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☆ Capital flight out of China jumps to the fastest pace since 2015 as economy stumbles
▼ + stars: | 2023-09-20 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

China suffered a capital outflow of $49 billion in August, the largest since December 2015. Of that amount, $29 billion fled securities investments, including a record-high exit from bonds. And as inbound travel to China has yet to return to previous levels, the services trade continues to suffer a deficit. AdvertisementAdvertisementThe previous time China faced outflows of this size was when markets were reeling from a surprise currency devaluation in 2015. Capital flight in China may not be turned around easily, as expectations that the country can even meet its 5% GDP target this year begin to dim.

Organizations: Service, Administration of Foreign Exchange, Bloomberg Locations: China, Wall, Silicon, Beijing

☆ Chinese yuan's depreciation pressure against dollar is temporary - state media
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI/SINGAPORE, Sept 19 (Reuters) - The depreciation pressure on the Chinese yuan against the U.S. dollar is temporary, state media said on Tuesday, noting that its value against major trading partner currencies is stable. Widening yield differentials with other major economies, particularly the United States, have piled downward pressure on the Chinese currency against the dollar. "The yuan exchange rate still depends on economic fundamentals in the long run," the newspaper said in the commentary. "Financial regulators will take action when needed, resolutely correct unilateral and pro-cyclical behaviors, deal with activities that disrupts market orders, and prevent the exchange rate overshooting risks." "Based on previous FX reserve requirement ratio (RRR) reductions, the cut could ease depreciation pressure, prevent overshoot risks and boost confidence in the short term," it said.

Persons: Winni Zhou, Tom Westbrook, Shri Navaratnam Organizations: U.S ., People's Bank of China, FX, Thomson Locations: SHANGHAI, SINGAPORE, United States

☆ China's PBOC woos foreign businesses as economic challenges grow
▼ + stars: | 2023-09-19 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The symposium was intended to “increase financial support to help stabilize foreign trade and foreign investment” and improve the “investment environment” for foreign business, the statement said. In the first eight months of this year, foreign direct investment into China fell 5.1% from a year ago, according to data released by China’s commerce ministry on Sunday. A separate measure for foreign investment painted a grimmer picture. Companies that attended PBOC’s meeting called on Beijing to improve its business environment, its statement added. “[We] will continue to optimize policy arrangements, create a market-oriented, legal and international first-class business environment,” Pan told the companies.

Persons: Gongsheng, JP Morgan, Tesla, Gina Raimondo, ”, ” Pan Organizations: Hong Kong CNN, People’s Bank of China, HSBC, Deutsche Bank, DB, BNP, Japan’s, Bank, BASF, Schneider, State Administration of Foreign Exchange, SAFE, American Chamber of Commerce, US, Companies Locations: China, Hong Kong, Shanghai, Southeast Asia, Beijing

☆ Nigeria seeks to deepen economic ties with South Africa
▼ + stars: | 2023-09-18 | by ( Felix Onuah | ) www.reuters.com time to read: +2 min

[1/2] Nigeria's President Bola Tinubu speaks after his swearing-in ceremony in Abuja, Nigeria May 29, 2023. President Ramaphosa hailed Tinubu's "brave" economic reforms and pledged that South Africa will explore greater partnership with Nigeria. "We are two major economies on our continent, and it is important that we deepen economic ties, particularly in light of the African Continental Free Trade Agreement," Ramaphosa said . "We would love to see Nigeria and South Africa working closely together on a number of issues because whenever we join hands, we have made an impact globally through those joint positions," he said. Tinubu also urged South Africa to join Nigeria in a call for reforms of global finance institutions to help Africa combat rising poverty and economic woes.

Persons: Bola Tinubu, Temilade, Cyril Ramaphosa, Tinubu, Ramaphosa, Tinubu's, Joe Biden, Felix Onuah, Elisha Bala, Sonali Paul Organizations: Nigeria's, REUTERS, Rights, South, United Nations General Assembly, African Continental Free Trade, Finance, General Assembly, U.S, Microsoft, Meta, Exxon Mobil, Thomson Locations: Abuja, Nigeria, Rights ABUJA, New York, Africa, South Africa

The first cargo vessels to arrive at a Ukrainian port since Russia terminated a deal under which Kyiv was able to export food crops across the Black Sea were moored on Sunday in Chornomorsk, offering early signs of hope that Ukraine could open an alternative route for grain shipments. Ukraine’s grain exports provide a vital source of foreign exchange and are also important for global food markets, particularly for countries in Africa and the Middle East that are facing hunger. Russia has imposed a de facto blockade on Ukrainian cargo ships since July, when the Kremlin terminated an agreement that had allowed Kyiv to export grain by sea, a deal that was seen as essential to keeping the world’s food prices stable. But establishing a corridor secure enough for a regular flow of cargo vessels to sail from Ukraine’s seaports is risky, not least because the Black Sea has become an increasingly critical theater in the war as Ukraine contests Russia’s naval dominance. Data from the Marine Traffic website showed the vessels moored in Chornomorsk on Sunday morning.

Persons: Oleksandr Kubrakov Organizations: Kyiv, Kremlin, Marine Locations: Russia, Chornomorsk, Ukraine, Africa, Asia

☆ Strong retail sales in the face of stubborn inflation bodes well for two of our consumer stocks
▼ + stars: | 2023-09-16 | by ( Paulina Likos | ) www.cnbc.com time to read: +8 min

This week's government economic data revealed pockets of durable consumer spending despite sticky inflation, signaling a favorable quarter ahead and further upside for two of our retail stocks. Since Amazon is the largest e-commerce retailer, the government data suggests Amazon sales in the third quarter should be positive sequentially. Case for Costco Strong August retail sales numbers also bode well for Costco which essentially sells most items listed in the government's dataset. According to Jim, Costco has been doing so well because "the consumer seems very intrigued by bargains," as they've dealt with high inflation for over a year. For August, Costco said U.S. sales rose 2.8% from a year ago, slightly edging out the year-over-year, inflation-adjusted 2.5% gain in U.S. retail sales overall, reported by the Commerce Department.

Persons: we're, Morgan Stanley, Amazon's, Jim Cramer, bode, Jim, Jefferies, Costco's Kirkland, Jim Cramer's, Robert Nickelsberg Organizations: Texas, Costco, Amazon, Deal, Management, Commerce Department, Jefferies, Telsey Advisory, CNBC, Costco Wholesale, Getty Locations: U.S, Colchester , Vermont

☆ Russian c.bank chief Nabiullina and her deputy on rates, inflation and the economy
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +8 min

NABIULLINA ON ROUBLE WEAKENING:"Of course, we take into account that the weakening of the exchange rate is a pro-inflationary factor. And about 90% of the converted foreign exchange earnings of the company continue to be sold. Having sold their foreign exchange earnings, exporters have the opportunity to buy it back in the volumes in which they deem necessary. NABIULLINA ON REPATRIATION OF FOREIGN CURRENCY PROCEEDS:“The second topic is the repatriation of foreign currency earnings, the transfer of foreign currency funds from foreign banks to Russian ones. NABIULLINA ON UNPLANNED RATE INCREASE ON AUGUST 15:“This was not a reaction to (the rouble exchange rate) reaching any specific level.

Persons: Elvira Nabiullina, Alexei Zabotkin, ” Organizations: Central Bank, Reuters, Thomson Locations: MOSCOW, Russian

☆ IMF's Argentina predicament: Seek reforms and tango on or kill the music
▼ + stars: | 2023-09-15 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +7 min

But that programme failed to put South America's second-largest economy back on its feet. Even if he wins the Oct. 22 election and takes power in December, Milei would need alliances in Congress to push through reforms and a new IMF programme - Argentina's 23rd. That effort paved the way for the $57 billion programme, which ultimately failed and was replaced by the current one. Reuters Graphics Reuters GraphicsPREFERENTIAL TREATMENTThe current programme could end before its expiration in September 2024, but Argentina will still require funds. Without mentioning Argentina, the U.S. - holding the largest voting power in the Fund - recently raised its concerns.

Persons: Javier Milei, Agustin Marcarian, Mauricio Macri's, Mark Sobel, Milei, Sobel, Sergio Massa, Martin Muehleisen, Muehleisen, Nestor Kirchner, Stephen Nelson, Nelson, Walter Stoeppelwerth, Simon Quijano, Evans, Gemcorp Capital, Jay Shambaugh, Jorgelina, Karin Strohecker, Paul Simao Organizations: Argentine, La Libertad Avanza, REUTERS, IMF, International Monetary Fund, South, Peronist, Analysts, Graphics, Review Department, U.S ., Northwestern University, Reuters Graphics Reuters, Gletir SA, Gemcorp, Thomson Locations: La Plata, Buenos Aires, Argentina, Washington, U.S, Chicago, Zambia, Sri Lanka, Ghana, Egypt, Burundi, Saharan Africa, Rosario

☆ Asian stocks climb as traders shrug off inflation surprise
▼ + stars: | 2023-09-14 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Fed funds futures hardly budged on the inflation data, and imply nearly no chance of a rate hike next week, and about a 45% chance of another hike by year's end. The S&P 500 (.SPX) rose 0.1% and futures rose 0.2% in Asia. European futures were flat. The euro has been supported this week by creeping expectations for the European Central Bank to hike rates on Thursday, though analysts say it may struggle for further gains. The New Zealand dollar was also firmer at $0.5941, while the dollar slipped about 0.2% to buy 147.11 yen .

Persons: Androniki, Glenn Yin, HSI, Brent Donnelly, it's, Kazuo Ueda, Shri Navaratnam Organizations: Nikkei, REUTERS, Rights, European Central Bank, Tokyo's Nikkei, Treasury, ., New, AETOS Capital Group, Arm Holdings, EU, Spectra Markets, New Zealand, Bank of Japan, Brent, Thomson Locations: Tokyo, Japan, Rights SINGAPORE, Asia, Pacific, New York, Melbourne, Saudi Arabia, Russia, Australia

Tens of millions of dollars have poured back into Pakistan's interbank and openmarkets, dealers say, since raids on black market operators began on Sept. 6. Ninety percent were going to black market dealers, cutting our supply of foreign exchange," Bostan explained. While a crackdown on the black market was needed to stabilise the rupee, it "is a temporary fix," said Fahad Rauf, Head of Research at Ismail Iqbal Securities. High inflation and chronic external deficits lie at the heart of the currency's problem, and closing off people's access to black market dollars risks storing up pent-up demand. "There is an unprecedented demand for the dollar," Hanifullah Mohmand, a trader in the Peshawar market, said.

Persons: Akhtar Soomro, Asim Munir, Malik Bostan, Bostan, General Munir, Haji Luqman Khan, Sheikh Allauddin, ECAP, Fahad Rauf, Ismail Iqbal, Ariba Shahid, Mushtaq Ali, Gibran Peshimam, Simon Cameron, Moore Organizations: REUTERS, Pakistan, Exchange Companies Association of Pakistan, Reuters, Federal Investigation Agency, FIA, Inter, Services Intelligence, ISI, Locals, International Monetary Fund, IMF, Research, Ismail, Ismail Iqbal Securities, Thomson Locations: Karachi, Pakistan, KARACHI, PESHAWAR, Peshawar, Islamabad, Lahore, Quetta, Afghanistan

☆ China asks big banks to stagger and adjust dollar purchases - sources
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +4 min

Most banks are allowed to run a net short or long foreign currency position in spot dollar-yuan markets, within defined limits. The directive came from a meeting the People's Bank of China (PBOC) held with a few commercial banks earlier this week, the sources said. The sources, who received the directive, said banks were also told to encourage their clients to hold off on dollar purchases. Earlier this month, it announced it would increase the supply of dollars by lowering the amount of foreign exchange that banks must set aside. Sources told Reuters last month that China's currency regulators asked some banks to reduce or postpone their purchases of U.S. dollars in order to slow the yuan's depreciation.

Persons: Dado Ruvic, Banks, Sid Mathur, Mathur, Shri Navaratnam Organizations: REUTERS, Rights, People's Bank of China, Reuters, BNP Paribas, Shanghai, Thomson Locations: China's, United States, China, Asia, Pacific, . China

☆ Twenty years after euro "No" vote, Swedes fret over weak crown
▼ + stars: | 2023-09-14 | by ( Simon Johnson | ) www.reuters.com time to read: +6 min

Think Sweden, where a nosedive in the local crown currency over the past 18 months is proving a blessing for used-car dealers and other exporters. Companies like KP Energy, which imports solar panels to sell to trade buyers, cite the damaging effects of higher purchase costs and rising interest rates, which hit household spending. "It impacts us a huge amount when the crown weakens against the euro and when the demand picture changes," its CEO Filip Wiqvist said. A Demoskop poll this week showed 42% would vote "No" to joining the euro, while 34% would support it. Believing the crown is around 20% undervalued, the Riksbank has hedged its own foreign currency exposure in anticipation of future strengthening.

Persons: Joachim Agren, Registradores, Espania, Filip Wiqvist, Wiqvist, Jan Soderstrom, Annika Winsth, SEB, Robert Bergqvist, Martin Floden, Floden, Catherine Evans Organizations: STOCKHOLM, BCA, Reuters, Companies, KP Energy, European Union, Technologies, KPMG, European, NATO, Thomson Locations: Stockholm, Sweden, Swedish, Spain, EU, Ukraine, Turkey

It has occurred in parallel to one of the world’s highest inflation rates. The artwork then fetches prices ranging from 40,000 to 70,000 pesos domestically and as much as $300 abroad. The artists are reclaiming the currency at a time when the bills have often been the target of disdain from Argentina’s neighbors. Brazilian soccer fans have torn up peso bills as a mockery to their Argentine rivals. Inflation surged 12.4% in August from July, the highest rate of monthly consumer price increases since February 1991.

Persons: George Washington, United States ’, Donald Trump, Sergio Díaz, Diaz, ”, Diego Maradona, Lionel Messi, “ Harry Potter, Cristian English, Maradona Organizations: United, U.S ., Argentine Locations: BUENOS AIRES, Argentina, United States, U.S, Argentine, Paraguay, Washington, Salta, Chile

☆ US exceptionalism thwarts dollar bears but Fed test looms
▼ + stars: | 2023-09-12 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +5 min

Signs that the dollar will continue enjoying its yield-advantage over other currencies have undercut support for bearish views on the greenback. That theme will be tested in September, as the market braces for a flood of key U.S. economic data as well as the Fed's monetary policy meeting. Fed Chairman Jerome Powell's message at next week's monetary policy meeting could also influence the dollar's trajectory. While Englander is bearish the dollar in the medium term, the currency's "underlying drivers have been going so much in the opposite direction," he said. Other dollar rebounds this year, in March and May, failed at levels not far from where the dollar index trades now.

Persons: Dado Ruvic, It's, Vassili Serebriakov, Jerome Powell's, Steven Englander, Serebriakov, it's, Kit Juckes, Saqib Iqbal Ahmed, Laura Matthews, Ira Iosebashvili, Sam Holmes Organizations: REUTERS, U.S, Futures Trading, UBS, Reuters Graphics, Fed, Standard Chartered, Reuters, TD Securities, Societe Generale, Thomson Locations: U.S, United States

A Reuters poll of 17 analysts show that 15 are forecasting a rate hike. An easing of import restrictions and the removal of subsidies - both conditions of the bailout - have fueled spikes in energy prices. Although overall inflation fell slightly to 27.4% in August, food inflation remain elevated at 38.5%. Pakistan's central bank said in July that it expects inflation to be on a downward path over the next 12 months. Analysts also noted that rises in cut-off yields in treasury bill auctions - the highest yield at which a bid is accepted - indicate that market participants expect a rate hike.

Persons: Shivaan Tandon, Ariba Shahid, Swati Bhat, Edwina Gibbs Organizations: State Bank of Pakistan, Capital Economics, Thomson Locations: KARACHI, Karachi

Brent crude settled down 1 cent to $90.64 a barrel while U.S. West Texas Intermediate crude settled down 22 cents to $87.29. "Much of this reduced supply has simply served to offset a major slowdown in global oil demand," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois. Meanwhile, Europe is expecting a light refinery maintenance season this autumn as refiners look to profit from high margins, which could support crude demand. The IEA last month lowered its 2024 forecast for oil demand growth to 1 million bpd, citing lacklustre macroeconomic conditions. OPEC's August report, meanwhile, kept its 2.25 million bpd demand growth forecast unchanged.

Persons: Brent, Wally Adeyemo, Jim Ritterbusch, Ras Lanuf, Wood Mackenzie, Naeem Aslam, OPEC's, Robert Harvey, Natalie Grover, Florence Tan, Emily Chow, Emelia Sithole, Andrea Ricci, Chizu Organizations: cnsphoto, REUTERS, West Texas, Monday U.S, Ritterbusch, Associates, U.S, Zaye, European Central Bank, International Energy Agency, Organization of, Petroleum, IEA, Thomson Locations: Zhoushan, Zhejiang province, China, Saudi, Saudi Arabia, Russia, United States, Galena , Illinois, U.S, Libya, Zueitina, Brega, Es Sidra, Europe

☆ Morning Bid: Japan jolt as inflation forks
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +5 min

A man walks past the headquarters of Bank of Japan in Tokyo, Japan, January 17, 2023. "If we judge that Japan can achieve its inflation target even after ending negative rates, we'll do so," Ueda said. The yen surged 1% against the dollar, knocking the U.S. currency back more generally (.DXY) on the foreign exchange markets. If Japan's does tighten further by yearend, it comes as the Federal Reserve and European Central Bank rate hike campaigns are coming to halt. News of an expected return of headline Chinese consumer price inflation to positive territory last month and above-forecast August lending data helped mainland shares (.CSI300) higher, with the yuan bouncing back from 16-year lows.

Persons: Issei Kato, Mike Dolan, Kazuo Ueda, Ueda, Alibaba, Daniel Zhang, Bank of England policymaker Catherine Mann, Christina Fincher Organizations: Bank of Japan, REUTERS, U.S, Tokyo Stock, Nikkei, Global, Treasury, yearend, Federal Reserve, European Central Bank, ECB, Fed, CPI, OpenAI, Wall Street, SoftBank Group, underwriters, Bank of England, Oracle, Graphics, Graphics Reuters, Thomson, Reuters Locations: Tokyo, Japan, U.S, Hong Kong, Ottawa

Emirates airliners are seen on the tarmac in a general view of Dubai International Airport in Dubai, United Arab Emirates January 13, 2021. REUTERS/Abdel Hadi Ramah/File Photo Acquire Licensing RightsABUJA, Sept 11 (Reuters) - Emirates Airlines will resume immediate flight schedules to Nigeria and lift a visa ban on Nigerian travellers, following a meeting between the leaders of the two countries, the Nigerian presidency said on Monday. Tinubu stopped in Abu Dhabi on his way from G20 summit in India, where he wooed investors to Nigeria. Last month Tinubu said he wanted an immediate resolution to the disagreements with Emirates Airlines and visa issues by the Arab country. The UAE stopped issuing visas to Nigerians last year after Dubai's Emirates suspended flights due to an inability to repatriate funds from Nigeria.

Persons: Abdel Hadi Ramah, Bola Ahmed Tinubu, Emirates Mohamed bin Zayed Al Nahyan, Tinubu, Ajuri Ngelale, Ngelale, Chijioke Ohuocha, Felix Onuah, David Evans, Peter Graff, Richard Chang Organizations: Emirates, Dubai International, United Arab Emirates, Rights, Emirates Airlines, United, UAE, Dubai's Emirates, Etihad Airlines, Thomson Locations: Dubai, United Arab, Rights ABUJA, Nigeria, Emirates, Abu Dhabi, India, State, Nigerian

☆ Olam Group denies reports of multi-billion dollar forex fraud in Nigeria, shares slump
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

An Olam logo is pictured in their office in Singapore August 14, 2017. REUTERS/Edgar Su/File Photo Acquire Licensing RightsSept 11 (Reuters) - Singapore's Olam Group (OLAG.SI) on Monday denied reports by the Nigerian media last week, alleging that its units in the African country were involved in a multi-billion dollar foreign exchange fraud. The Daily Nigerian and Prime Business Africa reported that Nigeria's secret police was investigating the company's units Olam Nigeria and Olam International and their associate firms for a more than $50 billion foreign exchange fraud. "The company categorically denies the allegations in the Articles," Olam said in a statement, and said it has directed its audit committee to review the matter. The company said that its unit Olam Nigeria has responded to requests for information by Nigerian authorities and will continue to cooperate.

Persons: Edgar Su, Olam, Echha Jain, Sonia Cheema Organizations: REUTERS, Daily Nigerian, Prime Business Africa, Olam International, Thomson Locations: Singapore, Nigerian, Nigeria, Bengaluru

[1/2] A man walks in front of the headquarters of Bank of Japan in Tokyo, Japan, January 18, 2023. REUTERS/Issei Kato/File Photo Acquire Licensing RightsSept 12 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. They now expect the central bank's 'yield curve control' policy to end in October, compared with April 2024, and for the negative interest rate policy to end in January 2024, versus December 2024. Beyond the Japanese policy drama, investors will also have the latest Indian inflation and industrial production data, and Australian business and consumer sentiment figures to digest on Tuesday. The currency is getting little support from the interest rate outlook - economists currently expect the RBI to keep rates on hold then start easing policy the second quarter of next year.

Persons: Issei Kato, Jamie McGeever, Kazuo Ueda, Josie Kao Organizations: Bank of Japan, REUTERS, of, Government Bond, Barclays, Deutsche Bank, Reserve Bank of India's, Bank, Thomson, Reuters Locations: Tokyo, Japan, Indonesian, Philippine, India, Australia, Korea

☆ Exclusive: China's central bank to scrutinise bulk dollar purchases - sources
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

U.S. Dollar and Chinese Yuan banknotes are seen in this illustration taken January 30, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBEIJING/SHANGHAI, Sept 11 (Reuters) - China's central bank is tightening its scrutiny of bulk dollar purchases by domestic firms, three sources with direct knowledge of the matter said on Monday, at a time when the Chinese currency faces mounting depreciation pressure. The central bank has warned some lenders of their huge dollar purchases on behalf of their corporate clients, according one of the other sources. The PBOC had no immediate comment on plans to increase its scrutiny of dollar purchases when contacted by Reuters. Earlier this month, it announced it would increase the supply of dollars by lowering the amount of foreign exchange that banks must set aside.

Persons: Dado Ruvic, Christian Schmollinger, Christina Fincher Organizations: REUTERS, Rights, People's Bank of China, U.S, Reuters, Shanghai, Thomson Locations: Rights BEIJING, SHANGHAI, China, Beijing

☆ Here's what investors selling Oracle on the company's mixed quarter and lower guide are missing
▼ + stars: | 2023-09-11 | by ( Jeff Marks | ) www.cnbc.com time to read: +9 min

This momentum is turning into bookings, and that gives me the confidence that our annual revenue growth will continue to accelerate moving forward." These bullish comments — taken together — made the softer fiscal second quarter guide all the more puzzling. But for now, we're chalking up the revenue growth softness to some lumpiness around one quarter to the next. Guidance Oracle's weaker-than-expected fiscal 2024 second quarter guide caused shares to drop a second leg lower after the closing bell Monday. Within that figure, Oracle expects cloud revenue to increase 29% to 31%, which at the midpoint is about stable from the first quarter.

Persons: it's, Oracle, Larry Ellison, Safra Catz, —, we're, we'll, Cerner, Ellison, Katz, Catz, Jim Cramer's, Jim Cramer, Jim, Justin Sullivan Organizations: Oracle, LSEG, Wall, Autonomous Database, Oracle Cloud Infrastructure, Infrastructure, Software, Microsoft, Web Services, Google, Johnson Controls, MGM Resorts, CNBC Locations: Cerner, Redwood Shores , California

The payout includes the approximately $8.4 billion of damages Burford sought plus about $7.6 billion of 8% prejudgment interest running from May 3, 2012, about 2-1/2 weeks after the seizure. Argentina, which is in dire financial straits including a scarcity of foreign exchange reserves, pledged an immediate appeal. Shareholders' $8.43 billion damages estimate was based on Argentina's seizure of the YPF shares on April 16, 2012, which they said transferred "control." But the judge found it "telling" that Argentine officials treated April 16 as the seizure date, which stripped Repsol of its power to run YPF and distribute capital. The judge also called 8% interest "appropriate and equitable," and "well within the range" imposed by Argentine courts.

Persons: Loretta Preska, Burford, Preska, Axel Kicillof, Gabriela Cerruti, Cerruti, Nate Raymond, Jonathan Stempel, Adam Jourdan, Rodrigo Campos, Mark Porter, Will Dunham, Richard Chang Organizations: YPF, U.S, District, Burford Capital, Petersen Energia Inversora, Eton Park Capital, Jefferies, Petersen, Eton Park, Argentina, International Monetary Fund, IMF, Argentine, Thomson Locations: Argentina, U.S, Manhattan, Burford, London, New York, Buenos Aires, Qatar, China, Boston

☆ Stocks may be losing market leader just ahead of August inflation reports next week
▼ + stars: | 2023-09-08 | by ( Sarah Min | ) www.cnbc.com time to read: +7 min

The stock market may be losing one of its leaders heading into the release of key inflation reports next week that could clarify the path of future monetary policy. Apple weakness However, even after Apple's drop this week, some investors expect to see further declines in Apple because of deteriorating stock price momentum. A hotter-than-expected price report will likely add to investor concern over sticky inflation and tighter monetary policy, weighing on equities. Monday Sept. 11 Earnings: Oracle Tuesday Sept. 12 6 a.m. NFIB Small Business Index (August) Wednesday Sept. 13 8:30 a.m. Consumer Price Index (August) 8:30 a.m. Initial Claims (09/09) 8:30 a.m. Producer Price Index (August) 8:30 a.m. Retail Sales (August) 10 a.m. Business Inventories (July) Earnings: Lennar , Adobe , Copart Friday Sept. 15 8:30 a.m.

Persons: Rob Ginsberg, Tim Cook, selloff, Wolfe Research's Ginsberg, Ginsberg, Dan Niles, Satori, Wolfe's Ginsberg, Alex McGrath, FactSet, isn't, Price, —, Michael Bloom, Gabriel Cortes Organizations: Apple, Wolfe Research, Dow Jones, Nasdaq, Nvidia, Tech, Satori Fund, U.S . West Texas, ICE Brent, Federal Reserve, Wealth, Traders, United Auto Workers, UAW, Big Three, General Motors, Ford Motor, Treasury Budget, Retail, Adobe, Price, Index, Manufacturing Locations: China, Apple, U.S, @CL, Michigan

☆ Dollar firmer on solid US data; China's yuan tumbles to 16-year low
▼ + stars: | 2023-09-07 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +4 min

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. China's onshore yuan , on the other hand, slid to a 16-year low versus the greenback, under pressure from a property slump, weak consumer spending, and shrinking credit growth in the world's second-largest economy. Against a basket of currencies including the euro and sterling, the dollar rose 0.2% to 105.03, after earlier touching a fresh six-month peak. The index also climbed to a six-month high on Tuesday, as the U.S. services sector unexpectedly gained steam in August. ONSHORE YUAN HITS 2007 LEVELSThe onshore yuan sank to 7.3299 per dollar, its weakest since December 2007.

Persons: Florence Lo, Brad Bechtel, BoE, Andrew Bailey, Gertrude Chavez, Dreyfuss, Joice Alves, Rae Wee, Zhou, Sharon Singleton, Chizu Nomiyama, Nick Zieminski, Andrea Ricci Organizations: U.S, REUTERS, Federal Reserve, Jefferies, Reuters, New Zealand, European Central Bank, Bank of England, Thomson Locations: U.S, New York, China, Beijing, Japan, Bank, London

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