Wen’s Inflation ‘Tiger’ May Find Cage Locked After Rate Rises (Source: Bloomberg)
China’s fourth interest-rate increase in less than six months signaled the government’s determination to “front-load” monetary tightening in an effort to defuse overheating risks. The People’s Bank of China yesterday boosted its benchmark one-year lending rate by a quarter point to 6.31 percent, making its announcement at the end of a three-day holiday. The timing came as a surprise to banks from Credit Suisse AG to Bank of America-Merrill Lynch that had said the central bank may pause in increases amid rising risks to global growth.
China Raises Interest Rates to Counter Inflation Pressure (Source: Bloomberg)
China raised interest rates for the fourth time since the end of the global financial crisis to restrain inflation and limit the risk of asset bubbles in the fastest-growing major economy.
Stevens Lets Currency Do ‘Heavy Lifting’ on Australia Rate Policy (Source: Bloomberg)
Reserve Bank of Australia Governor Glenn Stevens is betting a stronger currency will help contain inflation and allow him to extend an interest-rate pause to help the economy recover from a possible first-quarter slump.
Australian February Home-Loan Approvals Decline For Second Month on Floods (Source: Bloomberg)
Australian home-loan approvals declined for a second month in February as floods and a cyclone disrupted the housing market on the nation’s east coast.
IMF Report on Capital Controls Opposed by Nations Seeking More Flexibility (Source: Bloomberg)
An International Monetary Fund staff proposal to endorse capital controls in limited circumstances aroused opposition from Brazil and other nations seeking greater freedom to stem inflows of money from overseas.
Portugal’s Long-Term Credit Rating Is Lowered One Level to Baa1 by Moody’s (Source: Bloomberg)
Portugal’s credit rating was cut by Moody’s Investors Service for the second time in three weeks amid expectations it will be unable to avert a European bailout.
Swaps Signal Further Rate Increases Adding to Yuan Pressure: China Credit (Source: Bloomberg)
The cost of fixing borrowing costs in China suggests policy makers will raise interest rates at least once more this year as food and fuel costs surge, adding pressure on the yuan to strengthen.
Service Industries in U.S. Expand Less Than Forecast on Higher Fuel Costs (Source: Bloomberg)
Service industries in the U.S. grew less than forecast in March, showing higher fuel costs are raising concern sales will cool.
Fed Officials Divided Over Whether to Remove Stimulus in '11, Minutes Show (Source: Bloomberg)
Federal Reserve policy makers last month differed over whether to begin removing record stimulus this year as they debated the path of monetary policy after the completion of their $600 billion bond-purchase program.
Geithner Says Failure to Raise Debt Limit Risks Causing `Severe Hardship' (Source: Bloomberg)
Treasury Secretary Timothy F. Geithner said the U.S. would face a crisis worse than the one it just experienced if Congress fails to raise the debt limit promptly. “You will shake the basic foundations of the entire global financial system,” Geithner told a Senate subcommittee today. “I’m totally confident that Congress will act to avoid that.” It would be “inconceivable” that lawmakers will not act in time, he said.
Japanese Stocks Fall as Tepco Tumbles; Banks Lead Declines (Source: Bloomberg)
Japanese stocks fell as Tokyo Electric Power Co. tumbled and banks dropped, and on concern about the outlook for company profits.
Australian Dollar Rises to 30-Month High Versus Yen on Yield Differential (Source: Bloomberg)
The Australian dollar strengthened to a 30-month high against the yen on speculation monetary policy in Japan will stay looser than in other major economies as the nation recovers from its biggest earthquake on record.
Treasury Yield Approaches Four-Week High on Bets Fed Will Increase Rates (Source: Bloomberg)
Treasury 10-year yields approached a four-week high as traders added to bets the Federal Reserve will raise interest rates within a year.
Asian Stocks Decline on Concern Federal Reserve May Withdraw U.S. Stimulus (Source: Bloomberg)
Asian stocks declined, sending the regional benchmark index lower for a second day, amid growing concern the Federal Reserve will withdraw stimulus measures and after China raised interest rates.
Oil hovers above $120; stocks and euro fall
LONDON, April 5 (Reuters) - Brent crude prices hovered close to 32-month highs as markets focused on fears that unrest in producer states in Africa and the Middle East could disrupt supply, while stocks snapped a five-day winning streak. "There is a lot of good news priced into the euro already and (ECB President Jean-Claude) Trichet will have to support the rate view to keep the positive momentum," said Niels Christensen, currency strategist at Nordea in Copenhagen.
GLOBAL MARKETS: Yen falls as BOJ meets, Asian stocks muted
SINGAPORE, April 6 (Reuters) - The yen fell as the Bank of Japan began a meeting on Wednesday that may signal its readiness to further loosen monetary policy to support the earthquake-hit economy and Asian stocks were muted after an interest rate rise in China.
Brent crude oil eased from a two-and-a-half year high struck amid war in Libya and unrest in the Middle East and gold sat just below a record scaled in the previous session.
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