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23 minutes ago
- Business
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Currencies tread with caution ahead of Powell's speech
By Ankur Banerjee SINGAPORE (Reuters) -The U.S. dollar was steady on Friday, poised for a strong weekly performance as investors gear up for an eagerly anticipated speech from the Federal Reserve Chair Jerome Powell that could shape the near-term path for interest rates. An unexpectedly weak July jobs report coupled with big downward revisions to hiring in May and June bolstered hopes of an imminent reduction in borrowing costs, with traders even pricing in a jumbo rate cut for the next meeting in September. But since then cautious comments from other policymakers and economic data flashing inflationary risks have tempered those expectations. Still, traders are pricing in a 75% chance of a 25-basis-point rate cut in September, down from 92% a week earlier, CME FedWatch tool showed. Federal Reserve officials appeared lukewarm on Thursday to the idea of a rate cut next month, setting the stage for Powell's speech at the annual Jackson Hole conference in Wyoming, which kicked off on Thursday. "Powell is unlikely to pre-commit to a September cut," said Charu Chanana, chief investment strategist at Saxo. "The Fed has a dual mandate, but right now inflation outweighs labour as the bigger risk. "With another inflation and payrolls print still due before the September meeting, Powell has every reason to stay patient and keep optionality open," Chanana said. That might leave the dollar vulnerable after a steady but unspectacular rise in the past week. The euro last bought $1.1613, down 0.8% for the week, while sterling was steady at $1.3416, down nearly 1% for the week. The dollar index, which measures the U.S. currency against six rivals, was at 98.61, on course for a 0.7% rise in the week, snapping its two-week losing streak. Market pricing for a September rate cut sets a high bar for Powell to 'out‑dove' the market, according to Joseph Capurso, head of international and sustainable economics at Commonwealth Bank of Australia. "We expect a larger lift in the dollar if Powell challenges current high market pricing of a 25 bp September cut. Put another way, the dollar faces asymmetric risks with greater upside potential than downside," Capurso said. The yen fetched 148.45 per dollar in early trading after core inflation in Japan slowed for a second straight month in July but stayed above the central bank's 2% target, keeping alive expectations for a rate hike in the coming month. The yen is on course for a weekly drop of over 0.8%, its biggest decline in a week since mid-July. "We expect the BOJ to raise its policy rate in October," said Min Joo Kang, senior economist at ING. "The core inflation is likely to remain above 3% for an extended period... This will support the Bank of Japan's policy of normalisation." The Australian dollar was little changed at $0.6425, set for a 1.2% drop for the week, while the New Zealand dollar eased a tad to $0.58145, on course for a 1.8% weekly decline, its biggest drop in more than four months. Erreur lors de la récupération des données Connectez-vous pour accéder à votre portefeuille Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données
Yahoo
23 minutes ago
- Business
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Oil prices set to snap two-week losing streak as peace in Ukraine remains elusive
(Reuters) -Oil prices were little changed on Friday but were on track to snap a two-week losing streak as hope for immediate peace between Russia and Ukraine dimmed, increasing the risk premium demanded by oil sellers. Brent crude futures were down 4 cents to $67.63 a barrel at 0052 GMT, while West Texas Intermediate (WTI) crude futures fell 1 cent to $63.51. Both contracts climbed more than 1% in the prior session. Brent has risen 2.7% this week, while the WTI has gained 1.1%. Traders are pricing in more risk as hope that U.S. President Donald Trump can quickly broker a deal to end the war, which propelled a sell-off in oil over the last two weeks, fades. The three-and-a-half-year war continued unabated on Thursday as Russia launched an air attack near Ukraine's border with the European Union and Ukraine said it hit a Russian oil refinery. Meanwhile, U.S. and European planners said they have developed military options by allied national security advisers. That followed the first in-person talks at the weekend between the U.S. and Russian leaders since Russia invaded Ukraine, which have so far yielded little progress toward peace. Russian President Vladimir Putin demanded Ukraine give up all of the eastern Donbas region, renounce NATO ambitions and keep Western troops out of the country, sources told Reuters. Trump pledged to protect Ukraine under any war-ending deal. Ukraine President Volodymyr Zelenskiy dismissed the idea of withdrawing from internationally recognised Ukrainian land. Oil prices were also supported by a larger-than-expected drawdown from U.S. crude stockpiles in the last week, indicating strong demand. Stockpiles fell 6 million barrels in the week ended August 15, the U.S. Energy Information Administration said on Wednesday. Analysts had expected 1.8 million barrels. [EIA/S] Investors were also looking to the Jackson Hole economic conference in Wyoming for signals of a Federal Reserve interest rate cut next month. The annual gathering of central bankers begins on Thursday, with Fed Chair Jerome Powell speaking on Friday. Lower interest rates can stimulate economic growth and increase oil demand, potentially boosting prices.
Yahoo
23 minutes ago
- Sport
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NBA key dates: Trade deadline, All-Star Game, other important events for 2025-26 season
The NBA last week unveiled the complete game and broadcast schedule for the 2025-26 regular season, which tips off with a doubleheader on Oct. 21. The defending champion Oklahoma City Thunder will receive their rings before hosting the Houston Rockets in the first game of opening night at 7:30 p.m. EDT. The Golden State Warriors will visit the Los Angeles Lakers in the second game at 10 p.m. The regular-season schedule included 80 defined dates and opponents. The remaining two games will be played Dec. 10-16 and will be determined at a later date based on the results of the group stage of the in-season tournament. The league is set to welcome new broadcast partners, with Amazon (Prime) and NBCUniversal (NBC, Peacock) joining Disney (ABC, ESPN) in televising 247 total games next season. Every team is currently slated to have at least two nationally-televised games. Fans can unlock direct access to their favorite teams and players with NBA League Pass, which will continue to offer live, out-of-market games through various platforms, including the NBA app, Prime TV and other providers. The upcoming season has several important dates and events to monitor throughout the year. Rookie Wire took a look at the notable dates to keep an eye on. NBA Media Day* Date: Sept. 29 *Teams traveling outside of North America for the preseason host media day on Sept. 23: Brooklyn Nets, New York Knicks, Philadelphia 76ers, New Orleans Pelicans, Phoenix Suns Start of Training Camp Date: Sept. 30 Start of NBA Regular Season Date: Oct. 21 Start of In-Season Tournament Date: Oct. 31 In-Season Tournament Championship Date: Dec. 16 Trade Deadline Date: Feb. 5 (3 p.m. EST) NBA All-Star Weekend Date: Feb. 13-15 End of Regular Season Date: April 12 Play-In Tournament Date: April 14-17 Start of Playoffs Date: April 18 This article originally appeared on Rookie Wire: NBA key dates: Trade deadline, All-Star Game, other events for 2025-26
Yahoo
23 minutes ago
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Got the scoop: Bear takes over California ice cream shop
A curious bear on the hunt for something sweet found itself behind the counter of a California ice cream shop over the weekend. The big animal appeared to be making itself right at home when sheriff's deputies turned up to investigate in the resort city of South Lake Tahoe early Sunday. Officers shooed the ursine server out of the shop, but not before snapping a few pictures of their encounter. "With some encouragement, the bear ultimately left, but only after showing interest in the strawberry ice cream," said a post on the Facebook page of El Dorado County Sheriff's Office. "Thankfully, Fuzzy the bear caused barely any property damage and there was barely any cleanup." Bears are common in California and frequently go looking for food in human settlements, including entering homes or vehicles. Attacks on people are rare, but the animals can sometimes cause damage, especially when they cannot find a way out. hg
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23 minutes ago
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Less tax, more luxury: millionaires flock to Dubai
Rich people are flocking to Dubai in record numbers, drawn to the desert city by its zero income tax policy and easy luxury lifestyle that has become harder to maintain elsewhere. The United Arab Emirates and particularly Dubai have long welcomed wealthy people from nearby countries, and people helping millionaires to move there told AFP it is seeing more Westerners joining the fray. Advisory firm Henley & Partners estimates that the UAE will attract an unprecedented 9,800 millionaires this year -- more than anywhere else in the world. The tightly-policed UAE has moulded itself into a magnet for the wealthy, offering economic and political stability with extremely low crime rates, an easygoing business environment and even easier access to luxury. The Gulf state's golden visa scheme, meant to attract wealthy or skilled foreigners, allows individuals to obtain a 10-year residence permit. Mike Coady, who heads Skybound Wealth Management, an advisory firm for high-net-worth individuals, said some of his clients "feel like success has become a liability in their home countries". "They're being taxed more, scrutinised more, and offered less," he said, but in Dubai, "wealth isn't hidden, it's normalised". "In London, my clients whisper about their net worth. In Dubai, they can live freely." A top destination for flashy influencers, Dubai has become synonymous with over-the-top displays of wealth. It is home to an enormous mall with an indoor ski area, the world's tallest building, and the Palm -- an artificial island dotted with five-star hotels. The rapid development into a world-leading playground for the rich has been met with criticism over gross inequalities as armies of low-paid migrant workers form the backbone of the economy. - 'Very little red tape' - Coady said his relocating clients were mostly professionals in their 30s and 40s, including tech founders, second-generation business owners, consultants and fund managers. One of them is the 42-year-old founder of a cloud software company who, fearing capital gains tax on its sale, had moved to the UAE from Britain -- now a leading exporter of millionaires. Some are pushed out by a stricter taxation policy for people with "non-dom" status -- those who live in Britain but whose permanent domicile is abroad and had benefitted from no tax on income earned outside the country. Put together with other looming changes to taxation and inheritance rules, and what Coady called "increasing anti-wealth rhetoric", Britain is expected to lose a record 16,500 millionaires this year, according to Henley & Partners. The most high-profile departee this year, billionaire John Fredriksen, told Norwegian media he was moving to the UAE because "Britain has gone to hell". Speaking on the "Building Wealth With No Borders" podcast about his move to Dubai, Max Maxwell, CEO of Paddco Real Estate, said: "We're all chasing a lifestyle, whatever that means to everybody." The self-described "serial entrepreneur" explained that after leaving the United States for the UAE, he found his family could enjoy "a better lifestyle than where we were" for the same amount of money. Philippe Amarante, of Henley & Partners in Dubai, said the wealthy seek to maintain their fortunes and lifestyle, and the ability to do business with "very little red tape". And the UAE has positioned itself "with a very clear and simple message: we are open for business", said Amarante. To Coady's clients, "the UAE fits like a glove," he said. - 'Buy a whole building' - The inflow of rich foreigners has not been without controversy, however. Emirati authorities have cracked down on money laundering after the UAE was put on a global "grey list" in 2022 over concerns about murky financial transactions and a flood of Russian money, as wealthy Russians flocked to the Gulf after the Ukraine invasion to escape crippling sanctions at home. The UAE has also extradited some wanted individuals, including drug barons, reversing the grey listing. The wealthy from all over the world are now taking their families, businesses and private offices with them to Dubai, "which is something new", said Faisal Durrani, head of Middle East research at Knight Frank real estate consultancy firm. Dubai is already one of the world's top 20 cities with the most millionaires, home to 81,200 of them as well as 20 billionaires, according to Henley & Partners. Overtaking New York and London combined, 435 homes worth $10 million or more were sold in Dubai last year -- making it the busiest market for high-end properties, relatively affordable in the UAE compared to the West, Durrani said. He said buyers from places such as Monaco and Switzerland would come to the company seeking a Dubai apartment for $100 million, for example. "But in Dubai, for that price, you could buy a whole building." aya/ami/csp/rsc Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
