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Asian stocks slump, dollar shines as inflation fears flare
TOKYO Inflation fears pressured Asian stocks and buoyed the dollar at an almost 16-month high on Thursday after U.S. consumer prices surged at the fastest pace since 1990, boosting the case for faster Federal Reserve policy tightening.
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UPDATE 2-Aegon's U.S. COVID-related mortality claims hit its profit
Aegon reported a 16% fall in third quarter operating profit on Thursday as a result of higher COVID-19 related mortality claims in the United States, the Dutch insurer's biggest market.
EMERGING MARKETS-Indian stocks lead losses in Asia as inflation worries weigh
Indian and Philippine stocks fell on Thursday as broader Asian markets were weighed down by fears of policy tightening after a surge in U.S. inflation, while a firmer dollar kept the region's currencies under pressure. The Thai baht led losses among currencies with a 0.4% drop and w
FOREX-Dollar rockets to 20-month highs after hot U.S. inflation
The dollar rose to 20-month highs against the euro and other currencies on Thursday, and the yen fell back towards multi-year lows, after the hottest U.S. inflation reading in a generation encouraged bets on interest rate hikes.
Russia's SPB Exchange IPO books covered, sources say
Books for the initial public offering (IPO) of Russia's second-largest bourse, SPB Exchange, have been covered close to the upper boundary of the price range, two sources with the knowledge of the deal said on Thursday.
Energy storage firm GES buys Rotterdam assets from Gunvor
Global Energy Storage, a new company that aims to store products such as hydrogen and biofuels, said on Thursday it is buying assets in Rotterdam from commodities firm Gunvor Group and will redevelop 20 hectares of land in the port for its operations.
China stocks up as property shares surge on policy easing bets
China stocks gained more than 1% on Thursday, bucking the trend in Asia, as investors snapped up battered property shares, betting Beijing will relax policies to prevent a sector-wide collapse.
UPDATE 2-Tesla shares rise in Frankfurt after Musk's $5 bln stock sale
Tesla shares rose in trading on the Frankfurt bourse on Thursday, even after overnight filings showed chief executive and top holder Elon Musk has sold about $5 billion of the stock over recent days.
UPDATE 1-UK discounter B&M says well stocked for peak trading
B&M, the British discount retailer, said on Thursday it had good stock availability heading into the Christmas trading season, having deliberately taken delivery of imported general merchandise earlier than normal.
UPDATE 2-UK economy grows 0.6% in Sept after weak summer - ONS
Britain's economy grew by 0.6% in September but estimates for previous months were revised lower, leaving GDP 0.6% smaller than it was in February 2020, shortly before the country went into its first COVID-19 lockdown.
European stocks end at record high on robust earnings
(Reuters) -European stocks closed at a record high on Wednesday following strong earnings from the media and energy sectors, while technology stocks fell as fears of increased competition weighed on popular online food delivery companies.
UPDATE 2-European stocks end at record high on robust earnings
European stocks closed at a record high on Wednesday following strong earnings from the media and energy sectors, while technology stocks fell as fears of increased competition weighed on popular online food delivery companies.
UPDATE 1-European stocks inch up on earnings ahead of U.S. inflation data
* M&S surges on strong results (Adds analyst's comments, updates prices)
Oil stocks, earnings drive European stocks higher
European stocks inched higher on Wednesday to trade near all-time peaks, as a jump in oil stocks and strong earnings from companies including chipmaker Infineon helped counter inflation worries.
European stocks dip from record highs after 8-day bull run
(Reuters) -European shares retreated from record highs on Tuesday, although strong corporate earnings and hopes of a recovery kept losses limited as investors awaited fresh cues from economic data due this week.
UPDATE 2-European stocks dip from record highs after 8-day bull run
* Insurers Munich Re, Direct Line dip after results (Updates to market close)
European stocks inch up as Bayer, AB Foods support
European shares steadied near record highs on Tuesday, as strong corporate earnings supported sentiment, while investors awaited fresh U.S. inflation data for clues on the interest rate outlook.
European shares inch up to record high on commodity gains
Strength in commodity-linked sectors helped European stocks inch up to a record high close on Monday, although broader gains were stifled by some weak earnings and a lack of any major market cues.
UPDATE 2-European shares inch up to record high on commodity gains
* Tesla's Frankfurt shares fall on share sale poll (Updates to market close)
European shares struggle for direction after record run
European shares opened flat on Monday after optimism around a strong earnings season and the European Central Bank's reiteration that inflation is temporary was offset by concerns ahead of U.S. inflation data this week.
PRECIOUS-Gold extends gains as U.S. inflation surges
Gold prices edged higher on Thursday, extending a rally fuelled by a surge in U.S. consumer prices that spurred some demand for the metal as an inflation hedge.
POLL-Around half of Japan firms looking to pass on rising commodity costs to customers
Hit by a weaker yen, a slim majority of Japanese firms plan to pass on or have passed on climbing commodity costs to customers, a Reuters poll showed - a sign that inflationary pressures may be increasing in the world's third-biggest economy.
GLOBAL MARKETS-Asian stocks slump, dollar shines as inflation fears flare
* Broad-based inflation challenges Fed's 'transitory' narrative
UPDATE 1-Turkish lira hits record low on global inflation fears
The Turkish lira weakened to a fresh record low against the dollar on Thursday after higher-than-expected U.S. inflation data compounded worries for a currency already hurt by the central bank's monetary policy.
Japanese shares rise on bargain hunt, cost worries hurt risk appetite
Japanese shares closed higher on Thursday, as investors were selective and scooped up stocks that were undervalued relative to their latest outlooks, while concerns over the impact of rising costs hurt risk appetite.
EMERGING MARKETS-Asian FX fall on strong dollar, Philippines leads stocks lower
Philippine and South Korean stocks led most emerging Asian equity markets lower on Thursday as high inflation data from the United States stoked fears of policy tightening, while a strong dollar kept the region's currencies on the backfoot. The South Korean won eased 0.4% to lead falls among currencies, and was at its weakest in over three weeks, as the greenback stood at its highest levels of the year. Overnight data showed that U.S. consumer prices in October gained the most in 31 years, strengthening the case for the Federal Reserve to hike rates even as a majority of Asian central backs stick to accommodative settings. Singapore stocks fell as much as 0.7%, but pared losses and were trading flat by 0442 GMT. Transport firm Comfortdelgro was the top loser, dropping nearly 4% after it halted plans for an initial public offering of its Australian unit. "(U.S. inflation) can lead to slowdown in Singapore economic growth in the coming quarters due to Singapore's significant reliance on overseas imported raw materials," said Kelvin Wong, a market analyst with CMC Markets. Indonesian stocks hit a record high early in the session, but pared gains and were down just 0.04% by 0442 GMT. Thai stocks edged lower, mostly dragged down by heavyweight petroleum exploration firms. "Foreign investors are waiting to buy the dip if it falls further ... gold prices also moved up, that limited the Thai baht's weakness " said Poon Panichpibool, a market strategist at Krung Thai Bank. In addition, an overnight plunge in oil prices was weighing on Thai equities, Panichpibool said. Among currencies, the Thai baht, Singapore dollar and Philippine peso fell between 0.1% and 0.4% HIGHLIGHTS: **Singapore's 10-year benchmark yield is up 5 basis points at 1.777% **Malaysia's 10-year benchmark yield is up 1.3 basis points at 3.529% **Petroleum explorers PTT Exploration and Production Pcl and PTT Pcl weigh on Thai stock benchmark Asia stock indexes and currencies at 0442 GMT COUNTR FX RIC FX FX INDE STOCK STOCK Y DAILY YTD X S S YTD % % DAILY % % Japan -0.05 -9.4 <.N2 0.51 6.59 1 25> China <CNY=CFX -0.24 +1.9 <.SS 0.59 1.15 S> 2 EC> India -0.19 -1.9 <.NS -0.50 28.22 6 EI> Indone -0.28 -1.7 <.JK -0.04 11.73 sia 5 SE> Malays -0.22 -3.3 <.KL -0.09 -6.62 ia 9 SE> Philip -0.36 -4.4 <.PS -0.68 2.60 pines 0 I> S.Kore <KRW=KFT -0.37 -8.3 <.KS -0.68 1.28 a C> 6 11> Singap -0.18 -2.5 <.ST 0.00 13.63 ore 2 I> Taiwan -0.20 +2.3 <.TW -0.48 18.62 1 II> Thaila -0.40 -8.8 <.SE -0.14 12.34 nd 8 TI> (Reporting by Arundhati Dutta in Bengaluru; editing by Richard Pullin)
Turkish lira trades near record low on global inflation fears
The Turkish lira traded near its record low against the dollar on Thursday after higher-than-expected U.S. inflation data compounded worries for a currency already hurt by the central bank's monetary policy.
FOREX-Dollar at 2021 high after hot U.S. inflation
The dollar hit 2021 highs against sterling and the euro on Thursday, while the yen was smarting from its sharpest drubbing in a month, after the hottest U.S. inflation reading in a generation fanned bets on rate hikes.
China Yuan weakens as U.S. inflation data jump
China's yuan weakened on Thursday, after overnight data showed U.S. consumer prices in October surged at the fastest pace since 1990, boosting the case for faster Federal Reserve policy tightening. The People's Bank of China set the midpoint rate at 6.4145 per dollar prior to market open, weaker than the previous fix of 6.3948. In the spot market, the yuan opened at 6.4020 per dollar and was changing hands at 6.4055 at midday, 158 pips weaker from the previous late session close. The consumer price index in the U.S. rose 0.9% last month after gaining 0.4% in September and in the 12 months through October, the CPI accelerated 6.2%. The inflation data beat market expectations, pushed the greenback to its 16-month high of 94.9 and pressured other currencies. Traders said it fuelled speculation that the Federal Reserve may raise interest rates sooner than expected. "Clearly the U.S. inflation has becoming an elephant in the room and the Fed has to take action to tame rising pricing pressure," said Ken Cheung, Chief Asian FX Strategist at Mizuho Bank. Relations between China and the U.S. are also closely eyed as traders are awaiting a virtual meeting between Chinese leader Xi Jinping and U.S. President Joe Biden to be held as soon as next week. Fitch Solutions Country Risk& Industry Research expected the yuan to trade sideways for the remainder of 2021 but weaken in 2022, as "Beijing's zero-Covid strategy remains in place, while the People's Bank of China retains a loose monetary policy stance due to ongoing financial distress in the real estate sector." A broad dollar index rose to 94.929 from the previous close of 94.834. The offshore yuan was trading at 6.406 per dollar. The yuan market at 4:34AM GMT: ONSHORE SPOT: Item Current Previous Change PBOC midpoint 6.4145 6.3948 -0.31% Spot yuan 6.4055 6.3897 -0.25% Divergence from -0.14% midpoint* Spot change YTD 1.92% Spot change since 2005 29.21% revaluation Key indexes: Item Current Previous Change Thomson 100.89 100.59 0.3 Reuters/HKEX CNH index Dollar index 94.929 94.834 0.1 *Divergence of the dollar/yuan exchange rate. Negative number indicates that spot yuan is trading stronger than the midpoint. The People's Bank of China (PBOC) allows the exchange rate to rise or fall 2% from official midpoint rate it sets each morning. OFFSHORE CNH MARKET Instrument Current Difference from onshore Offshore spot yuan 6.406 -0.01% * Offshore 6.5809 -2.53% non-deliverable forwards ** *Premium for offshore spot over onshore **Figure reflects difference from PBOC's official midpoint, since non-deliverable forwards are settled against the midpoint. . (Reporting by Jason Xue and Andrew Galbraith)
Global Financial Marketoffers Invest And Borow Money
Source: https://www.reuters.com/markets
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