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Business

Asia markets mixed as Bank of Korea holds back; Hong Kong shares at two-month lows




57 minutes ago

The Bank of Korea holds interest rates for the third time in a row

The Bank of Korea held its benchmark interest rate for the third consecutive time at 3.50% on Thursday.

The decision was in line with a consensus forecast by economists polled by Reuters that expected the central bank to take a break.

The central bank governor told CNBC earlier this month that it was “premature” to discuss a rate cut, citing inflation rates in the country that remain above the Bank of Korea̵[ads1]7;s 2% target.

South Korea will publish its consumer price index for May next Friday.

43 minutes ago

The Bank of Korea is expected to start cutting interest rates early next year, Deutsche Bank says

The Bank of Korea is expected to start cutting its benchmark interest rate early next year, Deutsche Bank’s head of APAC Economic Research Juliana Lee said.

Lee added that she expects the central bank’s policy pivot to come in line with that of the US Federal Reserve.

“There are some signs that it (exports) has bottomed out in terms of contraction, but in terms of the decline, we don’t expect until the fourth quarter, so we have a more bearish view” on growth than the central bank, Lee told to CNBC’s “Squawk Box Asia”.

Lee added that she expects the South Korean won to remain largely unchanged until the central bank starts cutting interest rates.

– Jihye Lee

58 minutes ago

Indonesia expected to hold the courses for the third time

Indonesia’s central bank is expected to hold its 7-day reverse repo rate at 5.75%, according to economists polled by Reuters.

The economists also predicted that the central bank will keep the deposit facility at 5.00% and the lending facility at 6.50% as well.

The move will mark a third consecutive break for Bank Indonesia, as the nation marked an inflation rate of more than 4% in April. The nation publishes the inflation rate for May next month.

An hour ago

South Korea’s producer price index rose 1.6% in April

South Korea’s producer price index rose 1.6% year-on-year in April, lower than the 3.3% increase in the previous month.

Government data showed that month-on-month the country’s producer price index fell by 0.1% after seeing growth of 0.1% in March.

PPI is a measure of the change in the prices that domestic producers receive for their goods and services.

The South Korean won weakened 0.11% on Thursday morning to 1,319.66 against the US dollar.

– Jihye Lee

7 hours ago

Fed officials are unsure whether there is a need for more rate hikes, minutes show

The Fed minutes showed “uncertainty” from participants about whether to raise interest rates for the 11th time at the June meeting.

There appeared to be two camps at the Fed now, according to the minutes. A group containing “some” members believed that progress in reducing inflation was “unacceptably slow” and would necessitate further increases. The second, supported by “several” FOMC members, saw slowing economic growth where “further policy tightening after this meeting may not be necessary.”

The minutes do not identify individual members nor quantify “some” or “several” with specific numbers. However, in Fed parlance, “some” is assumed to be more than “several.”

In short, the minutes showed that the Fed would be closely watching the incoming data to decide whether to raise interest rates again on June 14.

-Jeff Cox, John Melloy

Correction: In Fed parlance, “some” is assumed to be more than “several”. An earlier version misinterpreted the difference.

9 hours ago

Fed’s Waller emphasizes “flexibility” for interest rate decision in June

Addressing a three-pronged question facing U.S. central banks, Federal Reserve Governor Christopher Waller said it is too early to say which choice is right. Data in the coming weeks before the meeting 13-14. June will decide which path is right, he said.

While Waller insisted that the Fed must “maintain flexibility” on whether it should raise, pause or skip June with an inclination to raise rates in July, he expressed doubt that the Fed has gone as far as it needs to in the fight against inflation . .

“I don’t expect the data coming in over the next couple of months to make it clear that we’ve reached the terminal price,” Waller said in prepared remarks for a speech in Santa Barbara, California.

“And I don’t support stopping rate hikes unless we get clear evidence that inflation is moving down towards our 2% target. But whether we should raise or skip the June meeting will depend on how the data comes in over the next three the weeks,” he added.

-Jeff Cox

9 hours ago

House Speaker McCarthy reiterates confidence in averting a default

House Speaker Kevin McCarthy reiterated that negotiators should reach a resolution on the debt ceiling even as lawmakers struggle to agree on basic spending.

“We are not going to default,” he said during a news conference on Wednesday. “We’re going to solve this problem. I’m going to stay with it until we can get it done. But let’s be honest about this. We had to spend less than we spent last year. It’s not my fault that the Democrats can’t cut back on spending their.”

— Samantha Subin, Sarah Min

15 hours ago

The dealers will gather again on Wednesday morning

Negotiators for both sides of the debt ceiling negotiations were expected to meet again on Wednesday morning, Reuters reported, citing a familiar source.

Stocks fell on Tuesday after negotiators for President Joe Biden and House Speaker Kevin McCarthy did not appear to make significant progress in talks that day.

It could take a week to write a deal and send it through Congress, the Reuters report said, ramping up efforts to reach a deal in the next couple of days ahead of a June 1 deadline for a Treasury default.

– John Melloy



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