Aurelia Butler

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    in Economy

    Christine Lagarde says ECB can keep rates on hold as long as needed

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    in Economy

    FirstFT: Apple partners with OpenAI to bring ChatGPT to its devices

    Standard DigitalWeekend Print + Standard Digitalwasnow $85 per monthBilled Quarterly at $199. Complete digital access plus the FT newspaper delivered Monday-Saturday.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital More

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    in Economy

    Morning Bid: Playing the waiting game, Japan stirs

    (Reuters) – A look at the day ahead in Asian markets.Asian markets look set to remain on the defensive on Tuesday, kept in check by rising bond yields, political shockwaves in Europe, a buoyant dollar and caution ahead of the U.S. Federal Reserve’s policy decision later in the week.That’s not necessarily a blanket outlook across the continent though – Japanese equities got the week off to a solid start, shrugging off a spike up Japanese Government Bond yields after revisions to first quarter GDP were stronger than expected and the yen fell broadly.The economic calendar on Tuesday is light, with only South Korean current account figures, Philippines trade numbers and Australian business confidence on tap. Japan’s GDP revisions on Monday will have boosted sentiment towards Japan and raised expectations that the Bank of Japan will press ahead with policy normalization at its policy meeting later this week.The 10-year JGB yield jumped 4.5 basis points on Monday, its biggest rise in two months and enough to reverse half of last week’s decline. The BOJ is widely expected to hold off following up on its historic 10-basis point rate hike in March – its first since 2007 – for at least a few months more.Japanese swap markets aren’t fully pricing in another 10 bps of tightening until the BOJ’s September meeting, and are currently pointing towards a total 25 bps of rate hikes between now and the end of the year.Instead, the BOJ is more likely this week to discuss cuts in its JGB purchases as part of efforts to unwind monetary stimulus and reduce its $5 trillion balance sheet.But the yen will need more from the BOJ if it is to avoid falling back into the 158-160 per dollar zone that prompted two bouts of intervention from Tokyo recently. The yen on Monday slipped back below 157.00 per dollar.The currency’s near-term fate, however, is probably in the dollar’s hands, and the greenback is on quite a ride right now. Last week, it was languishing at a two-month low against a basket of major currencies, but rebounded following Friday’s U.S. jobs report, and on Monday touched a one-month high. Record closing highs on Wall Street and buoyant Treasury yields should continue to underpin the dollar, and that’s a combination that will probably weigh on emerging market assets more broadly.If sentiment towards Japan is brightening, investors remain cool towards Chinese assets. The CSI 300 index of blue chip shares and Shanghai Composite index both slumped on Friday to a six-week low. Chinese markets were closed on Monday so there could be outsized moves at the open on Tuesday as investors play catch-up for two global trading sessions.Here are key developments that could provide more direction to markets on Tuesday:- South Korea current account (April)- Philippines trade (April)- Australia business confidence (May) More

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    in Economy

    Under pressure, Britain’s Sunak unveils party election manifesto

    With his governing party well behind in the opinion polls just weeks before the national election, Sunak will again try to convince voters that he has a bold plan to cut taxes, boost the economy and curb migration.So far, his message has failed to start closing the gap with Labour, and he now faces a challenge from the right-wing Reform UK party, which, under the leadership of Brexit campaigner Nigel Farage, has vowed to lead a “revolt” against the Conservatives.The launch of the party’s manifesto, a document which sets out which policies the party will pursue if in government, is yet another roll of the dice for Sunak, who is expected to make much of his already-announced tax cuts and who could go further.”We Conservatives have a plan to give you financial security,” he will say at the manifesto launch, according to excerpts of his speech. “We will enable working people to keep more of the money you earn because you have earned it and have the right to choose what to spend it on.”He will again attack Labour leader Keir Starmer and his team, repeating an accusation that the party will increase taxes by more than 2,000 pounds ($2,545) on working households – a charge Labour says is a lie and which has been questioned by economists.In what has become a rancorous campaign, Sunak will champion Conservative pledges to protect pensions, a guarantee not to raise income tax, national insurance or VAT, and what he describes as a tax cut for parents.He will also repeat his pledge to abolish “the double tax on work when financially responsible to do so” – a reference to scrapping the national insurance payroll tax.But he is on the back foot. An early departure from D-Day commemorations in France alongside other world leaders last week backfired, when veterans were angered, prompting members of his party to question his decision-making skills. Sunak apologised.Before the manifesto launch, Labour said the document would be “littered with unfunded commitment after unfunded commitment”. “Whatever the Tories announce tomorrow, the money is not there,” said Labour’s Jonathan Ashworth. ($1 = 0.7857 pounds) More

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    in Cryptocurrency

    Bitcoin and Ethereum down; Is now the time to buy?

    Meanwhile, this price drop following the U.S. employment report offers a good buying opportunity, according to Singapore-based trading firm QCP Capital.Non-farm payroll data on Friday showed that the U.S. economy added 272,000 jobs in May, significantly higher than the estimated 182,000 jobs, and much more than the downwardly revised reading of 165,000 jobs in April. While the unemployment rate rose to 4%, the average hourly earnings increased by 0.4% month-on-month, above the expectations of 0.3%.Markets immediately reduced the probability of a 25-basis point Federal Reserve rate cut in September to 60% from 85%, leading to a decline in risk assets, including cryptocurrencies.JP Morgan and Citi canceled their forecasts for a Federal Reserve rate cut in July, with some analysts putting rate hikes or further liquidity tightening back on the agenda. Bitcoin, which seemed poised to break the $72,000 barrier, fell by almost 3% to $68,400. Ethereum followed Bitcoin’s lead.QCP Capital said the Federal Reserve would struggle to keep interest rates high while other central banks are lowering borrowing costs.The report stated: “The non-farm payroll report surprised us, as it was confusing enough to stimulate risk aversion ahead of U.S. inflation numbers and this week’s Federal Reserve meeting.””We agree that this is a good buying opportunity as markets will increasingly price in at least one Federal Reserve rate cut. It will be difficult for the U.S. to ignore this as the rest of the world continues to cut interest rates.”The European Central Bank and Bank of Canada cut interest rates last week, as the Group of Seven (G7) began a cycle of monetary easing.Other central banks, including the Federal Reserve, may soon join the fray by cutting interest rates, leading to increased market liquidity, which inadvertently boosts demand for alternative investments like cryptocurrencies. More

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    in Economy

    Canada defends capital gains tax hike, says it will keep borrowing low

    “We know now is the time to invest in Canada and Canadians,” Freeland told a press conference. “The responsible way to pay for those investments is to ask those at the top to contribute a little bit of money.”Freeland in April revealed a new tax on the wealthy to bring in C$20 billion ($14.54 billion) over five years to help fund an ambitious housing program that aims to resolve a crisis that has shrunk Prime Minister Justin Trudeau’s approval ratings.The additional dollars are also slated to help fund other expensive social programmes on healthcare, dental care and drugs.”Canada could finance these critical investments by taking on more debt that would place an unfair burden on younger generations,” Freeland said.Canada is increasing its annual spending by over a quarter to C$608.7 billion until 2028-29, according to the budget document, which includes over C$57 billion of new spending that has been heavily criticized by economists due to the government’s rising debt levels and debt servicing costs.The plan to tax people with capital gains of more than C$250,000 at a rate of 66.7% on the excess amount – up from 50% previously – has been criticized by economists and businesses who say it will drive investors to the neighboring U.S.It is likely to be implemented by June 25 and will be tabled in parliament on Monday.($1 = 1.3759 Canadian dollars) More

  • 125 Shares99 Views

    in Economy

    European markets take a hit as Macron calls snap election

    Standard DigitalWeekend Print + Standard Digitalwasnow $85 per monthBilled Quarterly at $199. Complete digital access plus the FT newspaper delivered Monday-Saturday.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital More

  • 100 Shares99 Views

    in Cryptocurrency

    PlanB Issues Epic Year-End Bitcoin (BTC) Price Prediction

    From the analyst’s chart, Bitcoin is projected to reach $150,000 by the end of this year and $800,000 by 2025. Bitcoin reaching $800,000 by next year translates to an increase of more than 10 times its current price. PlanB acknowledged that this Bitcoin price prediction sounds unreal but claims 800K would be in line with the best fitting, highest R2, historical data model.However, PlanB highlighted hacks, scams, defaults, forks and crackdowns as risks that could interfere with this bullish forecast for Bitcoin. Jeroen Blokland, founder of the Blokland Smart Multi-Asset Fund, commented that Bitcoin at $0.8 million means a market cap close to that of gold. As disclosed in an earlier U.Today report, PlanB says Bitcoin will continue to see accumulation from investors in 2024-2025. If this analogy continues, the analyst’s Bitcoin prediction could come to pass. Another key factor that could push Bitcoin’s price higher is increased adoption from institutional players through spot Bitcoin ETF products.This article was originally published on U.Today More