Aurelia Butler

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SINGAPORE (Reuters) – The yen got some much-needed respite on Tuesday as it steadied on the stronger side of 155 per dollar thanks to a pullback in the U.S. currency, which ran into profit-taking after a stellar rally that saw it scale a one-year high.The yen last edged 0.2% higher to 154.40 per dollar, recovering from its fall in the previous session after Bank of Japan Governor Kazuo Ueda stuck to his usual script and failed to offer any hints on whether a rate hike could come in December.”Recent (yen) weakness had many market participants expecting Ueda to sound hawkish, but in the end the Governor stuck to his recent narrative,” said Rodrigo Catril, senior FX strategist at National Australia Bank (OTC:NABZY).”We think the economy and price pressures are making a strong case for a hike in December, but much will depend on whether there is any political push back, given the LDP is looking to regain public support, after a poor show at the recent Lower House election.”The yen has fallen some 7% since October and had weakened past the 156 per dollar level for the first time since July last week, leaving traders on alert for any intervention from Japanese authorities to shore up the currency.In the broader market, the dollar was on the back foot as it eased further away from last week’s one-year top against a basket of currencies.Sterling steadied at $1.2676, while the dollar index tacked on 0.04% to 106.26, after falling 0.4% overnight.”You do get bouts of profit taking after big moves like this,” said Jarrod Kerr, chief economist at Kiwibank.The greenback has risen more than 2% for the month thus far, buoyed by reduced expectations of the extent of Federal Reserve rate cuts and on the view that President-elect Donald Trump’s touted policies of tariffs, reduced immigration and debt-funded tax cuts will be inflationary to the U.S. economy.The euro similarly rebounded from last week’s one-year low and last bought $1.0590.Two top European Central Bank policymakers signalled on Monday they were more worried about the damage that expected new U.S. trade tariffs would do to economic growth in the euro zone than any impact on inflation.Elsewhere, the Australian dollar fell 0.15% to $0.6499.Minutes of the Reserve Bank of Australia’s November board meeting released on Tuesday showed policymakers saw no immediate need to change interest rates, having left them steady for a year now, but said it was important to be ready to act as the economic outlook evolves.Markets have not fully priced a cut in rates until May next year, with a move in February after the fourth-quarter inflation report at just a 38% probability.The Reserve Bank of New Zealand, meanwhile, meets next week and traders have priced in 50 basis points worth of easing from the central bank.The kiwi last traded 0.24% lower at $0.5880. More

The country, once a beneficiary during the 1960-1970s, will contribute this year around 845.6 billion won ($608.26 million) to the fund for financial aid to low-income countries, up from 584.8 billion won in the previous fund replenishment round in 2021. “It is for South Korea to play a leading role as a global pivot state and to induce active contributions from other countries,” the ministry said in a statement. U.S. President Joe Biden on Monday pledged a record $4 billion contribution during a closed session of the Group of 20 summit in Rio de Janeiro, up from $3.5 billion in 2021. ($1 = 1,390.2000 won) More

(Reuters) -China’s largest express delivery company S.F. Holding said on Tuesday it plans to raise up to HK$6.17 billion ($792.71 million) in a Hong Kong listing, the latest sign of a revival in the city’s capital markets.The Shenzhen-listed company will issue 170 million shares in a price range of HK$32.30 to HK$36.30 per share, according to its regulatory filings.The final price will be set on Nov. 25, and the stock is due to start trading on Nov. 27.The courier group, known for its flagship SF Express delivery business, is regarded as China’s answer to FedEx (NYSE:FDX) and DHL.The listing has attracted ten cornerstone investors, led by Oaktree Capital Management, which have subscribed for up to HK$204.8 million worth of stock, the filings showed.The company said about 45% of the funds raised in the listing would be spent on growing its international business, especially across South-east Asia. It added it has earmarked about HK$1.1 billion for buyout activity, forming joint ventures or making minority investments in businesses.S.F. Holding, initially filed for a Hong Kong listing in August last year. Reuters reported in May last year the company was aiming to raise between $2 billion and $3 billion.There have been $9.1 billion worth of new listings in Hong Kong in 2024, according to Dealogic data, compared to $5.88 billion in 2023.While well off the 2020 peak of $51.6 billion, the prospect of lower global interest rates has prompted some revival in the city’s listing market.S.F. Holding’s Shenzhen-listed share price has risen 4.75% this year.($1 = 7.7834 Hong Kong dollars) More