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☆ Dollar edges lower after US retail sales data
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: 1 min

[1/2] A picture illustration shows U.S. 100-dollar bank notes taken in Tokyo August 2, 2011. REUTERS/Yuriko NakaoTOKYO, May 16 (Reuters) - The U.S. dollar slipped on Tuesday after data showed retail sales in April came in lower than expected, backing expectations that the Federal Reserve will pause raising rates next month. The dollar index was last down 0.1% at 102.33Reporting by Kevin Buckland Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

[1/2] British Pound and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. The dollar index, which tracks the greenback against six main peers, was down 0.14% at 102.29, having reached 102.75 in early trading on Monday, its highest since April 10. "With all of that, do you really want to buy a lot of risky assets this year?" The weak Chinese data was also weighing on the Australian dollar which dropped as much as 0.5% to $0.6665. The dollar also gained on China's offshore yuan , rising to as much as 6.981, its highest since March 10.

[1/2] British Pound and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. Broader factors are also weighing on the pound as well, said Jane Foley, head of FX strategy at Rabobank: "A lot of the better news for sterling is already in the price. "With all of that, do you really want to buy a lot of risky assets this year?" The weak Chinese data was also weighing on the Australian dollar which dropped as much as 0.5% to $0.6665. The dollar also gained on China's offshore yuan , rising to as much as 6.9795, its highest since March 10.

☆ Dollar weighed down by US default risks; Aussie, yuan hurt by weak China data
▼ + stars: | 2023-05-16 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

The U.S. dollar index - which measures the currency against a basket of six major peers - was little changed at 102.47. "The interesting thing is the dollar is weak, and usually when there's risk off, people buy the dollar," he said. The euro , which has the greatest weight in the dollar index, was little changed at $1.0870 on Tuesday, after bouncing off a five-week low overnight. The Australian dollar , which is not part of the dollar index, erased small early gains ahead of Chinese retail sales and industrial production data, then sank after the release. The dollar gained 0.2% to 6.9723 yuan in the offshore market , after touching 6.9749 on Monday for the first time since March 10.

☆ FOREX Dollar heavy amid U.S. default risks; Aussie, yuan slip on China data miss
▼ + stars: | 2023-05-16 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

Westpac sees the potential for the dollar index to drop to around 101.05 in the near term. The euro , which has the greatest weight in the dollar index, was little changed at $1.0873 on Tuesday, after bouncing off a five-week low overnight. The offshore Chinese yuan weakened towards a two-month low. The dollar gained 0.14% to 6.9674 yuan, after touching 6.9749 on Monday for the first time since March 10. (This story has been corrected to say the dollar index retreated from 5-week high, not 5-month high, in paragraph 3.)

☆ Dollar heavy amid U.S. default risks; Aussie, yuan slips on China data miss
▼ + stars: | 2023-05-16 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

The U.S. dollar index - which measures the currency against a basket of six major peers - was little changed at 102.46, after sliding 0.26% overnight and retreating from a five-month high. Westpac sees the potential for the dollar index to drop to around 101.05 in the near term. The euro , which has the greatest weight in the dollar index, was little changed at $1.0873 on Tuesday, after bouncing off a five-week low overnight. The offshore Chinese yuan weakened towards a two-month low. The dollar gained 0.14% to 6.9674 yuan, after touching 6.9749 on Monday for the first time since March 10.

☆ China April industrial output rises 5.6%, retail sales jump 18.4%; below expectations
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

BEIJING, May 16 (Reuters) - China's industrial output grew 5.6% in April from a year earlier, official data showed on Tuesday, missing expectations by a large margin but accelerating from a 3.9% gain seen in March. Retail sales jumped 18.4%, missing forecasts for a 21.0% increase. It was significantly faster than the 10.6% increase in March and marked the quickest growth since March 2021. Fixed asset investment expanded 4.7% in the first four months of 2023 from the same period a year earlier, versus expectations for a 5.5% rise. Reporting by Albee Zhang, Ellen Zhang and Joe Cash Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Australian consumer mood bleak in May after surprise rate hike, budget
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, May 16 (Reuters) - A measure of Australian consumer sentiment fell in May after a surprise hike in interest rates by the Reserve Bank of Australia (RBA) and a "mildly disappointing" federal budget clouded the outlook for family finances and the economy. But Evans expects the RBA to leave rates on hold in June as it awaits more data on inflation and the economy. Some consumers may have had "unrealistic expectations" going into the budget with many expecting more support, Evans said. Higher living costs meant consumers were holding off on buying a major household item, with the index dipping 0.4%. Reporting by Renju Jose in Sydney; Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

It was well below expectations for a 10.9% increase in a Reuters poll of analysts although it marked the quickest growth rate since September 2022. Retail sales jumped 18.4%, speeding up sharply from a 10.6% increase in March for their fastest increase since March 2021. The growth target for this year is set at a low level, which leaves room for the government to wait and see." China has set a modest growth target of about 5% in 2023, after badly missing last year's goal. ($1 = 6.9121 Chinese yuan renminbi)Reporting by Ellen Zhang, Joe Cash, Albee Zhang and Kevin Yao Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ US economy 'hangs in the balance' as debt limit impasse drag on, Yellen says
▼ + stars: | 2023-05-16 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

WASHINGTON, May 16 (Reuters) - The standoff over the federal debt limit is already having dire consequences for the U.S. economy, driving borrowing costs higher and adding to the country's debt burden, U.S. Treasury Secretary Janet Yellen is expected to say in prepared remarks on Tuesday. "The U.S. economy hangs in the balance. Congress should address the debt limit as soon as possible." Yellen said the 2011 crisis - when lawmakers raised the debt limit shortly before the government had to stop making payments - showed the serious repercussions of not acting sooner. Investors had already become more reluctant to hold government debt that matures in early June, and the deadlock was increasing the overall debt burden, she said.

☆ China's Oppo to shut down chip design unit as smartphone sales slump
▼ + stars: | 2023-05-13 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, May 13 (Reuters) - Chinese smartphone maker Oppo said it will shut down its chip design unit, citing uncertainties in the global economy and the smartphone industry. The company, one of China's best-selling domestic smartphone brands, said it will cease operations of its Zeku unit, which it set up in 2019. In 2022, smartphone shipments fell 14%, and total unit shipments fell below 300 million for the first time in a decade. In the first quarter, total smartphone shipments dropped 11% year-on-year to 67.2 million units, the lowest quarterly total since 2013, research firm Canalys said last month. Oppo is owned by BBK Electronics, which also owns Vivo, another top-selling Chinese smartphone brand.

☆ Cyclone Mocha heads to Bangladesh, Myanmar coasts as thousands flee
▼ + stars: | 2023-05-13 | by ( Ruma Paul | ) www.reuters.com time to read: +2 min

DHAKA, May 13 (Reuters) - A powerful storm packing winds of up to 175 kph (109 mph) barrelled towards the coasts of eastern Bangladesh and Myanmar on Saturday, threatening around a million Rohingya refugees and others living in low-lying areas. Thousands of people in both countries have already fled to safer areas ahead of the storm. Cyclone Mocha is likely to intensify further and make landfall on Sunday between Cox's Bazar in Bangladesh and Myanmar, the Bangladesh Meteorological Department said in a bulletin. Cox's Bazar, a southeastern border district, is where more than a million Rohingya refugees live, most of them having fled a military-led crackdown in Myanmar in 2017. At least 10,000 have left their homes in Myanmar's Rakhine state for safer areas, local media reported.

☆ Thai candidates parade through Bangkok before Sunday vote
▼ + stars: | 2023-05-13 | by ( Chayut Setboonsarng | ) www.reuters.com time to read: +2 min

Prime Minister Prayuth Chan-ocha faces an uphill battle to retain power in Sunday's general election, with opposition parties including Pheu Thai and Move Forward surging in popularity, according to opinion polls. On the back of a bright red car, Paetongtarn Shinawatra and Srettha Thavisin - two prime ministerial candidates for Pheu Thai - waved to onlookers. "I would like to ask first time voters to choose Pheu Thai," Paetongtarn told reporters as she stepped off the vehicle. [1/7] Thailand's incumbent Prime Minister Prayuth Chan-ocha greets supporters at the United Thai Nation Party's (Ruam Thai Sang Chart Party) rally event ahead of the upcoming general election, in Bangkok, Thailand, May 12, 2023. Across town, a truck carrying members of Prayuth's United Thai Nation party stopped occasionally as supporters took selfies and gave flowers.

☆ G7 agreed global financial system resilient but needs vigilance, Japan finmin says
▼ + stars: | 2023-05-13 | by ( ) www.reuters.com time to read: +3 min

[1/2] Japan's Finance Minister Shunichi Suzuki, Germany's Finance Minister Christian Lindner, Britain's Chancellor of the Exchequer Jeremy Hunt, Joachim Nagel, President of Germany's federal reserve... Read moreNIIGATA, Japan, May 13 (Reuters) - Finance ministers and central banks from the Group of Seven rich nations agreed the global financial system is resilient but the need for vigilance remains, Japan's finance minister Shunichi Suzuki said on Saturday. "We reaffirm that our financial system is resilient, supported by the financial regulatory reforms implemented after the 2008 global financial crisis, including considerable increases in the levels of bank capital and liquidity, an international framework for effectively resolving failing institutions, and strengthened cross-border regulatory and supervisory cooperation," it said. British finance minister Jeremy Hunt told reporters at a separate event that G7 finance chiefs in Japan had "very frank and open discussions" about the challenges they face, including banking regulation. The ministers have wrapped up a three-day meeting in the Japanese city of Niigata. Reporting by Tetsushi Kajimoto and Leika Kihara; Writing by David Dolan Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ India’s SEBI to regulate platforms offering fractional ownership of real estate assets
▼ + stars: | 2023-05-13 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +1 min

NEW DELHI, May 13 (Reuters) - The Securities and Exchange Board of India (SEBI) has proposed regulating all online platform that offer fractional ownership of real estate assets, in a bid to provide protection to small investors. Fractional ownership typically refers to small investment holdings of real estate assets. The minimum investment on these platforms typically range from 100,000 rupees to 250,000 rupees. The underlying real estate assets offered on these platforms are similar to the real estate or property defined under the REIT Regulations, said SEBI in the discussion paper. Globally such fractional ownership has been in existence since 2015 in markets such as the United States and United Arab Emirates.

The consumer price index (CPI) in April rose 0.1% year-on-year, the lowest rate since February 2021, and cooling from the 0.7% annual gain seen in March, the National Bureau of Statistics (NBS) said. Reuters GraphicsPBOC TESTEDOverall inflationary pressures remain low with the core consumer inflation, which excludes volatile food and energy prices, up 0.7%, unchanged from the previous month. The statistics bureau attributed the weaker consumer inflation to the base effect. Vegetable prices extended their decline to 13.5% and pork, a major driver of CPI, slowed its price growth to 4.0% from 9.6% in March. "Securing income growth and improving consumer confidence remain key policy priorities for delivering a more sustainable consumption recovery," said Pang.

☆ Vast China-Russia resources trade shifts to yuan from dollars in Ukraine fallout
▼ + stars: | 2023-05-11 | by ( Chen Aizhu | ) www.reuters.com time to read: +7 min

[1/2] Model of natural gas pipeline, Russian and Chinese flags and Yuan and Rouble banknotes are seen in this llustration taken, September 7, 2022. "For now, and for the foreseeable next few years, I think the trade using RMB will predominantly be used for commodity and energy trade." Russian President Vladimir Putin has said that two-thirds of trade between Beijing and Moscow is now settled in roubles or yuan. Surging commodity imports pushed China's trade deficit with Russia to $38 billion last year, although the gap has narrowed in the first four months of 2023. Gazprom, which said last September it had agreed with CNPC to settle gas trade in roubles and yuan, did not respond to requests for comment.

☆ China's consumer inflation slows to over 2-year low, factory gate deflation deepens
▼ + stars: | 2023-05-11 | by ( ) www.reuters.com time to read: +2 min

BEIJING, May 11 (Reuters) - China's consumer prices rose at the slowest pace in more than two years in April, while factory gate deflation deepened, data showed on Thursday, suggesting more stimulus may be needed to boost a patchy post-COVID economic recovery. The consumer price index (CPI) for the month rose 0.1% year-on-year, the lowest rate since February 2021, and cooling from the 0.7% annual gain seen in March, the National Bureau of Statistics (NBS) said. The producer price index (PPI) fell at the fastest clip since May 2020 and was down for a seventh consecutive month, declining 3.6% from a year earlier after a 2.5% drop the previous month. Month-on-month, the PPI fell 0.5% after remaining flat the previous month, while the CPI fell 0.1% in April after a 0.3% fall in March, bigger than a flat reading in a Reuters poll. Overall inflationary pressures remain low with the core consumer inflation, which excludes volatile food and energy prices, up 0.7%, unchanged from the previous month.

Both sides blame each other for high drug prices. Senator Bernie Sanders, who chairs the Senate Health, Education, Labor, and Pensions (HELP) Committee, is a fierce critic of both industries and will likely grill the executives. Optum Rx CEO Heather Cianfrocco will say manufacturers alone set the drug prices and abuse patent protections to stifle competition, her written testimony shows. Lilly, Novo Nordisk, and Sanofi all said in March they were cutting list prices by more than 70% for some insulin products. Uninsured people often have to pay full list prices, an average of $900 a month, forcing many to ration or skip doses.

☆ Saudi Aramco to supply full oil volumes to Asia in June, but some seek less
▼ + stars: | 2023-05-10 | by ( Muyu Xu | ) www.reuters.com time to read: +1 min

SINGAPORE, May 10 (Reuters) - Saudi Aramco has told customers in North Asia they will receive full volumes of crude oil that they have requested in June, several sources with knowledge of the matter said on Wednesday. But, some Chinese refiners have requested for lower supply volumes in June, said the sources. Saudi Aramco cut its official selling prices for all crude grades to Asia for June-loading cargoes amid lower refining margins. The falling profit margins have prompted refiners to seek cheaper oil from other suppliers such as Russia, or even consider lowering operational rates. Saudi Arabia, the world's top oil exporter, will reduce production by 500,000 bpd under the cuts.

A Virgin Australia spokesperson confirmed the contents of the internal email. A Bain Capital spokesperson declined to comment. "I can also confirm the IPO planning is well advanced," Cotton said in the email to staff seen by Reuters. Virgin Australia Chief Executive Jayne Hrdlicka said on Monday that she would take several weeks of leave to spend time with family after the death of her husband from cancer. Bain Capital bought Virgin Australia in 2020 after it was placed in voluntary administration, the closest Australian equivalent to Chapter 11 bankruptcy.

☆ Virgin Australia IPO planning 'well advanced' - Chairman
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: 1 min

SYDNEY, May 10 (Reuters) - Planning for Virgin Australia's upcoming initial public offering is well advanced, the airline's Chairman Ryan Cotton said on Wednesday in an internal email seen by Reuters. "I can also confirm the IPO planning is well advanced," said Cotton. "While there is still no date set and our ultimate window of opportunity will depend on market conditions, we are hopeful this process will progress over the coming quarters"A Virgin Australia spokesperson confirmed the contents of the internal email. Reporting by Scott Murdoch Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Dollar edges up as markets await debt-ceiling talks, inflation data
▼ + stars: | 2023-05-09 | by ( Laura Matthews | ) www.reuters.com time to read: +2 min

"So I don't think that we're going to have a breakthrough today. And that might be why the dollar is a bit stronger." The release of closely watched U.S. inflation data on Wednesday is likely to set the tone for markets, after stronger-than-expected jobs data last week. "It's widely expected that we're going to get that quarter-basis-point hike, and then we'll see where they go from there," Doyle said. ========================================================Currency bid prices at 4:03PM (2003 GMT)Reporting by Rae Wee Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

SINGAPORE, May 9 (Reuters) - The dollar clung to modest gains against major currencies on Tuesday but remained rangebound as traders awaited U.S. debt ceiling talks and tried to digest how a host of conflicting economic data will influence monetary policy and global growth. Closely-watched U.S. inflation data due on Wednesday is likely to set the tone for markets, after stronger-than-expected jobs data last week. Against a basket of currencies, the U.S. dollar index edged up 0.25% to 101.68, but remained near recent lows as traders eye a peak in U.S. rates. Sterling was broadly flat and bought $1.2599, ahead of Thursday's central bank policy meeting. ========================================================Currency bid prices at 10:18AM (1418 GMT)Reporting by Rae Wee Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Dollar edges up as market looks to U.S. debt ceiling talks, inflation data
▼ + stars: | 2023-05-09 | by ( Iain Withers | ) www.reuters.com time to read: +2 min

SINGAPORE, May 9 (Reuters) - The dollar edged up against major currencies on Tuesday as traders awaited clarity on U.S. debt ceiling talks and new inflation data for a clearer picture of the economic outlook and the Federal Reserve's likely rate-hiking path. Closely-watched U.S. inflation data due on Wednesday is likely to help set the tone for markets, after stronger-than-expected jobs data last week as the Fed considers how quickly to tighten rates as prices rise. Any Fed policy tweaks will have to be weighed against a backdrop of recent turmoil in the U.S. banking sector and a political impasse in Washington over resolving the country's debt ceiling and avoiding a default, analysts said. Elsewhere, sterling last bought $1.25975, down 0.1%, ahead of Thursday's central bank policy meeting. The Bank of England looks set to raise interest rates to 4.5%, as it tries to fight the highest inflation rate in Western Europe.

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