The USD/JPY pair has experienced a significant decline, falling below key support levels on the 4-hour chart. The 100 simple moving average and the 200 simple moving average were both breached as the pair dropped below 155.50. Although a recovery wave was initiated, the pair faces strong resistance at the 154.20 level. Further hurdles lie
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South Korea recently announced a series of tax cuts aimed at revitalizing the domestic stock market and addressing the country’s declining birth rate, which is currently the lowest in the world. These proposed tax revisions are part of the broader “Corporate Value-up Programme” introduced earlier this year, and represent the first major overhaul to inheritance
The ongoing household spending trends in Q2 2024, with a decline of 1.2% in April and 0.3% in May, paint a worrying picture for the economy. Weak consumer spending could potentially signal a reduction in demand-driven inflationary pressures. This could further contribute to a quarterly contraction, creating a challenging macroeconomic environment for rate hikes. The
In a surprising turn of events, former New York Federal Reserve President Bill Dudley has advocated for rate cuts by the Fed in the upcoming week, marking a stark departure from his previous stance supporting a “higher-for-longer” rate regime. Dudley cited changing economic conditions as the primary reason behind his shift in perspective, emphasizing the
The NZD/USD pair is currently facing downward pressure around 0.5945 in the early Asian trading session, with a 0.25% decline on the day. This decline can be attributed to rising expectations of rate cuts by the Reserve Bank of New Zealand (RBNZ) and concerns about sluggish Chinese economic activity. The recent softer Consumer Price Index
Recently, Nataxis Asia Pacific Chief Economist Alicia Garcia Herrero expressed disappointment in China’s industrial policies following the Third Plenum. She noted a lack of significant change in direction towards consumption-led growth or market forces. Economists are predicting an increase in the Chicago Fed National Activity Index from 0.18 in May to 0.30 in June. This
Rachel Reeves, the new finance minister in Britain, is contemplating the implementation of inflation-busting pay increases for nearly 2 million government employees in an attempt to prevent potential public sector strikes. The proposed pay rises, recommended by two government advisory bodies, would equate to a 5.5% raise for 460,000 teachers and 1.4 million National Health
The upcoming setting of China’s one-year and five-year Loan Prime Rates (LPR) by the People’s Bank of China (PBoC) could potentially have a significant impact on the Australian economy. Economists are expecting the LPRs to remain steady at 3.45% and 3.95% respectively. However, any unforeseen rate cuts could lead to increased demand for the Australian
Netflix, Inc. reported a substantial increase in its second-quarter earnings, showcasing its dominant position in the streaming industry. The company exceeded expectations by reaching 277.65 million global paid memberships, marking a significant 16.5% year-over-year growth. Additionally, revenue surged by 17% to $9.56 billion, driven by a combination of membership expansion and a remarkable 34% increase
JD Vance, the new running mate of U.S. presidential hopeful Donald Trump, made it clear in his recent speech at the Republican National Convention that protecting the wages of American workers is a top priority. Vance emphasized the need to stop the Chinese Communist Party from benefiting at the expense of American citizens and stressed
Citizens Financial exceeded expectations for its second-quarter profit, reporting strong results due to the boost in capital markets fees. The surge in fees, up by 63%, was primarily driven by bond underwriting and loan syndication activities. This positive trend mirrors the quarterly reports of larger competitors such as Bank of America and JPMorgan Chase, indicating
BlackRock, a major player in the asset management industry, reported a 10% increase in profits in the second quarter. This growth was primarily driven by the strong performance of its Exchange-Traded Funds (ETFs), which saw record inflows in the first half of the year. The company achieved a milestone by reaching $10.6 trillion in assets
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