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☆ Yen near 10-week low, dollar buoyant as traders adjust rate bets
▼ + stars: | 2024-02-09 | by ( ) www.cnbc.com time to read: +3 min

The yen wallowed near a 10-week low on Friday, while the dollar ground towards a fourth weekly advance as traders dialed back bets on how quickly the Bank of Japan, or BOJ, will raise interest rates and how soon the Federal Reserve will cut them. The yen wallowed near a 10-week low on Friday, while the dollar ground towards a fourth weekly advance as traders dialed back bets on how quickly the Bank of Japan, or BOJ, will raise interest rates and how soon the Federal Reserve will cut them. The yen was little changed at 149.315 per dollar in early Asian trading, after dipping to 149.48 late in the previous session for the first time since Nov. 27. Both currencies have been relatively resilient with officials from the European Central Bank and Bank of England pushing back against market wagers on early rate reductions. New Zealand's dollar gained 0.34% to $0.6117, supported by bets for a delayed start to Reserve Bank rate cuts - or even the potential for further hikes - after data this week showed a stronger-than-forecast jobs market.

Persons: Shinichi Uchida, Shunichi Suzuki, Jerome Powell, FOMC, Richard Franulovich, Sharon Zollner, bitcoin Organizations: Bank of Japan, Federal Reserve, BOJ, Japanese Finance, Traders, European Central Bank and Bank of England, Reserve, ANZ Locations: Tokyo

Japan's benchmark Nikkei 225 rose nearly 0.1% to 36,897.42, slipping back from earlier gains that took it briefly to a 34-year high. In prior months, such a report may have hurt the stock market because of concerns that it would mean a longer wait for cuts to interest rates from the Federal Reserve. The latest set of earnings reports from big U.S. companies also kept the stock market mixed overall. It gave a forecast for expected profit across 2024 that fell short of analysts’. In other trading, benchmark U.S. crude lost 6 cents to $76.16 a barrel in electronic trading on the New York Mercantile Exchange.

Persons: Shinichi Uchida, Australia's, ”, Ryan Detrick, Ralph Lauren Organizations: TOKYO, Nikkei, Investors, Bank of Japan, SoftBank Group Corp, Nissan, Dow Jones, Nasdaq, Carson Group, Federal Reserve, Walt Disney Co, Arm Holdings, PayPal, Global, New York Community Bancorp, Traders, New York Mercantile Exchange, Brent, U.S . Locations: U.S, Asia, U.K

☆ Off the Charts: Nikkei hits 34-year high
▼ + stars: | 2024-02-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOff the Charts: Nikkei hits 34-year highAdam Turnquist, LPL Financial, joins 'Fast Money' to talk the Nikkei hitting a 34-year high on Yen weakness and where it goes from here.

Persons: Adam Turnquist Organizations: Nikkei, LPL

☆ Japan's stock markets are on a tear. Will 'zombie’ firms threaten the bull run?
▼ + stars: | 2024-02-09 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +6 min

What are zombie companies? Japan's "zombie" problem has been around for a long time, said William Pesek, author of the book "Japanization: What the World Can Learn from Japan's Lost Decades." Raising the borrowing cost will put these zombie companies at risk of bankruptcy and bailouts, which could have a broader impact on the economy if there are job losses. "But the aid program has led to an increase in the number of 'zombie' companies that would otherwise have been unable to continue operating," the report added. Japan's stock markets have also been testing new highs since 2023, and higher interest rates could halt the bull run.

Persons: Adam Pretty, William Pesek, we've, Pesek, CNBC's Martin Soong, Warren Buffett's, Warren Buffett, Kazuo Ueda, Ueda Organizations: Getty, Bank of Japan, Tide, Asia Times, Japan Times, CNBC, Nikkei Locations: TOKYO, JAPAN, Roppongi Hills, Tokyo, Japan, Asia

☆ Nintendo's stock could rise by 30%, say analysts — if it overcomes these hurdles
▼ + stars: | 2024-02-08 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Gibson, a senior research analyst at financial services firm MST Marquee, has set a price target of 11,000 Japanese yen ($74) for Nintendo's stock. This represents a 31% upside over the current price. He told the investment bank's clients that Nintendo could delay the Switch 2 launch if the momentum for the current console remains strong. The analyst has rated Nintendo a buy but set a conservative price target of 8,400 yen. However, if the new console fails to gain traction with consumers, Gibson cautioned that Nintendo's stock is likely to miss his price target.

Persons: David Gibson, Gibson, Mario, That's, isn't, Jefferies, Atul Goyal, Goyal, Junko Yamamura, — CNBC's Arjun Kharpal Organizations: Nintendo, Super Nintendo, Universal Parks & Resorts, Mario Bros, CNBC, Citi Locations: United States, Germany, Florida

☆ SoftBank's Vision Fund logs $4 billion gain, its biggest in nearly 3 years, as tech valuations recover
▼ + stars: | 2024-02-08 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

SoftBank posted its biggest gain in nearly three years at the flagship tech investment arm, the Vision Fund, in the December quarter amid a recovery in valuation of technology companies. Here's how SoftBank did in the December quarter against LSEG estimates:Net sales: 1.77 trillion Japanese yen ($11.9 billion) versus 1.8 trillion Japanese yen expected. Net income: 950 billion Japanese yen versus 196.5 billion yen expected. The Vision Fund logged a gain on investment of 600.7 billion Japanese yen, continuing a recovery after record losses in the previous fiscal year. That gain is the highest since the March 2021 quarter when the Vision Fund posted a 3.59 trillion yen gain.

Persons: Son, SoftBank Organizations: Nvidia, Vision Fund Locations: China

☆ Dollar oscillates on less dovish Fed comments; China inflation data awaited
▼ + stars: | 2024-02-08 | by ( ) www.cnbc.com time to read: +3 min

In this photo illustration, a person is seen holding 100, 50, and 5 US dollar bills in his hand. The U.S. dollar was trading in a tight range on Thursday as traders digested less dovish remarks from policymakers overnight and looked ahead to fresh economic data from the United States. Attention was also on inflation data out of China in the Asian morning amid concerns about deflation in the world's second-largest economy. Forecasts suggest mixed signals, with year-on-year consumer price deflation expected to have intensified in January but month-over-month prices up at the fastest pace in a year. The offshore Chinese yuan was down 0.11% to $7.2036 per dollar ahead of the data.

Persons: Susan Collins, Tony Sycamore, Sterling, Wei Liang Chang Organizations: U.S, Boston, Traders, IG, Bank of, DBS Locations: United States, China, Asia

BANGKOK (AP) — Share were mostly higher in Asia on Thursday after the S&P 500 neared the 5,000 level for the first time. Hong Kong’s benchmark fell while Shanghai advanced after China replaced its top stock market regulator. Late Wednesday, China's top stock regulator was replaced by a former chairman of the Shanghai Stock Exchange as part of those efforts. On Thursday, the Shanghai Composite index gained 1.3% to 2,865.90 and the Shenzhen Components index in China's smaller main market also added 1.3%. The S&P 500 gained 0.8%, coming within a fraction of a point of the 5,000 level before ending the day at 4,995.06.

Persons: Wu Qing, Yi Huiman, Hang Seng, Australia's, SET, Snapchat Organizations: Shanghai Stock Exchange, China Securities Regulatory Commission, Communist Party, Nikkei, Ford, Dow Jones, Nasdaq, . New York Community Bancorp, Signature Bank, Ford Motor, Enphase Energy, CVS Health, Corp, Vans, New York Mercantile Exchange, Brent Locations: BANGKOK, Asia, Shanghai, China, Tokyo, Beijing, Shenzhen, Seoul, India, Wall

TOKYO (AP) — Asian shares were mostly higher Wednesday, tracking gains on Wall Street, although Tokyo's benchmark slipped slightly. Those developments had pushed Chinese shares, including those in Hong Kong, sharply higher on Tuesday. The mostly small cap stocks traded in the southern Chinese market of Shenzhen were up 1.4%, and the CSI 1000, an index that tracks highly volatile “snowball derivatives" was up 4.2%. Wall Street drifted higher through a quiet Tuesday as the bond market calmed following some sharp swings. In the bond market, the yield on the 10-year Treasury relaxed following its slingshot ride higher in recent days.

Persons: Xi Jinping, Seng, Australia's, Korea's Kospi, Brent Organizations: TOKYO, Hong, CSI, Nikkei, Toyota Motor Corp, Dow Jones Industrial, Nasdaq, Federal, GE Healthcare Technologies, Palantir Technologies, FMC, CVS Health, Walt Disney Co, PepsiCo, Treasury, U.S Locations: U.S, Shanghai, Shenzhen, Hong Kong, Asia, Brazil

☆ Lawson shares surge 18% after Japan's KDDI launches $3.4 billion privatization offer
▼ + stars: | 2024-02-07 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

A customer exits a Lawson Inc. convenience store in Tokyo, Japan, on Tuesday, Oct. 6, 2020. Shares of Japan's third-largest convenience store chain Lawson surged 18% it received an offer to go private. The offer would see conglomerate Mitsubishi and mobile carrier KDDI jointly manage the convenience store chain, with each owning a 50% stake. This represents a 16% premium to Lawson's closing share price of 8,913 yen on Tuesday, valuing the offer at about 500 billion yen ($3.4 billion). KDDI currently owns a 2.11% stake in Lawson, while Mitsubishi owns 50.11%.

Persons: Lawson, KDDI Organizations: Lawson Inc, Mitsubishi, KDDI Locations: Tokyo, Japan, Lawson

☆ Dollar on defensive after pullback from nearly 3-month peak
▼ + stars: | 2024-02-07 | by ( ) www.cnbc.com time to read: +2 min

The dollar remained under pressure on Wednesday after retreating from a nearly three-month high against the euro in the previous session with a decline in U.S. bond yields adding to the drag. The dollar remained under pressure on Wednesday after retreating from a nearly three-month high against the euro in the previous session with a decline in U.S. bond yields adding to the drag. U.S. Treasury yields also turned down from highs overnight on solid demand at a sale of new three-year notes, removing some support for the dollar. The U.S. dollar index , which measures the currency against six major peers, including the euro, was flat at 104.14, following Tuesday's 0.29% slide. The currency pair tends to be extremely sensitive to moves in Treasury yields.

Persons: Jerome Powell scuppered, Matt Simpson, James Kniveton Organizations: Federal, Treasury, U.S, CPI, Federal Reserve Locations: U.S, Asia

“What we’ve seen with the Taylor Swift tour is something that we’ve not really seen before,” said Richard Clarke, an analyst at investment firm Bernstein. Taylor Swift performs at the Staples Center in Los Angeles in 2015. From Taylor Swift On her birthday in 2019, Swift shared this photo of herself as a child. From Taylor Swift A 13-year-old Swift sings the National Anthem before an NBA game in Philadelphia in 2002. John Mabangalo/Pool/Getty Images Swift performs during a sold-out show at New York's Madison Square Garden in 2009.

Persons: Tokyo CNN —, Taylor, Travis Kelce, Taylor Swift, we’ve, ”, Richard Clarke, Bernstein, “ It’s, TikTok she’d, curating, Kane Ishiyone, Swift, –, Ishiyone, Richard A, Brooks, Clarke, “, that’s, Christopher Polk, Scott, Andrea Swift, Jesse D, Tim McGraw, Kevin Winter, John Mabangalo, Chad Batka, Bryan Bedder, Larry Busacca, Miley Cyrus, Lucas Till, Hannah Montana, Sam Emerson, Everett, Jonas, Frank Masi, I'm, West, Beyoncé, Jeff Kravitz, Lucy Nicholson, Christopher Morris, Josh Haner, Kevin Mazur, James Taylor, Charles Sykes, Matt Sayles, Mark J, Terrill, Invision, Jimmy Fallon, Douglas Gorenstein, Nicholas Harvey, Kanye West, Kim Kardashian, Laraine Newman, Bill Hader, Taran Killam, Kristen Wiig, Keenan Thompson, Fred Armisen, Kerry Washington, Betty White, Bradley Cooper, Dana Edelson, Andrea, Ethan Miller, Tim Boyles, Selena Gomez, Jordan Strauss, Mike Coppola, John Shearer, Andrew Lloyd Webber, Brandon Urie, Katy Perry, Republic Records Jack Antonoff, Aaron Dessner, Will Heath, Seth Wenig, Terence Rushin, David Eulitt, Mitsumasa Etou, Akazawa, haven’t, It’s, Michele Bullock Organizations: Tokyo CNN, People, Kansas City Chiefs, Taylor, Getty, Super Bowl, Chicago Bears, dateline, Vegas, Staples Center, NBA, of Country, Garden, New York Times, New York's Rockefeller Center, Walt Disney Co, Kanye, Madison, MTV, NBC, ACM, Academy of Country, New York's Metropolitan Museum of Art, Universal Pictures, Coachella, Republic Records, New York University, Arrowhead, Chiefs, NET, Tokyo City University, Fuji, Tokyo, Reserve Bank of Australia, Reuters Locations: Tokyo, Las Vegas, Philippines, Fukuoka, Japan, Germany, Austria, Netherlands, Shibuya, AFP, Asia, Washington, Las Vagas, Los Angeles, West Reading , Pennsylvania, Philadelphia, New York, Auburn Hills , Michigan, Newark , New Jersey, Pennsylvania, Frankfurt, London, Arlington , Texas, Tampa, Chicago, Atlanta, Kansas City , Missouri, Asia Pacific, Singapore, Australia, East Coast

TOKYO (AP) — Taylor Swift fans in Tokyo are excited to see America’s pop superstar’s first performance right after her latest Grammy win and the announcement this week of a new album. Swift, as part of her Eras Tour, is performing four straight nights at the Tokyo Dome, through Saturday. Japanese fans prayed for her to safe and speedy flight back to the U.S.“I hope Taylor can make it to the Super Bowl. Those plans — and Swift’s use of her plane — have triggered criticism about additional carbon emissions and lavish spending. ___Associated Press writer Mari Yamaguchi in Tokyo contributed to this report.

Persons: — Taylor Swift, Chiyuki Fujii, Fujii, —, ”, Swift, Travis Kelce, Taylor, Satomi Seki, Mari Yamaguchi Organizations: TOKYO, Poets Department, Super, Associated Press Locations: Tokyo, United States, Las Vegas, U.S, Asia

☆ Dollar firms near 3-month high as rate cut bets dwindle
▼ + stars: | 2024-02-06 | by ( ) www.cnbc.com time to read: +3 min

The U.S. dollar was perched near a three-month peak on Tuesday, buoyed by elevated Treasury yields, on growing expectations that the Federal Reserve is unlikely to cut interest rates aggressively this year. The U.S. dollar was perched near a three-month peak on Tuesday, buoyed by elevated Treasury yields, on growing expectations that the Federal Reserve is unlikely to cut interest rates aggressively this year. The string of robust U.S. economic data has quashed any lingering hopes of early and steep interest rate cuts by the Fed, with Fed Chair Jerome Powell and other policymakers also pushing back against the notion. Figures showed that the unemployment rate was likely much lower late last year than previously thought, which could push out rate cuts there, too. The Japanese yen strengthened 0.07% to 148.56 per dollar, hovering around a two-month low of 148.90 it touched on Monday.

Persons: Jerome Powell, Christopher Wong, Michele Bullock, Kristina Clifton Organizations: U.S, Federal, Investor, Reserve Bank of Australia, Investors, Reuters, Commonwealth Bank of Australia Locations: Singapore, Asia

☆ Nintendo hikes sales forecast of flagship Switch console to 15.5 million units
▼ + stars: | 2024-02-06 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

The Japanese gaming giant previously forecast sales of 15 million Switch consoles in the current fiscal year which ends in March. Here's how Nintendo did in its fiscal third quarter, from October to December, versus LSEG estimates: Net sales: 598.6 billion Japanese yen ($4 billion) versus 568.7 billion yen expectedNet profit: 136.7 billion Japanese yen versus 130.3 billion yen expected Net sales fell 6% year-on-year while net profit rose 18%. Switch boostThe December quarter underscores how Nintendo has managed to extend the life of its near seven-year old Switch console. Nintendo said the "Super Mario Bros. Wonder" game, which was released in October, had a "solid start," with sales of 11.96 million units. Nintendo Switch successor in focus

Persons: Mario, Zelda, Charly Triballeau, upping, Donkey Kong, Princess Peach Organizations: Nintendo, AFP, Getty, Mario Bros

☆ A CIO at a $2 trillion asset manager says the Magnificent 7 are too expensive, and shares which sectors investors should focus on and which to avoid in 2024
▼ + stars: | 2024-02-06 | by ( Laila Maidan | ) www.businessinsider.com time to read: +4 min

Marco Pirondini, the CIO of Amundi US, shared the same sentiments as his colleague and warned investors about following the crowd this year. In a recent interview with Business Insider, Pirondini emphasized the advantages of adding longer-duration bonds at a time when yields remain near 5%. He noted that the asset class was a great way to ensure steady yields in a complex economic environment. When interest rates were lower, you could justify paying higher multiples. After the stress that banks endured in 2023, they are expected to be the beneficiaries of dropping interest rates, he said.

Persons: Craig Sterling, Marco Pirondini, Pirondini Organizations: Microsoft, Apple, Nvidia, Business, Amundi, NYSE Locations: Japan

Lamp posts in front of the Reserve Bank of Australia (RBA) building in Sydney, Australia, on Monday, Feb. 6, 2023. Asia-Pacific markets were set for a mixed open ahead of the interest rate decision from the Reserve Bank of Australia later Tuesday. Twenty-nine economists polled by Reuters unanimously expect the RBA to hold rates at 4.35%. In Japan, household spending dipped more than expected in December, falling 2.5% year on year compared with the 2.1% expected by economists polled by Reuters. The Bank of Japan has said sustainable wage increases are one of the prerequisites for unwinding its ultra-loose monetary policy.

Organizations: Reserve Bank of Australia, Reuters, Bank of Locations: Sydney, Australia, Asia, Pacific, Japan, Bank of Japan

TOKYO (AP) — Nintendo reported healthy sales and profits on the back of the hit “Super Mario Bros. Wonder” game, prompting the Japanese video game maker to raise its full fiscal year forecasts. Kyoto-based Nintendo Co. said Tuesday that demand for what it called the first completely new Super Mario game in the series remained strong. More than 10.7 million units of the latest Super Mario game have been sold around the world since it went on sale in October, according to Nintendo. Nintendo, which did not break down quarterly numbers, expects a full year profit of 440 billion yen ($3 billion), up from an earlier projection for a 420 billion yen ($2.8 billion) profit. The Super Nintendo World park is set to open next year in Florida.

Persons: Mario, ”, “ Mario, Kong, Peach, ___ Yuri Kageyama Organizations: TOKYO, — Nintendo, Nintendo Co, Nintendo, U.S, Universal Studios Locations: Kyoto, Japan, Florida

☆ Toyota hikes annual profit forecast after third quarter beats expectations
▼ + stars: | 2024-02-06 | by ( ) www.cnbc.com time to read: +1 min

A sign is displayed outside a Toyota Motor Corp. dealership on January 30, 2024 in Tokyo, Japan. Toyota Motor raised its full-year operating profit forecast by nearly 9% on Tuesday, after its third-quarter earnings raced past analysts' estimates thanks to a weaker yen and strong sales of high-margin cars and hybrid vehicles. The Japanese firm raised its profit forecast for the current year to 4.9 trillion yen ($33 billion) from 4.5 trillion expected previously. That is well above an average analyst forecast of 4.6 trillion yen, according to LSEG data. Toyota's operating profit for the three months to Dec. 31 totalled 1.68 trillion yen, up 75.7% a year earlier and beating the average 1.3 trillion yen profit estimate in a poll of nine analysts by LSEG.

Organizations: Toyota Motor Corp, Toyota Motor, Toyota, LSEG Locations: Tokyo, Japan

☆ Premarket stocks: Wall Street is worried about another regional banking crisis
▼ + stars: | 2024-02-06 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

But while the last crisis was all about interest rate risk, this one revolves around the $20 trillion commercial real estate market. What’s happening: After decades of growth bolstered by low interest rates and easy credit, commercial real estate has hit a wall. The increase was driven partly by expected losses on commercial real estate loans, it said. “As losses from a [commercial real estate] loan portfolio accumulate, they can spill over into the broader financial system,” they wrote. “There’s some smaller and regional banks that have concentrated exposures in these areas that are challenged and we’re working with them,” he said.

Persons: It’s, Goldman Sachs, Anna Cooban, Janet Yellen, Jerome Powell, Gary Gensler, ”, Chip Somodevilla, She’s, Powell, “, ” McDonald’s, McDonald’s, Jordan Valinsky, Samantha Murphy Kelly, “ We’ve Organizations: CNN Business, Bell, New York CNN, New York Community Bancorp, US Regional Bank, Japan’s Aozora Bank, Deutsche Bank, Canadian Public Pension Investment Board, Boston Properties, US Securities and Exchange, Financial, Biden, Senate, CBS, Verizon, Old Telephone Service, landlines, UK, Consumers, CNN, California Public Utilities Commission Locations: New York, Manhattan, Boston, Washington ,, East, United States, California, France, California ”

BANGKOK (AP) — Shares were mixed Tuesday in Asia, where Chinese stocks surged after a government investment fund said it would step up stock purchases and a report said leader Xi Jinping was set to meet with officials to discuss the markets. The fund periodically steps up buying of shares in big state-owned banks and other companies to counter heavy selling pressure in the Chinese markets. On Monday, benchmarks in Shanghai and the smaller market in Shenzhen bounced between small gains and big losses, while share prices of state-run banks and other big companies rose. The Fed has yanked the federal funds rate to its highest level since 2001 to bring down high inflation. But there's also an upside for stocks from the U.S. economy's blasting through worries about a possible recession.

Persons: Xi Jinping, Xi, Hong, Seng, Australia's, India's, Jerome Powell, there's Organizations: Bloomberg, CSI, Central Huijin Investment, Nikkei, Dow Jones, Nasdaq, Federal Reserve, Institute for Supply, New York Mercantile Exchange, Brent Locations: BANGKOK, Asia, Shanghai, Shenzhen, South Korea, Bangkok

☆ Mitsui Fudosan shares jump as activist investment firm reportedly calls for buybacks
▼ + stars: | 2024-02-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMitsui Fudosan shares jump as activist investment firm reportedly calls for buybacksThe Financial Times reported that Elliott Management had called upon the property group to launch a 1 trillion yen ($6.74 billion) buyback plan.

Persons: Elliott Organizations: Mitsui, The Financial Times, Elliott Management

☆ Mitsui Fudosan shares hit record high after Elliott reportedly calls for over $6.5 billion share buyback
▼ + stars: | 2024-02-05 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: 1 min

Visitors in front of the Cinderella Castle at Tokyo Disneyland in Tokyo, Japan on Jan. 17, 2023. Shares of Mitsui Fudosan surged to an all-time high on Monday after a report said U.S. activist investment firm Elliott Management had demanded the company launch a massive stock buyback program. Japan's largest property developer jumped as much as 11.8% in early afternoon trading to hit a record 4,100 yen. The Financial Times reported that Elliott Management had called upon the property group to launch a 1 trillion yen ($6.74 billion) buyback plan. The report said Elliott also demanded the company sell down its $3.6 billion stake in Oriental Land , which runs Tokyo Disneyland, citing people familiar with the matter at both Elliott and Mitsui.

Persons: Mitsui Fudosan, Elliott Management, Elliott Organizations: Mitsui, Financial Times, Elliott Management, Elliott Locations: Tokyo, Japan, Oriental

☆ Dollar scales fresh peaks as Fed cut bets recede
▼ + stars: | 2024-02-05 | by ( ) www.cnbc.com time to read: +3 min

"A one-two punch from Jay Powell's FOMC presser and a very strong nonfarm payrolls report have essentially closed the door on a March rate cut," said Chris Weston, head of research at Pepperstone. The Japanese yen was last 0.15% lower at 148.58 per dollar, having hit a trough of 148.82 earlier in the session. Treasury yields also jumped on expectations of higher-for-longer U.S. rates, with the two-year yield, which typically reflects near-term interest rate expectations, last up nearly seven bps at 4.4386%. That did little to help the yuan, with the offshore yuan last marginally lower at 7.2182 per dollar, pressured by a stronger greenback. "So far we've just seen speculation and some media reports talking about further support for the equity market or the property market.

Persons: Jerome Powell's, Jay Powell's FOMC presser, Chris Weston, Powell, Carol Kong, CBA's Organizations: Federal Reserve, New, Traders, Fed, CBS, Sterling, Commonwealth Bank of Australia, Treasury Locations: Buenos Aires, Argentina, New Zealand

Last week, Chinese stocks capped their worst week in five years. On Friday, Big Tech stocks once again carried Wall Street to a record, even though the majority of stocks fell due to renewed worries about risks of a hot economy. The Big Tech stocks, which are two of Wall Street’s most influential, also vaulted the Nasdaq composite up by 1.7%. But the Dow Jones Industrial Average, which has less of an emphasis on tech, rose by a more modest 0.3% to 38.654.42. They’re both members of a small group of Big Tech stocks known as the “Magnificent Seven” responsible for the majority of Wall Street’s run to a record.

Persons: Donald Trump, Hang Seng, Australia’s, it’s, Stocks, Jerome Powell, They’re Organizations: China Securities Regulatory Commission, Nikkei, Big Tech, Meta, Dow Jones, Nasdaq, Federal Reserve, Facebook, Amazon, Apple, Charter Communications, New York Mercantile Exchange, Brent, U.S Locations: HONG KONG, Beijing, Shenzhen, Shanghai, U.S, China, Hong, Asia

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