- Ex-Barcelona and Spain great Iniesta retires aged 40
- Duo wins Physics Nobel for 'foundational' AI breakthroughs
- German 'Maddie' suspect could be free in 2025 after cleared of separate sex crimes
- China slaps provisional tariffs on EU brandy imports
- Ex-skipper Skelton eyes Wallabies November return
- Spanish great Iniesta leaves indelible legacy after retirement
- Indian Kashmir elects first regional government in a decade
- Hong Kong stocks crash, oil prices retreat on fading China boost
- Man City accuse Premier League of 'misleading' claims after legal case
- Duo wins Physics Nobel for key breakthroughs in AI
- Agha defies England as Pakistan post 515-8 in first Test
- September second-warmest on record: EU climate monitor
- Pastor wanted by US for sex trafficking to run for Philippine senate
- Mozambican writer Mia Couto dreams future leaders set an 'example'
- German 'Maddie' suspect could be free soon after cleared of separate sex crimes
- China says to take anti-dumping measures against EU brandy imports
- German suspect in 'Maddie' case cleared in separate sex crimes trial
- Israel expands offensive against Hezbollah in south Lebanon
- China stocks rally fizzles on stimulus worries amid Asia retreat
- Bangladesh's Yunus says no elections before reforms
- England strike twice as Pakistan reach 397-6 at lunch in first Test
- China stocks rally peters out on stimulus worries amid Asia retreat
- Taiwan's Foxconn says building world's largest 'superchip' plant
- Kenya's deputy president faces impeachment vote
- N. Korean soldiers 'highly likely' killed in Ukraine: Seoul
- 'Appeals Centre' to referee EU social media disputes
- US Supreme Court to hear 'ghost guns' regulation case
- 'Small' oil leaks detected in Samoa after NZ navy shipwreck
- Nobel literature jury may go for non-Western writer
- At Istanbul church, blessed spring offers hope to Christians and Muslims
- From Bolivia to Indonesia, deforestation continues apace
- Myanmar to send rep to regional summit for first time in three years
- Prabowo set to lead bolder Indonesia on world stage
- Tampa zoo rushes Chompers the porcupine and others to safety as Milton nears
- Shanghai stocks pare early surge on stimulus worries amid Asia retreat
- New Japan PM to hold talks on ASEAN sidelines
- Record number of climbers chase 14-peak dream in Tibet
- Former South Korea clinic for US 'comfort women' to be demolished
- China holds off on fresh stimulus but 'confident' will hit growth target
- Chiefs battle past Saints to stay unbeaten
- Deal on climate aid hangs in balance at UN COP29 summit
- Royals hit back against Yankees, Tigers maul Guardians
- German suspect in 'Maddie' case faces verdict in sex crimes trial
- Top economic official 'confident' China will hit 2024 growth target
- COP29 fight looms over climate funds for developing world
- Shanghai stocks soar to extend stimulus rally amid Asia-wide drop
- Australia moves to expand Antarctic marine park
- Tragedy of Madrid street sweeper highlights how heatwaves kill
- Survivors wait for aid as Trump's lies help cloud Helene response
- Fleeing Israeli bombs, Lebanon's displaced met with suspicion
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Stocks up on US rate hopes, yen holds gains amid intervention talk
Asian markets mostly rose Friday after a largely negative day on Wall Street despite growing confidence of a US interest rate cut, while the yen saw big swings as speculation swirled that Japan had stepped into forex markets to support the currency.
A smaller-than-expected read on the June consumer price index ramped up bets on the Federal Reserve lowering borrowing costs in September, and possibly again before January.
The news came after the central bank's boss Jerome Powell said decision-makers would not wait until inflation had hit the bank's two percent target before loosening monetary policy, warning that "if you waited that long, you've probably waited too long".
On Thursday, San Francisco Fed chief Mary Daly said: "I do think with the incoming information on inflation, growth and the labour market, some policy adjustments are likely to be warranted."
However, while the figures appeared to give the all-clear for a cut in two months, the S&P 500 and Nasdaq tumbled from record highs, with observers blaming a shift from big-name tech titans such as Amazon and into smaller, largely overlooked stocks.
But most of Asia extended Thursday's rally.
Hong Kong climbed around two percent, while there were also healthy advances in Shanghai, Singapore, Sydney, Wellington and Manila.
However, Tokyo sank with Seoul and Taipei.
Analysts, meanwhile, said the softer US inflation print provided Japanese authorities the perfect opportunity to step into forex markets to provide support to the yen, which surged against the dollar Thursday.
The Japanese currency spiked from around 161.50 per dollar to as strong as 157.44, fuelling talk that officials had intervened again, having done so in April when the yen hit a 38-year low.
"The pronounced move in the yen appears to be coming on the back of combined impact from US inflation and intervention by Japanese authorities," Charu Chanana, at Saxo Markets, told AFP.
"There seems to be a new playbook for Japanese interventions, coming in along with supportive fundamentals, making the strength in yen somewhat more durable."
And National Australia Bank's Ray Attrill told Friday's "NAB Morning Call" podcast that the "outsized move" makes it "fairly inconceivable that it hasn't had a helping hand".
The Bank of Japan has "been pretty smart here... pushing on an open door rather than the idea that they would just intervene and do anything other than just gift speculators the opportunity to resell the yen at better levels".
While speculation swirled about official involvement, Japan's top currency diplomat Masato Kanda told reporters late Thursday that authorities were "not in a position to comment on whether they intervened in the market", according to public broadcaster NHK.
"Objectively speaking, there have been quite rapid fluctuations, which has affected people's lives."
- Key figures around 0230 GMT -
Tokyo - Nikkei 225: DOWN 2.0 percent at 41,388.92 (break)
Hong Kong - Hang Seng Index: UP 2.0 percent at 18,184.43
Shanghai - Composite: UP 0.2 percent at 2,976.98
Dollar/yen: UP at 159.25 yen from 158.86 yen on Thursday
Pound/dollar: DOWN at $1.2905 from $1.2912
Euro/dollar: DOWN at $1.0866 from $1.0870
Euro/pound: UP at 84.20 pence from 84.15 pence
West Texas Intermediate: UP 0.2 percent at $82.80 per barrel
Brent North Sea Crude: UP 0.1 percent at $85.48 per barrel
New York - Dow: UP 0.1 percent at 39,753.75 (close)
New York - S&P 500: DOWN 0.9 percent at 5,584.54 (close)
New York - Nasdaq Composite: DOWN 2.0 percent at 18,283.41 (close)
London - FTSE 100: UP 0.4 percent at 8,223.34 (close)
A.Rodriguezv--AMWN