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☆ Bank of Japan raises benchmark interest rate, outlines roadmap for trimming bond buying program
▼ + stars: | 2024-07-31 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

The Bank of Japan headquarters (top C) is seen in Tokyo on December 19, 2023. Japan's central bank has raised its benchmark interest rate to "around 0.25%" from it previous range of 0% to 0.1% and outlined its plan to taper its bond buying program. The BOJ said it will continue to raise the policy interest rate and adjust the degree of monetary accommodation, assuming its economic outlook is realized. As of its March release, the bank said that purchases of JGB's amounted to about 6 trillion yen per month. The BOJ's JGB holdings currently stand at a whopping 579 trillion yen as of July 19, according to CNBC's calculations.

Organizations: Bank of Japan, The Bank of Japan Locations: Tokyo, Japan's

☆ CNBC Daily Open: BOJ ups rate to 0.25%; U.S. stocks fall; Starbucks' same-store sales decline
▼ + stars: | 2024-07-31 | by ( Kevin Lim | ) www.cnbc.com time to read: +3 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Nvidia pulled back 7% and Microsoft fell 0.9% during the normal session before reporting earnings after the bell. Still, Microsoft beat estimates as quarterly revenue increased 15% from a year ago to $64.73 billion and net income rose to $22.04 billion. Starbucks missStarbucks' quarterly revenue slid 1% to $9.11 billion, missing forecasts as same-store sales declined for the second straight quarter. The South Korean tech giant said sales of high-end memory chips used in servers will continue to be strong.

Organizations: CNBC, New York Stock Exchange, New York City . Bank of Japan, U.S . Federal, Bank of, Nasdaq, megacaps Meta, Apple, Dow Jones, Nvidia, Microsoft, Fed, Microsoft Microsoft, Bank of Japan, Nikkei, Seng, Samsung, Samsung Electronics, Revenue, South, Reading, Fed Stock, Federal Reserve Locations: New York City, Bank of Japan, U.S, China, Shanghai

☆ Yen braces for BOJ decision with risk events aplenty
▼ + stars: | 2024-07-31 | by ( ) www.cnbc.com time to read: +4 min

That is followed by inflation readings in France and the wider euro zone later in the day, alongside the Federal Reserve's policy decision, which takes center stage. With plenty of risk events to mark the month-end, currency moves were largely subdued in early Asia trade as investors were hesitant to take on fresh positions. "We anticipate that the BOJ will increase interest rates to around 0.25% at the upper limit." "A rate hike could help stabilize the yen's current levels, whereas the absence of a rate hike may trigger renewed selling pressure driven by carry trades." The yen similarly made headway against other currencies, with the euro falling 0.07% to 165.07 yen and the Australian dollar slipping 0.12% to 99.80 yen.

Persons: Gregor Hirt, Sterling eked, Julien Lafargue Organizations: Bank of Japan, Federal, CIO, Allianz Global Investors, Traders, Barclays Private Bank, New Zealand Locations: Bank, France, Asia

☆ Japan's new currency diplomat keeps intervention on table to stabilize yen
▼ + stars: | 2024-07-31 | by ( ) www.cnbc.com time to read: +1 min

Japan will retain its basic approach on the yen with intervention remaining an option to tackle excessively volatile moves in the exchange rate, the country's new top currency diplomat Atsushi Mimura told Reuters. "It has been internationally agreed that measures including interventions are allowed when necessary," he added. Previously head of the ministry's international bureau, the 57-year-old became vice finance minister for international affairs on Wednesday — a post that oversees Japan's currency policy and coordinates economic policy with other countries. Mimura's appointment comes as the Japanese currency shows tentative signs of recovery from 38-year lows, as investors unwound their long-running bets against the currency ahead of a Bank of Japan meeting this week. While a weak yen gives exports a boost, it has become a source of concern for policymakers by pushing up the cost of imports and hurting consumption.

Persons: Atsushi Mimura, Mimura Organizations: Reuters, Bank of Japan Locations: Japan

☆ OpenAI's releasing a new AI model soon, and there's a lot at stake
▼ + stars: | 2024-07-31 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In today's big story, what to expect from OpenAI's newest AI model that's in the works. GPT-5, the newest model upgrade for OpenAI's chatbot, is coming soon . AdvertisementOpenAI has a lot riding on its newest model, including its ability to get customers to cough up more cash. That's not ideal for a company that's preparing to take on one of the biggest juggernauts in tech: Google's Search.

Persons: —, Z's, Let's, Nordin Catic, OpenAI, Darius Rafieyan, Darius, ChatGPT, Justin Sullivan, Chelsea Jia Feng, it's, Sam Altman, Ned Davis, David Solomon, Goldman Sachs, David Zalubowski, Chiang Ying, Mark Zuckerberg, Jensen Huang, Alexa von Tobel, Tyler Le, Mark Zuckerberg's, It's, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Business, Getty, OpenAI, Ned Davis Research, Blackstone, Harvard, Microsoft, Starbucks, Apple, Apple Intelligence, Fed, Meta, Boeing, Kraft Locations: undergrad, New York, China, London

☆ Asia markets are mixed ahead of Bank of Japan rate decision, China business activity data
▼ + stars: | 2024-07-31 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Bank of Japan Governor Kazuo Ueda delivers a speech at the start of issuance of new yen banknotes at the Bank of Japan headquarters in Tokyo on July 3, 2024. Asia-Pacific markets were mixed on Wednesday as investors awaited the Bank of Japan's rate decision and China's business activity data. Economists polled by Reuters expecting the bank to raise rates to 0.1%, though other analysts are expecting a larger hike. The BOJ's benchmark interest rate currently is in a range of 0% to 0.1%. Should the bank raise rates, this will mark the first time since 2010 that its benchmark interest rate stands firmly at 0.1% or higher.

Persons: Kazuo Ueda Organizations: Japan, Bank of Japan, Bank of, Reuters, Reserve Bank Locations: Tokyo, Asia, Pacific

☆ Japan confirms $36.8 billion currency intervention as weak yen pushes BOJ to hike interest rates
▼ + stars: | 2024-07-31 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

New Japanese 1000 Yen banknote on display inside the Currency Museum of the Bank of Japan's Institute for Monetary and Economic Studies. Japanese authorities spent 5.53 trillion yen ($36.8 billion) to shore up the yen in July, official data published Wednesday showed. The move was expected to mark the Bank of Japan's highest interest rates since 2008. It marks a stark contrast from the start of the month, when the Japanese currency fell to 161.96 per dollar for the first time since December 1986. The yen has been combating sustained pressure since the BOJ ended its monetary policy of negative interest rates in March.

Organizations: Currency Museum, Bank of Japan's Institute for Monetary, Economic Studies, Japan's Ministry of Finance, U.S ., of Japan's

☆ Dollar, yen hold tight ranges ahead of BOJ, Fed
▼ + stars: | 2024-07-30 | by ( ) www.cnbc.com time to read: +3 min

The dollar and yen kept within close ranges on Tuesday as traders awaited a barrage of key central bank decisions, kicking off with midweek monetary policy meetings from the Bank of Japan and Federal Reserve. The dollar and yen kept within close ranges on Tuesday as traders awaited a barrage of key central bank decisions, kicking off with midweek monetary policy meetings from the Bank of Japan and Federal Reserve. The Japanese currency was taking a breather from its recent rally as the BOJ began its two-day meeting on Tuesday, having surged over 2% against the dollar last week. The Fed is widely expected to stand pat this week, but markets are betting the U.S. central bank will begin cutting rates at the following meeting in September. Investors will be listening for any hints that Fed Chair Jerome Powell may drop on how soon policymakers are prepared to cut rates at his press conference.

Persons: Matt Simpson, Jerome Powell, Powell, Jackson, Index's Simpson, Sterling, bitcoin Organizations: Bank of Japan, Federal Reserve, Index, Fed, Treasury, Bank of England's Locations: U.S

☆ In the age of AI, there's no future for workers content with being code monkeys — and they know it
▼ + stars: | 2024-07-30 | by ( Aditi Bharade | Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +7 min

"I think there will be a change in the way a software engineer works, and instead of five software engineers you might need four in future," she said. AdvertisementHe said that people who studied software engineering before the rise of AI tools have a stronger foundation because they have "written code from scratch." AdvertisementAn added that foundational knowledge in "algorithms, data structures, software engineering, and other critical areas" is essential for advancing AI technologies. David Malan, a computer science professor at Harvard, told BI that AI tools could be a plus for aspiring software engineers who know how to leverage them. Tejas Rajagopal, a recent computer science graduate from NTU, said he's been trying to expand his skillset to strengthen his chances of landing a job.

Persons: —, Arpita Kaushik, Aditya Swami, Hatcher, Swami, Kaushik, It's, hasn't, Adrian Goh, Goh, Kan Min Yen, Kan, Bo An, David Malan, Malan, he's, Rajagopal Organizations: Service, Google, Business, IBM, Rocket Mortgage, National University of Singapore, Nanyang Technological University, NTU, Harvard, Tejas Locations: Singapore, Hatcher, Asia

☆ Japan's central bank starts its monetary policy meeting today. Here's what's in focus
▼ + stars: | 2024-07-30 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

Javier Ghersi | Moment | Getty ImagesJapan's central bank kicks off its July monetary policy meeting on Tuesday, with traders focused on its decision on interest rate and government bond purchases. Economists polled by Reuters expect the BOJ to increase its benchmark interest rate to 0.1% from the current range of 0% to 0.1%. BOJ Governor Kazuo Ueda said in June that the central bank could raise rates "depending on economic, price and financial data and information available at the time," Reuters reported. "Our decision on bond-buying taper and interest rate hikes are two different things," Ueda told the country's parliament. The headline inflation rate has been above the BOJ's 2% target for more than two years.

Persons: Javier Ghersi, Kazuo Ueda, Ueda, Bond Organizations: Bank of, Reuters, ING, Bank of America, realty, Bank of Japan, Japanese Trade Union Confederation Locations: Japan, Bank of Japan

☆ Japan's Nomura triples profit in first quarter as end of deflation spurs wealth management
▼ + stars: | 2024-07-30 | by ( ) www.cnbc.com time to read: +2 min

A pedestrian walks past illuminated signage for Nomura Securities Co., a unit of Nomura Holdings Inc in Tokyo, Japan. Nomura Holdings, Japan's largest brokerage and investment bank, reported a 195% jump in first-quarter profit on Tuesday as the rally in global markets and return of domestic inflation bolstered demand for its wealth management services. Nomura said net profit in the April-June period was 68.9 billion yen ($446 million) versus 23.3 billion yen a year earlier. Pre-tax income in the wealth management segment grew 84% compared to the same period the previous year to reach its highest since the 2015/16 financial year. Nomura has a dominant position in wealth management in Japan and the business accounted for roughly half its pre-tax profit in the previous financial year.

Persons: Nomura, Takumi Kitamura, Kitamura Organizations: Nomura Securities Co, Nomura Holdings Inc, Nomura Holdings, Investment Locations: Tokyo, Japan, U.S

☆ Yen eases as Nikkei jumps, central bank meetings loom
▼ + stars: | 2024-07-29 | by ( ) www.cnbc.com time to read: +2 min

Sterling was steady near a 2-1/2-week low to the euro ahead of the Bank of England's policy announcement on Thursday. The dollar gained 0.29% to 154.24 yen early in the Asian day, after dipping as low as 151.945 on Thursday for the first time since May 3. Last week, the dollar sank 2.36% against the yen for its worst weekly performance since late April. Speculation has grown that the Bank of Japan will raise interest rates on Wednesday at the same time as significantly reducing its monthly bond purchases. Elsewhere, the Australian dollar gained 0.31% to $0.6568, recovering from Friday's low of $0.65105, a level not seen since the start of May.

Persons: Sterling, Tony Sycamore, bitcoin, Donald Trump Organizations: Bank of, Nikkei, Bank of Japan, IG, Federal Reserve, Apple, Meta, Microsoft, Australian, Republican Locations: Japan, U.S, China

☆ Insider Today: Millennials living like retirees
▼ + stars: | 2024-07-27 | by ( Joi-Marie Mckenzie | ) www.businessinsider.com time to read: +7 min

Rachel Askinasi; Alyssa Powell/BIA worthy power lunchKeens Steakhouse, a New York City institution, has been luring power lunchers for years. iStock; Rebecca Zisser/BIDeals we loveQuality seafood straight to your door: After testing dozens of options, we found the 13 best seafood delivery services for sustainable, fresh, and tasty fish. After testing dozens of options, we found the 13 best seafood delivery services for sustainable, fresh, and tasty fish. Dodge the power outages: With extreme weather conditions knocking out power nationwide, a portable generator is a must. More of this week's top reads:The Insider Today team: Joi-Marie McKenzie, editor in chief of life, in New York.

Persons: —, Taylor Bannks, Bernat, Pont Alexandre III, Samantha Grindell, Estée Lauder, Sunny Choi, Choi, Mykenna Maniece, Cristo Rei, Getty, Jose M, Tyler Le, Rachel Askinasi, Alyssa Powell, Gareth Cattermole, Anna Blazhuk, Lew Robertson, Ryan Reynolds, Reynolds, Hugh Jackman, Don Saladino, Saladino, Giulia Parmigiani, Natalie Ammari, Lou Pearlman, Knox, Michael Keaton, Rebecca Zisser, Joi, Marie McKenzie, Jordan Parker Erb, Dan DeFrancesco, Lisa Ryan, Amanda Yen Organizations: Service, Yorker, Business, Marathon, Olympics, Timor Leste Getty, Creativ, Heinemann, Netflix, Backstreet Boys, Backstreet Locations: Paris, City, Versailles, Cristo Rei Dili, Timor Leste, Kenya, Taiwan, Wales, New York City, Italy, New York

Chuo Ward, Tokyo, Japan - February 23, 2018; Top luxury shopping streets with multi colored neon signs. For the first half of the year, luxury group LVMH this week reported " exceptional growth in Japan arising in particular from purchases made by Chinese travelers." SHANGHAI — Luxury brands are seeing a surge in sales in Japan, largely driven by purchases from Chinese travelers taking advantage of a weak yen, according to earnings results this month. The income segment covers families in mainland China earning at least 30,000 yuan a month ($4,140, or about $50,000 a year). besides Hong Kong, across most luxury brands."

Persons: Yves, Yves Saint Laurent, Trip.com, Xiao Hong Shu, netizen, Oliver Wyman, Louis Organizations: Yves Saint, Burberry, U.S, Federal Reserve, Bank of Japan, South, Japan National Tourism Organization, CNBC Locations: Chuo Ward, Tokyo, Japan, Ginza, China, Southeast Asia, SHANGHAI, South Korea, Weibo, Sapporo, Hong Kong, Malaysia, France, Asia

☆ Yen heads for strongest week in 3 months as carry trades unwind
▼ + stars: | 2024-07-26 | by ( ) www.cnbc.com time to read: +3 min

The yen was poised for its strongest week in nearly three months on Friday as traders unwound their long-held bets against the frail currency ahead of crucial U.S. inflation data that could cement rate cut expectations. The yen was poised for its strongest week in nearly three months on Friday as traders unwound their long-held bets against the frail currency ahead of crucial U.S. inflation data that could cement rate cut expectations. The euro was a tad stronger at $1.0853 but is down 0.35% for the week, its steepest weekly decline since early June. The souring risk sentiment this week has weighed heavily on the Aussie and the New Zealand dollar . The Aussie is down 2% for the week, its worst weekly performance since November 2023.

Persons: James Athey, Ben Bennett, they're Organizations: Marlborough Investment Management, Federal, Fed, Traders, Bank of Japan, Legal, General Investment Management, New Zealand Locations: Tokyo, Asia, Pacific

☆ Most luxury companies are struggling in China — except one
▼ + stars: | 2024-07-26 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +3 min

Read previewAs Chinese buyers eschewed local stores and poured into Japan this year in search of luxury bargains, one high-end powerhouse was an outlier. AdvertisementThe company's success in China comes as many of Hermès' industry peers saw China and Asia revenue sales tank from softening consumer demand. But most of Hermès' sales this year in China and Japan were largely from local customers, said Dumas. "Not very many foreigners buy Hermès in Japan, and the Chinese tend to buy in China." The luxury company reported overall sales revenue for the first half of the year of 7.5 billion euros, an increase of 12% compared to the same period in 2023.

Persons: —, Hèrmes, Hérmes, Axel Dumas, Burberry, Hermès, Dumas, Hermes Organizations: Service, Business, Hermès, Bloomberg Locations: Japan, Asia, China, Paris, Pacific, Europe, France

☆ Asia-Pacific markets mixed after sell-off as investors assess Tokyo CPI, await U.S. inflation data
▼ + stars: | 2024-07-26 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Asia-Pacific markets were mixed on Friday after Thursday's sell-off saw some indexes in the region hit their lowest level in months. "There's a changing of the guard happening on Wall Street. In Asia, traders assessed July inflation data out of Japan's capital city of Tokyo, which is widely considered a leading indicator of nationwide trends. Tokyo's headline inflation slowed slightly to 2.2% in July from 2.3% in May, while its core inflation rate — which strips out prices of fresh food — remained unchanged at 2.2%, in line with expectations. The so called "core-core" inflation rate, which strips out prices of fresh food and energy and is watched by the Bank of Japan, fell to 1.5% from 1.8%.

Persons: Thursday's, Adam Sarhan Organizations: Nasdaq, Dow Jones, Investments, Bank of Japan, greenback Locations: Asia, Pacific, Tokyo

☆ Southwest ditching its unassigned seat policy shows how budget airlines' business models are getting upended
▼ + stars: | 2024-07-26 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

In today's big story, Southwest ditching its unassigned seat policy is a sign of the end times for budget airlines as we know it. Southwest Airlines is ending its open seating policy , opting for assigned and premium seating options. Between paid seat assignments and premium seating, Southwest could add as much as $3 billion in new revenue, according to one analyst. AdvertisementKevin Carter/Getty ImagesThe real pain of the current travel landscape is being felt by budget airlines. That's why Southwest's decision to end its open seating policy could be a sign of the end of budget airlines as we know it, writes BI's Taylor Rains and Pete Syme.

Persons: —, Chelsea Jia Feng, Elliott Management's, wasn't, Insider's Benjamin Zhang, Kevin Carter, BI's Taylor Rains, Pete Syme, Bob Jordan, Goldman Sachs, Jenny Chang, Rodriguez, Prince Williams, Getty, Griffin, Tyler Le, NKSFB, Chris Brown, Rupert Murdoch, Murdoch, they're, They're, Claudia Sahm, Donald Trump, Benjamin Netanyahu, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Business, Southwest Airlines, Southwest, Southwest isn't, Bank of America, Getty, Bauer, Fox, News Corp, Mar Locations: Southwest, —, Taylor, Los Angeles, Lago, New York, London

☆ Japanese restaurants say they’re not charging tourists more – they’re just charging locals less
▼ + stars: | 2024-07-25 | by ( Chris Lau | ) edition.cnn.com time to read: +5 min

Tokyo CNN —Kudos to you if you can speak perfect Japanese and order food at a neighborhood sushi bar in Tokyo. But overtourism – fueled by a combination of pent-up post-Covid demands (aka “revenge travel”) and the weak local currency – has recently prompted restaurants in the country to consider the merits of differential pricing. This year, spurred by a weak yen that has fallen to its lowest level against the dollar in decades, the tourists are back - in big numbers. “Some people say, ‘We don’t do this in our country.’ But think about how bad Japanese people’s English skills are. As the less-expensive resident prices are often written in the local language, foreign tourists may not even know they paid more.

Persons: –, ”, Shogo Yonemitsu, ” Yonemitsu, Elisa Chan, Tamatebako, Rinka Tonsho, CNN Yonemitsu, isn’t, That’s, CNN Shuji Miyake, Phoebe Lee Organizations: Tokyo CNN, Mount Fuji, UNESCO, Chinese University of Hong, CNN Locations: Tokyo, Japan, Shibuya, Mount, Hokkaido, Himeji, In Venice, Tokyo’s Tsukiji

☆ The luxury outlook in China just keeps getting worse
▼ + stars: | 2024-07-25 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +4 min

Consumer spending in China has been improving "more moderately than before COVID-19," Luca Solca, a luxury goods analyst at Bernstein, told Business Insider. In its most recent quarter, Burberry's Chinese sales revenue declined 21% from last year. Massive discounts and online shoppingTo try to boost sales, luxury brands have given massive discounts to Chinese consumers. Luxury goods are still popular with wealthy Chinese shoppers — just not in China. Not all luxury brands are feeling the heat in China.

Persons: —, LVMH, Jean, Jacques Guiony, Luca Solca, Bernstein, Solca, Hugo Boss, Richemont, Cartier, Versace, Marc Jacobs, Damien Yeo, Yeo, TD Cowen, Guiony, Hermès Organizations: Service, Gucci, Business, Consumer, Swatch, Asia, Brands, Balenciaga, Bloomberg, Burberry, Fitch Solutions Locations: Asia, China, China , Hong Kong, Macau, Asia Pacific, Japan

☆ Yen rises as carry trades unwind, risk sentiment takes a hit
▼ + stars: | 2024-07-25 | by ( ) www.cnbc.com time to read: +2 min

The yen drew support from unwinding carry trades on Thursday ahead of next week's Bank of Japan (BOJ) policy meeting and as a rotation out of megacap growth stocks dampened risk appetite broadly and provided some safe haven bids. "It's also the fact that risk sentiment is deteriorating, and that's helped (the yen) as well... You've got unwind in the tech trade, you've got unwind in the carry yen trade...you've got the Nikkei, as well, unwinding." Japanese Finance Minister Shunichi Suzuki and top currency diplomat Masato Kanda both refrained from commenting on the yen's recent sharp rise. The New Zealand dollar similarly fell 0.24% to $0.5915.

Persons: Tony Sycamore, It's, that's, You've, you've, Shunichi Suzuki, Masato Kanda, Sterling Organizations: week's Bank of Japan, New, Reuters, IG, Nikkei, Japanese Finance, PMI, Traders, Federal, Australian, New Zealand Locations: New Zealand, U.S, Down

☆ Europe stocks set to open lower amid global downturn; earning season ramps up
▼ + stars: | 2024-07-25 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

The Unilever headquarter building seen by the Nieuwe Maas river in Rotterdam. LONDON — European markets are heading for a lower open Thursday, with a flurry of corporate earnings and a selloff on Wall Street in focus. The U.K.'s FTSE 100 was last seen opening 19 points lower at 8,132 points, according to IG data, with Germany's DAX and France's CAC 40 down by 80 points and 45 points, respectively. The pan-European Stoxx 600 index closed 0.6% lower on Wednesday as second-quarter earnings season ramped up. Data will be released on German consumer confidence and euro zone and U.K. business activity, ahead of next week's euro zone gross domestic product second-quarter print.

Persons: Germany's DAX, carmakers Stellantis, Roche Organizations: Unilever, LONDON, CAC, MIB, Nestle, carmakers, Renault, Nasdaq, Deutsche Bank, Nikkei, U.S, Reuters, Bank of Locations: Rotterdam, Swiss, U.S, Asia, Pacific, Bank of Japan

☆ LVMH is waiting for China's consumers to shop at home
▼ + stars: | 2024-07-24 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Read previewChina's once-mighty consumers are holding back on buying as much as they used to at home. But luxury giant LVMH is still spending big on them. LVMH does not break out its sales for China separately. AdvertisementChina's luxury consumers are spending in JapanRich Chinese consumers are not spending as much at home because, post-pandemic, they can travel and spend their money elsewhere, with Japan a top destination. The fluctuations in the yen make it challenging for LVMH to price its products in Japan.

Persons: —, Jean, Jacques Guiony, LVMH, Guiony, It's Organizations: Service, Business, Japan Locations: Japan, China, Asia, Japan Rich, Mainland China, Fukuoka

☆ Dollar firms as commodities slide and carry unwinds
▼ + stars: | 2024-07-24 | by ( ) www.cnbc.com time to read: +3 min

Purchasing managers' index figures will be particularly watched in Europe later in the session to see whether they support bets on two European rate cuts by the end of January. The euro held at $1.0848 in Asia trade and sterling , which could rally if PMIs in Britain surprise to the upside and reduce bets on rate cuts, bought $1.2901. Moves in other pairs were even larger, with the euro dropping 1.3% on the yen overnight and hitting a five-week low of 168.79 yen in Asia. Mexico's high-yielding peso dropped 2% on the yen overnight and the Australian dollar is down almost 6% on the yen in two weeks. The Canadian dollar made a six-week low of C$1.3787 per dollar ahead of a central bank meeting later on Wednesday where markets have priced an 84% chance of a 25 basis point rate cut.

Persons: Jason Wong Organizations: Bank of Japan, U.S ., New Zealand Locations: Europe, Asia, Britain, Japan, Wellington, New Zealand, Australia

☆ Asia markets open lower as traders assess Aussie business activity data, U.S. tech earnings
▼ + stars: | 2024-07-24 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Asia-Pacific markets fell on Wednesday as traders assessed July business activity data from Australia, tech earnings from the U.S. and awaited Japan PMI readings. Late Tuesday, automaker Toyota said it will buyback 806.85 billion yen ($5.17 billion) of its shares from major Japanese banks and insurers, including Tokio Marine , Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group . Heavyweight Samsung Electronics plunged 1.8%, even as Reuters reported that chip giant Nvidia had cleared its chips for use in a processor for the China market. The South Korean electronics company is still grappling with a strike from its largest workers union, with talks on Tuesday yielding no results, according to the National Samsung Electronics Union, which has about 30,000 members. Hong Kong Hang Seng index futures were at 17,474, just marginally higher than the HSI's last close of 17,469.36.

Persons: Topix, Australia's Organizations: Sydney Opera House, Japan PMI, Nikkei, PMI, Toyota, Tokio Marine, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, Samsung Electronics, Reuters, Nvidia, National Samsung Electronics Union, Juno Bank . Hong Locations: Asia, Pacific, Australia, U.S, Japan, China, Korean, Juno Bank . Hong Kong

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