58.99 - 60.26
48.55 - 75.45
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Investing.com -- U.S. stocks were rising after the annualized core inflation reading for August met expectations, stoking hopes the Federal Reserve is reaching the end of its interest rate increases. At 9:41 ET (13:41 GMT), the Dow Jones Industrial Average was up 53 points or 0.2% while the S&P 500 was up 0.2% and the NASDAQ Composite was up 0.4%. The three major Wall Street indices closed lower Tuesday, weighed by sharp losses from Oracle (NYSE:ORCL), with the computer software company notching its worst day in more than 20 years on the back of disappointing revenue guidance. The tech-heavy Nasdaq Composite dropped 1%, while the blue-chip Dow Jones Industrial Average ended 0.1% lower and the broad-based S&P 500 fell 0.6%. U.S. CPI data hits ahead of Fed meeting This focus Wednesday is the U.S. consumer price index, as investors try to gauge the likely path of U.S. interest rates over the rest of the year. The annual headline inflation in the world's largest economy rose 3.7%, slightly higher than the expected 3.6% during the month of August, as energy prices soared, but the core reading, which strips out volatile items like food and fuel, rose 4.3%, as expected. Recent remarks from Fed officials suggest another pause is the most likely outcome of next week's rate-setting meeting, but uncertainty still remains over what they may choose to do later on in 2023. Apple to remain in spotlight after iPhone reveal In the corporate sector, restaurant and retail chain Cracker Barrel (NASDAQ:CBRL) beat profit expectations. Shares rose 3%. Moderna (NASDAQ:MRNA) and Pfizer (NYSE:PFE) are likely to benefit from the Centers for Disease Control and Prevention’s recommendation that all Americans ages six months and older receive updated Covid vaccines from the two drugmakers. Apple (NASDAQ:AAPL) will also remain in focus after the tech giant revealed four new iPhone models at its annual hardware refresher on Tuesday, but refrained from launching major updates to the flagship device's design or software. Shares dipped 0.3%. Crude gains ahead of EIA inventory report Oil prices edged higher Wednesday, near their highest levels since November 2022, boosted by ongoing supply concerns as well as a bullish demand outlook from the OPEC monthly report. The Organization of the Petroleum Exporting Countries, in a report released on Tuesday, said that oil markets will tighten further this year amid robust demand and lower production. Additionally, the Energy Information Administration said global oil inventories were expected to fall by almost a half million barrels per day in the second half of 2023. This overshadowed data from the American Petroleum Institute showing that U.S. crude inventories rose 1.2 million barrels last week, with the official report from the Energy Information Administration due later in the session. (Peter Nurse and Oliver Gray contributed to this item.)
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here's another Tip, where Jason met neptune
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**Market Update – 21 August – PBOC disappoints, markets quiet** APAC stocks traded mixed as the disappointment from China’s decision on its Loan Prime Rates overshadowed its recent support efforts; Hong Kong underperformed. PBOC opted for a narrower-than-expected cut to the 1-year LPR alongside a surprise hold on the 5-year LPR, which is the reference rate for mortgages. PBOC and regulators met with bank executives and told lenders to boost loans to support the economic recovery instead. Meanwhile Country Garden has been delisted from the Hang Seng as the real estate sector in China crumbles before our eyes. https://analysis.hfeu.com/en-eu/722826/
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Paid for the Order Flow/Automation webinar back in February. It was postponed several times and ultimately cancelled. Both Pramod and Chris repeatedly promised to send out videos and materials, but I never received anything. I finally asked for a refund several months ago and it has not materialized. I have sent multiple emails, but all I have been met with is excuses. I have learned a lot from Chris, but this is unacceptable.
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@Atlas #Emporos Research
if the account is 1,000,000 pounds or more better to go with a monthly return plan where the monthly return increases every time the target is met in this form : 3% 5% 7% 9% 11% 13% 15% 17% 19% 21% 23% 25% the sum of every month well over 100% return for the year
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if the account is 1,000,000 pounds or more better to go with a monthly return plan where the monthly return increases every time the target is met in this form :
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Alors comprenez bien une chose, **cette critique est constructive et ne vise pas à tout dénigrer à ce propos.** Mais il faut avouer que cette secte se chauffe un peu trop vite quand on critique ce concept, les insultes, les mensonges…à croire que c’est le saint-graal et que c’est Impossible que ça ne fonctionne pas car soit disant pour eux ça fonctionne « de fou ». La vérité étant que ce concept existait sous d’autres noms avant mais prenons donc le terme SMC, il a explosé en 2021 pas vrai ? Alors expliquez moi une chose, pourquoi aucun trader SMC n’est capable de fournir un track record de +1 an sur un compte live ( pas de trucage avec un broker pour afficher réal au lieu de démo…) et sans s’être autoproclamé « formateur SMC » et faire payer ses cours ? Les traders SMC passent leur temps à dénigrer les autres méthodes alors que eux même se font retourner le cerveau. Il suffit d’oser critiquer ne serait-ce un minimum leur méthode et vous êtes la cible de leur mécontentement. C’est une triste réalité. Le smart money concept n’est pas une stratégie mais bien un concept. Ils pensent être des génies car pensent comprendre des choses que les autres ne comprennent pas. **Il faut bien comprendre une chose, ces mecs n’ont jamais été en institution alors pourquoi est-ce qu’ils sauraient comment trade les gros poissons ? ** Le volume des « retails » sur le marché du forex c’est à peine 5% sur 6600 milliards de $ quotidiens, vous pensez vraiment que les gros acteurs vont s’intéresser à ce faible pourcentage ? Bien sûr que non, de plus, le marché du forex est le marché le plus liquide ce qui veut dire que le « manipuler » est quasiment impossible au sens propre du terme. En revanche aller sur des small caps avec peu de liquidité, oui là votre SMC peut, peut-être valoir le coup et encore… Donc pardonnez moi, mais pourquoi tout le monde fait de la SMC sur le forex ? S’il vous plaît comprenez ce qu’on cherche à vous expliquer ici…c’est important. Vous savez des gens en institutions on en connait, et aucun ne trade de cette manière et c’est qu’il y a une raison. Après vous êtes libre de croire ce qu’on dit, on vous donne juste toutes les informations à ce sujet. Un autre exemple avec le mentor des mentor (ICT)…il a 700K followers. Le % de traders perdants sur les marchés financiers restent de 80-90% ce qui veut dire que sur tous ses abonnés qui imaginons trade la SMC, 630 000 sont toujours perdants. Évidemment nous n’aurons jamais de statistiques détaillés de chacun de ses abonnés mais rien que ça, ça devrait vous faire réfléchir. Attention, prendre en compte l’ordre flow, les FVG, les ordres blocks tout ça why not, mais ne trader qu’avec ça, non. BS. **Je voudrais terminer avec autre chose d’important…le smart money existe !!!!!** Cela n’est pas un mensonge, le **smart money flow index** peut vous montrer comment les « gros acteurs » s’exposent ou non sur un actif donné. Vous pouvez notamment suivre cet indice via ce site : https://www.wallstreetcourier.com/services/smart-money-flow-index/ Donc évidemment que si vous voyez que cet argent « intelligent » réduit son exposition longue sur le SP500 vous ne devez pas rester en LONG. C’est évident. Mais ce n’est pas pour autant que c’est un indicateur de « temps ». Cela est donc valable avec ce que vous avez sur PMT, avec la section « smart money Report ». Suivre cet argent intelligent de loin est important pour ne pas se retrouver à « contre tendance », car cela peut indiquer un potentiel changement de direction mais ce n’est pas quelque chose de magique et de simpliste comme la SMC le met en valeur. Donc oui la SMC peut aider certaines personnes à comprendre que le marché bouge en fonction de certaines choses mais ce n’est pas avec ce que la SMC met en valeur. Les gens pensent être malin à comprendre les mouvements mais leurs explications…c’est « oui il y avait de la liquidité donc le marché est allé chercher cette zone ». Ces traders ne parlent jamais des facteurs clés de marchés, des données, enfin…ce qui fait réellement bouger les marchés. Pour terminer, comme dit plus haut le but n’est pas dénigrer absolument tout à ce sujet mais de détailler le sujet, car malheureusement les influenceurs traders (gurus) vous montrent que c’est beau et que c’est « logique » or ça ne l’est absolument pas. Si vous avez l’occasion de croiser un trader institutionnel demandez-lui si ça trade le concept SMC chez eux…soit il rigolera soit il vous apprendra que ce n’est pas le cas et là vous aurez un déclic.
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anywayws , i think this is why we met
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EURJPY met strong resistance at 158.
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By David Milliken and Suban Abdulla LONDON (Reuters) -The Bank of England raised interest rates by a bigger-than-expected half a percentage point on Thursday, after it said there had been "significant" news suggesting British inflation would take longer to fall. The BoE's Monetary Policy Committee (MPC) voted 7-2 to raise its main interest rate to 5% from 4.5%, the highest since 2008 and its largest rate increase since February, following stickier inflation and wage growth since policymakers last met in May. "The economy is doing better than expected, but inflation is still too high and we've got to deal with it," BoE Governor Andrew Bailey said after the decision. "If we don't raise rates now, it could be worse later," he added. Economists polled by Reuters had expected a move to 4.75%, although financial markets earlier on Thursday had seen a nearly 50% chance of a rise to 5%, following higher-than-expected inflation data released on Wednesday. Sterling briefly spiked higher against the U.S. dollar while two-year bond yields briefly dipped below 5% after the BoE decision. An inversion of the two-year to 10-year yield curve, often a sign that investors expect a recession, deepened. Joseph Little, Global Chief Strategist at HSBC Asset Management, said Britain was in the worst position of major Western economies, hit not only by the cost of living crisis but also a shortage of workers and fast-rising wages. "Inflation pressures show more persistency and more momentum than other western economies, and that forces the Bank into a hawkish corner," Little said. "Today's statement has increased concerns of a much-higher terminal policy rate, perhaps as high as 6%." BoE policymakers had given little indication that a half-point rate increase was under consideration in the run-up to Thursday's announcement. "There has been significant upside news in recent data that indicates more persistence in the inflation process," the MPC said. "Second-round effects in domestic price and wage developments generated by external cost shocks are likely to take longer to unwind than they did to emerge." MPC members Silvana Tenreyro and Swati Dhingra opposed the rate rise - as they have all others this year - saying that much of the impact of past tightening had yet to be felt, and forward-looking indicators pointed to steep falls in inflation and wage growth ahead. Britain's high inflation rate is also a problem for Prime Minister Rishi Sunak, who has pledged to halve the pace of price growth this year in an attempt to win back voter support ahead of a national election expected in 2024. A spokesperson for Sunak said shortly before Thursday's rates announcement that Sunak supported Bailey. Finance minister Jeremy Hunt said the BoE had his full support and "tackling inflation relentlessly must be the immediate priority". Bailey has been criticised by some lawmakers from Sunak's Conservative Party for not acting sooner and more aggressively on inflation. RATE EXPECTATIONS SURGE Expectations for BoE rate tightening have surged in recent days - sharply raising the cost of new mortgages - and before Thursday's decision financial markets expected the BoE's Bank Rate to peak at 6% by the end of the year. By contrast, economists polled by Reuters last week saw a 5% peak. Britain's economy - which was hit by the shock of Brexit as well as the COVID-19 pandemic and the surge in gas prices caused by Russia's invasion of Ukraine - has dodged a widely expected recession so far in 2023. However, unlike most other big rich economies, output has barely recovered to pre-pandemic levels and growth this year looks set to be a minimal 0.25%, according to BoE forecasts last month. The BoE's rate increase follows the European Central Bank's decision last week to raise rates by a quarter-point to 3.5%, and rate rises by the Swedish and Norwegian central banks earlier on Thursday. While Britain faces a tricky inflation challenge as inflation has been slow to fall from the 41-year high of 11.1% struck last year, other central banks see challenges too. Bundesbank President Joachim Nagel described inflation as a "very greedy beast" on Wednesday, and the U.S. Federal Reserve Chair Jerome Powell said further rate rises remained "a pretty good guess", despite last week's pause. The BoE retained its previous guidance on future policy, which stated that if there were to be evidence of more persistent pressures, then further tightening in monetary policy would be required. The central bank also noted that short-dated British government bond yields had risen sharply - pricing in an average level of Bank Rate of 5.5% for the next three years. The BoE said it would keep a close eye on the impact of higher rates on mortgage costs, as well as rising costs in Britain's rental market. Official figures on Wednesday showed consumer price inflation was unchanged at 8.7% in May and underlying inflation rose to its highest since 1992. Last month the central bank forecast that inflation would fall to just over 5% by the end of this year and be below its 2% target in early 2025.
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@Atlas #Emporos Research
Actually , looks like I am going back to Athens , Greece . . . I can smell it all from here . I met an athenian once . . .
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I met an athenian once . . .
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By Alun John LONDON (Reuters) - Global stocks and commodities rose on Friday while the dollar headed for its biggest weekly drop since March, as sentiment was buoyed by signs the Fed will skip a rate hike at its next meeting and by the approval of U.S. debt ceiling legislation. Markets are now focused on U.S. jobs data due at 0830 EST (1230 GMT), the most significant macroeconomic release of the week, for more cues on the Federal Reserve's rate hike path. The U.S. Labor Department's employment report is likely to show nonfarm payrolls increased by 190,000 jobs last month after rising 253,000 in April, according to a Reuters survey of economists. "The release is really going to dictate the future of Fed policy after the speech of the vice chair-designate Jefferson that likely took a June rate hike off the table," said Jeff Schulze, head of economic and market strategy at Clearbridge "The only way that (a June rate increase) is going to be in play is if you see a large beat to the upside of both payrolls and CPI." Vice chair nominee Philip Jefferson said on Wednesday skipping a rate hike at a coming meeting would allow the rate-setting Federal Open Market Committee to see more data before making decisions about the extent of additional policy firming, remarks echoed by several other Fed speakers. Jefferson's nomination as vice chair is still pending approval from the U.S. Senate. Market pricing indicates roughly a 75% chance the Fed will hold rates steady at its upcoming meeting, according to the CME's Fedwatch tool, though there is roughly a 50% chance of a 25-basis-point hike at one of the Fed's June or July meetings. The dovish tone caused a rally in U.S. Treasuries. The 10-year yield, last at 3.6104%, was steady on the day on Friday, but was set for a weekly drop of around 20 basis points, its biggest weekly fall since mid March. [US/] That helped shares to rally, and Europe's broad STOXX 600 index rose 1% and headed for a second day of gains. European mining stocks increased 4.4%, boosted by a Bloomberg report China is working on new measures to support its property market. MSCI's broadest index of Asia Pacific shares outside Japan rose 2.3% earlier on Friday, with Japan's Nikkei ending the day at its highest close since July 1990. (T) Nasdaq and S&P 500 futures were both up around 0.5% after each index reached nine-month closing highs on Thursday. [.N] DEBT DEAL Boosting the mood was the U.S. Senate passing bipartisan legislation backed by President Joe Biden that lifts the government's $31.4 trillion debt ceiling, averting what would have been a first-ever default. "The fact that this is potentially getting resolved earlier does remove some potential distortions," said Phil Shucksmith, portfolio manager at Newton Investment Management Investors' focus now will turn to the market impact of the U.S. Treasury issuing more bonds to refill its empty coffers, which could put pressure on liquidity, or ready cash available to banks. "We've probably got some degree of rebuild of that treasury general account," said Shucksmith, which, along with quantitative tightening, "means I think there's going to be tightening of financial conditions." Lower U.S. yields were also playing out in currency markets with the dollar index, which measures the U.S. currency against six major peers, steady on the day at 103.49, but set for a weekly fall of 0.7%, its biggest weekly decline since March. Gains against the dollar have been shared out fairly broadly among other currencies, but sterling was to the fore, set for a weekly gain of 1.4%, its most since December. The euro is up 0.27% against the dollar this week, dragged by lower European yields after inflation showed signs of slowing, welcome news for the European Central Bank and reinforcing market bets that the ECB too could be done with interest rate hikes in the coming few months. [GVD/EUR] The bullish sentiment, softer dollar and China property news helped push oil prices higher, with U.S. crude up 1.7% at $71.29 per barrel and Brent at $75.53, up 1.7%. Markets are also weighing the likelihood of price-supportive OPEC+ production cuts over the weekend.[O/R] Copper prices were heading for their first weekly gain since April with other metals trading higher too. [MET/L] Spot gold was up marginally at $1,979 an ounce, but set for its biggest weekly gain in nearly two months, as a softer dollar and lower yields bolstered the bullion's appeal. [GOL/]
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Honestly I don't think they are hired by an industry. Just wannabe trading gods who think that they are above everyone, and theirs opinion is always right. > @Atlas said: thats an issue , i dont know of any professional in this world that looks for an issue with a person he just met , and whos name he dont even know
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thats an issue , i dont know of any professional in this world that looks for an issue with a person he just met , and whos name he dont even know
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FED met expectations
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Top Earnings Wed 5/3 Aft: $ACEL $ACLS $ACR $ACT $ADPT $AEIS $ALB $ALKT $ALL $ALLO $AMED $AMK $AMOT $AMPY $AMWL $ANSS $APA $ARC $ARDX $ASPN $ATO $ATUS $AUR $AVNW $AVT $BBSI $BCOV $BHE $BKH $BNL $CCRN $CDAY $CENT $CENTA $CFLT $CHRD $CIVI $CLMB $CMPO $CODI $COKE (1/6) Top Earnings Wed 5/3 Aft: $CORT $CPE $CPK $CPS $CRD/A $CSGS $CSTL $CSV $CTSH $CTVA $CW $CXW $DEN $DHT $DLHC $DRS $ECOR $ECPG $ELA $EQC $EQH $EQIX $ERII $ES $ESTE $ETSY $EVH $EZPW $FARO $FATE $FBRT $FG $FLT $FNF $FORM $FPI $FROG $FSLY $GHL $GIL $GKOS $GL $GMRE $GNK (2/6) Top Earnings Wed 5/3 Aft: $GNW $GOOD $GRBK $GTBIF $HBB $HCC $HDSN $HOUS $HST $HUBS $INFA $INFN $INMB $INN $INSG $IOSP $IPI $IR $IVAC $JOBY $KLIC $KNTK $KTOS $KW $LESL $LMND $LODE $LUMO $MELI $MET $METC $MG $MGY $MKSI $MLR $MMS $MOR $MOS $MRAM $MRO $MTG $MX $MYGN (3/6) Top Earnings Wed 5/3 Aft: $NARI $NC $NE $NFG $NGVT $NSTG $NUS $NVEC $NVST $NWPX $NYMT $O $OLED $OM $OPAD $OPK $OUT $PAHC $PARR $PCOR $PDCE $PGRE $PKOH $PLMR $PSA $PSNL $QCOM $QDEL $QGEN $QNST $QRVO $RDN $REI $RELY $REZI $RGLD $RGNX $RGR $RHP $RM $RMNI $RMR $ROOT (4/6) Top Earnings Wed 5/3 Aft: $RPT $RSI $RUN $RVLV $RYN $SBOW $SBRA $SEDG $SGU $SIGI $SITM $SNEX $SP $SPNT $SPOK $SRC $SRI $SRTS $STAA $STR $SUM $SYNA $TIPT $TNDM $TPIC $TPL $TPVG $TRIP $TSVT $TTEC $TTMI $TWI $TXG (5/6) Top Earnings Wed 5/3 Aft: $UDMY $UFI $UGI $ULCC $UPWK $USDP $USIO $USPH $VAC $VAPO $VET $VMEO $VNDA $VSTO $VTOL $WEAV $WERN $WES $WMB $WTS $YELL $Z $ZG $ZIMV (6/6)
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@PivotBoss #P I V O T B O S S
**PivotBoss Pre-Market Video [April 27, 2023]: Sell Into Rips?** APRIL 27, 2023 — THURSDAY AM The ES, NQ, and YM continue to trend lower since the recent highs last week, and every bounce has been met with resistance. As such, bears will continue to look to sell into the rips for another shot at new lows ahead. Particularly, watch yHI in the NQ, as a rejection here could trigger another move to new lows. Crude Oil has filled the 75.70 gap, and is working toward the market structure edge of 72. Gold has developed a very narrow 9-day range, and a breakout could lead to a 100+ point move.
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$BLU (+98.2% pre) Bellus stock surges after $GSK to acquire for ~$2B ($14.75/share In Cash) - SA https://seekingalpha.com/news/3957196-bellus-stock-surges-after-gsk-to-acquire-for-2b $AFMD (+7.3% pre) Affimed Shares Preclinical Data on AFM13's Mechanism of Action Demonstrating Its Potential to Induce Serial Killing at the American Association for Cancer Research Annual Meeting - MarketScreener http://ooc.bz/l/126266 $ALVO (+5.8% pre) Alvotech Says Reponses to FDA on Reykjavik Facility Deficiencies Under Review - MarketScreener http://ooc.bz/l/126268 $ATXI (+8.7% pre) Avenue Therapeutics Shares Jump on FDA Meeting Minutes - DJ http://ooc.bz/l/126269 $CVS (+1.2% pre) CVS Health names Brian Kane President of Aetna http://ooc.bz/l/126270 $EVAX (-8.6% pre) Evaxion Biotech (EVAX) Reports EVX-02 Met Primary and Secondary Endpoints in Phase 1/2a - SI http://ooc.bz/l/126272 $GMDA (+41.1% pre) Gamida Cell Shares Up 34% on FDA Approval of Omisirge Cell Therapy for Blood Cancer - MW http://ooc.bz/l/126273 $INVA (+8.4% pre) Innoviva (INVA) Announces Sulbactam-Durlobactam Unanimously Recommended for Approval by FDA Advisory Committee - SI http://ooc.bz/l/126275 $SABS (+13.0% pre) SAB Biotherapeutics Secures FDA Breakthrough Therapy Tag For Its Influenza Immunotherapy - BZ http://ooc..bz/l/126277
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By Tom Westbrook, Saeed Azhar and Scott Murdoch (Reuters) - Credit Suisse on Thursday said it would borrow up to $54 billion from the Swiss central bank to shore up liquidity and investor confidence after a slump in its shares intensified fears about a global banking crisis. The Zurich-based bank's announcement helped reverse some of the heavy share market losses and restored confidence in wider financial markets, which were battered on Wednesday and into Asia trade on Thursday as investors fretted about potential runs on global bank deposits. In its statement, Credit Suisse said it would exercise an option to borrow from the central bank up to 50 billion Swiss francs ($54 billion). That followed assurances from Swiss authorities on Wednesday that Credit Suisse met "the capital and liquidity requirements imposed on systemically important banks" and that it could access central bank liquidity if needed. Credit Suisse is the first major global bank to be given an emergency lifeline since the 2008 financial crisis and its problems have raised serious doubts over whether central banks will be able to sustain their fight against inflation with aggressive interest rate hikes. The bank's shares surged 21% in pre-open trade in early European hours. Throughout most of the Asian day, stocks wallowed in the red as investors rushed to gold, bonds and the dollar. While Credit Suisse's announcement helped trim some early losses, trade was volatile and sentiment fragile. "It removes an immediate risk. But it confronts us with another choice. The more we do this, the more we blunt monetary policy, the more we have to live with higher inflation -- and what is it going to be?" said Damien Boey, chief equity strategist at Barrenjoey in Sydney. "Do bailouts make things better? On the one hand, you are removing a source of risk to the markets which is a clear and present danger. On the other hand we are feeding into this paradigm of monetary policy bucking within itself." Credit Suisse's borrowing will be made under the covered loan facility and a short-term liquidity facility, fully collateralised by high quality assets. It also announced offers for senior debt securities for cash of up to 3 billion francs. "This additional liquidity would support Credit Suisse’s core businesses and clients as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around client needs," the bank said. Credit Suisse Chief Executive Ulrich Koerner had earlier on Wednesday sought to reassure investors about the lender's strong liquidity. "Our capital, our liquidity basis is very, very strong," Koerner told media. "We fulfil and overshoot basically all regulatory requirements." Meanwhile, Credit Suisse bankers in Asia reached out to clients to reassure them after the latest inflow of funds. "We've been telling them to read the statements and look at the fact that we are buying 3 billion francs worth of bonds because they are so cheap," said a Hong Kong-based senior banker. "That's all we can say and try and plough on with work." The banker declined to be named as they were not authorised to speak to the media. EUROPEAN EPICENTRE The 167-year-old bank's problems have shifted the focus for investors and regulators from the United States to Europe, where Credit Suisse led a selloff in bank shares after its largest investor said it could not provide more financial assistance because of regulatory constraints. The concerns about Credit Suisse added to broader banking sector fears sparked by last week's collapse of Silicon Valley Bank (SVB) and Signature Bank (NASDAQ:SBNY), two U.S. mid-size firms. Investor focus is also on any action by central banks and other regulators elsewhere to restore confidence in the banking system. Policymakers in Australia and South Korea sought to reassure markets on Thursday that banks in their jurisdictions were well-capitalised. SVB's demise last week, followed by that of Signature Bank two days later, sent global bank stocks on a roller-coaster ride as investors feared another Lehman Brothers moment, the Wall Street giant whose failure had triggered the global financial crisis more than a decade ago. On Wednesday, Credit Suisse shares led a 7% fall in the European banking index, while five-year credit default swaps for the flagship Swiss bank hit a new record high. The investor exit for the doors raised fears of a broader threat to the financial system, and two supervisory sources told Reuters that the European Central Bank had contacted banks on its watch to quiz them about their exposures to Credit Suisse. The U.S. Treasury also said it is monitoring the situation around Credit Suisse and is in touch with global counterparts, a Treasury spokesperson said. NEXT STEPS Rapid rises in interest rates have made it harder for some businesses to pay back or service loans, increasing the chances of losses for lenders who are also worried about a recession. Traders are now betting that the Federal Reserve, which just last week was expected to accelerate its interest-rate-hike campaign in the face of persistent inflation, may be forced to hit pause and even reverse course. Bets on a large European Central Bank interest-rate hike at Thursday's meeting also evaporated quickly on growing fears about the health of Europe's banking sector. Money market pricing suggested traders now saw less than a 20% chance of a 50 basis point rate hike at the ECB meeting. For now, investors are focussed on what will happen at Credit Suisse next. "The next important step needs to come out from their CEO and display their new strategy to the public sooner than later to reassure the markets," Tareck Horchani, head of prime brokerage dealing at Maybank Securities in Singapore. "There is still the possibility they recover but the road will be very bumpy."
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By Rae Wee SINGAPORE (Reuters) - The dollar eased on Wednesday after China's manufacturing activity expanded at its fastest pace since April 2012 and exceeded forecasts, sending traders flocking towards riskier assets on renewed optimism and away from the safe-haven dollar. The yuan and the Australian and New Zealand dollars were among the largest beneficiaries of the robust Chinese economic data, which smashed expectations with the official manufacturing purchasing managers' index (PMI) shooting up to 52.6 last month from 50.1 in January. Similarly, China's non-manufacturing activity grew at a faster pace in February, while the Caixin/S&P Global manufacturing PMI reading for last month likewise surpassed market expectations. The onshore yuan was last roughly 0.4% higher at 6.9040 per dollar, while the offshore yuan jumped a more pronounced 0.6% to 6.9143 per dollar. "The strong set of China PMIs breathed some life into the China reopening trade," said Christopher Wong, a currency strategist at OCBC. The kiwi surged 0.52% to $0.62165, while the Aussie gained 0.3% to $0.6749, reversing its slide to a two-month low earlier on Wednesday following soft domestic economic data. The antipodean currencies are often used as liquid proxies for the yuan. Australia's economy grew at the weakest pace in a year last quarter while the country's monthly consumer prices rose less than expected in January, separate data showed on Wednesday, which could make the case for a slower pace of rate hikes by the Reserve Bank of Australia. "I think market participants will pay a close look to the January CPI indicator in order to gauge the near-term outlook for RBA policy," said Carol Kong, a currency strategist at Commonwealth Bank of Australia (OTC:CMWAY) (CBA). "But given what the RBA said at the last meeting, they seem to have already made up their minds and want to further raise interest rates." Across the board, the U.S. dollar edged lower on Wednesday as markets cheered the revival of activity in the world's second-largest economy following China's exit from its stringent COVID policies late last year. That revived some optimism for the China-reopening trade and raised hopes of a more subdued downturn in the global economy in the wake of aggressive interest rate hikes by major central banks. The euro rose 0.14% to $1.0591, recouping some of its losses from the previous session. Inflation in two of the euro zone's biggest economies rose unexpectedly in February, data showed on Tuesday, pushing up rate hike expectations by the European Central Bank (ECB). "While still-high U.S. inflation augurs more Fed tightening, euro area inflation is higher and stickier in 2023, and the ECB has more tightening to do than the Fed," said Thierry Wizman, Macquarie's global FX and rates strategist. Sterling edged 0.22% higher to $1.2045, having surged 1% at the start of the week after Britain struck a post-Brexit Northern Ireland trade deal with the European Union. British Prime Minister Rishi Sunak was in Northern Ireland and then met with his own lawmakers on Tuesday to sell the new deal. Against a basket of currencies, the U.S. dollar index (=USD) fell 0.11% to 104.87. The index had risen nearly 3% in February, its first monthly gain after a four-month losing streak, as a slew of strong U.S. economic data in recent weeks raised market expectations that the Federal Reserve has further to go in hiking rates. Futures pricing currently suggests a peak of around 5.4% in the Fed funds rate by September. "We see the Fed going to 5.5%, with a growing risk of 6%," said Michael Every, global strategist at Rabobank. "The Fed is hiking. Others can't follow or match. The dollar will soar." Elsewhere, the dollar rose 0.15% against the Japanese yen to 136.41, after having spiked close to 5% against the yen in February, its largest monthly gain since last June.
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Morning Beat. The Pro Trade ideas are plays that you take or is there certain criteria that needs to be met in order for it to be posted into here?
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