Japan Banks Surge With Yields on Ueda Comments on Negative Rates
Japanese financial firms rally after comments from Bank of Japan Governor Kazuo Ueda suggesting an end to negative interest rates is possible if policymakers become confident that prices and wages will keep going up sustainably. #press
Yen Rises After Comments by Biden on Taiwan, Ueda on Wage Growth
The yen advanced against all Group-of-10 currencies amid haven demand stoked by signs of ratcheting US-China tensions and ongoing jitters about the potential for Japanese measures to defend its currency. #press
Aussie Seen Rebounding from 2023 Trough on China Stimulus Hopes
Investors betting Australia’s dollar will continue to weaken may want to reconsider. Analysts see the currency rebounding on China stimulus and Reserve Bank of Australia rate-hike prospects. #press
China’s Gen Z Is Trying to Leisure-Shop Way Out of Jobless Blues
Youth unemployment is at a record high and growth is faltering — but China’s gloomy economic backdrop hasn’t stopped Gen Z from shelling out for travel and leisure. #press
Taiwan Envoy Sees ‘Alarming’ Signs in China’s Economic Slowdown
China’s economy is showing clear signs of a slowdown that will have an inevitable spillover to the region, according to Taiwan’s top emissary to the US. #press
Short Sellers Reap $13 Billion on Gaps in Winner-Take-All Market
Short sellers are raking in profits by betting against a part of the US equity market overlooked by most investors: small-cap stocks. #press
Even Brief UAW Strike Seen Causing Billions in US Economic Damage
Just when US automakers and the broader economy were shaking off the effects of the pandemic and semiconductor shortages, a long strike by the United Auto Workers union could bring higher inflation and economic damage. #press
Schonfeld, Balyasny, ExodusPoint Lag as Multi-Strat Funds Falter
Some of the largest multi-strategy hedge funds are lagging this year, as they struggle to keep up with other firms and their own past performance. #press
Biden Says Climate Change Poses Greater Threat Than Nuclear War
President Joe Biden said the sole threat to humanity’s existence is climate change, and that not even nuclear conflict poses a similar danger. #press
Biden Doubts China Capacity to Invade Taiwan Amid Economic Woes
President Joe Biden said he had no intention of trying to contain or isolate China, even as he asserted that the country’s economic problems had diminished its capacity to invade Taiwan. #press
Alibaba’s Ex-CEO Zhang Quits as New Leadership Takes Helm
Alibaba Group Holding Ltd.’s former chief executive Daniel Zhang has resigned his post as head of its cloud business, completing his exit as new leadership takes the helm of China’s largest e-commerce company. #press
Biden: I Don't Want to Contain China
President Joe Biden says "I don't want to contain China." He says China has been changing the rules of the game on trade, but he wants to get the relationship right with the nation and Xi Jinping. Biden speaks in Hanoi. (Source: Bloomberg) #press
Retirement-Age Cut Adds to Polish Bond Risks, ING Analyst Warns
The Polish ruling party’s promise to lower the age at which Poles can tap state pensions adds to the headwinds facing the country’s bonds, said Rafal Benecki, chief economist at ING Bank Slaski SA. #press
ETF Traders Are Pouring Cash Into EM’s Non-China Growth Engines
Traders in the $325 billion industry for emerging-market exchange-traded funds are shifting cash toward strategies that focus on brighter spots in the developing world as China’s economy stumbles. #press
Vietnam Air, Boeing Near $10 Billion Deal for 50 737 Maxes
Vietnam Airlines JSC will sign an initial agreement to buy about 50 Boeing Co. 737 Max jets in a deal valued at $10 billion, according to people familiar with the matter. #press
SpaceX Plans a Dublin Office As it Eyes Expansion: Sunday Times
SpaceX is set to open an office in Dublin in what would mark the first physical presence of the Elon Musk-founded space company in Europe, the Sunday Times reported. #press
Biden Reviews Troops in Vietnam
President Joe Biden on Sunday opened a visit to a Vietnam that wants to dramatically ramp up trade with the United States, a sign of how competition with China is reshaping relationships across Asia. He arrived in Hanoi on Sunday afternoon from the G-20 in India. (Source: Bloomberg) #press
Air China Flight Lands in Singapore After Detecting Smoke
Air China Flight 403 landed in Singapore after encountering smoke in the forward cargo hold and lavatory, according to a post by the city-state’s Changi Airport. #press
Egypt Inflation Soars as Higher Food Costs Add to Currency Angst
Egyptian inflation soared to a fresh record, with consumer costs now increasingly at the mercy of whether authorities will allow the pound to weaken again. #press
Feeney Expects a Fed Pause in September
Joanne Feeney of Advisors Capital Management, says it looks like the Federal Reserve will pause on rate hikes in September, but will then leave the door open to more hikes in November. She speaks on "Bloomberg Markets: The Close." (Source: Bloomberg) #press