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Economists in a Reuters poll had predicted no growth in imports and an 8.0% increase in exports. Other recent data also showed South Korean exports to China, a leading indicator of China's imports, were down 26.5% in April, continuing 10 consecutive months of decline. China's coal imports fell in April from a 15-month high in the prior month, snapping back as demand weakens in Asian giant. Imports of copper - a proxy for global growth - and natural gas were also down in the same period. "The global economy is deteriorating and will weaken China's manufacturing sector," said Iris Pang, chief China economist at ING.

BEIJING, May 9 (Reuters) - China's imports contracted sharply in April, while exports grew at a slower pace, reinforcing signs of feeble domestic demand despite the lifting of COVID curbs and heaping pressure on an economy already struggling in the face of cooling global growth. Economists in a Reuters poll had predicted no growth in imports and an 8.0% increase in exports. Analysts say cooling global growth pointed to a longer road to recovery for the Asian giant after Beijing abruptly ended tough COVID curbs in December. South Korean exports to China, a leading indicator of China's imports, were down 26.5% in April, continuing 10 consecutive months of decline. China's economy grew faster than expected in the first quarter thanks to robust services consumption, but factory output has lagged amid weak global growth.

☆ Dollar rises slightly, sterling hovers near one-year high
▼ + stars: | 2023-05-09 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

The offshore yuan last traded 0.1% lower at 6.9287 per U.S. dollar. The benchmark 10-year yield was last at 3.4995%, after rising more than five basis points in the previous session. There's still a tightening in credit conditions that is coming ... but overall, at this stage, the survey is not depicting a credit crunch ahead. The Aussie was last 0.05% lower at $0.67775, after having risen to a roughly three-week top of $0.6804 on Monday. The kiwi fell 0.2% to $0.6332, having similarly scaled a one-month high of $0.63585 the day earlier.

☆ Japan's spending downturn, wages decline heighten pressure on economy
▼ + stars: | 2023-05-09 | by ( Kantaro Komiya | ) www.reuters.com time to read: +2 min

TOKYO, May 9 (Reuters) - Japan's consumer spending unexpectedly fell in March at the fastest rate in a year, while real wages marked a twelfth month of decline on persistent inflation, highlighting the challenges facing the economy in mounting a strong post-COVID revival. Household spending fell 1.9% in March from a year earlier, the data showed, against economists' median forecast for a 0.4% rise and following a 1.6% gain in February. It marked the biggest decline since March 2022's 2.3%, when Japan was still trying to curb the spread of coronavirus. For the full fiscal year 2022 that ended in March, household spending rose 0.7%, slowing from 1.6% expansion in fiscal 2021. Separate data showed Japanese real wages falling 2.9% in March, marking the full year of declines that started in April 2022 on decades-high consumer inflation.

☆ Dollar edges up, sterling hovers near one-year high
▼ + stars: | 2023-05-09 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

The euro was last 0.16% lower at $1.0987, while the Japanese yen slipped 0.1% to 135.24 per dollar. There's still a tightening in credit conditions that is coming ... but overall, at this stage, the survey is not depicting a credit crunch ahead. "The dollar didn't really get much of a kick on that," said Catril, referring to the survey. The kiwi slipped 0.11% to $0.6338, having similarly scaled a one-month high of $0.63585 the day earlier. Elsewhere, the British pound fell 0.06% to $1.26105, but was not far from the previous session's one-year peak of $1.2668, ahead of Thursday's central bank policy meeting.

The dollar remained relatively weaker against most of its major peers, even as the dollar index rose 0.059% and the euro fell 0.15% to $1.1002. Friday's robust U.S. payrolls report prompted investors to dial back their expectations for the timing and size of the Fed's first interest rate cut. The two-year Treasury yield, which typically moves in step with interest rate expectations, rose a touch above 4.0%. The dollar rose 0.18% against the yen. Bullion regained ground after a sharp retreat in the previous session, ahead of the inflation data that could shed light on the outlook for U.S. interest rates.

In Europe, the broad pan-regional STOXX 600 index (.STOXX) rose 0.34% on expectations non-U.S. stocks will outperform in the months ahead. Sterling , which has gained 4.4% against the dollar this year, earlier hit a 12-month high of 1.2668 ahead of an expected Bank of England rate increase on Thursday. The dollar rose 0.01% against the yen. "The survey should point to further broad-based tightening in bank lending standards," said Bruce Kasman, head of economic research at JPMorgan. Bullion regained ground after a sharp retreat in the previous session, ahead of the inflation data that could shed light on the outlook for U.S. interest rates.

☆ Asia shares inch higher, U.S. inflation test looms
▼ + stars: | 2023-05-08 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

"The survey should point to further broad-based tightening in bank lending standards," said Bruce Kasman, head of economic research at JPMorgan. "Though our analysis suggests that the impact of a credit tightening against an otherwise healthy backdrop tends to be limited." S&P 500 futures and Nasdaq futures were both off 0.1%, after jumping on Friday in the wake of Apple's (AAPL.O) upbeat results. The dollar stood at 135.19 yen , with the euro at 148.93 and not far from its recent 15-year peak of 151.55. Brent was last up 3 cents at $75.33 a barrel, while U.S. crude added 5 cents to $71.39 per barrel.

☆ Australia business activity robust in April, cost pressures still a challenge
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, May 8 (Reuters) - Australian business conditions remained sturdy in April, supported by robust sales and labour market strength despite high inflation and rising interest rates, while cost pressures were still posing a challenge for firms. The survey from National Australia Bank Ltd (NAB) (NAB.AX) released on Monday showed its index of business conditions fell two points to +14 in April, but stayed well above its long-run average. The volatile measure of confidence edged up to 0, compared with March's -1, suggesting that an equal share of firms were optimistic as pessimistic. The still strong business activity showed why the Reserve Bank of Australia stunned markets last week by lifting rates to an 11-year high of 3.85%, when traders had looked for an extended pause, and warned that more tightening might be needed. Cost growth remained a challenge, with the measure of labour costs steadying at a quarterly rate of 1.9% and purchase costs picking up to 2.3%, compared with 1.9% in March.

BEIJING, May 8 (Reuters) - China's exports were expected to have risen again in April, albeit at a less robust pace than a month earlier, a Reuters poll showed, supported by unfulfilled orders after last year's COVID disruptions though slowing global growth is darkening the outlook. With many of China's major trade partners on the brink of recession, analysts remain wary about the outlook, noting that the stunning improvement in March partly reflects suppliers catching up with unfulfilled orders from last year's COVID disruptions. South Korean exports to China, a leading indicator of China's imports, were down 26.5% in April, continuing 10 consecutive months of decline. China's economy grew faster than expected in the first quarter thanks to robust services consumption, but factory output has lagged amid weak global growth. The government has set a modest GDP growth target of around 5% for this year, after badly missing the 2022 goal.

☆ U.S. bankers urge SEC to probe short sales, reduce 'abusive' trading
▼ + stars: | 2023-05-05 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

"We urge the SEC to consider all its existing tools and to take measures to reduce the avenues for abusive trading practices and restore investor confidence," the group said. "These measures include, at a minimum, a clear message and appropriate enforcement actions against market manipulation and other abusive short selling practices." Short sellers raked in $378.9 million in paper profits on Thursday alone from betting against certain regional banks, according to analytics firm Ortex. ABA President and CEO Rob Nichols told Gensler that short selling could be a legitimate financial tool, but his group was "unalterably opposed to short selling practices that distort the markets through manipulation and abuse." He called on Gensler to send a clear message to market players and take appropriate enforcement action against market manipulation and other abusive short selling practices.

☆ Japan earthquake of magnitude 6.5 injures some, damages buildings
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +1 min

May 5 (Reuters) - An earthquake with a magnitude of 6.5 struck on Friday off Japan's western prefecture of Ishikawa, authorities said, as media reported some buildings had collapsed while people were injured. No abnormalities were reported at the Shika nuclear power plant in the area, or at the Kashiwazaki-Kariwa plant in the neighbouring prefecture of Niigata, Matsuno added. Japan's weather authorities revised the quake's magnitude to 6.5 from a preliminary 6.3, and warned against aftershocks, although it had triggered no tsunami warning. The government has set up an earthquake response centre headed by Prime Minister Fumio Kishida, Matsuno said. "Prime Minister Kishida instructed us to do everything in our power for relief and rescue," he added.

☆ Dollar gains, euro dips after cautious ECB
▼ + stars: | 2023-05-04 | by ( Karen Brettell | ) www.reuters.com time to read: +3 min

SINGAPORE, May 4 (Reuters) - The dollar gained against the euro after the European Central Bank eased its pace of rate hikes, a day after the Federal Reserve hiked rates by 25 basis points and indicated that it may pause further increases. The Fed on Wednesday dropped from its policy statement language saying that it "anticipates" further rate increases would be needed. The dollar index was last up 0.30% on the day at 101.52. The greenback was last down 0.17% against the Norwegian crown at 10.73 after Norway's central bank raised interest rates by 25 basis points as expected. ========================================================Currency bid prices at 10:18AM (1418 GMT)Reporting by Rae Wee Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Euro falls after dovish ECB
▼ + stars: | 2023-05-04 | by ( Alun John | ) www.reuters.com time to read: +4 min

The ECB eased the pace of its interest rate hikes on Thursday with a 25-basis-point increase to its three policy rates, the smallest since it started lifting them last summer. "The ECB is clearly striking a more balanced tone and the market is pricing a bit of that, the euro is depreciating and pricing for interest rate hikes at future meetings is coming down, but just a little bit." The Fed has guided markets away from the possibility of rate cuts this year, though markets are pricing them in nonetheless. The Norwegian crown took a short trip after Norway's central bank raised interest rates by 25 basis points as expected. It initially softened sharply against the euro and dollar, but recovered.

The narrowing rate differentials between the U.S. and Europe, as markets price in more European rate increases than in the U.S., has been boosting European currencies in recent months. The Fed has guided markets away from the possibility of rate cuts this year, though markets are pricing them in nonetheless. The European Central Bank announces its rate decision later in the day. "So I think central banks, including the Fed, are at or very near the peak in their cash rates." The Norwegian crown took a short trip after Norway's central bank raised interest rates by 25 basis points as expected.

☆ IMF sees uncertainty over Japan's monetary policy, spillover globally
▼ + stars: | 2023-05-04 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

While most Asian central banks must keep tightening monetary policy, Japan remains an exception with inflation still moderate - though this could change. "There is uncertainty around the direction of monetary policy in Japan, amid a rise in inflation," Srinivasan said. "Changes in Japan's monetary policy that lead to further increases in government bond yields could have global spillovers through Japanese investors, who have large investment positions in debt instruments abroad," Srinivasan said. With inflation exceeding its 2% target, markets are rife with speculation the Bank of Japan (BOJ) could modify its bond yield control policy in coming months. The BOJ kept ultra-low interest rates on Friday but announced a plan to review its past monetary policy moves, laying the groundwork for new governor Kazuo Ueda to phase out his predecessor's massive stimulus programme.

☆ Dollar falls after Fed signals pause; banking woes dent confidence
▼ + stars: | 2023-05-04 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

"Additional tightening may be needed ... but the FOMC does not appear to be pre-committing to another rate hike on June 14." The U.S. dollar index was last 0.12% lower at 101.11, after dropping more than 0.6% in the previous session. "There are a lot of concerns in the U.S. around the banking sector and the crunch on credit. "So I think central banks, including the Fed, are at or very near the peak in their cash rates." The European Central Bank (ECB) comes under the spotlight next, where expectations are for ECB policymakers to raise interest rates for the seventh meeting in a row later on Thursday.

☆ Egypt's current account moves into surplus in Oct-Dec
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

CAIRO, May 3 (Reuters) - Egypt's current account turned a surplus for the first time in years in the October-to-December quarter as imports dropped and exports rose, the central bank said in a statement on Wednesday. Egypt imposed import restrictions during most of 2022 and continues to suffer an acute shortage of foreign currency. The current account registered a surplus of $1.41 billion dollars compared to deficits of $3.19 billion in July to September and $3.8 billion in Oct-Dec 2021. Imports fell to $17.99 billion from $19.07 billion in July-September and $22.48 billion a year earlier, while exports rose to $11.54 billion from $9.97 billion in July-September. Reporting by Enas Alashray and Alaa Swilam; Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ US to continue humanitarian program after Title 42 end date - joint statement
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, May 2 (Reuters) - The United States will continue to accept migrants from Cuba, Haiti, Nicaragua, and Venezuela under a humanitarian program after May 11, when the COVID-19 health policy known as Title 42 is set to end, the U.S. and Mexican governments said on Tuesday. Mexico, for its part, will continue accepting back migrants returned to Mexico on humanitarian grounds, the two countries said in a joint statement. The statement also said the United States would accept some 100,000 people from El Salvador, Guatemala and Honduras under a family reunification program announced last week, but did not give a time frame for that number. The statement came after Mexican President Andres Manuel Lopez Obrador met with White House Homeland Security Advisor Elizabeth Sherwood-Randall on Tuesday to discuss migration ahead Title 42's impending end. Tuesday's announcement indicates that a humanitarian parole program providing legal migration pathways for Cubans, Haitians, Nicaraguans, and Venezuelans will continue after Title 42's end.

☆ Stocks ease; Aussie dollar soars after surprise hike
▼ + stars: | 2023-05-02 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

"No one is going to want to do too much before we get to that FOMC decision. "One of the things that sticks out to me is that they're still saying they might need to increase interest rates," said Commonwealth Bank of Australia strategist Joe Capurso. "So as well as the increase today, that's supporting the Aussie dollar," he said. The U.S. dollar was steady against a basket of major currencies , while the euro eased 0.1% to $1.097. But markets are still anxious about what may be the next crisis, even if the initial response has been positive.

☆ Stocks on edge, Aussie surges after RBA surprise
▼ + stars: | 2023-05-02 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

SINGAPORE, May 2 (Reuters) - Asian shares wobbled in cautious trade on Tuesday ahead of a series of data releases and central bank meetings, which began with a surprise rate hike in Australia that boosted the local dollar. Markets were positioned for Australia's central bank to stay on hold and a 25 basis point hike sent the Aussie dollar up about 0.8% to its highest in a week at $0.6692. Three-year Aussie government bond yields also jumped, while Australian stocks (.AXJO) slipped 0.7%. "So as well as the increase today, that's supporting the Aussie dollar," he said, though he warned that could unwind as there's a "reasonable chance" the Federal Reserve takes a similar approach at its meeting on Wednesday. Two-year Treasury yields , which track short-term U.S. rate expectations were steady at 4.1451% in Asia.

☆ Australia central bank stuns market with 25-bps hike, says more might be needed
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

Wrapping up its May policy meeting, the Reserve Bank of Australia (RBA) lifted rates to 3.85% and said "some further" tightening may be required to ensure that inflation returns to target in a reasonable timeframe. Investors reacted by pushing the Australian dollar 0.9% higher to $0.6687, while three-year bond futures slumped 16 ticks to 96.85. "Given the importance of returning inflation to target within a reasonable timeframe, the Board judged that a further increase in interest rates was warranted today." Home prices are also showing signs of bottoming out, having risen for the second straight month in April, supported by rising migration levels and a chronic shortage in housing supply. Reporting by Wayne Cole; Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks on edge as traders wait on central bankers
▼ + stars: | 2023-05-02 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Treasury yields rose in response and expectations firmed to near certain for one final U.S. rate hike this week. JPMorgan shares rose 2.1%. The policy stands in contrast to the U.S. and Europe where central banks are deep into a hiking cycle and still going. On the monetary policy front the Reserve Bank of Australia (RBA) is first up in a week that brings central bank meetings in the U.S., Europe and Norway. Overnight, Treasury Secretary Janet Yellen said the Treasury might run out of money to cover obligations as soon as June 1.

☆ S.Korea factory activity shrinks in April, marks longest downturn in 6 years - PMI
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

However, it remained below the 50-mark that separates expansion from contraction for the 10th straight month in a row, the longest such streak since May 2017. "April PMI data provided further evidence that South Korean manufacturing firms continued to struggle in the face of the current global economic weakness," said economist Usamah Bhatti at S&P Global Market Intelligence. Sub-indexes showed output shrank for a 12th month, but at the joint-softest pace in the streak. New orders fell for a 10th month, with the pace also easing from the previous month. New export orders fell for a 14th month, at a pace only slightly milder than the month before.

☆ World Bank set to launch more robust, transparent business climate rankings
▼ + stars: | 2023-05-01 | by ( Andrea Shalal | ) www.reuters.com time to read: +4 min

WASHINGTON, May 1 (Reuters) - The World Bank will announce on Monday a new methodology for assessing the business climate in up to 180 countries after embarrassing revelations of data irregularities and favoritism toward China forced it to cancel the "Doing Business" rankings two years ago. "Business Ready improves upon and replaces the World Bank Group’s earlier Doing Business project. It reflects a more balanced and transparent approach toward evaluating a country’s business and investment climate," the bank said in a statement. "The main thing that went wrong was the data integrity of Doing Business was compromised," Norman Loayza, director of the World Bank's Indicators Group, which leads the project, told Reuters. But World Bank officials were still debating whether to revive the business climate rankings that were at the heart of the "Doing Business" controversy or produce an overall index, Loayza said, with a decision expected prior to the first report.

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