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U.S. Treasury yields were slightly higher on Wednesday as investors awaited the Federal Reserve’s interest rate decision and welcomed upcoming trade discussions between the U.S. and China.At 4:28 a.m. ET, the 10-year Treasury yield was just over one basis point higher to 4.335%, and the 2-year Treasury yield was up over 3 basis points at 3.826%.One basis point is equal to 0.01% and yields and prices move in opposite directions.Investors are anticipating the Fed’s monetary policy decision on Wednesday, which will be announced at 2 p.m. ET. There are concerns that U.S. President Donald Trump’s tariff plans could elevate inflation, complicating the path…
Stay informed with free updatesSimply sign up to the Chinese economy myFT Digest — delivered directly to your inbox.China has said it will cut its benchmark interest rate and reduce the amount of money banks need to hold as reserves, offering support for the economy in the face of a trade war with the US.China will lower banks’ reserve requirement ratio by 0.5 percentage points and cut several key interest rates to release Rmb1tn ($138bn) of long-term liquidity into the banking system, said Pan Gongsheng, governor of the People’s Bank of China. Pan, speaking at a news conference on Wednesday…
India launched missile strikes on targets in Pakistan and Pakistan-administered Kashmir early Wednesday, marking the most serious military escalation in years between the nuclear-armed rivals and raising fears of a broader conflict – one that analysts say may serve New Delhi’s domestic political aims but risks triggering unpredictable retaliation from Islamabad.The strikes – which Indian authorities dubbed “Operation Sindoor” – came in retaliation for an April 22 attack in Indian-administered Kashmir that left 26 Indian tourists dead. New Delhi has blamed Pakistan-based militants for the assault, a claim Islamabad has denied.The Indian Defence Ministry said “precision strikes at terrorist camps”…
Finance Minister Muhammad Aurangzeb convened an emergency meeting on Wednesday to assess the current financial landscape in light of escalating regional tensions, “following the recent belligerent Indian aggression”. According to a statement released by the Finance Division, the meeting was attended by the Governor of the State Bank of Pakistan (SBP), Chairman of the Securities and Exchange Commission of Pakistan (SECP), Secretary Finance, and senior officials from the Finance Division. “In a comprehensive and strategic discussion revolving around the situation and functioning of equity, debt, FX and interbank markets, participants conducted a rapid risk assessment and evaluated the current threat…
The yen fell on Wednesday in Asian trade away from a week high against the dollar, and on track for the first loss in four days amid improving risk appetite in the markets following the launch of initial US-China trade talks in Switzerland. Later today, the important Federal Reserve’s policy meeting is expected to provide clues on the path ahead for US interest rates. The Price The USD/JPY price rose 0.6% today to 143.31, with a session-low at 142.41. The yen rose 0.9% on Tuesday, the third profit in a row, hitting a week high at…
The government has temporarily put on hold the implementation of SRO 760(I)/2013, which is the “Import and Export of Precious Metals, Jewelry and Gemstones Order, 2013”, for 60 days. “The Federal Government is pleased to suspend the – Import and Export of Precious Metals, Jewelry and Gemstones Order, 2013, for a period of 60 days, with immediate effect,” read the notice, released on Wednesday. SRO 760 (I)/2013 sets rules, procedures, and conditions for businesses in Pakistan involved in importing and exporting of precious metals (like gold, silver, platinum), gemstones and jewellery. Under the SRO, the exporters of jewellery and gemstones…
The Pakistan Stock Exchange (PSX) on Wednesday witnessed yet another bloodbath this year — tumbling by over 3,500 points — as investors’ fears of a military action by India against Pakistan came true last night. The Pakistani military brought down five Indian jets in retaliation for late-night strikes launched by its neighbouring country at six sites in Punjab and Azad Jammu and Kashmir. The benchmark KSE-100 index decreased by 6,560.82 points (5.78pc) to stand at 107,007.68 from the last close of 113,568.50 when the market opened at 9:30am. Due to the massive dip, the market was immediately suspended briefly. This…
We have put together stories from our coverage on science from the past two weeks to help you stay informed. If you would like to see more of our reporting, please consider subscribing.1. China defies ASML prediction with EUV breakthrough in advanced chip productionChinese researchers have cracked a barrier to the home-grown production of advanced chips by building an extreme ultraviolet (EUV) light source platform that operates at internationally competitive parameters, according to a research paper.2. Chinese civilian handheld device can compromise US stealth radar: studyResearchers at one of China’s top defence electronics institutes say they can track advanced US…
Advanced Micro Devices, Nvidia’s closest rival in artificial intelligence (AI) processors, said that US restrictions on sales to China will cost US$1.5 billion in revenue this year, a warning that clouded an otherwise upbeat outlook.The guidance stems from an export restriction imposed in April that targeted AMD’s MI308 chips, the company said during an earnings call on Tuesday. Data centre revenue will decline in the current period, hurt by a US$700 million reduction in sales of that product, AMD predicted.CEO Lisa Su remains bullish about overall demand for AI infrastructure. She also reiterated her projection that new chips debuting soon…
Japanese police have found a surprising new way to curb the country’s rampant prostitution – by painting a street yellow.The unusual tactic in Osaka has led to a dramatic 90 per cent decrease in sex workers soliciting customers in a previously notorious alley, authorities said.Last December, the 100-metre (330-foot) street in the city’s Taiyujicho neighbourhood located near the JR Osaka Station, was painted bright yellow and decorated with colourful artwork of marine creatures.The tactic was based on nudge theory, a concept that suggests subtle changes in surroundings can influence behaviour.Data from four daily police surveys of the alley revealed an…