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CNA
an hour ago
- CNA
Dollar drops but maintains modest weekly gains
NEW YORK :The U.S. dollar slipped on Friday but held onto weekly gains, as investors weighed signs that tariffs may be starting to increase some inflation pressures along with expected Federal Reserve policy as U.S. President Donald Trump increases pressure on Chair Jerome Powell. Data on Tuesday showed that consumer prices rose in June, though the increase was seen as moderate. Wednesday's producer price inflation report, meanwhile, showed that prices were steady last month. Powell has said he expects inflation to rise this summer as a result of Trump's tariff policies, which has pushed out expectations on when the U.S. central bank is likely to cut rates. But the labor market is showing signs of weakness even as headline job gains and the unemployment rate remain relatively solid. 'We're waiting on the tariffs to become real and not just a negotiating ploy and waiting on the labor market to reveal itself,' said Lou Brien, strategist at DRW Trading in Chicago. 'Layoffs are at a lower level than they were pre-pandemic, but the hiring is terrible. And if, all of a sudden, the layoffs come up, we're going to get a significant increase in the unemployment rate very quickly,' Brien said. Fed governor Chris Waller said on Friday that he favors a rate cut at the July meeting because he feels the tariffs are likely to have a limited impact on inflation. He added that underlying data "are not indicating a super healthy private sector labor market," and the Fed should "get ahead" of a possible hiring slowdown. Waller's comments come amid near daily criticism by Trump of Powell over the Fed's reluctance to cut rates. The dollar tumbled on Wednesday on reports that Trump was planning to fire the Fed Chair, but rebounded after Trump denied the reports. Powell's term will end in May. Fed funds futures traders are pricing in 45 basis points of cuts by year-end, implying that two 25 basis point cuts are seen as most likely, with the first coming in September. The dollar index was last down 0.26 per cent on the day at 98.25, and is on track for a 0.39 per cent weekly gain. The euro gained 0.49 per cent to $1.1652 but is headed for a weekly drop of 0.31 per cent. Sterling rose 0.27 per cent to $1.3451 and is heading for a weekly decline of 0.32 per cent. The Japanese yen, meanwhile, was slightly higher against the greenback heading into Sunday's upper house election in which Japan's ruling party looks vulnerable. The dollar weakened 0.09 per cent to 148.46 yen, but is on track for a weekly gain of 0.71 per cent. Polls suggest Japan's ruling coalition is at risk of losing its majority, which would stir policy uncertainty at home and complicate tariff negotiations with the United States. U.S. Treasury Secretary Scott Bessent told Japanese Prime Minister Shigeru Ishiba that their countries can reach a "good agreement" on tariffs, Ishiba said on Friday after meeting Bessent in Tokyo. In cryptocurrencies, bitcoin fell 0.78 per cent to $118,552, holding below a record $123,153 reached on Monday. The U.S. House of Representatives on Thursday passed a bill to create a regulatory framework for U.S.-dollar-pegged cryptocurrency tokens known as stablecoins, sending the bill to Trump, who is expected to sign it into law.
Straits Times
an hour ago
- Straits Times
G20 finance chiefs back central banks' independence as they seal communique
Find out what's new on ST website and app. FILE PHOTO: A woman walks at the Cape Town International Convention Centre during the G20 Finance Ministers meeting in Cape Town, South Africa February 24, 2025. REUTERS/Nic Bothma/File Photo DURBAN - Finance chiefs from the Group of 20 countries stressed the importance of central bank independence in a communique issued on Friday following a two-day meeting in South Africa's coastal city of Durban. The ministers and central bankers pledged to boost cooperation as they sealed their first communique since October 2024, a month before President Donald Trump's election victory and subsequent tariff war. The issue of central bank independence hung heavily over the meeting following Trump's repeated berating of U.S. Federal Reserve Chair Jerome Powell for not cutting interest rates, attacks that have roiled global financial markets. The communique was reached in the absence of U.S. Treasury Secretary Scott Bessent from the two-day meeting, though Washington was represented by Michael Kaplan, acting under secretary of the Treasury for international affairs. Bessent also skipped the previous G20 finance chiefs' gathering in Cape Town in February, even though Washington is due to assume the G20's rotating presidency in December. "Central banks are strongly committed to ensuring price stability, consistent with their respective mandates, and will continue to adjust their policies in a data-dependent manner. Central bank independence is crucial to achieving this goal," the communique said. South Africa's deputy finance minister David Masondo told reporters that the meeting outcomes contained in the communique were "consented to by all members" and centred on "strategic macroeconomic issues". Top stories Swipe. Select. Stay informed. Singapore Critical infrastructure in S'pore under attack by cyber espionage group: Shanmugam Singapore What is UNC3886, the group that attacked Singapore's critical information infrastructure? Singapore Alleged Kpod peddler filmed trying to flee raid in Bishan charged with 6 offences Asia Indonesia court jails former trade minister for 4½ years in sugar graft case Singapore Singapore police in contact with Indonesian authorities over baby trafficking allegations Singapore NTU upholds zero grade for student accused of using AI in essay; panel found 14 false citations or data Singapore 30% of aviation jobs could be redesigned due to AI, automation; $200m fund to support workers: CAAS Singapore Former NUH male nurse faces charges after he allegedly molested man at hospital The communique also recognised "the importance of the World Trade Organisation to advance trade issues", while adding the body needed reform. The agreement is seen as an achievement even though communiques issued by the G20, which emerged as a forum for cooperation to combat the 2008 global financial crisis, are non-binding. G20 finance ministers failed to reach a joint stance when they met in February, to the dismay of hosts South Africa. South Africa, under its presidency's motto "Solidarity, Equality, Sustainability", has aimed to promote an African agenda, with topics including the high cost of capital and funding for climate change action. The finance ministers and central bank governors said in Friday's communique that they were committed to addressing debt vulnerabilities in low- and middle-income countries in an effective, comprehensive and systematic manner. REUTERS
CNA
an hour ago
- CNA
Netflix shares drop as revenue forecast leaves investors unimpressed
Netflix shares declined more than 5 per cent in early trading on Friday, as investors were disappointed by the streaming giant's revenue forecast raise being driven by a weaker dollar instead of strong customer demand. The stock has nearly doubled in value in the last 12 months, pushing Netflix's market value above $540 billion, more than the combined worth of Disney, Comcast, and Warner Bros. Discovery. The streaming platform on Thursday raised its 2025 revenue outlook and expects to be in the range of $44.8 billion to $45.2 billion, broadly helped by a weaker dollar, compared to its previous forecast range of $43.5 billion to $44.5 billion. "Better-than-expected quarterly results and upgraded full-year revenue and cash flow guidance weren't enough to keep investors happy," said Dan Coatsworth, investment analyst at AJ Bell. Investors were disappointed because the improved revenue outlook was driven by foreign exchange factors rather than stronger customer demand, Coatsworth said. Disappointment over the forecast overshadowed a quarterly profit beat that was fueled by the success of the final season of 'Squid Game'. Netflix shares, which have gained about 43 per cent so far this year, currently trade at 43.8 times the estimates of its earnings for the next 12 months, compared with Disney's 19.57 and Comcast's 7.71."The muted response to Netflix's share price... may be down to its lofty valuation," said Kathleen Brooks, research director at XTB. With subscriber growth slowing after the pandemic-era surge, Netflix has shifted its focus to ramping up advertising revenue to reshape its business model. The company is expanding its ad-supported tiers, implementing targeted ad placements, and working on live sports events to attract advertisers. "As Netflix ramps up its advertising revenues combined with underlying strength in the core business, we see a strong runway to drive higher monetization of its engagement," analysts at MoffettNathanson said. At least 16 analysts raised their price targets on the stock following results, bringing the median target to $1,365, as per data complied by LSEG.
