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Islanders flock to Charlottetown Flea Market for affordable finds amid rising costs | SaltWireSudden yen rallies and a 5.5 trillion yen ripple in Japan's money markets seem to put us in the midst of another round of intervention. The latest yen surge came in the thin morning of the Asia day, an hour after daybreak in Wellington.Like Monday, it occurred during low-liquidity trading.
Markets are pricing only one Fed cut this year and less than 20 basis points of tightening in Japan. That doesn't add up to much when the short-term rates differential is more than 500 basis points. Outside of currencies, Apple results headline U.S. earnings releases. Hugo Boss, Novo Nordisk, and Shell report in London and Europe.
Final manufacturing PMIs will roll out in Europe and there is second-tier data in the U.S., including initial jobless claims and durable goods orders. Chinese markets are closed for a holiday. Bank of Japan minutes showed members agreeing that markets ought to be setting benchmark yields in the government bond market. Qualcomm shares rose 4% after hours as the chipmaker's results showed better-than-expected profits and strong China sales.Key developments that could influence markets on Thursday:Earnings: ArcelorMittal, Hugo Boss, ING, Novo Nordisk, Universal Music, Apple.
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