DIRS.INFO The most relevant business & tech news

☆ Asian stocks tumble, dollar gains after hawkish Powell comments
▼ + stars: | 2023-03-08 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

The hawkish comments from Powell sent U.S. stocks sharply lower, with the risk-off mood continuing in Asian trade. Eurostoxx 50 futures were down 0.19%, German DAX futures fell 0.27% and FTSE futures were down 0.27%. After a series of jumbo hikes last year, the Fed raised rates by 25 basis points in its last two meetings. "Powell has essentially opened the door to 50 basis point hike," said Chris Weston, head of research at Pepperstone. Citi strategists said even as-expected payrolls and inflation data could keep the chance of a 50 basis point hike high.

☆ Asian stocks tumble after hawkish Powell comments
▼ + stars: | 2023-03-08 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

SINGAPORE, March 8 (Reuters) - Asian shares fell sharply on Wednesday, while the dollar advanced after hawkish comments from Federal Reserve Chair Jerome Powell raised the possibility of the U.S. central bank returning to large rate hikes to tackle sticky inflation. The Fed will likely need to raise interest rates more than expected in response to recent strong data, Powell said on the first day of his semi-annual, two-day monetary policy testimony before Congress. The hawkish comments from Powell sent U.S. stocks sharply lower, with the risk-off mood continuing in Asian trade. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 1.45% lower, while Australia's S&P/ASX 200 index (.AXJO) fell 0.70%. "Powell has essentially opened the door to 50 basis point hike," said Chris Weston, head of research at Pepperstone.

Cathay shares rose as much as 1.4% to HK$7.95 after the results were released, reversing the morning's declines as investors bet on a turnaround following heavy losses during the pandemic. "After three brutal years of the COVID-19 pandemic, we have finally entered into a new exciting phase, in which we will rebuild Cathay Pacific for Hong Kong." [1/5] A Cathay Pacific Airways Airbus A350-900 airplane approaches to land at Changi International Airport in Singapore June 10, 2018. Cathay said it was operating about one-third of pre-pandemic passenger flight capacity by December and ended the year operating passenger flights to 58 destinations, double the 29 destinations the airline flew to in January 2022. It would operate at about 70% of its pre-pandemic passenger flight capacity by the end of 2023, with an aim to return to pre-pandemic levels by the end of 2024.

☆ Cathay looks to 'rebuild' after brutal pandemic losses
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

Cathay shares rose as much as 1.4% to HK$7.95 after the results were released, reversing morning losses and beating a 2.4% drop in the broader market (.HSI) as investors bet on a turnaround following heavy losses during the pandemic. "After three brutal years of the COVID-19 pandemic, we have finally entered into a new exciting phase, in which we will rebuild Cathay Pacific for Hong Kong." Cathay said it was operating about one-third of pre-pandemic passenger flight capacity by December and ended the year operating passenger flights to 58 destinations, double the 29 destinations the airline flew to in January 2022. It would operate at about 70% of its prepandemic passenger flight capacity by the end of 2023, with an aim to return to pre-pandemic levels by the end of 2024. It was operating about two-thirds of pre-pandemic cargo flight capacity levels by the end of 2022.

☆ Asian stocks slip on weak China trade data, focus shifts to Powell
▼ + stars: | 2023-03-07 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +4 min

Data on Tuesday showed China's exports and imports both fell sharply in January-February, reflecting a slowdown in the global economy and weak domestic demand. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.3%, although the index is up 2.9% so far this month. Beyond China, investor focus remains on the U.S. interest rate outlook and what Powell may say. The two-year yield , which rises with traders' expectations of higher Fed fund rates, touched 4.88% compared with a U.S. close of 4.894%. In early European trade, the pan-region Euro Stoxx 50 futures were up 0.12%, German DAX futures rose 0.11% at and FTSE futures were 0.23% higher.

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was flat after U.S. stocks ended the previous session with mild gains. The two-year yield , which rises with traders' expectations of higher Fed fund rates, touched 4.8945% compared with a U.S. close of 4.894%. Australian shares (.AXJO) were 0.1% lower after being down 0.3% earlier in the session, while Japan's Nikkei stock index (.N225) rose 0.5%. "In the next couple of days the congressional testimony will be critical for markets. Investors have repriced what they think the Fed will do with interest rates in March and into the second quarter," said Tai Hui, JPMorgan Asset Management's chief Asian market strategist.

☆ Morning Bid: China takes five
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in U.S. and global markets from Alun John"Fair enough I suppose" seems to be markets' response to China's comparatively-modest 5% 2023 growth target announced on Sunday. (.MIWD00000PUS)This year's growth target of around 5% was at the low end of expectations, as policy sources had recently told Reuters a range as high as 6% could be set. It is also below last year's target of around 5.5%, though up from last year's actual 3% figure. It focuses more on longer-term growth challenges," said ING's chief economist for Greater China Iris Pang. * U.S. Three month and six month bill auctionsBy Alun John, editing by Ed Osmond <a href="mailto:alun.john@thomsonreuters.com" target="_blank">alun.john@thomsonreuters.com</a>.

☆ Asian stocks gain as prospects of China recovery, and Fed caution
▼ + stars: | 2023-03-03 | by ( Julie Zhu | ) www.reuters.com time to read: +4 min

HONG KONG, March 3 (Reuters) - Asian shares rose on Friday on prospects for a steady economic recovery in China, and after Wall Street reversed losses overnight following remarks by the Atlanta Federal Reserve chief that signalled a measured approach raising U.S. interest rates. Global markets have been buffeted by a raft of strong U.S. data over recent weeks, including U.S. jobless claims overnight, that suggested the Fed would need to keep rates higher for longer. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 0.7%, on track for its first weekly rise in five. U.S. stocks rose on Thursday, reversing earlier losses, as Treasury yields pulled back from earlier highs, following the rates comments from Atlanta Fed President Bostic. The two-year yield , which rises with traders' expectations of higher Fed fund rates, rose to 4.8879%compared with a U.S. close of 4.904%.

☆ Asian stocks up on hopes Fed will adopt slow approach to more hikes
▼ + stars: | 2023-03-03 | by ( Julie Zhu | ) www.reuters.com time to read: +3 min

HONG KONG, March 3 (Reuters) - Asian shares rose on Friday after Wall Street reversed losses on signals of a measured policy tightening approach from the U.S. Federal Reserve as well as on prospects of a solid economic recovery in China. Australian shares (.AXJO) were up 0.36%, helped by gains in miners and financials, while Japan's Nikkei stock index (.N225) rose 1.42%. U.S. stocks rose on Thursday, reversing earlier losses, as Treasury yields pulled back from earlier highs, following the rates comments from Atlanta Fed President Bostic. read moreThe yield on benchmark 10-year Treasury notes touched 4.0556% compared with its U.S. close of 4.073% on Thursday. The two-year yield , which rises with traders' expectations of higher Fed fund rates, rose to 4.8913%compared with a U.S. close of 4.904%.

☆ Asian stocks rally sputters as China pulls back, higher U.S. yields weigh
▼ + stars: | 2023-03-02 | by ( Stella Qiu | ) www.reuters.com time to read: +5 min

U.S. futures erased earlier gains, with the S&P 500 stock futures falling 0.5% and Nasdaq futures down 0.7%. Tesla shares (TSLA.O) slumped 5.5% in after-hour trading, after the Tesla Investor Day failed to excite investors. On Thursday, the benchmark 10-year Treasury yields hit a fresh four-month high of 4.0160%, after hitting 4% overnight. In the currency markets, the U.S. dollar index, measuring the greenback's value against a basket of major peers, gained 0.2% to 104.6. Oil prices were largely steady on Thursday, having risen by 1% the previous day due to optimism over China's recovery.

☆ Morning Bid: Markets March on China boomlet
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +5 min

And after a bruising setback for stocks and bonds in February, investors now have to assess whether the unfolding economic rebound is sustainable given the eye-watering revision that it's forcing in inflation and interest rate expectations. This is emboldening both the hawks at the European Central Bank and markets keen to re-price the interest rate horizon. Money markets have already moved beyond that and now price peak ECB rates at year-end almost 150 bps higher at 3.90%. Even though U.S. consumer confidence and housing data on Tuesday questioned some of the reheating narrative, markets now assume peak Federal Reserve rates will be as high as 5.42% by July. And homebuilder Persimmon (PSN.L) dropped almost 10% after it warned the housing slowdown and higher mortgage rates would hit profit and home-building targets.

☆ Asian shares edge higher, dollar rally takes a breather
▼ + stars: | 2023-02-28 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

SINGAPORE, Feb 28 (Reuters) - Asian shares nudged higher on Tuesday, tracking small gains on Wall Street, while the U.S. dollar paused after a sharp rally as month-end flows lift sentiment and investors adjust to expectations of more interest rate hikes. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 0.25% higher but was set to end the month down about 6%. China shares (.SSEC) was up 0.4% while Hong Kong's Hang Seng index (.HSI) was 1% higher but was on track to end its three month winning streak as the China reopening rally loses steam. China shares have also been weighed down by rising geopolitical tension, with U.S.-China relations the dominant uncertainty at the forefront of investor minds. The dollar index , which measures U.S. currency against six other peers, rose 0.048% and was set to snap a four month losing streak.

[1/3] A man wearing a protective mask is seen inside the Shanghai Stock Exchange building, as the country is hit by a new coronavirus outbreak, at the Pudong financial district in Shanghai, China, February 28, 2020. REUTERS/Aly Song/File PhotoNEW YORK/SINGAPORE, Feb 24 (Reuters) - Many large money managers are steering clear of Chinese assets, missing out on the nation's post-COVID stock market rally in the latest example of strategic concerns trumping juicy returns. "For our investors who might have that concern, there are plenty of other opportunities away from China." The concern flagged by some is whether this is part of a structural downgrade for Chinese assets, said Will Malcolm, a Singapore-based portfolio manager at Aviva Investors. That could attract cash in a hurry, but the behaviour of large investors so far suggests that a large sentiment shift will be needed.

☆ Asian markets breathe sigh of relief amid Ueda hearing
▼ + stars: | 2023-02-24 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

[1/2] The Japanese government's nominee for the Bank of Japan (BOJ) Governor Kazuo Ueda attends a hearing session at the lower house of the parliament in Tokyo, Japan, February 24, 2023. Ueda's confirmation hearing in the lower house comes as markets renew their attack on YCC, taking bets on a near-term interest rate rise. Japan's five-year government bond yield fell a little to 0.235%, from the previous close of 0.240%. The yield on the benchmark 10-year government bonds eased as far as 3.8590%, compared with the previous close of 3.8810%. The two-year bond yield was hovering at 4.6810%, compared with the previous close of 4.6930%.

☆ Macau casino stocks, bonds on a roll as Chinese visitors return
▼ + stars: | 2023-02-23 | by ( Georgina Lee | ) www.reuters.com time to read: +3 min

HONG KONG, Feb 23 (Reuters) - Chinese tourists are returning to Macau in hordes after Beijing lifted its restrictions on travel to the world's biggest gambling hub, lifting stocks and bonds of casino operators as investors bet on a boom in their revenues. The casino operators' bonds are in demand as investors look for exposure to Chinese junk debt but seek to avoid property developers' bonds. Those bonds account for a large chunk of the high-yield market and the developers' fortunes remain under a cloud after a crackdown by Beijing. Among the three U.S. casino groups that operate in Macau, CreditSights has an "outperform" rating on Wynn Macau bonds due to higher yields. Sands China's (1928.HK) 10-year bond, rated at investment grade by Moody's Investors Service and Fitch, trades at a yield of 6.59%, compared with 9.3% on Wynn Macau's bond of the same maturity.

Hong Kong will issue vouchers worth HK$5,000 ($637) per person to all adults this year, half the amount issued in 2022. Hong Kong usually runs balanced budgets or surpluses, since its pegged currency system commits it to fiscal prudence. "HAPPY" HONG KONG? He also said a "Happy Hong Kong" campaign would be launched for the general public, including gourmet food fairs and harbourfront carnivals that would help stimulate consumption. ($1 = 7.8488 Hong Kong dollars)Additional reporting by Jessie Pang; Writing by Marius Zaharia and James Pomfret; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

☆ Asia equities fall on fear of hawkish central bank hikes
▼ + stars: | 2023-02-22 | by ( Selena Li | ) www.reuters.com time to read: +2 min

"It concerns the market that central banks will have to hike rates a lot more to curb inflation," said Kerry Craig, JPMorgan Asset Management's global market strategist. New Zealand's central bank raised interest rates by 50 basis points to a more than 14-year high of 4.75% on Wednesday. read moreThe central bank said it expected to keep tightening further to ensure inflation returned to its target range over the medium term. Japan's Nikkei share index (.N225) fell 1.25% on Wednesday following a Tuesday PMI report showing the factory sector had contracted. The dollar index fell 0.077%, but analyst expect interest rate rises to lift the dollar, hurting emerging market equities, which benefited from a falling dollar.

☆ Asian shares slip, dollar rally on hold as Fed cues eyed
▼ + stars: | 2023-02-21 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) slipped 0.7% to 529.97, hovering around six-week lows of 529.30 touched last week. European stock futures indicated stocks were set to decline, with Eurostoxx 50 futures down 0.14%, German DAX futures 0.07% lower and FTSE futures down 0.13%. The yield on 10-year Treasury notes was up 2.3 basis points to 3.852%., after touching a three-month high of 3.929% on Friday. Investor focus is firmly on the release on Wednesday of the minutes of the Fed's latest meeting earlier this month when it raised interest rates by 25 basis points. The yen weakened 0.11% to 134.38 per dollar, while sterling was last trading at $1.2026, down 0.10%.

☆ Asian shares stutter, dollar rally pauses as Fed cues eyed
▼ + stars: | 2023-02-21 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) eased 0.34% to 531.85, hovering around six-week lows of 529.30 it touched last week. China's shares (.SSEC) were set to start flat while Hong Kong's Hang Seng Index (.HSI) opened 0.1% lower. The yield on 10-year Treasury notes was up 3.5 basis points to 3.863%, after touching a three-month high of 3.929% on Friday. Investor focus is firmly on the release on Wednesday of the minutes of the Fed's latest meeting when it raised interest rates by 25 basis points. The dollar index , which measures the U.S. currency against six other rivals, was last at 104.01, just below a six-week high of 104.67 it touched on Friday.

☆ Asia shares skid as rate-hike fears unnerve investors
▼ + stars: | 2023-02-17 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

Tracking Wall Street, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 0.68% lower and was set for its third straight week of losses. China shares (.SSEC) slipped 0.18% while Hong Kong's Hang Seng Index (.HSI) fell 0.09%. "The latest data supports the Fed view of needing to continue to raise rates and hold them there higher for longer." The market is now pricing U.S. interest rates to peak at 5.28% in July and remain above 5% till the end of the year. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was up 4.2 basis points at 4.661%.

☆ Stocks shrug off rates risk as U.S. consumers spend
▼ + stars: | 2023-02-16 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Equities - with the Nasdaq (.IXIC) up 15% so far this year - are clinging to the positives, while in interest rate markets investors are quickly ditching hopes for cuts later in 2023. Two-year Treasury yields , which also track short-term interest rate expectations, hit their highest since November at 4.703% overnight. S&P 500 futures rose 0.2%. Elsewhere the repricing of the interest rates outlook is putting an end to a couple months of selling of the dollar in currency markets. The U.S. dollar index is eying a third weekly gain in a row - the longest streak since September, when the index was galloping towards a 20-year high.

☆ Asia stocks fall, dollar stands firm after sticky U.S. CPI
▼ + stars: | 2023-02-15 | by ( Xie Yu | ) www.reuters.com time to read: +2 min

Fed funds futures now imply a peak above 5.2% by mid-year and rates above 5% at year's end. U.S. stocks finished flat on Tuesday but S&P 500 futures dropped 0.4% in Asia. By mid-morning Hong Kong time, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was down 1.3%, led by drops bigger than 1% in Australia (.AXJO) and Hong Kong (.HSI), and analysts were bracing for further falls. The dollar touched a six-week high of 133.30 Japanese yen overnight and hovered at 132.80 yen on Wednesday. It had a bumpier ride against other currencies following the CPI data, but seems to be pausing following a January slide.

☆ Asian Shares track Wall Street's inflation optimism, yen recoups losses
▼ + stars: | 2023-02-14 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

Overnight on Wall Street, the S&P 500 (.SPX) rose 1.2%, while the Nasdaq (.IXIC) rallied 1.5% and Dow Jones (.DJI) was up 1.1%. Treasuries rallied a little, with the yield on the benchmark 10-year government bonds easing 2 basis points to 3.6940%. The two-year bond yields also eased from their three-month highs to hover at 4.5090%, compared with the previous close of 4.5340%. It weakened 0.2% against the Japanese yen to 132.13 yen, after gaining 0.8% the previous day. On Tuesday, the Japanese government is expected to name academic Kazuo Ueda as its pick to become next central bank governor.

☆ Fund managers rush into emerging stocks and cut cash - BofA survey
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +2 min

The survey of 299 fund managers, with a combined $847 billion in assets under management, found investors were still broadly cautious, but less so than been in recent months. Just 24% predict a recession compared to 77% who did in November, according to the survey conducted in the week to Feb. 9. Investors remain net overweight cash and underweight equities, but a combined index that measures growth expectations, cash allocations and equity allocations improved to its highest level in a year. "(Fund manager survey) investors remain pessimistic in February but to a lesser degree, with all key measures of sentiment improving (month on month) and shift in positioning highlighting stronger risk appetite," BofA analysts said in a note. It also found that "long China stocks" was now the most crowded trade along with long investment grade bonds, replacing long US dollar cash.

☆ Hong Kong adds security law clauses to land sales, property stocks drop
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +3 min

"Safeguarding national security is the shared responsibility by the entire Hong Kong society," the Development Bureau told Reuters, confirming the media report. Hong Kong Economic Times reported that Hong Kong authorities began to include applicable provisions of the National Security Law in the terms of land sales and short-term leases in the Asia financial hub. That sent Hong Kong property stocks index (.HSNP) down as much as 4.9% to the lowest in six weeks, compared to a 0.1% slip in the benchmark Hang Seng Index (.HSI). "It suggests that developers will be even more cautious in putting a bid in land sale," said Steven Leung, a sales director at UOB Kay Hian. Hong Kong and Chinese authorities say it is necessary to restore stability after anti-government protests in 2019.

Search resuls for: "HSI"

25 mentions found