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☆ Dividend-paying stocks could rise in 2024. Investors like these plays for the new year
▼ + stars: | 2023-12-28 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +6 min

Dividend-paying stocks took a backseat to this year's tech-driven market rally, but 2024 could be the year that they come back in vogue. A couple of catalysts could swing the pendulum back in favor of dividend payers in 2024, including the Fed's forecast for three rate cuts in the new year. "Not only do you get the dividend yield and dividend growth, but you get some capital appreciation perhaps – that's where it gets interesting," he added. Special dividend payers Kim Abmeyer, certified financial planner and founder of Abmeyer Wealth Management in Dallas, sees dividend-paying stocks coming into focus for 2024. The energy company in November announced that it raised its regular dividend by 10% and it declared a $1.50 per share special dividend.

Persons: gangbuster, Charlie Gaffney, Eaton Vance, Gaffney, bode, Bernstein, it's, Nelson, Piper Sandler, Paul Newsome, Kim Abmeyer, Abmeyer, Stocks, Roth MKM's Leo Mariani Organizations: Big Tech, Nasdaq, Morgan Stanley Investment Management, Broadcom, VMware, Evercore ISI, Disney, Allstate, Abmeyer Wealth Management, Costco Wholesale, Costco Locations: Dallas

☆ S&P 500 rises to 20-month high with a soft landing in sight. Can investors finally relax?
▼ + stars: | 2023-12-09 | by ( Michael Santoli | ) www.cnbc.com time to read: +9 min

The S & P 500 , which had consolidated with a low-volatility sideways slide for three weeks, nudged to a new 20-month high just above 4600, almost precisely a 20% year-to-date gain. Just because the S & P 500 is at 4600 and Federal-funds futures markets project high odds of several rate cuts next year, it doesn't mean the former is reliant on the latter. Yet — just relax — in seven of the past 12 years, the S & P 500 went on to surpass this year-ahead analyst composite target. It's pretty popular to cast doubt on the achievability of the consensus 11.8% forecast S & P 500 earnings growth for 2024. A broadening beyond 2023's growth leadership is necessary for further S & P 500 gains.

Persons: YTD, Jerome Powell, Powell, John Butters, Scott Chronert Organizations: Federal, Fed, Bank of America, Wall, Merck, Pfizer, Citi, Treasury

☆ Fed Chair Powell: Too early to say when to expect rate cuts
▼ + stars: | 2023-12-01 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

While Powell and other officials say they’re not even thinking about cutting rates just yet, some investors expect cuts to begin around the middle of next year. With Treasury yields sliding in recent weeks, so have mortgage rates, and rate cuts next year would help that along. Inflation, spending and mortgagesConsumer spending and inflation both eased in October, the Commerce Department reported Thursday. What Fed officials are sayingFed officials have broadly acknowledged that economic conditions are setting the stage for inflation to continue its descent. While some Fed officials have expressed optimism, others remain unconvinced that the Fed’s job is done.

Persons: Jerome Powell, ” Powell, ”, Powell, they’re, Freddie Mac, Christopher Waller, John Williams, “ We’ve, Michelle Bowman, “ Organizations: DC CNN — Investors, Federal, Spelman College, Treasury, Fed, December’s Fed, Commerce Department, ”, Washington . New York Fed, New York Fed Locations: Washington, Atlanta, September’s, America, doldrums, Washington . New, Salt Lake City

Fresh data shows price pressures are easing and the labor market is gradually cooling, evidence that the slowdown the Fed has tried to engineer with its rate hikes to date is underway. Still, the unemployment rate at last read was 3.9%, only a few tenths of a percentage point above where it was when the Fed first began raising rates in March 2022. UNCERTAIN PATHTraders have been betting heavily that the Fed will keep its overnight benchmark interest rate steady in the 5.25%-5.50% range for the next several months. "I'm not losing too much sleep" over the market's view "because there's a lot of uncertainty about the future path of policy," Williams said. "I'm not thinking about rate cuts at all right now," Daly said.

Persons: John Williams, Williams, Janet Yellen, I'm, Mary Daly, Daly, Jerome Powell, Christopher Waller, Oscar Munoz, Dan Burns, Michael S, Howard Schneider, David Lawder, Chizu Nomiyama, Paul Simao, Andrea Ricci, Will Dunham Organizations: Federal Reserve, New York Fed Bank, Fed, U.S, Treasury, PATH Traders, San Francisco Fed, Spelman College, Derby, Thomson Locations: U.S, New, Atlanta

☆ Nigeria lawmakers pass 2024-2026 budget framework with naira at 700 to dollar next year
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +1 min

ABUJA, Nov 21 (Reuters) - Nigeria's lower house of parliament passed the medium-term expenditure framework for 2024-2026 on Tuesday, a set of assumptions that will be used to prepare the country's budget over the next three years. The naira last week briefly slumped to a record low of 1,105 against the dollar on the official market, bringing the official exchange rate within touching distance of the parallel market rate. The fiscal framework must also be passed by the upper chamber of parliament. Tinubu is also due to send the country's 2024 spending plan of 26 trillion naira ($34 billion) to parliament for approval. Below are some of the assumptions in the medium-term expenditure framework:Reporting by Camillus Eboh in Abuja Writing by Chijioke Ohuocha Editing by Alexander Winning and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Bola Tinubu's, firming, Camillus, Chijioke, Alexander Winning, Matthew Lewis Organizations: Thomson Locations: ABUJA, Tinubu, Camillus Eboh, Abuja

Ferdinand Marcos Jr. President of the Philippines speaks at the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, California, U.S., November 15, 2023. This week's three-day joint air and maritime exercise was a "significant initiative" to boost interoperability between the two, Philippine President Ferdinand Marcos Jr. said. It will end in the West Philippine Sea, the name Manila uses for waters in the South China Sea that fall within its exclusive economic zone (EEZ). The joint patrol with the United States showed the Manila was making a stand over the South China Sea, said Jay Batongbacal, director of the Institute for Maritime Affairs and Law of the Sea in Manila, the capital. "It shows that the Philippines is really firming up its posture on West Philippine Sea issues," Batongbacal said.

Persons: Ferdinand Marcos Jr, Carlos Barria, Eugene Cabusao, Marcos, Rodrigo Duterte, Xi Jinping, Jay Batongbacal, Batongbacal, Mikhail Flores, Karen Lema, Martin Petty, Clarence Fernandez Organizations: Economic Cooperation, REUTERS, United States, South China, Washington, Institute for Maritime Affairs, Law, Philippine, Thomson Locations: Philippines, Asia, San Francisco , California, U.S, Philippine, Taiwan US, Manila, China, MANILA, Taiwan, Mavulis, Luzon, West Philippine, South, United, Hawaii, United States, China's, Brunei, Indonesia, Malaysia, Vietnam, Beijing, South China

☆ Fed Officials Thought Rates Could Rise More if Inflation Stayed Stubborn
▼ + stars: | 2023-11-21 | by ( Jeanna Smialek | More About Jeanna Smialek | ) www.nytimes.com time to read: +2 min

Wall Street is keenly focused on what officials will do next. Fed policymakers had predicted one more 2023 rate move as of their September economic projections, but investors think that there is little chance they will raise rates at their final meeting of the year on Dec. 12-13. Those, together with remarks from Fed Chair Jerome H. Powell, could provide important clues about the future. As of now, market pricing suggests that Wall Street expects policymakers to begin lowering interest rates at some point in the first half of 2024. Several central bankers have been clear in recent weeks that they aren’t sure they are done raising interest rates.

Persons: Jerome H, Powell, ” Susan Collins Organizations: ”, Federal Reserve Bank of Boston, CNBC

☆ Rupee likely to inch up on more dollar losses; eyes oil prices
▼ + stars: | 2023-11-20 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Nov 20 (Reuters) - The Indian rupee is likely to open slightly higher on Monday after the dollar declined to its lowest in over two months against a basket of major peers. Non-deliverable forwards indicate rupee will open at around 83.24-83.25 to the U.S. dollar, compared with 83.27 in the previous session. The dollar index fell 1.8% last week, the worst performance since mid-July. Asian currencies were mostly higher"It looks like it is setting up to be like last week.. rupee will do much in the face of the dollar's struggles," a forex trader at a bank said. "And let's say, for whatever reason, the dollar turns later this week, then too the rupee will not budge.

Persons: Brent, Mary Daly, Susan Collins, Nimesh Vora, Dhanya Ann Thoppil Organizations: U.S ., Federal Reserve, Fed, San Francisco Fed, Boston, ANZ, Brent, Thomson Locations: MUMBAI, Asia, U.S

☆ It's been 2 years since the Nasdaq hit a record and it's gone nowhere since
▼ + stars: | 2023-11-18 | by ( Michael Santoli | ) www.cnbc.com time to read: +7 min

The loudest investor chatter for months has insisted the heavyweights of the Nasdaq have been everything to the market in 2023. Sunday is the second anniversary of the all-time closing high in both the Nasdaq Composite and Nasdaq 100 indexes, which remain 12% and 4 % underwater even after their monster gains in recent months. It's relatively rare for the Nasdaq 100 – the most easily investable part of the Nasdaq and the one most reflective of the mega-cap dominance – to enter a two-year downturn. Only three of the Big Seven have outperformed the Nasdaq 100 over the past two years – Apple, Nvidia and Microsoft — while Meta Platforms has kept pace and Amazon, Alphabet and Tesla have lagged. Friday showed signs of outright rotation, the Russell 2000 up 1.3% versus a flat Nasdaq 100.

Persons: Invesco, Scott Chronert, we've, I've, –, Chronert, Apple's, What's, Berkshire Hathaway, Tony Pasquariello, Goldman Sachs, Russell, disinflation Organizations: Nasdaq, Sunday, QQQ, Citi, Apple, Nvidia, Microsoft, Meta, Berkshire, Fed Locations: lockstep, Berkshire, Whereto

Speaking on CNBC, Boston Fed President Susan Collins also said the U.S. central bank must be "patient and resolute, and I wouldn't take additional firming off the table." Inflation by the Fed's preferred measure was 3.4% in September, down from its 7.1% peak last summer, but above the central bank's target. And he expressed increased confidence that the Fed can meet its inflation goal without the kind of rise in unemployment seen in the U.S. central bank's prior battles with inflation. Speaking on Thursday, Cleveland Fed President Loretta Mester, one of the central bank's more hawkish policymakers, said she had not yet assessed whether she would continue to pencil in a further rate hike. Fresh economic and interest rate projections are due to be the released at the Dec. 12-13 policy meeting.

Persons: Mary Daly, Daly, Susan Collins, Collins, Austan Goolsbee, Loretta Mester, Ann Saphir, Michael S, Pete Schroeder, Dan Burns, Balazs Koranyi, Paul Simao Organizations: Federal, San Francisco Fed, CNBC, Boston, Deutsche Bank, Chicago Fed, Fed, Cleveland Fed, Derby, Thomson Locations: Frankfurt, Germany, U.S

☆ Fed's Susan Collins says more rate hikes can't be taken off the table yet
▼ + stars: | 2023-11-17 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Despite recent encouraging signs on inflation, Boston Federal Reserve President Susan Collins said Friday that more interest rate hikes could yet be needed. But I don't see additional firming off the table," the central bank official told CNBC's Steve Liesman during a "Squawk on the Street" interview. "I think the key point is we need to really stay the course." The central bank's benchmark borrowing rate is targeted in a range between 5.25%-5.5%, the highest in 22 years. Collins will not be a voting member on the rate-setting Federal Open Market Committee until 2025.

Persons: Susan Collins, CNBC's Steve Liesman, Collins Organizations: Boston Federal, Market Committee

☆ Germany buys stake in EnBW's high voltage grid for $1.1 bln
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +1 min

Solar panels of Germany's largest solar park Weesow-Willmersdorf by energy supplier EnBW AG are seen during sunset in Werneuchen, Germany September 21, 2023. EnBW earlier this year already sold a 24.95% stake in TransnetBW to a savings banks-led consortium for around 1 billion euros ($1.1 billion). The group confirmed that KfW had bought its stake at the same conditions, without providing details. "We are delighted to welcome two long-term oriented and reliable co-investors on board at TransnetBW," EnBW finance chief Thomas Kusterer said in a statement. "This provides EnBW with additional funding for growth investments to accelerate the implementation of the energy transition in Germany."

Persons: Lisi Niesner, firming, KfW, Thomas Kusterer, Christoph Steitz, Jan Harvey Organizations: EnBW, REUTERS, Rights, Thomson Locations: Werneuchen, Germany, TransnetBW, Berlin

Mortgage rates have cooled somewhat in recent days, and 30-year mortgage rates are now the lowest they've been since mid-October. If the Fed is able to stop hiking rates, mortgage rates should recede a bit. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: isn't, Jerome Powell, Powell, you'll, Fannie Mae Organizations: Federal Reserve, Zillow, Fed, Mortgage, Association, Sky Locations: Chevron

☆ What to expect from today’s Fed meeting
▼ + stars: | 2023-11-01 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

That would be the second consecutive meeting the Fed keeps rates unchanged. But that doesn’t mean the Fed is done hiking rates. Still, hawkish Fed officials — those who back a more aggressive approach to addressing inflation — believe there’s more room to raise rates. Domestic spending has continued at a strong pace and the labor market remains tight,” Fed Governor Michelle Bowman said last month in Morocco. The strong economy will likely slowDespite the Fed’s 11 rate hikes since March 2022, the US economy has displayed remarkable resilience.

Persons: Jerome Powell, “, ” Powell, Michelle Bowman, ” Luke Tilley, Powell, Banks, ”, Nela Richardson Organizations: DC CNN, Federal Reserve, hawkish Fed, ”, Labor Department, Wilmington Trust, CNN Locations: Washington, New York, Morocco, Wilmington, Israel

☆ Fed holds rates steady, upgrades assessment of economic growth
▼ + stars: | 2023-11-01 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

watch nowThe Federal Reserve on Wednesday again held benchmark interest rates steady amid a backdrop of a growing economy and labor market and inflation that is still well above the central bank's target. This was the second consecutive meeting that the Federal Open Market Committee chose to hold, following a string of 11 rate hikes, including four in 2023. He also said the risks around the Fed doing too much or too little to fight inflation have become more balanced. The increases have been targeted at easing economic growth and bringing a supply and demand mismatch in the labor market back into balance. The post-meeting statement indicated that the Fed sees the economy holding strong despite the rate hikes, a position in itself that could prompt policymakers into a prolonged tightening stance.

Persons: Stocks, Jerome Powell, Powell, Charlie Ripley Organizations: Federal Reserve, Federal, Market, Dow Jones Industrial, Allianz Investment Management, Gross, Labor Department, Fed, Group Locations: hasn't

☆ Fed buzz: words to watch for as the Fed sets rates
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +5 min

Here are a few words and phrases to watch for in the Fed's post-meeting statement on Wednesday and in Fed Chair Jerome Powell's news conference, and what they might suggest for the future path of interest rates. Any change to that phrase could signal Fed policymakers feel they are closer than before to reaching a sufficiently restrictive stance of monetary policy. Reuters GraphicsPROCEED CAREFULLYIn his news conference following the Fed's September decision to hold the policy rate steady, Powell said the Fed would proceed or move "carefully" 11 separate times. The adverb is meant to convey a central bank no longer barreling ahead with ever-tighter policy, as it did last year when it drove the policy rate up in chunks of as much as 75-basis-points at a time. A few of Powell's colleagues have said those risks have recently become roughly balanced; Powell has not.

Persons: Jerome Powell, Brendan McDermid, Jerome, Powell, Ann Saphir, Andrea Ricci Organizations: Economic, of New, REUTERS, Federal Reserve, Reuters Graphics, Powell, Reuters, Thomson Locations: of New York, New York City, U.S

JOURNEY STARTSIron-flow batteries were developed decades ago but have yet to be deployed as a grid-scale energy storage solution. ESI Managing Director Stuart Parry believes iron-flow batteries are an idea whose "time has come." Parry doesn't see iron-flow batteries replacing lithium-ion units, rather they are complementary with lithium batteries able to arbitrage power prices by acting rapidly, while iron-flow units are more likely to act as baseload firming for the grid when renewables tail off. Parry also says iron-flow batteries work out about a third cheaper than lithium ion units when looking at the cost on a MWh basis. On the surface, iron-flow batteries seem like a solid solution to how to run an electricity grid dominated by variable renewables.

Persons: Stuart Parry, Parry, Lincoln Organizations: Stanwell Corp, Energy Storage Industries Asia, Reuters, Thomson Locations: Greenough, Walkaway, Perth, Australia, LAUNCESTON, Queensland, Rockhampton

☆ Russia, Iran strengthen ties in 'trusting' atmosphere -Russian foreign ministry
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

Russian Foreign Minister Sergei Lavrov shakes hands with Iranian President Ebrahim Raisi during a meeting in Tehran, Iran October 23, 2023. Russian Foreign Ministry/Handout via REUTERS Acquire Licensing RightsOct 24 (Reuters) - Russia and Iran are firming up bilateral relations in a 'trusting' atmosphere, Russia's foreign ministry said early on Tuesday after its chief, Sergei Lavrov, was received by Iranian President Ebrahim Raisi during a visit to Tehran. "In a traditionally trusting atmosphere, current aspects of the bilateral agenda were substantively discussed with an emphasis on further building up the entire complex of multifaceted Russian-Iranian partnership," the foreign ministry said in a statement on the Telegram messaging app. Lavrov, who went to Tehran shortly after an Asia trip to China and North Korea, discussed energy and logistics projects with Iranian Foreign Minister Hossein Amirabdollahian. Iran initially denied supplying the Shahed kamikaze drones to Russia but later said it had provided a small number before Moscow launched the war.

Persons: Sergei Lavrov, Ebrahim Raisi, Lavrov, Hossein Amirabdollahian, Lidia Kelly Organizations: Russian, Russian Foreign Ministry, REUTERS Acquire, Iranian, Kyiv, Moscow, United, Thomson Locations: Tehran, Iran, Russia, Asia, China, North Korea, Russian, South Caucasus, Nagorno, Karabakh, Ukraine, Moscow, United States, Melbourne

"We cannot yet know how long these lower readings will persist, or where inflation will settle over coming quarters." After a short delay, Powell noted the labor market and economic growth may need to slow to ultimately achieve the Fed's goal. "Still, the record suggests that a sustainable return to our 2 percent inflation goal is likely to require a period of below-trend growth and some further softening in labor market conditions," Powell said. "We're very far from the effective lower bound, and the economy is handling it just fine," Powell said. Robust job creation in September and a slow pace of layoffs could put progress on inflation at risk.

Persons: Jerome Powell, Powell Organizations: Economic, of New, Defiance, Fed Locations: of New York

☆ Dollar gains after US consumer prices rise more than expected
▼ + stars: | 2023-10-12 | by ( Herbert Lash | ) www.reuters.com time to read: +4 min

NEW YORK, Oct 12 (Reuters) - The dollar rose sharply on Thursday after U.S. consumer prices rose more than expected in September, lifted by an elevated cost of rent that raised the prospect of the Federal Reserve keeping interest rates high for some time. The consumer price index increased 0.4% last month, with a 0.6% jump in the cost of shelter accounting for more than half of the rise. The dollar rose more than 1% against sterling, and the Australian and New Zealand dollars. Owners' equivalent rent, a measure of the amount homeowners would pay to rent or would earn from renting their property, rose even though non-official sources show a decline in rental prices. Thursday's CPI release came after Wednesday's mixed report on U.S. producer prices, and minutes from the Fed's September meeting.

Persons: Douglas Porter, Bipan Rai, Thierry Wizman, Wizman, BoE, Wednesday's, Herbert Lash, Alun John, Ankur Banerjee, Emelia Sithole, Mark Potter, Jonathan Oatis Organizations: Federal Reserve, Labor, BMO Capital Markets, Reuters, New, CIBC Capital Markets, Fed, Bank of England, CPI, Swiss, Thomson Locations: Oakville, Canada, New Zealand, North America, Toronto, New York, London, Bengaluru, Singapore

☆ Dollar hovers near two-week lows ahead of inflation data
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +3 min

The employee of a currency exchange shop counts U.S. dollar banknotes in Ciudad Juarez, Mexico July 27, 2023. The report comes ahead of the release on Thursday of September's consumer price index data, which is expected to show inflation moderated last month. "On the flip side, an upside surprise will likely encourage markets to reprice higher the chance the Federal Open Market Committee will follow through on its projected 25 basis point hike." Futures markets are pricing in a 26% chance of a 25 basis point hike in the December meeting and a 9% chance of a 25 basis point hike in November meeting, according to the CME FedWatch tool. The Japanese yen strengthened 0.03% to 149.11 per dollar, while sterling was last trading at $1.2311, flat on the day.

Persons: Jose Luis Gonzalez, Ryan Brandham, Carol Kong, Ankur Banerjee, Sam Holmes Organizations: REUTERS, Rights, Federal Reserve, Validus Risk Management, Fed, Commonwealth Bank of Australia, European Central Bank, Thomson Locations: Ciudad Juarez, Mexico, Rights SINGAPORE, U.S, North America, Tokyo, Singapore

"If long-term interest rates remain elevated because of higher term premiums, there may be less need to raise the fed funds rate," Logan said. The Dallas Fed president said the economy has been stronger than she had expected, as has been the labor market, and that inflation was still too high despite progress in lowering it. But because Logan ran the New York Fed's bond portfolio for years before she took the top job at the Dallas Fed, her views on what's driving long-term rates higher could carry considerable weight as policymakers weigh their next moves. "The expectation of lower Federal Reserve asset holdings over time implies that other investors will need to hold more long-duration securities, which appears to be one factor among the many contributing to higher term premiums," Logan said. Figuring out how much of the higher long-term rates is due to higher term premiums is complex, she added.

Persons: Lorie Logan, Ann Saphir, Logan, Mary Daly, Julia Coronado, Lorie, she's, Krishna Guha, Guha, Paul Simao Organizations: Federal Reserve Bank, Dallas, Kansas City, REUTERS, Rights, Treasury, Federal Reserve, National Association for Business Economics, Market, San Francisco Fed, Evercore ISI, Dallas Fed, Fed, Thomson Locations: Kansas, Jackson Hole , Wyoming, U.S, York

☆ Yen falls to fresh 11-month low against dollar, focus on intervention risks
▼ + stars: | 2023-09-25 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsLONDON, Sept 25 (Reuters) - The dollar rose against the yen to an almost 11-month high on Monday following last week's gains, keeping traders focused on Japan intervention risks. The Japanese currency remained within striking distance of 150, a level which some market watchers saw as a line in the sand that would spur forex intervention from Japanese authorities similar to that of last year. A yen overshooting would be seen by many as a catalyst for renewed interventions to strengthen the Japanese currency, similarly to last year, she added. EURO FACES GROWTH FEARSThe euro edged 0.1% lower to $1.0633, moving towards a six-month low of $1.0615 touched on Friday against a stronger dollar.

Persons: Florence Lo, Kazuo Ueda, Esther Reichelt, Nick Rees, we've, Reichelt, Francois Villeroy de Galhau, Sterling, Joice Alves, Alun John, Ed Osmond, Bernadette Baum Organizations: U.S, REUTERS, Commerzbank, Federal Reserve, FX, Monex, SBB, European Central Bank, Bank, Thomson Locations: Japan, Swedish, Monex Europe, London

☆ Asian shares slip after brutal central bank week, yen in focus
▼ + stars: | 2023-09-25 | by ( Stella Qiu | ) www.reuters.com time to read: +5 min

A passerby walks past an electric monitor displaying various countries' stock price index outside a bank in Tokyo, Japan, March 22, 2023. S&P 500 futures , however, rose 0.3% while Nasdaq futures gained 0.4%, after Hollywood's writers union reached a preliminary labor agreement with major studios. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) dropped 0.5%, edging back to a 10-month low plumbed just last week. U.S. central bank officials will be out in force this week, starting with Minneapolis Fed President Neel Kashkari on Monday. Brent crude futures rose 0.6% to $93.79 per barrel.

Persons: Issei Kato, Kazuo Ueda, HSI, Louis Kuijs, Neel Kashkari, Andrew Lilley, Stella Qiu, Himani Sarkar, Jacqueline Wong Organizations: REUTERS, Bank of Japan, Nasdaq, Japan's Nikkei, Hengda, Estate Group Co, U.S, Minneapolis, European Central Bank, Brent, . West Texas, Thomson Locations: Tokyo, Japan, Europe SYDNEY, China, U.S, Europe, Asia, Pacific, firming, U.S . Federal

☆ Evergrande's debt revamp roadblock hits China property investors' sentiment
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +4 min

China Evergrande Group's logo is seen on its headquarters in Shenzhen, Guangdong province, China, Sept. 26, 2021. "Its debt restructuring plan is now stuck and can't go any further," said Steven Leung, sales director at UOB Kay Hian in Hong Kong. Evergrande's offshore debt restructuring involves a total of $31.7 billion, which includes bonds, collateral and repurchase obligations, potentially making it one of the world's biggest such exercises. "Concern over the financial health (of developers) still clouds the property sector, especially those smaller property developers with high gearing but very few property projects on hand," Leung said. The latest roadblock in Evergrande's debt restructuring plan opens a new front for the developer just a week after police detained some staff at its wealth management unit, sending its shares slumping.

Persons: Aly, Group's, Hengda, Hong, Steven Leung, UOB Kay Hian, Leung, Evergrande, Donny Kwok, Anne Marie Roantree, Sumeet Chatterjee, Lincoln, Sam Holmes Organizations: REUTERS, HK, Hengda, Estate Group Co, China Oceanwide Holdings, National Bureau of Statistics, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, firming, Seng, Hong Kong, Bermuda

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