Yen Weakens Slightly as Japan Markets Take Rate Hike in Stride
The yen weakened past 150 per dollar after the Bank of Japan ended the world’s last negative policy rate while keeping financial conditions easy for now. Bonds and shares both gained.
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The yen weakened past 150 per dollar after the Bank of Japan ended the world’s last negative policy rate while keeping financial conditions easy for now. Bonds and shares both gained.
Stock market rally and wage hikes encouraged officials to pivot to normal policy
Automaker aims to boost manufacturing of Ultium-powered EVs by 20-fold this year after a series of setbacks.
Goldman Sachs Group Inc. and JPMorgan Chase & Co. have been leading the charge to get employees into the office more often, but it’s their smaller industry peers who are more likely to demand full-time on-site work.
The Federal Reserve will begin in-depth discussions about its balance sheet this week, including when and how to slow the pace at which the central bank drains excess cash from the financial system.
The Bank of Japan scrapped the world’s last negative interest rate, ending the most aggressive monetary stimulus program in modern history, while also indicating that financial conditions will stay accommodative for now.
The yen fell after the Bank of Japan brought an end to the world’s last negative interest-rate policy and emphasized that financial conditions will remain easy.
Nigerian central bank Governor Olayemi Cardoso voted for an even larger interest-rate increase than was delivered last month, confirming him as one of the most hawkish members on its monetary policy committee.
Vietnamese prosecutors sought the death penalty for real estate tycoon Truong My Lan, indicted in a $12 billion fraud case for her role in bribing government officials, violating bank lending rules and embezzling funds, VnExpress news website reported.
Vietnam’s Communist Party leaders will discuss and decide on the resignation of President Vo Van Thuong at a meeting on Wednesday, according to two officials with knowledge of the matter.
SK Innovation Co.’s credit rating was cut to junk by S&P as a slowdown in demand for electric vehicle batteries and high capital expenditures are set to negatively impact its debt metrics.
Monthly Swiss watch exports fell for just the second time in three years, led by lower shipments to China and Hong Kong, as demand for luxury timepieces cools.
South African inflation expectations declined for the next two years, providing the central bank with welcome news ahead of its policy meeting next week though it probably won’t be enough to tempt it to cut interest rates.
Warburg Pincus is seeking to redeem its investment in Dalian Wanda Group Co.’s shopping mall unit, which has been trying to raise fresh funds after several failed attempts to list in Hong Kong in recent years, according to people familiar with the situation.
The World Bank is set to provide Egypt with over $6 billion, boosting the global bailout for the North African nation’s struggling economy to more than $50 billion in the past few weeks.
The ultra-luxury British carmaker is contending with a high-class problem: unprecedented demand for personalization.
Now that Bank of Japan Governor Kazuo Ueda has scrapped negative interest rates and the yield curve control program, the experience of Europe may offer investors clues on where things are heading.
Pfizer Inc. has sold over £3 billion ($3.8 billion) of shares in Haleon Plc, the first step by the UK consumer health company’s biggest shareholder to reduce its 32% stake.
Xiaomi Corp. posted better-than-expected revenue after the smartphone market showed signs of life during the holiday quarter, spurring hopes of an end to a years-long global electronics slump.
Bank of America Corp. is cutting some office space in its headquarters in Hong Kong’s Central district, according to people familiar with the matter, underscoring the headwinds for the city’s commercial landlords.
Unilever Plc plans to separate its ice cream business and cut 7,500 jobs as Chief Executive Officer Hein Schumacher seeks to boost profits and jumpstart sluggish growth at the UK consumer-goods conglomerate.
Bitcoin extended a retreat as investors digested a record daily outflow from the world’s biggest exchange-traded fund for the token as well as scaled-back expectations for Federal Reserve interest-rate cuts.
Robinhood Markets Inc.’s commission free trading is now available throughout the UK — though the company said an effort to add margin lending to the offering is on pause.
Emmanuel Macron pledged to make Paris a haven for capital markets with a fresh round of measures that would facilitate initial public offerings and direct more investment to smaller companies.
Crypto exchange BitMEX is investigating unusual trading activity that led to a flash crash in Bitcoin on its platform yesterday.
European Central Bank Vice President Luis de Guindos reiterated that he and his colleagues will have much more information to decide on interest rates when they meet in June.
The average Wall Street bonus dropped slightly last year as banks kept compensation reined in amid an ongoing deal slump and the number of employees working in the securities industry ticked up.
Japanese banks will start earning billions of yen in interest on their deposits with the Bank of Japan after it scrapped negative rates.
One word echoed across trading floors from Tokyo to Singapore as the Bank of Japan raised rates for the first time in 17 years — ‘finally’.
Forced labor in the private economy generates $236 billion in illegal profits every year, according to the International Labour Organization.
Novo Nordisk Fonden, the enterprise foundation behind Novo Nordisk A/S, will work with Nvidia Corp. to build a supercomputer in Denmark to help research and innovation in health care, life sciences and the green transition.
South Korean financial institutions have pledged to provide 420 trillion won ($313 billion) through the end of the decade for projects aimed at helping the country meet its climate goals.
Investors are in a risk-on mood, and are snapping up stocks in Europe and emerging markets at the expense of the US and the technology sector, according to Bank of America Corp.’s latest fund manager survey.
China Evergrande Group’s alleged $78 billion revenue overstatement escalates the legal peril of founder Hui Ka Yan, who now stands at the center of one of the biggest financial fraud cases in history.
South Africa is facing the prospect of a breakdown in the water supply to its industrial heartland and most-populated region, adding to the woes of an economy battered by power outages, congested ports and a broken freight-rail system.
Indian stocks are poised to erase gains this year as regulatory warnings of growing froth in the market weigh on sentiment.
AstraZeneca Plc agreed to buy Fusion Pharmaceuticals Inc. for as much as $2.4 billion as it seeks to transform cancer treatment by replacing traditional methods like chemotherapy with more targeted approaches.
Secretary of State Antony Blinken criticized China’s “provocative actions” in the South China Sea on a visit to Manila, as he reaffirmed the US security commitment to the Philippines.
US Secretary of State Antony Blinken will make his sixth visit to the Middle East since the Israel-Hamas war broke out in October, as tensions persist between Washington and the Israelis over the conduct of the fighting and the dire humanitarian situation in Gaza.
The Bank of Japan’s decision to end its negative-interest-rate policy has left markets largely unruffled because it was flagged well in advance, and the nation’s stocks should be able to extend their recent rally, analysts say.
North Korean leader Kim Jong Un oversaw tests of multiple rocket launcher systems that can deliver nuclear weapons in a drill this week that South Korea said could be a way for Pyongyang to market its newest missiles to Russia.
(Bloomberg) -- Switzerland’s government cuts its inflation forecast owing to weaker price growth at the start of the year, a piece of evidence that could support an earlier-than-expected cut from the central bank this week.
Novo Nordisk A/S and Eli Lilly & Co. have a powerful new ally as they conquer the $80 billion obesity shot market: Oprah Winfrey.
A recent bull run in China’s government bonds is making a comeback after a one-week break, a sign that traders are getting over policymakers’ implicit guidance that the rally has gone too far.
Layoffs at Longi Green Energy Technology Co., the world’s biggest solar manufacturer, will likely accelerate a global rebalancing of production capacity away from China.
DFS Furniture Plc trimmed its annual pretax profit outlook by a third and warned that continued disruption in the Red Sea could defer another £4 million ($5 million) of profit to the following financial year.
President Xi Jinping visited a battery materials company in the southern Chinese city of Changsha as he seeks to promote advanced technology sectors as new pillars of the world’s second-largest economy.
Vodacom Group Ltd. is planning to cut jobs at home in South Africa, its biggest market, to help reduce costs.
Audi has unveiled its delayed Q6 e-tron, seeking to restore momentum to the struggling brand with a luxury mid-size SUV as sales of electric vehicles are cooling.
Qantas Airways Ltd. is hunting for scarce supplies of sustainable aviation fuel to use on key routes to the US and Europe, partly because so many of the airline’s corporate customers need to cut their carbon emissions from travel.
On the first anniversary of UBS Group AG’s historic takeover of its former rival Credit Suisse, it’s becoming clear just how advantageous the deal has been for the bank. It has pushed its market capitalization past $100 billion to the highest level in almost 16 years and cemented its leading role in global wealth management.
Joe Biden and Benjamin Netanyahu sought to turn down the heat in their unusually public feud over Israel’s war in Gaza Monday, but there was little sign the domestic political pressures that have pushed them apart are easing.
(Bloomberg) -- Swiss National Bank President Thomas Jordan earned a salary of 951,700 Swiss francs ($1.1 million) in 2023, making him one of the world’s best paid central bank chiefs.
South Korea said it will ease the tax burden for companies that are taking steps to enhance returns for their shareholders, following up on its pledge to improve valuations and boost the local stock market.
Indian oil refiners are on track to take the most American crude in almost a year after tighter enforcement of US sanctions crimped trade with Russia and forced processors to look elsewhere for supply.
Africa’s biggest bourse, the Johannesburg Stock Exchange, is slowly turning the tide from a wave of delistings to companies once again considering initial public offerings.
Swiss regulators should re-examine the capital requirements placed on UBS Group AG in the light of its increased size following the takeover of Credit Suisse, the Swiss National Bank said.
Australia’s central bank signaled it’s done tightening monetary policy after leaving interest rates at a 12-year high, sparking a selloff in the currency and a rally in bonds.
(Bloomberg) -- “We haven’t yet discussed anything about future rate moves. We need to gather more information,” European Central Bank Vice President Luis de Guindos said in an interview with Greek newspaper Naftemporiki. “The evolution of wages is key and most of the wage bargaining agreements will have been concluded in the first months of this year. We will have more information in June.”
Oil held the bulk of a gain, with the impact of Ukrainian drone attacks on Russian refineries and OPEC+ supply cuts in focus.
Japan’s real estate shares were the biggest winners on Tuesday after a widely expected move by the Bank of Japan to end its negative rates regime, with investors focusing on the dovish tone by the central bank and the inflation outlook.
(Bloomberg) -- The Swiss National Bank reduced its sales of foreign exchange in the fourth quarter as the franc soared against the euro.
(Bloomberg) -- Betting against volatility has become a profit-minting machine in currency markets. So much so that Wall Street firms say clients are giving up on wagers that go in the opposite direction.
US Deputy Treasury Secretary Wally Adeyemo used a five-day trip to South Africa to advertise his country’s ambitions of securing supplies of the metals needed for the global energy transition — materials that abound in Africa.
South Korean authorities have issued notices to temporarily suspend the licenses of two doctors in its first punishment since trainee doctors walked off their jobs about a month ago in protest of a government plan to increase medical school enrollment.
Singapore opposition leader Pritam Singh was charged with two counts under the Parliament Act in connection with a lying scandal involving a former lawmaker.
The painful decoupling offers a glimpse of what awaits both sides if the war in Gaza permanently ruptures ties.
Central banks in Africa’s biggest economies are set to diverge from their emerging-market peers in Latin America and Europe over the next two weeks, as they maintain tight monetary policies to contend with persistent inflation.
UK businesses have warned the Labour opposition that its plans to shake up employment rights could leave workers with less secure jobs.
Bulgaria is on course to join the euro at the beginning of next year, but the target date may slip by a few months as the country seeks to meet the criteria for currency switch, according to its finance minister.
Samsung Electronics Co. has set up a research lab dedicated to designing an entirely new type of semiconductor needed for artificial general intelligence, a long-standing aspiration in AI development.
Vietnamese stocks’ trading volume soared to a record high as speculation the nation’s president may quit hit investor sentiment.
Ferrari NV was accused in a US lawsuit of failing to fix a “dangerous safety defect” with the brakes in some of its luxury sports cars despite issuing multiple recalls.
Bangladesh, Pakistan and India had the world’s worst fine-particle air pollution last year, according to a report by IQAir, while the levels in most nations exceeded health guidelines.
Congressional leaders and the White House reached a handshake deal to fund the US government through Sept. 30, according to people familiar with the negotiations, after six months of bitter ideological clashes delayed finishing an annual spending plan.
South Korean marriages ticked up for the first time in more than a decade last year for a rare sign of improvement in a factor behind the nation having the world’s lowest fertility rate.
Traders have piled into options on WuXi Biologics Cayman Inc. to protect against potential swings, with its sister company’s earnings in focus on Tuesday.
Rahul Gandhi, the face of India’s political opposition, concluded a 65-day trek across the breadth of India Sunday, a day after the country’s electoral body announced the dates for the six-week long national elections starting April 19.
The largest US pension fund is ramping up its exposure to private equity and private credit in a $34 billion bet that the riskier assets will fuel higher returns.
Australia is losing its appeal as a destination for international business events, and even high-profile rock stars, because of the carbon that’s emitted flying there, according to the head of the Tourism & Transport Forum Australia.
Tencent Holdings Ltd.’s earnings report due Wednesday may provide positive catalysts for its shares, which have plummeted about 60% from their record high three years ago.
The South Korean won’s correlation with the yen has risen to the highest level in more than nine months as traders await a potentially historic policy decision by the Bank of Japan.
Fidelity International plans to cut about 20 positions in China as part of global job reductions to trim costs, according to people familiar with the matter, a move that could potentially slow its expansion in the local 27 trillion yuan ($3.8 trillion) mutual fund market.
Donald Trump accused Jews who support Democrats of hating their religion and Israel, resurfacing an attack he made as president on many Jewish Americans.
PGA Tour Commissioner Jay Monahan said he had a “constructive” conversation on Monday with Yasir Al-Rumayyan, the governor of Saudi Arabia’s Public Investment Fund, about an investment in PGA Tour Enterprises.
China’s Foreign Minister Wang Yi will hold closed door meetings with Australian business leaders and policy experts on Wednesday as part of his first visit to the country in more than seven years.
The EU and the Philippines announced the resumption of their free trade negotiations, seven years after they were halted, Manila’s Department of Trade and Industry said in a statement.
Binance has asked prime brokers to run more stringent checks to keep US investors off the crypto exchange in the fallout from last year’s plea deal with the nation’s authorities, people with knowledge of the matter said.
Mastercard Inc. is broadening its reach in cross-border remittances through its partnership with Alipay, the mobile-payments super-app backed by Ant Group Co.
Gunvor Group Ltd. Chief Executive Officer Torbjörn Törnqvist estimates about 600,000 barrels of Russia’s daily oil-refining capacity has been knocked out by Ukrainian drone strikes.
Adani Group companies haven’t received any notice from the US Department of Justice regarding a probe into whether the Indian conglomerate may have engaged in bribery, according to exchange filings.
The Mexican government is preparing to take control of a quarry and port owned by Vulcan Materials Co. on the nation’s Caribbean coast after years of negotiations failed to produce a deal to buy the property, according to people familiar with the plans.
A federal judge in Utah took the extremely unusual step of sanctioning the Securities and Exchange Commission, saying that the regulator abused its authority in a case against crypto platform Digital Licensing Inc., known as DEBT Box.
Donald Trump has ruled out Vivek Ramaswamy as his running mate and is instead eyeing the entrepreneur for a Cabinet job, according to people familiar with the matter, as the Republican presidential nominee sizes up a possible administration.
Nvidia Corp. Chief Executive Officer Jensen Huang’s highly anticipated keynote failed to move the needle for his stock. But it turned out to be good for many of the company’s customers and partners.
The UK will need to build a backbone of pylons after 2030 running down from northeast Scotland through to northwest England to transport electricity from new offshore wind farms.
Energy bills for Australian households and small businesses may fall from July, in a fillip for the government that has been trying to relieve cost-of-living pressures driven by elevated inflation and high interest rates.
Donald Trump lost his bid to prevent testimony from a porn star and a Playboy model at the former president’s criminal trial in New York, where he’s accused of falsifying business records related to hush-money payments before the 2016 election.
New Zealand Prime Minister Christopher Luxon has been invited to visit China as Beijing seeks to discourage Wellington’s interest in joining the Aukus security pact
The International Monetary Fund is lending near a record amount to almost 100 countries, evidence of its growing role as a backstop against the financial and political dangers of the post-pandemic world.