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☆ Asian shares set for 3rd losing week on China woes, US rates
▼ + stars: | 2023-08-18 | by ( Stella Qiu | ) www.reuters.com time to read: +5 min

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.6% to just a whisker above a nine-month low hit the previous day. That brought the total loss for the week to 3.4% and marked the third straight week of declines for the index. Shares of Chinese property developers (.HSMPI) listed in Hong Kong fell 1.2%, after China Evergrande (3333.HK) filed for protection from creditors in a U.S. bankruptcy court. "At the start of the year China's economy was powering ahead. Brent crude futures dipped 0.2% to $83.94 per barrel and U.S. West Texas Intermediate crude futures was flat at $80.36.

Persons: Yuan, HSI, China Evergrande, Jonas Goltermann, Goltermann, Padhraic Garvey, Sam Holmes, Jacqueline Wong Organizations: SYDNEY, Nasdaq, Nikkei, Bank of, Technology, HK, Capital Economics, ING, Atlanta Federal, U.S ., U.S, Brent, . West Texas, Thomson Locations: Japan, Europe, Asia, Pacific, Bank of Japan, Hong Kong, China, U.S, Beijing, Americas

☆ Asian shares head for 3rd week of losses on China woes, US rates
▼ + stars: | 2023-08-18 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) were up 0.1% after hitting a nine-month low the session before. It was, however, headed for a weekly loss of 2.8%, the third straight week of declines. Data early on Friday showed Japan's core inflation slowed in July, a result that is likely to support market wagers that the Bank of Japan is in no hurry to phase out monetary easing anytime soon. Chinese property giants gained 0.3%, pulling away from a nine-month low hit just a session ago. "At the start of the year China's economy was powering ahead.

Persons: HSI, China Evergrande, Jonas Goltermann, Treasuries, Padhraic Garvey, Sam Holmes Organizations: Nikkei, Bank of, HK, Capital Economics, ING, Atlanta Federal, Brent, . West Texas, Thomson Locations: Japan, SYDNEY, Asia, Pacific, Bank of Japan, China's, China, U.S, Americas

☆ Assessing the Breadth of Trump’s Election Lies
▼ + stars: | 2023-08-17 | by ( Linda Qiu | More About Linda Qiu | ) www.nytimes.com time to read: +1 min

Before the 2020 election had even concluded, President Donald J. Trump laid the groundwork for an alternate reality in which he was declared the victor, falsely assailing the integrity of the race at nearly every turn. Those lies are now central to two criminal indictments brought against him by the Justice Department and in Georgia, and formed what prosecutors have described as the bedrock of his attempts to overturn the election. Dozens of times, he simply characterized the election as “rigged,” “stolen” or “a hoax,” and flatly and falsely declared he had won — even as a mountain of evidence proved otherwise. Other falsehoods were more specific about the voting and ballot-counting process, contained unproven allegations and promoted conspiracy theories. Here are five common ways in which Mr. Trump has lied about the 2020 election.

Persons: Donald J, Trump Organizations: Justice Department, The Washington Post Locations: Georgia

☆ Australia Q2 wage gains underwhelm, argue against further hikes
▼ + stars: | 2023-08-15 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

"Wage growth has been stuck at 0.8% q/q for the past three quarters – a somewhat surprisingly slow pace given the very low level of the unemployment rate," said Sean Langcake, head of macroeconomic forecasting for Oxford Economics Australia. Despite higher interest rates, Australia's jobless rate is hovering near 50-year low of 3.5% and the economy is adding more jobs than expected. The RBA now sees a credible path where inflation could be restrained with interest rates at their current level, minutes showed on Tuesday. The path involves annual wage growth peaking at 4.1% by the end of the year before easing back to 3.6% by end-2025, according to the bank's latest forecasts. The ABS data showed wages in the public sector picked up to an annual rise of 3.1% while growth in private sector wages increased 3.8%.

Persons: David Gray, Sean Langcake, Andrew Boak, Goldman Sachs, Stella Qiu, Kim Coghill, Sonali Paul, Simon Cameron, Moore Organizations: REUTERS, Reserve Bank of Australia, Australian Bureau, Statistics, Oxford Economics, Thomson Locations: Newcastle, Sydney, Australia, SYDNEY, Oxford Economics Australia

☆ European stocks outperform as Italy soothes bank tax nerves
▼ + stars: | 2023-08-09 | by ( Naomi Rovnick | ) www.reuters.com time to read: +4 min

[1/2] Signage for the London Stock Exchange Group is seen outside of offices in Canary Wharf in London, Britain, August 3, 2023. MSCI's broad index of global shares (.MIWD00000PUS) was 0.2% higher in European afternoon trade. Europe's regional Stoxx 600 (.STOXX) share index rose 0.9%, with bank stocks (.SX7P) around 1.6% higher. Italy's FTSE MIB share index gained 1.8%. "The burden-sharing of the costs and benefits from higher rates has a habit of becoming a political issue," Deutsche Bank strategist Jim Reid said.

Persons: Toby Melville, Jim Reid, China's, Naomi Rovnick, Stella Qiu, Sydney, Ellen Zhang, Christina Fincher, David Evans Organizations: London Stock Exchange, REUTERS, China CPI, Wall Street, Deutsche Bank, Federal Reserve, Nasdaq, Moody's, U.S . National Federation of Independent, Wednesday, U.S . Treasury, BCA, Reserve, Brent, U.S . West Texas, Thomson Locations: Canary Wharf, London, Britain, China, Italy, Thursday's U.S, U.S, Saudi Arabia, Beijing

☆ Yilin Wang: British Museum agrees to pay translator whose work it used without permission
▼ + stars: | 2023-08-09 | by ( Jessie Yeung | ) edition.cnn.com time to read: +5 min

The museum later admitted it had “inadvertently omitted” these steps and apologized, removing Wang’s translations and the original poetry from the exhibition. She said this was an important step in recognizing the often invisible, complex work of translators. The British Museum’s director Hartwig Fischer reached out soon after, she said. A depiction of the unified Qing empire in the British Museum's "China's hidden century" exhibition, seen on May 18, 2023. “She was a queer feminist poet whose work has been kind of overlooked in translation,” Wang said.

Persons: Yilin, Qiu Jin, Wang, “ I’m, ”, “, Wang wasn’t, M.C, ” Wang, James Manning, Hartwig Fischer Organizations: CNN, British Museum, ARMY, British Locations: Vancouver, British

☆ Asian shares weaken slightly on China deflation risk, bank jitters
▼ + stars: | 2023-08-09 | by ( Stella Qiu | ) www.reuters.com time to read: +5 min

In Asia, the MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) edged 0.2% higher, following a 1.2% tumble a day earlier. Producer prices fell for a 10th consecutive month. "It is not likely to see China entering a full deflation path as core CPI is still resilient and driven by services." "Having said that, if we do not see further improvement in consumer sentiment, it is possible to see growing deflation risks in China." Brent crude futures eased 0.2% to $86.00 per barrel and U.S. West Texas Intermediate crude futures also fell 0.2% to $82.73.

Persons: Issei Kato, Gary Ng, HSI, Chetan Ahya, Morgan Stanley, Dow, Stella Qiu, Ellen Zhang, Jamie Freed, Edmund Klamann, Simon Cameron, Moore Organizations: REUTERS, Nasdaq, Japan's Nikkei, PPI, Asia Pacific, Reuters, Wall, U.S, Brent, . West Texas, Thomson Locations: Tokyo, Japan, China, SYDNEY, Italy, Asia, Pacific, Hong Kong, Brazil, Beijing

☆ Asian shares hesitant on China deflation risk, bank jitters
▼ + stars: | 2023-08-09 | by ( Stella Qiu | ) www.reuters.com time to read: +5 min

The MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) edged 0.4% higher after a 1.2% tumble a day earlier. Closely watched China data on Wednesday showed consumer prices fell 0.3% in July from a year ago, the first decline since February 2021, although it was slightly better than the forecast of a 0.4% drop. Producer prices fell for a 10th consecutive month. 10-year yields slipped 2 basis points to 4.004%, after falling 5 basis points overnight to as low as 3.9840%, a one-week trough. Brent crude futures eased 0.2% to $86.02 per barrel and U.S. West Texas Intermediate crude futures also fell 0.2% to $82.73.

Persons: Issei Kato, Carol Kong, Kong, Chetan Ahya, Morgan Stanley, Dow, Stella Qiu, Jamie Freed, Edmund Klamann Organizations: REUTERS, Japan's Nikkei, Commonwealth Bank of Australia, Wall, Nasdaq, U.S, Brent, . West Texas, Thomson Locations: Tokyo, Japan, China, SYDNEY, Italy, Asia, Pacific, Hong Kong, Brazil

☆ Australia ANZ-Indeed jobs ads edge 0.4% higher in July
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +1 min

A pedestrian is reflected in the window of a branch of the Australia and New Zealand Banking Group (ANZ) in central Sydney, Australia, October 25, 2017. Data from Australia and New Zealand Banking Group (ANZ.AX) and employment website Indeed showed job ads rose 0.4% in July from June, when they fell 2.7%. "There are other signs labour market momentum is starting to slow as the RBA’s 400bp of hikes flow through to economic activity... this suggests we'll see a gradual cooling of the labour market from its very strong starting position." Markets suspect the cash rate is nearing its peak, with futures pricing in an even chance of a further rate hike to 4.35% in December. A majority of economists polled by Reuters expect the RBA could deliver the last hike in the fourth quarter.

Persons: Steven Saphore, Stella Qiu, Shri Navaratnam Organizations: New Zealand Banking Group, ANZ, REUTERS, New Zealand Banking, Reserve Bank of Australia, Reuters, Thomson Locations: Australia, Sydney

☆ Wall St shares pare losses after choppy trading as yields spike
▼ + stars: | 2023-08-03 | by ( Lawrence Delevingne | Thomson Reuters | Delevingne Works Primarily On Enterprise Stories Related To Finance. He Joined Reuters In | ) www.reuters.com time to read: +4 min

Wall Street investors weighed another rise in Treasury yields with the latest batch of economic data and earnings. U.S. long-term Treasury yields hit nine-month highs on Thursday after employment and other economic data pointed to easing inflation, maintaining their high levels in the afternoon. EURO SHARES DOWNEuropean shares (.STOXX) slipped 0.6%, the third straight day of losses, bruised by disappointing earnings reports and elevated U.S. bond yields. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.2%, extending losses after a drop of 2.3% a day earlier. Spot gold ticked up 0.1% to $1,934 an ounce, held in check by a robust dollar and elevated bond yields.

Persons: Andrew Kelly, BoE, Gennadiy Goldberg, Goldberg, Sterling, Stuart Cole, Morgan Stanley, Brent, Lawrence Delevingne, Tom Wilson, Stella Qiu, Jonathan Oatis, Will Dunham, Alexander Smith Organizations: Dow Jones, New York Stock Exchange, REUTERS, Wall Street, Nasdaq, TD Securities, Reuters Global, . Labor Department, FTSE, Bank of England, Equiti, Thomson Locations: Manhattan , New York City, U.S, Asia, Pacific, Japan, China, Saudi, Boston, London, Sydney

☆ Adidas turnaround gathers pace as Yeezy boosts margins
▼ + stars: | 2023-08-03 | by ( Helen Reid | Thomson Reuters | London-Based Reporter Covering The European Retail Sector Through A Global Lens. Focusing On Companies Including Adidas | ) www.reuters.com time to read: +4 min

Adidas has to manage Yeezy drops very carefully, Gulden said, adding that the company's guidance was conservative. Adidas' 2023 outlook does not include the second Yeezy release, which is being sold through retailers as well as Adidas' own channels. JD Sports (JD.L) said it had started selling Yeezy shoes from the second drop on Wednesday. Citi analysts expect further Yeezy drops to generate 1.5 billion euros ($1.64 billion) in revenues and 700 million euros in earnings after Adidas' planned charity donations. Adidas donated 10 million euros in the second quarter and set aside 100 million euros for further donations to charities including the Foundation to Combat Antisemitism and the Anti-Defamation League.

Persons: Bjorn Gulden's, Ye, Gulden, Harm Ohlmeyer, Kanye West, Shannon Stapleton, Zuzanna Pusz, Pusz, Liu Qingyi, Shuting Qiu, Helen Reid, Mark Potter, Jan Harvey, Alistair Bell Organizations: FX, Adidas, JD, Citi, Foundation, Combat, Defamation League, ADIDAS, REUTERS, UBS, North, Thomson Locations: Garden City , New York, U.S, Greater China, China, Shanghai, North America

European shares (.STOXX) slipped 0.6%, bruised by disappointing earnings reports and elevated U.S. bond yields, on course for their third straight day of losses. Sterling extended losses after the BoE decision, falling as much as 0.7% to its lowest since June 30. The BoE decision was closely watched for clues on how central banks globally will balance taming inflation and maintaining growth. U.S. 10-year yields hit a new nine-month peak of 4.17%, while 30-year yields rose to a fresh nine-month top. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.4%, extending losses after a drop of 2.3% a day earlier.

Persons: Sterling, BoE, Stuart Cole, Morgan Stanley, Tom Wilson, Stella Qiu, Mark Potter, Bernadette Baum Organizations: REUTERS, Staff, Sterling, LONDON, Bank of England, FTSE, Equiti, Nasdaq, Treasury, U.S, AMAZON Investors, Apple, Thomson Locations: Frankfurt, Germany, Asia, Pacific, Japan, China, London, Sydney

☆ Yeezy destocking helps lift Adidas sales outlook
▼ + stars: | 2023-08-03 | by ( Helen Reid | Thomson Reuters | London-Based Reporter Covering The European Retail Sector Through A Global Lens. Focusing On Companies Including Adidas | ) www.reuters.com time to read: +3 min

Sales of surplus Yeezy shoes generated around 400 million euros ($437 million) in the second quarter, helping Adidas reduce its predicted loss for the year to 450 million euros, down from the 700 million euro loss previously expected. JD Sports (JD.L) said it had started selling Yeezy products from Adidas' second release of Yeezy shoes on Wednesday. Adidas said its 2023 outlook does not include the second Yeezy release. Citi analysts expect further Yeezy drops to generate 1.5 billion euros in revenues and 700 million euros in earnings after Adidas' planned charity donations. North America was the laggard, with sales dropping 16.4% in currency-neutral terms, which Adidas put down to high inventory levels there.

Persons: Kanye West, Shannon Stapleton, Bjorn Gulden's, Ye, Cristina Fernandez, Fernandez, Gulden, Liu Qingyi, Shuting Qiu, Helen Reid, Sonali Paul, Mark Potter, Jan Harvey Organizations: Adidas, REUTERS, FX, Foundation, Combat, Defamation League, Telsey, JD, Citi, North, Thomson Locations: Garden City , New York, U.S, New York, Greater China, China, Shanghai, North America

European shares (.STOXX) slipped 1.1% after falling on Wednesday to two-week lows as rating agency Fitch cut the U.S. government's credit rating. UK shares (.FTSE) fell 1.3%, with the Bank of England (BoE) expected to raise interest rates later in the day. Pressuring stocks were a climb in long-term U.S. Treasury yields after stronger-than-expected private employment data and the announced refunding of the U.S. government's maturing debt. U.S. 10-year yields hit a new nine-month peak of 4.17%, while 30-year yields rose to a fresh nine-month top. The risk, investors said, was that a repeat of June's surprise half-point increase could fuel bets that major central banks are not done tightening yet.

Persons: Issei Kato, Fitch, BoE, Jonathan Petersen, Morgan Stanley, Sterling, Tom Wilson, Stella Qiu, Kim Coghill, Mark Potter Organizations: REUTERS, Apple, LONDON, Bank of England, Nasdaq, Treasury, U.S, Capital Economics, APPLE, Thomson Locations: Tokyo, Japan, Asia, SYDNEY, Pacific, China, London, Sydney

☆ Asian shares hesitant after Wall Street sell-off, dollar buoyant
▼ + stars: | 2023-08-03 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

Both S&P 500 futures and Nasdaq futures added 0.2%, following a heavy wave of selling on Wall Street overnight. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) slipped 0.2%, having also suffered a colossal drop of 2.3% just a day earlier. U.S. 10-year yields hovered at 4.0856% in Asia, just a touch below a nine-month top of 4.1260% hit overnight. The risk-sensitive Australia dollar snapped a key support level to hover at $0.6532, just a touch above its 2023 low of $0.6459. Brent crude futures were up 0.2% at $83.33 per barrel and U.S. West Texas Intermediate crude futures rose 0.1% to $79.6.

Persons: Issei Kato, Fitch, Matt Simpson, nonfarm, Stella Qiu, Jacqueline Wong Organizations: REUTERS, Asia, Apple, Bank of, Nasdaq, Japan's Nikkei, Bank of Japan, Index, Inc, U.S, Bank of England, Brent, . West Texas, Thomson Locations: Tokyo, Japan, SYDNEY, Asia, Pacific, Brisbane, U.S

☆ Fact-Checking the Defenses of Trump After His Latest Indictment
▼ + stars: | 2023-08-03 | by ( Linda Qiu | More About Linda Qiu | ) www.nytimes.com time to read: +1 min

Allies of former President Donald J. Trump have rushed to his defense since he was charged on Tuesday in connection with his efforts to overturn the 2020 election. They inaccurately attacked the judge assigned to oversee the trial, baselessly speculated that the timing of the accusations was intended to obscure misconduct by the Bidens and misleadingly compared his conduct to that of Democratic politicians. What Was Said“Judge Chutkan was appointed to the D.C. District Court by Barack Obama, and she has a reputation for being far left, even by D.C. District Court standards. Mr. Cruz is correct that Judge Tanya S. Chutkan, the trial judge overseeing Mr. Trump’s prosecution in the case, was appointed by President Barack Obama. While she has gained a reputation for handing down tough sentences to people convicted of crimes in the Jan. 6 riot, she is not the only federal judge who has exceeded prosecutors’ sentencing recommendations.

Persons: Donald J, Trump, baselessly, Here’s, Said, Chutkan, Barack Obama, Judge Chutkan, Jan, ”, Ted Cruz, Cruz, Tanya S Organizations: Democratic, D.C, Washington , D.C, Republican Locations: Washington ,, Texas

☆ Australia holds rates steady, might be done tightening
▼ + stars: | 2023-08-01 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

Markets had leaned toward a steady outcome given recent data showed inflation had eased for a second quarter and consumer spending was softening. However, economists were more split on the outcome, with 20 out of 36 polled by Reuters expecting a hike. Swaps now implied a risk of around 13 basis points of tightening by year end. In a relief for policymakers, headline inflation slowed more than expected in the second quarter while retail sales posted their biggest fall this year in June. "While the RBA retains a tightening bias, we expect the hurdle to another rate hike is high.

Persons: Philip Lowe, Lowe, Michele Bullock, Belinda Allen, Goldman Sachs, Hebe Chen, Stella Qiu, Wayne Cole, Anisha Sircar, Sam Holmes Organizations: SYDNEY, Reserve Bank of Australia, Reuters, Commonwealth Bank of Australia, CBA, National Australia Bank, IG, Reuters Global Markets, Thomson

☆ Australia home prices rise 5th straight month but pace slowing -CoreLogic
▼ + stars: | 2023-07-31 | by ( Stella Qiu | ) www.reuters.com time to read: +2 min

CoreLogic figures on Tuesday showed prices nationally rose 0.7% in July from June, slowing from a jump of 1.1% in the earlier month. Since finding a floor in February, national prices have risen 4.1%, following a 9.1% decline from their peak in April last year. Home price gains in Sydney slowed to 0.9% for the month compared with June, down from growth of 1.7%, the data showed. CoreLogic research director Tim Lawless said sellers were becoming more active at a time that is normally seasonally subdued, with new listings added in Australia's main cities in July lifting by 3.9% over the previous month. Listings in Sydney jumped 9.9% from a year ago and were 18% higher than the average for the previous five years.

Persons: Tim Lawless, Lawless, PropTrack, Stella Qiu, Tom Hogue Organizations: SYDNEY, Reserve Bank of Australia, Reuters, Thomson Locations: Sydney, Australia's

Most of the recent arrivals have settled in Perth, Western Australia, where they have enrolled in courses such as childcare, hospitality and accounting. Tashi Kipchu, a 25-year-old education consultant, is one of many who came to Australia last year in search of better opportunities. People don't see an opportunity out there," said Kipchu, who studied marketing at the University of Western Australia. That accelerated after the reopening of borders in Australia in 2022, with official data showing student visa applications from Bhutan jumping fivefold in the fiscal year ended June. At Kingston International College, a vocational education provider in Western Australia, about 150 Bhutanese students receive training, said managing director Tandin Dorji, himself a Bhutanese migrant.

Persons: Cathal McNaughton SYDNEY, Tashi Kipchu, Kipchu, Phil Honeywood, Sonam Tobgay, Tandin Dorji, Dorji, Stella Qiu, Gopal Sharma, Sam Holmes Organizations: REUTERS, University of Western, International Education Association of Australia, Bhutan's, Kingston International College, Thomson Locations: Thimphu, Bhutan, KATHMANDU, Australia, Perth, Western Australia, University of Western Australia, South Asia, China, India, Nepal, Bhutanese, Sydney, Kathmandu

☆ Asian shares climb after Fed hikes as expected; eyes on Europe, Japan
▼ + stars: | 2023-07-27 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

S&P 500 futures rose 0.2% while Nasdaq futures gained 0.5%, helped by a 6.8% jump in Meta Platforms (META.O) in after-hours trading. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 1.2% amid hopes that U.S. tightening cycle could be over now. On Wednesday, the U.S. Federal Reserve delivered a quarter-point rate hike and kept the door open for more, as widely expected. The European Central Bank is widely expected to raise interest rates for the ninth time in a row on Thursday. Brent crude futures were up 0.9% at $83.69 per barrel and U.S. West Texas Intermediate crude futures rose 1% to $79.59.

Persons: HSI, Jerome Powell, Powell, Padhraic Garvey, Garvey, Stella Qiu, Muralikumar Organizations: SYDNEY, Nasdaq, Japan's Nikkei, U.S . Federal Reserve, ING, European Central Bank, Bank of Japan, U.S ., Treasury, Brent, . West Texas, Thomson Locations: Europe, Japan, Asia, Pacific, Americas

☆ Slowing Australia Q2 inflation lessens rate hike pressure
▼ + stars: | 2023-07-26 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

In the first quarter, inflation was at 1.4%. That was balanced by a sharp fall in goods inflation, which slowed to an annual rate of 5.8% from 7.6% the quarter before. Adelaide Timbrell, senior economist at ANZ, said both headline and trimmed mean inflation are tracking below the RBA's forecast for the second quarter. "(The data) highlight that a 4.1% cash rate may be restrictive enough to bring inflation down. The RBA has warned that some further tightening may be required to bring inflation to heel.

Persons: Robert Carnell, Carnell, Adelaide Timbrell, Stella Qiu, Wayne Cole, Jacqueline Wong Organizations: Reserve Bank of Australia, Australian Bureau, Statistics, Wednesday, ING, ANZ, Thomson Locations: SYDNEY, Asia, Pacific

☆ Fact-Checking Mike Pence on the Campaign Trail
▼ + stars: | 2023-07-22 | by ( Linda Qiu | More About Linda Qiu | ) www.nytimes.com time to read: +1 min

A spokesman for Mr. Pence cited nine such states as exceptionally nonrestrictive. Fiscal policyWhat Mr. Pence Said“Well, first off, look, Joe Biden’s policy on our national debt is insolvency. Asked about his calls to overhaul Social Security and Medicare, Mr. Pence criticized Mr. Trump’s and Mr. Biden’s approaches to the social programs as irresponsible. While both have said they would not cut benefits, only Mr. Biden has proposed tax increases to shore up both programs. Currently, Social Security and Medicare both face financial shortfalls.

Persons: ”, Pence, Pence Said, Joe Biden’s, Trump’s, Biden Organizations: World Health Organization, Fox News, Social Security Locations: United States

☆ Global shares slip, dollar soars vs yen on BoJ policy expectations
▼ + stars: | 2023-07-21 | by ( Herbert Lash | ) www.reuters.com time to read: +5 min

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. The yen weakened 1.19% to 141.77 per dollar, while the dollar index , a measure of the greenback against major trading currencies, rose 0.31%. "None of them are happening with massive severity, but the longer we go on with higher rates, more and more that's going to come through," he said. BOJ policymakers prefer to scrutinize more data to ensure wages and inflation keep rising before changing yield control policy, five sources familiar with the matter said. "Markets were building up expectations which now look unlikely to play out," said Guillaume Paillat, a multi-asset manager at Aviva Investors.

Persons: Brendan McDermid, BoJ, Dow, Garrett Melson, Mullarkey, Patrick Spencer, Guillaume Paillat, Brent, Herbert Lash, Naomi Rovnick, Stella Qiu, Conor Humphries, David Holmes, Marguerita Choy, Cynthia Osterman Organizations: New York Stock Exchange, REUTERS, Fed, ECB, Reuters, Bank of Japan, U.S . Federal Reserve, European Central Bank, Nasdaq, Investment, Microsoft Corp, Apple Inc, SLC Management, Baird, Microsoft, Apple, NYSE, Aviva Investors, Treasury, Thomson Locations: New York City, U.S, Boston, London, MSCI's U.S, Europe, China, Sydney

Gold prices slipped as the dollar rebounded to its highest level in more than a week as investors prepare for next week's big central bank policy meetings, including the BoJ, the U.S. Federal Reserve and the European Central Bank. The yen weakened 1.13% to 141.68 per dollar, while the dollar index , a measure of the greenback against major trading currencies, rose 0.36%. BoJ policymakers prefer to scrutinize more data to ensure wages and inflation keep rising before changing yield control policy, five sources familiar with the matter said. The report added there was no consensus within the central bank and the decision could still be a close call. As Japanese inflation has stayed above the BoJ's target, traders have bet on the central bank ditching its yield curve control program, a move likely to cause the yen to strengthen.

Persons: Brendan McDermid, BoJ, Garrett Melson, Patrick Spencer, Spencer, you've, Guillaume Paillat, Brent, Herbert Lash, Naomi Rovnick, Stella Qiu, Conor Humphries, David Holmes, Marguerita Choy Organizations: New York Stock Exchange, REUTERS, Fed, ECB, Reuters, Bank of Japan, U.S . Federal Reserve, European Central Bank, Investment, Nasdaq, Baird, Microsoft Corp, Apple Inc, NYSE, Aviva Investors, Treasury, Thomson Locations: New York City, U.S, Boston, Europe, China, London

☆ Asian shares subdued after US tech falters, dollar and yields hold gains
▼ + stars: | 2023-07-21 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) slipped 0.5%, heading for a weekly loss of 1.8%. Shares of Taiwanese chipmaker TSMC (2330.TW) slumped 3.3%, after the world's largest contract chipmaker flagged a 10% drop in 2023 sales. The U.S. dollar index was little changed at 100.78, after advancing 0.5% overnight, the biggest one-day gain since mid-May. The Australian dollar gave up almost all of its gains made after a strong local jobs data release to hover below 68 cents. Brent crude futures were up 0.8% at $80.27 per barrel and U.S. West Texas Intermediate crude futures rose 0.8% to $76.25.

Persons: BOJ, TSMC, HSI, Wanda, Betty Wang, Stella Qiu, Lincoln Organizations: Netflix, Fed, ECB, Tesla, Treasury, Nasdaq, U.S . Federal Reserve, European Central Bank, Bank of Japan, Japan's Nikkei, HK, ANZ, U.S, Australian, TD Securities, Brent, . West Texas, Thomson Locations: SYDNEY, U.S, Asia, Pacific, Japan, China, Beijing, Europe

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