Asian stocks follow Wall Street lower after US jobs data - Star Tribune

BEIJING — Asian stocks followed Wall Street lower Thursday after strong U.S. jobs data fueled expectations of further interest rate hikes and Chinese manufacturing activity weakened.

Shanghai, Tokyo, Hong Kong and Sydney declined. Oil prices rose nearly $1 per barrel.

U.S. government data Tuesday that showed there were two jobs for every unemployed person in July appeared to support arguments the economy can tolerate more rate hikes to tame inflation that is running at multi-decade highs. Some investors had hoped the Federal Reserve would back off due to indications economic activity is cooling.

The jobs data "supported the argument for the Fed to stick to an aggressive stance," said Edward Moya of Oanda in a report.

The Shanghai Composite Index fell 0.9% to 3,197.15 after a monthly index of manufacturing showed activity contracted again in August.

The Nikkei 225 in Tokyo shed 0.6% to 28,039.91 and the Hang Seng in Hong Kong tumbled 1.1% to 19,731.49.

The Kospi in South Korea was unchanged at 2,451.14 while Sydney's S&P-ASX 200 shed 0.2% to 6,987.00.

New Zealand advanced while Singapore and Indonesia declined.

Investors worry rate hikes by the Fed and other central banks in Europe and Asia to extinguish an inflation surge might derail global economic growth.

Chair Jerome Powell indicated Friday the Fed will stick to its strategy of rate hikes. The Fed has raised rates four times this year. Two of those were by 0.75 percentage points, three times the usual margin.

Traders appear to expect a 0.75 percentage-point hike in September, a half-point in November and 0.25 points in December, according to Moya.

"If the labor market doesn't break and the consumer remains resilient, Wall Street might start pricing in rate hikes for February and March," Moya wrote.

On Wall Street, the benchmark S&P 500 index fell 1.1% to 3,986.16. That brought its decline over the past five days to 5.5%.

The Dow Jones Industrial Average dropped 1% to 31,790.87. The Nasdaq composite lost 1.1% to 11,883.14.

The U.S. government reported there were were 11.2 million open jobs on the last day of July. That was up from 11 million in June, and June's figure was also revised higher.

Tech stocks were among the biggest declines. Chipmaker Nvidia fell 2.1%.

In energy markets, benchmark U.S. crude gained 89 cents to $92.53 per barrel in electronic trading on the New York Mercantile Exchange. The contract plunged $5.37 to $91.64 on Tuesday. Brent crude, used to price international trading, rose 93 cents to $98.77 per barrel in London.

The dollar edged down to 138.58 yen from Tuesday's 138.67 yen. The euro gained to $1.0026 from $1.0021.

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For the Love of Trees, Please Check Yours for Asian Longhorned Beetle - USDA.gov

Posted by Jenny Lester Moffitt, Under Secretary for Marketing and Regulatory Programs in Forestry Initiatives Plants

Aug 30, 2022

I recently decided to go for a walk on a seasonably warm afternoon. I got out of my car at a wooded recreation area and immediately noticed how much cooler the air felt, thanks to the biggest plants on Earth – trees. From my years growing up on and then managing my family’s organic walnut farm I have a deep respect for trees. They provide countless benefits to us and the planet. They provide food and shelter, they cool and improve air quality, so it’s important to me to protect this valuable resource from invasive pests and diseases.

As August winds down, I will remind you that it is Tree Check Month for the Asian longhorned beetle. This invasive beetle attacks 12 different types of trees but prefers maples. It can also be found in grass, floating in pools, on outdoor furniture, and on vehicles. Once the beetle attacks a tree, there is no cure, and the tree will eventually die. USDA can eradicate it, but we need to know where infested trees are ASAP! When we find infested trees early enough, more trees are saved. We need people looking at their trees to improve our chances of finding this invader early.

Please check your trees. Join friends and family on a tree check walk to look for signs of infestation. If you think you have found a beetle or see tree damage, please report your sightings by calling the hotline at 1-866-702-9938 or submit a report online at AsianLonghornedBeetle.com.

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Strong Asian American Support For Abortion Rights Tests Republicans In Orange County House Races - LAist

Fed's 'Ghost Of 1994' Is Haunting Asian Markets - Forbes

Fed's 'Ghost Of 1994' Is Haunting Asian Markets - Forbes

Carolina Asia Center awarded $900000 grant to develop Southeast Asian studies minor - The Daily Tar Heel

This summer, the Carolina Asia Center received a $900,000 grant from the Henry Luce Foundation, a not-for-profit organization based in New York, to further the studies of Southeast Asia at the University. 

With this grant, the University plans to develop a Southeast Asian studies minor, to expand its Vietnamese language instruction and to spread the study of Southeast Asia to other campuses.

Christian Lentz, an associate professor of geography at UNC, was the principal investigator of the University’s project, entitled “Bringing Southeast Asia Home.” 

The Luce Foundation has sought to endow multi-million dollar grants for the past several years with the purpose of developing Southeast Asia studies. 

“Luce has long been a supporter of Asian studies more generally, but they also know that Southeast Asian studies tend to be a bit overlooked by way of comparison with East Asia, especially China, but also Korea and Japan,” Lentz said. 

The money from the grant will be spent in different ways, one of which is undergraduate curriculum development, more specifically Vietnamese language instruction, according to Lentz. 

“We restarted Vietnamese language instruction two years ago — we are on year three — and we’re sort of gradually building support with the ultimate goal of having a full-time Vietnamese language instructor on campus so they can do 100, 200 and 300 level classes,” he said. 

The University offers various courses relating to East Asia and South Asia, specifically the languages spoken in these countries. However, there are currently no languages from Southeast Asia in which students can minor, until now. 

“Our East Asia program is absolutely fantastic and has been doing great work," Kevin Fogg, associate director of the Carolina Asia Center, said. "Our South Asia program is very well established, but for the past few years, the Southeast Asia wing of that has been the weakest of our regions in Asia in terms of the coverage, both in the curriculum and co-curricular supporting events.” 

The Carolina Asia Center is also looking to use the money awarded from the grant to develop a Southeast Asian studies minor housed within the Department of Asian and Middle Eastern Studies, as well as supporting graduate students and faculty research in hopes that they will return to the University and teach later courses. 

Fogg has found that students reaching out to the center in regards to the grant have been students of Southeast Asian heritage. The center has been working with these students for years to create co-curricular programming for them, as well as pushing for languages such as Vietnamese to be taught at the University. 

“This grant is in some ways a concrete moment where students can see the work that we are doing, being recognized by an outside body,” Fogg said. 

For the last couple of years, the Henry Luce Foundation has had a multi-year grants competition known as the Luce Initiative on Southeast Asia, also known as LucSEA, with the main purpose being to strengthen the academic study of Southeast Asia in higher education. 

Helena Kolenda, the program director for Asia at the Henry Luce Foundation, explained both the process of applying for a grant, along with why the University was awarded the $900,000 grant. 

The advisors at The Luce Foundation were attracted to the University’s proposal for a few reasons. They were intrigued by the possibility of a new minor in Southeast Asian studies, the strengthening of Vietnamese language training and the possibility to strengthen the study of Southeast Asia — not only on UNC’s campus but also on other campuses within the region. 

“Part of the goal of the grant is to bring Southeast Asia home to North Carolina so that students here, or heritage students, or who are curious about that region, can start to build those connections more explicitly with that world region,” Lentz said. 

@nataliemcc212

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Asian stocks slide on fears of sharp rate hikes in US, Europe - Al Jazeera English

Markets drop as US Federal Reserve Chair Jerome Powell promises policy “pain” to contain inflation.

Asian shares slid on Monday as the mounting risk of more aggressive rate hikes in the United States and Europe shoved bond yields and the dollar sharply higher, and tested equity and earnings valuations.

US Federal Reserve Chair Jerome Powell’s promise of policy “pain” to contain inflation quashed hopes that the central bank would ride to the rescue of markets as so often in the past.

The tough love message was driven home by European Central Bank (ECB) board member Isabel Schnabel, who warned over the weekend that central banks must now act forcefully to combat inflation, even if that drags their economies into recession.

That triggered a sharp fall in Euribor futures as markets priced in the risk the ECB could hike by 75 basis points next month.

“The main takeaways are taming inflation is job number one for the Fed and the Funds Rate needs to get to a restrictive level of 3.5 percent to 4.0 percent,” said Jason England, global bonds portfolio manager at Janus Henderson Investors.

“The rate will need to stay higher until inflation is brought down to their 2 percent target, thus rate cuts priced into the market for next year are premature.”

Futures are now pricing in about a 64 percent chance the Fed will hike by 75 basis points in September, and see rates peaking in the 3.75-4.0 percent range.

Much might depend on what the August payrolls figures show this Friday when analysts are looking for a moderate rise of 285,000 following July’s blockbuster 528,000 gain.

The hawkish message was not what Wall Street wanted to hear, and S&P 500 futures were down a further 1.1 percent, having shed almost 3.4 percent on Friday. Nasdaq futures lost 1.5 percent, with tech stocks pressured by the outlook for slower economic growth.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.9 percent. Japan’s Nikkei dropped 2.8 percent, while South Korea’s KOSPI shed 2.3 percent.

Chinese blue chips lost 0.6 percent, while EURO STOXX 50 futures slid 1.7 percent in the wake of the ECB’s rate warnings.

The aggressive chorus from central banks lifted short-term yields globally while further inverting the Treasury curve as investors priced in an eventual economic downturn.

The dollar gained 0.7 percent to a five-week peak on the yen at 138.58.

The euro was struggling at $0.9927, not far from last week’s two-decade trough of $0.99005, while the sterling slipped to a two-and-a-half-year low of $1.1656.

“EUR/USD can remain below parity this week,” said Joseph Capurso, head of international economics at CBA.

“Energy security fears will remain front and centre this week as Gazprom will shut its mainline pipeline to deliver gas to Western Europe for three days from 31 August to 2 September,” he added. “There are fears gas supply may not be turned back on following the shut-down.”

Those fears saw natural gas futures in Europe surge 38 percent last week, adding further fuel to the inflation bonfire.

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‘Subtle Asian Baking’ founder Kat Lieu publishes best-selling cookbook - Mercer Island Reporter

For many, baking is a craft about bringing people together, sharing family stories, and trying something delicious — whether it is your grandma’s favorite recipe, or a new pastry you have never tried before.

For Renton resident Kat Lieu, baking is about all of these things. She is giving a platform to a culture and a community whose diverse set of baking recipes and techniques have never been given a chance to shine.

“Subtle Asian Baking” began as a Facebook group that Lieu started. It was intended to be an online space for baking enthusiasts to share their recipes for different Asian baked goods — be it a recipe passed down from a family member, a recipe they recently learned, or a new innovation on a classic treat.

Lieu described Asian baking as “diverse” with recipes from all across the Asian diaspora, with a variety of regional ingredients like ube, pandan, mochi, black sesame, and other flavors familiar to Asian palates.

She said the variety of textures that exist are notable, as an oven is not the only instrument used to bake, with techniques such as steaming or microwaving often used. She said texture is important with baked treats often having airiness from whipped egg or other ingredients, and al dente chewiness from ingredients like glutinous rice flour.

She also said treats sometimes are savory, as opposed to sweet.

She founded the Facebook group in 2020, and it quickly gained 5,000 members in the first week. It now has over 150,000 members. She has since created an Instagram page under the same moniker that currently has over 140,000 followers.

Around the same time, Lieu, a physical therapist for over 10 years, decided to make a career pivot and publish a book full of recipes shared and inspired by the online “Subtle Asian Baking” community.

When looking for publishing partners, she was told by an industry insider that “Asian culture doesn’t sell.”

The book, “Modern Asian Baking at Home,” was released in July and has already been well-received by baking enthusiasts across the country. Lieu said the book had over 50,000 e-book pre-orders before it even came out. The book made Publishers Weekly’s bestsellers list for the week of August 8.

Since its release, Lieu has done several book signings in the Seattle area as well as New York City. During her New York event, she said she was greeted by folks who had flown from out of state just to meet her, many of them members of the “Subtle Asian Baking” online community.

For Lieu, the book has been a way of “reclaiming the narrative” of Asian culinary culture and baking. She maintains that her book is one of the few out about Asian baking that is actually authored by an Asian-American woman.

She said as a person of Asian descent growing up in America, it is easy to feel as an outsider or an “other.” She said she did not always see people that looked like her on television and often it was non-Asians represented in media or creative fields, even when it came to “experts” on Asian culture and cuisine.

“We want to be seen as experts too,” Lieu said. “Representation does matter.”

She said that her goal for the “Subtle Asian Baking” community is not to gatekeep — rather, it is about adding to the conversation. Lieu said that food is language of love, one that brings people from different cultures together as there are always stories to be shared behind the food and the culture.

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What's Next for Asian Markets Following Fed's Hawkish Tilt at Jackson Hole - Bloomberg

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What's Next for Asian Markets Following Fed's Hawkish Tilt at Jackson Hole  Bloomberg

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What Partner Track Gets Right About Being The Only Asian In The Room - Refinery29

Photo: Courtesy of Netflix.

Netflix’s new show Partner Track is billed as a sexy legal drama about a young lawyer working tirelessly to land a partner position at a big law firm while juggling fabulous, rich men, and wearing perfectly tailored suits and dresses. But underneath the love triangles and office politics is a nod to privilege, the white patriarchy — and what it really means to be the only Asian in the room.

Based on the book by Helen Wan, Partner Track follows senior associate Ingrid Yun, a first generation Korean American played by Arden Cho, who is dead-set on making partner at Parsons, Valentine & Hunt. Ingrid is a young, tough, high-powered attorney working in mergers and acquisitions, but it’s not just her matching pink skirt suit that stands out in a sea of grey and navy. Though there are other East Asians at the firm — two first-years and one middle-aged woman — Ingrid’s peers are mostly white men. As are her clients, and, of course, her boss.

In the first 15 minutes of the series, Ingrid faces multiple microaggressions from all directions: her paralegal Justin, who lacks basic professionalism and respect for her as his boss; her boss Marty Adler (Matthew Rauch), who insists on giving a case to her white male colleague despite making her work on it; and client oil tycoon Ted Lassiter (Fredric Lehne), who breezes past her to greet her paralegal (mistakenly thinking that he, another white man, must be the lawyer in the room) before turning to ask her for a sparkling water. Ingrid brushes it off, asking Justin to call dining services as a pointed, but respectful way to tell Ted that, despite his dismissal, she is the person he wants to talk to. It’s a tactic anyone who has ever been the only minority in the room will recognise: finding creative ways to assert her position without showing frustration or anger.

Ted tries to walk back his mistake by implying that he didn’t dismiss her because she was Asian, but because she looked too young to be an attorney. “You just don’t look a day over 18 to me,” he says, before adding, “You folks are lucky that way, right?” Ingrid’s options now are clear: she can agree and laugh it off, remain quiet and hopefully indicate (in a tactful, non-threatening way) that the comment was inappropriate and unwelcome, or put him in check and call him out. Ingrid chooses the second option, grimacing for a beat but ultimately moving on to shake hands with the client’s personal attorney. She is at work, after all.

In this two minute scene, Partner Track illustrates perfectly what being the only Asian in the room can look like. It’s not always about dealing with big injustices or aggressive racism; it’s a series of small calculations, moment by moment, on how to react when someone asks, “Where are you from?” and the inevitable, “No, but where are you really from?” Every time one of her white colleagues makes an off-the-cuff remark or racist joke, Ingrid has to make an active decision: Should she speak up? Should she let it slide? Or, in this case, should she comfort the client and assure him he didn’t just do something wildly offensive by laughing along? It may seem trivial, but these small decisions can add up to major consequences. If the client likes her and she’s on the case, she could make partner. If the client doesn’t like her, then she can kiss her promotion goodbye. Her split-second reaction to this poor excuse for a compliment could determine the rest of her career, and she knows it.

Photo: Courtesy of Netflix.

Ingrid is also well aware that being the only Asian senior associate means she has to be the very best she can be. In fact, she has to be the best there ever was. She works more than her white male colleagues, not because she lives for digging through legal documents (though she does, in fact, love doing that), but because she knows that she has to be twice as good to get half the credit. When her white male love interest and colleague Murphy (Dominic Sherwood) notes that she “never stops working,” Ingrid responds that she “doesn’t have the luxury.”

Ingrid’s extreme work ethic reflects her upbringing in a Korean American household. In the few scenes with Ingrid’s parents, the audience sees that she has been taught that success will come to those who keep their heads down and do the work — but it has to be done flawlessly. Only perfection will be rewarded. To many first or second (or more) generation Asian Americans, this worldview will sound familiar. The strong belief that Asian Americans can get ahead by playing by the rules is a consequence of the model minority myth, which falsely puts Asians on a pedestal as the marginalised group in America that has, essentially, reached parity with white people. The reality is that the Asian American experience is as wide and varied as its diaspora, and not all Asians are the same. (When it comes to the pay gap in 2020, for example, Burmese women made 50 cents for every dollar paid to a white, non-Hispanic man, while Indian women were reportedly paid $1.22, according to the National Women’s Law Center.)

And while the model minority myth has been weaponised by white American culture, such as during the Civil Rights Movement, as proof that racism is somehow surmountable, it’s also been used by Asian Americans to show they are a “good” minority, especially in the wake of the U.S. government forcing Japanese Americans into internment camps during WWII. As historian Ellen Wu explained in an interview with The Washington Post, “The model minority myth as we see it today was mainly an unintended outcome of earlier attempts by Asian Americans to be accepted and recognised as human beings.”

Partner Track doesn’t go into the weeds of the model minority myth and all its implications, but it’s important context for why Ingrid behaves the way she does when confronted with microaggressions. Like so many of us, she’s internalised it. After Dan (Nolan Gerard Funk), another rich, smug, white senior associate, does a racist comedy routine at the company retreat, her first instinct is to remain in her seat and endure silently. She only gets up to follow Tyler (Bradley Gibson), the only Black associate we see in the firm, and when he tells her he is leaving the retreat, she hesitates. Though she does eventually go with him, it’s far from a big scene. And she does so after first going to her boss to raise a complaint. Tyler knows that the law firm and its HR department won’t help him, but Ingrid is still convinced that the system can work for people like her and Tyler. Even as her boss manipulates her into chairing the firm’s Diversity Gala and trots her out as its proud “Asian American female lawyer,” she still believes that she can win. All she has to do is swallow her pride and survive these little indignities. But that’s easier said than done, and, at a certain point, it’s just too much.

The system betrays Ingrid, just as I knew it would. I, like Ingrid, have often been the only Asian American in the room. I have had to calculate when to speak up, when to keep quiet. I have felt the physical and mental toll of playing along to be a “team player” and being forced to negotiate with myself on how I want to address racism in the workplace, or weighing whether it’s worth speaking up at all. During one particularly difficult moment in my career, when I felt isolated and vulnerable as one of the few Asians at work, I began hyperventilating in the middle of a company-wide meeting and started crying. At the time, I took the afternoon off to rest and then went back to work. It wasn’t until much later that I realised it was a panic attack.

Watching Partner Track, I can see that my reaction wasn’t just caused by what was happening that week, but by years of brushing off all the small moments that came before, just like Ingrid. I should have taken better care of myself, let myself feel the pain of those small moments. And if you’re the only Asian in the room reading this, I hope you take better care of yourself too.

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'A Lot of Red': Powell's Hawkish Pivot to Roil Asian Market Open - Bloomberg

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Asian shares cautiously higher as Powell speech nears - Reuters

SYDNEY, Aug 26 (Reuters) - Asian shares were cautiously higher on Friday, while the dollar firmed slightly as traders and investors anxiously awaited a speech from Federal Reserve Chair Jerome Powell that could offer clues on the U.S. central bank's rate-hike path.

The guarded optimism is likely to extend into Europe. The pan-region Euro Stoxx 50 futures added 0.4%, German DAX futures were up 0.41% and FTSE futures were 0.23% higher.

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.5% on the day. Resources-heavy Australia shares (.AXJO) gained 0.9% while Japan's Nikkei advanced 0.6%.

A surge in Chinese tech shares listed in Hong Kong (.HSTECH), buoyed by hopes for an audit deal between the United States and China, run out of puff but was up 0.4%, while Chinese shares (.CSI300), gripped by domestic economic worries and Fed rate hikes, wobbled.

The Wall Street Journal reported on Thursday that Washington and Beijing are nearing an agreement that allows American accounting regulators to travel to Hong Kong to inspect audit records of U.S.-listed Chinese companies. read more

Overnight on Wall Street, stocks rose while U.S. Treasury yields slipped, as investors digested comments from Fed officials who continued hammering the point that they will drive rates up and keep them there until inflation has been squeezed from the economy. read more

"So it is a fair bet that the Powell speech will take a similar turn today," said Robert Carnell, regional head of Research, Asia-Pacific, at ING.

"If so, the most likely market reaction would be a rise in yields at both the front and back of the yield curve, a sell-off in equities and dollar strength as markets seem to have been positioning themselves for a more supportive set of comments."

Investors have pared back expectations that the Fed could pivot to a slower pace of rate hikes as U.S. inflation remains at 8.5% on an annual basis, well above the Fed's 2% target. But Powell's speech on Friday (1400 GMT) will be scrutinised for any indication that an economic slowdown might alter the Fed's strategy.

Interest rate futures now imply a 60% chance of a 75 basis point (bps) Fed hike in September .

"The experience of Jackson Hole 2021 will make the Fed Chair cautious in making the same error twice. That itself argues against his messaging looking too far forward, or, erring on the dovish side," said Alan Ruskin, macro strategist at Deutsche Bank. read more

"Markets have however largely taken this on board, which risks a small, short-lived 'buy the rumour, sell the fact' technical bond rally, sell the USD, and relief equity trade."

In the currency markets, the dollar firmed by a slight 0.1% against a basket of major currencies. The commodity-exposed Australian fell 0.4% against the greenback while the New Zealand dollars fell 0.5%, giving up some of the strong gains in the previous day.

U.S. Treasury yields held steady on Friday. The yield on benchmark 10-year notes stood at 3.3763%, up 11 basis points for the week, while two-year yield touched 3.3763%, also up by 11 bps.

Oil prices recovered some ground on Friday after slumping by about $2 a barrel in the previous session on the possible return of sanctioned Iranian oil exports and on worries about the impact on fuel demand from rising U.S. interest rates. read more

Brent crude rose 0.6% to $99.98 per barrel and U.S. crude was up by 0.7% to $93.15 a barrel.

Gold was slightly lower. Spot gold was traded at $1755.64 per ounce.

Editing by Sam Holmes and Kim Coghill

Our Standards: The Thomson Reuters Trust Principles.

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Asian shares rise as hopes for audit deal boost China tech - Reuters

SYDNEY, Aug 26 (Reuters) - Asian shares rose on Friday, buoyed by news of possible progress for China and the United States to hammer out an audit deal, while traders anxiously awaited a speech from Federal Reserve Chair Jerome Powell on rate-hike path later in the day.

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) gained 0.6% in early Asia trade, driven by Chinese tech shares listed in Hong Kong (.HSTECH) that surged 1.3%. Hong Kong shares of Alibaba (9988.HK) were up 4%.

That helped the Asian index eke out a 0.4% gain for the week.

The Wall Street Journal reported on Thursday that Washington and Beijing are nearing an agreement that allows American accounting regulators to travel to Hong Kong to inspect audit records of U.S.-listed Chinese companies. read more

Hong Kong's Hang Seng Index (.HSI) rose 0.7%, Japan's Nikkei (.N225) advanced 0.9%, while South Korea (.KS11) gained 0.5%.

Overnight on Wall Street, stocks rose while U.S. Treasury yields slipped, as investors digested comments from Fed officials who continued hammering the point they will drive rates up and keep them there until inflation has been squeezed from the economy. read more

The S&P 500 climbed 1.4% and the Nasdaq gained 1.67%, lifted by gains in Nvidia and other technology-related stock.

"So it is a fair bet that the Powell speech will take a similar turn today," said Robert Carnell, regional head of Research, Asia-Pacific, at ING.

"If so, the most likely market reaction would be a rise in yields at both the front and back of the yield curve, a sell-off in equities and dollar strength as markets seem to have been positioning themselves for a more supportive set of comments."

Investors have pared back expectations the Fed could tilt to a slower pace of rate hikes as U.S. inflation remains at 8.5% on an annual basis, well above the Fed's 2% target. But Powell's speech due on Friday will be scrutinised for any indication that an economic slowdown might alter the Fed's strategy.

Interest rate futures now imply a 60% chance of a 75 bp Fed hike in September .

"The experience of Jackson Hole 2021 will make the Fed Chair cautious in making the same error twice. That itself argues against his messaging looking too far forward, or, erring on the dovish side," said Alan Ruskin, macro strategist at Deutsche Bank. read more

"Markets have however largely taken this on board, which risks a small, short-lived 'buy the rumour, sell the fact' technical bond rally, sell the USD, and relief equity trade."

In the currency markets, the dollar was little changed against a basket of major currencies. The commodity-exposed Australian and New Zealand dollars fell 0.4% versus the greenback after a strong rebound in the previous day.

The yield on benchmark 10-year Treasury notes were up slightly to 3.0425%, compared with its U.S. close of 3.024% the previous day.

The two-year yield , which rises with traders' expectations of higher Fed fund rates, touched 3.3803%, compared with a U.S. close of 3.374%.

Oil prices recovered some ground on Friday after slumping by about $2 a barrel in the previous session on the possible return of sanctioned Iranian oil exports and on worries from rising U.S. interest rates. read more

Brent crude rose 0.5% in early Asia trade to $99.87 per barrel and U.S. crude was up by a similar margin to $96.01 a barrel.

Gold was slightly lower. Spot gold was traded at $1755.4698 per ounce.

Editing by Sam Holmes

Our Standards: The Thomson Reuters Trust Principles.

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The Importance of Asian Financial Cooperation by Yu Yongding - Project Syndicate

BEIJING – On July 2, 1997, the Thai baht collapsed. After waves of speculative attacks, the government had run out of foreign currency and become unable to support its exchange-rate peg to the US dollar. So, it floated the baht, which went into freefall. A wave of financial and non-financial Thai corporates that had borrowed heavily in dollars filed for bankruptcy. The Asian financial crisis had begun.

Unable to service their foreign debt, Thailand, Indonesia, and South Korea turned to the International Monetary Fund for support. But the IMF’s rescue packages were too little, too late, and came with excessively harsh conditions. East Asia, it increasingly appeared, would be better off saving itself.

The region certainly had resources. Though some countries, like Thailand, were running current-account deficits, East Asia as a whole ran an external surplus. So, in September 1997, Japan proposed pooling the region’s foreign-exchange reserves and using them to rescue ailing countries. The “Asian Monetary Fund” that would be established to manage this facility would, it was promised, move faster and impose less stringent conditions than the IMF. But the US and the IMF objected to the initiative, and the AMF was stillborn.

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Asian Markets Gain, Investors Anxious for U.S. Rate Hike Clues - U.S News & World Report Money

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Asian Markets Gain, Investors Anxious for U.S. Rate Hike Clues  U.S News & World Report Money

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Asian markets gain, investors anxious for U.S. rate hike clues - Reuters

HONG KONG, Aug 25 (Reuters) - Asian share markets were broadly positive while the dollar was slightly weaker on Thursday, with investors nervously awaiting the U.S. Federal Reserve's annual Jackson Hole conference for clues on how sharp future interest rate hikes might be.

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) edged up 0.3%, after U.S. stocks ended the previous session with mild gains.

Australian shares (.AXJO) climbed 0.7%, while Japan's Nikkei stock index rose 0.52% (.N225) and China's CSI300 (.CSI300) advanced 0.27%.

The Federal Reserve's annual monetary policy conference in Jackson Hole, Wyoming is due to start on Friday.

Investors now expect the Fed Funds rate to peak at 3.80% in March 2023, up from 3.62% a fortnight ago, said Tapas Strickland, NAB's economics director.

"Market moves at least are consistent with the hawkish pushback seen by Fed officials over recent weeks," he added.

Interest rate futures imply a 60% chance of a 75 basis point Fed hike in September

In early Asian trade, the yield on benchmark 10-year Treasury notes rose to 3.1095% compared with its U.S. close of 3.106% on Wednesday.

The two-year yield , which rises with traders' expectations of higher Fed fund rates, touched 3.4028% compared with a U.S. close of 3.386%.

The yields had also made gains overnight, though that did not stop U.S equity markets rising on Wednesday.

The Dow Jones Industrial Average (.DJI) closed up 0.18%, the S&P 500 (.SPX) gained 0.29% and the Nasdaq Composite (.IXIC) advanced 0.41%.

The dollar edged 0.01% lower against the yen to 137.09 . It is still some distance from its high this year of 139.39 in mid-July.

The European single currency was flat during early Asian trade at $0.9968, having lost 2.45% in a month.

The dollar index , which tracks the greenback against a basket of currencies of other major trading partners, was slightly weaker in Asia at 108.51.

"Expectations of a hawkish message from FOMC Chair Powell at Jackson Hole will likely keep upward pressure on the US dollar in the run‑up to his speech on Friday," Commonwealth Bank analysts wrote in a client note.

"However there is a risk that the speech is deemed not hawkish enough and that we see some retracement in the US dollar."

U.S. crude ticked up 0.38% to $95.25 a barrel. Brent crude climbed 0.5% to $101.22 per barrel.

Gold was slightly higher, with spot gold trading at $1,752.96 per ounce.

"Gold edged higher as the market weighs the outlook for monetary policy ahead of the annual gather of central bankers at Jackson Hole. The weakening economic activity induced some haven buying in the precious metals, snapping six days of declines," ANZ analysts wrote in a note to clients.

Reporting by Scott Murdoch; Editing by Edwina Gibbs

Our Standards: The Thomson Reuters Trust Principles.

Scott Murdoch

Thomson Reuters

Scott Murdoch has been a journalist for more than two decades working for Thomson Reuters and News Corp in Australia. He has specialised in financial journalism for most of his career and covers equity and debt capital markets across Asia based in Hong Kong.

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Asian elephants have a nasal pronunciation: Mammal vocalizations might be more flexible than previously thought - Science Daily

With the help of an acoustic camera that visualizes sound pressure, researchers from the University of Vienna investigated the calls of Asian elephants. The elephants emitted their low frequency "rumbles" mainly through their trunk or through their mouth and trunk simultaneously, and only seldomly through their mouth alone. This is the first study to conclusively demonstrate the combined oral and nasal call emission in a non-human animal. The study has recently been published in the journal "Animals."

Elephants have the longest nasal elongation in the world. Not surprisingly, their low-frequency, partially infrasonic rumbles resonate even deeper when emitted through the long trunk. A team of cognitive biologists, Veronika Beeck and Angela Stoeger, from the University of Vienna has now shown that these vocal tract resonances, which is known as a nasal pronunciation in human language, also play a crucial role in animal communication. The researchers suggest that the increased vocal flexibility in Asian elephants potentially allows them to encode more information. Also, the lower frequency resonances may enhance the transmission of the calls over long distances.

Humans form vowels though tongue positions, lips, and mouth aperture, thereby shaping their vocal tract's resonances. Specifically, by opening the velum and letting air stream through the oral and nasal cavities simultaneously, humans "nasalize" the sound of vowels. In many languages, such as French or Hindi, the nasalization of vowels changes the meaning of a word, such as beau [bo] meaning "beautiful" in French and the nasalized bon [bõ] meaning "good."

So far, mammals were expected to have far less flexibility to modify their vocal tract (the oral and nasal pathways above the larynx) and hence on the timbre of their calls. Across animals, calls often differ solely by being emitted either through the mouth or nose. In this current study, the Viennese researchers teamed up with engineers Gunnar Heilmann and Michael Kerscher. Together, they pointed an acoustic camera at Asian elephants in Nepal to see how they emit their calls. The acoustic camera, like a thermal camera, displays sound pressure in color coding.

Calls were mostly uttered though the trunk. "To our surprise, the acoustic camera also clearly showed calls that were emitted through the mouth and nose simultaneously. The resonance spectra of these calls were very similar to the ones described in human nasal vowels," explains Veronika Beeck. Although this was suggested in fallow deer, elephant seals and Diana monkeys before, this is the first study to conclusively prove orally and nasally combined calls.

Based on this new evidence, the researchers suggest that mammal calls might be more flexible than previously thought. Acoustic communication plays a critical role in social systems, such as the complex matriarchy of elephants, but the exact function of the mixed mouth-and-trunk emitted calls remain to be investigated.

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Materials provided by University of Vienna. Note: Content may be edited for style and length.

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Asian Stock Gauge Drops Amid Rise in Yields, Crude: Markets Wrap - Bloomberg

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Asian Stock Gauge Drops Amid Rise in Yields, Crude: Markets Wrap  Bloomberg

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Asian stocks mixed ahead of annual Fed meeting after China cuts rate - MarketWatch

Crypto is More in Step With Asia's Equities, Highlighting Need for Regulation - International Monetary Fund

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Crypto is More in Step With Asia's Equities, Highlighting Need for Regulation  International Monetary Fund

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A coalition of AAPI groups says the far right is targeting its communities with disinformation - San Francisco Chronicle

A first-of-its-kind study this month examines how disinformation is being used, often online, to sow discord between the Asian American and Pacific Islander communities and other ethnic or racial groups.

Led by a coalition of AAPI organizations and academic researchers operating as the Asian American Disinformation Table, the study includes five case studies covering an array of topics affecting a diverse set of ethnic communities. One of those case studies concerns an issue a lot of us in the Bay Area are struggling to discuss with sensitivity and poise.

It concerns violence against people of Asian descent and how cynical social media actors have shaped a legitimate concern into a destructive narrative pitting Asian and Black communities against each other. Or have tried to, anyway.

Several of the social media accounts the report describes as “bad actors” operate under anonymity and claim to be based in San Francisco.

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They are featured in a section of the study that focuses on how a loose network of anonymously run social media accounts, vloggers and alternative news sites are disseminating “powerful shock effect imagery” in the form of CCTV footage, graphic “photographs of bloodied Asian bodies” and recontextualized news stories (including old stories presented as new) to fearmonger the Asian American community and drive a wedge between it and other communities of color, primarily the Black community.

“Don’t fall for it,” said Jonathan Ong, an associate professor of global digital media in the department of communication at the University of Massachusetts Amherst who worked on the study.

Ong said he and his two assistant researchers first noticed how several accounts frequently posted about Black-on-Asian crime during last year’s recall of former District Attorney Chesa Boudin. Ong said the goal of these accounts is to perpetuate a misleading narrative: that Black violence is the foundation of anti-Asian hate in San Francisco.

Here’s one example the report cites: a July 22 post on the anonymously run SF Streets 415 Instagram account, which has 27,000 followers. The post includes gruesome close-up photos of a scalp wound; text purporting to be from someone describing an anti-Asian attack that happened in San Francisco’s Fillmore neighborhood; and a lengthy caption from SF Streets 415 that reads:

“Black juveniles are targeting and violently attacking Asians especially Asian women these days. It’s happening all over the city and the Bay Area and the targets are members of the Asian community. SFSTREETS415 and our twitter page Asian Crime Report are the only ones reporting daily about these anti Asian hate crimes. The media outlets, local and national, refuse to and have zero desire to.”

That line about the media not paying attention is an old tactic, one that the Asian American Disinformation Table’s report says advances “conspiratorial narratives that insinuate there is a ‘woke’ liberal conspiracy where Democrat politicians, leftist journalists, and platforms themselves have suppressed the real truth about the roots of Asian hate.”

If you’re wondering why they would do that, consider that San Francisco data from the FBI show white people are largely behind local hate crimes, and a national report by Janelle Wong, a professor of American and Asian American studies at the University of Maryland, College Park, shows white people are largely behind the reported hate crimes throughout the U.S.

This data underlies a cynical ploy by these social media influencers to move Asian Americans to the political right — by repackaging genuine concerns about the far-right hate against them — and thus diluting the AAPI community’s political power and agency, according to the Asian American Disinformation Table’s report.

I thought about this while tuning into the live stream of last week’s town hall on anti-Asian violence that San Francisco District Attorney Brooke Jenkins and Police Chief Bill Scott attended.

The event, co-hosted by the Chinese Consolidated Benevolent Association and Asian Justice Movement, opened online with news footage of three recent attacks on older residents. The clips were brutal to watch and reminded me of the power that images have to color our perceptions of what’s happening right outside of our door. Some of the uglier comments on the live-stream chat reminded me how invested some folks online are in stoking racial division.

But the videos that were played for the online crowd — there were about 140 of us — weren’t shown at the in-person town hall. And the tenor of the discussion in real life wasn’t the toxic binary arguments we’ve come to see on social media platforms.

People at the town hall wanted solutions, yes, but not everyone agreed what those solutions looked like. For some, it looked like more or better policing. For others, it looked like going beyond police to address the root causes of crime. Several demanded public safety solutions that included tackling homelessness and emphasizing collaboration between marginalized communities.

Scott spoke several times, often answering questions and, at one point, noting that hate crime reports were trending down in the city this year. Beyond that, Stop AAPI Hate, which has become the leading resource for understanding the anti-Asian hostility stoked by former President Donald Trump and the far right, is releasing data showing this is largely an epidemic of racist harassment, not violence.

That’s probably little comfort to anyone who has been the victim of a violent attack or targeted crime. But there are so many people who are afraid to leave their homes because of what they believe is an explosion of violence, and we in the media can do a much better job of providing the context that these social media aggregators deliberately omit.

There’s power in narratives, especially in our high-octane media age, when algorithms feed us gigabytes of content that reinforce our beliefs rather than challenge and expand them. Ensuring the narratives are actually true is key, said Thenmozhi Soundararajan, executive director of the civil rights organization Equality Labs and a contributor to the Disinformation Table report.

“What I think is a tragedy of our time is that facts aren’t built because of people who have evidence and peer-reviewed scholarship,” Soundararajan said. “Facts are basically being built by people who say, ‘I want this worldview, and therefore these facts are true.’ That’s a difficult, painful place to be as a community.”

No kidding.

San Francisco Chronicle columnist Justin Phillips appears Sundays. Email: jphillips@sfchronicle.com Twitter: @JustMrPhillips

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