$STEP

By Ankur Banerjee SINGAPORE (Reuters) - Asian shares spiked on Thursday and the dollar slid after the U.S. Federal Reserve hinted it could pause interest rate rises following turmoil in the banking sector, though it also reiterated its commitment to fighting sticky inflation. In a widely expected move, the Fed raised interest rates by 25 basis points, but it recast its outlook to a more cautious stance as a result of the banking stress. MSCI's broadest index of Asia-Pacific shares outside Japan rose 1% to touch a two-week high of 515.62. The index was on track for its best week in more than two months. Focus now shifts to the Bank of England, with investors expecting a quarter-percentage-point increase in its policy rate after a surprise jump in inflation squashed hopes of the central bank pausing its tightening campaign. Asia's rally looked unlikely to spread to Europe, where futures were pointing to a lower open. Eurostoxx 50 futures were down 0.53%, German DAX futures 0.32% and FTSE futures 0.29%. Wall Street ended sharply lower overnight as investors digested the Fed's policy statement and comments from Fed Chair Jerome Powell's press conference. E-mini futures for the S&P 500 rose 0.54%. The Fed's statement suggested it was on the verge of pausing interest rate rises, but Powell in his press conference said the central bank would do "enough" to tame inflation, and he raised the possibility of further increasing rates if necessary. Management of Silicon Valley Bank had "failed badly", but the bank's collapse this month did not indicate wider weaknesses in the banking system, Powell said. But sentiment was damaged by a comment from U.S. Treasury Secretary Janet Yellen, who told lawmakers that she had not considered or discussed creating "blanket insurance" for U.S. banking deposits without approval by Congress. "Despite seeming to rule out rate cuts this year ... much of the damage seems to have come from Yellen's parallel remarks to Congress right when Jerome Powell was insisting that the banking sector was sound," ING economist Rob Carnell wrote in a note to clients. "This won't be the final word on either rates or deposit insurance in all likelihood, and a little further homework and collaboration between Fed and Treasury Dept seems probable." Markets are now pricing in an approximately 65% chance of the Fed pausing in its next meeting, in May, and a 35% chance of a 25 bps rise then, the CME FedWatch tool showed. In Asia, Japan's Nikkei fell 0.22%, while Australia's S&P/ASX 200 index lost 0.61%. China's blue-chip CSI 300 Index rose 0.6%, and the Shanghai Composite Index gained 0.8%. Hong Kong's Hang Seng Index jumped 1.5%. Global markets have been volatile, with bank shares battered in the past two weeks following the sudden failures of two U.S. lenders an emergency sale of embattled Swiss banking behemoth Credit Suisse. Regulators and policymakers have scrambled globally to quell contagion risks and ease worries of a banking crisis, but investors remain wary that other small lenders may be vulnerable as credit markets tighten. In the currency market, the dollar index, which measures the dollar against other major currencies, fell nearly 0.5% to fresh seven week low of 101.92. The euro was up 0.45% at $1.0904. The yen strengthened 0.60% to 130.64 per dollar, while sterling was last trading at $1.2325, up 0.50%. The yield on 10-year Treasury notes was down 6 basis points at 3.440%, while the 30-year Treasury bond was down 3 basis points at 3.667%. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was down 10 basis points at 3.881%. U.S. crude fell 1% to $70.19 per barrel and Brent was at $76.04, down 0.85%.

$CS (+2.1% pre) Switzerland's secretive Credit Suisse rescue rocks global finance - Reuters http://ooc.bz/l/123918 PIMCO lost $340 mln with $CS Credit Suisse AT1 bonds write-off - source - Reuters http://ooc.bz/l/123919 $FRC (+24.0% pre) First Republic jumps, leads comeback rally in regional banks Tuesday - CNBC http://ooc.bz/l/123921 $VORB (-9.6% pre) Virgin Orbit scrambles to avoid bankruptcy as deal talks continue - CNBC http://ooc.bz/l/123922 $CS (+2.1% pre) Credit Suisse AT1 bondholders consider possible legal action -law firm http://ooc.bz/l/123924 $GS Goldman Sachs sees risk of 'permanent destruction' in demand for AT1 bonds - Reuters http://ooc.bz/l/123926 $PDD (-0.8% pre) Google $GOOGL suspends China's Pinduoduo app on security concerns - Reuters http://ooc.bz/l/123927 TikTok CEO says company at 'pivotal' moment as some U.S. lawmakers seek ban - Reuters $META $SNAP http://ooc.bz/l/123929 $AEHR (+3.5% pre) Aehr Test Systems nabs volume production order for WaferPak full wafer contactors - SA http://ooc.bz/l/123930 $AG (-14.8% pre) First Majestic Temporarily Suspends Mining Activities at Jerritt Canyon - Newsfile http://ooc.bz/l/123932 $HLIT (+7.0% pre) $CHTR Charter Communications Partners with Harmonic to Accelerate Network Evolution - BZ http://ooc.bz/l/123933 Vanguard to exit China funds JV with Ant, close Shanghai office - sources - Reuters http://ooc.bz/l/123935 $SI (-4.8% pre) Silvergate Capital Corporation Receives Non-Compliance Notice from NYSE Regarding 10-K Filing - BW http://ooc.bz/l/123937 $BB (+3.9% pre) BlackBerry Announces New Patent Sale Transaction with Leading Patent Monetization Company for Up to $900 Million - PRN http://ooc.bz/l/123939 $CALC CalciMedica (CALC) Announces Closing of Merger with Graybug Vision and Concurrent Private Placement- SI http://ooc.bz/l/123942 $QTT (-56.9% pre) Qutoutiao Inc.. Announces Nasdaq Delisting Determination - 6k http://ooc.bz/l/123944 $NVDA $TSM TSMC sees Nvidia step up pace of orders - Digitimes http://ooc.bz/l/123974

By Tom Westbrook, Saeed Azhar and Scott Murdoch (Reuters) - Credit Suisse on Thursday said it would borrow up to $54 billion from the Swiss central bank to shore up liquidity and investor confidence after a slump in its shares intensified fears about a global banking crisis. The Zurich-based bank's announcement helped reverse some of the heavy share market losses and restored confidence in wider financial markets, which were battered on Wednesday and into Asia trade on Thursday as investors fretted about potential runs on global bank deposits. In its statement, Credit Suisse said it would exercise an option to borrow from the central bank up to 50 billion Swiss francs ($54 billion). That followed assurances from Swiss authorities on Wednesday that Credit Suisse met "the capital and liquidity requirements imposed on systemically important banks" and that it could access central bank liquidity if needed. Credit Suisse is the first major global bank to be given an emergency lifeline since the 2008 financial crisis and its problems have raised serious doubts over whether central banks will be able to sustain their fight against inflation with aggressive interest rate hikes. The bank's shares surged 21% in pre-open trade in early European hours. Throughout most of the Asian day, stocks wallowed in the red as investors rushed to gold, bonds and the dollar. While Credit Suisse's announcement helped trim some early losses, trade was volatile and sentiment fragile. "It removes an immediate risk. But it confronts us with another choice. The more we do this, the more we blunt monetary policy, the more we have to live with higher inflation -- and what is it going to be?" said Damien Boey, chief equity strategist at Barrenjoey in Sydney. "Do bailouts make things better? On the one hand, you are removing a source of risk to the markets which is a clear and present danger. On the other hand we are feeding into this paradigm of monetary policy bucking within itself." Credit Suisse's borrowing will be made under the covered loan facility and a short-term liquidity facility, fully collateralised by high quality assets. It also announced offers for senior debt securities for cash of up to 3 billion francs. "This additional liquidity would support Credit Suisse’s core businesses and clients as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around client needs," the bank said. Credit Suisse Chief Executive Ulrich Koerner had earlier on Wednesday sought to reassure investors about the lender's strong liquidity. "Our capital, our liquidity basis is very, very strong," Koerner told media. "We fulfil and overshoot basically all regulatory requirements." Meanwhile, Credit Suisse bankers in Asia reached out to clients to reassure them after the latest inflow of funds. "We've been telling them to read the statements and look at the fact that we are buying 3 billion francs worth of bonds because they are so cheap," said a Hong Kong-based senior banker. "That's all we can say and try and plough on with work." The banker declined to be named as they were not authorised to speak to the media. EUROPEAN EPICENTRE The 167-year-old bank's problems have shifted the focus for investors and regulators from the United States to Europe, where Credit Suisse led a selloff in bank shares after its largest investor said it could not provide more financial assistance because of regulatory constraints. The concerns about Credit Suisse added to broader banking sector fears sparked by last week's collapse of Silicon Valley Bank (SVB) and Signature Bank (NASDAQ:SBNY), two U.S. mid-size firms. Investor focus is also on any action by central banks and other regulators elsewhere to restore confidence in the banking system. Policymakers in Australia and South Korea sought to reassure markets on Thursday that banks in their jurisdictions were well-capitalised. SVB's demise last week, followed by that of Signature Bank two days later, sent global bank stocks on a roller-coaster ride as investors feared another Lehman Brothers moment, the Wall Street giant whose failure had triggered the global financial crisis more than a decade ago. On Wednesday, Credit Suisse shares led a 7% fall in the European banking index, while five-year credit default swaps for the flagship Swiss bank hit a new record high. The investor exit for the doors raised fears of a broader threat to the financial system, and two supervisory sources told Reuters that the European Central Bank had contacted banks on its watch to quiz them about their exposures to Credit Suisse. The U.S. Treasury also said it is monitoring the situation around Credit Suisse and is in touch with global counterparts, a Treasury spokesperson said. NEXT STEPS Rapid rises in interest rates have made it harder for some businesses to pay back or service loans, increasing the chances of losses for lenders who are also worried about a recession. Traders are now betting that the Federal Reserve, which just last week was expected to accelerate its interest-rate-hike campaign in the face of persistent inflation, may be forced to hit pause and even reverse course. Bets on a large European Central Bank interest-rate hike at Thursday's meeting also evaporated quickly on growing fears about the health of Europe's banking sector. Money market pricing suggested traders now saw less than a 20% chance of a 50 basis point rate hike at the ECB meeting. For now, investors are focussed on what will happen at Credit Suisse next. "The next important step needs to come out from their CEO and display their new strategy to the public sooner than later to reassure the markets," Tareck Horchani, head of prime brokerage dealing at Maybank Securities in Singapore. "There is still the possibility they recover but the road will be very bumpy."

swiss gov going to need to step in, that will cause a few wobbles i expect

By Chris Prentice and Nell Mackenzie NEW YORK/LONDON (Reuters) -Wall Street tumbled on Monday and European shares were on track for their largest one-day rout in three months, as global efforts to limit the fallout from the collapse of Silicon Valley Bank (SVB) failed to ease fears. The U.S. dollar slid and bond markets saw a gigantic repricing of rate hike bets. Expectations rose for a pause in interest rate hikes in March, with Wall Street heavyweights such as Goldman Sachs (NYSE:GS) predicting the U.S. Federal Reserve would no longer lift interest rates next week. Gold prices rose on safe-haven buying. [GOL/] The Dow Jones Industrial Average fell 68.15 points, or 0.21%, to 31,841.49, the lost 15.59 points, or 0.40%, to 3,846.00 and the lost 9.50 points, or 0.09%, to 11,129.39. The Dow Jones Industrial Average fell 68.15 by 10:24 a.m. EDT (1424 GMT). The MSCI world equity index, which tracks shares in 49 nations, lost 0.6%. Europe's bank index slumped over 6% having shed 3.8% on Friday. HSBC's London listed dropped 1.45% after it said it would acquire the UK subsidiary of stricken Silicon Valley Bank for the token amount of 1 pound ($1.21). Over the weekend, the Fed and U.S. Treasury announced a range of measures to stabilise the banking system and said depositors at SVB would have access to their deposits on Monday. "When a step (is taken) this big, this quickly, your first thought is crisis averted. But your second thought is, how big was that crisis, how big were the risks that this step had to be taken?" said Rick Meckler, partner at Cherry Lane Investments. [.N] The Fed also said it would make additional funding available through a new "Bank Term Funding Program", which would offer loans up to one year to depository institutions, backed by Treasuries and other assets these institutions hold. "We are seeing a classic flight to safety," said Tom Caddick managing director at Nedgroup Investments. "Higher interest rates and a slowing economy was always going to bite." U.S. authorities have also taken over New York-based Signature Bank (NASDAQ:SBNY), the second bank failure in a matter of days. Analysts noted that, importantly, the Fed would accept collateral at par rather than marking to market, allowing banks to borrow funds without having to sell assets at a loss. HEADACHE FOR THE FED Such was the concern about financial stability that investors speculated the Fed would now be reluctant to rock the boat by lifting interest rates by a super-sized 50 basis points next week - and might not even hike at all. Traders currently see a 50% chance of no rate hike at the Fed's meeting next week, with rate cuts priced in for the second half of the year. While Goldman Sachs said in a note that its analysts no longer expect the Fed to deliver a rate hike at its next meeting on March 22, others remained cautious. The volatility in markets should become clearer once central banks including the ECB, Fed and Bank of England can set out their next steps, said James Rossiter, head of global macro strategy at TD Securities in London. "Other non-affected banks may take a risk adverse approach to lending which may tighten financial conditions and do some f the Fed's work for them," he said adding that central banks before rate decisions go into a quiet period, unable to guide the markets on their next step. "When they do get around to giving their views a lot of today's confusion will end. It'll be crystal clear official statements that the economy and markets can take guidance from," he said. The yield on benchmark 10-year Treasury notes rose to 3.4941% compared with its U.S. close of 3.695% on Friday. The two-year yield, which rises with traders' expectations of higher Fed fund rates, touched 4.047% compared with a U.S. close of 4.588%. Much will depend on what U.S. consumer price figures reveal on Tuesday, with an obvious risk that a high reading will pile pressure on the Fed to hike aggressively even with the financial system under strain. The European Central Bank meets on Thursday and is still widely expected to lift its rates by 50 basis points and to flag more tightening ahead, though it will now have to take financial stability into account. In currency markets, the dollar index, which measures the greenback's value against a basket of currencies, fell 0.8%. The pound and euro rose around 0.7% and 0.6%, respectively.[/FRX] Gold climbed, with spot prices last up over 2%, extending a rally begun at the end of last week. [GOL/] Elsewhere in commodities, oil prices dropped 2.3% though and U.S. crude sliding 2.6%. ($1 = 0.8296 pounds)

By Ankur Banerjee SINGAPORE (Reuters) - Asian shares were on track for their worst day in a month on Wednesday after hawkish comments from Federal Reserve Chair Jerome Powell raised the possibility of the U.S. central bank returning to large rate hikes to tackle sticky inflation. The Fed will likely need to raise interest rates more than previously expected in response to recent strong data, Powell said on the first day of his semi-annual, two-day monetary policy testimony before Congress. The comments from Powell sent stocks sharply lower, weighed on gold, while pushing the dollar to its three month high. [/FRX] MSCI's broadest index of Asia-Pacific shares outside Japan was 1.69% lower at 514.71, with the downbeat mood set to spill over to Europe as futures indicate a lower open. Eurostoxx 50 futures down 0.19%, German DAX futures down 0.28% and FTSE futures down 0.23% After a series of jumbo hikes last year, the Fed raised rates by 25 basis points in its last two meetings. However, resilient economic data since start of this year had stoked fears the U.S. central bank might return to larger rate rises, which Powell acknowledged. "If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes," Powell said. Markets are now pricing in an almost 70% chance of a 50 basis point rate hike at the Fed's March 21-22 policy meeting, according to CME's FedWatch tool, up from about a 30% a day ago. "Powell has essentially opened the door to 50 basis point hike," said Chris Weston, head of research at Pepperstone. "He has given the Fed optionality, but one suspects he would be loath to do so as it is not a good look to change tactics when you’ve only just moved down to 25 basis points increments." In Asia, Powell comments cast a shadow with most markets nursing heavy losses. Australia's S&P/ASX 200 index fell nearly 1%, while China shares slipped 0.59%. Hong Kong's Hang Seng Index fell 2.65%, on course for its worst day since late January. Japan's Nikkei was the sole stock index in Asia with gains, up nearly 0.5%, as a weakening yen buoyed exporters. Shorter-term Treasury yields continued its ascent on Wednesday, with the two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was up 4.9 basis points at 5.060%, having touched fresh near 16 year high of 5.078% earlier in the session. A closely watched part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes, seen as an indicator of economic expectations, was at -107.3 basis points, its deepest since August 1981, according to Refinitiv data. Such an inversion is seen as a reliable recession indicator. "Given what we already knew, Powell's hawkish remarks shouldn't have been a surprise, but evidently the market was not prepared," said Rodrigo Catril, senior currency strategist at National Australia Bank (OTC:NABZY), adding recent data was signalling the U.S. economy started 2023 on a much stronger footing than most had anticipated. The spotlight will now be on Friday's U.S. payrolls data and next week's inflation figures that will dictate further moves from the Fed. Citi strategists said even as-expected payrolls and inflation data could keep the chance of a 50 basis point hike high. "Not following through on a 50 bps increase could then entail an unhelpfully large easing of financial conditions." In the currency market, the dollar continued its charge, touching three month high. The dollar index, which measures the U.S. currency against six major rivals, was last at 105.77, up 0.114%, after surging 1.3% on Tuesday. The dollar rose as high as 0.54% against the yen to touch 137.90, its highest since Dec. 15, before easing to trade at 137.67, ahead of the Bank of Japan meeting on Thursday and Friday, when the central bank is expected to stick to its ultra loose monetary policy The euro slipped 0.11% to $1.0536, pinned near its two-month low. Sterling was last trading at $1.1824, down 0.02% on the day, having touched more than three month low of $1.1812 earlier in the session. U.S. crude fell 0.12% to $77.49 per barrel and Brent was at $83.34, up 0.06% on the day.

**PivotBoss Pre-Market Video [March 02, 2023]: Watch wLO** MARCH 02, 2023 — THURSDAY AM MARKET OUTLOOK RECORDING: In the March edition of the PivotBoss Monthly Outlook we take a look at the futures market and discuss the current bearish trajectory of these markets, and the potential for more selling pressure in the near term. Will BTC and ETH take a step back after early strength? We also talk $AAPL, $GOOGL, and $AMZN as leadership stocks that are currently leading down, and how $TSLA could be next. We also discuss trade opportunities in $STNE, $TEAM, $AFL, $WDAY, and $DHI. Recording link: The ES and NQ are both trading just below wLO and have turned down off this level a couple of times already during pre-market trading. A push back above wLO could open up a surprising intraday rally...but failure to do so opens up a full-on downside break from the narrow 6-day ranges. Crude Oil is pushing higher within its larger trading range, and Gold is trying to find a low.

**PivotBoss Monthly Outlook [March 01, 2023]: A Bearish Slant** MARCH 01, 2023 — WEDNESDAY PM In the March edition of the PivotBoss Monthly Outlook we take a look at the futures market and discuss the current bearish trajectory of these markets, and the potential for more selling pressure in the near term. Will BTC and ETH take a step back after early strength? We also talk $AAPL, $GOOGL, and $AMZN as leadership stocks that are currently leading down, and how $TSLA could be next. We also discuss trade opportunities in $STNE, $TEAM, $AFL, $WDAY, and $DHI.

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By Jeslyn Lerh SINGAPORE (Reuters) -Oil prices extended their two-day winning streak on Wednesday, posting slight gains as the dollar weakened, while investors awaited more inventory data for clearer cues on demand trends. Brent crude futures rose 17 cents, or 0.2%, to $83.86 a barrel by 0740 GMT, after gaining 3.3% in the previous session. U.S. West Texas Intermediate (WTI) crude futures climbed 31 cents, or 0.4%, to $77.45, after adding 4.1% in the previous session. Oil benchmarks are expected to retain support after Federal Reserve Chair Jerome Powell sounded less hawkish on interest rates than markets had expected, while the latest data showed U.S. crude inventories fell despite earlier expectations of a climb. "The improved risk sentiment in the aftermath of Fed Chair Jerome Powell's comments, along with a weaker U.S. dollar, seem to be tapped on for some upside in oil prices, after seeing a lacklustre performance since end-January," said IG's market analyst Yeap Jun Rong. "The reservation is that the overnight downside reaction in the U.S. dollar has been more measured as compared to before," said Yeap, adding that any continued recovery in the dollar could still serve as a headwind for oil prices. The dollar index was down slightly on Wednesday, extending losses after Powell's comments on Tuesday, making oil cheaper for those holding other currencies. With less aggressive interest rate hikes in the United States, the market is hoping the world's biggest economy and oil consumer can dodge a sharp slowdown in economic activity or even a recession and avoid a slump in oil demand. "I think we're in a reasonably balanced market," said Westpac senior economist Justin Smirk. "If we have stronger than expected growth out of the developing world, (oil) prices will be firmer and OPEC will have to step up output. That's not our core view. We don't see a big surge in demand," he said. Supporting the market, weekly inventory data from the American Petroleum Institute industry group showed crude stocks fell by about 2.2 million barrels in the week ended Feb. 3, according to market sources. That defied expectations from nine analysts polled by Reuters, who had estimated crude stocks grew by 2.5 million barrels. However, gasoline and distillate inventories rose more than expected, with gasoline stocks up by about 5.3 million barrels and distillate stocks, which include diesel and heating oil, up by about 1.1 million barrels. The market will be looking to see if data from the U.S. Energy Information Administration, due at 1530 GMT, confirms the decline in crude stocks.

DEESE, TOP ECONOMIC AIDE TO BIDEN, WILL STEP DOWN THIS MONTH

if we get above 300 QQQ before powell i will be out for a sharp PB .... THEN I THINK I WILL BE LONG FOR A RACE up over following 2 weeks. If that scenario pans out i will give my new target, one step at a time

By Saqib Iqbal Ahmed NEW YORK (Reuters) - The dollar edged higher against the euro on Thursday after data showed the U.S. economy maintained a strong pace of growth in the fourth quarter, even as momentum appears to have slowed towards the end of the year. Gross domestic product increased at a 2.9% annualised rate last quarter, the Commerce Department said in its advance fourth-quarter GDP growth estimate. The economy grew at a 3.2% pace in the third quarter. Economists polled by Reuters had forecast GDP rising at a 2.6% rate. A separate report from the Labor Department showed initial claims for state unemployment benefits dropped 6,000 to a seasonally adjusted 186,000 for the week ended Jan. 21. "A somewhat mixed picture painted by the U.S. data," said Stuart Cole, head macro economist at Equiti Capital in London. The data point to an economy that is continuing to show resilience in the face of the rapid monetary tightening so far delivered by the Fed, Cole said. "But a big contributor to this growth story was inventories, a component that is almost certain to weaken as we go through 2023," he said. "Thus, overall, a neutral picture I would say in terms of the impact the data will have on expectations of Fed policy going forward," Cole said. The euro was 0.28% lower at $1.0884, but not far from the nine-month high of $1.09295 touched on Monday. Against the yen, the dollar was up 0.59% at 130.345 yen. Attention now turns to next week's central bank meetings, including the Federal Reserve and the European Central Bank. Traders broadly expect the Fed to increase rates by 25 basis points (bps) next Wednesday, a step down from a 50 bps increase in December. Meanwhile, the ECB has all but committed to raising its key rate by half a percentage point next week. Sterling was about flat on the day against the U.S. dollar, on pace to log a narrow gain for the week, its third straight weekly rise, even as traders remained concerned about the task facing the Bank of England in controlling inflation without damaging an economy already in recession. The Aussie touched a new 7-month high of $0.71425 on growing expectations that more Reserve Bank of Australia interest rate hikes are due after data showed Australian inflation surged to a 33-year high last quarter. The Canadian dollar edged higher against its U.S. counterpart on Thursday, a day after the Bank of Canada raised interest rates as expected in a move that could mark the end of the central bank's aggressive tightening campaign. Meanwhile, bitcoin was little changed on the day at $22,995, continuing to tread water after having jumped by about a third in value since early January, following big losses following the high-profile collapse of the FTX crypto exchange.

Eni: interesse bond sustainability-linked puo' salire a 4,39% con "Step Up"

By Tetsushi Kajimoto TOKYO (Reuters) - Japan's finances are becoming increasingly precarious, Finance Minister Shunichi Suzuki warned on Monday, just as markets test whether the central bank can keep interest rates ultra-low, allowing the government to service its debt. The government has been helped by near-zero bond yields, but bond investors have recently sought to break the Bank of Japan's (BOJ) 0.5% cap on the 10-year bond yield, as inflation runs at 41-year highs, double the central bank's 2% target. "Japan's public finances have increased in severity to an unprecedented degree as we have compiled supplementary budgets to respond to the coronavirus and similar issues," Suzuki said in a policy speech starting a session of parliament. It is not unusual for the finance minister to refer to Japan's strained finances. Despite the country's growing debt pile, the government remains under pressure to keep the fiscal spigot wide open. Japan must balance regional security concerns over China, Russia and North Korea, and manage a debt burden more than twice the size of its $5 trillion economy - by far the heaviest burden in the industrialised world. Market showed little reaction to Suzuki's speech, in which he explained the details of the coming fiscal year's state budget worth a record 114.4 trillion yen ($878.9 billion). Suzuki reiterated the government's aim to achieve an annual budget surplus - excluding new bond sales and debt-servicing costs - in the fiscal year to March 2026. The government, however, has missed budget-balancing targets for a decade. The Ministry of Finance estimates that every 1-percentage-point rise in interest rates would boost debt service by 3.7 trillion yen to 32.5 trillion yen for the 2025/2026 fiscal year. "The government will strive to stably manage Japanese government bond (JGBs) issuance through close communication with the market," he said. "Overall JGB issuance, including rolling over bonds, remain at an extremely high level worth about 206 trillion yen. "We will step up efforts to keep JGB issuance stable." "Public finance is the cornerstone of a country's trust. We must secure fiscal space under normal circumstances to safeguard trust in Japan and people's livelihood at a time of emergency." LABOUR REFORM Prime Minister Fumio Kishida echoed Suzuki's resolve to revive the economy and tackle fiscal reform. He stressed the need for a positive cycle of growth led by corporate profits and private consumption, which accounts for more than half of the economy. "Wage hikes hold the key to this virtuous cycle," Kishida said in his policy speech. He vowed to push labour reform to create a structure that allows sustainable wage growth and overcome the pain of rising living costs. "First of all, we need to realise wage growth that exceeds price increases," Kishida added, pledging to also boost childcare support, and push investment and reform in areas such as green and digital transformation. ($1 = 129.5700 yen)

**Market Update – January 19: Stocks sink, USD rises after weak data & JPY bounces back** Weak data (Retail Sales & PPI) from the US added to recession worries – More Hawkish comments from a raft of FED speakers talking 5.25-5.5% terminal rates added to a safe haven bid for the USD, caused Stock markets to collapse (-1.24% to -1.81%) under key technical levels and speculators to back the YEN and push the BOJ once more. Bonds rallied, the US 10-yr yield dropped to 3.75%. Asia markets are lower and rangebeound & European FUTS are also mixed. NZD unmoved from surprise PM Ardern will step down in February ahead of October elections. __Read More:__ https://analysis.hfeu.com/en-eu/653418/

By Rae Wee and Alun John SINGAPORE/LONDON (Reuters) - The dollar started the week on the back foot, hitting a seven-month low against a basket of major peers in Asian trade before steadying, with the yen in particular focus due to traders' bets the Bank of Japan will tweak its yield control policy further. The euro hit a fresh nine-month top of $1.0874 in early trade before retreating to last stand 0.16% lower at $1.0816, while the Australian dollar breached the key $0.7000 level for the first time since August, before dipping back to $0.6962. Thanks also to early strength from sterling and the Japanese yen, the dollar index, which tracks the greenback against a basket of currencies, slumped to a seven-month trough of 101.77, extending its selloff from last week after data showed that U.S consumer prices fell for the first time in more than 2-1/2 years in December. With decades-high inflation in the world's largest economy showing signs of cooling, investors are now growing increasingly confident that the Fed is nearing the end of its rate-hike cycle, and that rates will not go as high as previously feared. The Fed's aggressive rate increases were a main driver of the dollar index's 8% surge last year, before signs that inflation was peaking brought it back down. The dollar has largely traded steady against most currencies since last week's data. "It's too soon to imagine a significant dollar downtrend, we've had some dollar repricing certainly, but for broad-based dollar weakness you'll need to really see Fed expectations roll over materially and the Fed potentially cutting rates at some point, and we are not at this point," said Samy Chaar, chief economist at Lombard Odier. Markets are now pricing in a 91% chance of a 25-basis-point increase when the Fed announces its policy decision in February, with a 9% chance of a 50-bp hike. The dollar steadied in European trading, regaining ground against the pound which was last down 0.3% at $1.2195. MARKETS CHALLENGE BOJ A particular focus for currency markets this week is the Japanese yen, due to speculation that the Bank of Japan will make further tweaks to, or fully abandon, its yield control policy at a meeting scheduled to conclude Wednesday. The dollar slipped to a more than seven-month low on the yen in early trading, before recovering and was last at 128.4 yen, up 0.4%. "I think the whole world will be focused on Wednesday ... and probably the week in G10 (currencies) will be defined by what happens to the yen and yen crosses, out of that," said Ray Attrill, head of FX strategy at National Australia Bank (OTC:NABZY) (NAB). "I don't think (the BOJ) has the luxury of time to say that they're going to assess and wait until Q2 or Kuroda to see out his term without making any further changes." BOJ Governor Haruhiko Kuroda will step down in April. Investors have been pressing for the BOJ to shift away from its ultra-easy monetary policy, which caused the yield on Japan's benchmark 10-year government bonds to breach the central bank's new ceiling for two sessions. U.S. markets are closed on Monday for a holiday, making for thin trading.

By Shariq Khan NEW YORK (Reuters) -Oil prices dipped on Wednesday as traders weighed concerns over a surge in COVID-19 cases in China, the world's top oil importer, against the chances easing pandemic restrictions in the country will boost fuel demand. Brent crude futures fell $1.69, or 2%, to $82.64 a barrel by 10:01 a.m. EST [1501 GMT], while the U.S. West Texas Intermediate crude futures fell $1.55, or 2%, to $77.98 per barrel. China said it will stop requiring inbound travellers to go into quarantine from Jan. 8, a major step towards relaxing stringent curbs on its borders. However, Chinese hospitals have been under intense pressure due to a surge in COVID-19 infections. "Even after China eased COVID restrictions, it is difficult for demand to recover in a short time due to the rapid decline of people's outdoor activities due to the massive infection (numbers)," said Leon Li, an analyst at CMC Markets. Oil markets were also buffeted by rising expectations of another interest rate hike in the United States, as the U.S. Federal Reserve tries to limit price rises in a tight labor market. Trading volumes over this week are expected to be lower than usual as the end of the year approaches, leading to volatility in oil prices. Both benchmarks had hit their highest in three weeks on Tuesday, as a cold snap across the U.S. forced shutdowns at production sites and refineries, including production and refining shutdowns across North Dakota and Texas at the weekend. Meanwhile, Russia said it aims to ban oil sales from Feb. 1 to countries that abide by a G7 price cap imposed on Dec. 5, although details of how the ban would work were unclear. U.S. crude oil stocks were estimated to have fallen 1.6 million barrels last week with distillate inventories also seen down, a preliminary Reuters poll showed on Tuesday. Industry group the American Petroleum Institute is due to release data at 4.30 p.m. EDT [2130 GMT] on Wednesday. The U.S. government will release its figures at 10.30 a.m. on Thursday.

By Ankur Banerjee SINGAPORE (Reuters) - Asian equities swung between losses and gains in choppy trading on Wednesday as investors looked for direction after China took further steps towards reopening its COVID-battered economy, with worries over an economic slowdown weighing on sentiment. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.12%, having slid as much as 0.5%. After having the best monthly performance in nearly 30 years in November, the index is flat for December with two days of trading left. European stock futures indicated the stocks were set to fall, with the Eurostoxx 50 futures down 0.13%, German DAX futures down 0.05% and FTSE futures 0.24% higher. China stocks were little changed, while the Hong Kong stock market rose 2%, encouraged by China's announcement on Monday it would stop requiring inbound travellers to go into quarantine starting from Jan. 8. A faster than anticipated peak of infection has stoked expectations that a quick economic recovery is on the cards but surging cases that are straining resources and putting hospitals under pressure has put a lid on investor enthusiasm. Wall Street ended lower overnight as U.S. Treasury yields pressured interest-rate-sensitive growth shares. Investors have been trying to gauge how high the Federal Reserve will need to raise rates as it tightens policy in its continuing battle against inflation while also trying to avoid tilting the economy into recession. The yield on 10-year Treasury notes was down 1.1 basis points to 3.847%, hovering around the five-week high of 3.862% it touched in the previous session. The yield on the 30-year Treasury bond was down 2.9 basis points to 3.914%, while the two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was down 1.7 basis points at 4.351%. Meanwhile, Bank of Japan (BOJ) policymakers discussed growing prospects that higher wages could finally eradicate the risk of a return to deflation, a summary of opinions at their December meeting showed on Wednesday. At the Dec. 19-20 meeting, the BOJ kept its ultra-easy policy but stunned markets with a tweak to its bond yield control policy, allowing long-term interest rates to rise more. While markets have had growing expectations that the Japanese central bank is likely to change its policy, investor focus will likely zero in on who will lead the BOJ when Governor Haruhiko Kuroda steps down in April. "We think once the new governor is appointed, then the policy review will follow in the second quarter of 2023," ING economist Min Joo Kang said. Another tweak in the yield curve control policy was possible in the first half of 2023, and ING expected a rate hike in late 2023 or early 2024, she said. "The spring salary negotiation next year is the most important to watch for further meaningful policy change for the Bank of Japan." Australia's S&P/ASX 200 index lost 0.45%, while Japan's Nikkei slipped 0.6%. In the currency market, the Japanese yen weakened 0.39% versus the greenback at 134.00 per dollar, with the euro rose 0.01% to $1.0639. The dollar index, which measures the safe-haven greenback against six major currencies, rose 0.038%. U.S. crude rose 0.1% to $79.61 per barrel and Brent was at $84.42, up 0.11% on the day.

By Hannah Lang and Amanda Cooper WASHINGTON/LONDON (Reuters) - The dollar pared losses on Tuesday after China said it would scrap its COVID-19 quarantine rule for inbound travellers - a major step in reopening its borders that boosted risk-related currencies such as the Australian dollar. China will stop requiring arriving travellers to go into quarantine starting Jan. 8, the National Health Commission said on Monday, even as COVID cases spike. At the same time, Beijing downgraded regulations for managing COVID cases to the lighter Category B from the top-level Category A. The Aussie rose 0.22% versus the greenback to $0.674 in mostly thin trading during the year-end holiday season, while the New Zealand dollar gave up earlier gains, easing by 0.14% to $0.629. The two currencies are often used as liquid proxies for the Chinese yuan. The offshore yuan fell 0.12% to 6.9661 per dollar. "We've been in a very narrow trading range, and I think with the dollar firming up against the euro and yen, we could see further dollar gains against the Chinese currency," said Marc Chandler, chief market strategist at Bannockburn Global Forex. Still, investors could be cheered by what some perceive to be "Chinese policymakers' resolve to full reopening", said Christopher Wong, a currency strategist at OCBC. "There seems to be no let-up in the pace of relaxing COVID restrictions despite the surge in COVID cases in the mainland." Elsewhere, the euro fell 0.08% against the dollar to $1.0626. China's gradual dismantling of its economically-damaging zero-COVID policies may give the euro - which has clawed higher thanks to the European Central Bank taking a much harder line on inflation than investors had expected - an additional boost. With UK markets closed for a public holiday, trading in sterling was muted, leaving the pound down against the dollar at around $1.2022. The U.S. dollar index rose 0.134% to 104.220 Data released on Friday showed U.S. consumer spending barely rose in November while inflation cooled further, reinforcing expectations that the Federal Reserve could scale back its aggressive monetary policy tightening. "In line with its seasonal trend, December has been a soft month for the greenback," ING FX strategist Francesco Pesole said. "It's worth remembering that the dollar rose in each of the past four years in January. Our view for early 2023 is still one of dollar recovery." The Japanese yen fell 0.44% against the dollar to 133.45, despite a surge in short-term government bond yields to their highest in over seven-and-a-half years, following an auction that attracted relatively weak demand. Still, the yen is heading for its biggest quarterly rally against the dollar since 2008, with a rise of 8.1%, following a surprise decision last week by the Bank of Japan (BOJ) to adjust its monetary policy. BOJ Governor Haruhiko Kuroda on Monday dismissed the chance of a near-term exit from ultra-loose monetary policy, even as markets and policymakers are signalling an increasing focus on what comes after Kuroda's tenure ends in April next year. "While ... (the) policy tweak has added uncertainty to the BOJ outlook, we continue to lean toward BOJ policymakers making no further policy adjustments through the end of 2023," analysts at Wells Fargo (NYSE:WFC) said in a note. "Inflation pressures are expected to ease, which should lessen the BOJ's motivation for further policy moves." In cryptocurrencies, bitcoin was last down 0.33% at $16,775, while ether last fell 0.57% to $1,210.00. ======================================================== Currency bid prices at 9:55AM (1455 GMT) Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid Previous Change Session Dollar index 104.2300 104.1000 +0.13% 8.955% +104.4000 +103.8800 Euro/Dollar $1.0627 $1.0635 -0.07% -6.51% +$1.0670 +$1.0612 Dollar/Yen 133.4500 132.8500 +0.46% +15.93% +133.5850 +132.6400 Euro/Yen 141.80 141.32 +0.34% +8.81% +142.2700 +141.1500 Dollar/Swiss 0.9297 0.9315 -0.16% +1.96% +0.9329 +0.9270 Sterling/Dollar $1.2023 $1.2068 -0.37% -11.10% +$1.2112 +$1.2005 Dollar/Canadian 1.3501 1.3575 -0.54% +6.79% +1.3578 +1.3500 Aussie/Dollar $0.6742 $0.6732 +0.16% -7.24% +$0.6776 +$0.6726 Euro/Swiss 0.9879 0.9908 -0.29% -4.73% +0.9924 +0.9878 Euro/Sterling 0.8839 0.8814 +0.28% +5.23% +0.8857 +0.8801 NZ $0.6286 $0.6271 +0.26% -8.15% +$0.6318 +$0.6271 Dollar/Dollar Dollar/Norway 9.8265 9.8500 -0.52% +11.23% +9.8725 +9.7990 Euro/Norway 10.4443 10.4625 -0.17% +4.31% +10.5035 +10.4464 Dollar/Sweden 10.4633 10.4871 -0.32% +16.03% +10.5023 +10.4167 Euro/Sweden 11.1217 11.1574 -0.32% +8.67% +11.1638 +11.1068

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By Shubham Batra (Reuters) -Wall Street's main stock indexes were set to open higher on Wednesday as Nike brought cheer to markets with its better-than-expected results, while investors awaited more economic data for hints on the path of future interest rate hikes. Nike Inc (NYSE:NKE) jumped 11.7% in premarket trading after reporting its best quarterly revenue growth in more than a decade, barring one quarter, and beat profit expectations on strong holiday demand from North American shoppers. Peers Lululemon Athletica (NASDAQ:LULU) Inc, Under Armour Inc (NYSE:UAA) and Vans sneaker maker VF Corp (NYSE:VFC) rose between 2.4% and 4.6%. FedEx Corp (NYSE:FDX), which sparked a market selloff in September by pulling financial forecasts, rose 5.1%, on the delivery company's plans to slash an additional $1 billion in costs. "Most people think we are heading toward a recession, but when earnings like Nike and FedEx are strong, then all of a sudden that could pave the way for higher (stock) prices next year," said Adam Sarhan, chief executive at 50 Park Investments, New York. "The underlying conditions remain very weak and it appears that this could be just a little seasonal bounce until the end of the year." Wall Street's main indexes closed slightly higher on Tuesday, following early losses as Treasury yields jumped after the Bank of Japan's surprise monetary policy tweak. Fears of a recession following the U.S. central bank's prolonged interest rate hikes have weighed heavily on equities since its policy meeting last week, despite signs of cooling inflation. However, the benchmark S&P 500 and Dow Jones Industrial Average were on track for their first quarterly gains this year, rising 6.6% and 14.4%, respectively, on the back of upbeat earnings, easing price pressures and hopes that the Federal Reserve will slow its rate hikes. December's consumer confidence survey due at 10 a.m. ET is expected to show a marginal improvement in business conditions at 101.0 from 100.2 a month ago, while existing home sales are expected to fall 5.4% in November, lower than the 5.9% fall a month ago. Other data expected through the week on core inflation and the labor market will likely determine the future course of interest rate hikes by the Fed. At 8:09 a.m. ET, Dow e-minis were up 305 points, or 0.92%, S&P 500 e-minis were up 27.5 points, or 0.71%, and Nasdaq 100 e-minis were up 57.75 points, or 0.52%. Tesla (NASDAQ:TSLA) Inc pared some early gains, and was last up 1.9%, following a report that the electric-vehicle maker plans to cut jobs and freeze hiring. The company's shares had got a boost earlier on Elon Musk's plans to step down as Twitter CEO once he finds a replacement. Market volumes are expected to decline this week before the Christmas and New Year holidays amid low participation.

By Scott Murdoch SYDNEY (Reuters) - The yen surged and Asian shares fell sharply on Tuesday after Japan's central bank unexpectedly tweaked its bond yield controls - a move that will allow long-term interest rates to rise more. While the Bank of Japan kept broad policy settings unchanged it widened the allowable band for long-term yields to 50 basis points either side of that, from 25 basis points previously. That triggered an immediate spike in the yen with the greenback dropping 2.71% after the decision to 133.16, a four-month low. In turn, the Nikkei benchmark index slumped 2.71% after trading in positive territory earlier in the day. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.6%. The BOJ decision was taken as a signal that the forces which drove the yen to three-decade lows this year may be beginning to turn. "The move came earlier than I had expected but a step towards the normalisation process of policy in Japan," Kerry Craig, JP Morgan Asset Management's global markets strategist, told Reuters. "The market implications are most prevalent in the forex markets given the divergence between U.S. and Japanese policy settings. "While there is still a wide gap, the hint that the BOJ is moving incrementally away from ultraloose policy should be yen positive in the near term." Elsewhere in Asia, Australian shares extended earlier losses to be off by 1.54% in afternoon trade. Hong Kong's Hang Seng Index was down 1.9% while China's CSI300 Index was off 1.62%. In early European futures trading, the pan-region Euro Stoxx 50 futures were down 1.23% at 3,772, German DAX futures were down 1.32% at 13,832 and FTSE futures were down 0.83% at 7,306.5. U.S. stock futures, the S&P 500 e-minis, were down 0.85% at 3,812.8. In Asian trading, the yield on benchmark 10-year Treasury notes rose to 3.6825% compared with its U.S. close of 3.583% on Monday. The two-year yield, which rises with traders' expectations of higher Fed fund rates, was at 4.2848% compared to the US close of 4.262%. China's reopening to the rest of the world from nearly three years of COVID lockdowns continued to be a major concern for investors. Credit Suisse on Monday upgraded its outlook from neutral to outperform for China's equities markets in the year ahead. "The whole narrative of China has changed, it's gone from COVID zero that was putting the economy under pressure and there's now an intention to move towards a reopening," Suresh Tantia, Credit Suisse's senior investment strategist. "And as that happens, we will see an recovery in China's economy and markets." U.S. crude ticked up 0.41% to $75.5 a barrel. Brent crude rose to $79.87 per barrel. Spot gold was slightly higher at $1,790.83 per ounce. [GOL/]

By Alex Lawler LONDON (Reuters) -Oil rose more than $1 a barrel on Monday, rebounding after a decline in the previous session, as optimism over the Chinese economy and a recovery in fuel demand outweighed concern over a global recession. China, the world's top crude oil importer, is experiencing its first of three expected waves of COVID-19 cases after Beijing relaxed mobility restrictions but said it plans to step up support for the economy in 2023. "There is no doubt that demand is being adversely influenced," said Naeem Aslam, analyst at brokerage Avatrade. "However, not everything is so negative as China has vowed to fight all pessimism about its economy, and it will do what it takes to boost economic growth." Brent crude gained $1.12, or 1.4%, to $80.16 a barrel by 1440 GMT while U.S. West Texas Intermediate crude rose $1.42, or 1.9%, to $75.71. Oil surged towards its record high of $147 a barrel earlier in the year after Russia invaded Ukraine in February. It has since unwound most of this year's gains as supply concerns were edged out by recession fears, which remain a drag on prices. The U.S. Federal Reserve and European Central Bank raised interest rates last week and promised more. The Bank of Japan, meanwhile, could shift its ultra-dovish stance when it meets on Monday and Tuesday. "The prospect of further rate rises will hit economic growth in the new year and in doing so curb demand for oil," said Stephen Brennock of oil broker PVM. Oil was supported by the U.S. Energy Department saying on Friday that it will begin repurchasing crude for the Strategic Petroleum Reserve - the first purchases since releasing a record 180 million barrels from the reserve this year.

By Lawrence Delevingne and Huw Jones (Reuters) -Global stocks, U.S. Treasury yields and the dollar were muted on Monday as investors await the last round of transatlantic interest rate hikes this year from a trio of central banks, hoping that now-hefty pace of increases in borrowing costs will finally show signs of easing. U.S. stocks edged higher in early trading, indicating a cautious start on Wall Street. The Dow Jones Industrial Average rose 0.34%, the S&P 500 gained 0.19%, and the Nasdaq Composite added 0.14%. Oil prices were up following a multi-week decline, as a weakening global economy offset tighter supplies from the closure of a key pipeline supplying the United States, and Russian threats of a production cut. The dollar eased, its losses contained by data last week that showed U.S. wholesale inflation rose more than expected last month, reinforcing the view that the Federal Reserve may have to keep interest rates higher for longer. The U.S. consumer price index for November is due on Tuesday, when a slowdown in core annual inflation is anticipated. "A heavy event risk calendar this week stands to define the core themes for 2023," ING bank said. Market consensus was still "underappreciating" the risk of inflation staying higher longer, and "dangerously second-guessing" the Fed in terms of rate cuts in the second half of next year, ING said. The MSCI all country stock index was down 0.23%, the benchmark having lost about 18% so far this year, wiping out all gains chalked up in 2021. In Europe, the STOXX index of 600 companies was down about 0.6% as investors awaited interest rate moves. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan slid 1.26%, erasing almost all of the previous week's gains stemming from optimism that China is finally opening up its economy with the dismantling of its zero-COVID policy. Japan's Nikkei eased 0.2%. CENTRAL BANK WATCH Economists expect the Federal Reserve on Wednesday, and the European Central Bank and Bank of England on Thursday to all raise rates by 50 basis points, still a slowing down from the 75 basis point hikes seen in recent meetings. Patrick Spencer, vice chair of equities at Baird investment bank, said central banks will start taking a less aggressive stance this week, though Tuesday's CPI data will be critical. "It's the last important week of the year, after this week you've got no real sort of catalysts. If the CPI is a muted number, we're off to the races and we'll get our year-end rally," Spencer said. But irrespective of the CPI, deflationary pressures are increasing, with crude oil prices down for the year, and iron ore, lumber and house prices also down, Spencer said. "All this talk of recession, I think it is certainly in the price, it's in the markets. The key about recession is generally employment, and I think employment is going to be stronger than people give it credit," Spencer said. While the Fed is widely expected to raise rates by 50 basis points on Wednesday at its last meeting of 2022, the focus will also be on the central bank's updated economic projections and Fed Chair Jerome Powell's press conference. "This week's focus is likely to be centered on CPI and the Fed. To us, that is yesterday's news," Morgan Stanley (NYSE:MS) market strategists wrote in a note on Monday. "While it's important for...year-end trading ranges, the final chapter to this bear market is all about the path of earnings estimates, which are far too high, in our view." DOLLAR, BOND EASE In currency markets, the dollar eased 0.23% to $104.81, although it was not too far away from the five-month trough of $104.1 hit a week ago. The euro was up 0.41% on Monday to $1.0573. Treasury yields held largely steady on Monday. The yield on 10-year Treasury notes was down 4.2 basis points to 3.525% and the yield on 30-year bonds fell 5.3 basis points to 3.497%. Two-year yields, which typically move in step with interest rate expectations, dipped 0.3 basis points to 4.327%. U.S. crude rose 1.3% to $71.94 per barrel and Brent was at $76.46, up 0.47% on the day. Gold prices edged lower on Monday. Spot gold dropped 0.5% to $1,788.38 an ounce and U.S. gold futures fell 0.61% to $1,787.20 an ounce.

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By Julie Zhu HONG KONG (Reuters) - China will allow some people who test positive for COVID-19 to quarantine at home, among supplementary measures to be announced in coming days, two sources with knowledge of the matter told Reuters. Home isolation for the infected would be a significant change in China's quarantine protocols. Earlier this year, entire communities were locked down, sometimes for weeks, after even just one positive case was found. Last month, new and easier quarantine rules required just the lockdown of affected buildings. Not all positive cases will be allowed to quarantine at home unconditionally, one of the sources told Reuters on Thursday, adding that pregnant women, the elderly and people with underlying illnesses will qualify to isolate at home. Close contacts of the cases will also be allowed to isolate at home if their home environment meets certain conditions, the sources said. Authorities will also step up antigen tests for the new coronavirus and reduce the frequency of mass testing and regular nucleic acid tests, the two sources said. The National Health Commission did not immediately respond to a Reuters fax seeking comment. Rare public protests against China's ultra-stringent coronavirus restrictions, which includes throwing positive cases into centralised quarantine facilities for days, have erupted in some Chinese cities such as Shanghai, Guangzhou and Beijing since the weekend. The demonstrations have become a show of public defiance unprecedented since President Xi Jinping came to power in 2012. Vice Premier Sun Chunlan, who oversees China's counter COVID efforts, on Wednesday urged further "optimisation" of testing, treatment and quarantine policies. National health officials said this week authorities would respond to "urgent concerns" raised by the public and that COVID rules should be implemented more flexibly, according to a region's conditions. Prominent nationalist commentator Hu Xijin said in a social media post on Wednesday that many asymptomatic carriers of coronavirus in Beijing were already quarantining at home.

AFTER A WEEK STEP UP TO .20

(Reuters) - The most important day for U.S. retailers is here and questions are rife on whether king dollar is set to lose its crown. Global purchasing managers data will shine a light on the health of the world economy, while markets want to see whether Beijing could step up some of its promised support. And the World Cup football bonanza is underway in Qatar. Here's a look at the week ahead in markets from Lewis Krauskopf in New York, Kevin Buckland in Tokyo and Amanda Cooper, Dara Ranasinghe and Karin Strohecker in London. 1/GOING SHOPPING With concerns that the U.S. economy may be on the verge of a recession, a key test of consumer demand arrives on Nov. 25, when retailers launch "Black Friday" sales - a day traditionally marked by long lines of shoppers eager to pounce on discounts. Soaring inflation and surging interest rates could test buying appetite. October U.S. retail sales increased more than expected, boosted by purchases of motor vehicles and a range of other goods, suggesting the consumer may be on more solid footing heading into year-end. Consumer spending accounts for more than two-thirds of U.S. economic activity. Retailers have offered mixed results in the most recent earnings season. Just this week, Walmart (NYSE:WMT) lifted its annual sales and profit forecast as demand for groceries was expected to hold up despite higher prices, while Target (NYSE:TGT) forecast a surprise drop in holiday-quarter sales. 2/PAST THE PEAK The rise of the U.S. dollar has been the dominant trading theme of 2022, thanks to the Federal Reserve's quest to raise interest rates to quell inflation, giving the currency an edge over its peers among investors, who have been starved of any kind of yield for at least a decade. October's inflation report delivered evidence that consumer price pressures have slowed for the past four straight months from June's 41-year peak of 9.1%. The dollar index, meanwhile, peaked at a 20-year high of 114.78 in September and has been falling ever since. Now, it's heading for its biggest quarterly loss since the second quarter of 2017, having shed 4.5% in value. The time may be fast approaching for dollar bears to emerge from hibernation. 3/BLEAK OUT THERE The International Monetary Fund says the global economic outlook is even gloomier than it was a month ago. Is the pessimism justified? Preliminary readings of business activity in November from a number of economies could answer the question in the coming days. Manufacturing PMIs for October pointed to a deepening contraction in global industry, with developed markets leading the decline. In most European countries, PMIs are below the 50 marker that separates expansion from contraction -- France was an exception. Britain is already facing a lengthy recession. Euro zone economic growth has held up better than expected and labour markets remain relatively robust. But the risk of recession is still elevated for a region grappling with an energy shock and higher costs for anything from financing to wages. 4/ZEROING IN ON CHINA The Chinese central bank's pledge to step up supportive policy measures are in focus, though policymakers kept benchmark lending rates steady for a third straight month on Monday. Some had expected a cut in the five-year loan prime rate (LPR), though no change suggests the bank remains wary of stoking further yuan weakness by easing monetary conditions. Stocks and industrial metal markets had cheered signs of pro-growth initiatives, from help for the beleaguered property market to, crucially, an easing of choking zero-COVID policies. But the COVID outlook remains murky. Noises from Beijing are that "life-saving" measures are essential, which argues against making too much of a two-day reduction in quarantine times. Students in schools across several Beijing districts buckled down for online classes after officials called for residents in some of its hardest-hit areas to stay home. Other regional central banks will also be setting rates. The Reserve Bank of New Zealand is tipped for a super-sized 75 basis point hike on Wednesday, while the Bank of Korea is seen tightening again, but possibly only by a quarter of a point. 5/ THE BEAUTIFUL GAME The football World Cup is finally underway - an event marred by controversy since Qatar was awarded hosting rights 12 years ago, including allegations of corruption and human rights violations. Qatar has much riding on the tournament passing off smoothly - hoping to affirm Doha's place on the global stage and for an economic boost. Higher consumption, government spending and services exports are all positives for the Gulf state that has seen its growth outlook trail some of its peers in a region buffeted by high crude prices. But it remains to be seen how long these effects might last, according to analysts. (Graphics by Sumanta Sen, Riddhima Talwani, Kripa Jayaram, Pasit Kongkunakornul and Vincent Flasseur; Compiled by Karin Strohecker; Editing by Elaine Hardcastle)

BEIJING (Reuters) - China's banks should step up credit support for the economy, including expanding medium to long-term loans to support investment, the central bank and the banking and insurance regulator said on Monday. Regarding the property sector, the authorities said they should stabilize lending to developers and construction firms, and also support reasonable demand for personal housing loans. China's real estate investment fell at the fastest pace in 32 months in October and overall new bank lending tumbled as strict COVID-19 restrictions and property woes weighed.

China tells banks to step up credit support for economy

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