S&P 500 rose today on upcoming inflation data next week
Apple and Tesla have boosted the S&P 500 and Nasdaq ahead of upcoming inflation data next week. US Treasury yields fell, boosting growth stocks like Tesla and Meta Platforms by 1.6% each. Apple shares increased 1.3% after Beijing ordered central government employees to stop using iPhones at work, potentially reducing Apple’s revenue by 4% this…
The US dollar and oil prices are hiking to its best level
Asian equities fell on Thursday due to sustained US inflationary pressures and higher interest rates. The US dollar reached a 10-month high against the yen and was near its best level since mid-March. Brent crude maintained above $90 due to tightening supply, raising inflation concerns. The MSCI’s broadest Asia-Pacific index fell 0.68% after Wall Street…
The average British property price had fallen back to early 2022
British house values fell at the highest rate since 2009 due to higher interest rates, with housing prices being 4.6% lower last month than in August 2022. A poll predicted a median 3.45% reduction, compared to a 2.5% yearly drop in July. August prices plummeted 1.9%, the most since November 2022 and more than the…
Malaysia’s central bank kept its benchmark interest rate unchanged
Bank Negara Malaysia (BNM), the central bank of Malaysia, has chosen to keep its benchmark interest rate at 3.00% for the second consecutive meeting, despite the presence of decelerating economic growth and inflationary pressures. The monetary policy stance of the bank continues to be accommodative towards the economy and is in line with the expectations…
Indian rupee falling to a record low today
Four bankers have reported that the Reserve Bank of India often intervenes in the non-deliverable future (NDF) market to prevent the rupee from falling to a record low. The rupee hit 83.1525 to the U.S. dollar, close to its October 2022 record low of 83.29. The RBI intervenes in the NDF market through the BIS…
The US Dollar reach a 10-month high this month
Investors shifted to the US dollar due to global growth concerns, particularly in China, which drove it to a near six-month high. The Australian dollar fell as the RBA maintained rates. A private-sector survey showed China’s services activity grew at the weakest pace in eight months in August, and a survey found that euro zone…
The Yen and Yuan are the weakest Asian currencies this year
The US dollar’s sustained rise is causing Asian currencies to fall to multi-month lows and pressuring the euro, leading Japan and China to defend their exchange rates. Japan’s top currency official warned of rapid yen falls and China’s central bank issued its most aggressive daily reference rate for the yuan, causing the controlled currency to…
FINMA CEO has resigned due to health reasons
FINMA’s head, Urban Angehrn, has resigned due to health reasons, six months after being criticized for failing to prevent Credit Suisse’s collapse. Angehrn, who led the authority since November 2021, resigned for health reasons. FINMA has been criticized for failing to stop Credit Suisse’s recent crises sooner or better, and local media alleged that FINMA…