New data from the New York Federal Reserve suggests the U.S. central bank isn't facing any roadblocks to continuing forward with its ongoing effort to shrink the size of its balance sheet. The regional Fed bank reported on Thursday that its Reserve Demand Elasticity Measure 50th percentile reading stood at -0.15 on Nov. 13, holding steady relative to where it was a month ago.
New data from the New York Federal Reserve suggests the U.S. central bank isn't facing any roadblocks to continuing forward with its ongoing effort to shrink the size of its balance sheet. The regional Fed bank reported on Thursday that its Reserve Demand Elasticity Measure 50th percentile reading stood at -0.15 on Nov. 13, holding steady relative to where it was a month ago.
* US initial jobless claims rise less than expected. * Bitcoin continues climb toward $100,000. * Yen strengthens on Ukraine conflict, Ueda comments. By Chuck Mikolajczak.
-Uncertainties around U.S. policies may slow global economic growth modestly in 2025, according to major brokerages. World economies and equity markets have had a robust year, with global growth expected to average 3.1% this year, a Reuters poll published in October showed.
U.S. Treasury yields slipped on Thursday, drawing safe-haven bids on news of a Russian missile attack on Ukraine and after a mixed set of economic data showing the world's largest economy is gradually slowing.
Data detailing liquidity conditions in short-term markets showed few signs of pressure as of the middle of November, the Federal Reserve Bank of New York said Thursday. The bank said it Reserve Demand Elasticity Measure stood at -0.15 on Nov. 13, holding steady relative to readings a month ago.
U.S. existing home sales rebounded sharply in October, posting the first annual gain since mid-2021, as buyers rushed into the market to take advantage of a brief decline in mortgage rates. Home sales jumped 3.4% last month to a seasonally adjusted annual rate of 3.96 million units, the National Association of Realtors said on Thursday.
U.S. existing home sales rebounded sharply in October, posting the first annual gain since mid-2021, as buyers rushed into the market to take advantage of a brief decline in mortgage rates. Home sales jumped 3.4% last month to a seasonally adjusted annual rate of 3.96 million units, the National Association of Realtors said on Thursday.
* Weekly jobless claims drop 6,000 to 213,000. * Continuing claims increase 36,000 to 1.908 million. By Lucia Mutikani. The number of Americans filing new applications for unemployment benefits fell to a seven-month low last week, suggesting that job growth likely rebounded in November after abruptly slowing last month amid hurricanes and strikes.
Wall Street's main stock indexes opened higher on Thursday after data reflected a robust labor market, and AI-heavyweight Nvidia advanced after reporting upbeat quarterly results and forecast.
* Snowflake jumps after raising annual product revenue forecast. * Deere shares up after Q4 profit beats estimates. * Crypto stocks gain as bitcoin prices near $100,000. * Weekly jobless claims stand at 213,000. * Futures: Dow up 0.45%, S&P 500 up 0.47%, Nasdaq up 0.49% By Johann M Cherian and Purvi Agarwal.
The number of Americans filing new applications for unemployment benefits fell to a seven-month low last week, suggesting that job growth likely rebounded in November after abruptly slowing last month amid hurricanes and strikes. It is, however, taking longer for the unemployed to find new work.
The number of Americans filing new applications for unemployment benefits unexpectedly fell last week, suggesting that job growth likely rebounded in November after abruptly slowing last month amid hurricanes and strikes. Initial claims for state unemployment benefits dropped 6,000 to a seasonally adjusted 213,000 for the week ended Nov. 16, the Labor Department said on Thursday.
* Repo rate lowered to 7.75% as expected. * Kganyago stresses global and domestic risks. * Further cuts seen in 2025 but in small steps. By Tannur Anders, Kopano Gumbi and Alexander Winning.
Brazilian banks' profitability improved in the first half of this year, led by digital banks, and net interest income and service revenues should continue to rise in the second half, the central bank said on Thursday.
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South Africa's central bank cut its main interest rate by 25 basis points to 7.75% on Thursday, a day after data showed inflation had dropped below its target range.
Europe will suffer in case of a fresh trade war with the United States, and could face a recession coupled with high inflation, Cypriot central bank Governor Christodoulos Patsalides said on Thursday. Incoming U.S. President Donald Trump promised to impose tariffs on most imports and said Europe would pay a. big price. for having run a huge trade surplus for years.
China's PDD Holdings (PDD) fell short of market estimates for third-quarter revenue and profit on Thursday, as promotional offers and discounts did not persuade cost-conscious consumers to spend as much as expected on its e-commerce platforms. PDD's U.S.-listed shares were down 8% in pre-market trading.
German government bond yields edged lower and spreads widened with markets weighing geopolitical tensions and awaiting purchasing manager surveys, which could affect expectations for the European Central Bank easing path. France is in the spotlight as Prime Minister Michel Barnier is facing hurdles to passing the 2025 budget.
- The U.S. is more vulnerable to inflationary shocks than in the past, Federal Reserve Bank of Richmond President Tom Barkin said in an interview with the Financial Times published on Thursday. Barkin said he expected inflation to continue dropping across the U.S, while cautioning that businesses were passing on costs to consumers more readily than in the past.
Euro zone government bond yields edged up as market participants assessed heightened tensions between Russia and the West while waiting for purchasing manager surveys, which could affect expectations for the European Central Bank's policy easing path. Russia had described a strike by U.S. missiles, which Ukraine used to hit a target inside the country, as an escalation in the 1,000-day-old war.
Japanese government bond yields jumped on Thursday as comments from the Bank of Japan chief raised bets of an early rate hike. The five-year yield rose to 0.75%, its highest level since June 2009, and was last up 3.5 basis points at 0.745%. The two-year JGB yield rose 2.5 bps to 0.575. The 10-year JGB yield rose 3 bps to 1.095%, its highest since July 25.
* Bitcoin speeds toward $100,000. * Yen gains after BOJ's Ueda says will scrutinise data up till Dec meeting. By Brigid Riley. The U.S. dollar paused its climb on Thursday as traders awaited more clarity on U.S. President-elect Donald Trump's proposed policies and sought to second-guess the prospects of less aggressive interest rate cuts from the Federal Reserve.
- Federal Reserve Bank of New York President John Williams sees inflation cooling and interest rates falling further, he told Barron's in an interview published on Thursday. Two percent is the inflation rate that can best balance the central bank's employment and price stability goals, Williams told Barron's.
* Cambodia plans controversial canal costing nearly 4% of GDP. * Cambodian govt has announced varying levels of Chinese support. * China expressed misgivings, put no money on table, sources say. * Chinese public investment in Cambodia is plunging, tourism down. * China says it has 'ironclad' friendship with Cambodia. By Francesco Guarascio.
The Indian rupee weakened to its all-time low on Thursday, pressured by likely foreign outflows from local stocks and renewed strength in the dollar as investors trimmed hopes of aggressive rate cuts by the U.S. Federal Reserve. The rupee declined to a low of 84.4225 in early trading and was last quoted at 84.4150 as of 09:30 a.m. IST, unchanged from its closing level in the previous session.
The dollar rose in choppy trading on Thursday as investors assessed the latest data on the labor market and comments from Federal Reserve officials for the path of interest rates, while bitcoin continued its march toward the $100,000 level.
The U.S. dollar stood broadly firm on Thursday as traders awaited more clarity on U.S. President-elect Donald Trump's proposed policies and sought to second-guess the prospects of less aggressive interest rate cuts from the Federal Reserve.
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Federal Reserve Bank of Boston President Susan Collins reiterated on Wednesday she believes the U.S. central bank has more interest rate cuts ahead as it seeks to normalize monetary policy while inflation pressures ease.
U.S. Treasury yields moved higher on Wednesday as the Treasury Department saw weak demand in an auction and traders assessed when the Federal Reserve may pause its interest rate cutting cycle as U.S. economic growth remains above expectations.
Asset manager PineBridge Investments said in a report that it is seeing the start of a rare non-recessionary interest rate-cutting cycle that should support performance of fixed income assets like leveraged finance.
- Federal Reserve Governor Michelle Bowman on Wednesday expressed discomfort with the U.S. central bank cutting interest rates while inflation continues to run above the Fed's 2% goal, adding a bit more color to her call for a cautious approach to further rate reductions.
* Bowman notes little recent progress on inflation. * Cook confident in disinflation, sees further rate cuts. * Investors see 55% chance of a rate cut next month. By Howard Schneider and Ann Saphir.
- Federal Reserve Governor Michelle Bowman, among the U.S. central bank's most hawkish policymakers, on Wednesday called for a cautious approach to any further interest rate cuts, noting that inflation remains a concern and the labor market is strong.
* Bitcoin close to overnight record high. * Sterling spikes briefly after strong inflation data. By Chuck Mikolajczak. The U.S. dollar rose on Wednesday, restarting its post-election rally after a three-session decline as investors looked for more insight on the Federal Reserve's plans for interest rates and U.S. President-elect Donald Trump's proposed policies.
Two Federal Reserve governors on Wednesday laid out competing visions of where U.S. monetary policy may be heading, with one citing ongoing concerns about inflation and another expressing confidence that price pressures will continue to ease.
U.S. Treasury yields moved higher on Wednesday and benchmark 10-year yields consolidated near a more than five-month high as investors weighed when the Federal Reserve may pause its interest rate cutting cycle as U.S. economic growth remains above expectations.
-Uncertainties around U.S. policies may slow global economic growth modestly in 2025, according to major brokerages. World economies and equity markets have had a robust year, with global growth expected to average 3.1% this year, a Reuters poll published in October showed.
The U.S. Federal Reserve will trim interest rates next month but make shallower cuts in 2025 than expected just a month ago due to the risk of higher inflation from President-elect Donald Trump's proposed policies, according to most economists in a Reuters poll.
The Federal Reserve must not remove Wells Fargo's (WFC) $1.95 trillion asset cap until the bank has fixed its risk management and compliance issues, top Democratic Senator Elizabeth Warren told the U.S. central bank on Wednesday.
The Federal Reserve must not remove Wells Fargo's (WFC) $1.95 trillion asset cap until the bank has fixed its risk management and compliance issues, top Democratic Senator Elizabeth Warren told the U.S. central bank on Wednesday.
China and Hong Kong stocks edged higher in volatile trading on Wednesday, with mainland shares supported by AI stocks ahead of Nvidia's (NVDA) earnings later in the day, while investors remained cautious amid steady lending rates.
The European Central Bank warned on Wednesday about a "bubble" in stocks related to artificial intelligence, which could burst abruptly if investors' rosy expectations are not met. The warning came as part of the ECB's twice-yearly Financial Stability Review, a laundry list of risks ranging from wars and tariffs to cracks in the plumbing of the banking system.
* UK CPI 2.3% in October vs Reuters poll 2.2% * Bank of England had also expected 2.2% * Underlying inflation measures rise too. * Sterling jumps and investors trim BoE rate cut bets. * BoE has stressed it will move gradually on rates. By William Schomberg and David Milliken.
Japanese government bond yields struggled for direction on Wednesday, as concerns about another rate hike as soon as December limited safe-haven bids following Ukraine's strike against Russia overnight.
Alibaba (BABA) has raised $5 billion in a dual-currency bond, China's biggest e-commerce company said on Wednesday, marking the largest deal of its kind in the Asia-Pacific this year. The company priced an offering of aggregate principal amount of $2.65 billion in U.S. dollar-denominated notes and 17 billion yuan worth of offshore yuan-denominated bonds.
The Bank of Japan is laying the groundwork to raise interest rates again, but has left markets guessing how soon and at what pace it could push up still-low borrowing costs. Here is a guide to the BOJ's recent communications on when and how far it could eventually raise interest rates: WHAT HAS THE BOJ SAID AND DONE SO FAR?
In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.
Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.
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