Bloomberg New Zealand’s central bank raised interest rates for the second time in two months and signalled it will need to tighten policy more quickly than previously expected to contain the inflation. The Reserve Bank’s Monetary Policy Committee lifted the official cash rate by a quarter percentage point to 0.75% on Wednesday, as expected by most economists. New forecasts published …

Bloomberg The dollar surged past a key level against the yen for the first time since 2017, as the renomination of Jerome Powell as Federal Reserve chair fuelled bets that the US might tighten policy more quickly. The dollar-yen climbed as much as 0.2% to 115.14 — a Japanese market holiday — surpassing the psychologically important 115 level. Treasury yields …

Bloomberg Citigroup Inc is looking to hire 100 people as part of a new push into digital assets inside its institutional business, according to a person familiar with the matter. As part of the effort, the firm tapped Puneet Singhvi to be its new head of digital assets inside the institutional-clients group, according to a memo to staff seen by …

Bloomberg US Treasuries rise as traders tempered their expectations for monetary-policy tightening after New Zealand’s measured approach to rate hikes. Oil prices climbed as producers and major consuming nations headed for a confrontation. Signals from the stock market were mixed, with the European benchmark opening higher while US index futures fell modestly. Energy stocks were among the best performers in …

Bloomberg Speculative stocks had a rough day, as did Bitcoin and other cryptocurrencies. To some market-watchers, that’s no coincidence. The 100-day correlation coefficient of Bitcoin and the S&P 500 stands at 0.33, among the highest readings of the year. That means that when stocks move up, Bitcoin is likely to do the same, and vice versa. (A coefficient of 1 …

Bloomberg Oil climbed, erasing an earlier loss, as a landmark plan from consumers to tap their strategic oil reserves was less severe than markets expected. Futures in New York wiped out losses to trade above $77 a barrel after Tuesday’s statement from the White House. While the headline size of the US release is large, a significant chunk of the …

Bloomberg BlackRock Inc is trimming its investments in Indian equities and becoming more optimistic on China on attractive valuations amid expectations that policy hurdles will ease next year. “Valuations are the key right now,” Belinda Boa, head of active investments for Asia Pacific at the world’s biggest asset manager, said at a briefing. “Because of the outperformance we’ve seen in …

Bloomberg US index futures and European stocks fall as investors weighed the prospects of a quicker withdrawal of monetary stimulus and the economic impact of renewed lockdowns. December contracts on the S&P 500 Index falls 0.4% after the underlying gauge posted a last-hour decline. A rout in technology shares that spurred those losses echoed in a 0.6% drop in Nasdaq …

Bloomberg Apple Inc shares closed at a record high, with the iPhone maker bucking broad-based weakness in the tech sector to rise for a seventh straight session. The stock rises as much as 3.2% but pared much of that advance in afternoon trading, ending with a gain of 0.3%. The company’s seven-day rally represents its longest streak of positive sessions …

Bloomberg An organisation formed by key participants in China’s currency market urged banks to limit speculative foreign-exchange trading after the yuan climbed to a six-year high versus peers. The China Foreign Exchange Committee (CFEC) — founded under guidance from the central bank — encouraged lenders to be risk-neutral when trading foreign exchange for themselves and for clients, according to people …