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☆ Dollar stumbles to over two-month low as markets eye Fed cuts
▼ + stars: | 2023-11-20 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

The yuan struck three-month highs in both the onshore and offshore markets, propped up by China's central bank, while the Australian dollar similarly scaled a three-month top against the falling greenback. "If we do see risk appetite improve again, then the dollar can definitely weaken further." Against the weaker dollar, the euro rose to an over two-month high of $1.0924, ahead of flash PMI readings in the euro zone due later this week. The risk-sensitive Australian dollar edged roughly 0.5% higher to $0.6546, its strongest level since August, while the New Zealand dollar rose 0.52% to $0.60235. The onshore yuan rose 0.5% to an over three-month high of 7.1753 per dollar, while the offshore yuan similarly got a boost and jumped roughly 0.6% to an over three-month top of 7.1745 per dollar.

Persons: Dado Ruvic, Carol Kong, Sterling, Vishnu Varathan, CBA's, Rae Wee, Sam Holmes Organizations: REUTERS, Rights, Federal Reserve, Fed, Commonwealth Bank of Australia, Treasury, ., Mizuho Bank, New Zealand, Thomson Locations: Rights SINGAPORE, Asia, China

☆ Japan shares hit three-decade high, yuan climbs
▼ + stars: | 2023-11-20 | by ( Wayne Cole | ) www.reuters.com time to read: +5 min

Passersby are reflected on an electric stock quotation board outside a brokerage in Tokyo, Japan April 18, 2023. Financial shares led the gains on Monday as investors prepare for an eventual end to negative rates, while auto makers have been benefiting from a weak yen and high exports. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) edged up 0.1%, having climbed 2.8% last week to a two-month high. That outlook helped bonds rally, with 10-year Treasury yields at 4.45% having dropped 19 basis points last week and away from October's 5.02% high. Sweden's central bank meets this week and may hike again, given high inflation and the weakness of its currency.

Persons: Issei Kato, Goldman Sachs, Brent, Wayne Cole, Lincoln Organizations: REUTERS, Nikkei, Nvidia, Japan's Nikkei, Financial, Hamas, Nasdaq, Tech, Futures, U.S, Bank of Japan, European Central Bank, NAB, ECB, Thomson Locations: Tokyo, Japan, SYDNEY, Asia, Pacific, Israel, United States, Gaza, October's

☆ Asia off to slow start, lot of easing already priced in
▼ + stars: | 2023-11-20 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) edged up 0.1%, having climbed 2.8% last week to a two-month high. Japan's Nikkei (.N225) was little changed, and is up almost 9% for the month so far amid upbeat corporate earnings. A LOT PRICED INMarkets have all but priced out the risk of a further hike in December or next year, and imply a 30% chance of an easing starting in March. Futures also imply around 100 basis points of cuts for 2024, up from 77 basis points before the benign October inflation report shook markets. "If another soft print eventuates, expect pricing for ECB cuts to extend beyond the current 100bps of cuts being priced for 2024."

Persons: Issei Kato, Goldman Sachs, Brent nudged, Wayne Cole, Lincoln Organizations: REUTERS, Nikkei, Nvidia, Hamas, Japan's Nikkei, Nasdaq, Tech, Futures, U.S, European Central Bank, NAB, ECB, Thomson Locations: Tokyo, Japan, SYDNEY, Israel, United States, Gaza, Asia, Pacific, October's

☆ Bank of Japan needs to walk away from ultra-loose monetary policy to support yen, Deutsche Bank says
▼ + stars: | 2023-11-20 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +1 min

SeongJoon Cho | Bloomberg | Getty ImagesAmong major central banks, the Bank of Japan has been most notorious for its ultra-loose monetary policy, but that must come to an end soon to support the country's currency, according to Deutsche Bank. "For the yen to do something meaningfully better you really need more of a dovish pivot in every other central bank, or the Bank of Japan really has to start walking away from quantitative easing and negative rates," Tim Baker G10 FX strategist at Deutsche Bank told CNBC's Street Signs Asia. watch nowQuantitative easing is when a central bank tries to increase the liquidity in its financial system by buying long-term government bonds from the country's largest banks. The BOJ has used various quantitative easing tools to reflate the economy in the last three decades. The central bank has been cautious in unwinding its long-held ultra-easy monetary policy, wary of any premature moves that could potentially derail recent nascent improvements in the economy.

Persons: SeongJoon Cho, Tim Baker, CNBC's, Baker Organizations: Bloomberg, Getty, Bank of Japan, Deutsche Bank, Bank of, Fed, ECB Locations: Hakone, Japan, Bank of Japan

Passersby wait at a crossing in front of an electronic board showing Japan's Nikkei average outside a brokerage, in Tokyo, Japan, March 17, 2023. REUTERS/Androniki Christodoulou/File Photo Acquire Licensing RightsNov 21 (Reuters) - A look at the day ahead in Asian markets from Alden Bentley, U.S. The benchmark S&P 500 (.SPX) is now less than 2% away from its highest level this year that was reached in July. There are few potential U.S. market moving events this week, besides Tuesday's day early release of the minutes from the Federal Open Market Committee's last meeting. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Androniki, Alden Bentley, Satya Nadella, Sam Altman Organizations: Nikkei, REUTERS, Breaking, Finance, Markets, Reuters, Microsoft, Treasury, Fed, Federal, Reserve Bank of Australia, Bank Indonesia, Kuaishou Technology, Tongcheng Travel, Alden Bentley Our, Thomson Locations: Tokyo, Japan, Alden, U.S, Asia

☆ Stock Market Today: Stock Futures Edge Up to Start the Week
▼ + stars: | 2023-11-20 | by ( ) www.wsj.com time to read: 1 min

Microsoft stock jumped premarket after the software giant said Sam Altman would join to lead a new advanced artificial-intelligence research team. The OpenAI board fired Altman as chief executive last Friday and named a former chief executive of Twitch as interim CEO. The chip maker’s stock rose premarket. U.S. stock futures inched up. Treasury yields inched higher.

Persons: Sam Altman, Altman, Twitch Organizations: Microsoft, Nvidia, greenback, Treasury Locations: Europe, Asia

☆ Dollar on the back foot as focus turns to Fed easing
▼ + stars: | 2023-11-20 | by ( ) www.cnbc.com time to read: +3 min

"(The) euro zone PMI surveys will be watched closely for further signs the region is on the cusp of, or already in, recession," said economists at Wells Fargo in a note. "In our view, the chances of at least a mild euro zone recession beginning in the latter part of 2023 are now becoming increasingly likely." Sterling slipped 0.06% to $1.24545, but was not far from a two-month high of $1.2506 hit last week. Ahead of China's loan prime rate decision later in the day, the offshore yuan firmed near a three-month high against the dollar and last stood at 7.2214 per dollar. The Australian dollar , often used as a liquid proxy for the yuan, fell 0.17% to $0.6504, while the New Zealand dollar slipped 0.04% to $0.5990.

Persons: Sterling, Carol Kong Organizations: Federal Reserve, PMI, Fed, Commonwealth Bank of Australia, New Zealand Locations: China, Asia, Beijing, Wells

☆ OpenAI Upheaval in Focus, Microsoft Stock Edges Higher: Stock Market News Today
▼ + stars: | 2023-11-20 | by ( ) www.wsj.com time to read: +1 min

Microsoft stock was gaining after the software giant said Sam Altman—OpenAI's fired chief executive—would lead its new advanced AI research team . Now more than 500 OpenAI employees have threatened to leave the company if the current board doesn't resign and reinstate Altman. The chip maker’s stock—which has been a big contributor to the S&P 500's gains this year—was also higher in recent trading. All three major stock indexes are coming off their third straight weekly advance, including a 2.2% gain for the S&P 500. Benchmarks in Asia mostly rose, with consumer and tech stocks helping push Hong Kong’s Hang Seng Index up 1.9%.

Persons: Sam Altman — OpenAI's, —, Altman, Javier Milei Organizations: Microsoft, Nvidia, Nasdaq, Bayer, Bristol Myers Squibb, U.S, Treasury, greenback, Global Locations: OpenAI, U.S, Europe, Asia

☆ Strategist says Bank of Japan needs to step away from ultra-easy policy to boost yen
▼ + stars: | 2023-11-20 | 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 EmailStrategist says Bank of Japan needs to step away from ultra-easy policy to boost yenTim Baker, Asia-Pacific G10 FX strategist at Deutsche Bank, discusses the outlook for the currency.

Persons: Tim Baker Organizations: Bank of Japan, Deutsche Bank Locations: Asia, Pacific

☆ Morning Bid: Thanksgiving starters of AI and oil
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsA look at the day ahead in U.S. and global markets from Mike Dolan. Thanksgiving may make for a clipped U.S. markets week, but there's plenty to chew on around the world before then - and a feast of intrigue in the artificial intelligence space. His plans include shutting the central bank, ditching the peso and dollarizing the economy and slashing spending with potentially painful reforms. The risk premium between German and Italian 10-year yields tightened to 170 bps - the lowest since Sept. 21.

Persons: Brendan McDermid, Mike Dolan, Sam Altman, That's, thrall, Javier Milei, Milei, Jeremy Hunt, Andrew Bailey ,, Francois Villeroy de, Pablo Hernandez de Cos, Ed Osmond Organizations: New York Stock Exchange, REUTERS, Microsoft, Big Tech, Nvidia, Treasury, Federal Reserve, Bank, Bayer, Federal Reserve Bank of England, Andrew Bailey , Bank of France, Bank of Spain, Technologies, Keysight Technologies, Holdings Reuters Graphics Reuters, Reuters, Thomson Locations: New York City, U.S, OPEC, Tokyo, Europe, Canada, Francois Villeroy de Galhau

☆ Morning Bid: Japanese stocks party like it's 1990
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +4 min

A man walks past an electronic board displaying Japan's 10-year government bonds level, the current Japanese Yen exchange rate against the U.S. dollar and Nikkei share average, outside a brokerage in Tokyo, Japan, October 31, 2023. It's been a mixed start for most of Asia in this holiday-truncated week, though Japanese shares extended their bull streak to hit highs not seen since 1990. The Nikkei is up more than 8% so far this month, and almost 29% for the year so far. The entire market capitalisation of the Topix is 454 trillion yen ($3.03 trillion), yet Japanese companies held 555 trillion yen in internal reserves at the end of the financial year. Recent surveys show inflation expectations are finally picking up which may prompt households to invest some of the 1,000 trillion yen they currently keep in cash and deposits into equities and bonds.

Persons: Kim Kyung, It's, financials, de, de Cos, Bank of England Governor Bailey, Fed's Barkin, Wayne Cole, Christopher Cushing Organizations: U.S ., Nikkei, REUTERS, Nasdaq, Bank of Japan's, Hamas, Tech, Nvidia, Futures, PPI, Bank of France, Bank of Spain, Bank of England, Thomson Locations: Tokyo, Japan, Asia, Israel, United States, Gaza, de Galhau

HONG KONG (AP) — Asian shares were higher Monday after Wall Street closed its third straight winning week with a tiny gain. U.S. futures were lower while oil prices gained as investors looking ahead to OPEC plus meetings. Australia’s S&P/ASX 200 edged 0.1% higher to 7,058.40. The Dow Jones Industrial Average inched up less than 0.1% to 34,947.28 and the Nasdaq composite gained 0.1% to 14,125.48. It had been trading near 152 yen to the dollar last week, but analysts said expectations for lower U.S. interest rates are driving sales of dollars, pushing the yen higher.

Persons: Australia’s, Taiex, what’s, Jerome Powell, it’s, Brent Organizations: Nikkei, China, Dow Jones, Nasdaq, Wall, Ross, BJ’s Wholesale, Companies, Federal Reserve, Fed, U.S Locations: HONG KONG, Hong Kong, Shanghai, South Korea, Bangkok

☆ Japanese troops drill on island seen as vulnerable to China
▼ + stars: | 2023-11-19 | by ( Tim Kelly | ) www.reuters.com time to read: +2 min

TOKUNOSHIMA, Japan, Nov 19 (Reuters) - Japanese marines in amphibious assault vehicles stormed an island beach at the edge of the East China Sea on Sunday in a simulated attack to dislodge invaders from territory that Tokyo worries is vulnerable to attack from China. Other troops arrived in semi-inflatable rubber boats, with heavy equipment carried to shore on military hovercraft. [1/5]A Japanese Ground Self-Defense Force's Amphibious Rapid Deployment Brigade (ARDB) soldier takes part in a marine landing drill as a part of the country's nationwide 05JX military exercises at Tokunoshima island, Kagoshima prefecture, southwestern Japan, November 19, 2023. Kishida has warned that East Asia could be the next Ukraine, if China, emboldened by Russia's assault on its neighbour, attacks Taiwan. But the yen's sharp decline this year has forced Japan to cut back on some planned purchases, including new models of the U.S.-made Chinook helicopters that Japan's military used in the Tokunoshima drill.

Persons: Yoshihide Yoshida, Issei Kato, Fumio Kishida, Kishida, Tim Kelly, William Mallard Organizations: Self - Defence Forces, Joint Staff, Defence Force, Defense Force, Defense, Rapid Deployment Brigade, REUTERS, U.S, Thomson Locations: TOKUNOSHIMA, Japan, East, Tokyo, China, Russia, North Korea, Tokunoshima, Kagoshima prefecture, Taiwan, Asia, Ukraine, U.S, Beijing

☆ Japanese Troops Drill on Island Seen as Vulnerable to China
▼ + stars: | 2023-11-18 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +2 min

By Tim KellyTOKUNOSHIMA, Japan (Reuters) - Japanese marines in amphibious assault vehicles stormed an island beach at the edge of the East China Sea on Sunday in a simulated attack to dislodge invaders from territory that Tokyo worries is vulnerable to attack from China. Other troops arrived in semi-inflatable rubber boats, with heavy equipment carried to shore on military hovercraft. Unlike many of the beaches along Japan's southwest island chain stretching toward Taiwan, the one on Tokunoshima does not have a coral reef that would make military operations more difficult. Kishida has warned that East Asia could be the next Ukraine, if China, emboldened by Russia's assault on its neighbour, attacks Taiwan. But the yen's sharp decline this year has forced Japan to cut back on some planned purchases, including new models of the U.S.-made Chinook helicopters that Japan's military used in the Tokunoshima drill.

Persons: Tim Kelly TOKUNOSHIMA, Yoshihide Yoshida, Fumio Kishida, Kishida, Tim Kelly, William Mallard Organizations: Self - Defence Forces, Joint Staff, Defence Force, Defense Force, U.S Locations: Japan, East, Tokyo, China, Russia, North Korea, Tokunoshima, Taiwan, Asia, Ukraine, U.S

[1/2] A woman counts U.S. dollar bills at her home in Buenos Aires, Argentina August 28, 2018. Cooler-than-expected U.S. inflation data on Tuesday and Wednesday hastened market expectations for how soon the Federal Reserve will cut rates. Such a move would weaken a major dollar support and could come as early as next year's first quarter. The yen - punished broadly this year by dollar strength - broke the 150 mark for the first time in nearly two weeks, gaining 0.69% to 149.68 to the dollar. Japanese authorities do not have specific exchange-rate levels in mind when deciding when to intervene in the currency market, Deputy Finance Minister Ryosei Akazawa told parliament on Friday.

Persons: Marcos Brindicci, Bipan Rai, Thierry Wizman, Wizman, Ryosei Akazawa, Lee Hardman, Robert Holzmann, Joachim Nagel, Christine Lagarde, Herbert Lash, Iain Withers, Rae Wee, Tom Westbrook, Alexander Smith, Matthew Lewis Organizations: REUTERS, Federal Reserve, CIBC Capital Markets, FX, Eurostat, European Central Bank, Thomson Locations: Buenos Aires, Argentina, North America, Toronto, United States, Macquarie, New York, Britain, London, Singapore

[1/2] A woman counts U.S. dollar bills at her home in Buenos Aires, Argentina August 28, 2018. Cooler-than-expected U.S. inflation data on Tuesday and Wednesday reset market expectations for how soon the Federal Reserve will cut rates and weighed on the dollar. The greenback is poised for its biggest weekly drop since July, down 1.6% over the past five days, and second-biggest decline this year. Data that showed U.S. single-family homebuilding increased marginally in October briefly supported the dollar, but with inflation the main market driver it remained lower on the day. The euro was up 0.17% at $1.0868 after Eurostat data confirmed year-on-year inflation in the euro zone slowed sharply in October.

Persons: Marcos Brindicci, Bipan Rai, Thierry Wizman, Wizman, Lee Hardman, Robert Holzmann, Joachim Nagel, Christine Lagarde, Herbert Lash, Iain Withers, Rae Wee, Tom Westbrook, Mark Potter, Kirsten Donovan Organizations: REUTERS, Federal Reserve, CIBC Capital Markets, FX, Eurostat, European Central Bank, Thomson Locations: Buenos Aires, Argentina, North America, Toronto, United States, Macquarie, New York, Britain, London, Singapore

The Shanghai Composite index edged 0.1% higher to 3,054.37. Taiwan’s Taiex gained 0.2% and the Sensex in Mumbai fell 0.1%. Wall Street’s stocks drifted to a mixed finish Thursday as market momentum slowed following the sizzling rally of the first half of November. The Dow Jones Industrial Average slipped 0.1% to 34,945.47, and the Nasdaq composite gained 0.1% to 14,113.67. Stocks in the oil-and-gas industry swooned after the price of crude tumbled sharply to its lowest level since July.

Persons: Seng, Kazuo Ueda, Ueda, Australia’s, Taiwan’s Taiex, ” Yeap Jun Rong, IG, Macy’s, Sonos, Stocks, Halliburton, Brent Organizations: Nikkei, Bank of Japan Gov, U.S, U.S ., Dow Jones, Nasdaq, Walmart, Cisco Systems, Marathon Petroleum Locations: HONG KONG, U.S, New York, Shanghai, South Korea, Mumbai

☆ Asia stocks hang onto weekly gains as yields, oil fall
▼ + stars: | 2023-11-17 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

The market is pricing in 98 basis points of cuts next year, compared with 73 basis points a week ago. "We forecast the policy rate to drop 100 basis points in 2H24 to end the year at 4.5%, before settling on hold at 3.5% by 1Q25." Treasury investors were looking to price in a little of that right now with yields on two-year treasuries down a whopping 21 basis points for the week at 4.85%. Ten-year note yields stood at 4.44%, having fallen 18 basis points for the week so far, a rousing rally from the 5.02% high hit just a month ago. It fared better against commodity-linked currencies such as the Canadian dollar , which were hampered by the slide in oil.

Persons: Brent, Xi Jinping, Joe Biden, Fumio Kishida, Xi, Wayne Cole, Sam Holmes Organizations: SYDNEY, Dealers, Walmart, Equity, Nasdaq, Japan's Nikkei, Bank of Japan, Japanese, APEC, Federal Reserve, JPMorgan, 1Q25, Treasury, Fed, Thomson Locations: Asia, Japan, Pacific, U.S, United States, China, 2H24

☆ Yen eyes best week in four months, dollar heads for weekly decline
▼ + stars: | 2023-11-17 | by ( ) www.cnbc.com time to read: +3 min

The yen was on track for its best week against the dollar in four months on Friday on the prospect of a narrowing U.S.-Japan rate differential, with bets that the Federal Reserve is done raising rates leaving the greenback headed for a weekly loss. That's led to a decline in U.S. Treasury yields alongside a fall in the dollar, which was on track to lose nearly 0.6% on the yen for the week, its worst weekly performance since July. Against the greenback, the euro and sterling were likewise eyeing a weekly jump of more than 1.5% each, while the dollar index was on track to lose 1.3%. The Japanese yen last stood at 150.72 per dollar, remaining on the weaker side of the 150 threshold and not far from Monday's one-year low of 151.92 per dollar. It's our house view that they don't touch policy settings for many, many months, so deep into next year," said Callow.

Persons: That's, Sean Callow, Callow Organizations: Federal, Fed, Treasury, CPI, Westpac, Bank of Japan, U.S, New Locations: Japan, U.S, United States, New Zealand

☆ Take Five: Black Friday is (almost) here
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +6 min

REUTERS/Kamil Krzaczynski/File Photo Acquire Licensing RightsNov 17 (Reuters) - U.S. retailers are gearing up for Black Friday, marking the start of the shopping season that follows the Thanksgiving holiday, while business activity data should gauge the temperature elsewhere. 1/ BARGAIN HUNTINGThe crucial holiday shopping season kicks off with Black Friday on Nov. 24 at a time when investors are questioning whether the consumer-driven U.S. economy can remain resilient. This year's Black Friday comes as Americans grapple with soaring interest rates and inflation that, while easing, remains above the Federal Reserve's 2% target. Already, data for October showed U.S. retail sales fell, pointing to slowing demand, although the decline was less than expected. As long as that's not the case, pressure is on the Kishida cabinet since a weak yen is unpopular politically.

Persons: Kamil Krzaczynski, Lewis Krauskopf, Kevin Buckland, Naomi Rovnick, Dhara Ranasinghe, Karin Strohecker, There's, PIMCO, Rishi Sunak, David Cameron, Jeremy Hunt, Hunt, bode, Sergio Massa, Javier Milei, Pragmatist Massa, Prinz Magtulis, Sumanta Sen, Kripa Jayaram, Pasit, Mark Potter Organizations: Walmart, REUTERS, Black, Nvidia, Insider Intelligence, European Commission, PMI, Fed, European Central Bank, Reuters Graphics Reuters, DOWNING STREET, Labour, gilts, Natwest, Reuters, Bank of Japan, Peronist, Thomson Locations: Chicago , Illinois, U.S, Argentina, Lewis, New York, Tokyo, London, Britain, Japan, Egypt, Taiwan, South Africa, India

☆ Japanese equities draw huge foreign inflows amid easing Fed rate hike fears
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Kim Kyung-Hoon/File Photo Acquire Licensing RightsNov 16 (Reuters) - Foreign investors were major buyers of Japanese equities last week, buoyed by robust corporate earnings and a broader global market rally amid expectations that the U.S. Federal Reserve may pause its aggressive interest rate hikes. Data from Japanese exchanges showed foreign investors purchased stocks worth a net 1.12 trillion yen ($7.40 billion)in the week ended Nov. 10, their biggest weekly net buying since the week ended June 16. Reuters GraphicsInvestments were predominantly focused in derivatives, totaling about 1.04 trillion yen, complemented by 78.3 billion yen directed into cash equities. Year-to-date, Japanese stocks have attracted net inflows of 5.96 trillion yen from foreign investors, a stark contrast to 4.07 trillion yen of net outflows in the year-ago period. Meanwhile, Japanese investors withdrew 73 billion yen from overseas stocks in the last week, becoming net sellers of foreign stocks for the first time in seven weeks.

Persons: Kim Kyung, Patturaja Murugaboopathy, Gaurav Dogra, Varun Organizations: Tokyo Stock Exchange, REUTERS, U.S . Federal, Reuters Graphics Investments, Japan's Nikkei, Treasury, Reuters, Thomson Locations: Tokyo, Japan, U.S

☆ Dollar holds ground as macro data hints at later Fed rate cut
▼ + stars: | 2023-11-16 | by ( Kevin Buckland | ) www.reuters.com time to read: +2 min

U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. The risk-sensitive Australian and New Zealand dollars sank amid a decline in regional equities. The dollar index - which measures the greenback against the euro, yen and four other rivals - added 0.11% to 104.43. Elsewhere, the Aussie slid 0.29% to $0.64905, and the New Zealand dollar declined 0.5% to $0.5993. Australia's currency failed to draw support from a strong rebound in employment, as traders keyed on the fact that gains were mostly in part-time labour, while the jobless rate actually ticked higher.

Persons: Dado Ruvic, James Kniveton, Kevin Buckland, Shri Navaratnam Organizations: REUTERS, Rights, Reserve, New Zealand, Traders, Thomson Locations: Convera

BANGKOK (AP) — Asian shares have retreated after Wall Street added a bit more to its big rally from a day before, while U.S. futures and oil prices were lower. Biden and Xi emerged from their first face-to-face meeting in a year vowing to stabilize the fraught relationship between the world's two biggest economies. Target helped lead the market with a 17.8% jump after it reported much stronger profit for the latest quarter than analysts expected. Prices at the wholesale level were 1.3% higher in October than a year earlier, and they surprisingly fell from September’s levels. That breathed more life into hopes that inflation is indeed cooling enough for the Fed to halt its barrage of rate hikes.

Persons: Joe Biden, Xi Jinping, Biden, Xi, ” Biden, Hang Seng, ’, retracing, Goldman Sachs, Praveen, Brent Organizations: Nikkei, Dow Jones Industrial, Nasdaq, Federal Reserve, Fed, U.S, Traders, New York Mercantile Exchange Locations: BANGKOK, Shanghai, Seoul, Australia, Japan, India, Bangkok, U.S

☆ Japan's export growth slows as China, global downturn risks loom
▼ + stars: | 2023-11-16 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +3 min

A worker is seen among newly manufactured cars awaiting export at port in Yokohama, Japan, November 15, 2017. Weak exports have complicated Japan's efforts to spur economic growth with sluggish domestic demand also weighing on the post-pandemic recovery. Japan's export growth slowsJapan's economy weakened in July-September, snapping two straight quarters of expansion on soft consumption and exports, data showed on Wednesday. By destination, exports to China, Japan's largest trading partner, fell 4.0% year-on-year in October, posting 11 straight months of declines. The trade balance came to a deficit of 662.5 billion yen ($4.38 billion), versus the median estimate for a 735.7 billion yen deficit.

Persons: Toru Hanai, Atsushi Takeda, Tetsushi Kajimoto, Satoshi Sugiyama, Sam Holmes Organizations: REUTERS, TOKYO, Ministry of Finance, Itochu Economic Research Institute, Thomson Locations: Yokohama, Japan, China, United States, Europe

☆ Dollar shakes off weakness after investors rethink Fed outlook
▼ + stars: | 2023-11-15 | by ( Amanda Cooper | ) www.reuters.com time to read: +3 min

The pound eased back from Tuesday's two-month highs after data showed British inflation ran at its slowest pace in two years in October, at 4.6%. On Tuesday, the pound rose by 1.8% against the dollar, marking its biggest one-day gain in a year. The offshore Chinese yuan, meanwhile, received some support The offshore yuan , meanwhile, briefly ticked up to a three-month high of $7.2385 against the dollar after domestic industrial output and retail sales growth beat expectations. Evidence of ongoing weakness in China's property sector, where data showed sales fell faster in October and investment in real estate slumped, took some of the shine off the rally. The offshore yuan was last at 7.2577 per dollar, down 0.1% on the day.

Persons: Dado Ruvic, Michael Hewson, Sterling, Moh Siong Sim, Brigid Riley, Shri Navaratnam, Lincoln, Angus MacSwan Organizations: REUTERS, Federal Reserve, Investors, Bank of England, Markets, Bank of Singapore, Thomson Locations: Britain, Tuesday's, York

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