Asian markets mixed as focus turns to US inflation report
HONG KONG, China — Asian markets wobbled Wednesday ahead of key US inflation data later in the day, with traders struggling to pick up the baton after a record performance on Wall Street.
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Asian stocks build on Wall St records after US inflation data
HONG KONG, China — Asian traders extended a rally across world markets Thursday as they welcomed figures showing US inflation slowed further last month, tempering concerns about the Federal Reserve's forecast of just one interest rate cut this year.
Asian markets swing as traders eye major US jobs report
HONG KONG, China — Asian markets fluctuated Friday and investors trod cautiously ahead of US jobs data that could play a key role in the Federal Reserve's plans for cutting interest rates, with the bank's next policy decision looming next week.
Long-term mortgage rates ease for third straight week, dipping to just below 7%
LOS ANGELES (AP) — The average rate on a 30-year mortgage dipped this week to just below 7% for the first time since mid April, a modest boost for home shoppers navigating a housing market dampened by rising prices and relatively few available properties.
Markets' rally stutters as traders eye rate cut outlook
HONG KONG, China — Equity traders struggled to get a recent rally back on course Thursday following a tepid lead from Wall Street, but record performance in Europe highlighted optimism that central banks were on course to cut interest rates.
Maybe no Fed rate cuts in FY24?
A recent CNBC article [link] captured the growing concern that the US Federal Reserve’s first rate cut – the infamous “pivot” – might not happen until “at least September”, and discusses a few analysts (including those from Bank of America) who have said that there is “real risk” that the first cut might not even come until March 2025. All this comes after the Fed’s Chairman, Jerome Powell, said that there’s been a “lack of further progress” on the Fed’s fight against inflation and that it’s going to take even longer than expected to back off the high rates needed to contain the inflationary risk. Analysts in the article point to Mr. Powell’s desire to see sustained evidence of inflation’s demise across consecutive months, with one analyst from Moody’s saying that even if the US saw three straight months of 2% or lower inflation, the earliest the Fed could begin cutting rates would be five months from now in September.
Seoul, Tokyo vow 'appropriate action' on weak yen and won
SEOUL, South Korea — South Korea and Japan shared "serious concerns" on the recent weakness of their currencies against the dollar and agreed to take "appropriate actions" to counter extreme volatility, the finance ministry in Seoul said Wednesday.
Oil prices hit fresh five-month high
NEW YORK, United States — Oil prices scored fresh five-month peaks Wednesday on unrest in the crude-rich Middle East and an OPEC+ call for its members to maintain its strategy of reducing output.