U.S. Democrats are expected to unveil a tax plan on Monday that would seek to raise hundreds of billions of dollars from the country's roughly 700 billionaires to help pay for expanding the social safety net and tackling climate change.
The value of Saudi Arabia's
imports from the United Arab Emirates (UAE) in August increased
by about 31% month on month, official data showed on Monday,
jumping back from a steep decline in July after the kingdom
imposed new rules on imports from other Gulf countries.
A wild week for global earnings kicks off today seemingly in a
cautious fashion as profit revisions slow down while inflation
and supply chain pressures risk squeezing margins in a season
that could set the direction of travel in the weeks ahead.
The value of Saudi Arabia's
imports from the United Arab Emirates (UAE) in August increased
by about 31% month on month, official data showed on Monday,
jumping back from a steep decline in July after the kingdom
imposed new rules on imports from other Gulf countries.
German online pet shop chain
Zooplus said on Monday U.S. private equity company
Hellman & Friedman has partnered with EQT Private Equity to
sweeten its final voluntary tender offer for Zooplus to 480
euros ($558.62) per share.
Oct 25 - COP26 climate talks in Glasgow starting next Sunday
may be the world's best last chance to cap global warming at the
1.5-2 degrees Celsius upper limit set out in the 2015 Paris
Agreement.
The European Central Bank
should tighten the rules governing personal investments by its
policymakers if it wants to steer clear of controversies like
that embroiling the Federal Reserve, lawmakers, academics and
transparency activists say.
The dollar slipped on Monday,
as traders weighed the prospect of inflation hastening the pace
of rate hikes outside the United States, with a wary eye on
commodity prices, U.S. growth data and central bank meetings
ahead in Europe, Japan and Canada.
The dip pu
German online pet shop chain
Zooplus said on Monday U.S. private equity company
Hellman & Friedman has partnered with EQT Private Equity to
sweeten its final voluntary tender offer for Zooplus to the
price of 480 euros ($558.62) per share.
(Reuters) -European stocks rose on Friday on a surge in technology stocks, strong earnings from France's L'Oreal and a broad boost to sentiment provided by a surprise interest payment from debt-ridden China Evergrande Group.
European stocks opened higher on Friday
as a surprise interest payment by debt-ridden China Evergrande
Group buoyed global sentiment while strong earnings from L'Oreal
and gains in tech stocks lent further support.
(Reuters) -European stocks steadied at six-week highs on Thursday, as buying of defensives and growth stocks helped offset losses in miners and disappointing earnings forecasts, including from software major SAP.
(Reuters) -European shares closed at six-week highs on Wednesday as strong results from Nestle boosted food company stocks, helping outweigh losses after a clutch of disappointing earnings including luxury group Kering and chipmaker ASML.
European shares inched lower on Wednesday
as underwhelming earnings reports from French luxury group
Kering and Dutch semiconductor company ASML overshadowed strong
results from Nestle and others.
(Reuters) -Some positive earnings and defensive buying kept Europe's main stock index in the black on Tuesday, helping offset losses in Sweden's Ericsson and French consumer goods giant Danone after downbeat results.
China's yuan returned close to
the four-month highs struck late last week, amid heavy corporate
dollar selling on Monday morning despite expectations that the
U.S. Federal Reserve will reduce asset purchases at some point
to tighten monetary policy.
The yuan opened at 6.3883 per dollar and was
changing hands at 6.3832 at midday, slightly firmer than the
previous late session close.
The People's Bank of China set the midpoint rate
at 6.3924 per dollar prior to market open, firmer than the
previous fix of 6.4032.
Last week, China's yuan posted its biggest weekly gain
against the greenback in five months on the back of strong
corporate dollar selling. China's foreign currency regulator
attributed the yuan's strength to market forces, and a more
flexible trading mechanism.
"The yuan still has upward momentum, but I don't think
China's central bank would like to see the yuan sprint past 6.35
against the dollar in one breath," a forex trader at a foreign
bank said.
If yuan rises above the 6.35 mark, its appreciation could
accelerate, Scotiabank said in its latest report.
Shanghai-based CIB Research said any potential improvement
in strained trade relations between China and the United States
could boost the yuan further.
But more broadly, markets were awaiting signals on when and
how the Fed will begin tightening policy. The dollar index fell
slightly after Fed Chair Jerome Powell said on Friday the U.S.
central bank should start the process of reducing support for
the economy by cutting back on its asset purchases, but should
avoid touching the interest rate dial.
The yuan market at 4:54AM GMT:
ONSHORE SPOT:
Item Current Previous Change
PBOC midpoint 6.3924 6.4032 0.17%
Spot yuan 6.3832 6.385 0.03%
Divergence from -0.14%
midpoint*
Spot change YTD 2.27%
Spot change since 2005 29.66%
revaluation
Key indexes:
Item Current Previous Change
Thomson 100.41 100.49 -0.1
Reuters/HKEX
CNH index
Dollar index 93.515 93.662 -0.2
*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 6.3784 0.08%
*
Offshore 6.5616 -2.58%
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 SHANGHAI NEWSROOM; Editing by Simon
Cameron-Moore)
Asian stocks were mostly flat to slightly
higher on Monday as a fresh COVID-19 outbreak in China added to
worries about slowing growth in the world's second-biggest
economy, while the Thai baht climbed on a revival in the
country's tourism sector.
Malaysia, Indonesia, South Korea and
Singapore shares traded flat to 0.2% higher, while
Philippine stocks slipped 0.7%.
China, already struggling with a power crunch and crisis in
its real estate sector, on Sunday warned that its latest
COVID-19 outbreak - across 11 provinces - was likely to spread
further, with authorities discouraging travel in an attempt to
contain it.
Market watchers worried that new curbs could be imposed in
the country, which could see economic growth and trade with its
Asian partners slow. The Chinese yuan opened 0.1%
weaker on the news.
There could be "aggressive measures to control virus
spreads," said Yeap Jun Rong, market strategist at retail
trading platform IG, "which may put a cap on growth, thereby
potentially putting risk appetite in the region on hold over the
coming days."
Meanwhile, the Indonesian rupiah dropped 0.4% to a
nearly two-week low as the coal exporter's currency continued to
suffer from tumbling prices of the commodity.
Singapore's dollar and the South Korean won
firmed 0.3% and 0.6%, respectively, while most other
Asian currencies were tepid.
Further investment clues for South Korea will come with
third-quarter gross domestic product (GDP) data due on Tuesday.
Asia's fourth-largest economy is expected to have expanded by
0.6% from the previous quarter on robust exports.
Leading gains in the region, the Thai baht rallied
0.8% to hit more than a one-month high after the trade and
tourism-reliant economy announced rules for its quarantine-free
reopening to visitors from 45 countries.
Investor confidence in the Thai economy had waned due to
collapse of its tourism sector as exports also struggled after
the pandemic, with the baht becoming Asia's worst-performing
currency this year.
HIGHLIGHTS
** Singapore's 10-year benchmark yield is down 3 basis
points at 1.733%
** Indonesian 10-year benchmark yields are down 2.4 basis
points at 6.159%
** In the Philippines, top index losers are Ayala Land Inc
, down 4.1%, and Aboitiz Equity Ventures Inc,
down 2.5%
Asia stock indexes and currencies at
0342 GMT
COUNTRY FX RIC FX DAILY % FX YTD % INDEX STOCKS DAILY % STOCKS YTD %
Japan -0.18 -9.18 -0.99 3.92
China +0.04 +2.28 0.36 3.52
India +0.00 -2.44 0.00 29.56
Indonesia -0.42 -0.99 0.08 11.21
Malaysia +0.00 -3.09 0.18 -2.23
Philippines +0.02 -5.36 -0.66 1.42
S.Korea +0.63 -7.14 0.40 5.04
Singapore +0.26 -1.73 0.01 12.71
Taiwan +0.11 +2.20 0.20 14.86
Thailand +0.75 -9.57 -0.53 12.79
(Reporting by Anushka Trivedi in Bengaluru; Editing by Kenneth
Maxwell)
The Australian and New Zealand
dollars hovered below recent peaks on Monday as traders wait to
see whether upcoming Australian inflation data will match a
red-hot reading in New Zealand that lifted yields and the
currencies last week.
Meiji Yasuda Life Insurance,
Japan's third-largest private life insurance firm, said on
Monday it expected the yen to rebound and planned to reduce
investment in foreign sovereign bonds in the second half of the
financial year ending in March.
Meiji Yasuda Life Insurance
, Japan's third-largest private life insurance firm,
expects the yen's weakness to be corrected and plans to reduce
investment in foreign sovereign bonds in the six months to
March, a top investment planning executive said on Monday.
(Reporting by Hideyuki Sano
Editing by Chang-Ran Kim)
Round-up of South Korean financial
markets:
** South Korean shares rose on Monday ahead of key corporate
quarterly results at home and abroad. The won strengthened, and
the benchmark bond yield rose.
** The benchmark KOSPI gained 4.87 points, or 0.16%,
to 3,011.03 by 0231 GMT.
** Chip giant Samsung Electronics fell 0.43%,
while peer SK Hynix jumped 2.03%. Battery maker LG
Chem added 0.12% but platform company Naver
fell 1.23%.
** Samsung Electronics and SK Hynix are expected to report
their earnings results on Thursday and Tuesday, respectively.
** Globally, Facebook will report results later on
Monday, while other tech giants Microsoft , Apple
and Alphabet will announce their results
later in the week.
** Meanwhile, South Korea will release its third-quarter
economic data early on Tuesday, which is expected to have slowed
a bit on subdued domestic demand.
** Foreigners were net buyers of 69.9 billion won ($59.38
million) worth of shares on the main board.
** The won was quoted at 1,174.2 per dollar on the onshore
settlement platform , up 0.25%.
** In offshore trading, the won was quoted at 1,174.1
per dollar, up 0.3%, while in non-deliverable forward trading,
its one-month contract was quoted at 1,174.0.
** In money and debt markets, December futures on three-year
treasury bonds rose 0.04 point to 108.52.
** The most liquid 3-year Korean treasury bond yield rose by
0.4 basis point to 1.893%, while the benchmark 10-year yield
rose by 0.6 basis point to 2.417%.
($1 = 1,177.2300 won)
(Reporting by Joori Roh; editing by Uttaresh.V)
The following table shows rates for Asian
currencies against the dollar at 0208 GMT.
CURRENCIES VS U.S. DOLLAR
Currency Latest bid Previous day Pct Move
Japan yen 113.620 113.46 -0.14
Sing dlr 1.347 1.3477 +0.08
Taiwan dlr 27.891 27.902 +0.04
Korean won 1174.600 1177.1 +0.21
Baht 33.280 33.38 +0.30
Peso 50.805 50.74 -0.13
Rupiah 14170.000 14120 -0.35
Rupee 74.890 74.89 0.00
Ringgit 4.152 4.148 -0.08
Yuan 6.388 6.385 -0.04
Change so
far in 2021
Currency Latest bid End 2020 Pct Move
Japan yen 113.620 103.24 -9.14
Sing dlr 1.347 1.3209 -1.91
Taiwan dlr 27.891 28.483 +2.12
Korean won 1174.600 1086.20 -7.53
Baht 33.280 29.96 -9.98
Peso 50.805 48.01 -5.50
Rupiah 14170.000 14040 -0.92
Rupee 74.890 73.07 -2.44
Ringgit 4.152 4.0200 -3.17
Yuan 6.388 6.5283 +2.20
(Compiled by Anushka Trivedi in Bengaluru)
The dollar steadied on Monday
after its steepest weekly loss in more than a month, as traders
weigh the effect of inflation on the relative pace of looming
rate hikes - with a wary eye on U.S. growth data and a European
Central Bank meeting.
The greenback had softened, especially against the yen,
after Federal Reserve Chair Jerome Powell said on Friday it was
time to start cutting back asset purchases, though not yet time
to begin raising interest rates.
His remarks came as investors have priced in Fed rate hikes
starting in the second half of next year and yet have
begun to trim long dollar positions in anticipation that other
central banks could get moving even sooner.
On Monday, the dollar was firm at $1.1643 per euro
and found a footing on the yen at 113.54 after
Friday's slide. The Australian and New Zealand dollars were held
below the multi-month peaks they had scaled during last week.
The Antipodeans, along with sterling, had bounded ahead this
month as traders scrambled to price in higher rates while
inflation runs hot, with markets now eyeing a near 60% chance of
a Bank of England hike next week.
Sterling was up 0.1% at $1.3772, but analysts were
cautious about further gains especially as the Fed edges closer
to tapering and policy tightening. The Aussie was
steady at $0.7473 and the kiwi at $0.7157.
"Dollar risks remain skewed to the upside," said Kim Mundy,
a currency analyst at the Commonwealth Bank of Australia in
Sydney.
"(Fed) members are slowly conceding that inflation risks are
skewed to the upside (and) the upshot is that interest rate
markets can continue to price a more aggressive Fed Funds rate
hike cycle which can support the dollar."
This week, Australian inflation data due on Wednesday is
likely to set the tone for the next stage in a tussle between
traders and a resolutely dovish central bank.
On Thursday, U.S. growth data is expected to show a slowdown
in growth as consumer confidence has faltered, but a surprise on
either side might have consequences for the interest rate
outlook.
Also on Thursday the Bank of Japan and the European Central
Bank meet. Neither are expected to adjust policy, but in Europe
market gauges of projected inflation are at odds with the bank's
guidance.
In the background, traders remain nervous about trouble
brewing at indebted developer China Evergrande Group.
It surprised investors by averting default with a last-minute
coupon payment last week, but other pressing debts loom.
China's yuan held just shy of a five-month peak in
offshore trade at 6.3804 per dollar. Cryptocurrencies were
steady below the heights reached last week, with bitcoin
up 2% at $62,000.
In emerging markets the beaten-down Turkish lira
was braced for selling as state banks are expected to follow a
surprise rate cut from the central bank.
========================================================
Currency bid prices at 0110 GMT
Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid
Previous Change
Session
Euro/Dollar $1.1645 $1.1646 -0.01% -4.69% +1.1649 +1.1626
Dollar/Yen 113.7350 113.4900 +0.18% +10.07% +113.7400 +113.5750
Euro/Yen <EURJPY=EB 132.45 132.17 +0.21% +4.35% +132.4500 +132.1200
S>
Dollar/Swiss 0.9163 0.9162 +0.00% +3.56% +0.9169 +0.9157
Sterling/Dollar 1.3771 1.3756 +0.13% +0.81% +1.3775 +1.3752
Dollar/Canadian 1.2362 1.2368 -0.03% -2.90% +1.2379 +1.2358
Aussie/Dollar 0.7478 0.7470 +0.11% -2.79% +0.7478 +0.7465
NZ 0.7161 0.7150 +0.15% -0.29% +0.7162 +0.7148
Dollar/Dollar
All spots
Tokyo spots
Europe spots
Volatilities
Tokyo Forex market info from BOJ
(Reporting by Tom Westbrook; Editing by Sam Holmes)