$SIX

By Ankur Banerjee SINGAPORE (Reuters) - The U.S. dollar was broadly weaker on Thursday as investors, encouraged by the prospect of a slower pace of interest rate hikes by the Federal Reserve, placed bets on riskier assets. The eagerly awaited readout of the Nov. 1-2 Fed meeting showed officials were largely satisfied they could now move in smaller steps. "I think now it is almost certain that we'll see the FOMC slow its pace of tightening from December," said Carol Kong, a currency strategist at the Commonwealth Bank of Australia (OTC:CMWAY) (CBA). The dollar index, which measures the greenback against six major peers, was down 0.14% at 105.75, after sliding 1% overnight. The Fed raised its key rate by three-quarters of a percentage point this month, for the fourth straight time in an effort to tame stiflingly high inflation. But slightly cooler-than-expected U.S. consumer price data has stoked hopes of a more moderate pace of hikes. Those hopes have seen the dollar index slide 5.1% in November, putting it on track for its worst monthly performance in 12 years. Citi strategists said there is still substantial uncertainty around how high rates might climb, despite the consensus that rates will rise more slowly. The minutes also showed an emerging debate within the Fed over the risks that rapid policy tightening could pose to economic growth and financial stability. At the same time, policymakers acknowledged there had been little demonstrable progress on inflation and that rates still needed to rise. Data on Wednesday showed U.S. business activity contracted for a fifth straight month in November, with a measure of new orders dropping to its lowest level in 2-1/2 years as higher interest rates slowed demand. CBA's Kong cautioned, however, that the markets are too optimistic about a possible imminent end to the tightening cycle and noted there was still heavy support for the U.S. dollar due to China's zero-COVID polices. Rising coronavirus cases have led Chinese cities to impose more curbs, increasing investor worries about the economy and putting a lid on risk appetite. China reported a record number of infections on Thursday. The yuan [CNY/] firmed after Chinese state media, quoted the cabinet as saying that said Beijing will use timely cuts in banks' reserve requirement ratio (RRR), alongside other monetary policy tools, to keep liquidity reasonably ample. The Japanese yen was one of the strongest gainers among major currencies against the dollar, climbing 0.5% to 138.88. The euro was up 0.39% at $1.0435, while sterling was last trading at $1.2090, up 0.43% on the day. The pound rose 1.4% overnight after preliminary British economic activity data beat expectations, though it still showed that a contraction was underway. The Australian dollar rose 0.25% to $0.675, while the kiwi was 0.17% higher at $0.6255. U.S. markets will be closed on Thursday for Thanksgiving and liquidity will likely be thinner than usual.

By Ankur Banerjee SINGAPORE (Reuters) - The U.S. dollar was firmly higher against major currencies on Monday, while China's yuan slipped as sentiment was soured by rising COVID cases and tightening restrictions in some cities in the world's second-biggest economy. China's capital Beijing reported two deaths for Nov. 20, with the city's most populous district urging residents to stay at home on Monday, extending a request from the weekend as the country fights numerous COVID-19 flare ups. The rising cases and the new deaths have cast doubt on the hopes of an early easing in strict pandemic restrictions that have stifled the economy. "The outlook for China's zero-COVID market will remain a key source of volatility," said Carol Kong, a currency strategist at Commonwealth Bank of Australia (OTC:CMWAY). "If we do see another set of step up in restrictions, it indicates to me that the Chinese officials are still wary of any eventual reopening." The People's Daily newspaper, the mouthpiece of the Chinese Communist Party, on Monday published an article reiterating the need to catch infections early but avoid taking a "one-size-fits-all" approach. The onshore yuan opened at 7.1451 per dollar and weakened to a low of 7.1708, the softest level since Nov. 11. The dollar index, which measures the greenback against six major peers, rose 0.412% to 107.330 on Monday, touching its highest level since Nov. 11. The index advanced 0.5% last week, clocking its biggest weekly gain in a month as investors flocked to the safe haven currency. Despite Monday's gains, the index remains on pace for its worst monthly performance since July 2020. Hawkish comments from Federal Reserve officials have helped the dollar stabilise after its sharp losses earlier in November, when slightly cooler than anticipated inflation data fanned investor hopes of a slowdown in interest rate hikes. "Fed has been pushing back against the dovish narrative the market has had after the October inflation data," said Moh Siong Sim, currency strategist at Bank of Singapore, noting that the comments have provided support for the U.S. dollar. Investors will be keenly interested in the minutes from the Fed's November meeting due to be released on Wednesday for any hints on how high officials ultimately expect to raise interest rates. Elsewhere, cryptocurrencies remained under pressure, with bitcoin down 0.63% to $16,153.00. FTX owes its 50 biggest creditors nearly $3.1 billion, according to bankruptcy filings, as the collapsed crypto exchange undertakes a strategic review of its global assets. The euro was down 0.46% to $1.0277, set for a three-day losing streak and hovering at lowest level since Nov. 14, while sterling was last trading at $1.1831, down 0.47% on the day. The Australian dollar fell 0.49% versus the greenback to $0.664, while the kiwi was down 0.41% at $0.613. ======================================================== Currency bid prices at 0559 GMT Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid Previous Change Session Euro/Dollar $1.0282 $1.0326 -0.42% -9.55% +1.0333 +1.0273 Dollar/Yen 140.5050 140.3950 +0.02% +22.09% +140.5650 +140.3000 Euro/Yen 144.49 144.92 -0.30% +10.87% +145.0100 +144.3400 Dollar/Swiss 0.9555 0.9547 +0.12% +4.79% +0.9562 +0.9531 Sterling/Dollar 1.1831 1.1885 -0.53% -12.59% +1.1895 +1.1822 Dollar/Canadian 1.3411 1.3390 +0.21% +6.12% +1.3423 +1.3385 Aussie/Dollar 0.6649 0.6673 -0.36% -8.54% +0.6681 +0.6637 NZ 0.6130 0.6152 -0.37% -10.45% +0.6169 +0.6126 Dollar/Dollar All spots Tokyo spots Europe spots Volatilities Tokyo Forex market info from BOJ

By Kevin Buckland TOKYO (Reuters) - Chip stocks took a beating on Thursday, sending most Asian share indexes lower, after grim signals from Micron Technology (NASDAQ:MU) overnight about excess inventories and sluggish demand. Meanwhile, the U.S. dollar rebounded after stronger-than-expected U.S. retail sales suggested the Federal Reserve was unlikely to ease up in its battle with inflation. That fuelled concerns about the economic outlook, with the U.S. Treasury yield curve remaining deeply inverted in Tokyo trading and suggesting that investors are braced for recession. "Inflation is likely to remain elevated for some time ... because in the U.S., at least, it's services that are driving inflation, and that can have greater persistency," Salim Ramji, global head of ETFs and index investments at BlackRock (NYSE:BLK), told the Reuters Global Markets Forum on Wednesday. "(In equities) minimum volatility strategies can help investors stay invested while reducing risk," he said. Hong Kong's Hang Seng Index tumbled 2.1%, with its tech stocks slipping more than 4%. Mainland Chinese shares also declined, with blue chips falling 1.1%. Japan's Nikkei lost 0.3% and South Korea's Kospi dropped 1.1%, each led by declines in heavyweight chip players. Overnight, the Philadelphia SE Semiconductor Index slumped 4.3% after Micron said it would reduce memory chip supply and make more cuts to its capital spending plan. The tech-heavy Nasdaq slumped 1.5% while the S&P 500 slid 0.8%. However, e-mini futures indicated some respite at the reopen, pointing 0.26$ higher for the Nasdaq and 0.18% higher for the S&P. For Europe, German DAX futures signaled a 0.08% rise at the start, but U.K. FTSE futures pointed down 0.25%. Investors are re-assessing the U.S. monetary policy outlook after consumer spending figures contradicted the narrative of the past week or so from cooler consumer and producer price data. Rhetoric from Fed officials on Wednesday also remained hawkish. Fed Governor Christopher Waller said there was still a ways to go on rates, while San Francisco Fed President Mary Daly told CNBC that pausing rate hikes was not yet part of the discussion. "Fed commentary, like the resilient spending numbers, gave little succour for anyone looking for an imminent pivot," with caution permeating markets as a result, Ted Nugent, an economist at National Australia Bank (OTC:NABZY), wrote in a client note. Money markets give 93% odds that the Fed will slow to a half-point rate increase on Dec. 14, with just 7% probability of another 75 basis point increase. However, traders still see the terminal rate close to 5% by next summer, up from the current policy rate of 3.75-4%. The U.S. dollar index - which measures the currency against six major counterparts - added 0.13% to 106.41, stabilizing after a slide as low as 105.30 on Tuesday following the release of producer price inflation numbers. The euro sank 0.14%, while the risk-sensitive Aussie dollar slipped 0.4%. U.S. 10-year Treasury yields recovered modestly from a six-week low at 3.671% hit overnight in Tokyo trading, last standing at about 3.71%, while the two-year yield continued to consolidate near its lowest level since Oct. 28 around 4.37%. Gold slid 0.6% to about $1,763 an ounce amid a firmer dollar. Crude oil continued to decline in Asia after settling more than a dollar lower overnight, following the resumption of Russian oil shipments via the Druzhba pipeline to Hungary and as rising COVID-19 cases in China weighed on sentiment. [O/R] Brent crude futures dropped by $1.07, or 1.2%, to $91.79 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell $1.21, or 1.4%, to $84.38 a barrel.

By Kevin Buckland TOKYO (Reuters) - The U.S. dollar climbed versus the yen and stayed firm against other major peers on Tuesday as more Federal Reserve officials made the case for even tighter U.S. monetary policy. The greenback edged up against sterling and hovered more than 1% above its two-month trough to the euro after Fed Vice Chair Lael Brainard on Monday echoed weekend comments by Fed Governor Christopher Waller that interest rates need to keep rising to battle inflation, although potentially at a slower pace. The dollar index, which measures the currency against six counterparts including the yen, euro and sterling, edged 0.03% higher to 107.00 early in the Asian day. The index held onto gains made on Monday when it rebounded from a three-month low of 106.27 hit on Friday. The index tumbled 3.9% last week, its worst performance since March 2020, after U.S. consumer prices rose less than expected, stoking speculation a peak in rates might be close. Money markets are currently pricing in an 89% probability that the Federal Open Market Committee (FOMC) will slow the pace of hikes to a half point at its next meeting on Dec. 14, against 11% odds for another 75 basis point increase. "Fed speaker(s) have set the tone, reminding markets that there is still a lot of work to be done to bring inflation to heal," National Australia Bank (OTC:NABZY) senior FX strategist Rodrigo Catril wrote in a note to clients. "The USD is broadly stronger with last week's outperformers - GBP and JPY - leading the declines." The dollar gained 0.34% to 140.40 yen, adding to its 0.84% overnight rebound from a 2 1/2-month low of 138.46. It dropped 5.39% last week, the most in 14 years. Sterling declined 0.08% to $1.1750, slipping further from a 2 1/2-month top at $1.1855 from Friday. The euro was little changed at $1.03215 following its retreat from a three-month high of $1.0364. The risk-sensitive Australian dollar eased 0.13% to $0.66935, but stayed relatively close to Monday's nearly two-month peak of $0.6720, buoyed by key trading partner China's moves to ease COVID-19 restrictions and support the property market. There was little reaction in the currency from minutes of the Reserve Bank of Australia's latest meeting, which showed policymakers considered a 50 bps hike before opting for another 25 bps bump. "The Aussie has made some progress on cross rates so far this week, with help from China," said Sean Callow, a senior currency strategist at Westpac, adding there is the potential for a rise to $0.6775 in coming days. "However global equities are still skittish, limiting Aussie upside." The offshore Chinese yuan was little changed at 7.0461 per dollar, after hitting a more than five-week high of 7.0200 in the previous session.

By Ankur Banerjee SINGAPORE (Reuters) - The U.S. dollar steadied on Monday after Federal Reserve Governor Christopher Waller said the central bank was not softening its fight against inflation, which made some investors think that the steep sell-off last week was probably overdone. A slightly cooler-than-anticipated inflation data on Thursday put the greenback in a tailspin, with the dollar index slipping 4% for the week, its worst week in more than two and half years. The dollar index, which gauges the greenback against a basket of six counterparts that includes the yen, euro and sterling, rose 0.234% to 106.960 during Asian trade on Monday, coming off the nearly three month low of 106.27 it touched on Friday. Global equities, meanwhile, soared as investors poured into risky assets on hopes that peaking inflation means less aggressive rate hikes from the Fed. But Waller said on Sunday that the inflation print last week was "just one data point" that would have to be followed, and h other similar readings would be needed to show convincingly that inflation was slowing. Waller did add, however, that the Fed could now start thinking about hiking at a slower pace. "I think the market got a little bit ahead of itself," said Carol Kong, a currency strategist at Commonwealth Bank of Australia (OTC:CMWAY), adding the market can expect more reality checks from Fed officials, which would help the dollar to recoup more ground. U.S. inflation will likely remain high and keep the Fed on its monetary tightening path, Kong said. U.S. consumer sentiment fell in November, pulled down by persistent worries about inflation and higher borrowing costs, a survey showed on Friday. Sim Moh Siong, currency strategist at Bank of Singapore said the Fed's job was still not done and the central bank is unlikely to want the equity market to rally too much or bond yields to come off too much. "If the financial markets get too buoyant, they will probably growl louder to make themselves heard in terms of their inflation message." The U.S two-year yield, which reflects rate move expectations, edged up to 4.41%, after diving as low as 4.29% on Friday, while the U.S. 10-year yield was up 7 basis points at 3.899%. Elsewhere, cryptocurrencies remained under pressure from ongoing turmoil after the fall of crypto exchange FTX. FTX's native token, FTT, was last down 7.6% at $1.31, taking its month-to-date losses to nearly 95%. Bitcoin fell 2.2% slipping below $16,000. Sterling was swaying at $1.1747, down 0.74% on the day, having risen 4% in the previous two sessions ahead of the Autumn Statement on Thursday when Britain's finance minister Jeremy Hunt is expected to set out tax rises and spending cuts. The Japanese yen weakened 0.60% versus the greenback at 139.63 per dollar, while the euro was down 0.47% to $1.0303. The risk-sensitive Australian and New Zealand dollars slipped, giving up some gains made after China moderated its zero COVID strategy. On Sunday, Reuters reported that Chinese regulators have told financial institutions to extend more support to property developers to shore up the struggling real estate sector. China's yuan rose to a near two-month high against the dollar on Monday, after the central bank lifted its official guidance fixing by the most since 2005 when Beijing abandoned the currency's decade-old peg against the greenback. ======================================================== Currency bid prices at 0147 GMT Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid Previous Change Session Euro/Dollar $1.0328 $1.0347 -0.18% -9.15% +1.0368 +1.0315 Dollar/Yen 139.1150 138.7350 +0.28% +20.96% +139.7300 +138.9200 Euro/Yen 143.68 143.69 -0.01% +10.25% +144.3640 +143.5900 Dollar/Swiss 0.9442 0.9413 +0.33% +3.54% +0.9448 +0.9425 Sterling/Dollar 1.1792 1.1835 -0.39% -12.83% +1.1852 +1.1767 Dollar/Canadian 1.3258 1.3251 +0.06% +4.87% +1.3308 +1.3240 Aussie/Dollar 0.6689 0.6707 -0.30% -8.01% +0.6720 +0.6668 NZ 0.6101 0.6121 -0.37% -10.91% +0.6127 +0.6070 Dollar/Dollar All spots Tokyo spots Europe spots Volatilities Tokyo Forex market info from BOJ

**CANADA - Il governatore della BoC Macklem: i licenziamenti sono destinati ad aumentare nei prossimi mesi. Il mercato del lavoro è molto rigido. Canadians should brace themselves for additional rate hikes, on top of the six already implemented this year. **Una piccola recessione potrebbe essere il prezzo che la banca è disposta a pagare per ridurre l'inflazione.** Per i prossimi trimestri, prevediamo una crescita vicina allo zero fino alla metà del prossimo anno - CBC News.

Summary Cano Health currently presents an interesting investment opportunity with a potential short-term 58% upside. Recently, rumors appeared that Cano Health has received acquisition interest, with healthcare industry giants CVS Health, Humana and UnitedHealth among the rumored buyers. Given ongoing pressure from two prominent activists and industry consolidation trends, I expect a company sale to be announced shortly. Looking for more investing ideas like this one? Get them exclusively at Special Situation Investing. Learn More » Health visitor and a senior woman during nursing home visit A Potential company sale might be brewing up behind the scenes. Cano Health (NYSE:CANO) owns and operates senior primary care health centers in nine US states, with a primary focus on Florida. Recently, Bloomberg, Reuters and WSJ reported that the company has received acquisition interests, with health industry giants Humana (HUM), UnitedHealth (UNH) and CVS Health (CVS) mentioned as the front-runners to buyout CANO. Acquisition rumors follow activism from several of CANO's shareholders. In March, Daniel Loeb's Third Point (2.2% of voting power) started to push the company towards strategic alternatives, arguing that CANO should address the value gap (arising from the company going public through a SPAC) by initiating a company sale. Then, in August, Owl Creek Asset Management (owns 1%) delivered a letter, also considering the company undervalued versus peers and industry transactions. As it stands, it seems that the management/insiders (who own 55%) have been under pressure from two prominent activists to sell the company. Not surprisingly, in August, CANO's management stated that the company is open to all strategic alternatives and has hired financial advisors. Reportedly, the second round of discussions is currently ongoing, with the deal possibly finalized in the upcoming weeks. Reports do not mention the acquisition price, however, peer/transaction multiples (also mentioned by the activist Owl Creek) suggest $14/share might be a reasonable price tag - this would imply a 58% upside from current levels. Buyout rumors come amid broader healthcare industry consolidation trends as large healthcare insurers are scooping up healthcare providers in an effort to combine insurance and healthcare provider activities. The industry is currently in a shift towards value based care - a model where providers are paid based on patient health outcomes (as opposed to the traditional fee-for-service model where patients pay for each service rather than outcome). Naturally, the value-based care model closely aligns the interests of both health insurance firms and healthcare providers. Numerous industry executives, including Humana's Medicare President, have noted that value-based model has benefits for providers/insurers, including noticeably higher contribution margins, thus pushing up incentives for consolidation. Not surprisingly, these dynamics have spurred a number of acquisitions of healthcare providers by major health insurers. CVS is currently buying health care platform provider Signify Health (Sep'22), UNH is scooping up home care provider LHC Group (announced in Mar'22) and HUM has already acquired home healthcare provider Kindred at Home (Aug'21). The industry has also seen increasing M&A activity from non-insurers entering the space, including Amazon (AMZN) acquiring primary care company One Medical (announced in Jul'22, by the way CVS was one of the bidders there as well) and Walgreens Boots Alliance (WBA) purchasing a majority stake in primary care provider VillageMD (Oct'21). These dynamics and the fact that CANO might be an attractive target have also been recently reiterated by CANO's CEO: I expect continued consolidation and acceleration in the paradigm shift of value-based care. And what this means for us is yet another validation of how attractive our asset is and the industry as a whole. A Potential acquisition would make strategic sense for either of the rumored buyers HUM, UNH or CVS given CANO's extensive presence in Florida's primary care market. CANO is reportedly the largest independent value-based primary care provider to Medicare/Medicaid patients in the state. Meanwhile, three potential suitors currently rank as the three largest primary care insurers in the Florida. Humana and Cano have seemingly deep ties - HUM has been invested in Cano Health prior to CANO's IPO and still owns an undisclosed stake. Currently, CANO is HUM's biggest independent primary care provider in Florida. Interestingly, as part of their earlier agreement, HUM has a right of first refusal, meaning that HUM can match any acquisition offer made for CANO. Notably, HUM has significantly expanded its investment in primary senior care in the last five years, recently stating that the TAM is very large at $700bn. As part of its joint venture with PE firm Welsh Carson, Humana now aims to open 100 new CenterWell senior primary care clinics in the next three years. From the CEO's remarks during Q2'22 earnings call: We do see some great opportunity today, both CenterWell primary care and the home are agnostic and continue to see great growth, serving both other payers and other parts of the Medicare system. And at the same time, we're also seeing opportunity within our primary - within our pharmacy area to offer some agnostic opportunities there. So the ability for it to integrate and also to expand beyond the Medicare side of the business is really at the heart of what you see us more formally creating the CenterWell service side, while on the insurance side, continuing to leverage the efficiencies across the various different insurance platforms. Meanwhile, CVS's management, in addition to the recent acquisition of Signify Health, has recently stated that their priority is the same - to expand into the primary care segment: From Morgan Stanley Healthcare Conf: Well I think we are urging, obviously - we're very urging, I just ask our teams and I think if you think about our strategy, really we've been very clear that we want to extend into care delivery and we're starting with Signify. We can't always determine the order. Obviously primary care is something we believe we need to advance because we really want to enable consumers to have a differentiate experience and improve health outcomes. So we're playing our game. From the CVS Q2'22 earnings call: As you would expect, we are being very disciplined both strategically and financially, as we pursue kind of our M&A strategy. We can't be in the primary care without M&A. We've been very clear about that. Valuation Chart Comp Filings At current price levels, CANO seems undervalued on a TTM/2022E revenue basis relative to larger peers OSH (also owns and operates primary care centers) and AGL (runs primary care physician networks so not as comparable). Moreover, recently announced ONEM and SGFY acquisitions were done at noticeably higher multiples. Activist Owl Creek notes the following reasons for why CANO might be trading at a discount to peers/industry transactions: Unfortunately, Cano has consistently traded at a discount to its peers due to its SPAC heritage, its hybrid model (owned and operated medical centers along with affiliates), and heavy concentration in the South Florida market. One could argue for some discount due to one or more of these factors, but the valuation discrepancy between Cano and peers is highly punitive. Another activist Third Point also agrees that the undervaluation is explained by both SPAC heritage and the company's shareholder base (given dual class structure and high insider ownership): However given recent developments at the Issuer and taking into account the market's largely unfavorable view of companies taken public through special purpose acquisition vehicles, the Reporting Persons believe the Board of Directors should immediately engage financial and legal advisors to commence a review of strategic alternatives. […] The Reporting Persons believe this strategic review should focus on a sale of the Issuer, and that a properly run sales process is likely to result in offers representing a substantial premium to the Issuer's trading price. The Reporting Persons believe that the Issuer is unlikely to achieve such valuation on a stand-alone basis, in part due to structural issues with its shareholder base. The activist Owl Creek has stated that CANO has been undervalued by the market despite having higher 2022E revenues than both OSH/AGL and being on track to exceed 2022 membership/revenue/EBITDA guidance. Using a 3x revenue multiple based on peers OSH/AGL and Amazon's acquisition of ONEM, Owl Creek arrives at an acquisition price tag of $14/share. The markets have moved down a bit since the letter was written, so a 3x multiple would now translate to a $13/share price. More background on CANO Historical financials are provided below: Table Company Filings Financially, since going public in 2020, CANO has managed to record high revenue growth - 93% in 2021. Notably, the growth has to a large degree been driven by acquisitions, including purchase of University Health Care and Doctor's Medical Center for a total of $900m (announced in Jun'21 and Jul'21). This has allowed the company to significantly increase its patient base as number of memberships has expanded from 156k to 282k over the last year. That said, the business is yet to turn profitable and is still burning cash - $135m in 2021 operating losses. From a liquidity perspective, the company is quite highly levered with $878m in net debt (compared to $4.2bn market cap). Given CANO's business model, the company needs extensive capital to accelerate further growth. At current share price levels, any equity raise would seem highly dilutive given that even after the buyout rumors the stock trades below pre-2022 levels of $9-$16/share. CANO's shares are rather tightly held with 55% of the voting power (Class A + Class B shares) held by the management + insiders. CANO went public in 2020 through a SPAC backed by Starwood Capital CEO Barry Sternlicht who now holds 9% voting power. Another 33% of total shares are owned by a PE firm InTandem Capital Partners which has backed the company since 2016. Both Sternlicht and InTandem's managing partner Elliot Cooperstone currently sit on CANO's board. Interestingly, Cooperstone was previously the CEO of Prodigy Health Group which was acquired by Aetna, a subsidiary of CVS Health. Another 17% are held by six institutional investors, including FMR (7%), BlackRock (3%) and Millennium Asset Management (2%), among others. Risks According to the activist Owl Creek, last year CVS stated that the company had well over $10bn to deploy towards strategic initiatives related to value-based care. With the SGFY acquisition, the company will spend around $7bn, potentially implying that the management might not be willing to pursue another large acquisition. This risk, however, seems limited given CVS's overall large gross cash position ($15bn in cash + investments) and the fact that SGFY captures a slightly different market niche than CANO - it is a healthcare platform which does not own and operate health centers. Management/insiders not agreeing to sell their stake. That said, considering prominent activist pressure, current market turbulence and the fact that the company is yet to inflect towards profitability, an offer at $14/share - a share price close to 2021 highs - could seal the deal. Conclusion CANO presents a very interesting investment opportunity with a short potential timeline. I believe that prominent activist involvement and industry consolidation dynamics point to a company sale brewing up behind the scenes. Importantly, risk/reward seems to be highly favorable here, suggesting that investors might consider CANO as a long position in their portfolios.

By Scott Kanowsky Investing.com --The U.S. economy rebounded from six months of contraction in the third quarter, according to preliminary data from the Department of Commerce on Thursday, as a rise in exports and consumer spending was partly offset by a fall in housing investment. Gross domestic product grew by 2.6% on a year-on-year basis in the July to September period, up from declines of 1.6% and 0.6% in the first and second quarters, respectively. Economists had expected the reading to come in at 2.4%. Exports jumped, particularly of industrial supplies and materials, as well as travel and financial services. Consumer spending also increased, as a fall in demand for cars and food was outweighed by expenditures on health care services. Meanwhile, fixed investment on residential properties slumped, led lower by a decrease in new single-family home construction and brokers' commissions. The GDP uptick halts a so-called "technical recession" - or two straight quarters of negative GDP levels - in the world's largest economy. Debate swirled earlier this year around whether the U.S. was actually in a recession, with the Biden administration consistently dismissing the claim. The National Bureau of Economic Research, the ultimate judge of a recession, did not formally declare that one was underway. It has maintained that other factors besides the GDP number, including the health of the labor market and industrial production, play into its assessment.

Nice moves on the USD this morning helping to give us a nice following wind on the trades. Remember this is just six microlots on a USD complex - no stress no panic and very simple. Just keep it simple and even with a micro account like this you can still make money.....but at this level its not about the money it's how many pips you can take consistently!

By Kevin Buckland TOKYO (Reuters) - The dollar wallowed near a three-week low versus major peers on Wednesday as more signs of economic weakness in the United States fanned speculation about a less hawkish Federal Reserve. The Australian dollar strengthened to just shy of the previous session's 2 1/2-week high as hotter-than-expected inflation data put pressure on the Reserve Bank ahead of a rate decision next week. Sterling hung close to the six-week peak reached on Tuesday after new British Prime Minister Rishi Sunak pledged to lead the country out of an economic crisis, and stuck with Jeremy Hunt as finance minister. The euro also remained near a six-week high, trading less than half a cent from parity with the greenback. The European Central Bank decides policy on Thursday and is widely expected to raise rates by 75 basis points. The dollar index - which measures the currency against six peers, including sterling, the euro and the yen - was little changed at 111.01, near the previous session's trough of 110.75, the lowest level since Oct. 5. Data overnight showed that U.S. home prices sank in August as surging mortgage rates sapped demand, amid recent signs that Fed rate increases are already working to slow the world's biggest economy. Traders and economists predict another 75 basis point increase next Wednesday, but the view is growing for a slowing to half a point in December. "I'm still in two minds as to whether we can say we've seen a peak in the U.S. dollar," but "evidence of a slowdown is building," said Ray Attrill, head of FX strategy at National Australia Bank (OTC:NABZY). "If the market gets really comfortable with a Fed pivot - if that's what stepping down to 50 basis points is, and potentially ending a tightening cycle south of 5% early next year - then it will be time to call time on U.S. dollar strength, but I'd like to get through the Fed messaging next week before coming to that conclusion." U.S. long-term Treasury yields continued their descent from last week's multi-year highs at 4.338%, declining to 4.0941% in Tokyo. That put pressure on the dollar versus the yen because of its sensitivity to U.S. rates, although it managed a 0.22% gain to 148.265, clawing back some of its 0.7% slide on Tuesday. The dollar reached a 32-year high at 151.94 yen on Friday, but was then beaten back as far as 144.55 amid two bouts of suspected Bank of Japan (BOJ) intervention either side of the weekend. Even so, fundamentals still favor a weaker yen, with the BOJ expected on Friday to keep stimulus settings unchanged, running counter to monetary tightening by developed-market peers. The euro slipped 0.13% to $0.9957, after jumping to its highest since Oct. 5 on Tuesday at $0.9995. Sterling eased 0.16% to $1.1454, but was still close to Tuesday's high of $1.1500, a level last seen on Sept. 15. "With Jeremy Hunt confirmed reappointed as Chancellor, we judge the political discount to GBP is fading," Joseph Capurso, a strategist at Commonwealth Bank of Australia (OTC:CMWAY), wrote in a client note. "However, GBP retains a number of headwinds such as a looming recession and a growing current account deficit," he added. The Australian dollar added 0.11% to $0.6401, just short of Tuesday's top of $0.6412, the strongest since Oct. 7. The RBA decides policy on Tuesday, and is now under pressure to either roll back a decision to slow the pace of rate hikes from the previous meeting, or to run its tightening campaign for longer. Both NAB and ANZ raised their forecasts for the RBA's terminal rate following the data. But while that should lend the currency some support, it has also been battered by poor risk sentiment amid weakness in global stock markets and economic worries around top trading partner China. "It may take some time for the cloud of gloom over China to lift from AUD," said Sean Callow, a senior FX strategist at Westpac. "A further pullback in the U.S. dollar seems to be the Aussie's best chance of sustaining pushes above $0.64. Otherwise, it's back to trading either side of $0.63." Cryptocurrencies were firm after sharp rallies on Tuesday amid dollar weakness. Bitcoin was 0.35% higher at $20,157 after a 3.9% jump overnight. Ether was up 1.3% at $1,479.40, building on Tuesday's 8.7% surge.

By Rae Wee and Kevin Buckland SINGAPORE (Reuters) - The dollar strengthened broadly on Friday, punching to fresh 32-year highs above 150 yen, as U.S. Treasury yields climbed to new multi-year peaks amid bets the Federal Reserve will keep raising interest rates despite the risks of recession. Sterling sank toward the lowest level in a week as investors digested the news that British Prime Minister Liz Truss had quit after just six weeks in office. The risk-sensitive Aussie and New Zealand dollars also retreated. Fed officials showed no signs of backing down from their hawkish rhetoric, with Philadelphia Fed president Patrick Harker saying overnight that the central bank is not done with raising its short-term rate target amid very high levels of inflation. Money markets are close to fully priced for 75 basis point rate hikes in both November and December. "The dollar's got the wind to its back, it's got everything working for it," said Chris Weston, head of research at Pepperstone. "It's a magical currency at the moment." The greenback jumped as high as 150.43 yen for the first time since August 1990 before last trading up 0.16% at 150.38. The currency pair is extremely sensitive to changes in U.S. 10-year yields, which pushed to a more than 14-year top of 4.272% in Tokyo trading. The battered Japanese currency first weakened past the symbolic 150 level late Thursday afternoon in Tokyo, but strengthened sharply from an interim low of 150.09 per dollar to 149.63 within a minute. Fresh threats of intervention made by Japanese policymakers have kept investors on high alert, although there has been no news of further action since the Ministry of Finance's dollar-selling, yen-buying intervention last month. "(They) can no longer just rely on individual-part intervention to keep the yen from depreciating. You either have yield curve control lifted, or concerted action," said Alicia Garcia Herrero, chief economist for Asia Pacific at Natixis. The U.S. dollar index, which tracks the currency against a basket of six major peers including the yen, British pound and euro, added 0.15% to 113.10. Meanwhile, sterling slid 0.46% to $1.11875, bringing it close to Thursday's low of $1.1172, the weakest level since Oct. 14, and erasing any trace of the brief rally to $1.1338 after Liz Truss announced her resignation as prime minister. "I think that was a knee-jerk reaction to at least a temporary easing of UK political uncertainty," said Carol Kong, currency strategist at Commonwealth bank of Australia (CBA). "But the news that we heard only removed some, but not all of the political uncertainty in the UK economy, and we'll still hear more on the fiscal policy front at the end of this month." Truss was brought down by an economic programme that sent shockwaves through markets and shattered the country's reputation for financial stability. The Conservative Party, which holds a big majority in parliament and need not call a nationwide election for another two years, will now elect a new leader by Oct. 28 - Britain's fifth prime minister in six years. The euro fell 0.22% to $0.97645, after tracking the move in sterling to an overnight high of $0.98455. The Aussie fell 0.41% to $0.6257, while New Zealand's kiwi sank by about the same margin to $0.5652.

By Kevin Buckland TOKYO (Reuters) - Asian stocks followed Wall Street lower and crude oil stayed weak on Thursday as investors weighed the risks of global recession amid hawkish Federal Reserve rhetoric and uncertainty about the Bank of England's commitment to stabilising markets. The dollar held its ground against major peers and bond yields edged higher as traders awaited U.S. consumer price data that could shed light on the pace of further Fed policy tightening. Japan's Nikkei slipped 0.48%, while South Korea's Kospi slid 1.15%. Hong Kong's Hang Seng dropped 1%, and mainland Chinese blue chips lost 0.28%. MSCI's broadest index of Asia-Pacific shares lost 0.57%, languishing close to Wednesday's 2 1/2-year low. UK FTSE futures pointed to a 0.18% decline at the open, and German DAX futures signaled a 0.35% retreat. U.S. emini stock futures offered some slight hope though, rising 0.1% following a 0.33% decline in the S&P 500 from overnight. "I'm more concerned than I've been for some time," said Tom Nash, a fixed income portfolio manager at UBS Asset Management in Sydney. "The risk of an over-tightening episode and some mishap in financial markets is higher than I can remember." Minutes of the Fed's latest policy meeting released Wednesday showed many officials "emphasized the cost of taking too little action to bring down inflation likely outweighed the cost of taking too much action," although several committee members said it would be important to "calibrate" the pace of further rate hikes to reduce the risk of "significant adverse effects" on the economy. Treasury yields turned lower after the minutes, reversing an earlier rise, with investors focusing on the dovish undertones in taking yields back from near two-decade highs. The U.S. 10-year benchmark yield ticked up again in Tokyo trading though, and was last 2 basis points higher than Wednesday at 3.923%. The immediate focus for investors now is U.S. consumer price data due later in the global day. Wednesday's minutes were "not the dovish pivot some market participants are looking for," Joseph Capurso, head of international economics at Commonwealth Bank of Australia (OTC:CMWAY), wrote in a client note. "A pivot will depend on the inflation data." Fed Governor Michelle Bowman took a hawkish stance in a speech on Wednesday, saying that if high inflation does not start to wane she will continue to support aggressive rate rises. Markets lay 90% odds for another 75 basis-point rate hike in November, versus 10% probability of a half-point bump. The dollar index, which gauges the greenback against six major rivals, stuck near the middle of its range this week, trading little changed at 113.27. The U.S. currency remained close to a fresh 24-year high to the yen from overnight at 146.98, last changing hands at 146.81. At the same time, the dollar was little changed versus sterling, which had rebounded strongly from a two-week trough of $1.0925 on Tuesday. It last traded at $1.1088. Benchmark 10-year gilt yields had swung from a fresh 14-year peak at 4.632% to close at 4.429% on Wednesday, little changed from the previous session. The Bank of England insisted that its emergency bond market support will expire on Friday as originally announced, countering media reports of continued aid if necessary. BoE Governor Andrew Bailey had riled markets on Tuesday by saying British pension funds and other investors hit hard by a slump in bond prices had until that deadline to fix their problems. "Volatility in UK markets – gilts and sterling - remains exceptional," but "the reality is (the BoE) will necessarily be there if market conditions demand,"Ray Attrill, head of foreign-exchange strategy at National Australia Bank (OTC:NABZY), wrote in a report. Meanwhile, crude oil markets remained weak following a 2% slide on Wednesday amid worries over demand. Brent crude futures dropped 7 cents, or 0.1%, to $92.38 a barrel, while U.S. West Texas Intermediate crude was down 21 cents, or 0.2%, at $87.06 a barrel. [O/R]

**IanShepherdson:** I know the Fed is still pushing this narrative that there has been no improvement in inflation, but core PPI goods prices were unchanged in Sep, for the first time since May 2020. What will they be doing in say, six months's time, as the tightening kicks in further? Please stop. https://twitter.com/IanShepherdson/status/1580239124866662401

By Kevin Buckland TOKYO (Reuters) - Asian stocks declined on Friday, extending a global equity slide to a third day, as investors fretted over recession risks amid signs of further aggressive central bank policy tightening and new signs of a deep semiconductor slump. The dollar and Treasury yields remained elevated after multiple Federal Reserve officials continued to talk up additional rate hikes ahead of a crucial U.S. jobs report later in the day, while rising crude oil prices compounded concerns about prolonged inflation. Japan's Nikkei dropped 0.72% as of 0530 GMT, pulling back from a two-week high reached on Thursday, with losses for tech names standing out after U.S. chipmaker Advanced Micro Devices (NASDAQ:AMD) cut its quarterly revenue forecast by about a billion dollars. South Korea's Kospi slipped 0.24%, weighed partly by a decline in Samsung Electronics (OTC:SSNLF) shares, after the technology giant flagged a worse-than-expected 32% drop in quarterly operating earnings. Hong Kong's Hang Seng was 1.55% lower, with its tech stocks tumbling 3.22%. Mainland Chinese shares remain closed for the final day of the Golden Week holiday. MSCI's broadest index of Asia-Pacific shares declined 1.18%. The selling looks set to continue in Europe, with Germany's DAX futures down 0.33% and FTSE futures off 0.26%. U.S. e-mini S&P500 futures pointed 0.23% lower, after the index dropped 1% overnight. [.N] Fed officials showed no intention of backing down from the most aggressive rate hike campaign in decades, with Fed Governor Lisa Cook, Chicago Fed President Charles Evans and Minneapolis Fed President Neel Kashkari all emphasising that the inflation fight was ongoing and they were not prepared to change course. Stocks started the week on a strong footing, with the MSCI world equity index rallying 5.65% in the first two days amid speculation that the pace of central bank tightening might slow, but that has fizzled out since Wednesday. Markets currently price an 85.5% chance of a 75 basis point increase for next month's Federal Open Market Committee meeting, and 14.5% odds for a half point bump. Investors will now be looking to Friday's non-farm payrolls report for some clarity as to whether a steady diet of rate hikes has begun to take a bite out of hiring and wage inflation. "Ongoing hawkish comments by Fed officials (are) a clear pushback on the 'Fed will pivot' narrative that has supported risk assets since the beginning of the week," said Tapas Strickland, head of market economics at National Australia Bank (OTC:NABZY). "Some positioning ahead of U.S. payrolls tonight is also probably a factor. Given the rally in risk assets earlier in the week, the pain trade would seem to be a 'good news is bad news' print." The yield on the benchmark 10-year Treasury note was at 3.8266% in Tokyo trading, little changed from its New York close following a two-day rebound from a two-week low of 3.5620%. The dollar index, which tracks the greenback versus a basket of six major peers, was little changed at 112.16 following a 1.84% two-day rally from a two-week low. "Clients have asked if we foresee an imminent shift in stance from the Fed given ... the sharp risk asset moves," Meghan Swiber, an analyst at BofA Securities, wrote in a report. "We think these concerns are misplaced and that the Fed's job is still far from over. The Fed will keep hiking until the labor market cracks." Sterling sagged near its lowest level this week, last changing hands at $1.1170, while the euro sank to the lowest since Monday at $0.9787 and was last at $0.98005. Japan's yen weakened past 145 again overnight and fluctuated around that level in Friday trading. Japanese authorities intervened to support their currency for the first time since 1998 on Sept. 22 following a break of the 145 level. Crude oil on Friday steadied after a rapid climb triggered by OPEC+ output cuts announced this week. [O/R] Brent crude futures slipped 11 cents to $94.31 a barrel. WTI crude futures were down 5 cents to $88.40 a barrel, after earlier hitting $89.37 per barrel, the highest since Sept. 14.

By Amanda Cooper LONDON (Reuters) -Global stocks and bond prices rallied on Tuesday, buoyed by a growing belief among investors that central banks may be on the verge of shifting down a gear in their quest to fight inflation, while UK assets benefitted from a government U-turn on tax cuts. A number of factors have helped douse some of the expectations for policymakers to deliver hefty rate hike after rate hike to quell inflation. A weaker read of U.S. manufacturing data for September, coupled with a retreat in eye-wateringly high European energy prices, and a smaller rate rise by the Australian central bank helped push down borrowing costs around the globe and plumped up investor appetite for risk. With borrowing costs having surged in the last couple of weeks in particular, a number of companies, including Swiss lender Credit Suisse, have found themselves in the line of fire. "The sight of a bond rally when investors smell a whiff of a central bank pivot is something to behold," ING strategists led by Padraig Garvey said. "The root cause of the recent re-pricing lower in rates can be traced back to two factors: the global economic slowdown and resurgent fears for financial stability." The MSCI All-World index was last up 0.9% on the day, while stocks in Europe headed for their biggest one-day rally in over three months, as the Stoxx 600 traded 2.6% higher and London's FTSE gained 1.8%. The pound, meanwhile, rose 0.1% against the dollar to trade at $1.1363, having pared some of the day's gains. Sterling has risen by more than 10% since the mini-budget unveiled by Finance Minister Kwasi Kwarteng last week triggered alarm across the financial markets. Global bond yields headed lower, with those on the benchmark U.S. 10-year Treasury note falling 6 basis points to 3.587%. The yield fell by nearly 20 basis points on Monday, having topped 4.0% just last week. "Noticeably, that move lower was entirely driven by a fall in real yields, with inflation breakevens moving higher on the day, which is again a sign that investors are pricing in a much less aggressive reaction from the Fed," Deutsche Bank (ETR:DBKGn) strategist Jim Reid said in a daily note. DOLLAR RELAXES ITS GRIP With Treasury yields falling, the dollar was on course for a fifth consecutive daily loss against a basket of currencies - its longest streak of declines since August 2021 - as investors began to price in the possibility that tighter credit conditions will make the Federal Reserve tread more carefully. However, some analysts said this optimism may be misplaced. "My firm view, however, is that this will not be the case. While, technically, having a dual mandate, the Fed have effectively become a single-issue central bank; that issue being bringing inflation back to the 2% target," Michael Brown, chief strategist at CaxtonFX, said. "Unless we see a few months of consecutive improvement in inflation data, it's tough to envisage any sort of pivot, with another 75 bps hike remaining my base case for next month's decision. It's tough to be long risk with that on the radar." Markets show investors believe inflation is likely to drop more quickly. On a five-year horizon, investors see inflation at just 2.24%, down from nearer 3% six weeks ago. In Europe, benchmark natural gas prices, which have served as a proxy for inflation, fell to their lowest in two months, which could take some pressure off the European Central Bank. In the UK, Kwarteng on Monday announced the government would back down on a tax cut for top earners that formed part of a package aimed at boosting growth. This measure only makes up a small part of the 45 billion pounds ($51 billion) in unfunded tax cuts, but it was enough to soothe some of the recent angst in the market and, together with emergency bond buying from the Bank of England, sterling was set to make up most of the losses incurred since the mini budget was unveiled on Sept. 23. But the respite seen across the markets on Monday and Tuesday would likely not last, given the bleak outlook for the British economy, analysts said. "The about-face ... will not have a huge impact on the overall UK fiscal situation in our view," said NatWest Markets' head of economics and markets strategy John Briggs. "(But) investors took it as a signal that the UK government could and is at least partially willing to walk back from its intentions that so disrupted markets over the past week." S&P 500 futures rose 1.8%, following a 2.6% bounce for the index overnight, suggesting a second day of gains may be in the offing on Wall Street later. [.N] Oil rallied for a second day, boosted by the prospect of output cuts from the world's biggest exporters, leaving Brent futures up 1.1% at $89.84 a barrel. ($1 = 0.8827 pounds)

The 10-year Treasury yield, a vital benchmark that influences a vast array of consumer borrowing costs, is on its way to hitting 4% for the first time in at least 12 years -- a development that's starting to ripple across financial markets. The rate soared to as high as 3.988% on Tuesday -- more than twice as high as where it started the year -- as financial market participants come on board with the higher-for-longer view on interest rates, driven by central banks' imperative need to bring down inflation. The 10-year rate hasn't been 4% or higher on an intraday basis since April 5, 2010. The last time it finished the New York session at or above that level was in Oct. 15, 2008, according to Tradeweb data.Typically, a rising 10-year yield is seen as a sentiment signal about brighter U.S. economic prospects. This time around, however, "it's a wake-up call that inflation won't be self-curing the way it has been in the last 30 years," said Chris Low, chief economist at FHN Financial in New York. The rate is up five of the past six trading days and is on pace for its largest gain over the first three quarters of a calendar year since 1981. On Monday, it reached a 12-year high of 3.878% before knocking on the door of 4% on Tuesday -- rising closer to levels already reflected elsewhere in the Treasury market.

By Tom Westbrook and Alun John SYDNEY/LONDON (Reuters) - Sterling slumped to a record low on Monday, and a renewed selloff in British gilts pushed euro zone yields higher as the fall out from last week's fiscal statement in Britain roiled markets for a second session. Share markets around the world also slid as concerns about high interest rates continued to put pressure on the financial system, though in a rare recent example of a news event having a smaller market impact than feared, reaction to Italy's election result was muted. The pound plunged nearly 5% at one point in Asia trade to break below 1985 lows and hit $1.0327. Moves were exacerbated by thin liquidity in the Asia session, and the currency had last clambered back up to $1.0738. The plunge extended Friday's sell off after markets took fright at British finance minister Kwasi Kwarteng announcing the scrapping of the top rate of income tax and cancelling a planned rise in corporate taxes - on top of a hugely expensive plan to subsidise energy bills. Sterling's declines are partly due to dollar strength - the dollar index, which tracks the greenback against six peers - hit a new 20-year top of 114.58 in early trade. Nontheless, the euro, which fell to its own 20-year low on the dollar on Monday briefly hit 92.29 early in the day, its highest since late 2020. The tumble is leading to speculation the Bank of England will have to hold an emergency meeting to raise rates. “The Bank of England is in a very difficult spot where if they don't react they risk another sterling collapse and things getting very messy," said Mike Riddell, senior portfolio manager, Allianz (ETR:ALVG) Global Investors. "If they do react, a developed market hiking rates to defend the currency looks like an emerging market. So they’re damned if they do, damned if they don’t,” The carnage was not confined to currencies. Five-year gilt yields jumped 50 basis points to their highest since October 2008, sending euro zone government bond yields higher. Germany’s 10-year government bond yield hit its highest since December 2011 at 2.132%, (DE10YT=RR) and Italy's benchmark bond yields rose to their highest since 2013. Those moves were largely in line with the overall picture, rather than an outsized response to Sunday's election after which Giorgia Meloni looks set to become Italy's first woman prime minister leading its most right-wing government since World War Two. "There are no big surprises. I expect a relatively small impact considering that the League, the party with the least pro-European stance, seems to have come out weak," said Giuseppe Sersale, fund manager at Anthilia Capital Partners, referring to a separate right-wing party led by Matteo Salvini. "The market knew this was how it was going to end." STRESS BUILDING The pound's plunge is only the latest unnerving move as investors' skittishness strains global financial markets. Two-year Treasury yields broke above 4.3% to a new 15-year high, while U.S. S&P 500 futures fell 0.6%, suggesting the index could fall below its June bottom to its lowest since late 2020. Europe's STOXX 600 index slipped for the third straight session, falling to a new low since December 2020, dragged down particularly by recession vulnerable sectors such as commodity stocks and mining Asian stocks also fell, and oil and gold were under pressure due to the surging greenback. Gold touched a 2-1/2 year low of $1,626.4 and Brent crude futures were down about 1% having earlier fallen to their lowest since January at $84.51 a barrel. "There has been an economic logic at play, as central banks raised rates to drive monetary policy into restrictive territory, get below trend growth for a while, - a polite way of saying a recession - and then you get lower inflation," said Samy Chaar, chief economist at Lombard Odier. "The question is whether the financial world can go through that sequence. It feels like we are reaching the limit of that, things are starting to break, for example what we see with sterling."

**elerianm:** From fifteen books to six: The shortlist for the @FT Business Book of the Year. The jury is to convene again in December to select the winner of this year's winner. https://t.co/DxpslU0ZVj #bbya #bbya2022 #bbya22 https://t.co/KTDdzGjrje https://twitter.com/elerianm/status/1573576483913834498

By Marc Jones LONDON (Reuters) - World stocks were close to a two-year low and Japan was forced to unilaterally intervene in FX markets for the first time since 1998 on Thursday, after the Federal Reserve's aggressive U.S. rate hike signals had put markets on the run. In Europe, where all the economic pain and volatility has been amplified this week by Russia's threat to use nuclear weapons, major stocks markets tumbled by more than 1% before finding some support. It had been a rollercoaster from the off. Tokyo swooped in to support the yen not long after Europe opened. While the move seemed to have been coming for weeks - the yen has fallen 20% this year almost half of that in the last six weeks - it still packed a punch. Traders watched the Japanese currency surge to 142.39 from 145.81 to the dollar in the space of a few minutes and make it as far as 140 to the greenback before running out of gas. [/FRX] With the dollar suddenly stalled, the euro lifted nearly 0.5% off a 20-year low. Sterling, which is not far behind the yen having lost over 8% since August, was hoisted from a 1985 trough too as the Bank of England raised its rates by another 50 basis points.[/FRX] "We have taken decisive action (in the exchange market)," Japan's vice finance minister for international affairs Masato Kanda told reporters following the interventions. The move had came just hours after the BOJ had maintained super-low interest rates, fighting the global tide of monetary tightening by the Fed and others trying to rein in inflation. Asian stocks had swooned to a two-year low overnight after the Fed's rate hike and GDP forecast cuts had triggered a brutal finish on Wall Street, although S&P futures pointed to a modest rebound later. [.N] "Fed is delivering exactly what it said it would (with rate hikes) but the markets have pushed out the path of interest rates quite a lot," Close Brothers Asset Management Chief Investment Officer Robert Alster said. "All of a sudden we are entering a scenario where everything gets a lot more drawn out... It is a bit disconcerting in some respects but at least they have laid out the road map and we know the economy is second to monetary policy. Wall Street was expected to tick up when it reopens but the benchmark S&P 500 is now less than 4% away from its mid-June low, its weakest point of the year. [.N] In the rates market, short-term yields remain on the rise and the peak for the benchmark Fed funds rate a moving target. The median of Fed officials' own outlook has U.S. rates at 4.4% by year's end -- 100 bps higher than their June projection -- and even higher, at 4.6%, by the end of 2023. Futures have scrambled to catch up. The yield on two-year Treasuries hit a 15-year high of 4.13% in Asia before dipping back to 4.10% in Europe. Ten-year yields are below that, at 3.54% as traders price in the hikes' damage to longer-run growth. In Europe, Germany's rate sensitive 2-year bond yield rose as far as to 1.897% - its highest since May 2011. "No one knows whether this process will lead to a recession or if so how significant that recession would be," Fed Chair Jerome Powell told reporters after the rate hike announcement. "The chances of a soft landing are likely to diminish to the extent that policy needs to be more restrictive, or restrictive for longer." " onerror="this.style.display='none'" class="msg-img" /> FOLLOW THE FED The Swiss National Bank also pulled up its rates by a chunky 0.75 percentage point - only the second increase in 15 years which also ended its 7-1/2 year spell in negative interest rates. Previously Swiss rates had been frozen at minus 0.75% as the SNB tried to tame the appreciation of the Swiss franc but Thursday's message was the reverse, that more hikes as well a FX intervention might be needed in the current environment. "To provide appropriate monetary conditions, the SNB is also willing to be active in the foreign exchange market as necessary," it added, sending the franc up over 1%. The global outlook is helping drive the dollar higher as U.S. yields look attractive and investors think other economies look too fragile to sustain rates as high as those contemplated in the U.S. Japan and China are the outliers and their currencies are sliding particularly hard -- the yen had fallen to the weaker side of 145 per dollar on Thursday before Tokyo's intervention after the Bank of Japan had stuck with its ultra-easy monetary policy. Yields in Japan's government bond market also retreated as speculators closed some bets on imminent policy changes. [JP/] Back in Europe, Norway and Britain raised their rates by 50 bps with traders seeing plenty more coming too. Not that that is much salve for the region's currencies. The pound's modest rise on the day came after it had hit a 37-year low of $1.1213 overnight on the growing worries about the state of Britain's finances. Sweden's crown had also hit a record low despite the country's steepest rate hike in a generation earlier this week. The dollar's rise has also sent emerging market currencies tumbling and punished cryptocurrencies and commodities. Lira traders were left wincing again as Turkey, where inflation is now running at around 85%, defied economic orthodoxy and slashed another 100 basis points off its interest rates. Spot gold was down 0.3% near a two-year low at $1,668 an ounce. Bitcoin was just above $19,000 and Brent crude steadied at $90.33 a barrel after sliding on demand worries. "The more hawkish the Fed gets, the more market volatility is likely to be elevated, and the risk of a recession ticks higher," said Gautam Khanna, Head of U.S. Multi Sector Fixed Income at Insight Investment.

(Reuters) - Ukrainian forces swept deeper into territory seized from fleeing Russian troops on Monday, as joyful residents returned to former frontline villages and Moscow grappled with the consequences of the collapse of its occupation force in northeastern Ukraine. FIGHTING * Ukrainian forces have advanced north from Kharkiv to within 50 km (30 miles) of the border with Russia and are also pressing to the south and east in the same region, Ukrainian chief commander General Valeriy Zaluzhnyi said. * Zaluzhnyi said Ukraine had retaken more than 3,000 sq km (1,160 sq miles) this month. * Ukraine's general staff said its forces had recaptured more than 20 towns and villages in just the past day. *At least 1,000 people have been killed in the last six months in fighting in the city of Izium but the real figure is probably much higher, an official said, two days after Kyiv's forces recaptured the major supply hub. * Britain's defence ministry said Russia had probably ordered the withdrawal of its troops from the entire occupied Kharkiv region west of the Oskil River. (https:// * The Kremlin said it saw no prospect of peace talks and that what it calls the special military operation in Ukraine would achieve its goals. * Russian nationalists called angrily for immediate changes by President Vladimir Putin to ensure ultimate victory in the Ukraine war, after Moscow was forced to abandon Izium. * Commentators on Russian state television have been forced to go off script by Ukrainian forces' swift advance in the country's Kharkiv region and Moscow's rapid retreat. * Faced with one of its worst defeats in nearly seven months of war, the Kremlin insisted it would achieve its military goals and President Vladimir Putin maintained an air of business as usual as he chaired a meeting on the economy. * Reuters could not independently verify the battlefield reports. NUCLEAR PLANT * Operations at the Russian-held Zaporizhzhia nuclear power plant have been fully stopped as a safety measure, its state operator said. The move followed restoration of the backup power line allowing the plant to be connected to Ukraine's electricity grid. * The IAEA nuclear watchdog confirmed the restoration, allowing the plant to draw power from the grid to cool its reactors. * The presidents of Russia and France held talks about plant safety, with Putin blaming Ukrainian forces, while Emmanuel Macron pointed the finger at Russian troops. * Mykhailo Podolyak, an adviser to Ukraine's president, saidRussian attacks had hit Kharkiv's CHPP-5 electricity station, one of the country's largest. * Ukraine and Russia are interested in the U.N. atomic watchdog's proposal that a protection zone be created around the Russian-held Zaporizhzhia nuclear power plant, the watchdog's chief Rafael Grossi said, describing it as a ceasefire. DIPLOMACY, TRADE * Indonesian President Joko Widodo is considering joining India and China in buying Russian oil to offset the growing pressure of rising energy costs, the Financial Times said. * The International Monetary Fund is looking for ways to provide emergency funding to countries facing war-induced food price shocks, sources told Reuters.

By Kevin Buckland TOKYO (Reuters) - The dollar hovered near a two-decade high hit in the previous session on Thursday as investors looked for fresh insight on the global monetary tightening path from a European Central Bank rate decision and comments from the head of the Federal Reserve. The Aussie dollar tumbled after Reserve Bank of Australia governor Philip Lowe suggested a slower pace of rate hikes going forward. New Zealand's currency also declined. The U.S. dollar index, which measures the currency against six major counterparts, edged up 0.04% to 109.73, after hitting a peak at 110.79 on Wednesday, a level not seen since June 2002. Sterling weakened 0.25% to $1.1506, heading back toward the previous day's 37-year low of $1.1407. The euro slipped 0.19% to $0.99885, after hitting a 20-year low of $0.9864 earlier in the week. The ECB is widely expected to raise rates by 75 basis points (bps) later on Thursday (1215 GMT) to fight runaway inflation, although Europe's energy crisis has kept the euro under pressure. Federal Reserve Chair Jerome Powell will participate in a discussion at a Cato Institute conference, with Fed officials soon due to enter into a blackout period prior to the U.S. central bank's Sept. 20-21 meeting. Recent rhetoric has continued to be hawkish overall. Boston Fed President Susan Collins said overnight that bringing inflation back down to 2% is the Fed's "Job One," while Fed Vice Chair Lael Brainard said tight monetary policy will continue "for as long as it takes to get inflation down." Money markets lay 79% odds that the Fed will hike by another 75 basis points at this month's meeting, which would increase the fed funds rate to 3.0% to 3.25%. "Dollar domination may have one last major rally in it before the market can start placing some long-term bets with some of the European currencies," wrote Edward Moya, a senior markets analyst at OANDA, in a note. "The upcoming ECB rate decision will be a make-or-break moment in FX that will either trigger a bounce towards parity or provide a clear passage towards 0.9750." Japan's yen showed some resilience on Thursday, trading little changed at 143.815 per dollar, after reaching a 24-year low of 144.99 in the previous session. The yen has been a particular victim of recent dollar strength, partly due to its sensitivity to rising long-term U.S. yields as hawkish Fed bets ramped up. It tumbled more than 3% over the past two sessions to take it to its trough just shy of 145 yen per dollar, leading Japan's Chief Cabinet Secretary Hirokazu Matsuno to say that the government would like to take necessary steps if "rapid, one-sided" moves in currency markets continue. Meanwhile, the Aussie tumbled 0.7% to $0.6721 and dipped as low as $0.6713 earlier, after RBA Governor Lowe said in a speech "the case for a slower pace of increase in interest rates becomes stronger as the level of the cash rate rises." New Zealand's kiwi slumped 0.49% to $0.60445, and earlier touched $0.6037, approaching the previous day's trough at $0.5997, a level last seen in May 2020.

**pkedrosky:** European water losses—from ground water pumping, reduced precip, and heat—are staggering, on the order of 84 Gt/yr. That is roughly one Lake Erie every six years. https://t.co/LXBJz7QAeu https://twitter.com/pkedrosky/status/1566816957042552833

By Tom Balmforth KYIV (Reuters) - European leaders sought to ease the impact of high energy prices across the continent after Ukrainian President Volodymyr Zelenskiy warned of a difficult winter, even as he reported progress in a counter-offensive against Russian troops. In Sunday's nightly remarks, Zelenskiy thanked his forces for taking two settlements in the south and a third, along with additional territory, in the east, citing "good reports" from his military commanders and intelligence head. Kyrylo Tymoshenko, deputy head of the president's office, earlier posted an image of soldiers raising the Ukrainian flag over a village he said was in the southern area that is the main focus of the counter-offensive. "Vysokopillya. Kherson region. Ukraine. Today," Tymoshenko wrote on Facebook (NASDAQ:META) over a photograph of three soldiers on rooftops, one of them fixing a Ukrainian flag to a post. Ukraine began the counter-offensive last week targeting the south, particularly the Kherson region, which Russia seized early in the conflict. After Ukrainian forces' intense shelling of clusters of Russian troops in the region, the Russians have banned movement of residents, forbidding them to cross the Dnipro River, the Ukrainian general staff said on Monday. Russia has launched 25 missile strikes, and more than 22 air strikes, on military and civilian targets in Ukraine in the last 24 hours, the statement added, keeping up its focus on establishing full control over the Donetsk region. Zelenskiy's remarks came a day after he warned Europeans that Russia was preparing "a decisive energy blow" during the cold months ahead. Moscow has cited Western sanctions and technical issues for the energy disruptions. European countries, which have backed Kyiv with diplomatic and military support, have accused Russia of weaponising energy supplies. Some analysts say the shortages and a surge in living costs as winter approaches risk sapping Western support for Kyiv as governments try to soothe disgruntled populations. Last week Moscow said it would keep closed the Nord Stream 1 pipeline, its main gas channel to Germany, while G7 countries announced a planned price cap on Russian oil exports. The Kremlin said it would stop selling oil to nations that adopted the cap. German Chancellor Olaf Scholz said on Sunday his government had been planning for a total halt in gas deliveries in December, promising measures to lower prices and tie social benefits to inflation. "Russia is no longer a reliable energy partner," Scholz told a news conference in Berlin. In response, former Russian President Dmitry Medvedev accused Germany of being an enemy of Russia. "In other words, it has declared a hybrid war on Russia," he said. On Sunday, Finland and Sweden announced plans to offer billions of dollars to power companies to avert the threat of insolvency amid the crisis. Separately, the U.S. embassy in Moscow said John Sullivan, the ambassador appointed by former President Donald Trump in 2019, had left his post and was retiring. A State Department official said Sullivan had served a typical tour length. EYES ON ZAPORIZHZHIA NUCLEAR PLANT Russian authorities said the situation was calm around the Russian-occupied Zaporizhzhia nuclear plant in southern Ukraine, after U.N. inspectors said on Saturday it had again lost external power. Three strong explosions were heard in Energodar, the curfew-bound city where the plant is located, but there were no immediate details of damage and casualties, Russia's official TASS news agency said on Monday. Ukrainian troops made two attempts to deploy assault teams in the vicinity of the city, it said, adding that they were using drones, heavy artillery and rocket launching systems. The last main external power line was cut off, although a reserve line kept up electricity supply to the grid, the International Atomic Energy Agency (IAEA) said. Only one of its six reactors remained in operation, it said. Russian troops seized the plant shortly after President Vladimir Putin sent his army over the border on Feb. 24. It has become a focal point of the conflict. Each side has blamed the other for shelling that has raised fears of a nuclear disaster. Vladimir Rogov, a pro-Russian official in the Zaporizhzhia region, told Komsomolskaya Pravda radio that there had been no shelling or incursions, and that IAEA experts were expected to work at the plant until at least Monday. Last week an IAEA mission toured the plant, which is still operated by Ukrainian staff, and some experts have stayed there pending the release of an IAEA report. Russia has resisted international calls to demilitarise the area. On other battlefronts, Ukrainian Telegram channels reported explosions at the Antonivsky bridge near the city of Kherson, occupied by Russian forces. Ukrainian missiles have severely damaged the bridge over the past weeks, but Russian troops were trying to repair it or to set up a pontoon crossing or barges to maintain supplies to their units on the right bank of the Dnipro River.

$TWTR Twitter asks Elon Musk to turn over six months worth of texts

**pkedrosky:** Ran before dawn via headlamp to avoid western U.S. heat, which turned out ... hot anyway. I'm thinking the 2.1 L sweat loss is an undercount, given that my weight was down more than six pounds, despite drinking during run. https://t.co/kb0pMBjeL9 https://twitter.com/pkedrosky/status/1565369929519419394

**pkedrosky:** Quiz question: How many of the following six countries have median populations by latitude further north than the median population by latitude of Canada? Switzerland, U.K., Ireland, Germany, France, and Netherlands. https://twitter.com/pkedrosky/status/1564972423862046721

By Dhara Ranasinghe LONDON (Reuters) - World stocks slumped on Monday as the growing risk of more aggressive interest rate hikes in the United States and Europe inflicted fresh pain on bond markets and pushed the dollar to new 20-year highs, just as recession fears mount. Federal Reserve Chair Jerome Powell, speaking at the Jackson Hole symposium on Friday, said the Fed would raise rates as high as needed to restrict growth, and keep them there "for some time" to bring down inflation running well above its 2% target. European Central Bank board member Isabel Schnabel added to market unease. She warned on Saturday that central banks risk losing public trust and must act forcefully to curb inflation, even if that drags their economies into a recession. As investors woke up to the reality that rates would stay higher for longer even as recession risk grows, two-year U.S. Treasury yields rose to their highest since 2007. [US/] European stocks slumped to their lowest level in almost six weeks and were last down over 1%. U.S. stock futures were deep in the red and Japan's blue-chip Nikkei slid over 2.5% London markets were closed for a holiday, while MSCI's world equity index fell 0.7% to a one-month low. "The message from Jackson Hole was loud and clear and not what markets were expecting," said Nordea chief analyst Jan von Gerich. "Central banks need convincing evidence that inflation is coming down. That is bad news for the economy and risk appetite and raises the risk of a deeper recession if we get more rapid rate hikes." Investors ramped up U.S. and euro zone rate hike bets, with markets pricing in a greater chance of 75 basis point hikes from the Fed and ECB in September. Fed funds futures priced in as high as a 73% chance the Fed will hike by 75 bps, and see rates peaking at 3.75% to 4.0%. "Markets are focusing on discussing the message of 'coordinated tightening' from Jackson Hole as ECB and Fed appear to have re-committed to creating price stability: yields are shooting higher and risk assets are quite a bit lower since last week," said Lars Sparreso Lykke Merklin, senior analyst at Danske Bank. Much might depend on what U.S. August payrolls figures show this Friday. Analysts are looking for a moderate rise of 285,000 following July's blockbuster 528,000 gain. HUNKER DOWN As investors hunkered down for front-loaded rate hikes, key gauges of equity market volatility shot up. The CBOE Volatility index, widely dubbed Wall Street's fear index, rose to its highest since mid-July. The euro STOXX volatility index, the European equivalent, jumped to its highest level in six weeks. The aggressive chorus from central banks lifted short-term yields globally, while further inverting the Treasury curve as investors priced in an eventual economic downturn. [US/] Two-year U.S. yields surged to around 3.49%, the highest since late 2007 and far above the 10-year at 3.13%. Yields also jumped across Europe. [GVD/EUR] This all benefited the safe-haven dollar, which briefly shot to a fresh two-decade peak at 109.48 against a basket of major currencies. The dollar hit a five-week peak on the yen and was last up 0.7% at 138.65, with bulls looking to re-test its July top of 139.38. Sterling sank to a 2-1/2-year low around $1.1649 as Goldman Sachs (NYSE:GS) warned the UK was heading for recession. The euro dropped to as low as $0.99145, not far from last week's two-decade trough of $0.99005, but was last up 0.25% at $0.9988 The Dutch September gas delivery contract dropped as much as 11% as Germany's economy minister said he expects prices to fall soon as Germany is making progress on its storage targets, with facilities nearly 83% full and set to hit its 85% Oct. 1 target in early September Supply fears pushed natural gas futures in Europe 38% higher last week, adding further fuel to the inflation bonfire as a three-day halt to Russian natural gas supplies through its main pipeline to Europe will start on Wednesday. [NG/EU] German benchmark power prices, meanwhile, breached 1,000 euros per megawatt hour for the first time on Monday. "I struggle to understand the sense of sharp (ECB) interest rate hikes. The big problem is energy supply, and right now it doesn't look we can get out any time soon," said Carlo Franchini, head of institutional clients at Banca Ifigest in Milan. "Such a sharp rise in such a complicated economic picture will put companies and households in a very difficult situation. Trading volumes are really thin. I think it would be worth sell into any rally even though the word rally doesn't seem appropriate." The rise of the dollar and yields has been a drag for gold, which was last down 0.5% at $1,729 an ounce. [GOL/] Oil prices swung higher on speculation OPEC+ could cut output at a meeting on Sept 5. Brent rose 26 cents to $101.25, while U.S. crude firmed 42 cents to $93.47.

By Kevin Buckland TOKYO (Reuters) - The U.S. dollar hit a fresh five-week high versus major peers on Monday after more Federal Reserve officials flagged the likelihood of continued aggressive monetary tightening ahead of the central bank's key Jackson Hole symposium this week. The euro sank to a new five-week trough after Russia announced a three-day halt to European gas supplies via the Nord Stream 1 pipeline at the end of this month, exacerbating the region's energy crisis. China's yuan dropped to its lowest in nearly two years after the central bank cut key lending rates, adding to a string of monetary easing measures aimed at shoring up an economy reeling from COVID-19 clampdowns and a property crisis. The Australian and New Zealand dollars rebounded strongly from near five-week lows, helped by firmer commodity prices. The U.S. dollar index, which measures the currency against six rivals including the euro, edged up to 108.26 for the first time since July 15 early in the Asian session before trading flat at 108.12. It gained 2.33% last week - its best weekly rally since April 2020 - amid a chorus of Fed policymakers stressing that more needs to be done to rein in decades-high inflation. The latest was Richmond Fed President Thomas Barkin on Friday, saying the "urge" among central bankers was towards faster, front-loaded rate increases. "Fed speakers have been stressing the message that more rate hikes are coming given the fight against inflation has not yet been won," rattling markets ahead of Jackson Hole on Aug. 25-27, amid growing expectations for Fed Chair Jerome Powell to stress that tightening is "still a long way from the end," Rodrigo Catril, senior FX strategist at National Australia Bank (OTC:NABZY), wrote in a client note. Money markets currently indicate 46.5% odds for another supersized 75 basis point rate hike on Sept. 21, with a 53.5% chance for a half-point rise. Economists in a Reuters poll lean toward a 50 basis-point increase with recession risks on the rise. Benchmark 10-year U.S. Treasury yields rose above 3% on Monday for the first time since July 21. Against Japan's currency, which is extremely sensitive to U.S. yields, the dollar climbed as high as 137.44 yen, the strongest since July 27. The dollar rose as high as 6.8308 yuan in onshore trading for the first time since September 2020 after the People's Bank of China cut the one- and five-year loan prime rates, as widely expected. That came after it eased other key borrowing benchmarks in a surprise move last week. Against the offshore yuan, the dollar hit 6.8520, also the strongest since September 2020. The commodity-linked Aussie gained 0.39% to $0.6902 - rebounding after a slide to $0.68595 on Friday for the first time since July 19 - as Dalian iron ore rallied more than 2% and copper also rose. The kiwi advanced 0.4% to $0.61995 after declining to $0.61675 at the end of last week, also a first since July 19. Meanwhile, the euro dipped as low as $1.0026 for the first time since July 15 before trading flat at $1.0040. Sterling was little changed at $1.18325, remaining not far from Friday's five-week low of $1.17925. Bundesbank President Joachim Nagel told German newspaper Rheinischen Post that the German economy, among the most exposed to disruptions in Russian gas supply, is "likely" to suffer a recession over the winter if the energy crisis continues to deepen. But he added that even if a German recession is increasingly probable, the European Central Bank must keep raising rates to tame inflation. "Time back below parity looks inevitable" for the euro, although it may bounce around either side of that mark in the short term rather than falling strongly through it, Westpac strategists wrote in a research note.

By Alex Lawler LONDON (Reuters) -Oil hit a six-month low on Wednesday after a brief rally as concerns about the prospect of a global recession that would weaken demand overshadowed a report showing lower U.S. crude and gasoline stocks. Figures on Wednesday did little to improve the economic backdrop, showing British consumer price inflation jumped to 10.1% in July, its highest since February 1982, intensifying a squeeze on households. Brent crude fell as low as $91.51, the lowest since February, and by 1331 GMT was up 20 cents, or 0.2%, at $92.54. U.S. West Texas Intermediate (WTI) crude rose 57 cents, or 0.7%, to $87.10. "The oil market is struggling to shake off recession fears, and there is little to suggest that this will change any time soon," said Stephen Brennock of oil broker PVM. Earlier, prices gained support from a report showing lower U.S. crude and fuel stocks. Crude stocks fell about 448,000 barrels and gasoline by about 4.5 million barrels, said sources citing American Petroleum Institute figures on Tuesday. Official inventory data from the Energy Information Administration is out at 1430 GMT. [EIA/S] Oil has soared in 2022, coming close to an all-time high of $147 in March after Russia's invasion of Ukraine exacerbated supply concerns. Prices have fallen since as those concerns were edged out by the prospect of recession. "There are growing downside risks as a result of the growth outlook and ongoing uncertainty around Chinese COVID restrictions," said Craig Erlam of brokerage OANDA. An exodus of participants, especially hedge funds and speculators, has made daily price swings far greater than in previous years. On the oil supply front, the market is awaiting developments from talks to revive Iran's 2015 nuclear deal with world powers, which could eventually lead to a boost in Iranian oil exports if a deal is reached. The European Union and United States said on Tuesday they were studying Iran's response to what the EU has called its "final" proposal to save the deal.

Oil slips to six-month low as recession fears weigh

By Emily Chow KUALA LUMPUR (Reuters) -Oil prices rose over $1 on Wednesday, rebounding from six-month lows hit the previous day, as an unexpectedly large drop in U.S. oil and gasoline stocks reminded investors that demand remains firm, if overshadowed by the prospect of a global recession. Brent crude futures were last up 82 cents, or 0.9%, to $93.16 a barrel by 0630 GMT. West Texas Intermediate (WTI) crude futures also rose 85 cents, or 1%, to $87.38 a barrel. The contracts slumped about 3% on Tuesday as weak U.S. housing starts data spurred concerns about a potential global recession. "A drawdown of U.S. gasoline stockpiles for a second straight week has reassured investors that demand is resilient, prompting buys," said Kazuhiko Saito, chief analyst at Fujitomi Securities Co Ltd. "Still, the oil market is expected to stay under pressure, with fairly high volatility, due to worries over a potential global recession," he said. U.S. crude and fuel stocks fell in the latest week, according to market sources citing American Petroleum Institute figures on Tuesday. Crude stocks declined by about 448,000 barrels for the week ended Aug. 12. Gasoline inventories fell by about 4.5 million barrels, while distillate stocks were down by about 759,000 barrels, according to the sources. An extended Reuters poll showed on Tuesday that crude inventories probably dropped by around 300,000 barrels last week and gasoline stockpiles likely fell 1.1 million barrels, while distillate inventories rose. "There are a number of bearish factors and downside risks for oil at the moment, from the threat of recession to the poor data in China and the possibility of a nuclear deal between the U.S. and Iran," said Craig Erlam, senior market analyst at Oanda. "But crude has pulled back a long way and we can't forget that this remains a very tight market in the short term." Oil supply could rise if talks to revive the Iran's 2015 nuclear deal with world powers are successful, which would remove sanctions on Iranian oil exports, analysts said. The European Union and United States said on Tuesday they were studying Iran's response to what the EU has called its "final" proposal to save the deal after Tehran called on Washington to show flexibility. "When WTI prices were well north of $100, the revival of the Iranian nuclear agreement looked like a potentially winning mid-term issue but it appears to be a less compelling case in the current price and security context," said RBC Capital analyst Helima Croft in a note on Wednesday. "We would note that the Europeans are likely more incentivised to secure a deal given the looming supply shortage the continent faces when Russian sanctions come on in December." The EU will stop buying all Russian crude oil delivered by sea from early December and ban all Russian refined products two months later as part of sanctions imposed over Moscow's invasion of Ukraine. Russia calls its actions there "a special operation".

Crypto funds ended a six-week streak of inflows with outflows totaling $17 million in the seven days ended on August 12, per CoinShares.

By Lawrence White LONDON (Reuters) - European stocks crept sluggishly higher on Tuesday as investors sought safety in defensive names, while risk aversion likewise lifted the safe haven dollar following weak Chinese and U.S. economic data that stoked fears of a global recession. The dollar briefly hit a one-week high as investors piled back in having ditched the greenback last week following lower-then-expected U.S. inflation data, while the Aussie, euro and Chinese yuan buckled. Europe's benchmark STOXX index climbed 0.3% to hit a 10-week high and mark a fifth straight session of gains, led by mining companies as London-listed BHP Group (NYSE:BHP) reported strong results. But S&P 500 futures and Nasdaq futures dipped, indicating a likely weaker direction for U.S. markets when they open later. MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.03% after gains earlier in the day. MSCI's benchmark index has gained 5% from the year's lows but is still down 15% this year. Just as investors were taking heart from a four-week rally in global equities that pushed markets to their highest in more than three months, Monday's weak Chinese activity data spanning industrial output and retail sales hit sentiment. Also, U.S. single-family homebuilders' confidence and New York state factory activity fell in August to their lowest since near the beginning of the COVID-19 pandemic, a further sign the world's largest economy is softening as the Federal Reserve raises interest rates. The picture was mixed across Asian bourses on Tuesday, with Tokyo and Taiwan benchmarks flat, while South Korean stocks put on 0.2%. Chinese stocks gave up early gains as growth concerns remained after data showed economic activity and credit expansion slowed sharply in July, prompting the central bank to unexpectedly cut interest rates. The blue-chip CSI 300 index slipped 0.2% after dipping on Monday. Bond markets, meanwhile, continued their tussle between fears over inflation and recession, which are particularly acute in the euro zone. Germany's 10-year yield, the benchmark for the euro zone, was up 3 basis points (bps) to 0.932%, holding below a two-week high of 1.025% touched last Friday. DOLLAR HAVEN Investors' latest move to the safety of the dollar came after the raft of weak global economic indicators. The U.S. economy contracted in the first and second quarters, amplifying a debate over whether the country is, or will soon be, in recession. On Tuesday, the dollar index, which measures the greenback against six major peers, rose as high as 106.87, its strongest since Aug. 8. The euro, the most heavily weighted currency in the dollar index, dropped 0.28% to 1.01305. The Australian and New Zealand dollars were put on the defensive by frail global data. Brent crude futures fell 1% to $94.11 as the bleak economic data from top crude buyer China renewed concerns of a global recession, and the market monitored talks on a reviving deal that could allow more Iranian oil exports. WTI crude futures shed 0.98% to $88.52 a barrel. Spot gold dipped slightly to $1,775.6 per ounce as the stronger dollar dented bullion's appeal and investors watched for signs of future rate hikes by the federal reserve.

**conorsen:** Not as high profile as Uber, but the new Six Flags CEO, in explaining the company’s pivot away from its discounting model, said that the company’s parks had become “a cheap daycare center for teenagers during breaks and the summers.” https://twitter.com/conorsen/status/1558080785353261057

**conorsen:** Not as high profile as Uber, but the new Six Flags CEO, in explaining the company’s pivot away from its discounting model, said that the company’s parks had become “a cheap daycare center for teenagers during breaks and the summers.” https://twitter.com/conorsen/status/1558080785353261057

By Huw Jones and Sujata Rao LONDON (Reuters) - Wall Street headed for another day of gains on Thursday as investors banked on peaking inflation persuading central banks to dial back on their anticipated interest rate hikes in September. The prospect of less aggressive tightening in borrowing costs sent the dollar lower, while oil prices rallied after the International Energy Agency raised its oil demand growth forecast for this year. Figures on Wednesday showed that U.S. consumer prices (CPI)were unchanged in July compared with June, a two-year rise in inflation stopped in its tracks by a drop in gasoline prices. The S&P 500 futures and Nasdaq futures were up about 0.35%. Before Wall Street's opening bell, however, investors will scrutinise U.S. producer prices data for further clues on inflation, along with the latest jobless claims numbers. "For the first time in long time we had a bit of good news so markets may extend this rally," said Grace Peters, EMEA head of investment strategy at JPMorgan (NYSE:JPM) Private Bank. "We agree with the direction of travel, but if you dig into the CPI data you can see in the details that inflation is broad and pretty sticky and will come down only slowly from here," she said. This means the Fed may step down the pace of rate hikes from 75 basis points to 50 basis points, Peters said. In Europe, the STOXX index of 600 leading companies was up flat. The MSCI all country index slightly firmer, though it remains down about 14% for the year, wiping out most of 2021's 17% advance. The World Federation of Exchanges said $18 trillion has been wiped off global markets in the first half of 2022, a 15% drop in stock market capitalisation, as the global economy tries to recover from COVID-19 and deal with fallout from war in Ukraine. ) " onerror="this.style.display='none'" class="msg-img" /> The dollar lost further ground against other major currencies, down 0.238% as traders reined in bets of aggressive rate hikes. "We think a Fed doing battle with higher core inflation will keep the dollar supported on dips - especially against the euro and yen," ING said in a note. ) " onerror="this.style.display='none'" class="msg-img" /> PPI NEXT STOP Overnight on Wall Street, the S&P 500 rose more than 2%, while the Nasdaq Composite added 2.9%. The Nasdaq has now gained more than 20% from its June low. "Rising real yields, due to the Fed's commitment to fighting inflation, have been an enormous problem for valuations in 2022, so any dovishness is seen as positive by the stock market, particularly for the highest valued companies," said Oliver Blackbourn, multi-asset portfolio manager at Janus Henderson Investors. "However, the potentially more dovish outlook undermined a key support for the U.S. dollar." U.S. policymakers left no doubt they would continue to tighten monetary policy until price pressures were fully broken. San Francisco Fed President Mary Daly, in an interview with the Financial Times, warned it is far too early for the U.S. central bank to declare victory in its fight against inflation and a half-percentage point rate rise in September was her baseline. Yields on U.S. Treasuries were slightly weaker at 2.7698%. Brent crude futures gained 0.8% to $98.19 a barrel, while U.S. West Texas Intermediate crude futures advanced 0.9% to $92.70. Spot gold was flat at $1,792 per ounce.[GOL/] MSCI's broadest index of Asia-Pacific shares outside Japan surged 1.4% to the highest in six weeks, buoyed by a 1.8% jump in Hong Kong, a 1.2% advance in South Korean shares and a 1.5% gain in China's blue chips.

they are moving $SIX now

https://cointelegraph.com/news/six-reasons-why-blockchain-makes-sense-for-commercial-real-estate-deloitte

By Yimou Lee and Sarah Wu TAIPEI (Reuters) -China deployed scores of planes and fired live missiles near Taiwan on Thursday in its biggest drills in the Taiwan Strait, a day after U.S. House of Representatives Speaker Nancy Pelosi made a solidarity trip to the self-ruled island. China's military confirmed multiple firings of conventional missiles in waters off Taiwan as part of planned exercises in six zones set to run until noon on Sunday. It activated more than 100 planes, including fighter jets and bombers, and over 10 warships, state broadcaster CCTV said. Taiwan's defence ministry said it scrambled jets to warn away 22 Chinese fighter aircraft that crossed the Taiwan Strait median line into its air defence zone, and said troops fired flares late on Thursday to drive away four drones that flew above the area of its Kinmen islands, off the southeastern coast of China. It said missiles fired by China flew high into the atmosphere and constituted no threat to it, responding to public concern about whether they passed over the main island of Taiwan. Japan protested that five missiles appeared to land in its economic zone. "The U.S.-Taiwan collusion and provocation will only push Taiwan towards the abyss of disaster, bringing catastrophe to Taiwan compatriots," said a Chinese defence ministry spokesperson. Responding to the Chinese drills, President Tsai Ing-wen said Taiwan would not provoke conflicts but would firmly defend its sovereignty and national security. "Taiwan will never be knocked down by challenges," Tsai said in a recorded video message to the people of Taiwan. "We are calm and not impetuous, we are rational and not provocative, but we will also be firm and not shirk." The White House condemned China's move as "irresponsible" and said it expected Beijing would continue to react in the coming days. "Beijing's provocative actions are significant escalation and its long standing attempt to change the status quo," U.S. national security spokesperson John Kirby (NYSE:KEX) told a briefing. To avoid escalating tensions further, the United States has postponed a long-planned test of an Air Force Minuteman III intercontinental ballistic missile, Kirby said. HACKER ATTACKS Taiwan said 11 Chinese Dongfeng ballistic missiles had been fired in nearby waters - the first time since 1996. Taiwan officials said the drills violated United Nations rules, invaded its space and threatened free air and sea navigation. It has been self-ruled since 1949, when Mao Zedong's communists took power in Beijing after defeating Chiang Kai-shek’s Kuomintang (KMT) nationalists in a civil war, prompting the KMT-led government to retreat to the island. The military activity followed Pelosi's unannounced visit of support to Taiwan in defiance of warnings from China. Before the drills officially began, Chinese navy ships and military aircraft briefly crossed the Taiwan Strait median line several times on Thursday, a Taiwanese source briefed on the matter told Reuters. By midday, warships from both sides remained in close proximity as Taiwan also scrambled jets and deployed missile systems to track Chinese aircraft crossing the line. "They flew in and then flew out, again and again. They continue to harass us," the Taiwanese source said. China, which has long said it reserves the right to take Taiwan by force, says its differences with the island are an internal affair. In Taiwan, life was largely normal despite worries that Beijing could fire a missile over the main island as North Korea did over Japan's northern island of Hokkaido in 2017. "When China says it wants to annex Taiwan by force, they have actually said that for quite a while," said Chen Ming-cheng, a 38-year-old realtor. "From my personal understanding, they are trying to deflect public anger, the anger of their own people, and turn it onto Taiwan." Taiwan said websites of its defence ministry, foreign ministry and the presidential office were attacked by hackers and warned of coming "psychological warfare". 'COMRADE PELOSI' Chinese Foreign Minister Wang Yi called Pelosi's visit to Taiwan a "manic, irresponsible and highly irrational" act, state broadcaster CCTV reported. Wang, speaking at a meeting of Southeast Asian foreign ministers in Cambodia, said China had tried to avert crisis by diplomatic means but would never let its core interests be hurt. Unusually, the drills in six areas around Taiwan were announced with a locator map circulated by China's official Xinhua news agency - a factor that for some analysts illustrated playing to both domestic and foreign audiences. In Beijing, security near the U.S. Embassy was unusually tight though there were no signs of significant protests. "I think this (Pelosi's visit) is a good thing," said a man surnamed Zhao in Beijing. "It gives us an opportunity to surround Taiwan, then to use this opportunity to take Taiwan by force. I think we should thank Comrade Pelosi." Pelosi, the highest-level U.S. visitor to Taiwan in 25 years, praised its democracy and pledged American solidarity during her brief stopover. Chinese anger could not stop world leaders from travelling there, she said. "Our delegation came to Taiwan to make unequivocally clear that we will not abandon Taiwan," Pelosi told Taiwan's President Tsai Ing-wen, whom Beijing suspects of pushing for formal independence - a red line for China. China summoned the U.S. ambassador in Beijing in protest and halted several agricultural imports from Taiwan. The United States and the foreign ministers of the Group of Seven nations warned China against using Pelosi's visit as a pretext for military action against Taiwan. The United States has no official diplomatic relations with Taiwan but is bound by U.S. law to provide it with the means to defend itself. Taiwan rejects China's sovereignty claims, saying only the islanders themselves can decide their future. U.N. Secretary General Antonio Guterres is following the developments closely and with concern, a U.N. spokesperson said.

By Yimou Lee and Sarah Wu TAIPEI (Reuters) -China fired multiple missiles around Taiwan on Thursday, launching unprecedented military drills a day after a visit by U.S. House of Representatives Speaker Nancy Pelosi to the self-ruled island that Beijing regards as its sovereign territory. The exercises, China's largest ever in the Taiwan Strait, began as scheduled at midday and included live-firing in the waters to the north, south and east of Taiwan, bringing tensions in the area to their highest in a quarter century. China's Eastern Theatre Command said at around 3:30 p.m. (0730 GMT) it had completed multiple firings of conventional missiles in waters off the eastern coast of Taiwan as part of planned exercises in six different zones that Beijing has said will run until noon on Sunday. Taiwan's defence ministry said 11 Chinese Dongfeng ballistic missiles had been fired in waters around the island. The last time China fired missiles into waters around Taiwan was in 1996. Taiwan officials condemned the drills, saying they violate United Nations rules, invade its territorial space and are a direct challenge to free air and sea navigation. Tensions had been building ahead of Pelosi's unannounced but closely watched visit to Taiwan, made in defiance of heated warnings from China. Before Thursday's drills officially began, Chinese navy ships and military aircraft briefly crossed the Taiwan Strait median line several times in the morning, a Taiwanese source briefed on the matter told Reuters. By midday, warships from both sides remained in the area and in close proximity, and Taiwan scrambled jets and deployed missile systems to track multiple Chinese aircraft crossing the line. "They flew in and then flew out, again and again. They continue to harass us," the Taiwanese source said. China, which claims Taiwan as its own territory and reserves the right to take it by force, said on Thursday its differences with the self-ruled island are an internal affair. "Our punishment of pro-Taiwan independence diehards, external forces is reasonable, lawful," China's Beijing-based Taiwan Affairs Office said. In Taiwan, life was largely as normal, despite worries that Beijing could take the unprecedented step of firing a missile over the main island, similar to a launch by North Korea over Japan's northern island of Hokkaido in 2017. Taiwan residents are long accustomed to Beijing's threats. "When China says it wants to annex Taiwan by force, they have actually said that for quite a while," said Chen Ming-cheng, a 38-year-old realtor. "From my personal understanding, they are trying to deflect public anger, the anger of their own people, and turn it onto Taiwan." However, Taiwan said that the websites of its defence ministry, foreign ministry and the presidential office were attacked by hackers, and warned of the likelihood of stepped up "psychological warfare" in coming days. 'COMRADE PELOSI' Chinese Foreign Minister Wang Yi called Pelosi's visit to Taiwan a "manic, irresponsible and highly irrational" act by the United States, state broadcaster CCTV reported. Wang, speaking at a meeting of Southeast Asian foreign ministers in Phnom Penh, Cambodia, said China had made the utmost diplomatic effort to avert crisis, but would never allow its core interests to be hurt. Unusually, the drills in six areas around Taiwan were announced with a locator map circulated by China's official Xinhua news agency earlier this week - a factor that for some analysts and scholars shows the need to play to both domestic and foreign audiences. On Thursday, the top eight trending items on China's Twitter-like Weibo (NASDAQ:WB) service were related to Taiwan, with most expressing support for the drills or fury at Pelosi. "Let's reunite the motherland," several users wrote. In Beijing, security in the area around the U.S. Embassy remained unusually tight as it has been throughout the week. There were no signs of significant protests or calls to boycott U.S. products. "I think this (Pelosi's visit) is a good thing," said a man surnamed Zhao . "It gives us an opportunity to surround Taiwan, then to use this opportunity to take Taiwan by force. I think we should thank Comrade Pelosi." U.S. SOLIDARITY Pelosi, the highest-level U.S. visitor to Taiwan in 25 years, praised its democracy and pledged American solidarity during her brief stopover, adding that Chinese anger could not stop world leaders from travelling there. China summoned the U.S. ambassador in Beijing in protest against her visit and halted several agricultural imports from Taiwan. "Our delegation came to Taiwan to make unequivocally clear that we will not abandon Taiwan," Pelosi told Taiwan's President Tsai Ing-wen, who Beijing suspects of pushing for formal independence - a red line for China. "Now, more than ever, America's solidarity with Taiwan is crucial, and that's the message we are bringing here today." The United States and the foreign ministers of the Group of Seven nations warned China against using Pelosi's visit as a pretext for military action against Taiwan. White House national security spokesman John Kirby (NYSE:KEX) said earlier in the week that Pelosi was within her rights to visit Taiwan, while stressing that the trip did not constitute a violation of Chinese sovereignty or America's longstanding "one-China" policy. The United States has no official diplomatic relations with Taiwan but is bound by American law to provide it with the means to defend itself. China views visits by U.S. officials to Taiwan as sending an encouraging signal to the pro-independence camp on the island. Taiwan rejects China's sovereignty claims, saying only the Taiwanese people can decide the island's future.

By Yimou Lee and Sarah Wu TAIPEI (Reuters) -China launched unprecedented live-fire military drills in six areas that ring Taiwan on Thursday, a day after a visit by U.S. House of Representatives Speaker Nancy Pelosi to the self-ruled island that Beijing regards as its sovereign territory. Soon after the scheduled start at 0400 GMT, China's state broadcaster CCTV said the drills had begun and would end at 0400 GMT on Sunday. They would include live firing on the waters and in the airspace surrounding Taiwan, it said. Taiwan officials have said the drills violate United Nations rules, invade Taiwan's territorial space and are a direct challenge to free air and sea navigation. China is conducting drills on the busiest international waterways and aviation routes and that is "irresponsible, illegitimate behaviour," Taiwan's ruling Democratic Progressive Party said. Taiwan's cabinet spokesman, expressing serious condemnation of the drills, said also that websites of the defence ministry, the foreign ministry and the presidential office were attacked by hackers. Chinese navy ships and military aircraft briefly crossed the Taiwan Strait median line several times on Thursday morning, a Taiwanese source briefed on the matter told Reuters. By midday on Thursday, military vessels from both sides remained in the area and in close proximity. Taiwan scrambled jets and deployed missile systems to track multiple Chinese aircraft crossing the line. "They flew in and then flew out, again and again. They continue to harass us," the Taiwanese source said. On Wednesday night, just hours after Pelosi left for South Korea, unidentified aircraft, probably drones, flew above the area of Taiwan's outlying Kinmen islands near the mainland coast, Taiwan's defence ministry said. China, which claims Taiwan as its own territory and reserves the right to take it by force, said on Thursday its differences with the self-ruled island were an internal affair. "Our punishment of pro-Taiwan independence diehards, external forces is reasonable, lawful," China's Beijing-based Taiwan Affairs Office said. China's Foreign Minister Wang Yi called Pelosi's visit to Taiwan a "manic, irresponsible and highly irrational" act by the United States, state broadcaster CCTV reported. Wang, speaking at a meeting of Southeast Asian foreign ministers in Phnom Penh, Cambodia, said China had made the utmost diplomatic effort to avert crisis, but would never allow its core interests to be hurt. The foreign ministers in a statement had earlier warned that volatility caused by tensions in the Taiwan Strait could lead to "miscalculation, serious confrontation, open conflicts and unpredictable consequences among major powers". 'COMRADE PELOSI' Unusually, the drills in six areas around Taiwan were announced with a locator map circulated by China's official Xinhua news agency earlier this week - a factor that for some analysts and scholars shows the need to play to both domestic and foreign audiences. On Thursday, the top eight trending items on China's Twitter-like Weibo (NASDAQ:WB) service were related to Taiwan, with most expressing support for the drills or fury at Pelosi. "Let's reunite the motherland," several users wrote. In Beijing, security in the area around the U.S. Embassy remained unusually tight on Thursday as it has been throughout this week. There were no signs of significant protests or calls to boycott U.S. products. "I think this (Pelosi's visit) is a good thing," said a man surnamed Zhao in the capital's central business district. "It gives us an opportunity to surround Taiwan, then to use this opportunity to take Taiwan by force. I think we should thank Comrade Pelosi." Pelosi, the highest-level U.S. visitor to Taiwan in 25 years, praised its democracy and pledged American solidarity during her brief stopover, adding that Chinese anger could not stop world leaders from travelling there. China summoned the U.S. ambassador in Beijing in protest against her visit and halted several agricultural imports from Taiwan. "Our delegation came to Taiwan to make unequivocally clear that we will not abandon Taiwan," Pelosi told Taiwan's President Tsai Ing-wen, who Beijing suspects of pushing for formal independence - a red line for China. "Now, more than ever, America's solidarity with Taiwan is crucial, and that's the message we are bringing here today." The United States and the foreign ministers of the Group of Seven nations warned China against using Pelosi's visit as a pretext for military action against Taiwan. White House national security spokesman John Kirby (NYSE:KEX) said earlier in the week that Pelosi was within her rights to visit Taiwan, while stressing that the trip did not constitute a violation of Chinese sovereignty or America's longstanding "one-China" policy. The United States has no official diplomatic relations with Taiwan but is bound by American law to provide it with the means to defend itself. China views visits by U.S. officials to Taiwan as sending an encouraging signal to the pro-independence camp on the island. Taiwan rejects China's sovereignty claims, saying only the Taiwanese people can decide the island's future.

By Shadia Nasralla LONDON (Reuters) - Oil prices inched up on Wednesday, erasing earlier losses, as the OPEC+ producer group was set for a small output increase of 100,000 barrels per day, a document seen by Reuters showed, dashing U.S. hopes of a meaningful supply boost. Brent crude futures were up 78 cents, or 0.8%, at $101.32 a barrel at 1150 GMT. West Texas Intermediate (WTI) crude futures rose 94 cents, or 1%, to $95.36 a barrel. The premium for front-month Brent futures over barrels loading in six months' time is at a three-month low, indicating worries about current tight supply are abating. Ministers for members of the Organization of the Petroleum Exporting Countries and allies including Russia, together known as OPEC+, are poised to agree the small output increase, equal to about 0.1% of global oil demand, a document showed. While the United States has asked the group to boost output, spare capacity is limited and Saudi Arabia may be reluctant to beef up output at the expense of OPEC+ partner Russia, hit by sanctions due to the Ukraine conflict. Ahead of the meeting, OPEC+ trimmed its forecast for the oil market surplus this year by 200,000 barrels per day (bpd), to 800,000 bpd, three delegates told Reuters. Meanwhile, data from the American Petroleum Institute, an industry group, showed U.S. crude stocks rose by about 2.2 million barrels for the week ended July 29. Gasoline inventories fell by 200,000 barrels and distillate stocks by about 350,000 barrels. [API/S] Official data from the U.S. Energy Information Administration (EIA) are due at 1430 GMT. [EIA/S]

By Madeline Chambers and Can Sezer BERLIN/ISTANBUL (Reuters) -The deal between Moscow and Kyiv to unblock Ukrainian grain exports may offer a way forward to a possible ceasefire in the five-month conflict, said former German chancellor Gerhard Schroeder, a friend of Russian President Vladimir Putin. The first grain-carrying ship to leave Ukrainian ports in wartime safely anchored off Turkey's coast on Tuesday and is due to be inspected on Wednesday. "The good news is that the Kremlin wants a negotiated solution," Schroeder told Stern weekly and broadcasters RTL/ntv on Wednesday, adding he had met Putin in Moscow last week. "A first success is the grain deal, perhaps that can be slowly expanded to a ceasefire," he said. Schroeder, chancellor from 1998 to 2005, has criticised the war in Ukraine but refused to condemn Putin. Meanwhile, Russia has accused the United States of being directly involved in the conflict in Ukraine and not just supplying Kyiv with arms. Russia's defence ministry, headed by an ally of Putin, said comments made by Vadym Skibitsky, Ukraine's deputy head of military intelligence, to Britain's Telegraph newspaper showed that Washington was entangled in the conflict. Skibitsky told the paper there was consultation between U.S. and Ukrainian intelligence officials before strikes and Washington had an effective veto on intended targets, but that U.S. officials were not providing direct targeting information. "All this undeniably proves that Washington, contrary to White House and Pentagon claims, is directly involved in the conflict in Ukraine," the Russian defence ministry said in a statement on Tuesday. "It is the Biden administration that is directly responsible for all Kyiv-approved rocket attacks on residential areas and civilian infrastructure in populated areas of Donbas and other regions, which have resulted in mass deaths of civilians." There was no immediate reaction from the White House or Pentagon to the ministry's assertions. The Pentagon did deny, however, Moscow's claims that Russia had destroyed six U.S.-made HIMARS missile systems since the start of the Ukraine war. Russia regularly claims it has hit HIMARS but has yet to show proof. DONBAS: 'JUST HELL' Ukraine's General Staff on Wednesday catalogued continued heavy Russian shelling of Kharkiv and other towns and villages in its vicinity, as well as air and missile strikes on civilian objects. Moscow denies deliberately targeting civilians. Ukrainian President Volodymyr Zelenskiy on Tuesday said that despite arms supplies from the West, his country's forces could not yet overcome Russian advantages in heavy guns and manpower. "This is very much felt in combat, especially in the Donbas. ... It is just hell there. Words cannot describe it." Reuters was not able to verify battlefield reports. Germany's Schroeder said the future of Donbas was complicated. The traditional industrial heartland in Ukraine's east has seen some of the war's heaviest fighting. "A solution based on the Swiss cantonal model will have to be found," he said, adding it would have to be seen if Putin would go back to a pre-war "contact line" in a ceasefire. Switzerland has 26 semi-autonomous cantons or provinces. Solutions to crucial problems such as Crimea, which Russia annexed in 2014, could be found over time, "maybe not over 99 years, like Hong Kong, but in the next generation", he said. Britain's defence ministry said the rail link connecting Russian-occupied Kherson in southern Ukraine with Crimea was highly unlikely to be operational due to a Ukrainian strike against a Russian ammunition train. Russian forces are likely to repair the railway line in a few days, although it will remain a vulnerability for Russian forces and their logistical resupply route from Crimea into Kherson, Britain said in an intelligence update on Twitter (NYSE:TWTR). Russia sent tens of thousands of troops into Ukraine on Feb. 24 in what it calls a "special military operation". Kyiv and the West have condemned it as an unprovoked war of aggression. At a U.N. conference on Tuesday, Igor Vishnevetsky, deputy director of the department for non-proliferation and arms control of the Russian foreign ministry, refuted all allegations of "unprovoked aggression". He also added that Moscow was convinced a nuclear war "must never be fought". SAFE PASSAGE Meanwhile, a July 22 U.N.-brokered deal to unblock Ukrainian grain exports had an initial success as the first loaded ship since Russia's invasion safely anchored off the Turkish coast. The vessel, the Sierra Leone-flagged Razoni was at the entrance of the Bosphorus Strait, which connects the Black Sea to world markets, around 1800 GMT on Tuesday, some 36 hours after leaving the Ukrainian port of Odesa. The ship, which is carrying 26,527 tonnes of corn to Lebanon, is due to be inspected on Wednesday in Turkey. The exports from one of the world's top grain producers are intended to help ease a global food crisis. Known as Europe's breadbasket, Ukraine hopes to export 20 million tonnes of grain held in silos and 40 million tonnes from the harvest now under way, initially from Odesa and nearby Pivdennyi and Chornomorsk. Russia has called the Razoni's departure "very positive" news. It has denied responsibility for the food crisis, saying Western sanctions have slowed its exports.

https://cointelegraph.com/news/gamefi-industry-to-see-2-8-billion-valuation-in-six-years

By Peter Nurse Investing.com -- Stocks in focus in premarket trade on Monday, July 25th. Please refresh for updates. Barclays (NYSE:BCS) ADRs rose 2.4% after the lender published terms to repurchase up to $15 billion of securities sold in breach of U.S. regulations, offering investors an up to 17.3% above face value. Intel (NASDAQ:INTC) stock rose 0.8% after the chipmaker announced it will produce chips for Taiwan’s MediaTek (TW:2454), one of the world's largest chip design firms. Tesla (NASDAQ:TSLA) stock rose 1.3% after the electric car manufacturer updated the value of its bitcoin holdings in its latest filing, receiving a $64 million gain from sales during the first six months of 2022. Snap (NYSE:SNAP) stock fell 2.2% after Morgan Stanley downgraded its stance on the owner of Snapchat all the way down to ‘underweight’ from ‘overweight’, saying the social media company faces ongoing headwinds to its advertising business. Newmont (NYSE:NEM) stock fell 3.3% after the miner reported a 40.8% drop in second quarter adjusted profit hurt by lower gold prices. Squarespace (NYSE:SQSP) stock fell 13% after the website builder and hosting service cut its full-year revenue guidance, citing currency headwinds. Lam Research (NASDAQ:LRCX) stock fell 1% after Barclays downgraded its stance on the supplier of wafer fabrication equipment to the semiconductor industry to ‘equal weight’ from ‘overweight’, saying a comeback in chip stocks is a ‘head fake’. Philips (NYSE:PHG) ADRs fell 10% after the Dutch medical equipment maker reported disappointing quarterly earnings, citing lockdowns in China and supply chain issues.

By Kevin Buckland TOKYO (Reuters) - Asian stocks lost ground on Monday, retreating from over three-week highs as worries about a global economic downturn sapped investors' risk appetite. Bond yields eased amid bets that an expected U.S. recession would slow the Federal Reserve's aggressive tightening campaign, with markets looking for policy clues from its two-day Federal Open Market Committee meeting which begins on Tuesday. At the same time, the dollar built on its recovery from a 2-1/2-week low against major peers, supported by demand for the U.S. currency as a safe haven. "Risk markets are obviously priced for some kind of slowdown, but are they priced for an outright recession? I would argue no," said Ray Attrill, head of currency strategy at National Australia Bank (OTC:NABZY). "In that sense, it's hard to say we've reached a bottom as far as risk sentiment is concerned." Japan's Nikkei retreated 0.75%, while Chinese blue chips lost 0.82%. Hong Kong's Hang Seng slid 0.75%, with its tech index tumbling 1.96%. MSCI's broadest index of Asia-Pacific shares lost 0.54% to 158.80, after touching the highest since June 29 at 160.03 on Friday. U.S. S&P 500 emini futures slipped 0.08%, pointing to an extension of the benchmark's 0.93% slump on Friday, when a survey showed business activity contracting for the first time in nearly two years amid persistently heated inflation and rapidly rising interest rates. Earlier that day, data also showed euro zone business activity unexpectedly shrank. Nasdaq futures were about flat, following a 1.77% tumble for the tech-heavy stock index, as the bottom dropped out from under Snap Inc (NYSE:SNAP) after the Snapchat owner posted its weakest-ever sales growth. [.N] Investors are on guard this week for how much a strong dollar will hurt financial results from heavyweights Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT), among others. In Europe, EURO STOXX 50 index futures pointed 0.61% lower, and FTSE futures slid 0.52%. The dollar index - which measures the safe-haven currency against six major peers - was little changed at 106.64, after climbing off a 2-1/2-week low of 106.10 reached Friday. The greenback added 0.11% to 136.235 yen, while the euro slipped 0.04% to $1.02075. The 10-year U.S. Treasury yield was little changed at 2.785% after sliding from as high as 3.083% over the previous two sessions. Equivalent Japanese government bond yields dropped to the lowest since March 10 at 0.18%, and Australian yields dipped to the lowest since May 31 at 3.285%. The Fed concludes a two-day meeting on Wednesday and markets are priced for a 75 basis-point rate hike, with about a 9% chance of a full one percentage-point increase. Crude oil fell on concern that higher U.S. rates would limit fuel demand growth. Brent crude futures for September settlement dropped 48 cents, or 0.5%, to $102.72 a barrel and U.S. West Texas Intermediate (WTI) crude futures for September delivery fell 65 cents, or 0.7%, to $94.05 a barrel, both down for a fourth day. Gold was steady at $1,725.17 per ounce, getting support from lower bond yields. Bullion could push through resistance at around $1,770 if the Fed delivers a "dovish hike" on Wednesday, meaning forward guidance for a slowing in the pace of hikes for the remainder of the year, Chris Weston, head of research at brokerage Pepperstone, wrote in a client note. "The yellow rock works in this backdrop where traders are questioning if the USD is our default hedge against equity drawdown," Weston said. "I am warming to gold."

By Julia Payne LONDON (Reuters) -Oil prices fell on Friday on a weakening global demand outlook and the resumption of some Libyan crude oil output. Brent crude futures fell 55 cents to $103.32 a barrel by 1251 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down $1.05 to $95.30 a barrel. The global economy looks increasingly likely to be heading into a serious slowdown, just as central banks aggressively reverse ultra-loose monetary policy adopted during the pandemic to support growth, data showed on Friday. "Things are still negative on the economic front, but we are still in a structural shortfall for prompt oil and that means physical buyers will be there to support dips knowing the uncertainty of what lies ahead on the geopolitical front," said Stephen Innes, managing partner at SPI Asset Management. Innes said investors had next week's U.S. Federal Reserve decision on interest rates firmly on their minds. Fed officials have indicated that the central bank would likely raise rates by 75 basis points at its July 26-27 meeting. "While 75 is in the cards, guidance will be important and any softening in the rate hike outlook would be great for global growth," Innes added. While signs of softening U.S. demand weighed on oil prices and sent benchmark contracts sliding around 3% in the previous session, tight global supplies continued to keep the market buoyed. Supply fears were easing slightly though after Libya resumed production at several oil fields earlier this week. "Libyan production is recovering, but with clashes in the capital no one knows how long the production recovery will hold," Giovanni Staunovo, an analyst at UBS, said, referring to clashes between rival factions in Libya amid growing concern that a political standoff could prompt renewed conflict. Staunovo also said the market will look to preliminary OPEC production estimates for guidance next week. WTI has been pummelled over the past two sessions after data showed that U.S. gasoline demand had dropped nearly 8% from a year earlier in the midst of the peak summer driving season, hit by record prices at the pump. In contrast, signs of strong demand in Asia propped up the Brent benchmark, putting it on course for its first weekly gain in six weeks. Demand in India for gasoline and distillate fuels rose to record highs in June, despite higher prices, with total refined product consumption running at 18% more than a year ago and Indian refineries operating near their busiest levels ever, RBC analysts said. "This signals much more than a strong recovery from COVID-plagued years," RBC analyst Michael Tran said in a note.

By Jeslyn Lerh and Sonali Paul SINGAPORE (Reuters) -Oil prices climbed in Asia trading on Friday, rebounding from previous declines amid supply tightness and geopolitical tensions, even though weakened demand in the United States has cast a shadow on the market this week. Brent crude futures rose $1.61, or 1.6%, to $105.47 a barrel by 0630 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained $1.43, or 1.5%, to $97.78 a barrel. "Things are still negative on the economic front, but we are still in a structural shortfall for prompt oil and that means physical buyers will be there to support dips knowing the uncertainty of what lies ahead on the geopolitical front," said Stephen Innes, managing partner at SPI Asset Management. Innes said investors had next week's U.S. Federal Reserve decision on interest rates firmly on their minds. Fed officials have indicated that the central bank would likely raise rates by 75 basis points at its July 26-27 meeting. "While 75 is in the cards, guidance will be important and any softening in the rate hike outlook would be great for global growth," Innes added. While signs of softening U.S. demand weighed on oil prices and sent benchmark contracts sliding around 3% in the previous session, tight global supplies continued to keep the market buoyed. "Despite the sharp decline in oil prices, the outlook for the supply issue remains problematic. Until proven evidence for softened demands comes into sight, the (Ukraine) war-intensified supply shortage will keep the oil prices staying strong," said Tina Teng, an analyst at CMC Markets. WTI has been pummelled over the past two sessions after data showed that U.S. gasoline demand had dropped nearly 8% from a year earlier in the midst of the peak summer driving season, hit by record prices at the pump. In contrast, signs of strong demand in Asia propped up the Brent benchmark, putting it on course for its first weekly gain in six weeks. Demand in India for gasoline and distillate fuels rose to record highs in June, despite higher prices, with total refined product consumption running at 18% more than a year ago and Indian refineries operating near their busiest levels ever, RBC analysts said. "This signals much more than a strong recovery from COVID-plagued years," RBC analyst Michael Tran said in a note.