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POPULAR NEWS
Erdogan Hopes to Open Embassy in East Jerusalem

Turkish president Recep Tayyip Erdogan said Sunday that Turkey hopes to open an embassy to a Palestinian state in East Jerusalem in the future.. "Because it is under occupation we can't just go there and open an embassy," Erdogan said in a speech to his ruling party in the city of Karaman. "But, inshallah [God willing] those days are near and... we will officially open our embassy there," he said, without giving any precise timeframe. The comments come just days after Erdogan hosted a...

Gold Drops as U.S. Stocks Rally on Tax Reform Optimism

Gold declines after progress on U.S. tax cuts propels stocks to record highs on Friday and boosts dollar. Bullion for immediate delivery -0.2% to $1,253.84/oz at 9:02am in Singapore: Bloomberg generic pricing. Bloomberg Dollar Spot Index flat after +0.4% Friday. Precious metal heads for 9.3% advance this year after +8.1% in 2016. The dollar™s strength is weakening gold, David Lennox, resource analyst at Fat Prophets in Sydney, says by phone. Tax reform is œa...

Japan Shares Rise Amid Weaker Yen as U.S. Tax-Cut Bill Advances

Japanese shares rose as the yen continued to weaken after Republican leaders gained two key votes on the U.S. tax-cut bill Friday. Electronics makers and banks were the biggest boosts to the benchmark Topix, led by Mitsubishi UFJ Financial Group Inc., Toyota Motor Corp. and Sony Corp. Congressional Republicans finalized their plan for a highly-anticipated set of tax cuts for businesses and individuals after six weeks of legislative negotiations. Almost five shares rose for every...

Dollar Edges Higher Versus Yen Amid Progress on U.S. Tax Bill

The dollar edged higher against the yen after rallying Friday amid optimism a bill to cut U.S. taxes will be passed this week. The Bloomberg Dollar Spot Index held close to its 50-day moving average after climbing above that threshold last week as Republican leaders finalized their plan for lower taxes, paving the way for a policy victory for President Donald Trump. Treasuries declined as most Asian stock markets advanced, sapping demand for safer assets. The...

Nikkei Rises on Financials and Exporters; Builders Off Lows

Japanese stocks scored their biggest rise in over a month on Monday with financials and exporters in hot demand, while construction shares bounced after sliding on news that prosecutors had raided the headquarters of at least two builders for alleged antitrust violations. The Nikkei share average finished 1.55 percent higher at 22,901.77, its biggest gain since Nov. 7 and its highest closing level in a week. The broader Topix advanced 1.36 percent to 1,817.90. Sentiment was boosted by a...

May's Brexit Transition Push May Increase Chance of BOE Hike
Saturday, 23 September 2017 00:19 WIB | FISCAL & MONETARY |Moneter

Theresa May's speech outlining a possible transition period after Brexit may make it easier for the Bank of England to raise interest rates as soon as November.

While the prime minister largely skimmed over the economy in her highly anticipated remarks on Friday, she proposed for the first time that there be a two-year extension of the status quo as part of the U.K.'s exit from the European Union. That would mean Britain would be less likely to suffer the cliff-edge scenario of dropping out of the bloc with no deal.

Crucially, the BOE assumes a smooth Brexit for its economic forecasts. It will update those projections Nov. 2, when there's a chance it may also increase interest rates for the first time in more than a decade. While May's speech in Florence, Italy didn't go as far as might have been expected given the buildup, it did provide some new details on transition and payments to the EU.

"The real crunch will come next month when EU leaders judge whether sufficient progress has been made in the talks to begin trade negotiations," said Dan Hanson and Jamie Murray, economists at Bloomberg Intelligence in London. "May™s conciliatory tone was a step in the right direction. The Bank of England is likely to see her remarks as removing another potential barrier to lifting interest rates in November."

In general, the response to May's speech was that she may not have gone far enough. The pound declined as she spoke and was down 0.5 percent at $1.3513 as of 4:40 p.m. in London.

JPMorgan Chase & Co. economist Malcolm Barr said while the U.K. "has taken a limited step toward a more pragmatic stance on the initial legal exit from the EU that emerged over the summer, its position appears to remain deeply conflicted."

James Knightley, at ING, said May's speech was "conciliatory yet thin on details." But while the cliff-edge possibility hasn't disappeared, the chance of a transition deal -- which would extend current EU-U.K. arrangements for 3 1/2 years -- may encourage investment. 

"If there is a little more business optimism and this translates into stronger economic activity, this could see the Bank of England becoming more inclined to raise interest rates," he said.

 

Source: Bloomberg

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POPULAR NEWS
Erdogan Hopes to Open Embassy in East Jerusalem

Turkish president Recep Tayyip Erdogan said Sunday that Turkey hopes to open an embassy to a Palestinian state in East Jerusalem in the future.. "Because it is under occupation we can't just go there and open an embassy," Erdogan said in a speech to his ruling party in the city of Karaman. "But, inshallah [God willing] those days are near and... we will officially open our embassy there," he said, without giving any precise timeframe. The comments come just days after Erdogan hosted a...

Gold Drops as U.S. Stocks Rally on Tax Reform Optimism

Gold declines after progress on U.S. tax cuts propels stocks to record highs on Friday and boosts dollar. Bullion for immediate delivery -0.2% to $1,253.84/oz at 9:02am in Singapore: Bloomberg generic pricing. Bloomberg Dollar Spot Index flat after +0.4% Friday. Precious metal heads for 9.3% advance this year after +8.1% in 2016. The dollar™s strength is weakening gold, David Lennox, resource analyst at Fat Prophets in Sydney, says by phone. Tax reform is œa...

Japan Shares Rise Amid Weaker Yen as U.S. Tax-Cut Bill Advances

Japanese shares rose as the yen continued to weaken after Republican leaders gained two key votes on the U.S. tax-cut bill Friday. Electronics makers and banks were the biggest boosts to the benchmark Topix, led by Mitsubishi UFJ Financial Group Inc., Toyota Motor Corp. and Sony Corp. Congressional Republicans finalized their plan for a highly-anticipated set of tax cuts for businesses and individuals after six weeks of legislative negotiations. Almost five shares rose for every...

Dollar Edges Higher Versus Yen Amid Progress on U.S. Tax Bill

The dollar edged higher against the yen after rallying Friday amid optimism a bill to cut U.S. taxes will be passed this week. The Bloomberg Dollar Spot Index held close to its 50-day moving average after climbing above that threshold last week as Republican leaders finalized their plan for lower taxes, paving the way for a policy victory for President Donald Trump. Treasuries declined as most Asian stock markets advanced, sapping demand for safer assets. The...

Nikkei Rises on Financials and Exporters; Builders Off Lows

Japanese stocks scored their biggest rise in over a month on Monday with financials and exporters in hot demand, while construction shares bounced after sliding on news that prosecutors had raided the headquarters of at least two builders for alleged antitrust violations. The Nikkei share average finished 1.55 percent higher at 22,901.77, its biggest gain since Nov. 7 and its highest closing level in a week. The broader Topix advanced 1.36 percent to 1,817.90. Sentiment was boosted by a...

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