Japan travel stocks rise on report of easing rules

Traders see 90% chance of another 75-basis-point Fed hike in September: FedWatch

The probability that the US Federal Reserve will raise interest rates by another 75 basis points at its September meeting has moved to 90%. CME Group’s FedWatch tracker Fed funds futures bet.

That’s higher than last week’s 82% probability of a three-quarter point rise.

The chance of a 50-basis point hike is now 10%, FedWatch showed.

– Jihye Lee

North Asian refineries will be fully supplied with Saudi crude in October, Reuters reported.

Saudi Aramco has announced that at least three North Asian refiners will deliver the full contract volume of crude oil in October. Reuters The report quoted people familiar with the matter.

In the first cut in four months, Saudi Arabia lowered its official selling price for the month to Asian buyers.

Brent is crude Futures fell 1.50% to $91.45 a barrel American West Texas Intermediate A barrel was down 1.60% at $85.40.

– Lee Ying Shan

Japan travel stocks rise on reports of scrapping of group travel rule

The US is expanding its ban on chip and equipment exports to China, Reuters reported

The U.S. Commerce Department plans to issue new regulations to restrict exports of chipmaking equipment to Chinese factories that produce advanced semiconductors. Reuters reportedCiting people familiar with the subject.

Rules will be based on the letters sent KLA, Lam Research And Utility items Earlier this year, buyers making chips with sub-14 nanometer processes were told they would need government-issued licenses to sell such equipment.

The new regulations include additional measures against China, the sources told Reuters, which could be amended and released later than expected.

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– Jihye Lee

Economist downgrades New Zealand’s growth forecasts

Economists in New Zealand Institute of Economic Research It downgraded the country’s growth outlook, citing persistently high inflation and interest rates.

They now expect annual GDP to grow by 2.5% for 2022-2023, down from the previous forecast of 2.9%.

GDP is now expected to grow 1% for 2023-2024, a steep downgrade from its previous forecast of a 1.9% increase released in June, while the 2024-2025 forecast was revised to 1.5% from 2.1%.

– Jihye Lee

CNBC Pro: Sterling is tanking against the dollar. Here’s how much less it costs, according to the pros

Yen intervention won’t work: National Australia Bank

Unilateral intervention on Japanese yen According to the National Australia Bank, it is unlikely to benefit from the government After authorities said over the weekend The government should take steps to address the excessive depreciation of the yen.

“If [Bank of Japan] “They really want to stop the JPY’s decline, and then they have to make changes to their ultra-easy policy, the pressure is building,” he wrote in a Monday note. National Australia Bank’s currency strategist

The yen was last seen at 142.55 against the dollar.

-Abigail Ng

CNBC Pro: Goldman Reveals ‘Sweet Spot’ for Its Favorite Oil Stocks — And Gives One a 35% Hike

Oil prices fall on prospects of falling demand

Oil futures dropped on demand concerns due to extended Covid measures in parts of China and the possibility of continued interest rate hikes globally.

“Oil consumption is particularly sensitive to Covid lockdowns because transport, a key use of oil, is heavily constrained,” Commonwealth Bank of Australia analyst Vivek Dhar wrote in a note, adding that China accounted for up to 16% of global oil demand last year.

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– Lee Ying Shan

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