Stocks surged to session highs after Jerome Powell said interest rate hikes aren't "anybody's base case."The Dow added nearly 600 points, or about 1.2%, while the S&P 500 gained about 0.8%. The Nasdaq was up about 0.5%.Powell's comments aligned with the market's long-held belief that the Fed's next interest rate move will be a cut not a hike. This combined with a more optimistic economic outlook from the Fed helped boost stocks. ...

Two of Australia’s top economists find themselves in different camps over the Reserve Bank’s next rate move as Governor Michele Bullock’s surprise hawkish shift prompted investors to boost bets on a hike as early as February https://t.co/g8WYASUfT8 ...

Montgomery coning from Monkees live team who is with us this morning. Skyler, good to have your perspective on the program. It feels like we started the week with the BMJ, to some degree with the BMJ as well, with a Bloomberg scoop that sources are telling Bloomberg that the BMJ is ready to hike on the 18th 19th of December as long as nothing enormous happened between them, which still leaves kind of half a month.So we will see. But what is your evolving thinking around the BMJ. Yeah, sure.I mean, I think i ...

Investors were avoiding crypto that day, which hurt sentiment on the company.Crypto treasury company Bitmine Immersion Technologies (BMNR 12.62%) didn't have timing on its side Monday. Its stock took a punishing hit of almost 13% that trading session after it published the latest update on its holdings -- on a day when many cryptos were booking substantial losses.A bad case of the MondaysBitmine publishes weekly updates of its holdings, which is appropriate given the company's active involvement with its an ...

The dollar index (DXY00) on Monday fell to a 2-week low and finished down by -0.05%.  The yen’s strength is weighing on the dollar on Monday after BOJ Governor Ueda signaled a possible interest rate hike at this month’s policy meeting.  Also, Monday’s weaker-than-expected Nov US ISM manufacturing index is bearish for the dollar.  In addition, the dollar is under pressure amid expectations for a Fed rate cut at next week’s FOMC meeting, as the swaps market now discounts a 96% chance of a rate cut at the Dec ...

Market Overview - The crypto market experienced a significant sell-off, with the CoinDesk 20 Index declining by 5.98% in the past 24 hours due to low liquidity and a recent $19 billion liquidation cascade [1] - The market sentiment has shifted to bearish, as indicated by negative annualized funding rates for several tokens, ranging from -7% to -11% [5] Macro Influences - Comments from Bank of Japan Governor Kazuo Ueda regarding a potential interest-rate increase this month have influenced market dynamics, leading to higher government bond yields in Japan [2] - The anticipated strengthening of the yen may cause hedge funds to reposition their investments, impacting risk assets like bitcoin [2] Derivatives and Trading Activity - Open interest in crypto futures has seen a significant decline, with coins like ZEC, SUI, UNI, and ENA collapsing by over 10% in 24 hours, while BTC's open interest dropped by 2% [5] - The 30-day bitcoin implied volatility index (BVIV) rose sharply, indicating increased fear in the market, briefly exceeding 55% [5] - Traders are employing strategies such as BTC strangles and ETH straddles, anticipating a volatility boom [5] Altcoin Market Performance - The altcoin market suffered heavily, with zcash (ZEC) losing 20% of its value in 24 hours, and other tokens like ethena (ENA) and celestia (TIA) dropping by 16% and 14%, respectively [5] - Over $430 million of the $637 million in liquidations occurred in the altcoin market, as several tokens continued their downtrends [5] - The average relative strength index (RSI) indicates "oversold" conditions, suggesting a potential relief rally as short positions may take profits [5] Token Performance - Despite the overall market downturn, some tokens have shown positive performance over the past week, such as KAS, which is up by 29%, and SKY, which rose by 17% following buyback announcements [5] - The "altcoin season" indicator has dropped to 24/100, significantly down from September's 78/100, indicating a preference for more liquid and stable assets like bitcoin [5]

Market Overview - The Nikkei fell 1.68% to 49,407.31, marking a weak start to the month after seven consecutive months of gains in November [1] - The broader Topix index decreased by 1.01% to 3,344.48 [1] - Japanese government bond (JGB) yields reached 17-year highs, contributing to market volatility [1] Currency and Interest Rates - The yen strengthened against the dollar, influenced by comments from Bank of Japan Governor Kazuo Ueda, which increased speculation about a potential interest rate hike this month [1] - Market reactions were noted as different from previous trends, with rising yields and currency movements impacting investor sentiment [1] Company Performance - Advantest, a chip-testing equipment maker, saw a decline of 4.37%, significantly impacting the Nikkei [3] - Fast Retailing, owner of the Uniqlo brand, experienced a loss of 1.58% [3] - Fujikura, an optic fibre cable manufacturer, dropped 8.58%, becoming the largest percentage loser on the Nikkei [4] - Mitsui Kinzoku, a producer of materials for data centres, fell by 7.15% [5] Banking Sector - The banking sector showed resilience, with Sumitomo Mitsui Financial Group gaining 2.75% and Mitsubishi UFJ Financial Group rising by 2.33%, making them the top percentage gainers on the Nikkei [5] - Mizuho Financial Group also increased by 1.55% [5] - The bank index rose by 1.96%, contrasting with the overall market trend [5] Industry Performance - All but two of the Tokyo Stock Exchange's 33 industry sub-indexes declined, with energy explorers falling 3.55%, marking the worst performance [5] - The bank index emerged as the best performer, reflecting positive sentiment towards potential interest rate hikes [5]

Tokyo’s inflation held steady in November, keeping the Bank of Japan on track for an interest rate hike in coming months https://t.co/B2Hgcpfzh8 ...

Core Viewpoint - The Bank of Japan (BOJ) is signaling a potential interest rate hike as early as next month, driven by concerns over a declining yen and diminishing political pressure to maintain low rates [1][2][3]. Group 1: BOJ's Shift in Messaging - Recent changes in BOJ messaging have refocused attention on inflationary risks associated with a weak yen, moving away from earlier concerns about the U.S. economy [2]. - The BOJ's hawkish stance has been reinforced following a meeting between Prime Minister Sanae Takaichi and BOJ Governor Kazuo Ueda, which alleviated immediate political objections to rate hikes [3][4]. - Officials within the BOJ, including Ueda, are increasingly acknowledging that a weak yen could lead to higher inflation than previously anticipated [5]. Group 2: Market Expectations and Economic Indicators - A Reuters poll indicates that a slim majority of economists expect the BOJ to raise rates at its upcoming meeting on December 18-19, with projections for a hike to 0.75% by March next year [6]. - The sentiment among BOJ board members is shifting towards a consensus that conditions are favorable for a rate hike, with comments from members like Junko Koeda and Kazuyuki Masu suggesting that the timing is approaching [7][8]. - The impact of a weak yen on underlying inflation is becoming a critical factor in the BOJ's decision-making process, indicating a recognition of the lasting effects of currency fluctuations on prices [9].

Japan’s inflation rose in October, keeping the Bank of Japan on track for an interest rate hike in coming months as Prime Minister Sanae Takaichi prepares an economic package aiming to soothe discontent over rising costs of living https://t.co/tP0W5RnGJr ...