Gas tumbles as Qatar prepares to restart production
Gas tumbles as Qatar prepares to restart production Source link
All posts tagged: Tumbles
Yen Tumbles After Takaichi Nominates Two Prominent Doves To The BOJ
It’s not just Trump who is stacking his central bank with uberdoves. After plunging yesterday following a Mainichi report that Japanese Prime Minister expressed concerns at more BOJ rate hikes, the yen has tumbled more, sending the USDJPY as high as 156.80 this morning, the highest since Feb 9, after the Takaichi administration announced two nominees to succeed the outgoing BoJ Policy Board members later this year, both of whom have a history of dovish commentary. Toichiro Asada was presented as a successor to Asahi Noguchi (whose term ends on March 31st), and Ayano Sato has been presented as a successor Junko Nakagawa (whose terms ends on June 29th). In both cases, the nominees’ comments over recent years had leaned towards a pro-reflation and pro-accommodative-policy stance, though neither has directly opined on the current stance of BoJ policy as of yet, according to Goldman’s Stuart Jenkins. The outgoing Board members Noguchi and Nakagawa are both generally seen as being on the dovish end of the committee though, arguing for a more limited compositional shift in …
Yen Tumbles After Japan’s PM Voices Concerns About Further Rate Hikes To BOJ
The yen was already sliding on Monday after Nikkei Asia reported that the sharp swing we saw in USDJPY in January was initiated by FX intervention from US Treasury Secretary Bessent not Tokyo, even if Washington, D.C. is open to coordinated forex moves if requested by Japan. FX traders took this as evidence that, contrary to previous conventional wisdom, Japanese authorities were prepared to allow the USDJPY to continue climbing on Jan. 23 and it was only US action which prevented a print at 160, or higher. At the time, investors were leaning toward the upcoming Japanese election as a reason for intransigence, but this report made it seem more like benign neglect of the currency. Then yen then dropped some more after China added 20 Japanese firms – including affiliates of Mitsubishi Heavy Industries – to an export control blacklist, escalating the dispute between the two nations. But it was the third drop that was the biggest, and sent the USDJPY above 156, after Japan’s Mainichi daily reported that Japanese Prime Minister Sanae Takaichi expressed reservations about additional …
US Core CPI Tumbles To Slowest In 4 Years; Real Wage Growth Surges
Rate-cut expectations have surged (dovishly) higher this week (along with tumbling Treasury yields) amid a mixed macro picture (Labor market ‘good’, Retail sales bad, Housing ugly). Today could change all that as CPI for January prints with risk skewed to the upside. January brings annual resets and they tend to surprise on the high side. Despite the ‘hot’ whisper numbers (and 4 previous Januarys in a row of upside surprises), headline consumer price inflation came in cooler than expected in January (+0.2% MoM vs +0.3% expected). That pulled the headline CPI down dramatically from +2.7% to +2.4% – near the lowest in 4 years… Source: Bloomberg Food cost inflation is slowing, Energy is deflating… Core CPI printed +0.3% MoM (in line with expectations), lowering the YoY change in core prices to +2.5% – the lowest since March 2021… Source: Bloomberg Goods inflation is clearly lacking (despite UMich respondents being sure we’d by hyperinflating by now)… The much-watched SuperCore CPI (Services Ex-Shelter) rose notably (+0.6% MoM) but the YoY figure remains at its lowest since Sept 2021… …
Microsoft Tumbles After Cloud Growth Slows, CapEx Soars
With all eyes firmly focused on CapEx numbers to keep the AI-expansion narrative alive, Microsoft beat expectations on top- and bottom-line, and operating income, but a bigger than expected CapEx. “We are only at the beginning phases of AI diffusion and already Microsoft has built an AI business that is larger than some of our biggest franchises,” said Satya Nadella, chairman and chief executive officer of Microsoft. “We are pushing the frontier across our entire AI stack to drive new value for our customers and partners.” Microsoft posted adjusted earnings of $4.14 a share on revenue of $81.3 billion (better than expected earnings of $3.91 a share and revenue of $80.3 billion), beating across every segment: Intelligent Cloud revenue $32.91 billion, estimate $32.39 billion Azure and other cloud services revenue Ex-FX +38%, estimate +38% Productivity and Business Processes revenue $34.12 billion, estimate $33.45 billion More Personal Computing revenue $14.25 billion, estimate $14.33 billion “Microsoft Cloud revenue crossed $50 billion this quarter, reflecting the strong demand for our portfolio of services,” said Amy Hood, executive vice …