Yen slips as Japan's Q1 growth stalls, US dollar gains
The Japanese yen weakened near 144.91 per dollar on Tuesday after revised data showed Japans economy flatlined in Q1, improving from an earlier 0.2 percent contraction but slowing sharply from Q4s 0.6 percent growth. Bank of Japan Governor Kazuo Ueda told parliament that the central bank is ready to raise interest rates again if inflation stabilizes near 2 percent. Meanwhile, the US dollar strengthened on growing optimism around US-China trade talks, which reduced safe-haven demand. Officials met in London to discuss rare earth shipments and easing of export curbs, with further talks expected on Tuesday.
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Economic Times
30 minutes ago
- Economic Times
Dollar holds steady after US, China reach framework deal to ease export curbs
The dollar remained stable against major currencies on Wednesday. This followed an agreement between the United States and China on a trade framework. The deal aims to resolve the trade war. Investors are watching for details. They hope it will rebuild trust between President Xi and President Trump. The market also awaits U.S. inflation data and UK's public spending plans. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The dollar was steady against its major peers on Wednesday, after U.S. and China agreed on a framework for a trade agreement that investors hoped could potentially pave the way to resolving a damaging trade war between the world's two largest early Asia trading, the dollar was down 0.14% against the Japanese yen at 144.770, and slipped 0.13% against the Swiss franc to last change hands at euro was flat at $1.1427, while China's offshore yuan was little changed at 7.1881 per index that measures the greenback against six other currencies was little changed and was last at 99.068. U.S. Commerce Secretary Howard Lutnick said that U.S. and Chinese officials concluded keenly watched talks in London that lasted for two days and agreed to put their trade truce reached last month in Geneva back on framework included resolving China's export restrictions on rare earth minerals and magnets, and will also remove some U.S. export restrictions that were recently put in place."The devil is going to be in the details and importantly whether this can help to reestablish trust between President Xi and President Trump, which has clearly been broken since the Geneva Agreement was published," said Ray Attrill, head of FX strategy at National Australia Bank."But it's way too early to say that we know we're in the midst of establishing a cast iron, new U.S.-China trade agreement."Much of the year has been dominated by investors fretting over the likelihood that U.S. President Donald Trump's erratic policies could tip the U.S. economy into a recession, and in turn hurt global erosion of investor confidence in U.S. assets has severely undermined the dollar, which is down more than 8% so far this in the day, investors will closely parse a U.S. consumer inflation report that could reflect the economic impact of tariffs on prices, potentially determining the trajectory of the Federal Reserve's monetary policy for the rest of the Fed is expected to hold rates steady next week, with traders pricing in nearly two 25-basis-point cuts by the end of the sterling was marginally higher at $1.35 as markets awaited British finance minister Rachel Reeves' public spending plans. The currency came under pressure overnight after data pointed to a weak labour market.
Time of India
31 minutes ago
- Time of India
Dollar holds steady after US, China reach framework deal to ease export curbs
The dollar was steady against its major peers on Wednesday, after U.S. and China agreed on a framework for a trade agreement that investors hoped could potentially pave the way to resolving a damaging trade war between the world's two largest economies. In early Asia trading, the dollar was down 0.14% against the Japanese yen at 144.770, and slipped 0.13% against the Swiss franc to last change hands at 0.8218. The euro was flat at $1.1427, while China's offshore yuan was little changed at 7.1881 per dollar. An index that measures the greenback against six other currencies was little changed and was last at 99.068. U.S. Commerce Secretary Howard Lutnick said that U.S. and Chinese officials concluded keenly watched talks in London that lasted for two days and agreed to put their trade truce reached last month in Geneva back on track. Live Events The framework included resolving China's export restrictions on rare earth minerals and magnets, and will also remove some U.S. export restrictions that were recently put in place. "The devil is going to be in the details and importantly whether this can help to reestablish trust between President Xi and President Trump, which has clearly been broken since the Geneva Agreement was published," said Ray Attrill, head of FX strategy at National Australia Bank. "But it's way too early to say that we know we're in the midst of establishing a cast iron, new U.S.-China trade agreement." Much of the year has been dominated by investors fretting over the likelihood that U.S. President Donald Trump's erratic policies could tip the U.S. economy into a recession, and in turn hurt global growth. The erosion of investor confidence in U.S. assets has severely undermined the dollar, which is down more than 8% so far this year. Later in the day, investors will closely parse a U.S. consumer inflation report that could reflect the economic impact of tariffs on prices, potentially determining the trajectory of the Federal Reserve's monetary policy for the rest of the year. The Fed is expected to hold rates steady next week, with traders pricing in nearly two 25-basis-point cuts by the end of the year. UK's sterling was marginally higher at $1.35 as markets awaited British finance minister Rachel Reeves' public spending plans. The currency came under pressure overnight after data pointed to a weak labour market.
Time of India
an hour ago
- Time of India
Qcomm cos on govt radar; Tata upskills in Taiwan
Qcomm cos on govt radar; Tata upskills in Taiwan Also in the letter: Govt may increase scrutiny on quick commerce firms following hygiene, food safety issues Taking charge: Second strike: Last year, a raid by the Telangana food safety commissioner also flagged lapses at Blinkit warehouses. In response, the FSSAI urged state authorities to step up inspections of quick commerce facilities. The agency also amended norms, mandating that rapid delivery platforms supply products with at least 30% of their shelf life remaining or a minimum of 45 days before expiry. In addition to concerns about food safety, quick commerce firms have also faced scrutiny over the use of manipulative design tactics, known as dark patterns. Also Read: Rapid expansion: Tata Electronics sends hundreds of staff to Taiwan for semicon training Driving the news: Now hiring: Talent hunt: To build its talent pipeline, Tata Electronics is recruiting top executives from chipmakers such as Intel and GlobalFoundries, while also training less experienced employees. Fresh graduates and professionals with some industry exposure are being sent to Taiwan as part of this programme. Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: Flexiloans raises another Rs 375 crore from Fundamentum, Accion and others The details: The round was led by existing investors, including Nandan Nilekani's Fundamentum, US-based impact investor Accion, American asset management firm Nuveen, and Denmark-based asset management company Maj Invest. British International Investment (BII), the UK's development finance institution, joined in as a new investor. Tell me more: Founder's take: Wealthtech startup PowerUp Money raises $7 million: Garuda Aerospace raises $1 million: Other Top Stories By Our Reporters Byju's US assets Epic and Tynker sold for a song: Meesho converts to public entity in run-up to IPO: OpenAI's ChatGPT down; users report issues in loading prompts: Global Picks We Are Reading Happy Wednesday! The government may increase surveillance on quick commerce dark stores because of increasing hygiene concerns. This and more in today's ETtech Morning Dispatch.■ ETtech Done Deals■ Byju's US fire sale■ Meesho converts to public entityThe government is likely to increase oversight of quick commerce companies' dark stores following a spate of complaints about food safety violations at facilities run by leading told us that the Food Safety and Standards Authority of India (FSSAI) will lead the effort, with plans for surprise inspections at dark stores and other storage facilities across the FSSAI, which falls under the health ministry, sets standards for the manufacture, storage, distribution, sale and import of food HSBC Global ReasearchThe move follows recent action by the Maharashtra Food and Drug Administration (FDA), which suspended the licences of Blinkit and Zepto's dark stores in Mumbai and Pune after uncovering multiple hygiene breaches and violations of food safety executives and brand founders told ET that the fast and largely 'unchecked' growth of quick commerce platforms, which pushed both marketplaces and brands to scale at breakneck speed, may be at the root of the Electronics is ramping up preparations for its semiconductor fabrication (fab) and assembly and test (OSAT) facility by sending scores of employees to Taiwan for told us that the electronics arm of the Tata Group has sent 'a couple of hundred' employees to its technology partner Powerchip Semiconductor Manufacturing Corporation (PSMC) for hands-on training in the specialised skills needed to operate the upcoming fab in training is being conducted in a phased and structured manner, as PSMC can accommodate only a limited number of trainees at a Rs 91,000-crore fab in Dholera is expected to generate over 20,000 direct and indirect skilled jobs. Tata Electronics has started hiring in batches of 75, according to a person familiar with the matter."Different batches focus on distinct operations like equipment, yield engineering, process technology and another on quality engineering, which is generally a smaller group that doesn't need as many people,' the person Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and Reach out to us at spotlightpartner@ to explore sponsorship opportunities.(L-R) Manish Lunia, Deepak Jain, Ritesh Jain, founders, FlexiloansNon-banking finance company Flexiloans has raised Rs 375 crore in a mix of primary and secondary capital to drive its expansion raise follows a Rs 290 crore infusion in October 2024 . That round had valued the company at $140 million, ET reported at the time. The current raise includes a significant secondary ended FY24 with revenue of Rs 263 crore and a net profit of Rs 3 crore. The company is yet to file its FY25 financials.'Through this round, we have given exits to the high networth individuals who had invested in the company in 2017. Most of our existing institutional investors have doubled down in the company,' said Deepak Jain, a cofounder of wealthtech startup PowerUp Money has raised $7.1 million in its first major institutional funding round, led by early-stage investors Accel, Blume Ventures, and Kae Capital. This round also included participation from 8i Ventures and in April by Prateek Jindal, a former cofounder at Uni Cards, the startup offers direct mutual fund investments to retail startup Garuda Aerospace, backed by former Indian cricket team captain Mahendra Singh Dhoni, has raised $1 million in a funding round from the Narotam Sekhsaria Family Office (NSFO). The company plans to use the funds to scale up manufacturing capacity from 8,000 drones annually to 12,000-15,000 US assets of troubled edtech company Byju's, coding platform Tynker and kids learning platform Epic, have been sold for a fraction of what the company paid for them. A US bankruptcy court approved both sales during a hearing on May 20, as reported by EdWeek Market board of ecommerce marketplace Meesho has approved its conversion into a public entity in anticipation of a planned initial public offering (IPO), as stated in its filings with the Registrar of Companies (RoC).OpenAI's chatbot ChatGPT experienced an outage , with thousands of users encountering difficulties in loading and accessing results for their prompts. The company acknowledged the outage and stated that both ChatGPT and the image generation AI tool, Sora, have been affected.■ Trump's Tech Bros: Can Tim Cook save Apple from the trade war? ( FT ■ Tesla's Robotaxis are rolling out soon—with one big unanswered question ( Wired ■ Google's AI search features are killing traffic to publishers ( TechCrunch
