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LAUNCESTON, Australia, Sept 14 (Reuters) - The spot price of iron ore has climbed to a five-month high amid improving sentiment and some supportive fundamentals in China, the world's top buyer of the steel raw material. China, which buys about 70% of global seaborne iron ore, imported 106.42 million metric tons in August, the most since October 2020, according to customs data. For the first eight months of the year, imports were 775.66 million metric tons, up 7.4% on the same period in 2022. The need to rebuild stockpiles and nascent signs of a recovery in the property sector do support the recent rally in iron ore prices. This works out at around 76.7 million metric tons a month, which is well below the 90.8 million produced in July.

Persons: It's, it's, SteelHome, Christian Schmollinger Organizations: Dalian Commodity Exchange, Reuters, Thomson Locations: LAUNCESTON, Australia, China, Singapore, July's, Beijing

Mortgage rates have been a bit volatile from day to day, but fixed rates are relatively flat compared to a month ago. Average 30-year mortgage rates are just above 7% today; rates ticked up slightly following the release of the latest Consumer Price Index data on Wednesday. Most major forecasts expect mortgage rates will trend down toward the end of this year and throughout 2024. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. Mortgage Rates for Buying a Home30-Year Fixed Mortgage Rates Increase a Bit (+0.20%)The current average 30-year fixed mortgage rate is 7.05%, up 20 basis points since this time last week.

Persons: you'll, It's, refinance Organizations: Bureau of Labor Statistics, CPI, Zillow, FHA Locations: Chevron

☆ Higher gasoline prices lift US retail sales, trend slowing
▼ + stars: | 2023-09-14 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Retail sales rose 0.6% last month. Higher gasoline prices boosted producer prices in August, other data from the Labor Department showed on Thursday. Excluding gasoline stations, retail sales rose 0.2% last month. Sales at food services and drinking places, the only services category in the retail sales report, rose 0.3% after increasing 0.8% in July. Excluding automobiles, gasoline, building materials and food services, retail sales edged up 0.1% in August.

Persons: Mike Blake, Christopher Rupkey, Goldman Sachs, Nancy Vanden Houten, Lucia Mutikani, Chizu Organizations: REUTERS, Commerce Department, Federal Reserve, Reuters, U.S . Energy Information Administration, Labor Department, Treasury, delinquencies, New York Federal Reserve, Gross, Oxford Economics, Thomson Locations: Carlsbad , California, U.S, WASHINGTON, New York

☆ Instant View: US retail sales, produces prices rise; jobless claims lower than forecast
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +5 min

U.S. retail sales also climbed 0.6% last month, against estimates of a 0.2% rise, while initial jobless claims for the latest week fell to 220.000. "We've been waiting to see exactly which of these inflation data trends would kind of knock the market off its axis. "It's likely that while the Federal Reserve won't love the August inflation data, it also is soft enough that they likely won't react to it either. ROBERT PAVLIK, SENIOR PORTFOLIO MANAGER, DAKOTA WEALTH, CONNECTICUT"Most of the rise in prices is coming from energy. "I still believe we have seen the last of the rate hikes, but there is a possibility small that November still has the potential to bring another rate hike.

Persons: Robert Graham, King, King of Prussia, Mark Makela, SAMEER SAMANA, WELLS, We've, haven't, GREG BASSUK, PETER ANDERSEN, ANDERSEN, ROBERT PAVLIK, BRIAN JACOBSEN, MENOMONEE Organizations: REUTERS, Federal Reserve, Reuters, CHARLOTTE, Federal, Global Finance, Markets, Thomson Locations: Prussia, United States, King, King of Prussia , Pennsylvania, U.S, WELLS FARGO, NORTH CAROLINA, BOSTON, DAKOTA, CONNECTICUT, WISCONSIN

☆ China's central bank set to boost liquidity but keep policy rate steady
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Sept 14 (Reuters) - China's central bank is expected to boost liquidity while keeping the borrowing cost steady when rolling over its medium-term policy loans on Friday, a Reuters survey showed, after a string of data showed some signs of economic stabilisation. China has already lowered the medium-term policy rate twice since June to stimulate credit demand and support a faltering economic recovery. New bank lending in China beat expectations by nearly quadrupling in August from July's level, as the central bank sought to shore up economic growth amid soft demand at home and abroad. To revive broad credit demand and rescue the troubled property sector, China unexpectedly cut the MLF rate last month. For this reason alone, it seems unlikely that the PBOC will embrace large-scale rate cuts."

Persons: Frances Cheung, Julian Evans, Pritchard, Shri Navaratnam Organizations: People's Bank of China, OCBC Bank, U.S, Capital Economics, Shanghai, Thomson Locations: SHANGHAI, China, United States, OCBC Bank .

☆ Treasury yields hold steady as investors assess inflation data
▼ + stars: | 2023-09-14 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

U.S. Treasury yields were little changed on Thursday as investors considered the outlook for inflation following Wednesday's consumer price index report and awaited further key economic data. Investors digested Wednesday's consumer price index report, which came in just above expectations as it rose by 0.6% on a monthly basis and 3.7% from a year ago. Various Fed officials suggested rates may go higher still and cited economic data, especially that pertaining to inflation, as a pivotal factor for policy decisions ahead. Further inflation data is due Thursday in the form of the producer price index, which is expected to have increased by 0.4% on headline and 0.2% on core, according to a Dow Jones survey of economists. Retail sales and jobless claims figures are also due Thursday, followed by the latest consumer sentiment report on Friday.

Persons: Dow Jones Organizations: Treasury, U.S, CPI, Federal Reserve, Fed, Dow Locations: Dow Jones

☆ UK economy shrinks at fastest pace in seven months, hit by strikes and wet weather
▼ + stars: | 2023-09-13 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The Office for National Statistics are due to release the latest UK CPI Inflation data on Wednesday. The economy put in a better-than-expected performance for the second quarter as a whole, with the ONS reiterating its reading of 0.2% growth. July's surprise dip meant the economy shrank at its fastest pace since December, according to ONS figures. On Tuesday, figures showed U.K. mortgages in arrears jumped to a seven-year high in the three months to June. Major investment banks trimmed their U.K. growth expectations following the reading.

Persons: Jose Sarmento Matos, Goldman Sachs, JP Morgan, James Smith, Paul Dales Organizations: National Statistics, Bloomberg, Getty, ING, Capital Economics Locations: Italian, London

Sept 14 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The global policy picture, however, could be a lot clearer on Thursday when the European Central Bank delivers its latest rate decision. The Asian and Pacific economic data calendar has a few top-tier releases lined up for Thursday, including Australian unemployment, Japanese machinery orders, Indian wholesale inflation and Indian trade. Annual wholesale inflation in India is expected to be negative for a fifth straight month but continue moving further away from July's 4% deflation. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Jamie McGeever, Josie Kao Organizations: Reserve, European Central Bank, Reuters, hawkish Bank of Japan, Apple, Commission, Wednesday, Thomson Locations: U.S, India, July's, China, Beijing, Australia, Japan

☆ Inflation sped up again in August
▼ + stars: | 2023-09-13 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

The latest report from the Bureau of Labor Statistics suggests inflation is still too high, given the Fed's 2% target. The index for gas climbed 10.6% month over month, way more than the previous month over month increase of 0.2%. The new report also shows how much core CPI increased in August, a key inflation measure that excludes food and energy. Year over year, core CPI soared by 4.3%, same as the forecast of 4.3% and below July's increase of 4.7%. While the Fed has been fighting inflation with interest rate hikes, there may be more to come as inflation is still above the central bank's target 2%.

Persons: Greg McBride, Bankrate, McBride Organizations: Bureau of Labor Statistics, Service, Index, of Labor Statistics, BLS, CPI Locations: That's, Wall, Silicon

The Chicago-based fast food chain plans to eliminate self-service soda machines at its U.S. restaurants by 2032, McDonald's confirmed this week. For years, McDonald's customers have used the machines to fill and refill their beverages without additional trips to a cashier. Behind-the-counter soda machines already exist at some other fast food chains — and a handful of McDonald's locations across the country have also begun the transition. McDonald's digital sales — made up of app, delivery and kiosk purchases — accounted for almost 40% of systemwide sales for the second quarter of 2023. The price increases that have helped fuel McDonald’s sales in recent quarters will moderate as inflation comes down, Chief Financial Officer Ian Borden said during July's Q2 earnings call.

Persons: McDonald's, Uber, Ian Borden Organizations: Associated Press, McDonald's, The State, Revenue Locations: Coke, Chicago, U.S, McDonald's USA, Illinois

☆ Yen stands tall, dollar finds floor ahead of US inflation
▼ + stars: | 2023-09-12 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. The Japanese currency was last marginally lower at 146.61 per dollar, after scaling a one-week top of 145.91 in the previous session. Elsewhere, the U.S. dollar reversed some of its close to 0.5% loss against a basket of currencies on Monday. The U.S. dollar index , which ended last week with an eight-week winning streak, rose 0.03% to 104.60, after falling 0.46% in the previous session. The offshore yuan found some support near Monday's one-week high and last bought 7.3020 per dollar.

Persons: Florence Lo, Kazuo Ueda, Ueda, Chris Weston, we've, Tony Sycamore, Sterling steadied, bitcoin, Ether, Kyle Rodda, Rae Wee, Sam Holmes Organizations: U.S, REUTERS, Rights, Bank of Japan, Federal Reserve, New Zealand, Fed, Capital.com, Thomson Locations: Rights SINGAPORE, United States, U.S, Tony Sycamore ., Monday's, China

☆ Tech drags US stocks lower as Oracle drops and Apple slides after iPhone event
▼ + stars: | 2023-09-12 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Oracle stock plunged more than 13% to lead tech names lower on Tuesday. Apple stock fell more than 2.3% as investors watched the iPhone 15 debut event in California. Meanwhile, US oil prices climbed to their highest mark since November 2022. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyAdvertisementAdvertisementUS stocks declined on Tuesday, with tech names leading the declines. Shares of Oracle declined more than 13% following a downbeat earnings report, while Apple also moved lower more than 2.3% on the same day as the company's iPhone 15 launch event.

Persons: Goldman Sachs Organizations: Oracle, Apple, Service, Apple Watch, Chevron, Exxon Mobil, Federal, Dow Jones, Nasdaq Locations: California, Wall, Silicon, Cupertino , California

☆ Here are 3 trends to watch for in the key August inflation report, according to Goldman Sachs
▼ + stars: | 2023-09-12 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Goldman Sachs expects August headline CPI to rise 3.58% annually, up from July's 3.2% gain. Strategists wrote Monday they expect to key trends to emerge, including a 3.1% decline in used car prices. CarsThe strategists said used car prices should fall 3.1% in August from July, reflecting lower auction prices. Goldman Sachs estimates used car prices to fall in August. Shelter inflation will remain roughly at its current pace in August, Goldman Sachs says.

Persons: Goldman Sachs, Goldman Organizations: Service, Federal Reserve, Transportation Goldman, CPI Locations: Wall, Silicon

☆ Yen stands tall, dollar finds floor ahead of U.S. inflation
▼ + stars: | 2023-09-12 | by ( ) www.cnbc.com time to read: +3 min

Photo taken on April 20, 2022 shows the Japanese yen and U.S. dollar banknotes in Tokyo, Japan. The Japanese currency was last marginally lower at 146.61 per dollar, after scaling a one-week top of 145.91 in the previous session. Elsewhere, the U.S. dollar reversed some of its close to 0.5% loss against a basket of currencies on Monday. The U.S. dollar index, which ended last week with an eight-week winning streak, rose 0.03% to 104.60, after falling 0.46% in the previous session. The offshore yuan found some support near Monday's one-week high and last bought 7.3020 per dollar.

Persons: Kazuo Ueda, Ueda, Chris Weston, we've, Tony Sycamore, Sterling steadied, bitcoin, Ether, Kyle Rodda Organizations: U.S, Bank of Japan, Federal Reserve, New Zealand, Fed Locations: Tokyo, Japan, United States, U.S, Tony Sycamore ., Monday's, China

☆ Shares rise, dollar drops vs yen after BOJ hint of shift in policy
▼ + stars: | 2023-09-11 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

The yen surged after BOJ Governor Kazuo Ueda said the central bank could end its policy of negative interest rates when the achievement of its 2% inflation target is in sight. Global shares, as reflected by the MSCI All-World index (.MIWD00000PUS), rose 0.1%, supported by a bounce in stocks in Europe, where the STOXX 600 (.STOXX) gained 0.3%. Last week, the STOXX posted its longest stretch of losses in 5-1/2 years. Economists polled by Reuters expect consumer prices to have risen by 3.6% from last year, up from July's 3.2% reading. The ECB meets on Thursday to set interest rates and markets have all but priced out any chance of a hike.

Persons: Kazuo Ueda, Fiona Cincotta, Marcella Chow, Scott Murdoch, Simon Cameron, Moore, Mark Heinrich, Chizu Organizations: Bank of Japan, Global, European Central Bank, Reuters, JPMorgan Asset Management, Brent, ECB, Thomson Locations: China, Europe, U.S, Asia, Sydney

☆ European retailers risk dressing-down from investors as consumers flinch
▼ + stars: | 2023-09-11 | by ( Joice Alves | ) www.reuters.com time to read: +5 min

Reuters GraphicsThe broader STOXX 600 (.STOXX) is up by 7% this year, meaning retailers are outperforming by the most on record. The snag is that this stellar run has been partly built on investors unwinding bearish bets, or short positions, on retail stocks, after last year's pessimism proved overdone. This means retail stocks might not see as many willing buyers as earlier this year. Jones expects retail stocks to fall in the second half of the year. JPMorgan downgraded the grocery retail sector this month and flagged the prospect of price declines going into 2024.

Persons: Inditex, unwinding, Benjamin Jones, Jones, Florian Ielpo, Ielpo, WH Smith, Alexandre Bompard, LSEG, Joice Alves, Amanda Cooper, Tomasz Janowski Organizations: Reuters, Macro, Multi, Management, Carrefour, JPMorgan, Deutsche Bank, Thomson Locations: Zara, bullish, LSEG, Britain

☆ Morning Bid: Japan jolt as inflation forks
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +5 min

A man walks past the headquarters of Bank of Japan in Tokyo, Japan, January 17, 2023. "If we judge that Japan can achieve its inflation target even after ending negative rates, we'll do so," Ueda said. The yen surged 1% against the dollar, knocking the U.S. currency back more generally (.DXY) on the foreign exchange markets. If Japan's does tighten further by yearend, it comes as the Federal Reserve and European Central Bank rate hike campaigns are coming to halt. News of an expected return of headline Chinese consumer price inflation to positive territory last month and above-forecast August lending data helped mainland shares (.CSI300) higher, with the yuan bouncing back from 16-year lows.

Persons: Issei Kato, Mike Dolan, Kazuo Ueda, Ueda, Alibaba, Daniel Zhang, Bank of England policymaker Catherine Mann, Christina Fincher Organizations: Bank of Japan, REUTERS, U.S, Tokyo Stock, Nikkei, Global, Treasury, yearend, Federal Reserve, European Central Bank, ECB, Fed, CPI, OpenAI, Wall Street, SoftBank Group, underwriters, Bank of England, Oracle, Graphics, Graphics Reuters, Thomson, Reuters Locations: Tokyo, Japan, U.S, Hong Kong, Ottawa

☆ Bitcoin briefly dips under $25,000 ahead of fresh inflation data this week
▼ + stars: | 2023-09-11 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

The cryptocurrency market fell to start the week as traders turned their focus to new inflation data and digested the latest in the SEC's legal battle with Ripple. Bitcoin fell more than 2.8% to trade at $25,004.45, according to Coin Metrics. Bitcoin briefly dipped below $25,000, the first time below that key support level since June. XRP dropped 5%, according to Coin Metrics, along with the Polygon token. Polkadot 's coin lost 4%, while Binance Coin , Solana's sol token and litecoin were down by about 3% each.

Persons: Bitcoin, Altcoins, XRP, Darius Tabatabai Organizations: Metrics, Securities and Exchange Commission, Vertex

☆ China's Aug new yuan loans seen rebounding on policy support
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +2 min

Chinese banks are estimated to have issued 1.20 trillion yuan ($163.41 billion) in net new yuan loans last month, more than triple July's 345.9 billion yuan, according to the median estimate in the survey of 20 economists. But that would be lower than 1.25 trillion yuan issued the same month a year earlier. Outstanding yuan loans were expected to grow by 11.1% in August from a year earlier, the same as in July, the poll showed. China is aiming to complete the issuance of the 2023 special local government bonds quota of 3.8 trillion yuan by end-September. In August, TSF is expected to jump to 2.46 trillion yuan from 528.2 billion yuan in July.

Persons: TSF, Li Qiang, Judy Hua, Kevin Yao, Tomasz Janowski Organizations: Citi, Thomson Locations: BEIJING, China

☆ Japan real wages fall for 16th straight month in July
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +3 min

People walk at an office building at a business district in Tokyo, Japan, February 29, 2016. REUTERS/Yuya Shino/File Photo Acquire Licensing RightsTOKYO, Sept 8 (Reuters) - Japanese real wages extended their fall to a 16th consecutive month in July, government data showed on Friday, as salaries failed to keep up with rising prices. Inflation-adjusted real wages, a barometer of consumers' purchasing power, slid 2.5% in July from a year earlier following a 1.6% slump in the month before. The consumer price index officials use to calculate real wages, which includes fresh food prices but excludes owners' equivalent rent, remained flat at 3.9%. Workers at major Japanese companies saw an almost 4% increase in wages this year, according to a survey by business lobby Keidanren.

Persons: Yuya, Fumio Kishida, Satoshi Sugiyama, Alex Richardson Organizations: REUTERS, Rights, Global, Bank of Japan, Workers, Thomson Locations: Tokyo, Japan

☆ Rise in services, manufacturing prices spur fear that Fed has more work to do on inflation
▼ + stars: | 2023-09-06 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

On Wednesday, the ISM reported that its services prices index for August rose to 58.9%, a four-month high and 2.1 points above the July level. That comes on the heels of the August manufacturing prices reading of 48.4%, which was below the dividing line for expansion but still 5.8 points ahead of July's level. Following the services reading, traders in the fed funds futures market increased the odds for a November Fed rate hike to about 53%, according to the CME Group . That coincided with a jump in the rate-sensitive two-year Treasury yield to 5.033%, and a slide in stocks that sent the S & P 500 down by as much as 0.9%. "With oil and food prices also higher, this [ISM services] report points to a Fed whose job to quell inflation is certainly not yet quite finished."'

Persons: Quincy Krosby, Susan Collins Organizations: Federal Reserve, Institute, Supply, CME Group, Treasury, LPL, Boston

☆ German industrial orders fall more than expected in July
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

A steel worker of ThyssenKrupp stands amid sparks of raw iron coming from a blast furnace at a ThyssenKrupp steel factory in Duisburg, western Germany, November 14, 2022. REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsBERLIN, Sept 6 (Reuters) - German industrial orders fell more than expected in July, pulling back after a sharp gain in the aerospace sector the previous month, the federal statistics office said on Wednesday. Incoming orders fell by 11.7% on the previous month on a seasonally and calendar adjusted basis. A turnaround is not in sight due to the weak global economy and high energy costs." Excluding large-scale orders, industrial orders would have increased by 0.3% in July.

Persons: Wolfgang Rattay, Thomas Gitzel, Alexander Krueger, Hauck Aufhaeuser Lampe, Friederike Heine, Miranda Murray, Maria Sheahan, Raju gopalakrishnan Organizations: REUTERS, Rights, VP Bank Group, Thomson Locations: ThyssenKrupp, Duisburg, Germany

☆ Global business activity showed signs of slowdown in August -PMIs
▼ + stars: | 2023-09-05 | by ( Jonathan Cable | ) www.reuters.com time to read: +4 min

Germany's services sector contracted for the first time this year and France's shrank more than first estimated. Japan proved an outlier as service sector activity expanded there at its quickest pace in three months, underpinned by robust consumer spending as inbound tourism regained momentum. "August's services PMI pointed to a contraction in UK private sector activity. ASIAN PAINChina's Caixin/S&P Global services PMI dropped to 51.8 in August from 54.1 in July, the lowest reading since December when COVID-19 confined many consumers to their homes. The data broadly aligned with the official services PMI released last week, which showed the sector continued to trend downwards.

Persons: Henry Nicholls, Adrian Prettejohn, Martin Beck, Duncan Wrigley, Jonathan Cable, Tomasz Janowski Organizations: REUTERS, European Union, RBC, P Global, Capital Economics, PMI, Bank of Japan, Pantheon, Thomson Locations: London, Britain, India, Japan, Asia, July's, Germany, France, Italy, Spain, COVID

☆ Larry Summers says a soft landing of the economy is possible, but keep an eye on 'labor restiveness'
▼ + stars: | 2023-09-05 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

August's jobs report brings the US a step closer to a soft landing, Larry Summers said. But the former Treasury Secretary cautioned that union activity could be disruptive. Instead, Summers cited a pressure outside of the jobs report that could still hurt the chances of a soft landing. AdvertisementAdvertisementBesides aggravating price targets, union activity could also fuel strikes and economic disruption over the next month. As an example, the four-month Hollywood strike of writers and actors has so far cost California's economy $5 billion.

Persons: Larry Summers, Summers Organizations: UPS, Service, Bloomberg, Federal Reserve, Hollywood Locations: Wall, Silicon

☆ Exiled Catalan leader sets tough terms for talks on Spain's new PM
▼ + stars: | 2023-09-05 | by ( Bart Biesemans | ) www.reuters.com time to read: +3 min

Acting Prime Minister Pedro Sanchez would need the seven lawmakers in Carles Puigdemont's Junts per Catalunya party if he gets a shot at forming a government. Speaking in Brussels, Puigdemont called on Spain to respect the Catalan independence movement's legitimacy and abandon judicial actions against it. "A world separates us from those positions," Rodriguez told reporters of Puigdemont's conditions. "Our framework is the one that the prime minister expressed with absolute forcefulness yesterday: We have a tool, dialogue; a framework, the constitution; and an objective: coexistence." If Feijoo fails, it will fall on Sanchez to see if he can muster support, seen as impossible without Puigdemont's party.

Persons: Junts, Pedro Sanchez, Carles Puigdemont's Junts, Puigdemont, Isabel Rodriguez, Rodriguez, Alberto Nunez Feijoo, Feijoo, Sanchez, Oriol Bartomeus, Bartomeus, Bart Biesemans, Inti Landauro, Emma Pinedo, David Latona, Charlie Devereux, Andrei Khalip, Peter Graff, Alison Williams Organizations: Socialist, Socialists, People's Party, Autonomous University of Barcelona, PSOE, Vox, Inti, Thomson Locations: BRUSSELS, Catalonia, Spain, Catalunya, Brussels, Belgium, Madrid

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