Japan spent record of nearly $20.0 bln on intervention to support the yen

Japan spent record of nearly .0 bln on intervention to support the yen

Intervention drains nearly 15% of readily available funds Japan can avoid selling U.S. Treasury bills for now – analysts Impact of further intervention may diminish – analysts TOKYO, Sept 30 (Reuters) – Japan spent up to a record 2.8 trillion yen ($19.7 billion) intervening in the foreign exchange market last week to prop up the … Read more

China’s factory, services surveys suggest economy struggling to rebound

China’s factory, services surveys suggest economy struggling to rebound

China Sept official manufacturing PMI above forecast Private survey shows factory activity contracted sharply Services sector activity growth slowed in Sept – official survey COVID curbs, softening foreign demand, property weakness weigh BEIJING, Sept 30 (Reuters) – China’s factory activity eked out growth in September, but a slowdown in services sector growth and a downbeat … Read more

IMF and Moody’s censure UK policy that sparked market turmoil

IMF and Moody’s censure UK policy that sparked market turmoil

IMF does ‘not recommend’ policies like UK growth plan Moody’s: economic plan is ‘growth negative’ Pound trading down 0.5% to $1.0681 Bond strategists warn market almost untradeable LONDON, Sept 28 (Reuters) – The International Monetary Fund and ratings agency Moody’s ramped up pressure on Britain to reverse a new economic strategy that was roiling financial … Read more

IMF criticises UK policy, Bank of England to make big response

IMF criticises UK policy, Bank of England to make big response

Proposals likely to increase inequality, IMF says BoE’s Pill says ‘significant’ response likely Economists, executives call for a policy U-turn Pound recovers slightly, up 0.4% on the day LONDON, Sept 27 (Reuters) – The International Monetary Fund openly criticised Britain’s new economic strategy on Tuesday, following another slide in bond markets that forced the Bank … Read more

Bank of England ‘will not hesitate’ to act as it monitors market turmoil

Bank of England ‘will not hesitate’ to act as it monitors market turmoil

Pound briefly touched a record low against dollar Five-year gilts match Friday’s record daily slump Yields on 2-year and 5-year debt up 100 bps in 2 days Finance minister to detail fiscal plans on Nov. 23 BoE monitoring developments ‘very closely’ LONDON, Sept 26 (Reuters) – The Bank of England said on Monday it would … Read more

Japan intervenes to stop yen slide, after BOJ holds rates super low

Japan intervenes to stop yen slide, after BOJ holds rates super low

BOJ keeps ultra-low rates, dovish policy guidance Japan’s FX diplomat said took ‘decisive’ action Confirmation of intervention sends dollar sliding over 2% Analysts doubt whether Tokyo can keep propping up yen Bank of Canada says did not help BOJ TOKYO, Sept 22 (Reuters) – Japan intervened in the foreign exchange market on Thursday to buy … Read more

Bank of England raises rates to 2.25%, despite likely recession

Bank of England raises rates to 2.25%, despite likely recession

Register now for FREE unlimited access to Reuters.com Register LONDON, Sept 22 (Reuters) – The Bank of England raised its key interest rate to 2.25% from 1.75% on Thursday and said it would continue to “respond forcefully, as necessary” to inflation, despite the economy entering recession. The BoE estimates Britain’s economy will shrink 0.1% in … Read more

U.S. rents surge, leaving behind generation of younger workers

U.S. rents surge, leaving behind generation of younger workers

Sept 21 (Reuters) – The cost of renting a home in the United States is surging and young workers have felt the sharpest pain, many of them taking on additional jobs or roommates to afford housing costs. Household rents in 2021 jumped 10% from pre-pandemic levels, according to Census Bureau estimates released last week. The … Read more

Frugal is the new cool for young Chinese as economy falters

Frugal is the new cool for young Chinese as economy falters

BEIJING, Sept 19 (Reuters) – Before the pandemic, Doris Fu imagined a different future for herself and her family: new car, bigger apartment, fine dining on weekends and holidays on tropical islands. Instead, the 39-year old Shanghai marketing consultant is one of many Chinese in their 20s and 30s cutting spending and saving cash where … Read more

Stubbornly high rents, food prices boost U.S. inflation in August

Stubbornly high rents, food prices boost U.S. inflation in August

Consumer price index rises 0.1% in August Rents, food and healthcare account for increase in CPI Core CPI surges 0.6%; increases 6.3% year-on-year WASHINGTON, Sept 13 (Reuters) – U.S. consumer prices unexpectedly rose in August and underlying inflation accelerated amid rising costs for rents and healthcare, giving the Federal Reserve ammunition to deliver a third … Read more