Federal Reserve Governor Christopher Waller said on Thursday he continues to believe the U.S. central bank should cut interest rates at the end of this month amid mounting risks to the economy and the strong likelihood that tariff-induced inflation will not drive a persistent rise in price pressures. "It makes sense to cut the FOMC's policy rate by 25 basis points two weeks from now," Waller told a gathering of the Money Marketeers of New York University. "I see the hard and soft data on economic activity and the labor market as consistent: The economy is still growing, but its momentum...
Hong Kong stocks rose 29 points, or 0.2%, to 19,781 in early trade on Wednesday, rising for a fourth session amid a sharp rise in U.S. stock futures after Wall Street hit another record high overnight, ahead of upcoming monthly U.S. jobs data and a speech by Fed Chair Powell. Meanwhile, private survey data showed China's services sector expanded for a 23rd straight month in November, although the pace of growth slowed from a three-month peak in October. Consumer and technology stocks were mostly higher, following remarks from China's central bank that it will adopt supportive policies next...
China Caixin General Services PMI fell to 51.5 in November 2024, down from a three-month high of 52.0 in October and below market expectations of 52.5. The latest reading reflected moderation in new business growth, despite faster growth in overseas sales. Meanwhile, employment increased for the third straight month, albeit only slightly. On the cost side, input prices rose slightly on higher wages, although the inflation rate eased to a 53-month low and remained below the series average. Output prices fell for the third straight month amid increased competition. Finally, business...
The Nikkei 225 Index dropped 0.2% to below 39,200, while the broader Topix Index fell 0.3% to 2,745 on Wednesday, trimming gains from the previous session as caution gripped the market following political turmoil in South Korea. South Korean President Yoon Suk Yeol unexpectedly declared martial law late Tuesday, citing efforts to prevent opposition parties from disrupting the parliamentary process. However, he reversed the decision after the National Assembly voted against the measure. In Japan, investors remained focused on the outlook for monetary policy, with speculation that the Bank...
The Bank au Jibun Flash Japan Composite PMI was revised up to 50.1 in November 2024 from 49.8 in the preliminary estimate, and after 49.6 in the previous month, signaling broad stabilization in the country's private sector. The latest reading was supported by a marginal expansion in services business activity while manufacturing output shrank further into contraction territory. Employment growth hit a four-month high, accompanied by a remarkable increase in business for the first time since April. Cost pressures remained high due to rising raw material prices and a weak yen. However,...
South Korean stocks opened lower on Wednesday, after a day of political turmoil in South Korea that saw President Yoon Suk Yeol impose and then lift a martial law decree within hours. South Korea's Kospi fell 1.8% while the Kosdaq dropped 1.7%. Amid concerns about financial instability, a Bank of Korea official reportedly said the bank's monetary policy board will hold an extraordinary board meeting around 9 a.m. KST. The South Korean government has announced it will inject unlimited liquidity into financial markets for as long as needed in an effort to calm sentiment, according to...
According to a statement by the Federal Reserve (Fed), Fed Chair Jerome Powell met with United States (US) President Donald Trump on Thursday, where the head of the Fed reiterated that the Fed's...
The Reserve Bank of Australia (RBA) maintained its cash rate at 4.1% during its April meeting, holding borrowing costs unchanged after slashing 25 bps in the February meeting, aligning with market...