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☆ Bank of Japan makes surprise policy tweak
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +8 min

ATUSHI TAKEDA, CHIEF ECONOMIST, ITOCHU ECONOMIC RESEARCH, TOKYO:"Today's move reflects the BOJ's determination not to alter its yield cure control policy. CAROL KONG, CURRENCY STRATEGIST, COMMONWEALTH BANK OF AUSTRALIA, SYDNEY:"I think the move was certainly unexpected, to say the least. MOH SIONG SIM, CURRENCY STRATEGIST, BANK OF SINGAPORE:"They've widened the band, and I guess that came earlier than expected. CHRISTOPHER WONG, CURRENCY STRATEGIST, OCBC, SINGAPORE:"The timing of the policy tweak is a surprise, though we have been expecting the move to come in 2Q 2023. "The tweak may seem modest but is significant for a central bank that has held dovish for a long time.

SINGAPORE, Dec 20 (Reuters) - Oil prices edged up on Tuesday, supported by a softer dollar and a U.S. plan to restock petroleum reserves, but gains were capped by uncertainty over the impact of rising COVID-19 cases in top oil importer China. Oil prices have been buoyed by a U.S. plan announced last week to buy up to 3 million barrels of oil for the Strategic Petroleum Reserve following this year's record release of 180 million barrels from the stock. A weaker greenback has also supported prices, making oil cheaper for those holding other currencies. While China has been relaxing pandemic restrictions, the surge in COVID-19 cases has been bearish for the oil markets due to uncertainties about the country's economic recovery, said Tina Teng, an analyst at CMC Markets. U.S. crude oil stocks were expected to have dropped last week by about 200,000 barrels, while gasoline and distillates inventories were seen higher, a preliminary Reuters poll showed on Monday.

☆ Bank of Japan reviews yield-curve control policy
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +4 min

Dec 20 (Reuters) - The Bank of Japan has slightly loosened the shackles on its 10-year yield target and said it will review its yield-curve control policy, surprising financial markets and sending the yen sharply higher. However, it is only a first step and yield-curve control (YCC) remains in place, as does negative rate strategy. CAROL KONG, CURRENCY STRATEGIST, COMMONWEALTH BANK OF AUSTRALIA, SYDNEY:"I think the move was certainly unexpected, to say the least. MOH SIONG SIM, CURRENCY STRATEGIST, BANK OF SINGAPORE:"They've widened the band, and I guess that came earlier than expected. CHRISTOPHER WONG, CURRENCY STRATEGIST, OCBC, SINGAPORE:"The timing of the policy tweak is a surprise, though we have been expecting the move to come in 2Q 2023.

☆ Oil rises as Saudi comments outweigh recession concerns
▼ + stars: | 2022-11-22 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

"Crude oil prices are trying to recover their losses," said Avatrade analyst Naeem Aslam. "That Saudi Arabia has denied there was any discussion about an increase in oil supply with OPEC and its allies has supported the market today." On Dec. 5. a European Union ban on Russian crude imports is set to start, as is a G7 plan that will allow shipping services providers to help to export Russian oil, but only at enforced low prices. Concerns over oil demand in the face of the U.S. Federal Reserve's interest rate hikes and China's strict COVID lockdown policies limited the upside. Additional reporting by Laura Sanicola and Isabel Kua Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Oil prices edge up as softer dollar outweighs China demand concerns
▼ + stars: | 2022-11-22 | by ( Isabel Kua | ) www.reuters.com time to read: +3 min

SINGAPORE, Nov 22 (Reuters) - Oil prices inched higher on Tuesday as the dollar eased, but global recession worries and concerns about China's rising COVID-19 case numbers denting demand from the world's top crude oil importer weighed on sentiment. Brent crude futures rose 44 cents, or 0.5%, to $87.89 by 0513 GMT. U.S. West Texas Intermediate (WTI) crude futures for January began trading Tuesday, rising 30 cents, or 0.4%, to $80.34 a barrel. In the United States, crude oil stocks were estimated to have dropped by about 2.2 million barrels in the week to Nov. 18, a preliminary Reuters poll showed on Monday. The front-month Brent crude futures spread narrowed sharply last week, while WTI flipped into contango, which suggests supply concerns are easing.

LAUNCESTON, Australia, Nov 21 (Reuters) - Iron ore prices are gathering steam as confidence over the outlook for China's steel demand increases, outweighing bearish factors such as potential winter production curbs and India lowering iron ore export taxes. Iron ore inventories at Chinese ports dropped to 135.45 million tonnes in the week to Nov. 18 from 136 million the previous week. China iron ore imports vs spot priceIRON ORE IMPORTSNovember is shaping up to be a strong month for iron ore arrivals, with commodity analysts Kpler estimating seaborne imports of 103.9 million tonnes, while Refinitiv estimates a higher 106 million tonnes. India may also start exporting more iron ore cargoes after the government scrapped some taxes, especially those on lower-grade material. Even if India does manage to resume exports, it's likely to have only a limited impact on prices for lower grades of iron ore, such as 58% and below.

☆ Oil prices steady as China COVID worries outweigh supply concerns
▼ + stars: | 2022-11-16 | by ( Isabel Kua | ) www.reuters.com time to read: +2 min

SINGAPORE (Reuters) - Oil prices were little changed on Wednesday as COVID-19 cases in China continued to climb, sparking worries of lower fuel demand in the world’s top crude importer, and outweighing concerns about an escalation of geopolitical tensions and tighter oil supply. Oil prices settled higher on Tuesday after oil supply to parts of Eastern and Central Europe via a section of the Druzhba pipeline was temporarily suspended, according to oil pipeline operators in Hungary and Slovakia. That has dampened oil demand growth outlook with the International Energy Agency (IEA) forecast demand growth slowing to 1.6 million bpd in 2023 from 2.1 million bpd this year. Earlier, the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for 2022 global oil demand growth for a fifth time since April citing mounting economic challenges. Industry data showing a bigger-than-expected drop in U.S. crude stockpiles provided some support to oil prices.

☆ Here are Monday's biggest analyst calls: Apple, Tesla, Amazon, Coinbase, AMD, Boeing & more
▼ + stars: | 2022-11-14 | by ( Michael Bloom | ) www.cnbc.com time to read: +4 min

Bank of America reiterates Tesla as equal weight Bank of America cut its price target on Tesla to $275 per share from $325 and said it sees sales volume headwinds. Read more about this call here Citi downgrades Bank of America to neutral from buy Citi said the risk/reward outlook for Bank of America is skewed to the downside. Baird upgrades Advanced Micro Devices to outperform from neutral Baird said demand for the semiconductor company's products remains strong. " JPMorgan downgrades Teva to underweight from neutral JPMorgan said that it's concerned about slowing growth. " Bank of America removes Amazon from the US1 list Bank of America removed Amazon from the firm's top picks list.

☆ Oil prices fall as China demand, recession concerns outweigh supply woes
▼ + stars: | 2022-11-08 | by ( Isabel Kua | ) www.reuters.com time to read: +3 min

SINGAPORE, Nov 8 (Reuters) - Oil prices fell on Tuesday as recession concerns and worsening COVID-19 outbreaks in China sparked fears of lower fuel demand, outweighing supply worries. Brent crude fell 31 cents, or 0.3%, to $97.61 a barrel by 0434 GMT, while U.S. West Texas Intermediate (WTI) crude fell 36 cents, or 0.4%, to $91.43 a barrel. COVID cases sharply escalated in Guangzhou and other major Chinese cities, official data showed on Tuesday. A firmer greenback also weighed on oil prices. "This, along with a slowdown in China fuel demand, are reasons for the pull-back in oil futures prices in the past few months."

☆ Asian stocks mixed as caution reigns ahead of U.S. midterms
▼ + stars: | 2022-11-08 | by ( Kane Wu | ) www.reuters.com time to read: +3 min

MSCI's gauge of Asia Pacific stocks outside Japan (.MIAPJ0000PUS) narrowed gains to rise 0.12% at 0517 GMT. "The thing to watch ... will be the U.S. midterms today and the CPI data tomorrow," said Redmond Wong, Saxo Markets' market strategist for Greater China, in a note on Tuesday. Japan's Nikkei 225 (.N225) gained as much as 1.44%, hitting an eight-week high, as investors scooped up chips and other technology stocks. Analysts said U.S. mid-term elections on Tuesday could impact markets. Brent crude fell 0.32% to $97.61 a barrel by 0526 GMT, while U.S. crude fell 0.38% to $91.44 a barrel.

☆ Major Gulf markets mixed ahead of U.S. inflation data
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +2 min

Nov 8 (Reuters) - Major stock markets in the Gulf were mixed in early trade on Tuesday as crude oil prices fell and caution prevailed ahead of the release of U.S. inflation data. Crude prices hit their highest since August on Monday amid speculation leaders in top crude importer China were weighing an exit from the country's strict COVID-19 restrictions. Chinese health authorities doused that speculation on Saturday, reaffirming the country's commitment to its strict zero-COVID policy. State developer Nakheel secured 17 billion dirhams ($4.63 billion) in financing from local banks for new projects, including Dubai Islands and other waterfront developments. read moreThe transaction comprises 11 billion dirhams in refinancing and additional funds of 6 billion dirhams through a syndicate of three local lenders.

☆ What to look for in the last jobs report before the midterms
▼ + stars: | 2022-11-04 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

The US economy is expected to have added 200,000 jobs last month, down from 263,000 in September but well above the pre-pandemic average. The unemployment rate is expected to edge up slightly, to 3.6% from 3.5% — still close to a half-century low. Private sector job growth and wages also went up last month, defying expectations, according to Wednesday’s ADP report. There are currently 1.9 jobs for every one person looking for work, a margin that the Fed worries is keeping inflation uncomfortably high. “Reducing inflation is likely to require a sustained period of below-trend growth and softening of labor market conditions,” Powell said Wednesday.

☆ America’s housing dream is broken
▼ + stars: | 2022-11-03 | by ( Allison Morrow | ) edition.cnn.com time to read: +7 min

New York CNN Business —A little over a decade ago, the dominant narrative about the housing market was that Millennials simply weren’t buying. As that 2020 housing boom begins to go bust, those who managed to close on a home in the crush of competition fed by rock-bottom mortgage rates should count themselves extremely lucky. “And this year were facing increasing home prices while mortgage rates are also climbing.”Oh yeah, one other thing: In addition to mortgage rates going up, home prices also shot up, with the median peaking at $413,800 in June. As affordability reaches crisis levels, now is a good time for federal and local governments to rethink the way we frame the American Dream. Another strong data point on jobs will only reassure the Fed that the labor market can withstand more rate hikes.

☆ What to expect from Friday's monthly jobs report
▼ + stars: | 2022-11-03 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

☆ Polish bank Pekao sent to net loss by payment holidays
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

WARSAW, Nov 3 (Reuters) - The cost of payment holidays for mortgage holders plunged Polish bank Pekao (PEO.WA) into the red in the third quarter, outweighing the positive impact of higher interest rates, its results showed on Thursday. The government introduced payment holidays for borrowers that allow eight instalments to be postponed in 2022-23, after a series of interest rate hikes imposed by the central bank to tackle inflation hit many borrowers. In the third quarter, Pekao booked over 2.4 billion zlotys ($498.4 million) in costs related to payment holidays. As a result, it made a net loss of 544 million zlotys, compared with a 631 million zlotys profit a year earlier and a 522 million loss seen in a Reuters poll of analysts. Pekao, Poland's second-largest bank by assets, said higher interest rates were favourable for banks as they lead to a pick up in net interest income, but could also have a negative impact on credit demand and the quality of loan portfolios.

☆ Here are Thursday's biggest analyst calls: Apple, Robinhood, Boeing, Qorvo, Tesla, Home Depot & more
▼ + stars: | 2022-11-03 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Here are Thursday's biggest calls on Wall Street: Morgan Stanley reiterates Apple as overweight Morgan Stanley said recent disclosures indicate Apple's app store revenue may have bottomed. Morgan Stanley reiterates CVS as overweight Morgan Stanley said CVS's "strategic path & earnings targets [are] intact." Morgan Stanley reiterates Match as overweight Morgan Stanley said shares of Match are "compelling." Morgan Stanley downgrades Lincoln National to equal weight from overweight Morgan Stanley said it sees "sizable risk" in shares of the insurance company. Morgan Stanley reiterates New York Times as overweight Morgan Stanley said it sees "pricing power" and "tailwinds" ahead for The New York Times.

SEOUL, Nov 1 (Reuters) - South Korea's exports in October fell the most in 26 months while a trade deficit persisted for a seventh month, underscoring that Asia's fourth-largest economy is slowing and its currency is hovering near 13-year lows. The outlook remains dark as the global economy is losing momentum on a global wave of policy tightening to contain inflation. A survey by S&P Global of purchasing managers at South Korean manufacturing companies also showed new export orders in October fell for an eighth consecutive month as the global economy is slowing. As a result, the country posted a trade deficit of $6.70 billion, bigger than a shortfall of $3.78 billion in September and the seventh consecutive month of imports outweighing exports. Reporting by Choonsik Yoo and Jihoon Lee; Editing by Rashmi Aich and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea's Oct exports post worst fall in 26 months
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Nov 1 (Reuters) - South Korea's exports in October suffered their fastest decline in more than two years and missed expectations as shipments to neighbouring China tumbled, government data showed on Tuesday. Exports by Asia's fourth-largest economy fell 5.7% from a year earlier to $52.48 billion in October, posting their biggest percentage fall since August 2020 and missing a median 3.0% loss tipped in a Reuters survey. South Korea also marked its first annual decline in exports since October 2020. Imports, though, jumped 9.9% to $59.18 billion, against a 6.9% gain expected in the Reuters poll. Reporting by Choonsik Yoo and Jihoon Lee; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

SINGAPORE, Oct 26 (Reuters) - Oil prices eased on Wednesday after industry data showed U.S. crude stockpiles rose more than expected, though supply worries capped losses. Brent crude futures for December fell $1.03, or 1.1%, to $92.49 a barrel by 0635 GMT, after settling 26 cents higher in the previous session. U.S. West Texas Intermediate (WTI) crude futures for December were down 75 cents, or 0.9%, to $84.57, reversing the previous session's gain. While a rise in crude stockpiles reinforced fears of a global recession that would cut demand, ongoing supply constraints kept prices trading in a narrow range. read moreBiden, facing criticism over high inflation, has warned the Saudis would face consequences for aligning with Russia and agreeing to reduce crude supply.

SINGAPORE, Oct 26 (Reuters) - Oil prices eased on Wednesday after industry data showed U.S. crude stockpiles rose more than expected, but losses were capped by supply worries. U.S. West Texas Intermediate (WTI) crude futures for December were down 48 cents, or 0.6%, to $84.84, reversing the previous session's gain. While a rise in crude stockpiles reinforced fears of a global recession that would cut demand, ongoing supply constraints kept prices trading in a narrow range. A firmer dollar dampens demand for oil as it makes crude more expensive for those holding other currencies. read moreBiden, facing criticism over high inflation, has warned the Saudis would face consequences for aligning with Russia and agreeing to reduce crude supply.

☆ Oil falls on build in U.S. crude oil stocks, stronger dollar
▼ + stars: | 2022-10-26 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell in early trade on Wednesday as the dollar firmed and as industry data showing U.S. crude oil stockpiles rose more than expected reinforced fears of a global recession that would cut demand. U.S. crude inventories rose by about 4.5 million barrels in the week ended Oct. 21, according to market sources citing figures from the American Petroleum Institute, an industry group. However, gasoline inventories fell by about 2.3 million barrels, nearly double the decline that analysts had expected. A firmer dollar dampens demand for oil as it makes crude more expensive for those holding other currencies. U.S. President Joe Biden, worried that gasoline prices will jump ahead of Nov. 8 congressional elections, has warned the Saudis would face consequences for aligning with Russia and agreeing to reduce crude supply.

☆ Even as inflation bites, consumers are still turning to Amazon
▼ + stars: | 2022-10-14 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

A spate of fresh data this week showed consumers are feeling the sting from high inflation. But those figures were not adjusted for inflation, indicating that consumer spending on retail actually fell last month. But while consumers are tempering their discretionary budgets this holiday season, Amazon remains their shopping platform of choice, according to Baird. In a separate note Thursday, Cowen said its shopping survey of Gen Z and Millennials showed Amazon to be their "most preferred" shopping website. An Amazon Prime truck is pictured as it crosses the George Washington Bridge on Interstate Route 95 during Amazon's two-day "Prime Early Access Sale" shopping event for Amazon members in New York, October 11, 2022.

☆ Help! My employee blocked me on Instagram. Should I be offended?
▼ + stars: | 2022-10-11 | by ( Hanna Howard | ) www.cnbc.com time to read: +3 min

Dear Work It Out,So I found out my employee blocked me on Instagram yet followed me on LinkedIn. Blocked*Dear Blocked,Here's something I feel pretty strongly about: With very few exceptions, bosses should not follow their employees on personal social media. If you've ever heard that gifts in a professional setting should only flow down the managerial ladder, on social media, especially Instagram and Facebook, it goes the other way. No matter how friendly you are with your boss or how cool they are, there's still the fear that you could be judged poorly based on something you posted on social media. While your employee may have blocked you on Instagram, adding you on LinkedIn shows they're not trying to burn any bridges.

NEW YORK, Sept 28 (Reuters) - Oil prices rose on Wednesday following unexpected drawdowns in U.S. crude and fuel stocks, outweighing downward pressure from the continued strength in the U.S. dollar. U.S. crude stocks fell by 215,000 barrels in the most recent week, while gasoline and distillate inventories declined by 2.4 million and 2.9 million barrels respectively, as refining activity declined following several outages. Wholesale gasoline prices have been on the rise in the United States as well after refiners in the Midwest and West Coast shut. A strong dollar reduces demand for oil by making it more expensive for buyers using other currencies. Producer group OPEC+ meets on Oct. 5, where Russia is likely to propose an output cut of around 1 million barrels per day, a source familiar with Russian thinking said on Tuesday.

Higher interest rates are coming, and they are likely to remain in place for a long time. The Fed last week raised rates by three-quarters of a percentage point, the third consecutive hike of that size. 'RESET' UNDERWAYTo some degree, in fact, the thrust of Fed policy is to force just such a reevaluation. According to one index maintained by the Chicago Fed, overall financial conditions remain below their historical average, or slightly on the "loose" side, a signal that Fed officials may still have, as many of them put it, "work to do." Rising interest rates paid on safe investments like short-term U.S. Treasuries help that effort by changing the prices of a broad array of other assets.

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