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POPULAR NEWS
Tokyo: Benchmark Nikkei Open Lower

Tokyo stocks opened sharply lower on Monday, taking a negative lead from New York where unease over the US-China trade war prompted a fresh sell-off late last week. The benchmark Nikkei 225 index was down 1.66 per cent or 359.20 points at 21,319.48 in early trade, while the broader Topix index was down 1.45 per cent or 23.47 points at 1,596.98. Source : AFP

Hong Kong Stocks Drop in Opening Minutes

Hong Kong shares opened with more losses Monday, tracking a sell-off on Wall Street fuelled by lingering concerns about the China-US trade standoff, while traders were also spooked by worse-than-forecast Chinese trade data. The Hang Seng Index fell 1.03 percent, or 268.81 points, to 25,794.95. And the benchmark Shanghai Composite Index declined 0.64 percent, or 16.69 points, to 2,589.19, while the Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.83 percent,...

Brent Oil Prices Rise After OPEC-Led Group Announces 1.2 Million bpd Supply Cut

International oil prices rose on Monday, extending gains from Friday when producer club OPEC and some non-affiliated producers agreed a supply cut of 1.2 million barrels per day (bpd) from January. International Brent crude oil futures were at $61.81 per barrel at 0016 GMT, up 14 cents, or 0.2 percent, from their last close. Prices surged on Friday after the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including heavyweight Russia announced they would...

USD/JPY starts out on the backfoot, technicals supporting bearish outlook

The US payrolls growth cooled in November with the economy producing 155k jobs in the month. This came in below the expectations at 198k. The detail was mixed; jobs growth in the prior two months was revised down -12k while average hourly earnings grew less than expected (0.2% vs consensus 0.3%). Against that, the annual growth rate for earnings held up at +3.1%, while unemployment held near 40-year lows of 3.7%. The yen can stay bid on slowing global growth and tariff wars, Brexit, Italy™s...

Gold at Five-Month High on Haven Bid as Stocks Decline

Gold traded at the highest level in five months amid a retreatin Asian equities and U.S. stock futures on the potential escalation of tensions between Washington and Beijing. Haven assets are rising after China's vice foreign minister summoned the U.S. ambassador Terry Branstad in protest over the arrest of Huawei Technologies Co.'s chief financial officer, and amid concerns over China's slowing economy. Traders are also assessing if the Federal Reserve will pursue a...

BOE Waits for Brexit Clarity as Forecasts Hint at Faster Hikes
Thursday, 1 November 2018 19:24 WIB | FISCAL & MONETARY |BOE

The Bank of England hinted there may be a need for faster rate increases in the coming years in a report dominated by uncertainty over Brexit.

The Monetary Policy Committee, led by Governor Mark Carney, said the economy may start running hot earlier than previously anticipated as wage growth improves and domestic costs build. It sees the inflation rate staying above its 2 percent goal for the next two years. Interest rates were left unchanged on Thursday.

The slightly hawkish bias compared with August is tempered by the fact that the forecasts are based on an assumption for a smooth Brexit that may not come to pass. It said the exit deal with the EU remains the biggest factor when it comes to the economy and monetary policy.

œThe monetary policy response to Brexit, whatever form takes, will not be automatic and could be in either direction, the bank said in its quarterly Inflation Report. While the exact impact of Brexit œcannot be determined in advance, under all circumstances, the MPC will respond to any material change in the outlook.

In a sign of how Brexit is affecting the economy, the BOE slashed its forecast for business investment and sees stagnation this year. It also lowered its 2019 economic growth outlook slightly, to 1.7 percent. On the global economy, it said growth has become more uneven, and downside risks have increased.

The U.K. predictions, including the outlook for faster inflation, are based on market measures indicating that the BOE will deliver about three more quarter-point rate hikes by late 2021, more than were foreseen a few months ago.

But with its forecasts zero-weighted for a disorderly Brexit, there™s an increasing chance they will ultimately have to be thrown out.

The BOE assumes a relatively stable path for the pound over the next three years, a crucial determinant for inflation. At the same time, it said the currency will probably rise if there™s a Brexit deal that keeps a close relationship with the EU, or drop if the U.K. crashes out without new trade arrangements.

The BOE also noted that the situation is now different from just after the 2016 referendum, when inflation was below target and demand was weaker than supply. At the time, the bank unleashed a new round of stimulus to support growth, but it notes that there™s little it can do to offset supply shocks.

The minutes of the meeting reiterated that limited and gradual rate increases will probably be needed over the next few years. The MPC voted 9-0 at this decision to hold the benchmark interest rate at 0.75 percent, as predicted by all 56 economists in a Bloomberg survey.

Source : Bloomberg

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POPULAR NEWS
Tokyo: Benchmark Nikkei Open Lower

Tokyo stocks opened sharply lower on Monday, taking a negative lead from New York where unease over the US-China trade war prompted a fresh sell-off late last week. The benchmark Nikkei 225 index was down 1.66 per cent or 359.20 points at 21,319.48 in early trade, while the broader Topix index was down 1.45 per cent or 23.47 points at 1,596.98. Source : AFP

Hong Kong Stocks Drop in Opening Minutes

Hong Kong shares opened with more losses Monday, tracking a sell-off on Wall Street fuelled by lingering concerns about the China-US trade standoff, while traders were also spooked by worse-than-forecast Chinese trade data. The Hang Seng Index fell 1.03 percent, or 268.81 points, to 25,794.95. And the benchmark Shanghai Composite Index declined 0.64 percent, or 16.69 points, to 2,589.19, while the Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.83 percent,...

Brent Oil Prices Rise After OPEC-Led Group Announces 1.2 Million bpd Supply Cut

International oil prices rose on Monday, extending gains from Friday when producer club OPEC and some non-affiliated producers agreed a supply cut of 1.2 million barrels per day (bpd) from January. International Brent crude oil futures were at $61.81 per barrel at 0016 GMT, up 14 cents, or 0.2 percent, from their last close. Prices surged on Friday after the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including heavyweight Russia announced they would...

USD/JPY starts out on the backfoot, technicals supporting bearish outlook

The US payrolls growth cooled in November with the economy producing 155k jobs in the month. This came in below the expectations at 198k. The detail was mixed; jobs growth in the prior two months was revised down -12k while average hourly earnings grew less than expected (0.2% vs consensus 0.3%). Against that, the annual growth rate for earnings held up at +3.1%, while unemployment held near 40-year lows of 3.7%. The yen can stay bid on slowing global growth and tariff wars, Brexit, Italy™s...

Gold at Five-Month High on Haven Bid as Stocks Decline

Gold traded at the highest level in five months amid a retreatin Asian equities and U.S. stock futures on the potential escalation of tensions between Washington and Beijing. Haven assets are rising after China's vice foreign minister summoned the U.S. ambassador Terry Branstad in protest over the arrest of Huawei Technologies Co.'s chief financial officer, and amid concerns over China's slowing economy. Traders are also assessing if the Federal Reserve will pursue a...

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