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☆ Asia stocks hold gains as confidence grows on rate outlook
▼ + stars: | 2023-11-23 | by ( Selena Li | ) www.reuters.com time to read: +4 min

China's benchmark share index (.CSI300) fell 0.16% on Thursday, with the real estate sub-index (.CSI931775) retrieved earlier losses to gain 2.11%. Chinese government advisers will recommend to an annual policymakers' meeting that economic growth targets for next year be set at 4.5% to 5.5%, Reuters reported on Wednesday. Markets have generally been buoyant this month, with stocks rallying on expectations of a more benign interest rate backdrop. The next set of forward-looking flash November PMIs will help investors to assess recession risks and how quickly rate cuts might begin. The minutes of the European Central Bank's October meeting and flash PMIs for a host of European countries are Thursday's highlights.

Persons: Tyrone Siu, shrugged, Redmond Wong, Brent, Sterling, Jeremy Hunt, Changpeng Zhao, Bitcoin, Selena Li, Edmund Klamann, Stephen Coates Organizations: REUTERS, Bloomberg, Garden Holdings, HK, Reuters, U.S, The, Federal Reserve, Saxo Markets, Nikkei, Nasdaq, European Central, PMI, OPEC, FTSE, UK Finance, Thomson Locations: Exchange, Hong Kong, China, HONG KONG, Asia, Pacific, Japan, United States, The U.S, Greater China, Australia, Britain, U.S

☆ Holiday thins trading after data slows dollar's decline
▼ + stars: | 2023-11-23 | by ( Vidya Ranganathan | ) www.reuters.com time to read: +4 min

With markets shut in Japan and the United States for the Thanksgiving holiday, currencies barely moved and cash U.S. Treasuries weren't traded in Asia. By 0530 GMT, however, the euro was 0.15% higher at $1.0902 and the dollar index was a tad weaker at 103.71. Adding to investors' confusion, data showed orders for long-lasting U.S. manufactured goods fell more than expected in October, signalling an economy cooling considerably after hot third-quarter growth. The dollar's rebound comes after a three-week long spell of weakness driven by evidence of a slowing economy and disinflation, leading markets to price out any additional Fed rate hikes. The forward-looking flash November purchasing manager indexes (PMIs) are also due out globally on Thursday and should help investors assess recession risks and how quickly rate cuts will begin.

Persons: Marcos Brindicci, Treasuries weren't, Jeff Ng, Treasuries, policymaker Mario Centeno, Joachim Nagel, Sterling, Jeremy Hunt, Changpeng Zhao, Vidya Ranganathan, Lincoln Organizations: REUTERS, Rights, U.S, Federal, University of Michigan, Sumitomo Mitsui Banking Corporation, Fed, Bank of Japan, European Central Bank, Governing, PMI, Thomson Locations: Buenos Aires, Argentina, Rights SINGAPORE, Japan, United States, Asia, Britain, U.S

☆ Morning Bid: Watching what the ECB giveth
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Vidya Ranganathan. The forward-looking flash November PMIs due out globally should help investors assess recession risks and how quickly rate cuts will begin. Interest rate futures show the market is pricing in rate cuts by April and more aggressively so in June . Later on Thursday, Sweden's central bank will announce its latest policy decision in what is expected to be a very close call on whether to hike again. A Reuters poll showed 10 of 19 economists looked for a rise, while market pricing is leaning against a move.

Persons: Vidya Ranganathan, haven't, Mario Centeno, Joachim Nagel's, Christine Lagarde's, Jeremy Hunt's, Van Haaren, ECB's Isabel Schnabel, Robert Holzmann, Francois Villeroy de, Edmund Klamann Organizations: Vidya, European Central, PMI, ECB, Reuters, Ubezpieczen SA, Virgin Money, Bank of France, Thomson Locations: Japan, United States, Britain, U.S, Sweden's

☆ Asia stocks hold recent gains as confidence grows on rate outlook
▼ + stars: | 2023-11-23 | by ( Selena Li | ) www.reuters.com time to read: +4 min

Investors are also looking to Chinese policymakers for clues on possible support for the long-suffering property market, in line with broader growth targets they are hammering out. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) edged down 0.11% in thin trading, with Japan and the United States on holiday. Chinese government advisers will recommend to an annual policymakers' meeting that economic growth targets for next year be set at 4.5% to 5.5%, Reuters reported on Wednesday. Markets have generally been buoyant this month, with stocks rallying on expectations of a more benign interest rate backdrop. The next set of forward-looking flash November PMIs will help investors to assess recession risks and how quickly rate cuts might begin.

Persons: Tyrone Siu, shrugged, Redmond Wong, Brent, Sterling, Jeremy Hunt, Changpeng Zhao, Selena Li, Edmund Klamann Organizations: REUTERS, Federal Reserve, Saxo Markets, Nikkei, Reuters, Nasdaq, OPEC, FTSE, UK Finance, Thomson Locations: Exchange, Hong Kong, China, HONG KONG, Asia, Pacific, Japan, United States, U.S, Greater China, Australia, Britain

☆ Brazil highlights poverty, climate change as G20 priorities
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +2 min

Brazil takes over the G20 presidency from India on Dec.1 and will hold the 2024 summit in Rio de Janeiro in November next year. "It is not possible for the Bretton Woods institutions, World Bank, IMF, and many other financial institutions to continue functioning as if nothing were happening in the world, as if everything had been resolved," he said. He complained the institutions often lend money to countries to pay off their debt, without any meaningful change. G20 foreign ministers will meet in Rio de Janeiro on Feb. 21-22 and finance ministers will gather in Sao Paulo over Feb. 28-29. Indian Prime Minister Narendra Modi hosted a virtual summit of G20 nations on Wednesday to review progress on policy goals set at the annual G20 summit in New Delhi in September.

Persons: Luiz Inacio Lula da Silva, Ueslei Marcelino, Lula, Narendra Modi, Lisandra Paraguassu, Deepa Babington Organizations: Central Bank, REUTERS, Rights, United Nations, World Bank, International Monetary Fund, Security, Bretton Woods, IMF, Indian, Thomson Locations: Brasilia, Brazil, Rights BRASILIA, India, Rio de Janeiro, United, Sao Paulo, New Delhi

☆ Kenya to sell 35 state companies as Africa seeks to jumpstart IPOs
▼ + stars: | 2023-11-23 | by ( Duncan Miriri | ) www.reuters.com time to read: +2 min

NAIROBI, Nov 23 (Reuters) - Kenya's President William Ruto said on Thursday the government was poised to privatise 35 state companies after enacting a law last month to guide the process. Kenya last privatised a state-owned company in 2008 with an initial public offering (IPO) for 25% of the shares in telecommunications firm Safaricom (SCOM.NR). "We have identified the first 35 companies that we are going to offer to the private sector. Kenya's President William Ruto speaks during the Sustainable Development Goals (SDG) Summit at United Nations headquarters in New York City, New York, U.S., September 18, 2023. "If well harnessed, stock exchanges can be the engine that transforms Africa into a global economic powerhouse and financial centre of the world," the president said.

Persons: William Ruto, Ruto, Njuguna Ndung'u, Ndung'u, Caitlin Ochs, Bourses, Thapelo, Ducan Miriri, Marc Jones, Aaron Ross, Kirsten Donovan Organizations: African, Nairobi . Finance, Reuters, Sustainable, United Nations, REUTERS, Botswana Stock Exchange, Bharti Airtel, Thomson Locations: NAIROBI, Kenya, Nairobi, New York City , New York, U.S, Africa, Uganda, London

☆ Every country needs an Inflation Reduction Act
▼ + stars: | 2023-11-23 | by ( Antony Currie | ) www.reuters.com time to read: +9 min

REUTERS/David Gray/File Photo Acquire Licensing RightsMELBOURNE, Nov 23 (Reuters Breakingviews) - Lawmakers in South Korea blasted the U.S. Inflation Reduction Act as a betrayal. Yet concerns about market distortion from the policy intended to stimulate investment in the energy transition and signed into law by President Joe Biden in August 2022 are easing. The Biden administration’s willingness to negotiate on its package of $370 billion of tax breaks and other measures has helped. Reuters GraphicsTrouble is, governments also need to show that they will be fiscally responsible stewards of the energy transition in the short term – especially with inflation still a threat and budgets under pressure. In a speech on Nov. 2 about enabling Australia’s energy transition, Treasurer Jim Chalmers said that “incentives like the type we’ve seen in the Inflation Reduction Act in the United States can be part of an answer but they’re not the whole answer”.

Persons: David Brockwell, David Gray, Australia’s Fortescue, FMG.AX, Joe Biden, Biden, –, Goldman Sachs reckons, ’, Uncle Sam, Fumio, Jim Chalmers, they’re, Chalmers, Una Galani, Thomas Shum Organizations: REUTERS, Rights MELBOURNE, Reuters, Australia, Washington, European, of America, Labor Energy Partnership, U.S, Canberra, Climate Energy Finance, Climate Capital Forum, Deloitte, National Australia Bank, quicken, Thomson Locations: Lake George, Canberra, South Korea, United States, Seoul, European Union, U.S, Japan, Washington, EU, Australia

Steel coils are waiting for delivery at the storage and distribution facility of German steel maker ThyssenKrupp in Duisburg, Germany, November 16, 2023. Scholz's three-way coalition is reeling from a court ruling last week that wiped 60 billion euros ($65 billion) from the budget at a stroke and forced it to freeze most new spending commitments, delaying talks on the 2024 budget. LOSS OF CONFIDENCEGermany's steel sector added its voice to the growing jitters, warning that the court ruling had put a question mark over more than 40 billion euros in planned investments. "I find it correct that the consequences of the constitutional court ruling ... are checked carefully," Scholz told a news conference. Scholz also described this as conceivable, participants at the meeting told Reuters, adding that the court ruling put the coalition into a difficult situation but it could be resolved.

Persons: Wolfgang Rattay, Chancellor Olaf Scholz, Robert Grundke, Bernhard Osburg, Osburg, Berlin, Scholz, Achim Post, Andreas Rinke, Christoph Steitz, Holger Hansen, Rene Wagner, Matthias Williams, Christina Fincher Organizations: REUTERS, Economic Cooperation, Development, Reuters, Scholz's Social Democrats, Thomson Locations: Duisburg, Germany, FRANKFURT, Paris, United States, decarbonisation

☆ Germany slides deeper into budget crisis. Here's what you need to know
▼ + stars: | 2023-11-23 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +4 min

Germany didn't get to this point overnight, however — in ways, the roots of the current crisis even predate the pandemic. The government took on emergency debt to try to stem the impact the pandemic had on its budget through a temporary debt brake suspension. And so, the current coalition government decided to re-allocate it to finance policies aimed at climate change and a greener, more sustainable economy. Some observers (and several Green party members), have suggested that the climate crisis is as much of an emergency as the pandemic. But the court's ruling stands, and Germany's budget now has a 60-billion-euro ($65 billion) hole.

Persons: Olaf Scholz, Christian Lindner, Robert Habeck, Sean Gallup, Germany didn't, fumbling, Jan Techau, Mujtaba Rahman, Jens Larsen Organizations: Finance, Getty, Greens, Free Democratic Party, Eurasia Group Locations: Berlin, Germany

☆ Greek Lawmakers Quit Leftist Syriza Party in Protest Against New Leader
▼ + stars: | 2023-11-23 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +2 min

ATHENS (Reuters) - Nine Greek lawmakers quit the leftist Syriza party on Thursday after breaking ranks with its new leader, formalising a split in the country's main opposition party which they said could now disintegrate. They resigned in protest over the leadership of 35-year old Stefanos Kasselakis, a former banker who was picked as party leader in September after Syriza's heavy defeat in June's national election. "SYRIZA is experiencing a dissolution crisis," the lawmakers said in a letter, accusing Kasselakis of contradictory positions and an ideological shift from leftist principles. The lawmakers who quit Syriza have the numbers to form a separate parliamentary group and could launch a new party ahead of European Parliament elections next year. "It is very uncertain how Syriza can succeed under these circumstances," head of ALCO pollsters Costas Panagopoulos told Reuters.

Persons: formalising, Kasselakis, Syriza, Euclid Tsakalotos, Goldman Sachs, Alexis Tsipras, ALCO pollsters Costas Panagopoulos, Renee Maltezou, Gareth Jones Organizations: New Democracy, Socialist PASOK, ALCO, Reuters Locations: ATHENS, United States

New Zealand's Foreign Minister Winston Peters arrives at a news conference after he attended an emergency meeting of the Organisation of Islamic Cooperation (OIC) in Istanbul, Turkey, March 22, 2019. The role of deputy prime minister, a key sticking point in the discussions, will be split between the populist NZ First party leader Winston Peters and ACT party leader David Seymour, the group announced in a statement. National Party deputy leader Nicola Willis will be finance minister and Peters will be foreign minister, the parties said. The coalition plans to repeal a ban on offshore oil and gas exploration and a ban on the sale of cigarettes to future generations introduced by the previous Labour government, according to coalition documents. "Foreign affairs does matter to this country.... all relationships do matter to this country," Peters said in a joint news conference in the capital Wellington after the announcement.

Persons: Winston Peters, Murad Sezer, David Seymour, Nicola Willis, Peters, Christopher Luxon, Luxon, ” Luxon, Jacinda, Helen Clark, Lucy Craymer, Praveen Menon, Diane Craft Organizations: Zealand's, of Islamic Cooperation, REUTERS, ACT NZ, National Party, NZ First, ACT, Party, Reserve, New Zealand, Bank of New, Labour, “, New Zealanders, Police, Thomson Locations: Istanbul, Turkey, WELLINGTON, Bank of New Zealand, Wellington, Niue

☆ Why the UK government's tax cuts still leave workers worse off
▼ + stars: | 2023-11-23 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

British Finance Minister Jeremy Hunt that the U.K. economy would not enter a technical recession in 2023, while announcing the government's spring Budget. The U.K. National Insurance is a tax on workers' income and employers' profits to pay for state social security benefits, including the state pension. Touted by the Conservative party as the "largest ever tax cut for workers," the move nevertheless does not shield taxpayers from the effect of frozen tax thresholds that tip more of their income into higher tax brackets, as nominal wages rise. In March 2021, then-Finance Minister Rishi Sunak announced that the personal allowance (PA) and higher-rate thresholds (HRT) of income tax would be frozen for four years until April 2026. Alongside extending the freezes, Hunt in November 2022 froze the upper earnings limit for NI contributions and lowered the additional rate hold from £150,000 to £125,140 from April 2023.

Persons: Jeremy Hunt, Dan Kitwood, Rishi Sunak's, Hunt, Rishi Sunak, Torsten Bell, Paul Johnson Organizations: British, Getty, Finance, National Insurance, Labour Party, Rishi Sunak's Conservative, Insurance, Conservative, Treasury, Institute for Fiscal Studies

The logo of Oil and Natural Gas Corp's (ONGC) is pictured along a roadside in Ahmedabad, India, September 6, 2016. The comments come after India's finance minister announced a plan this year to provide equity of 300 billion rupees ($3.6 billion) to help the big state oil refiners move towards cleaner energy. Based on rights issues previously announced by two other state refiners, an ONGC issue could amount to about 155 billion Indian rupees ($1.86 billion), Reuters calculations show. ONGC, HPCL and the oil and finance ministries did not immediately respond to requests for comment. India's other big state refiners, Indian Oil Corp (IOC.NS) and Bharat Petroleum Corp (BPCL.NS) have announced plans to launch rights issues of 220 billion and 180 billion rupees, respectively.

Persons: Amit Dave, ONGC, Nidhi Verma, Tony Munroe, Clarence Fernandez Organizations: Gas, REUTERS, Natural Gas Corp, Hindustan Petroleum Corp, Indian Oil Corp, Bharat Petroleum Corp, IOC, Thomson Locations: Ahmedabad, India, DELHI, New Delhi, HPCL, ONGC, BPCL

☆ CNBC Daily Open: A Thanksgiving lull
▼ + stars: | 2023-11-23 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Last burst before a breakU.S. stocks ended Wednesday in positive territory before going on break today for Thanksgiving. Jack Ma pauses plansAlibaba founder Jack Ma is pausing his plans to sell Alibaba shares. Last week, regulator filings revealed Ma was looking to sell around $870 million worth of Alibaba shares.

Persons: Treasurys, Europe's, Jeremy Hunt, Altman's, Sam Altman, Helen Toner, Tasha McCauley, Ilya Sutskever —, Altman, Bret Taylor, Larry Summers, Adam D'Angelo, Nansen, hasn't, Changpeng Zhao, Jack Ma, Ma, Alibaba Organizations: New York Stock Exchange, CNBC, Finance, U.S, Treasury Locations: New York City, U.S

☆ Holiday thins trading after data nudges dollar higher
▼ + stars: | 2023-11-23 | by ( ) www.cnbc.com time to read: +4 min

With markets shut in Japan and the United States for the Thanksgiving holiday, currencies barely moved and cash U.S. Treasuries weren't traded in Asia. The dollar index rose overnight, bouncing from a 2-1/2 month low, after economic data showed the number of Americans filing new claims for unemployment benefits fell more than expected last week. The weakness in the dollar has buoyed the yen , along with expectations the Bank of Japan may shift away from its ultra-loose monetary policy next year. The dollar index was just 0.03% lower at 103.84, with the euro unchanged at $1.0887. The forward-looking flash November purchasing manager indexes, or PMIs, are also due out globally on Thursday and should help investors assess recession risks and how quickly rate cuts will begin.

Persons: Treasuries weren't, Jeff Ng, Treasuries, policymaker Mario Centeno, Joachim Nagel, Sterling, Jeremy Hunt, Changpeng Zhao Organizations: U.S ., Federal Reserve, University of Michigan, Sumitomo Mitsui Banking Corporation, Fed, Bank of Japan, European Central Bank, Governing, PMI Locations: Japan, United States, Asia, Britain, U.S

☆ Turkey hikes interest rates to 40% to battle sky-high inflation
▼ + stars: | 2023-11-23 | by ( Associated Press | ) www.businessinsider.com time to read: +2 min

Turkey's central bank raised interest rates by five percentage points on Thursday. It was the sixth consecutive rate hike and took the rate to 40%. AdvertisementANKARA, Turkey (AP) — Turkey's central bank delivered another huge interest rate hike on Thursday as it tries to curb double-digit inflation that has left households struggling to afford food and other basic goods. AdvertisementFollowing Erdogan's reelection in May, he appointed a new economic team, which has quickly moved toward reversing his previous policy of keeping interest rates low. Under Erkan's tenure, the central bank has hiked its main interest rate from 8.5% to 40%.

Persons: —, Recep Tayyip Erdogan, Merrill Lynch, Mehmet Simsek, Hafize Gaye Erkan Organizations: Service Locations: ANKARA, Turkey, Ukraine, U.S

ANKARA, Turkey (AP) — Turkey’s central bank delivered another huge interest rate hike on Thursday as it tries to curb double-digit inflation that has left households struggling to afford food and other basic goods. The bank pushed its policy rate up by 5 percentage points, to 40%, marking its sixth big interest rate hike in a row focused on beating down inflation that hit an eye-watering 61.36% last month. President Recep Tayyip Erdogan has long been a proponent of an unorthodox policy of cutting interest rates to fight inflation and had fired central bank governors who resisted his rate-slashing policies. Other central banks around the world have raised interest rates rapidly to target spikes in consumer prices tied to the rebound from the COVID-19 pandemic and then Russia's war in Ukraine. Under Erkan’s tenure, the central bank has hiked its main interest rate from 8.5% to 40%.

Persons: Recep Tayyip Erdogan, Merrill Lynch, Mehmet Simsek, Hafize Gaye Erkan Locations: ANKARA, Turkey, Ukraine, U.S

[1/2] British Prime Minister Rishi Sunak speaks during the opening session of the Global Food Security Summit at Lancaster House in London, Britain November 20, 2023. Years of political churn - with five prime ministers and a non-stop ministerial carousel since the 2016 Brexit vote - have shaken Britain's reputation for stability among investors. Some executives say the country, long a magnet for FDI, has simply taken them for granted. But companies and investors say that a focus by regulators on limiting costs for bill-payers in sectors such as water, telecoms and energy has crimped investment. British investment minister Dominic Johnson said the government would be in listening mode at the gathering on Nov. 27 to hear how it can remove hurdles.

Persons: Rishi Sunak, Dan Kitwood, Sunak, Emanuel Macron, Jack Paris, Paris, Jeremy Hunt, EY, Alina Osorio, Mikhail Taver, Richard Harrington, Harrington, Dominic Johnson, Johnson, Kate Holton, Sinead Cruise, Andy Bruce, Alexander Smith Organizations: British, Global Food Security, Lancaster House, Hampton Court, Partners, Reuters, European Union, United, Labour Party, India's Tata Group, Britain, AstraZeneca, Ireland, Thomson Locations: London, Britain, Hampton, France, Versailles, European, Germany, United States, Europe, Delaware

☆ Stocks maintain November reign, oil nagged by OPEC doubts
▼ + stars: | 2023-11-23 | by ( Marc Jones | ) www.reuters.com time to read: +5 min

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 22, 2023. Traders were getting their moves in despite the annual U.S. Thanksgiving holiday scything volumes but there was plenty to keep them busy while they did it. Wall Street's benchmark S&P 500 (.SPX) is nearing a fresh high for 2023 and both it and MSCI's all-country world index (.MIWD00000PUS) are both up more than 8% this month alone. For the MSCI world index, that is the best showing since November 2020 when COVID-19 vaccine hopes were driving markets wild. Reporting by Marc Jones; Editing by Christina Fincher and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Geert Wilders, Robert Alster, Viktor Orban, Wilders, Mark Rutte, Tayyip Erdogan, Sterling, Jeremy Hunt, Changpeng Zhao, Marc Jones, Christina Fincher, Jonathan Oatis Organizations: REUTERS, Staff, PMI, ECB, Oil, OPEC, Traders, Asset Management, Freedom Party, Labour, Green, People's Party for Freedom and Democracy, European, U.S, HK, Reuters, Europe, Thomson Locations: Frankfurt, Germany, Europe, U.S, European, France, Holland, Ukraine, Asia, Pacific, Japan, COVID, Brent, Bitcoin

LONDON, Nov 23 (Reuters) - British voters are set to suffer a "living standards disaster", despite Finance Minister Jeremy Hunt's new tax cut plan, because of the unprecedented fall in household incomes over the course of a parliamentary term, a think tank said on Thursday. The think tank said household disposable income per person was expected to fall 1.5% in 2024, when adjusted for Britain's still high rate of inflation. "But those challenges have also made things far more difficult for households: this is what a living standards disaster looks like." And that then means having to make some really difficult decisions when it comes to public spending but also raising revenue," he told Reuters. ($1 = 0.8025 pounds)Reporting by David Milliken and Bill Schomberg; Editing by Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Jeremy Hunt's, Hunt, Rishi Sunak, Torsten Bell, Gareth Davies, Davies, David Milliken, Bill Schomberg, Sharon Singleton Organizations: Labour Party, Conservative, Reuters, Fiscal Studies, Treasury, Thomson

☆ Thai economy in 'crisis' and needs major stimulus - PM
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +2 min

Speaking at a forum, Srettha said the economy was not in good shape with fewer foreign arrivals than targeted, and he would be prioritising attracting foreign investment and addressing household debt. "There needs to be big economic stimulus," said Srettha, who is also finance minister, adding a plan to tackle debt would be announced on Dec. 12. Thailand recorded 23.85 million foreign tourists arriving from Jan 1 to Nov. 19, spending 1 trillion baht. It is targeting 28 million arrivals versus a pre-pandemic record of nearly 40 million foreign tourist arrivals in 2019 who spent 1.91 trillion baht. In recent weeks, government officials have described the economy to be in a crisis, necessitating its signature plan.

Persons: Srettha Thavisin, Srettha, Sethaput Suthiwartnarueput, Orathai Sriring, Kitiphong, Satawasin, Chayut Setboonsarng, Martin Petty Organizations: Thai, Thais, Bank of Thailand, Thomson Locations: BANGKOK, Thailand, Southeast Asia's

☆ EU executive approves 900 mln euros in funds for Hungary
▼ + stars: | 2023-11-23 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +3 min

EU support is crucial to Ukraine, which has been struggling to push back a full-scale Russian invasion since February 2022. EU officials said Hungary's amended recovery plan is worth a total of 10.4 billion euros over several years - or about 5% of Hungary's 2023 GDP - including 4.6 billion euros under RePowerEU: 0.7 billion euros in grants and 3.9 billion in loans. EU officials said Hungary would use the RePowerEU money to modernise its electricity sector through smart metres and digitalisation of energy companies. EU officials expected two payments of around 460 million euros each to follow next year. EU officials told Reuters last month that the bloc was considering unlocking aid for Hungary to win Budapest's support for Ukraine.

Persons: Laszlo Balogh, Viktor Orban, Orban, Gabriela Baczynska, Toby Chopra Organizations: Hungarian, European Union, National Bank of Hungary, REUTERS, Ukraine EU, European Commission, Ukraine, Kyiv, Fidesz, Reuters, Thomson Locations: Budapest, Hungary, Ukraine, BRUSSELS, Brussels, Russia, EU, Moscow

ATHENS, Greece (AP) — Greece’s main left-wing opposition party, Syriza, suffered a damaging setback Thursday when nine lawmakers quit the party in protest against its newly elected leadership. But he has failed so far to halt the party’s decline in popularity in the wake of a crushing general election defeat in June. Syriza has since dropped to third place behind Socialist opponents in opinion polls, boosting the dominance of Prime Minister Kyriakos Mitsotakis’ conservative government. On Thursday, Effie Achtsioglou, a former Syriza labor minister, led the walkout as nine lawmakers declared themselves independent. He resigned following his third successive general election defeat.

Persons: Stefanos Kasselakis, Syriza, Kyriakos Mitsotakis, Effie Achtsioglou, Euclid Tsakalotos, Alexis Tsipras, Syriza’s, Tsipras Organizations: Miami, Socialist, Syriza Locations: ATHENS, Greece

☆ Dollar climbs after U.S. labor, consumer sentiment data
▼ + stars: | 2023-11-22 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

"The fact that we are seeing a drop definitely suggests that the labor market is not cooling as quickly as markets or the Fed might have been expecting there," said Karl Schamotta, chief market strategist at Corpay in Toronto. Schamotta also said market participants were maintaining relatively high dollar positions before liquidity dries up before the U.S. Thanksgiving holiday on Thursday. The greenback extended gains after the University of Michigan's survey of consumer sentiment showed U.S. consumers' inflation expectations rose for a second straight month in November. UMich inflation expectationsThe dollar index rose 0.37% to 103.9, on track for its biggest one-day percentage gain since Nov 9. The Japanese yen weakened 0.82% to 149.61 per dollar, while Sterling was last trading at $1.249, down 0.37% on the day.

Persons: Karl Schamotta, Schamotta, CME's, policymaker Mario Centeno, Joachim Nagel, Sterling, Jeremy Hunt, Changpeng Zhao, Zhao, Chuck Mikolajczak, Will Dunham, Richard Chang Organizations: Labor Department, Reuters, United Auto Workers, UAW, Detroit's Big, Federal, Fed, University of Michigan's, European Central Bank, Investors, Thomson Locations: Toronto, U.S

☆ Pressure mounts on German government to find way out of budget hole
▼ + stars: | 2023-11-22 | by ( Holger Hansen | ) www.reuters.com time to read: +4 min

The court ruled the budget manoeuvre was incompatible with the debt restrictions enshrined in Germany's constitution. The pressure is even more intense as talks for next year's budget are on the final stretch. Highlighting the gravity of the situation, the government has already imposed a freeze on most new spending commitments on ministries. "German industry is looking at the current political situation with the greatest concern," said Siegfried Russwurm, president of the BDI industry association. One obstacle to reforming the debt brake, which restricts Germany's structural budget deficit to the equivalent of 0.35% of gross domestic product, has been Finance Minister Christian Lindner.

Persons: Olaf Scholz, Christian Lindner, Robert Habeck, Chancellor Olaf Scholz's, Siegfried Russwurm, Holger Hansen, Christian Kraemer, Andreas Rinke, Madeline Chambers, Miranda Murray, Alex Richardson Organizations: Finance, Climate, Europe's, Social Democrat, Greens, Free Democrats, Fund, Reuters, Ukraine, Greens Economy, U.S, Intel, European, Thomson Locations: BERLIN, reallocating, Berlin, Ukraine

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