DIRS.INFO The most relevant business & tech news

☆ Asian shares fall 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) dropped 0.5%, heading for a weekly loss of 1.8%. China's bluechips (.CSI300) dipped 0.2% while Hong Kong's Hang Seng index (.HSI) bucked the trend with a gain of 0.4%. The onshore yuan was 0.2% higher at 7.1674 per dollar after the central bank set a much stronger guidance rate than expected. 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.

Persons: BOJ, Tesla, TSMC, China's, Wanda, Tony Sycamore, Stella Qiu, Lincoln Organizations: Netflix, Fed, ECB, Treasury, U.S . Federal Reserve, Bank of Japan, Japan's Nikkei, Authorities, Nasdaq, Tesla, IG, Microsoft, Apple, Meta, Federal Reserve, U.S, Australian, European Central Bank, TD Securities, Brent, . West Texas, Thomson Locations: SYDNEY, U.S, Asia, Pacific, Japan

☆ Australia jobs jump again, heaping pressure on RBA
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +3 min

The jobless rate held at a downwardly revised 3.5%, when analysts had expected 3.6%, leaving it just above the 3.4% trough from October last year. Markets moved to priced in a 42% probability that the Reserve Bank of Australia (RBA) would resume hiking rates in August, compared with 35% before the jobs data. Incoming RBA Governor Michele Bullock has said the jobless rate would need to rise to about 4.5% to curb inflation. "The hotter-than-expected jobs numbers... leave no room whatsoever for an upside surprise in next Wednesday's Q2 CPI data. However, pressure on the RBA to keep pace with its overseas counterparts on rate hikes has eased somewhat in recent weeks.

Persons: Michele Bullock, Tony Sycamore, Marcel Thieliant, Stella Qiu, Wayne Cole, Jacqueline Wong, Jamie Freed Organizations: SYDNEY, Australian Bureau, Statistics, Reserve Bank of Australia, Incoming, IG, Capital Economics, Reserve, European Central Bank, Bank of England, Thomson Locations: Australia

"High level, we want this to become something like your personal AI friend," said developer Div Garg, whose company MultiOn is beta-testing an AI agent. The race towards increasingly autonomous AI agents has been supercharged by the March release of GPT-4 by developer OpenAI, a powerful upgrade of the model behind ChatGPT - the chatbot that became a sensation when released last November. GPT-4 facilitates the type of strategic and adaptable thinking required to navigate the unpredictable real world, said Vivian Cheng, an investor at venture capital firm CRV who has a focus on AI agents. OpenAI itself is very interested in AI agent technology, according to four people briefed on its plans. There are at least 100 serious projects working to commercialize agents, said Matt Schlicht, who writes a newsletter on AI.

Persons: Siri, Alexa, Tony Stark's, Kanjun Qiu, Reid Hoffman, Mustafa Suleyman, Qiu, OpenAI, Vivian Cheng, CRV, Aravind Srinivas, Jarvis, Yoshua Bengio, Satya Nadella, Apple's Siri, it's, Google, Edward Grefenstette, Jason Franklin, WVV Capital, Hesam Motlagh, Matt Schlicht, Anna Tong, Jeffrey Dastin, Kenneth Li Organizations: Microsoft, Google, U.S . Federal Trade Commission, Reuters, FTC, OpenAI's, Financial Times, Amazon, Alexa, Investors, WVV, Google Ventures, Entrepreneurs, Thomson Locations: Silicon, Jarvis, GPT, Cognosys, San Francisco, Palo Alto

SYDNEY, July 14 (Reuters) - Reserve Bank Deputy Governor Michele Bullock will take over from Governor Philip Lowe in September and has already flagged that leading the country's central bank through a period of change will be a major priority. Bullock, the first woman to helm the country's central bank, will have the task of leading the bank through its biggest internal shakeup in decades while also maintaining the fight against inflation. "I wasn't sure I would ever be in this position," Bullock said in a 2022 interview with her alma mater. "I never thought that Guy Debelle, who was the deputy governor, would leave the Bank. A review into the central bank published in April recommended sweeping changes including the setup of a separate specialist board to manage monetary policy, less frequent meetings and more public communication.

Persons: Michele Bullock, Philip Lowe, Bullock, Anthony Albanese, Jim Chalmers, Michele, Jonathan Kearns, Bullock's, Guy Debelle, Lowe, Su, Lin Ong, Lewis Jackson, Stella Qiu, Praveen Menon Organizations: SYDNEY, Reserve Bank, University of New, London School of Economics, Challenger, RBC Capital Markets, Thomson Locations: University of New England, Armidale, Sydney, Lincoln

Wall Street's main stock indexes built on Wednesday's sharp gains after data showed that consumer prices rose modestly in June, registering the smallest annual increase in more than two years. Other data on Thursday showed that U.S. producer prices barely rose in June, U.S. jobless claims unexpectedly declined, and Chinese exports dropped. The dollar index slumped to its lowest level since April 2022 on Thursday, as the cooling U.S. inflation bolstered expectations the Fed will rates only once more in 2023, eroding the greenback's yield advantage over peers. The euro was up 0.86% to $1.122, and the Japanese yen strengthened 0.37% versus the greenback at 137.99 per dollar. Oil prices traded near the highest levels in two months on the soft U.S. dollar.

Persons: Yung, Yu Ma, Ma, Brent, Lawrence Delevingne, Huw Jones, Stella Qiu, Chizu Nomiyama, Andrew Heavens, Leslie Adler, Diane Craft Organizations: Treasury, Federal, Dow Jones, Nasdaq, Federal Reserve, Fed, Citigroup, Japan's Nikkei, Monetary Fund, BMO Wealth Management’s, Thomson Locations: Asia, Europe, CHINA, China, Pacific, Japan, Boston, London, Sydney

☆ Tamer U.S. inflation lifts global stocks to new 2023 high, dollar slides
▼ + stars: | 2023-07-13 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

Interest rate futures showed markets have fully priced in another rate hike from the Federal Open Market Committee (FOMC) later this month, but expectations of any further increases have faded. The softer dollar helped gold prices advance to near one-month highs, while oil prices hovered above $80 a barrel. The MSCI All Country stock index (.MIWD00000PUS) was up 0.5% at 691 points, hitting a new high for the year. It is up 13.5% so far in 2023, though still not wiping out all of the near 20% loss in 2022. Brent crude futures rose 0.2% to $80.27 per barrel and U.S. West Texas Intermediate crude futures were slightly firmer at $75.80.

Persons: Eren Osman, Arbuthnot Latham, Osman, Stocks, Premier Li Qiang, Bonds, Huw Jones, Stella Qiu, Lincoln, Kim Coghill, William Maclean, Chizu Organizations: PPI, Federal Reserve, Treasury, Federal, Market, Arbuthnot Latham & Co, Japan's Nikkei, Premier, Brent, . West Texas, Thomson Locations: Asia, Europe, U.S, CHINA, China, Pacific, Japan, Hong Kong

☆ Asian shares rally, dollar slides on bets Fed almost done hiking
▼ + stars: | 2023-07-13 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 1.5%, bolstered by a 2.1% jump in Hong Kong's Hang Seng index (.HSI) and a 1.4% gain in Australia's resources-heavy shares (.AXJO). Overnight, the much-watched U.S. consumer inflation report provided better news than markets had hoped for. In particular, core inflation, which the Fed has feared to be sticky, also showed a sharper-than-expected slowdown. Elsewhere, oil prices settled near the highest in two months on a soft U.S. dollar. Brent crude futures rose 0.2% to $80.29 per barrel and U.S. West Texas Intermediate crude futures were up 0.2 at $75.88.

Persons: Li Qiang, Michael Feroli, Bonds, Alan Ruskin, Stella Qiu, Jamie Freed Organizations: SYDNEY, Japan's Nikkei, Index, Fed, Nasdaq, JPMorgan, FedWatch, U.S, European Central Bank, Deutsche Bank ., Bank of Canada, Brent, . West Texas, Thomson Locations: China, Asia, Pacific, Japan, Hong Kong, Canada

☆ Justice Dept. to Investigate Georgia Jail Where Inmate Died Covered in Lice
▼ + stars: | 2023-07-13 | by ( Linda Qiu | More About Linda Qiu | ) www.nytimes.com time to read: +1 min

The Justice Department said on Thursday that it was investigating the conditions at a jail in Fulton County, Ga., citing reports of violence, deteriorating surroundings and the death last year of an inmate who was covered in lice and feces. The civil investigation, part of a broader effort by the department to scrutinize conditions at jails and prisons across the country, will also examine whether officers used excessive force, the availability of medical care and the treatment of mentally ill prisoners. “Detention or incarceration in jail should not include exposure to unconstitutional living conditions that place lives in jeopardy or risk of serious harm from assaults,” Kristen Clarke, an assistant attorney general who leads the agency’s civil rights division, said in announcing the investigation. “Jail facilities must provide constitutional and humane conditions, in which all people can live safely while they go through the criminal process.”The Fulton County government and sheriff’s office said in a joint statement that they planned to cooperate fully.

Persons: ” Kristen Clarke Organizations: “ Locations: Fulton County ,, Fulton

☆ I commuted from LA to UC Berkeley by plane to avoid paying Bay Area rent. It cost me around $6,000 — and I didn't miss a single class.
▼ + stars: | 2023-07-13 | by ( Hannah Towey | ) www.businessinsider.com time to read: +8 min

Bill Zhou flew to UC Berkeley from Los Angeles three times a week for an academic year to avoid paying Bay Area rent. This is an as-told-to essay based on conversations with and Reddit posts written by Bill Zhou, a 26-year-old transportation engineer. Bay Area rent for a private bedroom and bathroom is super expensive, and I didn't feel justified in spending that much money. Courtesy of Bill Zhou / Photo by Heyang QiuI scheduled all my classes to fall on Monday, Wednesday, and Friday. Also, it was affordable only because I had so many flight miles.

Persons: Bill Zhou, I've, Heyang Qiu, Heyang Qiu I, they're, it's Organizations: UC Berkeley, University of California, Alaska Airlines, Valentine's, Los Angeles International Airport, LAX, TSA, BART, AC, San Francisco International Airport, California, Patrol Locations: Los Angeles, Hong Kong, London, Berkeley, LA, Bay, San Francisco, Oakland

☆ Agriculture Dept. to Invest $300 Million to Measure Greenhouse Emissions
▼ + stars: | 2023-07-12 | by ( Linda Qiu | More About Linda Qiu | ) www.nytimes.com time to read: +1 min

The Agriculture Department said on Wednesday that it would establish a monitoring and data collection network to measure greenhouse gas emissions and determine how much carbon can be captured using certain farming practices. The network, using $300 million in funding from the Inflation Reduction Act, will help quantify the outcomes of so-called climate-smart or regenerative agricultural practices, a cornerstone of the department’s approach to addressing a warming planet. The research and data that is collected will also be crucial to measuring progress on President Biden’s goal of halving greenhouse emissions by the end of the decade. “It’s not just simply about promoting climate-smart agriculture, not simply about promoting proper science,” Tom Vilsack, the agriculture secretary, said in a news conference on Tuesday ahead of the announcement. The department has also provided billions in additional funding to farming projects that reduce emissions, in part by capturing carbon dioxide, one of the main greenhouse gases, from the atmosphere and storing it as carbon in the soil.

Persons: Biden’s, “ It’s, Tom Vilsack, Biden Organizations: Agriculture Department

☆ RBA's Lowe says it remains to be seen if more tightening needed
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +2 min

Speaking in Brisbane, Lowe said there has been a "significant and rapid" tightening and the rate-setting policy board is very conscious that policy operates with a lag, with the full effects yet to be felt. "It takes time for households and businesses to adjust their spending and investment plans, and there are still significant resets of low fixed-rate loans to come," said Lowe. Markets expect that the central bank may have to hike two more times to tame inflation. "Whether or not this (further tightening) is required will depend on how the economy and inflation evolve," Lowe said. From 2024, the RBA will meet eight times a year, compared with 11 times currently, with meetings set to last longer than currently, Lowe said.

Persons: Philip Lowe, Lowe, Jim Chalmers, Stella Qiu, Muralikumar Anantharaman, Edmund Klamann Organizations: SYDNEY, The Reserve Bank of Australia, SEA, Thomson Locations: Brisbane

"We'll have a much better sense after we get another major data point on Friday with the jobs report and the inflation data next week." MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) closed 0.93% lower, while Japan's Nikkei (.N225) lost 0.25%. In currencies, the U.S. dollar edged higher against other major currencies after Fed minutes reinforced expectations of another interest rate hike at the end of the month. The dollar index rose 0.272%, with the euro down 0.22% to $1.0853. And market participants were awaiting demand data from the July 4 U.S. holiday weekend, which tends to mark the peak U.S. travel season.

Persons: Mike Segar, outstrip Brent, Michael James, Jack Janasiewicz, Janasiewicz, ”, Paul Nolte, Sterling, Brent, Sinéad Carew, Lewis Krauskopf, Tom Wilson, Stella Qiu, Dhara, Sam Holmes, Helen Popper, Will Dunham, Christina Fincher Organizations: Wall, New York Stock Exchange, REUTERS, . Federal Reserve, Wedbush Securities, U.S . Commerce, Companies, U.S, Solutions, Traders, Murphy, Sylvest Wealth Management, “, Dow Jones, Nasdaq, Japan's Nikkei, Treasury, Brent, Thomson Locations: Manhattan, New York City , New York, U.S, Los Angeles, United States, China, Washington, Europe, Asia, Pacific, Japan, Saudi Arabia, Russia, New York, London, Sydney

"There's a lot of data we're going to see here over the next several weeks as we head to the end of July Fed meeting. The pan-European STOXX 600 index (.STOXX) lost 0.78% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) shed 0.39%. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) closed 0.84% lower, while Japan's Nikkei (.N225) lost 0.25%. The U.S. dollar was holding steady against other major currencies as traders awaited the Fed minutes. The dollar index rose 0.097%, with the euro down 0.04% to $1.0873.

Persons: Mike Segar, Tim Ghriskey, Ingalls & Snyder, Data, Sterling, Brent, Sinéad Carew, Tom Wilson, Stella Qiu, Dhara, Sam Holmes, Helen Popper, Christina Fincher Organizations: Wall, New York Stock Exchange, REUTERS, U.S . Federal Reserve, Treasury, Federal, Investors, Tuesday's, Independence, Ingalls &, Dow Jones, Nasdaq, Japan's Nikkei, Traders, U.S, Brent's, Thomson Locations: Manhattan, New York City , New York, U.S, Tuesday's U.S, New York, Asia, Pacific, Japan, Saudi Arabia, Russia, London, Sydney

European stocks (.STOXX) slipped 0.6%, heading for their first daily loss in eight sessions, with German shares (.GDAXI) down the same amount. The MSCI world equity index (.MIWD00000PUS), which tracks shares in 47 countries, fell 0.2%. Earlier, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) dropped 0.8% after the China data. Japan's Nikkei (.N225) also fell 0.3% on profit-taking after climbing to three-decade highs. Brent crude futures fell 0.3% to $75.97 a barrel after climbing 2.1% overnight.

Persons: Michael Hewson, Guy Miller, Brent, Tom Wilson, Stella Qiu, Dhara, Sam Holmes, Helen Popper, Christina Fincher Organizations: Global, Federal, Independence, CMC Markets, Reuters, Zurich Insurance Group, U.S, Japan's Nikkei, Thomson Locations: SYDNEY, China, U.S, Europe, United States, Asia, Pacific, Japan, Tokyo, Saudi Arabia, Russia, London, Sydney

Wall Street was set for losses, too, with S&P 500 futures and Nasdaq futures down 0.2%-0.4%. The MSCI world equity index (.MIWD00000PUS), which tracks shares in 47 countries, fell 0.2%. The U.S. dollar drifted near the middle of its range of the past three weeks against major peers, with the dollar index down 0.1% to 102.99, after tracking between 103.75 and 102.75 since early June. Earlier, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) dropped 0.7% after the China data. Brent crude futures fell 0.2% to $76.05 a barrel after climbing 2.1% overnight.

Persons: Michael Hewson, Guy Miller, Brent, Tom Wilson, Stella Qiu, Dhara, Sam Holmes, Helen Popper Our Organizations: Nikkei, Global, Federal, Nasdaq, CMC Markets, Reuters, Zurich Insurance Group, U.S, Japan's Nikkei, Thomson Locations: SYDNEY, U.S, United States, Asia, Pacific, Japan, China, Saudi Arabia, Russia, London, Sydney

☆ Asian shares fall on growth concerns, focus shifts to Fed minutes
▼ + stars: | 2023-07-05 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

S&P 500 futures dipped 0.1% and Nasdaq futures fell 0.2%. Australia's resources heavy shares (.AXJO) fell 0.2% after the Reserve Bank of Australia held rates steady on Tuesday but warned of more tightening ahead. However, shares of some Chinese makers of products used to make chips rallied as supply concerns sent prices of the metals higher. "It now seems the thesis has evolved, and the market wants to see strong job creation, conditional on subdued wage growth." Brent crude futures fell 0.6% to $75.78 a barrel after climbing 2.1% overnight.

Persons: HSI, Andrew McCaffery, Janet Yellen, Chris Weston, Brent, Stella Qiu, Sam Holmes Organizations: Nikkei, SYDNEY, Federal, Day, Nasdaq, Japan's Nikkei, Reserve Bank of Australia, Fidelity International, Traders, Reuters, Australian, Thomson Locations: U.S, Asia, Pacific, Japan, China, US, Beijing, Washington, United States, Saudi Arabia, Russia

☆ Australia's central bank holds rates, signals more hikes might be required
▼ + stars: | 2023-07-04 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

SYDNEY, July 4 (Reuters) - Australia's central bank on Tuesday held interest rates steady saying it wanted more time to assess the impact of past hikes, but reiterated its warning that further tightening might be needed to bring inflation to heel. Reuters GraphicsIn Tuesday's policy statement, RBA Governor Philip Lowe said that higher interest rates are working to establish a more sustainable balance between supply and demand in the economy. "In light of this and the uncertainty surrounding the economic outlook, the Board decided to hold interest rates steady this month." Global policymakers are still grappling with relatively high inflation despite sweeping rate increases for more than a year. Both the Federal Reserve and the European Central Bank are almost certain to hike by a quarter-point this month, which could pressure an already soft Australian dollar.

Persons: Philip Lowe, Lowe, Stephen Smith, Marcel Thieliant, Reuters Graphics Lowe, Stella Qiu, Wayne Cole, Shri Navaratnam Organizations: SYDNEY, Reserve Bank of Australia, Reuters, Deloitte, Capital Economics, Global, Federal Reserve, European Central Bank, Thomson

☆ Asian shares subdued, yen and yuan hover near 8-mth troughs
▼ + stars: | 2023-06-29 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was flat, while markets in Singapore, India and Malaysia are closed for holidays. Japan's Nikkei (.N225), however, gained 1% and was headed for a monthly rise of 8.5% and a quarterly jump of 19%. The offshore yuan hovered near an eight-month trough at 7.24 per dollar on Thursday, after the central bank fixed the daily guidance at the weakest level since November. European Central Bank President Christine Lagarde, on the other hand, cemented expectations for a ninth consecutive rise in euro zone rates in July. U.S. crude futures were little changed at 69.55 per barrel, and Brent crude was down 0.1% at $74.00 per barrel.

Persons: HSI, Jerome Powell, Stephen Wu, Christine Lagarde, Kazuo Ueda, Mark McCormick, hawkish, Powell, Brent, Stella Qiu, Lincoln Organizations: SYDNEY, Japan's Nikkei, Nasdaq, Apple, Dow, Micron Technology, European Central Bank, Commonwealth Bank of Australia, ECB, Bank of Japan, U.S, Reuters, TD Securities, Thomson Locations: Asia, Pacific, Japan, Singapore, India, Malaysia

☆ Australia's consumer inflation hits 13-month low, adding to rate pause case
▼ + stars: | 2023-06-28 | by ( Stella Qiu | ) www.reuters.com time to read: +2 min

SYDNEY, June 28 (Reuters) - Australia's consumer inflation slowed to a 13-month low in May, driven by a sharp pullback in fuel, while a measure of core inflation also cooled in a sign interest rates might not have to rise again in July. Data from the Australian Bureau of Statistics on Wednesday showed its monthly consumer price index (CPI) rose 5.6% in the year to May, marking the smallest increase since April last year. That was down from 6.8% the previous month and well below market forecasts of 6.1%. The core trimmed mean measure of CPI rose by an annual 6.1%, a seven-month low and again down from 6.7% in April. Wednesday's data showed the most significant drivers were an 8.4% jump in housing and a 7.9% increase in food and non-alcoholic beverages.

Persons: Tony Sycamore, Marcel Thieliant, Stella Qiu, Sam Holmes Organizations: SYDNEY, Australian Bureau, Statistics, Reserve Bank of Australia, IG, Bank, Capital Economics, Thomson

☆ British Museum apologizes after using translator's work in China exhibition without pay or acknowlegment
▼ + stars: | 2023-06-23 | by ( Jessie Yeung | ) edition.cnn.com time to read: +6 min

CNN —When the British Museum launched its “China’s hidden century” exhibition last month, writer and translator Yilin Wang began getting confusing messages from her peers. No, Wang replied: She’d never been contacted by the museum, which used her work without permission, pay or acknowledgment. It added that “China’s hidden century” had involved more than 400 people from 20 countries, and that those involved had “spent years, together with scholars worldwide,” putting it all together. A British Museum worker pictured in the "China's hidden century" exhibition ahead of its public opening. The British Museum did not respond immediately to CNN’s request for comment.

Persons: Yilin Wang, Qiu Jin, Wang, —, She’d, “, James Manning, ”, It’s, NameTheTranslator, …, ” Wang Organizations: CNN, British Museum, Twitter, Museum, British, UK’s Arts, Humanities Research, “, Google Locations: London, Qing China, British

☆ U.S. Approves the Sale of Lab-Grown Chicken
▼ + stars: | 2023-06-21 | by ( Linda Qiu | ) www.nytimes.com time to read: +1 min

“It’s a giant step forward towards a more sustainable future — one that preserves choice and life.”The decision will make the United States the second country in the world, after Singapore, to authorize the production and sale of lab-grown meat. About 100 companies worldwide, including dozens in the United States, focus on the production of cultivated meat, according to Mr. Friedrich. Lab-grown meat begins with cells taken from an animal. When harvested, the product is essentially minced meat, which is then formed into patties, sausage or fillets. The meat contains no bones, feathers, beaks or hooves and does not need to be slaughtered.

Persons: Dr, Uma Valeti, “, ”, Bruce Friedrich, Friedrich Organizations: Good Food Institute, View Research, McKinsey & Company Locations: United States, Singapore

☆ Australia's unemployment rate needs to rise to curb inflation - top c.banker
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, June 20 (Reuters) - Australia's unemployment rate needs to rise to help contain inflation and avoid higher interest rates and a deep recession, a top central banker warned on Tuesday, after data showed little loosening in a still drum-tight labour market. Reserve Bank of Australia (RBA) Deputy Governor Michelle Bullock said the jobless rate would need to rise to about 4.5% from the current rate of 3.6% to bring the economy back into balance, a rate still well below pre-pandemic levels. Indeed, Bullock also warned that if inflation were to become entrenched in people's expectations, that would mean higher rates and a larger rise in unemployment. "A deep and long-lasting recession would be likely, which would mean a substantial rise in the unemployment rate." Reporting by Stella Qiu; Editing by Jacqueline Wong & Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: Michelle Bullock, Bullock, Stella Qiu, Jacqueline Wong, Simon Cameron, Moore Organizations: SYDNEY, Reserve Bank of Australia, Ai Group, Thomson Locations: Newcastle

The MSCI's broad gauge of world stocks ticked 0.2% higher, (.MIWD00000PUS), with Wall Street markets closed for the Juneteenth holiday. After a week in which the stock market cheered the Fed's decision to skip a rate increase in June, Powell is scheduled to deliver congressional testimony on Wednesday and Thursday. Billions of dollars have flowed into big tech in recent weeks, with analysts citing the productivity-improving potential of artificial intelligence for the rally. "The obvious narrative of AI has dominated this rally in tech stocks," said Dan Cartridge, portfolio manager at Hawksmoor. The 10-year British gilt yield stood at 4.462%, in an inverted yield curve pattern that can precede recessions.

Persons: BoE, Jerome Powell, Powell, Hawksmoor, Hong, HSI, Goldman Sachs, Brent, Naomi Rovnick, Stella Qiu, Tom Hogue, Gerry Doyle, Emma Rumney Organizations: Nikkei, Global, . Federal, Wall, Bank of England, Japan's Nikkei, People's Bank of, Friday's dovish Bank of Japan, European Central Bank, Thomson Locations: China, SYDNEY, Europe, U.S, Asia, Beijing, People's Bank of China

The MSCI's broad gauge of world stocks was steady (.MIWD00000PUS), with Wall Street markets closed for the Juneteenth holiday. After a week in which the stock market cheered the Fed's decision to skip a rate increase in June, Powell is scheduled to deliver congressional testimony on Wednesday and Thursday. "The obvious narrative of AI has dominated this rally in tech stocks," said Dan Cartridge, portfolio manager at Hawksmoor. "But a lot of it is also to do with interest rate expectations," he added, warning that the Fed staying hawkish would mean "we quite quickly see valuation compression again." Two-year British government bond yields , which reflect rate expectations, added 6 basis points (bps) to around 4.94% - near last week's 15-year high.

Persons: 25bps, Jerome Powell, Powell, Hawksmoor, Hong, HSI, Goldman Sachs, Brent, Naomi Rovnick, Stella Qiu, Christopher Cushing, Tom Hogue, Gerry Doyle Organizations: of England, Nikkei, Global, . Federal, Wall, Bank of England, Japan's Nikkei, People's Bank of, Friday's dovish Bank of Japan, European Central Bank, Thomson Locations: China, SYDNEY, Europe, U.S, Asia, Beijing, People's Bank of China

☆ Asian stocks pause rally, eyeing China stimulus, Powell testimony
▼ + stars: | 2023-06-19 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

Both S&P 500 futures and Nasdaq futures were mostly flat after Wall Street's bullish run met resistance on Friday. Cash U.S. Treasuries were untraded due to the Juneteenth holiday, while futures were largely steady. The People's Bank of China is widely expected to cut its benchmark loan prime interest rates on Tuesday, following a similar reduction in medium-term policy loans last week. Several major banks last week cut their growth forecasts for China after the recent disappointing data. U.S. crude futures fell 1.0% to 71.03 per barrel, and Brent crude was down 1.3% at $75.63 per barrel.

Persons: BOE, Jerome Powell's, bullish, HSI, Morgan Stanley, Robin Xing, Antony Blinken, Xi Jinping, POWELL, Powell, Ray Attrill, Brent, Stella Qiu, Christopher Cushing, Tom Hogue Organizations: Nikkei, . Federal, Nasdaq, Cash U.S, Japan's Nikkei, Bank of Japan's, U.S ., People's Bank of, National Australia Bank, The Bank of England, European Central Bank, Thomson Locations: China, SYDNEY, Asia, Pacific, Japan, People's Bank of China, .

Search resuls for: "Qiu"

25 mentions found