ma, Joe, Eddie, Eric Chen, Wu, Ma, Tsai, Alipay, Jacob Cooke, Cooke, China's, J, Michael Evans, Abinaya, Brenda Goh, Scott Murdoch, Anne Marie Roantree, Josh Ye, Muralikumar Anantharaman, Christopher Cushing Organizations: Alibaba, HK, Tmall, Reuters, Cloud Intelligence Group, Analysts, Alibaba Health, Technologies, Thomson Locations: SHANGHAI, China, Hong Kong, Shanghai, Beijing, Japan, Spain, Australia, Thailand, Tokyo, Taobao, Bengaluru, Sydney

☆ China cuts lending benchmarks to revive slowing demand
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Thomas Peter/FILE PHOTOSHANGHAI/SINGAPORE, June 20 (Reuters) - China cut its key lending benchmarks on Tuesday, the first such reductions in 10 months as authorities seek to shore up a slowing economic recovery, although concerns about the property market meant the easing was not as large as expected. The one-year loan prime rate (LPR) was lowered by 10 basis points to 3.55%, while the five-year LPR was cut by the same margin to 4.20%. The People's Bank of China (PBOC) lowered short- and medium-term policy rates last week. "There is no need to roll out all policy measures all at once." Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages.

Persons: Thomas Peter, Julian Evans, Pritchard, Xing Zhaopeng, Xing, China's, Bruce Pang, Jones Lang LaSalle, Winni Zhou, Tom Westbrook, Kripa Jayaram, Sam Holmes Organizations: Central Business, REUTERS, Capital Economics, Reuters, Mainland Properties, People's Bank of China, ANZ, Jones, Graphics, Thomson Locations: Beijing, China, SHANGHAI, SINGAPORE, outpacing

☆ China cuts loan prime rate as economic recovery fizzles out
▼ + stars: | 2023-06-20 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The rate cuts come as Wall Street banks, including Goldman Sachs, slash their forecasts for China’s economy. The People’s Bank of China on Tuesday trimmed its one-year loan prime rate (LPR) by 10 basis points from 3.65% to 3.55%, and reduced the five-year rate by the same margin to 4.2%. This is the first time the PBOC has cut both LPR rates since August 2022, when renewed Covid lockdowns and a deepening property downturn were pummeling the economy. “The 10 bps rate cut[s] are unlikely to stimulate business confidence and housing demand,” said Ken Cheung, chief Asian foreign exchange strategist at Mizuho Bank. Hong Kong and mainland Chinese stocks slid after Tuesday’s rate cuts.

Persons: Goldman Sachs, Goldman, Covid, ”, Ken Cheung, “, ” Goldman Sachs, Fu Linghui Organizations: Hong Kong CNN, People’s Bank of China, Mizuho Bank, Shanghai, National Bureau, Statistics, NBS Locations: Hong Kong, Beijing

Asia-Pacific markets are set for a mixed open Tuesday as investors closely watch for China's loan prime rate decision, after its central bank cut some of its key lending rates last week. Markets are widely expecting cuts to its 1-year and 5-year loan prime rates, with economists polled by Reuters expecting a 10-basis point cut and a 15-basis point cut, respectively. Hong Kong's Hang Seng index is expected to start the day largely unchanged, with futures at 19,913 compared to the HSI's close of 19,912.89. In Australia, futures for the S&P/ASX 200 were at 7,281, lower than the index's last close of 7,294.9, after the index closed in the green on Monday, the only one to do so among major Asian benchmarks. The Reserve Bank of Australia will release minutes for its June meeting.

Organizations: Reuters, Reserve Bank of Australia Locations: Asia, Pacific, Australia

The MSCI's broad gauge of world stocks ticked 0.2% higher, (.MIWD00000PUS), with Wall Street markets closed for the Juneteenth holiday. After a week in which the stock market cheered the Fed's decision to skip a rate increase in June, Powell is scheduled to deliver congressional testimony on Wednesday and Thursday. Billions of dollars have flowed into big tech in recent weeks, with analysts citing the productivity-improving potential of artificial intelligence for the rally. "The obvious narrative of AI has dominated this rally in tech stocks," said Dan Cartridge, portfolio manager at Hawksmoor. The 10-year British gilt yield stood at 4.462%, in an inverted yield curve pattern that can precede recessions.

Persons: BoE, Jerome Powell, Powell, Hawksmoor, Hong, HSI, Goldman Sachs, Brent, Naomi Rovnick, Stella Qiu, Tom Hogue, Gerry Doyle, Emma Rumney Organizations: Nikkei, Global, . Federal, Wall, Bank of England, Japan's Nikkei, People's Bank of, Friday's dovish Bank of Japan, European Central Bank, Thomson Locations: China, SYDNEY, Europe, U.S, Asia, Beijing, People's Bank of China

The MSCI's broad gauge of world stocks was steady (.MIWD00000PUS), with Wall Street markets closed for the Juneteenth holiday. After a week in which the stock market cheered the Fed's decision to skip a rate increase in June, Powell is scheduled to deliver congressional testimony on Wednesday and Thursday. "The obvious narrative of AI has dominated this rally in tech stocks," said Dan Cartridge, portfolio manager at Hawksmoor. "But a lot of it is also to do with interest rate expectations," he added, warning that the Fed staying hawkish would mean "we quite quickly see valuation compression again." Two-year British government bond yields , which reflect rate expectations, added 6 basis points (bps) to around 4.94% - near last week's 15-year high.

Persons: 25bps, Jerome Powell, Powell, Hawksmoor, Hong, HSI, Goldman Sachs, Brent, Naomi Rovnick, Stella Qiu, Christopher Cushing, Tom Hogue, Gerry Doyle Organizations: of England, Nikkei, Global, . Federal, Wall, Bank of England, Japan's Nikkei, People's Bank of, Friday's dovish Bank of Japan, European Central Bank, Thomson Locations: China, SYDNEY, Europe, U.S, Asia, Beijing, People's Bank of China

Search resuls for: "HSI"

25 mentions found