Asian shares gain after Fed chair signals slower rate hikes - The Associated Press - en Español

BANGKOK (AP) — Shares advanced in Asia on Thursday after a rally on Wall Street spurred by the Federal Reserve chair’s comments on easing the pace of interest rate hikes to tame inflation.

Signs that China may be shifting its approach to containing COVID-19 outbreaks to focus more on vaccinations also helped drive buying of shares across the region.

Tokyo’s Nikkei 225 index added 1.1% to 28,281.04 while the Hang Seng in Hong Kong advanced 1.6% to 18,895.51. The Shanghai Composite index climbed 0.7% to 3,171.85. In Seoul, the Kospi edged 0.2% higher to 2,478.01. Australia’s S&P/ASX 200 gained 0.8% to 7,340.10.

Bangkok’s SET rose 0.4% a day after the central bank raised its key interest rate by a quarter point to 1.25%, aiming to curb inflation.

On Wednesday, Fed Chair Jerome Powell, said in comments at the Brookings Institution that the central bank could begin moderating its pace of rate hikes as soon as December, when its policymaking committee will hold its next meeting.

“We have a risk management balance to strike,” Powell said. “And we think that slowing down (on rate hikes) at this point is a good way to balance the risks.”

Stocks roared higher following Powell’s midafternoon remarks. The benchmark S&P 500 rose 3.1%, snapping a three-day losing streak and closing at 4,080.11. The Dow Jones Industrial Average gained 2.2% to 34,589.77 and the Nasdaq composite climbed 4.4% to 11,468.

Inflation

• How major US stock indexes fared Wednesday 11/30/2022

• Powell: Fed to keep rates higher for longer to cut inflation

• Higher food prices worsen hunger crisis this holiday season

• Amazon says it had its biggest Thanksgiving shopping weekend

Small company stocks also rallied. The Russell 2000 index rose 2.7% to 1,886.58.

More than 95% of the stocks in the S&P 500 advanced, with technology companies leading the gains. Apple rose 4.9% and Microsoft jumped 6.2%.

The major indexes ended November with their second straight month of gains, though they remain in the red for the year.

Powell’s comments sent Treasury yields sharply lower. The yield on the 10-year Treasury dropped to 3.65% from 3.75% late Tuesday. The yield on the two-year note, which tends to track market expectations of future Fed action, fell to 4.34%. It was trading at 4.48% late Tuesday and had been as high as 4.53% shortly before Powell’s speech.

While citing some recent signs that inflation is cooling, Powell stressed that the Fed will push rates higher than previously expected and keep them there for an extended period to ensure inflation comes down sufficiently.

“History cautions strongly against prematurely loosening policy,” Powell said. “We will stay the course until the job is done.”

Major indexes have been unsteady all year as the economy and financial markets dealt with stubbornly hot inflation and the Fed’s attempt to cool high prices with aggressive interest rate increases.

Wall Street has been hoping that the Fed will slow the scale and pace of its interest rate hikes. It has raised its benchmark interest rate six times since March, driving it to a range of 3.75% to 4%, the highest in 15 years. The goal is to make borrowing more costly and generally slow the economy in order to tame inflation.

Higher mortgage rates have caused home sales to plunge and higher interest rates also have raised costs for most other consumer and business loans.

The economy has been slowing, and many economists expect the U.S. to slip into a recession next year. But there are strong pockets of growth. The government said Wednesday that the economy expanded at a 2.9% annual rate from July through September, an upgrade from its initial estimate.

Consumers have continued spending, despite inflation squeezing wallets. Overall, employment remains strong, though job openings dropped in October more than economists had anticipated and human resources company ADP reported an easing in private sector hiring in November.

Investors will get more data Thursday on the employment sector with a report on weekly unemployment claims. The closely watched monthly report on the job market will be released on Friday.

In other trading Thursday, U.S. benchmark crude oil lost 22 cents to $80.33 a barrel in electronic trading on the New York Mercantile Exchange. It climbed 3% on Wednesday.

Brent crude, the pricing basis for international trading, shed 30 cents to $86.67 a barrel.

The U.S. dollar fell to 136.79 Japanese yen from 138.09 yen. The euro rose to $1.0431 from $1.0409.

___

AP Business Writers Damian J. Troise and Alex Veiga contributed.

___

Yuri Kageyama and Matt Ott contributed to this report.

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Asian stocks jump after Powell hints at rate hike slowdown - Reuters

SINGAPORE, Dec 1 (Reuters) - Asian equities jumped on Thursday, while the dollar slid as investors poured into risky assets after Federal Reserve Chair Jerome Powell opened the door to a slowdown in the pace of monetary tightening.

In an eagerly-awaited speech, Powell said the central bank could scale back the pace of its interest rate hikes "as soon as December," but cautioned that the fight against inflation was far from over.

Powell's comments at the Brookings Institution in Washington sent Wall Street equities soaring, while the U.S. dollar and Treasury yields fell.

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) jumped 2% in early Asian trade.

The index posted its biggest monthly gain in nearly 30 years in November as hopes for a Fed pivot towards slower rate hikes gathered steam after four consecutive 75-basis-point increases. But the index was still down about 17.5% on the year.

Japan's Nikkei (.N225) opened 1% higher while Australia's S&P/ASX 200 index (.AXJO) rose 0.85%. E-mini futures for the S&P 500 rose 0.20%.

ING regional head of research Robert Carnell said it will be very hard now for the Fed to push back against market expectations for a slowdown in rate hikes.

"It looks as if Fed Chair Powell didn't get the memo to push back against pivot hopes and keep financial conditions tight before he went to give his speech," he said.

"So let's hope that inflation does keep on falling, or this may look like a missed opportunity."

Markets are currently pricing in a 91% probability that the Fed will increase rates by 50 basis points on Dec. 14, and see a 9% chance of another 75 basis point hike.

Mainland China stocks (.SSEC) opened up 1.2% and Hong Kong shares (.HSI) rose 2.5% in early trade after they closed higher on Wednesday following the easing of COVID-19 measures in Guangzhou city.

China's factory activity shrank in November as widespread curbs disrupted manufacturers' output, a private sector survey showed on Thursday, weighing on employment and economic growth in the third quarter.

U.S. Treasury yields fell after Powell's comments and remained lower Thursday. The yield on 10-year Treasury notes was down 8.3 basis points at 3.618%, while the yield on the 30-year Treasury bond was 6.8 bps lower at 3.755%.

The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was down 5.2 bps at 4.321%.

The safe-haven dollar also lost its footing, with the dollar index - which measures the currency against six major peers including the yen and euro - extending Wednesday's more than 1% drop into Thursday, dipping as low as 105.69.

The Japanese yen strengthened 1.02% versus the greenback at 136.65 per dollar, while sterling was last trading at $1.2086, up 0.25% on the day.

In commodity markets, gold prices climbed to a two-week high in early Asian trade on Thursday. Spot gold added 0.5% to $1,776.95 an ounce, while U.S. gold futures gained 1.73% to $1,776.20 an ounce.

Reporting by Ankur Banerjee; Editing by Ana Nicolaci da Costa

Our Standards: The Thomson Reuters Trust Principles.

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INDIA RUPEE Rupee rises on positive Asian cues, runs into 81.50 resistance - Reuters

MUMBAI, Nov 30 (Reuters) - The Indian rupee was trading higher against the U.S. dollar on Wednesday, in tandem with other Asian currencies that managed to add to their advance in the previous session.

The rupee was at 81.6150 per U.S. dollar by 10:26 a.m. IST, compared with 81.72 on Tuesday. It reached an intraday high of 81.56.

The local unit has had to contend with dollar-buying interest at around 81.50 over the last few sessions but is finding it difficult to scale that level likely due to hedging interest from importers, according to traders.

Asian currencies and shares were up ahead of the U.S. Federal Reserve Chair Jerome Powell's speech later in the day, which will be parsed for cues on when and at what level the Fed policy rate is likely to peak.

Futures are currently pricing in a peak rate of 5% by about the middle of next year, followed by rates cuts in late 2023.

The dollar index was hovering near 106.50 and the 2-year Treasury yield was at 4.47% –– both well below their year-to-date highs on the likelihood that the Fed will move to smaller-sized rate hikes from next month.

India's GDP data, due after market hours, is another potential source for volatility for the rupee at open on Thursday.

The Indian economy likely returned to a more normal 6.2% annual growth rate in July-September, after double-digit expansion in the previous quarter, according to a Reuters poll. read more

Rupee forward premiums were little changed with the 1-year implied yield just below 2%. USD/INR cash swap rate was at 0.38 paisa, near recent lows.

Reporting by Nimesh Vora; Editing by Savio D'Souza

Our Standards: The Thomson Reuters Trust Principles.

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'The “OG” of Asian American poetry': Marilyn Chin on poetry and self-expression - The Daily Princetonian

“Poetry is ultimate expression. When we’re deeply hurt, we write in our little journals, right? A lot of magic comes out of those words. Much of that magic is poetry,” said Marilyn Chin, one of Princeton’s most recent faculty members in the Program in Creative Writing, where she serves as a Visiting Lecturer and Holmes Poet.

Chin, 67, said she had just decided to reread Toni Morrison’s works when she received a call from Creative Writing Director Yiyun Li, asking her to come teach creative writing on campus. Chin said, “It was like Toni Morrison was speaking to me. I feel her presence here [at Princeton]. I’m just flowing, in a Taoist way. Flow with the universe.”

Chin, a self-described “poetry geek,” has roots all over the world, in Hong Kong, Beijing, Taiwan, Portland, Iowa, and, most recently, New Jersey. Her earliest memories of poetry come from her grandmother in Hong Kong, who would recite memorized poetry while carrying Chin on her back.

“She had this deep memory and chanted all these poems. I heard poetry very young. It started coursing in army blood. I didn't understand a word of it, but something about the music and the persistence of her voice became deeply ingrained in my soul,” Chin said.

Chin went on to earn a degree in Chinese literature before becoming one of the first Asian American women to earn a Master in Fine Arts (MFA) in creative writing from the Iowa Writers’ Workshop, one of the most celebrated graduate-level creative writing programs in the country. Chin is a trailblazer: in addition to her MFA, Chin is a Fulbright Scholar, Radcliffe Institute Fellow, Holmes Poet, and professor.

“I guess I am the ‘OG’ of Asian American poetry. I started writing these rah-rah Asian American feminist poems. I argued with people on panels, and I just caused a little trouble in my youth,” said Chin. 

One of Chin’s current students, Ethan Luk ’24, said he took her introductory poetry class because of Chin’s background. In taking her course, Luk built an understanding of the value of Asian American visibility within poetry.

“Asian American poets haven’t been given enough recognition in the literary landscape. I consider them to be like guardian figures in my life,” Luk said. 

“They make me feel so seen even though I have never met them,” he continued. “Sharing space with an Asian American poet like Marilyn Chin feels like a long overdue experience. Representation matters, and when it happens, it feels like a puzzle piece has finally fallen into place.”

Chin brought female, Asian American-centered poetry to the forefront of her field. She partly attributes the inspiration for her trailblazing poems to music. 

“It helps me to hear the voice, hear the songs, hear the music of poetry,” Chin said. “Each poem feels like an epiphany. They’re like little songs. And when I finally finish one I feel gratified.”

“Whatever upsets you in your heart that you need to express, you’re going to express it,” Chin continued. “There’s magic in every poem we write, and I believe that there is true revelation. So you can’t from your poem. Your truth will come out through the words, through the images.”

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One way Chin expresses herself is through politics. Clad in a “Notorious RBG” shirt, she described herself as part of the Second-wave feminist movement. 

“I think the personal is political. I’ve always written autobiographical poetry. The Self represents something larger than the Self. The Self represents the community, the world, our species, the globe,” she said.

Beyond sharing emotions with the world, Chin describes poetry as a private reflection on a person’s own experiences: “Poetry is deep in our souls, in our hearts.”

Luk said he relates to this deeply personal nature of poetry, describing it as a unit of time he uses to measure the different phases of life. 

“Poetry has taught me to view my experiences with sensitivity and tenderness. It’s kind of a magical experience when you see how your experiences have distilled into a body of language. My collection of poems on my laptop feel like a personal archive, or a photo library. Except I have created everything within the photos,” Luk said.

Christopher Nunez ’26, another student in Chin’s introductory poetry class, said he appreciates the liberating nature of poetry: “You kind of let go of any thoughts you have. It’s like whatever’s on my mind is on the paper.”

Nunez is a data reporter for The Daily Princetonian.

Chin’s own passion for poetry translates into the way that she engages with her students.

“I see myself as an ambassador for the genre of poetry because I love it so much. I want everybody to love it,” Chin said. “Poetry is ineffable. It's something that you can’t define completely. When we’re engaged in our studies and we worry about the future and how to make our living and so forth, it is important to have an art form that is ineffable, that is something beyond our human and present purpose. It speaks to our humanity.”

Nunez noted that Chin’s passion for poetry shines through in her teaching style: “She’s honestly one of the sweetest people I’ve ever met and is so open to help and talk about poetry in a way that’s calming and makes you feel like you really want to learn.”

As part of her quest to imbue students with a love for poetry, Chin said she makes sure to assign the widest possible array of poets. She has her students “read, read, read,” she said, “because poetry has a deep and fascinating history. It’s universal, it’s personal, it’s ancient, it’s contemporary. I require a lot of reading because they really need a foundation of what poetry is.”

Nunez appreciates the diverse foundation of texts that forms Chin’s syllabus. “She really wants to expose the class to poetry that isn’t what we normally see,” Nunez explained. “It’s not just either modern poetry or Shakespeare style poetry. She’s allowed us to see the voices of so many people. I think that’s really important if you want to grow as a writer and learn more about the diversity behind writing.”

For Chin, it’s not just about reading poetry: it’s about the experience of reading poetry. For this reason, she said she has her students read from a physical copy rather than a digital one.

“When you're sitting quietly and reading off a page, you have this personal connection with the poet, and I think that is very important. I purposely chose books for my class that they can’t get off the internet,” Chin said.

Once they have acquired a diverse background through reading, Chin instructs her students to write about anything they want. She views her role as giving students the tools for creation, so that they can craft their own work.

“They write about all kinds of stuff. They move me and shock me every day,” Chin said. 

In teaching college students, Chin has come to appreciate the “beginner mind,” after having taught at an MFA program for more than 20 years.

“The introductory students, some of them have never written a poem, so they’re fresh. The Zen poets always say, ‘beginner mind, best mind.’ I'm enjoying my time here because they’re so enthusiastic,” said Chin.

Aside from teaching beginners, Chin is currently working on a new book of poems titled “Sage,” which is set for release in late spring 2023.

“I’m really almost Zen. I mean, almost,” Chin remarked, describing a pervasive feeling of peace and contentment she experiences on campus. “I’m just so happy to be here. I’m having a great time. I find the students immensely entertaining. They make me very happy.”

Sam Yamashita is a Features contributor for The Daily Princetonian. Please direct any correction requests to corrections(at)dailyprincetonian.com.

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Asian Comparisons: The Shame of Not Measuring Up - Psychology Today

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With the holidays upon us, it’s not lost on me that get-togethers with Asian family members invariably lead some to feel inadequate and inferior. With more contact with extended relatives, the conversations will focus on cultural expectations of achievements, attractiveness, or status within the Asian community. Part of this includes hearing elders make comparisons such as, “She’s smart!”, “You’re fat!”, or “Why you not like him?!”

The comparisons are a form of Asian shame. The intent is to motivate or spur a person to action but the shaming person is emotionally oblivious to how comparisons can erode a person’s self-confidence and lead to even more doubt and self-hatred.

Even in cases when clients have reached a certain level of academic or financial success, they report feeling like an imposter or fraud. In addition, they often can’t shake the feeling that the shame has left on their soul. “I’m not good enough” or “I’m only loved because of what I’ve done”. Their ability to understand unconditional love is compromised. They may continue to strive and prove to their parents or others that they deserve validation through their achievements but the external validation never fills the emptiness from within.

Their relationships may start to be impacted by the shame. Defensiveness, pride, and self-righteousness may set in and friends or romantic partners may struggle to connect with them. Or their partners may be exhausted by their efforts to validate them only to be told that they’re not validating them enough due to their past shame wounds.

Whether in couples therapy or individual work, the goal is the same-shame reduction. Shame reduction is helping Asian clients see the reality of their past as many have strong defenses against any negative attention given to their caregivers or close relatives. Once this is acknowledged, the healing can begin. But the beginning is one of tapping into the deep grief of loss.

The lack of familial care, encouragement, and unconditional acceptance are explored in-depth. I’ll use questions such as the following as trailheads to discern a client’s sensitivity and willingness to explore his family of origin: “Did your family praise you just for who you?” “How was bonding impacted when your family used shame as the motivating voice?” “What did your family do that you would never want your own kids to experience?”

Sometimes, Asian clients come in with struggles with compulsive behaviors such as alcohol use, gambling, or pornography use and this acknowledgment of self-medication helps them see how the behaviors are being used as a means to protect them from feeling the deeper feelings and shame messages they received in childhood. Other times the behaviors are more subtle but just as damaging: people-pleasing, perfectionism, striving, or judgmentalism.

Regardless of why they seek help, I am quick to offer words of praise and encouragement for their courage to start the journey of healing, since traditional Asian family members scoff at the notion of therapy and can cling to the pride of self-sufficiency.

Healing from Asian cultural shame is vital to access one's true, authentic self. Otherwise, their life may look great on paper and may even be functional to a degree but without a connection to their core self, they lead lives that are less than optimal. Any time you are operating outside your true self, you risk slowly losing yourself to outside forces: relationships, addictions, and performance or accolades to name a few.

THE BASICS

Healing means taking the courageous steps to invest in yourself and rid yourself of any behaviors, thoughts, or feelings that keep you mired in shame, self-blame, or cultural expectations that you want to free yourself from. The invitation is there, but will you accept it?

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Asia shares, oil prices rally as China speculation swirls - Reuters

• Summary
• Companies

• https://tmsnrt.rs/2zpUAr4
• China property shares rally on policy support
• Euro eyeing 5-mth high, dollar near 3-mth low on yen
• Oil prices rebound on China hopes, talk of output cuts

SYDNEY, Nov 29 (Reuters) - Asian shares rallied on Tuesday as Beijing's latest move to support developers boosted the property sector and rumours swirled that recent public unrest might prompt an earlier loosening in COVID-19 restrictions.

The speculation was stoked by reports Chinese health officials would hold a news conference later on Tuesday to discuss coronavirus control measures.

"News of the press conference at 3pm (0700 GMT) came out, and I think that has gotten the market excited over the possibility that we could see China continue to ease up," said Khoon Goh, head of Asia research at ANZ.

"The yuan has rallied, and basically Chinese equities and everything else in Asia has responded positively to that."

Shares of Chinese property companies certainly surged after the country's securities regulator lifted a ban on equity refinancing for listed property firms. read more

That helped Chinese blue chips (.CSI300) jump almost 3%, in the largest one-day rally in a month and a marked reversal of Monday's steep falls. read more

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) followed with gains of 1.8%, while Hong Kong's Hang Seng (.HSI) climbed 3.9%.

The sudden bout of optimism on China combined with talk of possible output cuts by OPEC+ to help oil prices rally.

U.S. crude futures bounced $1.24 to $78.48 a barrel, having hit their lowest this year overnight, while Brent climbed $1.64 to $88.83.

Not all markets seemed convinced the rally would last. Japan's Nikkei (.N225) slipped 0.5%.

EUROSTOXX 50 futures were flat and FTSE futures up 0.1%.

S&P 500 futures inched up 0.2% and Nasdaq futures 0.4%.

Underlining the far-reaching impact of Beijing's policies, Apple Inc (AAPL.O) shares had fallen 2.6% on reports COVID-19 restrictions would cause a sizable shortfall in production of iPhone Pro units. read more

"The zero China COVID policy has been an absolute gut punch to Apple's supply chain," said Daniel Ives, an analyst at Wedbush.

"We estimate that Apple now has significant iPhone shortages that could take off roughly at least 5% of units in the quarter and potentially up to 10% depending on the next few weeks in China around Foxconn production and protests."

HIGHER FOR LONGER

Richmond Federal Reserve Bank President Thomas Barkin became the latest official to douse speculation the U.S. central bank would reverse course on interest rates relatively quickly next year.

That heightened tensions ahead of speech by Fed Chair Jerome Powell on Wednesday that is shaping up to be a major messaging event as markets yearn for a pivot on policy.

Analysts suspect they may be disappointed.

"We envision him basically confirming a slower pace of hikes at the December meeting, which is almost entirely priced in," said Jan Nevruzi, an analyst at NatWest Markets. "But we also think he will reiterate that the Fed intends to stay in restrictive territory through next year."

"The softening in the October CPI was welcome news, but hardly a complete victory yet, while growth and labour market data are still strong," he added "It doesn't feel like there is upside for Powell to dial back on the hawkishness."

The Fed is not alone in being hawkish, with European Central Bank President Christine Lagarde warning that euro zone inflation has not peaked and could go even higher. read more

Figures for inflation in Germany and Spain are due later on Tuesday, ahead of the main euro zone report on Wednesday.

The competing comments on policy made for volatile currency trading, with the euro edging up to $1.0377 , having hit a five-month peak of $1.0497 overnight before falling back.

The dollar dipped to 138.65 yen , after briefly touching a three-month trough of 137.50 overnight. The dollar index eased 0.3% to 106.29 , but had been as low as 105.31 the previous session.

The dollar also shed 0.9% against the offshore yuan to 7.1830 , erasing all the gains made on Monday.

Bitcoin was again choppy after major cryptocurrency lender BlockFi filed for Chapter 11 bankruptcy protection along with eight affiliates. read more

In commodity markets, the gyrations in the dollar saw gold rise 0.5% to $1,751 an ounce .

Reporting by Wayne Cole and Rae Wee; Editing by Sam Holmes and Bradley Perrett

Our Standards: The Thomson Reuters Trust Principles.

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