Japan picks ‘Asian NATO’ backer Shigeru Ishiba as new PM, intensifying tensions with China
Ishiba beat Sanae Takaichi in a run-off for the leadership of the Liberal Democratic Party, helped by strong support among rank-and-file members.
China cuts key rate, frees up cash for banks to spur growth
The People’s Bank of China’s 0.5 percentage point reduction to the reserve requirement ratio was announced earlier this week by central bank chief Pan Gongsheng, who didn’t provide a timeframe
China's stimulus-led stock rally pulls Asia shares higher; oil falls
Oil prices reversed early gains to trade lower on a report that Saudi Arabia is preparing to abandon its unofficial price target of $100 a barrel for crude as it prepares to increase output
Buffett whittles Bank of America stake to 10.5% with $863 million disposal
Berkshire now owns 10.5% of the second-largest US bank after the latest disposals on the three trading days through Tuesday, according to a regulatory filing. As long as it remains above the threshold, the company must disclose trades within a few days
China unveils biggest package yet to boost property market
The People’s Bank of China will cut outstanding mortgage rates for individual borrowers by an average of 0.5 percentage point, Governor Pan Gongsheng said at a press conference on Tuesday
Asia stocks hit 2-1/2-year high on China's stimulus measures
The moves sent Chinese stocks higher, with the blue-chip CSI300 Index opening 1% higher, while the broader Shanghai Composite index was also up 1% at the open
China unleashes stimulus blitz in push to hit annual growth goal
China will also lower the mortgage rate for existing housing loans amid a property crisis
Asian stocks rise on hopes of China stimulus, Fed's more rate cuts
Speculation has surged that Beijing will ramp up efforts to revive growth after authorities announced that top financial regulators will hold a press conference Tuesday on support for economic development
Traders lock in Fed bets as rate-cut size debate to finally end
The market is fully pricing in a quarter-point rate reduction on Wednesday, when the US central bank is expected to kick off its rate-cutting cycle, with the chance of a bigger move viewed as a coin-flip. Treasuries have rallied into the decision, climbing for a fifth-straight month and driving short-dated yields — those most sensitive to Fed policy — to their lowest in two years
US Fed Meeting Live Highlights: Fed announces 50-bps historic rate cut; US economy in good place, says Powell
US Fed Meeting Highlights: The US central bank cut the overnight rate by half a percentage point, more than the usual quarter-point adjustment, citing greater confidence that inflation will keep receding to its 2% annual target.
Asia stocks on tenterhooks as Fed faces crunch time
Central banks in Japan and the UK also meet this week, with both expected to stand pat for now, while a packed data schedule includes U.S. retail sales and industrial production.
Gold rallies to record high on US rate-cut optimism
Gold prices soared to an all-time high of $2,570.03 per ounce on Friday, driven by a weakening dollar and prospects of lower U.S. interest rates. Spot gold is up 3% for the week, while palladium has surged 15% over the same period.
Oil prices extend recovery rally to cap volatile week
If those gains hold, both benchmarks will break a streak of weekly declines, despite a rough start that saw Brent crude dip below $70 a barrel on Tuesday for the first time since late 2021. At current levels, Brent is set for a weekly increase of about 1.7%, and WTI is set to gain over 2%
Dollar drops, gold near record high as bets for big Fed cut ramp up
The dollar dropped 0.42% to 141.22 yen as of 0020 GMT, heading back towards Wednesday's low at 140.71, the weakest level this year. Gold hovered just below Thursday's all-time high of $2,560.01, last changing hands at $2,558.55.
Asian stocks fluctuate, yen advances as US Fed move nears
Stocks fluctuated in the region, with the yen’s rise to around 141 per dollar pressuring those in Japan, an export-oriented economy. Australian and South Korea shares rose, following a fourth day of gains on Wall Street. Hong Kong futures were higher
Dollar firm as inflation data douse bets for big Fed rate cut
The dollar gained against the yen, following a turbulent session on Wednesday that saw the U.S. currency plunge as much as 1.24% to the lowest this year before recovering all its losses after the consumer price data
China detains investment bankers, takes passports amid increased crackdown on dealmakers
Asian stocks rise as traders look to Fed rate cut
US futures were little changed after the S&P 500 closed 1.1% higher Wednesday, while the tech-heavy Nasdaq 100 rose 2.2%. Nvidia Corp. gained 8.2% as chipmakers rallied
Asian shares fluctuate as investors shrug off Wall Street rebound ahead of US inflation data
The S&P 500 rose 1.2% after its worst start to the month on record, according to Bespoke Investment Group data going back to 1953. Nvidia Corp. and Tesla Inc. led gains in megacaps. Apple Inc. introduced the iPhone 16, with Chief Executive Officer Tim Cook saying it was built for artificial intelligence “from the ground up.” The shares closed little changed after an almost 2% slump
Nvidia’s $406 billion drop this week makes Bitcoin look calm
The world’s largest artificial-intelligence chipmaker shed a fifth of its value over the past two weeks. The declines also showcase a more pressing issue for investors in the $2.5 trillion giant: Its volatility now dwarfs its Magnificent Seven peers and makes Bitcoin look like a port of calm
Wall Street falls sharply to close its worst week in nearly 18 months
The S& P 500 dropped 1.7 per cent to close out its worst week since March 2023. The Dow Jones Industrial Average dropped 410 points, or 1 per cent, after erasing a morning gain of 250 points
Oil steadies on US crude stock drawdown, OPEC+ output hikes delay
Brent crude futures rose 19 cents, or 0.26%, to $72.88 at 0010 GMT, and U.S. West Texas Intermediate crude futures were up 22 cents, or 0.32%, to $69.37.
Asian stocks, bonds struggle for momentum ahead of US Jobs data
Shares in Japan fluctuated, as the yen stabilized after a rally this week, while those in Australia were little changed. Futures for US equities slipped after the S&P 500 ended Thursday lower. Pre-opening trading of Hong Kong securities was shut Friday due to Super Typhoon Yagi
Asian stock selloff takes breather as traders await US jobs data
The MSCI Asia Pacific Index rose 0.5% after falling more than 2% on Wednesday, its biggest drop since the August 5 rout. South Korea’s Kospi jumped more than 1%, led by a rebound in the shares of chipmakers. Japan’s benchmarks fluctuated following the yen’s strength.
Nvidia’s earnings will test the S&P 500’s $4 trillion recovery
Analysts expect Nvidia’s quarterly revenue to be around $29 billion, more than double what it reported a year ago. And they anticipate another boost in guidance for future sales.
