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Reuters
Yen jumps after authorities intervene for first time since 1998
The Japanese yen rose sharply against the dollar on Thursday after authorities intervened in the foreign exchange market for the first time since 1998 to shore up the battered currency. The dollar fell over 1% to as low as 142.3 yen, having earlier traded more than 1% higher against the Japanese currency. The Japanese government intervened in the foreign exchange market to sell dollars for yen to stem the Japanese currency’s recent sharp falls, top currency diplomat Masato Kanda said on Thursday.
The Wall Street Journal
Yen Rallies After Japan Moves to Stabilize Currency
Japan said it intervened in currency markets to sell dollars and buy yen, the first such intervention in 24 years, in a bid to stem the recent sharp fall of the currency.
Reuters
Explainer-Japan intervenes in the currency market, now what?
Japan intervened in the currency market on Thursday to buy yen for the first time since 1998, in attempt to shore up the hard-hit currency after the Bank of Japan stuck with ultra-low rates. Below are details on how yen-buying intervention typically works as well as the challenges to that effort. WHEN DID JAPAN LAST CONDUCT YEN-BUYING INTERVENTION?
MarketWatch
‘Moore’s Law’s dead,’ Nvidia CEO Jensen Huang says in justifying gaming-card price hike
Nvidia Corp. Chief Executive Jensen Huang on Wednesday said he thinks it’s going to be “a pretty terrific Q4 for Ada,” the company’s next-generation chip architecture it unveiled this week, even as critics balk of a price hike during a softening in consumer demand.
Bloomberg
Asian Insurance Giant Bets on China ESG Assets as Tech Flounders
(Bloomberg) — One of Asia-Pacific’s biggest insurers sees opportunities in ESG-themed equities and bonds in China as technology loses its appeal as a sustainable investment haven.Most Read from BloombergPutin Calls Up More Troops, Resumes Nuclear Threat Over UkrainePowell Signals More Pain to Come With Fed Sending Rates HigherUkraine Seizes Dozens of Russian Tanks Left by Fleeing ForcesCitadel’s Griffin Brings Billions to Miami With Political Winds at His BackUN Latest: China Stands by Russia;
Bloomberg
North Korea Denies Selling Russia Arms, Blasts US for ‘Rumors’
(Bloomberg) — North Korea denied that it has sold arms to Russia and blasted the US and “other hostile forces” for what it saw as spreading rumors that Kim Jong Un’s regime was aiding Moscow as it fought in Ukraine.Most Read from BloombergPutin Calls Up More Troops, Resumes Nuclear Threat Over UkrainePowell Signals More Pain to Come With Fed Sending Rates HigherUkraine Seizes Dozens of Russian Tanks Left by Fleeing ForcesCitadel’s Griffin Brings Billions to Miami With Political Winds at His Bac
Reuters
Bleaker economy could sour airline industry’s bet on cargo planes
The airline industry’s record-breaking scramble to convert older passenger jets to freighters during the travel-starved years of the coronavirus pandemic threatens to bring a glut of cargo space as a dimming global economic picture hits demand. Analysts say aircraft lessors, who helped drive a tripling in annual conversions since 2019, now face not only fallout from falling rates for cargo and freighter leases, but could get stuck with excess freighters or be forced to cancel conversions. “This surge in conversions has raised some concerns about a bubble,” said Chris Seymour, the head of market analysis for aviation advisory group Ascend by Cirium, who fears there could be a slowdown by the middle of the decade.
AFP
Japan government intervenes to bolster cratering yen
Japan’s finance ministry said Thursday it intervened in the currency market to bolster the yen, which has plummeted against the dollar in recent months on the widening policy gap between the US and Japanese central banks.
Bloomberg
China Stocks Face More Grim Milestones as Fed Deals Fresh Blow
(Bloomberg) — The world’s most acute market risks from the Federal Reserve’s monetary tightening to Beijing’s Covid Zero pursuit are hammering Chinese stocks, pushing a key gauge to the lowest in more than a decade as analysts struggle to predict a bottom. Most Read from BloombergPutin Calls Up More Troops, Resumes Nuclear Threat Over UkrainePowell Signals More Pain to Come With Fed Sending Rates HigherUkraine Seizes Dozens of Russian Tanks Left by Fleeing ForcesCitadel’s Griffin Brings Billion
Bloomberg
Morgan Stanley: Longest Bear Market in Emerging Market Stocks Likely
Jonathan Garner, chief Asia and emerging markets strategist at Morgan Stanley, discusses Federal Reserve policy, the outlook for EMs and economies, and the investment opportunities he sees. The Fed raised interest rates by 75 basis points on Wednesday for the third time in a row and forecast a further 1.25 percentage points of tightening before year end. Garner speaks with Yvonne Man and David Ingles on “Bloomberg Markets: China Open.”
Bloomberg
Debt Control Key for Shunned EMs, Kenya Central Banker Says
(Bloomberg) — Emerging and frontier market nations need to manage their debt better after being priced out of global markets, according to Kenya’s central bank governor.Most Read from BloombergPutin Calls Up More Troops, Resumes Nuclear Threat Over UkrainePowell Signals More Pain to Come With Fed Sending Rates HigherUkraine Seizes Dozens of Russian Tanks Left by Fleeing ForcesCitadel’s Griffin Brings Billions to Miami With Political Winds at His BackUN Latest: China Stands by Russia; Zelenskiy
Reuters
China’s Xpeng says CATL is no longer its largest battery supplier
Xpeng has diversified its battery suppliers and no longer counts industry giant CATL as its primary supplier, the Chinese electric car maker’s president said on Wednesday. The disclosure by one of CATL’s biggest clients reflects how Chinese EV automakers are starting to look for alternative suppliers in hope of better controlling costs, after dominant player CATL raised prices this year. Xpeng was CATL’s third-largest client after Tesla and Nio in terms of battery volumes installed in 2021, according to Chinese consulting firm Gaogong Industry Institute.
Reuters
Analysis-Europe says goodbye to negative rates – or just ‘au revoir’?
Europe’s decade-long experiment with negative interest rates, which ended on Thursday with the Swiss National Bank’s return to positive territory, showed one thing: they can exist beyond the realms of economic science fiction. Launched to revive economies after the 2007/08 financial crisis, the policy flipped standard money wisdom on its head: banks had to pay a fee to park cash with their central banks; some home-owners found mortgages that paid them interest; and rewards for the act of saving all but vanished. “I think that probably the bar is going to be higher in the future,” said Claudio Borio, head of the Monetary and Economic Department of the Basel-based Bank of International Settlements which acts as bank to the world’s central banks.
TipRanks
The Street Is Sleeping on Nvidia Stock, Says Top Analyst
Nvidia (NVDA) stock has been through the wringer this year and even the latest announcements made by the chip giant at its fall GTC gathering didn’t really help to move the needle on the shares. NVIDIA announced the launch of the next-generation GeForce RTX 40 Series GPUs powered by the Ada Lovelace architecture. In his keynote, CEO Jensen Huang called the new GPU a “quantum leap” which will give creators the ability to build fully simulated worlds. The H100 — touted as the most powerful AI-foc
Reuters
Rising rates, price slump deal double blow to Hong Kong homeowners
When Stephanie Cheung bought a small, two-bedroom apartment for HK$7.7 million ($981,041) as an investment in April 2021, she booked a 6% gain by the summer as Hong Kong’s property market boomed to historical highs. The price surge was driven in part by optimism that Hong Kong’s borders would reopen after some of the world’s most stringent COVID-19 measures over the past two-and-a half years. The price of Cheung’s 450 square foot flat has dropped 6%, and the rental income of HK$16,300 is no longer enough to cover mortgage repayments after monthly interest increased by HK$2,400 a few months ago.
Bloomberg
Stocks Waver as Parade of Central Banks Follow Fed: Markets Wrap
(Bloomberg) — Stocks wavered after a host of central banks followed the Federal Reserve with rate hikes as they rush to get to grips with inflation spiraling out of control. Most Read from BloombergPutin Calls Up More Troops, Resumes Nuclear Threat Over UkrainePowell Signals More Pain to Come With Fed Sending Rates HigherUkraine Seizes Dozens of Russian Tanks Left by Fleeing ForcesCitadel’s Griffin Brings Billions to Miami With Political Winds at His BackUN Latest: China Stands by Russia; Zelen
