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Stocks In Asia Soar As Cooling Inflation Feeds Hopes Fed Will Ease Up

SINGAPORE, Nov 11 (Reuters) – Asian shares scaled a seven-week high on Friday, while the dollar wobbled after cooler-than-expected U.S. inflation data sparked hopes that the Federal Reserve could tone down its aggressive interest rate hikes.

MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) soared 5.33%, set for its biggest one-day percentage jump since March 2020. The index is down 23% for the year but is heading for a weekly gain of more than 7%, the biggest in more than two years.

Full coverage: REUTERS

China Eases COVID Rules, Including Shortening Quarantines

BEIJING, Nov 11 (Reuters) – China on Friday eased some of its draconian COVID rules, including shortening quarantines by two days for close contacts of infected people and for inbound travellers, and removing a penalty for airlines for bringing in too many cases.

The loosening of the rules, which came a day after China’s new Politburo Standing Committee discussed COVID during a meeting chaired by President Xi Jinping, cheered markets, with Shanghai’s benchmark CSI 300 (.CSI300) jumping 3% and the yuan currency extending gains to a one-month high.

Full coverage: REUTERS

Dollar Loses Shine, Yuan Jumps After China Modifies COVID Protocol

SINGAPORE, Nov 11 (Reuters) – The dollar languished on Friday after a sharp sell-off overnight when U.S. inflation data came in cooler than expected, raising market hopes of a peak in consumer prices that could temper the Federal Reserve’s aggressive monetary tightening campaign.

The yuan also jumped in afternoon Asian trade after Chinese health authorities eased some of the country’s heavy COVID-19 curbs, including shortening quarantine times for close contacts of cases and inbound travellers.

Full coverage: REUTERS

Exclusive: Apple Supplier Foxconn Plans To Quadruple Workforce At India Plant

NEW DELHI/TAIPEI, Nov 11 (Reuters) – Apple (AAPL.O) supplier Foxconn (2317.TW) plans to quadruple the workforce at its iPhone factory in India over two years, two government officials with knowledge of the matter said, pointing to a production adjustment as it faces disruptions in China.

Foxconn has grabbed headlines in recent weeks, with tight virus restrictions at its Zhengzhou plant, the world’s largest iPhone factory, disturbing production and fueling concerns over the impact of China’s virus policy on global supply chains.

Full coverage: REUTERS

Pakistan At COP27 Demands Climate Aid, Says ‘Dystopia’ Already Here

SHARM EL-SHEIKH, Egypt, Nov 11 (Reuters) – Pakistan will not be satisfied unless U.N. climate summit negotiators unlock emergency cash for the country to rebuild after this year’s devastating floods, its climate minister said Thursday.

“The dystopia has already come to our doorstep,” the country’s climate minister, Sherry Rehman, told Reuters in an interview on the sidelines of the COP27 summit in Egypt.

She lamented the glacial pace of climate diplomacy, saying it cannot meet the needs of a country struggling to recover from climate-fueled flooding that caused more than $30 billion in economic losses.

Full coverage: REUTERS

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Industry Dynamics

Weekly Economic Calendar For September 25, 2023 – September 30, 2023

Weekly Economic Calendar For September 25, 2023 – September 30, 2023.

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