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- Mets advance on Lindor grand slam, Yankees and Tigers win
- Taiwan President Lai vows to 'resist annexation' of island
- China's solar goes from supremacy to oversupply
- Asian markets track Wall St record as Hong Kong, Shanghai stabilise
- 'Denying my potential': women at Japan's top university call out gender imbalance
- China's central bank says opens up $70.6 bn in liquidity to boost market
- Zelensky on whirlwind tour of Europe ahead of US vote
- Youth facing unprecedented wave of violence, UN envoy warns
- 'A casino in every kitchen': Brazil's online gambling craze
- Nobel chemistry winner sees engineered proteins solving tough problems
- Lindor powers Mets past Phillies into NL Championship Series
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- Tigers beat Guardians and on brink of advancing in MLB playoffs
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- Man City sink Barca in Women's Champions League as Bayern outgun Arsenal
- Greek international Baldock, 31, found dead in pool: state agency
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- Pharrell Williams to co-chair Met Gala exploring Black dandyism
- Wall Street indices hit fresh records as Chinese shares tumble
- Taiwan's president to deliver key speech for National Day
- Sea row on the menu as ASEAN leaders meet China's Li
- Injured Kane won't start England's Nations League clash with Greece
- Discord seen as online home for renegades
- US forecasts severe solar storm starting Thursday
- Mozambique starts tallying votes in tense election
- Zelensky moves to court European leaders in drive for military aid
- Ratan Tata: Indian mogul who built a global powerhouse
- Rodgers rejects 'false' suggestions of role in Saleh dismissal
- One dead as storm Kirk tears through Spain, Portugal, France
- Indian business titan Ratan Tata dead at 86
- Lebanon facing 'catastrophic' situation as 600,000 displaced: UN
- US warns Israel not to repeat Gaza destruction in Lebanon
- Musk's X returns in Brazil after 40-day showdown with judge
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- McIlroy and DeChambeau set for PGA-LIV 'Showdown' in Vegas
- Fed minutes highlight divisions over rate cut decision
- Steve McQueen debuts new WWII film at London festival
- Run blitz edges India and South Africa closer to World Cup semi-finals
- Zelensky to court European leaders in drive for military aid
- Israel captain says 'difficult' to focus on football in time of war
- Macron to host Ukraine's Zelensky after meeting Ukrainian troops
- Root says 'many more to get' after England Test runs landmark
- India pile up World Cup high to rout Sri Lanka
- One year later, Israeli hostage family learns of loss
- Texans receiver Collins, Pats' safety Peppers out for NFL clash
Yen slides to fresh 34-year low against dollar, stocks rally
The yen slumped to a fresh 34-year low against the dollar on Monday, fuelling expectations Japanese authorities would step in to support their currency for the first time since late 2022.
The dollar's strengthening comes as another forecast-topping US inflation report dented hopes for Federal Reserve interest rate cuts this year.
The yen slipped to 160.17 to the greenback in morning trade, stirring speculation that Japanese authorities would intervene to arrest its slide.
The currency has come under renewed pressure after the Bank of Japan refused to tighten monetary policy further at its meeting last week.
Officials have repeatedly said they are ready to step in if there are wild movements in the exchange rate, citing speculators as a key issue.
However, observers were sceptical that a first intervention since late 2022 would have much of an impact.
"Expectations of intervention having a sustained impact may disappoint given macro fundamentals do not support a sudden shift to a hawkish monetary stance," said National Australia Bank's Tapas Strickland.
Meanwhile, equity markets rose following a rally on Wall Street as strong earnings offset the hotter print on the personal consumption expenditures (PCE) price index.
A rally in tech titans -- boosted by forecast-beating reports from Microsoft and Alphabet -- helped push all three main indexes higher in New York, with the Nasdaq piling on two percent.
The readings soothed worries that the recent markets rally, which has been partly fanned by optimism over earnings, may have been overdone.
The advance in the PCE followed a third straight jump in the consumer price index.
That, along with push-back by Fed decision-makers warning against cutting too soon leading investors revise their outlook for how many reductions there would be this year.
They now expect just one, having priced in as many as six at the start of 2024.
The bank's latest policy announcement this week will be pored over for fresh guidance on officials' plans for monetary policy.
"With all measures of US consumer prices showing a steep acceleration over the past three to four months, the (policy board) is bound to row back hard from its earlier predictions of meaningful policy easing this year," said Societe Generale economists.
However, they added: "That said, markets have already scaled back pricing of rate cuts drastically, so unless chair (Jerome) Powell plays up the possibility of rate hikes, the market damage is likely to be modest."
After the positive lead from Wall Street, most of Asia's markets advanced.
Hong Kong extended its rally into a sixth straight day, while Shanghai, Sydney, Seoul, Taipei, Manila, Jakarta and Wellington were also in the green.
- Key figures around 0230 GMT -
Hong Kong - Hang Seng Index: UP 1.0 percent at 17,827.64
Shanghai - Composite: UP 0.6 percent at 3,105.26
Tokyo - Nikkei 225: Closed for a holiday
Dollar/yen: UP at 159.02 yen from 157.89 yen on Friday
Euro/dollar: UP at $1.0715 from $1.0699
Pound/dollar: UP at $1.2523 from $1.2496
Euro/pound: DOWN at 85.57 pence from 85.60 pence
West Texas Intermediate: DOWN 1.0 percent at $83.05 per barrel
Brent North Sea Crude: DOWN 0.9 percent at $87.43 per barrel
New York - Dow: UP 0.4 percent at 38,239.66 (close)
London - FTSE 100: UP 0.8 percent at 8,139.83 (close)
M.Fischer--AMWN