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Upside down world of ‘reverse currency wars’ is real :Mike Dolan

An upside down world of “reverse currency wars” is seeping into the real one. Devotees of Netflix hit “Stranger Things” know well how mayhem and monsters from the show’s foreboding parallel universe seep into regular daily life, with devastating effect. Something similar appears to be happening to one of the dominant economic policy tropes of the past decade. Financial firms, such as Goldman Sachs, have for months warned that long-fought “currency wars” – where countries struggle to prevent a weakening U.S. dollar and overvalued domestic currencies from crimping exports – ...

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European stocks fall as oil, metal prices extend losses

European shares fell on Thursday, dragged down by energy and mining stocks due to sliding commodity prices on worries about slowing economic growth, with several broker calls also spurring big moves in stocks. The continent-wide STOXX 600 index .STOXX dropped 1.1% by 0724 GMT, with oil & gas stocks .SXEP slipping 1.8% as crude prices fell almost 2%. Miners .SXPP shed 2.2% as copper and other metals extended recent declines on growing fears about a recession.MET/L Asian stocks struggled and Wall Street ended lower overnight, after Federal Reserve Chair Jerome ...

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Euro falls after weak PMIs weigh; Norway’s crown shines

The euro fell across the board on Thursday after weak German and French PMI data confirmed the eurozone economy was struggling to gain traction, prompting traders to trim aggressive interest rate hike bets by the European Central Bank. The German economy, Europe’s largest, suffered a sharp loss of momentum at the end of the second quarter, with falling exports acting as a drag and economic uncertainty and inflation weighing on domestic demand, a preliminary survey showed on Thursday. The French June flash manufacturing PMI number fell to 51.0 points from ...

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STOCK MARKET SNAPSHOT FOR 23/6/2022

NASDAQ-Adv: 2,228 Dec: 2,381 NYSE-Adv: 1,956 Dec: 2,294 (Source: Nasdaq)

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FX Daily: Last hurrah from the Czech National Bank hawks

USD: Powell sticks to his hawkish script The narrative in financial markets seems pretty clear. Inflation needs to be addressed and given that supply-side factors show no signs of easing, central banks are going to have to take the steam out of demand by tightening monetary policy. Whether that slowdown turns into a soft-landing or a recession remains to be seen. In response, equity markets remain under broad-based pressure as growth forecasts are cut and the risk-free rate rises. Commodity prices (having caused a lot of the inflation) would also ...

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Stock rally fizzles on revived inflation fears

Asian stocks slipped across the board on Wednesday, failing to extend Wall Street’s rally as persistent worries about interest rates and inflation remained a key focus for investors, while the Japanese yen hit a fresh 24-year low against the dollar. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.39%, still up 1.02% on the more than five-week low it hit on Monday. Tokyo’s Nikkei gave up early gains and was flat. Investors are continuing to assess how worried they need to be about central banks pushing the world economy ...

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Euro, sterling knocked by growth worries and UK inflation at new 40-year high

The euro and sterling fell on Wednesday as investors turned to the safe haven dollar as part of a move away from riskier assets which also saw a stock market rally fizzle out, and after data showed British consumer price inflation hit a new 40-year high. With investors turning nervous again about global growth prospects, the U.S. dollar gained ground on most peers. The yen hit a fresh 24-year low as rising U.S. and European bond yields contrasted with low Japanese interest rates. Sterling was down 0.8% at $1.2198, touching ...

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STOCK MARKET SNAPSHOT FOR 22/6/2022

NASDAQ-Adv: 3,253 Dec: 1,467 NYSE-Adv: 3,132 Dec: 1,177 (Source: Nasdaq)

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European shares rise, dollar slips as market selloff pauses

European shares opened higher on Tuesday, recovering slightly from last week’s 17-month lows as the selloff paused, but major central banks’ rate hike plans and global recession risks kept investors cautious. World stocks have edged higher so far this week, recovering from last week’s sharp selloff which saw global equities tumble to their lowest since November 2020 as expectations for central bank policy tightening to combat high inflation prompted investors to ditch risky assets. At 0750 GMT on Monday, the MSCI world equity index, which tracks shares in 50 countries, ...

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Morgan Stanley sees stronger yuan on possible US trade tariff relief

Morgan Stanley sees a tactical opportunity for investors to position for a stronger Chinese yuan in the next few weeks amid signs the United States could ease tariffs on Chinese goods. Tariffs imposed by Washington and Beijing on billions of dollars worth of each other’s goods put pressure on the yuan when Donald Trump was US president. Joe Biden said in May he was considering cutting tariffs on Chinese goods. “Should the current administration decide to reduce tariffs by $10 billion, it would push CNY 1.8% stronger based on the ...

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Euro higher as ECB officials affirm rate hike plans, new tool

The euro rose on Tuesday, drawing support from the European Central Bank’s plans to raise interest rates to contain inflation, while the yen retested a 24-year low as the Bank of Japan’s ultra-loose monetary policy stance continued to weigh. The euro was 0.5% firmer at $1.0563 after ECB Chief Economist Philip Lane said the ECB will raise interest rates by 25 basis points at its July meeting, but the size of its September hike is still to be decided, suggesting a larger 50 basis point hike could be on the ...

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Nerve-racking week leaves bond investors calling for fast rate hikes

A series of surprise actions by some of the world’s largest central banks fretting about runaway inflation has left bond investors battered. Now, a growing chorus of investors is calling on policymakers to move fast to end the uncertainty. Until central banks are able to bring down inflation, some investors said, markets will not have any certainty about rates. Their best way forward may be to get to neutral interest rates — the level at which monetary policy is neither stimulating nor restricting the economy — as fast as they ...

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STOCK MARKET SNAPSHOT FOR 21/6/2022

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Global markets quake as central banks grow more hawkish

Expectations for how drastically central banks need to tighten monetary policy to fight soaring inflation have taken another leap higher, shaking up global markets and rattling investors. Among the eye-catching moves from monetary authorities in recent days have been a 75-basis-point increase from the Federal Reserve – the largest U.S. rate rise in nearly three decades – the Swiss National Bank’s first hike in 15 years and another 25-basis-point increase by the Bank of England. Investors are bracing for more bold moves. In the United States, Fed funds futures on ...

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FX Daily: Searching for some calm

USD: US national holiday today Equity markets have started the week mostly on the back foot in the Asian session and futures point to a negative open in European markets, while US markets are closed for a national holiday today. It appears that investors still have to fully digest the 75bp rate hike by the Fed last week and above all, the re-pricing higher in US rate expectations. On Wednesday, the FOMC clearly left the door open for another 75bp move in July, but now this prospect is becoming the ...

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