LONDON—Australian and New Zealand dollars slipped from highs hit overnight, and the dollar fell versus the yen on Thursday, in what analysts said was profit-taking following a strong rally. The U.S. dollar index was flat on the day at 1051 GMT, at 93.669. Versus the Japanese yen, the dollar was down 0.3 percent at 114….
Risk Currencies’ Rally Pauses, Yen Recovers, Turkish Lira Sinks
October 21, 2021
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New Zealand Becomes First Country in the World to Pass Climate Change Disclosure Law
October 21, 2021
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New Zealand has become the first country in the world to pass a law ensuring financial organizations disclose and act on climate-related risks and opportunities, the government announced on Thursday. The Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill passed its third reading with the goal of driving New Zealand’s push toward carbon neutrality by…
Oil Hits Multi-Year High Above $86, Then Pulls Back
October 21, 2021
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LONDON—Oil hit a three-year high above $86 a barrel on Thursday driven by tight supply and a global energy crunch, although prices eased as some investors took profits on signs the rally is looking overstretched. Helping to drive the latest gain, a supply report from the U.S. Energy Information Administration on Wednesday showed crude and…
Miners, Weak Earnings Drag European Stocks Lower
October 21, 2021
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European stocks retreated from six-week highs on Thursday, with miners leading the declines on renewed concerns about China’s property sector, while mixed quarterly updates from companies dampened risk appetite. The Europe-wide STOXX 600 index fell 0.2 percent due to a dour mood in global markets following the collapse of a $2.6 billion asset sale at…
Stocks Stall, Oil Cools, Evergrande and Lira Fall
October 21, 2021
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LONDON—World stocks slipped on Thursday as the upbeat mood that carried the Dow Jones and bitcoin to records a day earlier ran out of steam, while a pause in the oil rally stalled rising global bond yields. Turkey’s lira was backsliding towards record lows with the central bank expected to chop its interest rates again…
Fed’s Quarles Warns Additional Government Spending Could Lead to Extended Period of Transitory Inflation
October 21, 2021
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Federal Reserve Gov. Randal Quarles on Wednesday warned that additional government spending being contemplated by the Biden administration could lead to “transitory” inflation continuing for too long. Speaking at a Milken Institute conference in Los Angeles, Quarles noted that the central bank has been increasing its holdings of Treasury securities and agency mortgage-backed securities by $120 billion a month since…
Brazil Nixes Welfare Expansion Announcement Amid Currency Sell-Off
BRASILIA—Brazil’s government canceled an announcement for a generous new welfare program on Thursday, after a central bank currency intervention failed to calm market concerns about looser government spending ahead of next year’s election. President Jair Bolsonaro, who has seen his poll numbers fall over his mishandling of the pandemic, a weak economy, and rising inflation,…
US Needs More Mines to Boost Rare Earths Supply Chain, Pentagon Says
The United States and ally nations should mine and process more rare earths to ensure adequate global supply of the strategic minerals for military and commercial uses, a U.S. Department of Defense official said on Tuesday. The remarks underscore the Pentagon’s rising interest in public-private mining partnerships to counter China’s status as the top global…
US Treasury Will Hold IMF Chief Accountable for Integrity Changes: Official
October 21, 2021
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WASHINGTON—The second-ranking U.S. Treasury official told senators on Tuesday that the agency would hold International Monetary Fund Managing Director Kristalina Georgieva accountable for changes needed to safeguard IMF integrity in the wake of a World Bank data-rigging scandal. “We did not find that it was appropriate at this point to remove the (IMF) managing director,”…
Fed to Wait Until 2023 to Raise Rates, but There Is Risk of Earlier Hike: Reuters Poll
BENGALURU—The Federal Reserve will wait until 2023 before raising interest rates, according to a majority of economists in a Reuters poll who nonetheless said the greater risk for the U.S. economy was persistently higher inflation over the coming year. While half the members of the U.S. central bank’s policy-setting committee projected last month that the…
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