FOREIGN

Dollar struggles in Asia on Fed rate hike uncertainty

Published

6 years ago

November 23, 2017

The dollar struggled Thursday in Asia following the previous day’s losses as dovish Federal Reserve minutes rowed back expectations for US interest rate hikes.While board members at the US central bank will likely lift borrowing costs next month, official records of their October meeting indicate some are increasingly concerned about persistently low inflation as well as high equity prices.

The release of the minutes came after data showing a surprise drop in key durable goods orders, fuelling a sell-off in the greenback across the board.

They also came out a day after Fed boss Janet Yellen had warned that too quick an increase in rates could cause inflation to stagnate well below the bank’s two percent target rate.

“The minutes reflected a continued push toward another rate hike because of economic strength and a tight labour market,” Greg McKenna, chief market strategist at AxiTrader, said.

“But like Fed chair Janet Yellen… the minutes also reflected the Fed’s concern that inflation may stay lower for longer. That suggests calls for three and four hikes next year may be misplaced.”

Expectations that rates would be lifted several times next year — partly through an improving economy and flagged tax cuts — helped drive the dollar up over the past year.

In Asian trade Thursday the dollar was flat against the yen, euro and pound, having tumbled against all three on Wednesday.

But higher-yielding units were well up. The Australian dollar 0.9 percent up and the Canadian dollar rising 0.4 percent, with both commodity-reliant currencies boosted by a recent jump in oil prices.

South Korea’s won added 0.4 percent, the Mexican peso jumped 0.8 percent and the Indonesian rupiah was 0.2 percent higher while India’s rupee strengthened 0.3 percent. The Singapore dollar, Malaysian ringgit and New Zealand dollar were also sharply higher.

Shanghai dives
The euro was also lifted by hopes of an agreement on Britain’s bill to leave the European Union, while Germany’s Chancellor Angela Merkel continues efforts to reach a deal to form a coalition government.

There are hopes she can persuade the opposition Social Democrat leader Martin Schulz to reconsider an alliance to avert months of paralysis in Europe’s biggest economy.

On equity markets Hong Kong sank one percent a day after closing above 30,000 for the first time in a decade.

Singapore fell 0.2 percent, while Seoul was off 0.1 percent.

Shanghai dived 2.3 percent on profit-taking and worries about government moves to crack down on risk-taking lead dealers to shift to cash holdings.

This in turn has led bond yields higher, fanning worries that borrowing is becoming too expensive for companies.

“Cash is king now on the mainland,” Castor Pang, head of research at Core-Pacific Yamaichi HK, told Bloomberg News. “Rising bond yields will be negative for corporate profits, since it will increase financing costs. That’s very bad news for the stock market.”

Sydney and Wellington were both flat but Manila, Taipei and Mumbai were up.

US markets provided a mixed lead with the Nasdaq hitting another record by Dow and S&P 500 dipping as dealers there headed into the Thanksgiving break.

In early European trade London fell 0.5 percent, Paris shed 0.3 percent and Frankfurt was 0.6 percent off.

Key figures around 0820 GMT
Hong Kong – Hang Seng: DOWN 1.0 percent at 29,707.94 (close)

Shanghai – Composite: DOWN 2.3 percent at 3,351.92 (close)

Tokyo – Nikkei 225: Closed for a public holiday

London – FTSE 100: DOWN 0.5 percent at 7,385.44

Euro/dollar: UP at $1.1842 from $1.1824 at 2200 GMT

Pound/dollar: DOWN at $1.3320 from $1.3326

Dollar/yen: UP at 111.20 yen from 111.18 yen

Oil – West Texas Intermediate: DOWN 14 cents at $57.88 per barrel

Oil – Brent North Sea: DOWN 16 cents at $63.16

New York – DOW: DOWN 0.3 percent at 23,526.18 (close)

FOREIGN

BTS Singer V Ties Bandmates J-Hope, Jimin And Suga With New Hot 100 Hit

Published

4 weeks ago

March 27, 2024

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South Korea’s global superstars, BTS, are currently fulfilling their mandatory military service. But that hasn’t slowed them down. A dedicated fan base continues to propel V, one of the BTS members, to new heights on the American music scene.

While the group is focused on their national duty, this particular member’s solo work resonates with American audiences.

BTS’s influence remains strong, even with all seven members enlisted. This latest achievement proves that their music transcends borders and continues to captivate listeners around the world.

V, a member of the global phenomenon BTS, is making waves as a solo artist. His brand new single, “Fri(end)s,” hit the prestigious Billboard Hot 100 chart at a very impressive No. 65 in its first week.

This marks V’s fourth time landing a song on the Hot 100, and this time, it’s all him. BTS, as a group, has already achieved an incredible record with 27 hits on the chart. But V’s solo success ties him with three of his bandmates for another impressive feat.

With “Fri(end)s,” V joins J-Hope, Jimin, and Suga in the exclusive club of BTS members with four Hot 100 hits to their names.

However, the top soloist title goes to another BTS member. Jung Kook has a whopping six Hot 100 entries under his name. That’s just one slot ahead of K-pop legend Psy, who boasts five hits on the chart.

V’s solo journey on the Hot 100 began in 2022 with the release of “Christmas Tree.” The song gained significant traction during the holiday season, but its official chart debut came in the new year.

This strong debut for “Fri(end)s” is a great sign for V’s solo career. Fans are eagerly awaiting to see how high the song can climb on the chart in the coming weeks.

ENTERTAINMENT

Ariana Grande Surpasses Tie With Travis Scott, Reaches Justin Bieber’s Chart Record

Published

4 weeks ago

March 27, 2024

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Ariana Grande is dominating the Billboard charts this week. Her brand new album, “Eternal Sunshine,” has skyrocketed to the No. 1 spot on the Billboard 200 chart, making it the biggest album debut of 2024 so far. Ariana Grande’s new single, “We Can’t Be Friends (Wait For Your Love),” also rocketed to the top of the Streaming Songs chart in the US. This chart tracks the most-played songs each week, considering both audio and video streams across major platforms.

This chart success isn’t just a one-off win for her. This feat marks Ariana Grande’s sixth time leading on the Streaming Songs chart, officially breaking her tie with rapper Travis Scott. Previously, both artists were locked in a four-way tie for third place with five chart-topping hits each. Now, Grande takes the solo bronze medal position, pushing Scott down to fifth.

Ariana Grande Reaches Justin Bieber’s Chart Record | Fab.ng

Ariana Grande now shares the number-two spot with pop superstar Justin Bieber. Both singers have snagged six No. 1 hits on the Streaming Songs chart. But Ariana Grande achieved her latest win much more recently than Justin Bieber.

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Drake continues to dominate the streaming song chart. He has 20 No. 1 hits, a record no other artist has even come close to matching.

Following Drake is Taylor Swift, who has secured an impressive eight No. 1 hits on the Streaming Songs chart. She’s poised to add to her tally soon with the upcoming release of her new album, “The Tortured Poets Department.”

Ariana Grande has been on a roll this year, scoring two new No. 1 hits already. Her latest track, “We Can’t Be Friends (Wait For Your Love),” debuted at the top spot, following the success of her previous chart-topper, “Yes, And?” These two new hits join her previous four leaders: “Thank U, Next,” “7 Rings,” “Positions,” and the collaboration with The Weeknd, “Die For You.”

FOREIGN

House Of The Dragon’ Season 2 Drops Premiere Date

Published

4 weeks ago

March 27, 2024

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Get ready for fire and blood! HBO released two thrilling trailers for the highly anticipated second season of “House of the Dragon” on Thursday.

These action-packed “duelling trailers” offer a glimpse into the brewing Targaryen civil war, packed with conflict and drama.

The trailers confirm that Season 2 premieres on Sunday, June 16th.

The prequel series to the smash-hit “Game of Thrones” takes viewers back 200 years to explore the history of Daenerys Targaryen’s ancestors. The Targaryen family, known for their mastery of dragons, is on the brink of war, and these trailers showcase the intensity of the coming conflict.

The first season of “House of the Dragon” premiered in August 2022 and was a massive success, capturing the attention of a reported 29 million viewers each week.

The movie is based on George R.R. Martin’s “Fire & Blood.” It dives into a brutal civil war within the Targaryen dynasty.

The story centers on Rhaenyra Targaryen, who defies tradition by being named heir to the Iron Throne, a position typically held by men. Rhaenyra faces opposition from the very beginning. Her initial close friend, Alicent Hightower, becomes her stepmother after marrying King Viserys, Rhaenyra’s father. This marriage strains their friendship and sows the seeds of future conflict.

The Targaryens, known for keeping their bloodline pure, are also infamous for marriage within the family. In this case, Rhaenyra is married to her uncle, Daemon Targaryen, a powerful and unpredictable warrior.

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King Viserys dies in the course of the movie. This tragedy leads to trouble. Aegon, Rhaenyra’s half-brother, steps forward with the claim that he, not Rhaenyra, should be king. Alicent, now firmly on Aegon’s side, fuels the flames of war.

Supporters have formed behind each heir, creating clear factions. Those who back Rhaenyra are known as the “Blacks,” while Aegon’s supporters are called the “Greens.”

Adding to the chaos is Aegon’s violent brother, Aemond. Aemond’s actions escalate the conflict to a horrifying new level, leaving one of Rhaenyra’s sons dead by the end of season one.

This brutal act ignites a fire of vengeance in Rhaenyra, setting the stage for a bloody war known as the Dance of the Dragons.

The intense rivalry between these two sides promises a thrilling and ruthless battle for ultimate power. The show has even released separate trailers for each faction, further amplifying the excitement for fans

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