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June 21 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The one-year loan prime rate (LPR) was cut to 3.55% and the five-year LPR was cut to 4.20%. The yuan has been trading through 7.00 per dollar every day since May 18, and is now approaching 7.20/dollar. On the Chinese corporate front, investors are digesting the news of changes at the top of e-commerce giant Alibaba Group (9988.HK). The main global event for markets on Wednesday is likely to be Fed Chair Powell's semi-annual testimony to the House Financial Affairs Committee.

Persons: Jamie McGeever, Jerome Powell, Kazuo Ueda, weren't, Daniel Zhang, Eddie Yongming Wu, Joseph Tsai, Deepa Babington Organizations: Federal, Bank of, The Bank of Japan, People's Bank of China, Investors, Alibaba, HK, House Financial, Committee, Thomson, Reuters Locations: Asia, Japan

☆ Slump in global cashew demand pushes Ivory Coast industry to verge of collapse
▼ + stars: | 2023-06-05 | by ( Ange Aboa | ) www.reuters.com time to read: +3 min

Global demand for cashew nuts, eaten as snacks or used for cooking and desserts, has tumbled since the end of the coronavirus pandemic, driven by multiple factors, including consumer inflation and increased production. "No one wants to buy cashew, even if I ask for 150 CFA francs per kilogram ($0.24) instead of the farmgate price of 315 CFA francs. Dembele lost 20 million CFA francs ($33,000) during the 2022 season after buying nuts he could not resell to wholesale processors. Output rose from 400,000 tonnes in 2011 to 1 million tonnes in 2022, and is expected at the same level in 2023. In Bouake, the heart of the country's cashew processing industry, work has come to a near standstill as employers struggle to pay salaries.

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May 30 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. The onshore yuan traded weaker than 7.00 per dollar for the eighth straight day, as markets position for another hike in U.S. interest rates and potential policy easing from Beijing. The dollar nudged 141 yen before closing slightly lower on the day, with traders' hawkish Fed forecasts relative to the Bank of Japan's policy outlook again keeping dollar bulls on the front foot. At the time of writing, U.S. stock futures pointed to gains on Wall Street of up to 0.5% on Tuesday. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

May 29 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. It could be a double-edged sword for Asian markets, if not on Monday than in the days and weeks ahead. The economy's post-pandemic lockdown recovery has been weaker than expected, to put it mildly, and inflationary pressures are evaporating. Japanese equity markets open on Monday near the 33-year highs reached last week, while Chinese stocks are languishing near six-month lows. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Czech central banker Holub: raising rates more would still makes sense
▼ + stars: | 2023-05-28 | by ( ) www.reuters.com time to read: +1 min

PRAGUE, May 28 (Reuters) - Raising the Czech National Bank's interest rates further would still make sense as it could serve as a signal that the central bank has not given up on its efforts to tame inflation, board member Tomas Holub said on Sunday. The central bank has kept its main interest rate at 7.00% since last June when it delivered the last hike in a year-long tightening cycle. When asked if a hike would make sense at the next monetary policy meeting on June 21, Holub, who has consistently backed rate hikes, said yes. "If we have the risk of a wage-inflation spiral here, then sending the signal is still meaningful to me," Holub said. The central bank expects inflation, which eased to 12.7% year-on-year in April, to come down nearer its target early in 2024.

May 22 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. The People's Bank of China is expected to keep key lending rates on hold on Monday, as traders in Asia digest the implications of the G7's stance on China and the tense and fluid situation in Washington regarding the U.S. debt ceiling standoff. In their joint communique on Saturday, G7 leaders said they are looking to "de-risk, not decouple" economic engagement with China. Wider market sentiment on Monday could be set by the mood music in Washington around the debt ceiling. On the other hand, Treasury Secretary Janet Yellen reiterated that June 1 remains a "hard deadline" for raising the debt ceiling.

☆ Dollar gains as debt deal optimism fires up investors
▼ + stars: | 2023-05-19 | by ( Amanda Cooper | ) www.reuters.com time to read: +3 min

That eased fears of an unprecedented and economically catastrophic default, leading markets to revise their expectations of where U.S. interest rates could go. "As far as expectations for a June rate hike are concerned, those have risen significantly in the last week. Against the yen , the dollar was down 0.4% at 138.19 yen, having risen to a six-month peak of 138.745 earlier on. Among other major currencies, the Australian dollar took some heart from a pickup in commodity prices like copper and iron ore. In China, the yuan slid to its lowest since December, at 7.0365 per dollar, as data offered evidence of a sputtering recovery in the world's second-largest economy.

☆ Dollar gains as debt deal hopes rekindle hawkish Fed bets
▼ + stars: | 2023-05-19 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

That eased fears of an unprecedented and economically catastrophic default, leading markets to revise their expectations of where U.S. interest rates could go. The euro fell to a more than seven-week low of $1.0760, while the U.S. dollar index rose 0.07% to 103.57, flirting with Thursday's two-month high of 103.63. "It does remove one obstacle to the Fed continuing to raise rates." U.S. Treasury yields have climbed on the back of the hawkish Fed repricing and amid a pick up in risk sentiment. The two-year Treasury yield , which typically moves in step with interest rate expectations, last stood at 4.2510%, while the benchmark 10-year yield was last at 3.6402%.

☆ Tech pushes Nasdaq higher, dollar climbs on solid data, debt ceiling progress
▼ + stars: | 2023-05-18 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

Investors were closely monitoring the debt ceiling negotiations in Washington for signs that Democrats and Republicans might be inching closer to a deal. Optimism about debt ceiling talks ebbed and flowed, with hopes for a deal that avoids a catastrophic default. European stocks closed higher and the German DAX rose to its highest level since January 2022 on optimism about the U.S. debt ceiling talks. The greenback extended its ascent against a basket of world currencies, reaching a seven-week high, powered by the economic data and debt ceiling hopes. Gold moved in opposition to the dollar, with the precious metal losing some luster as the economic data lowered the likelihood of a Fed rate cut before year-end.

The euro, meanwhile, dropped to a six-week low versus the dollar at $1.0811 . Wednesday's data showed that U.S. single-family homebuilding increased in April, but data for the prior month was revised sharply lower. Single-family housing starts, which account for the bulk of homebuilding, rose 1.6% to a seasonally-adjusted annual rate of 846,000 units last month. In late morning trading, the dollar rose 0.7% versus the yen to 137.37 yen, after earlier climbing to a two-week peak of 137.445 . In the offshore market, the dollar rose 0.2% to 7.00911 .

Asian markets, particularly China's, will be hoping this sparks a recovery from Wednesday's decline following yet another batch of sub-par Chinese economic indicators. The Chinese yuan fell below 7.00 per dollar for the first time in nearly six months and with GDP forecasts being slashed, analysts reckon the yuan could be poised for more weakness. Citi's Chinese economic surprises index had its biggest fall in two years and one of the steepest on record. Economists polled by Reuters expect the unemployment rate to hold steady at 3.5% and net new job growth to slow to 25,000. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ China's yuan falls below a key dollar level for the first time this year as the economy's rebound sputters
▼ + stars: | 2023-05-17 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

That's the first time this year that China's currency undercut that key psychological level. The yuan has fallen more than 4% from a January high as hopes for a big post-pandemic rebound fade. In previous situations where the yuan weakened past the threshold, China responded with sharp intervention. The yuan's slump also comes as China is placing increased effort on promoting the currency in global trade. But seeing the recent drop, exporters are holding onto their dollars, in case the yuan keeps falling, according to Bloomberg.

☆ Sterling falls as cracks appear in Britain's job market
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

Sterling fell by as much as 0.52% against the dollar to a session low of $1.2466, and by as much as 0.4% against the euro . Right now, the derivatives market shows traders believe UK rates will peak at 4.80% in November, down from 4.86% a day ago. Tuesday's data showed pay growth - which is at the heart of the BoE's debate about whether to raise interest rates further - remained strong by historical standards. That said, with inflation at 10.1%, pay growth in real terms is still deeply negative and close to its weakest in years. Markets are attaching a 68% chance that the BoE will raise rates by a quarter of a point to 4.75% and a 32% chance of no change.

☆ China's Tencent Music revenue beats estimates on jump in paying users
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

May 16 (Reuters) - China's Tencent Music Entertainment Group (1698.HK), topped quarterly revenue estimates on Tuesday as the Spotify-like music streaming platform benefited from growth in paying users, sending its U.S. shares 2% higher in premarket trading. That helped the Tencent Holdings Ltd-controlled company, which owns platforms including QQ Music, Kuwo Music and WeSing, snap five consecutive quarters of revenue declines. Total revenue rose 5.4% to 7.00 billion yuan ($1.01 billion) in the first quarter, beating analysts' estimates of 6.86 billion yuan, according to Refinitiv data. "We are glad to achieve a record-high online music paying ratio and expand ARPU for the fourth consecutive quarter. Net profit attributable to equity holders was 1.15 billion yuan, compared with 609 million yuan a year earlier.

☆ Merck revenue falls after dramatic drop in sales of Covid antiviral treatment
▼ + stars: | 2023-04-27 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

Merck on Thursday reported first-quarter revenue that fell 9% from the same period a year ago largely due to a steep drop in sales of its Covid antiviral treatment molnupiravir. Sales of molnupiravir plunged to $392 million during the period, down 88% from the $3.2 billion reported in the first quarter of 2022. Merck said the decrease is primarily the result of lower sales in the U.S., U.K., Japan and Australia. The company reported total revenue of $14.5 billion during the quarter, down nearly $1.5 billion from the same period a year ago. But Merck's pharmaceutical unit saw higher sales of the blockbuster antibody treatment Keytruda, which increased 20% to $5.8 billion during the quarter.

Priority One Credit Union has 12-month and 24-month special certificates; you may be able to earn up to 7.00% APY. The main distinction between these accounts is that share certificates are issued by credit unions, and CDs are offered by banks. If you aren't eligible for Priority One Credit Union certificates or want to consider other options, there are other financial institutions with competitive CD rates right now. In order to open a Priority One Credit Union certificate, you have to qualify for membership first. Federal share insurance is important because it guarantees that money in your account is safe even if a credit union fails.

☆ Polish central bank leaves main interest rate unchanged
▼ + stars: | 2023-04-05 | by ( Anna Wlodarczak-Semczuk | ) www.reuters.com time to read: +2 min

WARSAW, April 5 (Reuters) - Poland's central bank held its main interest rate at 6.75% on Wednesday, as expected, and said it believes weakening gross domestic product growth, together with already implemented rate hikes, would help gradually curb inflation. The central bank's Monetary Policy Council now hopes that the rate hikes it has already implemented will see price growth return to single digits before the end of the year. Central bank governor Adam Glapinski has previously said that he expects inflation to fall to single digits around the beginning of September, paving the way for interest rate cuts in the fourth quarter. Investors are now waiting for more insight into the central bank's thinking when Glapinski holds a news conference on Thursday. On Tuesday, Romania's central bank kept its benchmark interest rate at 7.00%.

☆ Dollar gains as inflation worries resurface after OPEC+ surprise
▼ + stars: | 2023-04-03 | by ( Ankur Banerjee | ) www.reuters.com time to read: +2 min

"Fresh inflation risks do imply the inflation fight is not over." The euro was down 0.25% to $1.0812, hovering near a one-week low, while the Japanese yen weakened 0.04% to 132.86 per dollar. The OPEC+ cuts caused immediate oil price increases of more than 6% on Monday. But, by the end of the year, expectations are priced in for cuts of 40 basis points. The risk-sensitive Australian dollar fell 0.21% to $0.667.

☆ Gold prices dip as bank angst recedes
▼ + stars: | 2023-03-30 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

SummarySummary Companies Gold down for second sessionGold could decline to $1,920/oz - analystVolumes in SPDR Gold Shares highest since OctMarch 30 (Reuters) - Gold prices edged lower on Thursday as easing concerns about the global banking system fed risk appetite and curbed some safe-haven bullion bids. Spot gold was down 0.2% at $1,960.52 per ounce, as of 0346 GMT, falling for a second session. Volumes in SPDR Gold Shares, the largest gold-backed ETF, have surged to their highest level since October," they said. The opportunity cost of holding non-yielding gold rises when interest rates are increased to bring down inflation. Markets see a 43.2% chance of the Fed raising interest rates by 25 basis points in May, according to the CME FedWatch tool.

☆ RBI to raise rates once more on April 6 but leave door open for more - Reuters poll
▼ + stars: | 2023-03-29 | by ( Madhumita Gokhale | ) www.reuters.com time to read: +3 min

A majority of economists in the March 23-28 Reuters poll also said the RBI would then keep the rate steady for the rest of the year. A majority of respondents, 20 of 36, said the central bank would maintain its withdrawal of accommodation stance at the April meeting. Until that is behind us, the RBI probably will not be very comfortable in signalling that they are done with rate hikes," said QuantEco's Kumar. In last month's poll, all economists said the bigger risk was it would be higher than they predicted. The Indian economy was forecast to grow 6.9% this fiscal year and then slow to 6.0% in the next.

☆ Bang & Olufsen shares drop after disappointing China sales
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

[1/2] Headphones are displayed in the Bang & Olufsen flagship store in Copenhagen, Denmark October 23, 2019. REUTERS/Jacob Gronholt-Pedersen/File PhotoSTOCKHOLM, March 17 (Reuters) - Shares in Bang & Olufsen (BO.CO) plummeted 11% on Friday after the Danish audio and video equipment maker reported a preliminary operating loss for the third quarter and lowered its full-year profit outlook due to disappointing sales in China. The company posted an operating loss before special items for the third quarter of 43 million Danish crowns ($6.14 million) between December to February. Sales in China declined by 65% in the third quarter, the company said. Shares in B&O were trading 11% lower by 1513 GMT, headed for their biggest daily decline since December 2019.

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