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☆ Australia's top central banker to face lawmaker ire over rate hikes
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, Feb 13 (Reuters) - Australia's top central banker will face a grilling at parliamentary hearings this week after surprising many with a hawkish turn on interest rate hikes that are adding to already punishing cost of living pressures. After the latest rise last week, the central bank compounded the blow by flagging yet further increases would be needed to contain inflation, which is running at three-decade highs. Australian Treasurer Jim Chalmers highlighted the broader issue in the review about how the bank communicates the context for its decisions on Sunday. Chalmers said he would receive the review on March 31, and the government would make a decision about Lowe's re-appointment towards mid-year. The review, announced by Chalmers in July, is assessing issues such as how the RBA communicates with the public and which inflation targets to follow.

☆ Australia's central bank revises up inflation forecasts as further rate hikes flagged
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +3 min

SYDNEY, Feb 10 (Reuters) - Australia's central bank on Friday revised up its forecasts for core inflation and wages growth and warned further increases in inetrest rates would be needed to head off a damaging wage-price spiral. High inflation makes life difficult for people and damages the functioning of the economy. And if high inflation were to become entrenched in people's expectations, it would be very costly to reduce later." The closely-watched trimmed mean measure of inflation will only slow to 6.2% by the middle of this year, compared with a previous forecast of 5.4%. The bank also raised its forecast of economic growth this year to 1.6% this year, compared with 1.4% previously.

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, February 8, 2023. Crude prices eased, with gold firmer as the dollar index fell 0.18%, while MSCI's U.S.-centric index of stock performance in 47 countries (.MIWD00000PUS) shed 0.44%. China's blue chips (.CSI300) rose 1.3%, pulling away from a one-month trough, while Hong Kong's Hang Seng Index (.HSI) gained 1.6%. Crude prices eased as oil infrastructure appeared to have escaped serious damage from the earthquake that devastated parts of Turkey and Syria, while U.S. inventories swelled and investors worried about central bank rate hikes. Gold prices rose for a fourth straight session as the dollar faltered, even as Fed officials indicated more rate hikes are warranted to rein in inflation.

☆ Asian shares track Wall Street lower amid chorus of Fed speakers
▼ + stars: | 2023-02-09 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

Governor Christopher Waller said the battle to reach the Fed's 2% inflation target "might be a long fight". But Governor Lisa Cook said the big job gains in January with moderating wage growth increased hopes of a "soft landing". The bond market rallied a little after being caught wrongfooted by the January blockbuster U.S. jobs report, forcing many to reposition for a higher peak in the Fed funds rate. The two-year Treasury yield , which rises with traders' expectations of higher Fed fund rates, eased 2 basis points to 4.4375% on Thursday, while the yield on benchmark 10-year Treasury notes slid 5 basis points to 3.6012%. In the oil market, Brent crude futures eased 0.2% to $84.90 while U.S. West Texas Intermediate (WTI) crude also settled 0.1% lower at $78.36.

Biden, who earlier last year signed into law a 1% tax on corporate stock buybacks, used his speech to call for that to be quadrupled, as well as renew his calls for higher taxes on billionaires. If companies sense such a tax is imminent, it might spur them to speed up buybacks and eventually shift toward paying dividends instead. "If this tax encourages companies to raise their dividends instead of buying back shares, all in all, it's not a bad thing." Other topics were also watched by investors, particularly remarks on China, a key area of interest for investors. BUYBACKS & BILLIONAIRESCorporate stock buybacks, where public companies buy back their own shares, thereby juicing the price of the shares as a way to return cash to shareholders, have grabbed headlines this year.

☆ Investors' reactions to Biden's State of the Union speech
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, Feb 8 (Reuters) - Following are reactions from analysts and investors to U.S. President Joe Biden's State of the Union speech on Tuesday, in which he challenged Republicans to lift the debt ceiling and support tax policies that are friendlier to middle class Americans. DAMIEN BOEY, CHIEF MACRO STRATEGIST, BARRENJOEY, SYDNEY"The most important caveat is that you gotta pass this gridlock that is at the house and the senate. "That is particularly topical because you're going to hit the debt ceiling when you get to August. "So Biden's whole pitch is about inflation coming down, but it is not my problem because it is here before I got here. Biden should be clearer about how they are going to develop the supply chain away from China.

☆ Australia c.bank signals more tightening ahead after lifting rates to decade-high
▼ + stars: | 2023-02-07 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

Three-year government bond yields jumped 15 bps to 3.254% while ten-year yields also surged 15 bps to 3.615%. HIGH INFLATION 'VERY COSTLY'Inflation is expected to decline to 4.75% this year and only slow to around 3% by mid-2025, according to the RBA's latest forecasts. There are signs that consumers are finally pulling back on spending as cost of living surges and rate increases bite. "High inflation makes life difficult for people and damages the functioning of the economy. And if high inflation were to become entrenched in people's expectations, it would be very costly to reduce later," warned Lowe as he signalled the bank's intention to extend the tightening cycle.

☆ Australia c.bank raises rates to decade-high, warns more to come
▼ + stars: | 2023-02-07 | by ( Stella Qiu | ) www.reuters.com time to read: +2 min

Wrapping up its February policy meeting, the Reserve Bank of Australia (RBA) said core inflation had been higher than expected and higher rates would be needed to ensure that inflation returns to its target of 2-3%. This was the ninth hike since last May, lifting rates by a total of 325 basis points. That led markets to double down on bets that the cash rate will have to peak nearer 3.85%, also in part to keep pace with the U.S. Federal Reserve. The Fed is now seen raising rates to above 5% to rein in still-strong price pressures. A Reuters poll of 31 analysts found 19 expected rates to peak at 3.60%, likely in March, and stay there all year.

☆ Asian stocks pull back, dollar regains footing ahead of U.S. payrolls data
▼ + stars: | 2023-02-03 | by ( Stella Qiu | ) www.reuters.com time to read: +5 min

Tech shares took a beating in Thursday's after-hours trading, with shares of Apple, Amazon and Google parent Alphabet all tumbling. That took the shine off a strong regular trading session on Thursday, when the S&P (.SPX) climbed 1.5% and the Nasdaq (.IXIC) surged 3.3%. In the currency markets, the euro extended losses to $1.0891, pulling further away from the ten-month top of $1.1033 touched on Thursday. The sterling fell to $1.2206 on Friday, the lowest in more than two weeks, after tumbling 1.2% the previous session. That helped the U.S. dollar to recoup most of its post-Fed losses, with the dollar index now standing at 101.81, away from its nine-month low of 100.80.

☆ Australia Dec retail spending nosedives in warning for economy
▼ + stars: | 2023-01-31 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

Retail sales fell 3.9% in December from November, after 11 months of consecutive gains, Australian Bureau of Statistics (ABS) data showed on Tuesday, suggesting that rate hikes so far are working as intended. "The large fall in December suggests that retail spending is slowing due to high cost-of-living pressures," said Ben Dorber, ABS head of retail statistics. "With the impact of the 2022 rate hikes yet to be fully realised, we still expect two more hikes to be delivered in the first quarter." After the data, futures markets still priced in a hefty 85% chance the cash rate would be raised by a quarter-point next week to 3.35%. An analysis by UBS on Tuesday projects a sharp slowing in spending by those who hold "extra" cash savings to a well-below trend pace from mid-2023.

SYDNEY, Jan 30 (Reuters) - Australia is preparing for the arrival of thousands of Chinese students, the education minister said on Monday, days after China's education ministry warned students enrolled overseas that online learning would no longer be recognised. Tens of thousands remain offshore after pandemic restrictions and strained diplomatic relations led many to return home. Phil Honeywood, chief executive officer at International Education Association of Australia, an advocacy body for international education in Australia, said there were currently about 40,000 Chinese students still offshore. "We anticipate a lot of Chinese students will be scrambling as we speak to get on flights to Australia. The move by China's Ministry of Education has been met with anger from Chinese students.

☆ Australian Dec business conditions moderate, cost pressures ease - survey
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +3 min

SYDNEY, Jan 24 (Reuters) - Australian businesses conditions moderated for a third straight month in December, while price pressures began to ease, pointing to a likely peak in inflation, according to a business survey issued on Tuesday. The survey from National Australia Bank Ltd (NAB) (NAB.AX) showed its index of business conditions had fallen 8 points to +12 in December, although it remained still well above its long-run average. The survey showed inflation easing across the board. The RBA's board will consider whether to raise its policy interest rate for a ninth time at its next meeting. That will still be below the forecast from the RBA for a peak inflation rate of around 8%.

☆ Aussie falters on soft jobs data, kiwi calm after Ardern resignation
▼ + stars: | 2023-01-19 | by ( Stella Qiu | ) www.reuters.com time to read: +2 min

The Aussie eased 0.4% to 0.6910% , the softest level in one week, after hitting a five-month high of $0.7064 just one session before. It has support at $0.6360 and did not react much to news that Prime Minister Jacinda Ardern will step down next month. The Fed is widely expected to slow its rate hike in February to 25 basis points as inflation eases, after downshifting the size of increases just in December. Local data on Thursday, which showed Australia's employment unexpectedly fell in December, also added to the risk-off mood and weighed on the Aussie. The yield on 10-year bonds fell 4 basis points to 3.404%, the lowest since mid-December, while the yield on three-year notes fell 9 basis points to 3.005%.

☆ Stocks buoyed by cheery data after BOJ damp squib
▼ + stars: | 2023-01-18 | by ( Nell Mackenzie | ) www.reuters.com time to read: +4 min

Data showed British inflation dropped to a three-month low of 10.5% in December, the latest sign that global inflationary pressures are abating. Also helped by a string of positive earnings updates, Europe's STOXX 600 index (.STOXX) rose 0.4% to its highest level since April 2022. Earlier in the day MSCI's broadest index of Asia-Pacific shares outside of Japan (.MIAPJ0000PUS) rose 0.24%, and S&P 500 futures gained 0.26%. The dollar at one point rose as much as 2.7% against the Japanese yen, but was last 0.78% higher at 129.11. Data on Tuesday showed China's economic growth had slumped in 2022 to 3.0% - the weakest rate in nearly half a century.

☆ Japanese yen tumbles, bonds rally after BOJ keeps policy ultra easy
▼ + stars: | 2023-01-18 | by ( Stella Qiu | ) www.reuters.com time to read: +5 min

The bank, however, maintained ultra-low interest rates, including its 0.5% cap for the 10-year bond yield. The dollar also gained 2.5% against the Japanese yen to 131.4 yen, in its biggest percentage daily rise since March 2020. In a Reuters poll, 97% of economists expected the BOJ to maintain its ultra-easy policy at the meeting. A survey of global fund managers by BofA Securities out on Tuesday showed that expectations of further appreciation in the Japanese yen in January were the highest in 16 years. The dollar index , which measures the safe-haven dollar against six peers, rose 0.4% at 102.84.

☆ Asian shares tentative, Japan yields close to policy cap ahead of BOJ meeting
▼ + stars: | 2023-01-18 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

SummarySummary Companies Asian shares mixed; Nikkei up 0.6%Markets eye change to yield policy from BOJ meeting on WedJapan yields retreat from policy cap; Yen eases from 7-mth highOil extend gains on China optimismSYDNEY, Jan 18 (Reuters) - Asian shares were mixed on Wednesday while Japanese yields hugged a policy cap, with markets anxiously awaiting a pivotal Bank of Japan (BOJ) meeting that could see the world's third largest economy shift away from decades of ultra-low interest rates. In early Wednesday trade, however, the 10-year yield fell to 0.485% before returning to 0.5%. China's blue chips (.CSI300) rose 0.2%, while Hong Kong's Hang Seng Index (.HSI) was 0.2% lower. It has been undermined by falling U.S. bond yields as markets wager the Federal Reserve can be less aggressive in hiking rates. The yield on benchmark 10-year Treasury notes rose slightly to 3.5402% from its U.S. close of 3.535%, partly in anticipation of the BOJ tweaking its policy.

☆ Asian shares mixed, yen tumbles after BOJ keeps yield policy unchanged
▼ + stars: | 2023-01-18 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

read moreThe 10-year yield stayed at 0.5100% on Wednesday. In a Reuters poll, 97% of economists expected the BOJ to maintain its ultra-easy policy at the meeting. Mahjabeen Zaman, head of FX Research at ANZ, now expects any further rises in the Japanese yen might have to be delayed until April when the new BOJ governor assumes position. A survey of global fund managers by BofA Securities out on Tuesday showed that expectations of further appreciation in the Japanese yen in January were the highest in 16 years. After Bank of Japan decision, the dollar strengthened 2.4% to 131.18 yen , pulling away from Monday's seven-month low of 127.21 yen.

☆ Australia consumer mood brightens for second month in a row
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, Jan 17 (Reuters) - A measure of Australian consumer sentiment rose in January for the second straight month, as a break in a painful cycle of interest rate rises likely provided temporary relief for borrowers. The Westpac-Melbourne Institute index of consumer sentiment released on Tuesday rose 5.0% in January, the largest monthly gain since April 2021 and building on a gain of 3.0% in December. "If so, we should be cautious about reading the January sentiment rise as part of a continuing trend." The index of the economic outlook for the next 12 months jumped 10.2%, and the outlook for the next five years climbed 2.9%. A separate survey from ANZ also showed a small rise just last week, although the bank cautioned that spending data has turned weak in the first week of 2023.

☆ Australia to require negative COVID tests for travellers from China
▼ + stars: | 2023-01-01 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, Jan 1 (Reuters) - Australia said on Sunday that travellers from China will have to provide negative COVID-19 test results from Jan. 5, joining a growing number of nations that have implemented similar restrictions as cases surge in China. Citing a lack of epidemiological information and genomic sequencing data from China, Australian health minister Mark Butler said the government has decided out of an abundance of caution to require visitors to present a negative test taken within 48 hours of their departure. "I want to stress that the government welcomes the resumption of travel between Australia and China... I also want to stress that this is a temporary measure, reflecting the lack of comprehensive information right now about the situation in China," said Butler. read moreReporting by Stella Qiu; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Australia to ring in 2023 with no COVID restrictions
▼ + stars: | 2022-12-31 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, Dec 31 (Reuters) - Australia is gearing up to celebrate its first restriction-free New Year's Eve after two years of COVID disruptions, with more than a million revellers expected to flock to Sydney's harbourfront and watch an elaborate fireworks display. Lockdowns at the end of 2020 and a surge in Omicron cases at the end of 2021 led to crowd restrictions and reduced festivities. However, curbs on celebrations have been lifted this year after Australia, like many countries around the world, re-opened its borders and removed social distancing restrictions. A rainbow of colour will light up Sydney Harbour, with 2,000 fireworks to be launched from the four sails of the Sydney Opera House and 7,000 fireworks from more positions on the Sydney Harbour Bridge than ever before. For the first time in 12 years, fireworks will be launched from four building rooftops to frame the spectacular show, the organisers said.

"It's not a question of if it will happen, it's now just a matter of how many and how fast." As the Lunar New Year holiday - typically a peak travel period for Chinese tourists - starts on Jan. 21, some businesses are already gearing up. Japan, however, is being cautious about Chinese tourism due to the rapid spread of the virus in China. Australia, Germany, Thailand and others, however, said they would not impose additional rules on Chinese travel for now, with France taking to social media platform Sina Weibo to emphasise it welcomed Chinese friends "with open arms". "I suspect any meaningful rebound will have to wait until the travel boom in June or July next year."

If you're thinking about buying a foreclosed home, here's everything you'll need to know. With a short sale, you'll be buying the home from the owner, but the lender will need to agree to the amount. It depends on the type of foreclosure you're buying. If you're buying a foreclosure at auction, you'll need to attend the auction and make a high enough bid to get the home. If you're considering buying a foreclosure, you need to be prepared to do a lot of research and learn everything you can about the process.

☆ Australia ready to work with elected gov't in Fiji -Albanese
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: 1 min

SYDNEY, Dec 23 (Reuters) - Australia welcomes the democratic process that has taken place in Fiji and stands ready to work with whoever forms the new government, Prime Minister Anthony Albanese said on Friday, adding that the process has been orderly. "Fiji will remain an important partner of Australia and I look forward to working with the elected government of Fiji," Albanese said at a news conference in Sydney. Reporting by Stella Qiu; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

The country spent big on quarantine and testing facilities over the past three years rather than bolstering hospitals and clinics and training medical staff, these people said. "There is no transition time for the medical system to prepare for this," said Zuofeng Zhang, professor of epidemiology at the University of California, Los Angeles. The failure to boost vaccination rates among the vulnerable could imperil China's health system, more than a dozen experts said. The death of a 23-year-old medical student in Chengdu on Dec. 14 fueled public ire at the strain on China's health system. Chen Jiming, a researcher at China's Foshan University, said there was every chance that China's medical system could cope now that the country has ended quarantine for asymptomatic and mild cases.

☆ Australian economy on edge as fixed-rate mortgage pain looms in 2023
▼ + stars: | 2022-12-20 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

The cost of paying your mortgage is literally going up for everyone by thousands of dollars," said the 31-year-old Lemon. Australia's big four banks - Commonwealth Bank of Australia (CBA.AX), Westpac (WBC.AX), National Australia Bank (NAB.AX) and ANZ (ANZ.AX) - account for 75% of the country's mortgage market. read moreThe RBA fears 15% of the borrowers on variable rates could see their cash flows turn negative, assuming that interest rates rise to 3.6% in line with market expectations. Buyers' agent Lloyd Edge says some cautious mortgage holders have been selling up before their fixed-rate loans expire. Hundreds of thousands of Australians took advantage of the ultra low rates during the COVID pandemic to enter one of the world's least affordable housing markets.

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