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

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

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

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

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

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

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

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

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

☆ ECB rates to stay unchanged for next few quarters -Villeroy
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Sarah Meyssonnier/File Photo Acquire Licensing RightsLONDON, Nov 20 (Reuters) - The European Central Bank's interest rates have reached a plateau where they will likely remain for the next few quarters, ECB policymaker Francois Villeroy de Galhau said on Monday, dismissing rate cut talk as premature. The ECB broke a streak of 10 consecutive hikes last month by holding rates steady, prompting investors to turn their attention to when rate cuts could come. The ECB aims to steer euro zone inflation towards its 2% target by 2025, though Villeroy insisted the number was an average and he was not fixated on hitting 2.0% precisely. Euro zone inflation has fallen quickly in recent months as the economy has slowed, though Villeroy said a recession could be avoided and a "soft landing" seemed more likely. ($1 = 0.9168 euros)Reporting by David Milliken, writing by Leigh Thomas, editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Francois Villeroy de Galhau, Sarah Meyssonnier, Villeroy, David Milliken, Leigh Thomas, Christina Fincher Organizations: France, Bank of France, REUTERS, ECB, Society of Professional, Thomson Locations: Paris, France, French, London, Gaza, Israel

☆ ECB backs global rules for bonds wiped out in Credit Suisse rescue
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

A view shows the logo of the European Central Bank (ECB) outside its headquarters in Frankfurt, Germany March 16, 2023. REUTERS/Heiko Becker//File Photo Acquire Licensing RightsFRANKFURT, Nov 16 (Reuters) - The European Central Bank's chief supervisor on Thursday supported creating global standards for convertible bonds that were wiped out as part of Credit Suisse's rescue by rival UBS (UBSG.S) earlier this year. The Basel Committee said in a report last month it would review the features of AT1 bonds, including the "loss-absorbing hierarchy". But Credit Suisse's bonds contained a clause allowing authorities the write down those bonds without winding down the bank. This clause is not a feature in bonds issued by European Union banks and the ECB has made clear that it would impose losses on shareholders first.

Persons: Heiko Becker, Andrea Enria, Enria, Pablo Hernández de Cos, Francesco Canepa, Balazs Koranyi, Toby Chopra Organizations: European Central Bank, REUTERS, Rights, Central Bank's, UBS, ECB, Banking Supervision, Basel, Committee, European Union, Thomson Locations: Frankfurt, Germany, Swiss, Basel

☆ EU banks may face major hit if they need to sell bonds -Lagarde
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: 1 min

International Monetary Fund (IMF) Managing Director Christine Lagarde delivers a speech at the U.S. Chamber of Commerce in Washington, U.S., April 2, 2019. REUTERS/Kevin Lamarque/File photo Acquire Licensing RightsFRANKFURT, Nov 16 (Reuters) - European banks may suffer significant losses if they need to sell their bond holdings to raise cash, the European Central Bank's President Christine Lagarde said on Thursday. "EU banks’ holdings of fixed income securities could be marked down quite significantly, should they need to be sold," she told the annual conference of the European Systemic Risk Board, which she chairs. Reporting by Francesco Canepa; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Christine Lagarde, Kevin Lamarque, Francesco Canepa, Jason Neely Organizations: Monetary Fund, U.S . Chamber of Commerce, REUTERS, Rights, Central Bank's, Thomson Locations: Washington , U.S

☆ Europe's problems are far bigger than a shallow recession
▼ + stars: | 2023-11-14 | by ( Balazs Koranyi | ) www.reuters.com time to read: +5 min

Deep structural problems mean Europe is bound to trail most other big economic areas for years to come. The labour market remains tight and the world economy is rebounding, so external demand is also likely to be healthier. Fearing it will be difficult to hire in future, firms are now hanging onto workers, creating even more labour market tightness, potentially fuelling wage growth and weakening productivity. The potential growth rate for Europe's largest economy is now below 1%. European Union governments are meanwhile struggling to reach consensus on bigger questions that will help shape the future.

Persons: Philip Lane, Erik Nielsen, Eric Gaillard, Europe's, There's, Lane, Reinhard Cluse, Mark John, Catherine Evans Organizations: Central Bank's, REUTERS, European Commission, UBS, European Union, Thomson Locations: FRANKFURT, Europe, Nice, France, United States, Germany

☆ EU loophole lets banks dodge ECB's crypto supervision, needs fixing -Enria
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +3 min

He warned the EU's framework placed banks' activity as a 'crypto-asset service provider' -- such as acting as a custodian for customer wallets, exchanging tokens or managing crypto portfolios -- outside of the ECB's purview as a banking supervisor. "In fact, if crypto-asset service providers controlled by banks are not within the scope of their prudential consolidation, the BCBS standard and especially the exposure limit may become ineffective." He added crypto asset service providers should be added "as a matter of urgency" to the list of financial institutions that the ECB supervises under EU rules. MiCAR entered into force at the end of June and will take full effect by the end of next year. The Basel Committee's global standards on exposures to crypto assets are due to be transposed into EU law by Jan. 1, 2025.

Persons: Dado Ruvic, Andrea Enria, Enria, MiCAR, Jan, Claudia Buch, Francesco Canepa, Susan Fenton Organizations: REUTERS, Rights, Central Bank's, Banking, ECB, prudential, EU, Thomson Locations: EU, Venice, Basel

☆ Euro finds footing on hawkish policy remarks, lower energy prices
▼ + stars: | 2023-11-09 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. The Australian dollar fell 0.5% overnight and was last at $0.6405, just above its 50-day moving average. It seems set for its largest weekly fall since June, as the central bank appeared to raise the bar for further hikes after lifting rates on Tuesday. In Asia, China's yuan touched a two-month high in overnight offshore trade. China's consumer prices fell in October, data showed on Thursday, stoking expectations for lower interest rates.

Persons: Dado Ruvic, Gabriel Makhlouf, Joachim Nagel, Jane Foley, Mario Draghi, Brent, Ping, Michael Wan, Jerome Powell, Tom Westbrook, Christian Schmollinger Organizations: REUTERS, Central Bank's, Bank of Japan, Rabobank, Treasury, New Zealand, Canadian, Italian, ECB, Financial, Reuters, Ping An Insurance Group, HK, MUFG, Bank of Israel, Thomson Locations: SINGAPORE, Ireland's, U.S, Asia, Europe, Singapore, East, Gaza City

☆ Dollar rises for third day before Fed Chair Powell speech
▼ + stars: | 2023-11-08 | by ( Samuel Indyk | ) www.reuters.com time to read: +4 min

"The data side has been very quiet so the main drivers have been the hawkish comments from Fed speakers," said ING FX strategist Francesco Pesole. Focus now turns to remarks from Fed Chair Powell later on Wednesday. DARKENING GROWTH OUTLOOKThe euro fell 0.3% to $1.0670, further weighed by a darkening growth outlook in the euro zone. "The mixed outlook for consumer and investment spending leaves the euro zone very close to recession," said Wells Fargo economist Nick Bennenbroek. "Regardless of whether the euro zone falls into recession, we see enough growth headwinds to suggest that the European Central Bank's monetary tightening is done."

Persons: Dado Ruvic, Jerome Powell, Francesco Pesole, They've, Powell, Matt Simpson, Wells, Nick Bennenbroek, ING's Pesole, Luci Ellis, Samuel Indyk, Rae Wee, Lincoln, Christina Fincher, Alex Richardson Organizations: REUTERS, Reserve, U.S, ING, Central, Reserve Bank of Australia, Thomson

☆ Dollar licks its wounds ahead of Fed Chair Powell's remarks
▼ + stars: | 2023-11-08 | by ( ) www.cnbc.com time to read: +3 min

The British pound , which earlier in the week hit a seven-week top against the dollar, was last some distance away at $1.2286. Focus now turns to a speech by Fed Chair Powell later on Wednesday. The euro fell 0.07% to $1.0691, further weighed by a darkening growth outlook in the euro zone. "The mixed outlook for consumer and investment spending leaves the euro zone very close to recession," said Wells Fargo economist Nick Bennenbroek. "Regardless of whether the euro zone falls into recession, we see enough growth headwinds to suggest that the European Central Bank's monetary tightening is done."

Persons: Jerome Powell, Matt Simpson, We're, Powell, Simpson, Wells, Nick Bennenbroek, Luci Ellis Organizations: Federal Reserve, U.S, U.S ., Central, Australian, Reserve Bank of Australia, New Zealand

☆ ECB tells banks to factor in further drop in property prices
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +2 min

A view shows the logo of the European Central Bank (ECB) outside its headquarters in Frankfurt, Germany March 16, 2023. REUTERS/Heiko Becker/File Photo Acquire Licensing RightsFRANKFURT, Nov 7 (Reuters) - Euro zone banks should factor in the risk of a further fall in property prices when they make provisions and plans about their capital, the European Central Bank's chief supervisor Andrea Enria said on Tuesday. The European property market has come under pressure from the ECB's steepest and longest streak of increases in interest rates, which are now at record highs. Fuelled by low interest rates and massive ECB cash injections, billions were funnelled into property in the last decade, particularly in richer European countries such as Germany, France and the Netherlands. Euro zone banks have been curbing access to credit, particularly mortgages, and demand from households and companies is also falling, ECB data shows.

Persons: Heiko Becker, Andrea Enria, Enria, Banks, Germany's Claudia Buch, Francesco Canepa, Kirsten Donovan, Jan Harvey Organizations: European Central Bank, REUTERS, Rights, Central Bank's, ECB, Thomson Locations: Frankfurt, Germany, France, Netherlands

☆ Europe needs bigger banks but mergers hard without banking union -Intesa CEO
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

MILAN, Nov 6 (Reuters) - European banks need to join forces if the region is to withstand competition from the United States and China but without a banking union, cross-border mergers do not make sense, the head of Italy's biggest bank Intesa Sanpaolo (ISP.MI) said on Monday. "You need synergies and the area where investors are looking for synergies is cost," he said, adding it was not easy "to deliver real cross-border synergies on the cost side". "I think we'll need to wait for a banking union to see real, significant cross-border consolidation. Orcel last month said Europe was destined to "irrelevance" if it did not work to unify its capital markets and create a banking union that allowed lenders to compete with U.S. rivals and adequately finance the region's economy. Intesa has a 30% market share of deposits and mutual funds, and 20% of insurance products, the CEO said.

Persons: Carlo Messina, Andrea Orcel, Messina, Intesa, Andrea Enria, Valentina Za, Kirsten Donovan Organizations: MILAN, CNBC, U.S, Central Bank's, Thomson Locations: United States, China, Europe, Orcel, Messina, Italy

☆ Euro zone inflation, growth slow as ECB hikes weigh
▼ + stars: | 2023-10-31 | by ( Francesco Canepa | ) www.reuters.com time to read: +2 min

Summary Euro zone inflation lowest since July 2021 in OctGDP shrinks slightly in Q3FRANKFURT, Oct 31 (Reuters) - Inflation in the euro zone hit a two-year low a month after its economy began contracting, data showed on Tuesday, illustrating the dual impact of a steady diet of European Central Bank's interest rate hikes. But the brisk decline from the double-digit figures of just a year ago is coming at a cost: the euro zone economy dipped by 0.1% in the three months to September, according to a separate Eurostat release, and is flirting with a recession. "The data leaves the ECB firmly on hold," Dirk Schumacher, an economist at Natixis, said. "It's now down to weaker demand grinding down inflation and that's a slow process," Natixis' Schumacher said. "Still, continued economic and geopolitical uncertainty alongside the impact of higher rates on the economy will weigh on economic activity in the coming quarters."

Persons: Dirk Schumacher, It's, Natixis, Schumacher, Bert Colijn, Francesco Canepa, John Stonestreet Organizations: ECB, ING, Thomson Locations: FRANKFURT, European

FRANKFURT, Germany (AP) — The inflation that has been wearing on European consumers fell sharply to 2.9% in October, its lowest in more than two years as fuel prices fell and rapid interest rate hikes from the European Central Bank took hold. Inflation fell from an annual 4.3% in September as fuel prices fell by 11.1% and painful food inflation slowed, to 7.5%. The lower inflation figure follows a rapid series of interest rate hikes by the European Central Bank. The future path of inflation toward the ECB's target remain uncertain because core inflation, excluding volatile fuel and food prices, remains higher than the headline figure, at 4.2%. The current burst of inflation was set off as the global economy rebounded from the COVID-19 pandemic, leading to shortages of parts and raw materials.

Persons: Rory Fennessy, ”, Jack Allen, Reynolds Organizations: European Central Bank, European, Oxford Economics, European Central Bank . Higher, Capital Economics, Federal Reserve Locations: FRANKFURT, Germany, France, Europe, Russian, Ukraine, Moscow, U.S

Looking ahead, the ongoing pass-through of the European Central Bank's monetary policy tightening, still no reversal of the inventory cycle and new geopolitical uncertainties will continue weighing on the German economy, Brzeski said. "The German economy looks set to remain in the twilight zone between minor contraction and stagnation not only this year but also next year," Brzeski said. The contraction in the third quarter is not seen as an outlier as Commerzbank expects the German economy to contract again in the winter half-year. Economists will pay close attention to national inflation data from Germany and Spain, as they are published one day before the euro zone inflation data release. Euro zone inflation is expected to ease to 3.2% in October from 4.3% in September, according to economists polled by Reuters.

Persons: Arnd, Carsten Brzeski, Brzeski, optimists, Joerg Kraemer, Claus Vistesen, Maria Martinez, Miranda Murray, Rachel More, Miral Fahmy, Angus MacSwan Organizations: REUTERS, Rights, Gross, Reuters, ING, European Central, Macroeconomics, Thomson Locations: Konstanz, Germany, Spain

☆ Morning Bid: Haunted by 5% ahead of ECB, GDP and Amazon
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 23, 2023. With Amazon due to report later, there was no respite for the so-called 'Magnificent Seven' Wall St behemoths or the wider market ahead of Thursday's open. The bond market seemed unimpressed even as the U.S. House of Representatives ended a three week hiatus by electing Republican Mike Johnson, a conservative with little leadership experience, as speaker. European stocks (.STOXXE) and the euro dropped sharply, meantime, as regional banking shares were hit ahead of the European Central Bank's policy decision later in the day. Key developments that should provide more direction to U.S. markets later on Thursday:* European Central Bank policy decision and press conference.

Persons: Brendan McDermid, Mike Dolan, Israel, Republican Mike Johnson, Johnson, Joe Biden's, AO, Bunge, Northrop, Wang Yi, Antony Blinken, Emelia Sithole Organizations: New York Stock Exchange, REUTERS, Google, Big Tech, Nasdaq, Semiconductor, SOX, Bank of Japan, U.S . House, Republican, United Auto Workers, Ford, European, ECB, Chartered, BNP, Central Bank, Turkish Central Bank, Fed, Intel, UPS, Honeywell, Merck, Comcast, Mastercard, Capital, Energy, Mohawk, Eastman Chemical, Camden Property, AO Smith, Hasbro, Myers Squibb, Boston Scientific, Hershey, Northrop Grumman, Treasury, Foreign, U.S, Brussels Reuters Graphics Reuters, Reuters, Thomson Locations: New York City, U.S, Wall, Israel, Gaza, Philadelphia, Bank, Ukraine, China, Kansas, Bristol, Washington, Brussels

☆ CNBC Daily Open: Oil deals and awaiting tech earnings
▼ + stars: | 2023-10-24 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange on April 26, 2023 in New York City. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Investors awaited the release of corporate earnings from tech giants including Alphabet and Microsoft. Another oil mega-mergerChevron on Monday said it agreed to buy Hess for $53 billion in stock.

Persons: Hess, Tesla, Elon, Goldman Sachs Organizations: New York Stock Exchange, CNBC, Nasdaq, Microsoft, European Central, Chevron, U.S, Exxon Mobil, Natural Resources, Exxon, Nvidia, Arm Holdings, Reuters, Intel, Devices, U.S . Department of Justice, Elon Musk's, Federal Reserve Locations: New York City, Guyana

☆ Bank of England rate has peaked, to stay at 5.25% through Q2
▼ + stars: | 2023-10-24 | by ( Jonathan Cable | ) www.reuters.com time to read: +3 min

LONDON, Oct 24 (Reuters) - The Bank of England is likely done with policy tightening and will leave Bank Rate at 5.25% on Nov. 2, according to the vast majority of economists polled by Reuters who did however caution the chance of another increase this year was high. Only 12 economists forecast a quarter point rise to 5.50% at the November Monetary Policy Committee meeting. Inflation was expected to gradually decline across the forecast horizon but it won't reach target until Q2 2025, the poll showed. Around one-third of economists expected the Bank to act earlier. The BoE was forecast to reduce Bank Rate by 50 basis points in the fourth quarter, putting it at 4.50% by year-end.

Persons: James Smith, Elizabeth Martins, BoE Governor Andrew Bailey, BoE, ING's Smith, Jonathan Cable, Prerana Bhat, Sujith Pai, Jonathan Oatis Organizations: Bank of England, Reuters, Bank, ING, MPC, HSBC, United States Federal Reserve, European, Thomson

☆ Gold slips from 5-mth peak as investors look to U.S. economic data
▼ + stars: | 2023-10-23 | by ( ) www.cnbc.com time to read: +2 min

Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Gold prices retreated from last session's five-month peak on Monday as the U.S. dollar and Treasury yields strengthened ahead of crucial economic data this week, with investors looking for any signs of a global fallout of the Middle East conflict. Spot gold was down 0.4% at $1,972.39 per ounce by 0334 GMT, and U.S. gold futures slid 0.5% to $1,983.50. COMEX gold speculators switched to net long position of 41,867 contracts in the week to Oct. 17, adding 56,655, data showed on Friday. Elsewhere, spot silver fell 0.5% to $23.23 an ounce, platinum slipped 0.6% to $889.48 and palladium was down 0.1% to $1,096.15.

Persons: Yeap Jun Rong Organizations: Aurum, U.S ., Treasury, U.S, Trust Locations: Israel

☆ CNBC Daily Open: Big banks’ big profits aren’t likely to last
▼ + stars: | 2023-10-16 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Separately, Mārtiņš Kazāks, one of the European Central Bank's more hawkish members, told CNBC he was "quite happy" with current rate levels. The bank's third-quarter earnings rocketed 60% and revenue rose 6.5% from a year earlier, boosting its shares by 3.07%. Wall Street banks like Goldman Sachs and Bank of America report earnings Tuesday, followed by regional banks — and Morgan Stanley — on Wednesday.

Persons: Mārtiņš Kazāks, Jamie Dimon, we're, Wells, Wells Fargo, Goldman Sachs, Morgan Stanley — Organizations: CNBC, Dow Jones, European, JPMorgan JPMorgan Chase's, Citigroup, Wells Fargo, Wall, U.S . West Texas Intermediate, Brent, International Energy Agency, Bank of America Locations: Israel, —

☆ Morning Bid: Fed's data-driven approach set for inflation test
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 29, 2023. The Bureau of Labor Statistics' consumer prices report is expected to show inflation pressures were abating in September, if only marginally. Headline CPI is seen rising 0.3% on the month, down from 0.6% in August, which would take the annual rate to 3.6%. Core inflation, which strips out volatile energy and food prices, is expected to have also risen 0.3% in September. The threat of higher energy prices following the outbreak of a war between Israel and Palestinian militants is all too real, even if the immediate market reaction has been relatively muted.

Persons: Brendan McDermid, Samuel Indyk, Klaas, Mark Potter Organizations: New York Stock Exchange, REUTERS, Federal, Wednesday, Labor Statistics, CPI, U.S, Chevron, European Central, Walgreens Boots Alliance, Delta Air Lines, Thomson, Reuters Locations: New York City, U.S, Israel, Europe

☆ Dollar pauses ahead of Fed minutes, US yield moves weigh
▼ + stars: | 2023-10-11 | by ( Iain Withers | ) www.reuters.com time to read: +2 min

Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. U.S. Treasury yields continued to slide, pinning the dollar close to two-week lows as markets digest recent comments from policymakers that the Fed may not need to tighten monetary policy further. The benchmark 10-year U.S. Treasury yield dropped ten basis points, extending declines from Tuesday after a sharp sell-off in September left bonds cheap. On Tuesday, Atlanta Fed Bank President Raphael Bostic said the central bank did not need to raise borrowing costs any further, while Minneapolis Fed President Neel Kashkari said it was "possible" that further hikes might not be needed. The European Central Bank has made "important progress" in getting inflation back down to target but there is still a long road ahead and a further rate hike cannot be ruled out, Dutch central bank chief Klaas Knot said on Wednesday.

Persons: Rick Wilking, Raphael Bostic, Neel Kashkari, Sterling, Klaas Knot, Iain Withers, Rae Wee, John Stonestreet, Kirsten Donovan Organizations: REUTERS, Federal, Treasury, Hamas, ING, Atlanta Fed Bank, Minneapolis, Bank's, ECB, European Central Bank, Thomson Locations: Westminster , Colorado, Israel, Palestinian, U.S, London, Singapore

☆ Euro zone consumers see inflation slightly above ECB target for years
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Sarah Meyssonnier/File Photo Acquire Licensing RightsFRANKFURT, Oct 11 (Reuters) - Euro zone households see inflation staying slightly above the European Central Bank's 2% target for another three years, an ECB survey showed, as rate-setters struggle to convince the public that their plans for taming price pressures are on track. While consumer expectations for inflation are by nature imprecise, they can influence wage demands, spending and saving. Consumers' views about inflation in the coming 12 months showed a slight increase to 3.5%, from 3.4% in July. The ECB has said that long-term inflation expectations from economists, investors and consumers are "at around 2%", but cautioned that some projections have risen and should be monitored. But they turned more optimistic about their income - seen growing by 1.2% from 1.1% - and raised their predictions for home price inflation, to 2.3% from 2.1%, for the first time since March.

Persons: Sarah Meyssonnier, Francesco Canepa, Alison Williams, John Stonestreet Organizations: Carrefour, REUTERS, Rights, Central, ECB, Thomson Locations: Montesson, Paris, France

☆ Morning Bid: Fed's dovish shift welcomed; inflation's next
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

Futures pricing suggests traders now see about a 30% chance of another rate hike this year, down from about 45% a week ago. Ahead on Wednesday, the European Central Bank's inflation survey and U.S. producer price data will lead in to U.S. inflation data on Thursday. The S&P 500's retreat on Tuesday from the day's high, closing only 0.5% firmer, also suggests nervousness. Later in the week U.S. corporate earnings season hits full swing, with bank profits set to rise. Overnight markets welcomed Pepsi (PEP.O) promising to keep on lifting prices, which is a good sign for demand but perhaps a warning sign for inflation.

Persons: Jonathan Ernst, Westbrook Stocks, Raphael Bostic, Fed's Bowman, Waller, Collins, Tom Westbrook, Edmund Klamann Organizations: . Federal, REUTERS, Bankers, Atlanta Fed, Pepsi, Exxon Mobil, U.S, Natural Resources, Reuters, Bank, PPI, Thomson Locations: Washington, Nashville, Asia, Finland, Estonia, Marrakech, Morocco, Bostic

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