“We’ll take all possible measures to closely monitor the currency,” Suzuki said, adding it is important for the exchange rate to move in a stable manner reflecting fundamentals, rather than focusing on its level. Suzuki’s comment was made at a regular post-cabinet meeting news conference. More
By Ryan Woo, Ju-min Park and Hyonhee ShinBEIJING/SEOUL (Reuters) -China and South Korea should seek stable ties despite their recent “difficulties”, Chinese Foreign Minister Wang Yi told his South Korean counterpart on Monday at a rare meeting in Beijing held amid tensions over Taiwan and other regional issues.South Korea’s Foreign Minister Cho Tae-yul said the countries needed to keep up momentum on cooperation and carefully manage ties, in a meeting that Cho’s ministry said lasted for four hours.Cho arrived in Beijing on Monday, his first trip to China since taking office in January, and the first visit to Beijing by a South Korean foreign minister in more than six years.Relations between Beijing and Seoul came under new stress when South Korean President Yoon Suk Yeol said last year that democratically governed Taiwan, which China claims as part of its territory, was a “global issue”, not just an issue between China and Taiwan.Yoon added last year that the increased tensions around Taiwan were due to attempts to change the status quo by force, and he opposed such a change. China protested, saying the comments were “erroneous” and “totally unacceptable”. The Taiwan issue surfaced again in March when the island participated in a U.S.-backed democracy summit in Seoul. Beijing accused Seoul at the time of providing a platform for “Taiwan independence forces”. On Monday, Wang told Cho that China-South Korea relations had “faced difficulties and challenges, which are not in the common interest of both parties and not what China wants to see,” according to a Chinese foreign ministry statement. “It is hoped that South Korea will abide by the one-China principle, properly and prudently handle Taiwan-related issues, and consolidate the political foundation of bilateral relations,” Wang added. South Korea’s foreign ministry did not mention Wang’s Taiwan comment in its own statement. TRILATERAL SUMMITCho told Wang their countries should work together and “even if there are difficulties, momentum of cooperation should be continued while carefully managing the relations,” according to the South Korean foreign ministry.He added that they could continue to prepare for a summit of the leaders of China, South Korea and Japan in Seoul, planned for the end of May. The leaders of the three countries last met in China in 2019.The Chinese statement made no mention of the summit. Cho also called on China, as a permanent member of the U.N. Security Council, to play a constructive role for peace and stability on the Korean Peninsula, according to Cho’s ministry. Cho also asked for China’s cooperation so North Korean defectors in China could go to their desired destinations without being forcibly repatriated to North Korea by Beijing. China has long denied that there are any defectors from North Korea, which counts on Beijing as an ally, and says it follows the law when dealing people who enter its territory illegally.ECONOMIC TIESWang and Cho agreed, according to their ministries, that the economic ties of the two countries had been a force in each other’s development, and agreed to strengthen their cooperation, including the ensuring of stable supply chains.Ahead of his talks with Wang, however, Cho had said that once mutually beneficial economic ties were seeing intensifying rivalry, and vowed support for businessmen seeking to harness market opportunities in China while minimising any accompanying risks.On his part, Wang said he hoped China and South Korea could work together to promote stable relations and “eliminate interference”, which he did not elaborate.Chinese state media have reported that the differences between Beijing and Seoul were due to Yoon’s leaning towards the United States, amid intensifying Sino-U.S. rivalry.Yoon has also been vocal about the tensions between the Philippines and China in the South China Sea. More
Bybit Web3, the Web3 division of Bybit, one of the top three global crypto exchanges by trading volume, today announced an upcoming Initial DEX Offering (IDO) for Thetanuts (NUTS) on its Web3 platform. Launched in August 2021, Thetanuts Finance is a decentralized on-chain options protocol focused on altcoin options, allowing users to go long or short on on-chain options. Thetanuts has already established itself as a major player, becoming the #1 DeFi Options Protocol by TVL per @DefiLlama with exceeding $30 million in Total Value Locked (TVL).NUTS serves as the governance token of Thetanuts Finance, playing a crucial role in achieving the protocol’s long-term goals. It will be used to achieve the long-term objectives of the protocol — including decentralization, governance, and incentives.IDO DetailsAbout Bybit Web3Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. Bybit are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 1 million wallet users, over 10 major ecosystem partners, and counting. Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as a top 3 global crypto exchange, trusted by 25 million users globally.User can join the revolution now and open the door to their Web3 future with Bybit.For more details about Bybit, users can visit Bybit Web3.About BybitBybit is one of the world’s top three crypto exchanges by trading volume with 25 million users. Established in 2018, it offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle (NYSE:ORCL) Red Bull Racing team.For more details about Bybit, users can visit Bybit Press. For media inquiries, users can contact: [email protected] more information, users can visit: https://www.bybit.comFor updates, users can follow: Bybit’s Communities and Social MediaContactHead of PRTony [email protected] article was originally published on Chainwire More
“We think the base case is two cuts starting by September, and the next most likely outcome is none,” ISI Evercore said.The forecast comes as the market continues to debate whether one, two or no rates cuts are needed this year. Current market consensus continues to side with about two cuts for this year.The two-rate cut camp believe in Fed chairman Jerome Powell’s dovish thesis that monetary policy is restrictive, the recent upside surprises in inflation were backward looking, representing a blip along a bumpy road toward the 2% inflation target, and inflation will downshift at some point in the coming months, paving the way for September rate cut, Evercore ISI said. “We think inflation downshifts in time for the Fed to cut in September and December,” it added. But if the data hasn’t improved enough by September for the Fed to cut, then it likely won’t by December, all but ending the odds of any rate cut this year. “The economic interpretation and base effects mean it would take a very sharp cooling in Q4 to keep 12-month inflation low enough for one cut in December. Otherwise: no cut before March 25,” it added.If the inflation data doesn’t show enough progress, or specially year-on-year core PCE inflation treads water around 3%, absent of cracks in the labor market, then the Fed isn’t likely cut at all until March next year, as the central bank’s higher for longer policy would have had time to make a bigger impact on the economy and the base effects “start to work in the Fed’s favor again, with the hot January and February 2024 inflation prints dropping out of the year-on-year comparison,” Evercore ISI added.For the Fed to cut sooner than September, just about everything needs to go right, or badly quickly starting with the inflation data due out this week.”April PPI and CPI would need to print at a level consistent with month-on-month core PCE inflation no higher than 0.20% and likely below 0.20, with good composition that lends additional confidence in order to put July seriously in play,” it said, followed by very good May reports, too. “We think a pair of 0.17s for instance would ignite the case for July, while even a 0.23 would leave July deeply out of the money.” More
(Reuters) – U.S. stock indexes were a mixed bag on Monday, with the S&P 500 staying shy of its March record high as investors waited for key inflation readings and earnings reports due this week while a survey showed consumers concerned about inflation. A Federal Reserve Bank of New York survey, released on Monday, found that Americans see inflation at 3.3% a year from now from March’s 3% while they expect inflation three years from now at 2.8%. On Friday, a University of Michigan report showed U.S. consumer sentiment sagged to a six-month low in May as households worried about the cost of living.The Nasdaq composite was advancing while the S&P 500 slipped. Both just finished three weeks of gains, boosted by strong earnings reports, and signs of a cooling labor market that fueled bets of one or two Federal Reserve rate cuts this year.Investors on Monday were cautiously awaiting producer price index data, consumer inflation data, retail sales data, weekly jobless claims and earnings reports from big retailers including Home Depot (NYSE:HD) and Walmart (NYSE:WMT) all due this week. “Stocks are just kind of stuck in this really tight trading range until we get some more information on inflation trends,” said Anthony Saglimbene, Ameriprise Chief Market Strategist.With the New York Fed report and Friday’s report showing “a marked deterioration in consumer sentiment and rising expectations around inflation” Saglimbene said this would put even more weight on the inflation reports. Core consumer prices are expected to have risen 0.3% on a month-over-month basis in April and 3.6% on an annual basis according to economist forecasts in a Reuters poll ahead of Wednesday’s release. Federal Reserve Vice Chair Phillip Jefferson said he supports keeping interest rates steady until it is clear that price pressures are moderating. At 02:20 p.m. the Dow Jones Industrial Average fell 60.35 points, or 0.15%, to 39,452.34, the S&P 500 lost 1.90 points, or 0.04%, to 5,220.75 and the Nasdaq Composite gained 43.51 points, or 0.27%, to 16,384.38. Of the 459 S&P 500 companies that reported through Friday, 77.3% beat analysts’ profit estimates, according to LSEG data. The long-term average is 66.7%. Meanwhile, shares of videogame retailer GameStop (NYSE:GME) jumped 78% after “Roaring Kitty”, a former marketer at an insurance firm credited with sparking the 2021 meme stock rally, returned to X.com after a three-year hiatus.Other highly shorted names also rallied with AMC up 60% and Koss Corp adding 32%. Alphabet (NASDAQ:GOOGL) fell 0.4% as Microsoft-backed OpenAI looked set to announce its artificial intelligence (AI)-powered search product. Meta (NASDAQ:META) Platform was down 2%. Apple (NASDAQ:AAPL) added 2% after a report said it had closed in on an agreement with ChatGPT-maker OpenAI to use the startup’s technology on the iPhone.Advancing issues outnumbered decliners by a 1.31-to-1 ratio on the NYSE where there were 280 new highs and 36 new lows. On the Nasdaq, 2,380 stocks rose and 1,754 fell as advancing issues outnumbered decliners by a 1.35-to-1 ratio. More
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 monthFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital More
Robert Kiyosaki, the renowned businessman and best-selling author of the educational series, ‘Rich Dad Poor Dad’, joins Andrew Maguire, on this week’s episode of Live from the Vault. This week, a precious metals commentary show hosted by the renowned London whistleblower takes viewers through the current economic landscape and explains how everyone can take steps to preserve their wealth.“I save gold and silver. I don’t save dollars.”Kiyosaki speaks on how everyday people are accustomed to spending and saving in centralised, bank-issued fiat currency, commonly referred to as ‘paper money’.“My mom and dad had no idea,” says Kiyosaki. The everyday person can’t necessarily see the difference between “real money and fake money”.He continues, “… they hung on to paper again, their college degrees… People have been conditioned and programmed to take paper instead of the real stuff, which violates Gresham’s law.”Gresham’s law states that when ‘bad money’ enters a system, people hold onto ‘good money’, which sees valuable assets like gold and silver, exit the system.Kiyosaki explains how paper assets, such as Dollars, Pounds or Yen are subject to large-scale currency devaluation due to central bank money printing. He contrasts saving in fiat and paper assets with the ownership of hard assets, such as real estate and precious metals. Kiyosaki comments, “I save gold and silver. I don’t save dollars”, an approach he has taken since his time as an army pilot in Vietnam, which coincided with Nixon’s closing of the gold window in 1971. BRICS Central Bank Gold DemandDiscussing the BRICS nations, Kiyosaki highlights a growing division between the East and the West, with Eastern nations like Russia and China accumulating gold to create a currency backed by the precious metal. The Evolution of MoneyThe conversation concludes with an evaluation of the Kinesis ecosystem; a sustainable and fair monetary alternative, that has already proven its potential in helping users globally counter the impact of a fiat-based economy.Kinesis’ gold and silver-based currencies, KAU and KAG are backed by fully allocated, fully audited gold and silver, which is made universally spendable by card, through leveraging blockchain technology.Kiyosaki voices his enthusiasm about Kinesis’ capacity to easily allocate a portfolio between gold and silver, spend on a debit card – and get paid every month through Kinesis’ innovative yields system. He calls Kinesis a game-changer, deeming it “the evolution of money”.This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.About Kinesis Money Kinesis is an end-to-end monetary system based 1:1 on physical gold and silver. Founded in 2017, Kinesis formed a strategic partnership with Allocated Bullion Exchange with institutional metals exchange trading globally for over a decade.With $10B traded since 2021, Kinesis has driven rapid expansion on a global scale, amassing a client base across 150+ countries.Through robust vaulting infrastructure and innovative financial technology, Kinesis reintroduces gold and silver as money. The platform enables citizens worldwide to protect their wealth outside of the volatility of the traditional banking system. ContactZubair BukhariKinesis [email protected] article was originally published on Chainwire More
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