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Archives: Reuters Articles

UPDATE 1-BoE is not yet done with rate hikes, Ramsden says

UPDATE 1-BoE is not yet done with rate hikes, Ramsden says

Adds details

LONDON, May 12 (Reuters) – The Bank of England will have to push borrowing costs higher to control fast-rising inflation and there are risks that inflation pressures from rising wages will prove stronger than the BoE thinks, Deputy Governor Dave Ramsden told Bloomberg News.

“I don’t think we’ve gone far enough yet on Bank Rate, but I do think that what we’ve already done is having an impact,” he said in an interview published on Thursday.

Last week the BoE raised Bank Rate to 1.0%, its highest since 2009, and said further increases “may still be appropriate in the coming months” as it forecast that inflation was likely to go above 10% later this year, possibly causing a recession.

“Given what we know about the UK labour market, I wouldn’t be surprised if it turned out to be a bit tighter,” Ramsden said. “I think there are upside risks on inflation (in) the medium term.”

He also said he assumed the BoE would handle the process of selling government bonds as it reverses its quantitative easing programme, not the Debt Management Office.

(Writing by William Schomberg, editing by David Milliken)

((william.schomberg@thomsonreuters.com; +44 207 542 7778; Reuters Messaging: william.schomberg.reuters.com@reuters.net))

BRIEF-Cebu Air Confirms Statement In Media Reports On CapEx Budget

May 12 (Reuters) – Cebu Air Inc CEB.PS:

  • CONFIRMS STATEMENT IN MEDIA REPORTS ON SETTING 32.8 BILLION PESOS CAPEX BUDGET FOR 2022

Source text for Eikon: ID:nPSXbD0CrL

Further company coverage: CEB.PS

((Reuters.Briefs@thomsonreuters.com;))

EMERGING MARKETS-Inflation woes pressure Asian FX, stocks; Indian rupee hits record low

U.S. CPI beats expectations

Indian rupee at record low

Philippines GDP growth fastest in three quarters

Indonesian stocks worst performers for the day

By Harshita Swaminathan

May 12 (Reuters) – Asian currency and equity markets saw broad-based selling on Thursday, as investors worried over sky-high U.S. inflation data solidifying the case for the Federal Reserve’s planned policy tightening, with the Indian rupee hitting a record low.

The rupee INR=IN fell as much as 0.5% to trade at 77.63 to the dollar, its second record low in less than a week. The Philippine peso PHP= also fell 0.5%.

India is also expected to report retail inflation data later in the day, with a Reuters poll expecting it surge to an 18-month high. nL3N2WY21A

“The impact we are seeing is not specifically led by the domestic factors, because if you see, globally, this inflation concern is still there. And I think yesterday’s CPI number has provided that trigger,” said Gaurang Somaiya, an analyst at Motilal Oswal.

He added that the rupee is likely to remain under pressure as long as the global inflation theme remains, and higher crude oil prices drive up oil import bills, despite the Indian central bank’s effort to keep volatility at bay.

The Philippine peso fell even as data showed its economy expanded 8.3% in the first quarter, its fastest growth in three. nL2N2X404B

“With GDP now back to pre-COVID levels and with inflation accelerating, we fully expect (the Philippine central bank) to hike policy rates at the May 19 meeting next week,” said analysts at ING. Focus is now on the details of incoming President Ferdinand Marcos Jr’s economic team. nL2N2X22H6

U.S. inflation in April saw a slight decline to 8.3%, but remained “unacceptably hot”, according to analysts at DBS. The number still came in above market expectations, causing choppy trade on Wall Street overnight. .N

The dollar index .DXY strengthened 0.2%, on the prospect of further rate hikes by the Fed, and inflows from safe-haven demand, according to Maybank analysts, which further weighed on Asian currencies.

The Singapore dollar SGD= and Malaysian riggit MYR= shed about 0.3% each, with the ringgit hitting its lowest level since April 2020. The Thai baht THB=TH was also 0.2% lower, after touching its lowest level since May 2017.

Taiwan’s currency TWD=TP and stock market .TWII also retreated 0.4% and 2.4%, respectively, after its central bank flagged it may cut its economic growth forecast, given pressures from the Ukraine war and worsening of the pandemic. nL2N2X4034

Among equities, Indonesian shares .JSKE were the biggest decliners, falling for a fourth straight session. The benchmark index was down 3%, and has lost 8.4% in the last four sessions.

South Korean stocks .KS11 shed 1.6%, while the won KRW=KFTC slid over 1% to its lowest level since March 2020. KRW/

All other major stock indices in the region were also in the red.

HIGHLIGHTS:

** Indonesia bond yields ID10YT=RR fall 13 basis points to 7.406%

** Sri Lankan President to appoint new prime minister and cabinet this week following the previous prime minister’s resignation earlier this week nL3N2X338Z

** Chinese property developer Sunac 1918.HK misses $742 million offshore bond payment, doesn’t expect to make payments coming due on other bonds nL2N2X400U

Asia stock indexes and currencies at 0710 GMT

COUNTRY

FX RIC

FX DAILY %

FX YTD %

INDEX

STOCKS DAILY %

STOCKS YTD %

Japan

JPY=

+0.66

-10.87

.N225

-1.77

-10.57

China

CNY=CFXS

-0.68

-6.13

.SSEC

-0.07

-16.02

India

INR=IN

-0.23

-3.99

.NSEI

-1.88

-8.59

Indonesia

IDR=

-0.21

-2.30

.JKSE

-2.94

0.52

Malaysia

MYR=

-0.32

-5.13

.KLSE

-0.22

-0.96

Philippines

PHP=

-0.50

-2.75

.PSI

-1.35

-8.10

S.Korea

KRW=KFTC

-1.03

-7.74

.KS11

-1.63

-14.36

Singapore

SGD=

-0.28

-3.17

.STI

-1.16

2.08

Taiwan

TWD=TP

-0.39

-7.15

.TWII

-2.43

-14.28

Thailand

THB=TH

-0.22

-3.82

.SETI

-1.58

-4.21

(Reporting by Harshita Swaminathan; Editing by Rashmi Aich)

((Harshita.Swaminathan@thomsonreuters.com))

BRIEF-Ayala Land Inc Updates On Cancellation Of Outstanding Shares Of Stock In Cebu Holdings, Inc

May 12 (Reuters) – Ayala Land Inc ALI.PS:

  • UPDATES ON CANCELLATION OF OUTSTANDING SHARES OF STOCK IN CEBU HOLDINGS, INC

  • PROCESSING REQUIREMENTS FOR APPROVAL OF PSE TO LIST ALI SHARES ISSUED UNDER MERGER

Source text for Eikon: ID:nPSX5s79zV

Further company coverage: ALI.PS

((Reuters.Briefs@thomsonreuters.com;))

BRIEF-JG Summit Holdings Says 1Q22 Consol Core Net Loss 689 Mln Pesos

May 12 (Reuters) – JG Summit Holdings Inc JGS.PS:

  • 1Q22 CONSOL CORE NET LOSS 689 MILLION PESOS VERSUS CORE NET INCOME OF 232 MILLION PESOS

Source text for Eikon: ID:nPSX4R6Hs7

Further company coverage: JGS.PS

((Reuters.Briefs@thomsonreuters.com;))

BRIEF-Ayala Land Inc Says Net Income Of 3.2 Bln Pesos In Q1, Up 14%

May 12 (Reuters) – Ayala Land Inc ALI.PS:

  • NET INCOME OF 3.2 BILLION PESOS IN Q1, UP 14%

  • Q1 2022 CONSOLIDATED REVENUES 24.6 BILLION PESOS, SIMILAR TO Q1 2021

Source text for Eikon: ID:nPSX4BVLwB

Further company coverage: ALI.PS

((Reuters.Briefs@thomsonreuters.com;))

BRIEF-Cebu Air Inc Says Q1 Revenue Jumps 148% To 6.71 Bln Pesos

May 12 (Reuters) – Cebu Air Inc CEB.PS:

  • Q1 REVENUE JUMPS 148% TO 6.71 BILLION PESOS

  • IN Q1 2022, CEB FLEW 16,521 FLIGHTS, 128% HIGHER VERSUS LAST YEAR

  • FOR REST OF 2022, SEES BETTER BUSINESS OUTLOOK DRIVEN BY DOMESTIC RECOVERY & RE-OPENINGS OF INTERNATIONAL DESTINATIONS

Source text for Eikon: ID:nPSX6sTMMm

Further company coverage: CEB.PS

((Reuters.Briefs@thomsonreuters.com;))

BRIEF-D&L Industries Qtrly Net Income Attributable 779.9 Million Pesos

May 12 (Reuters) – D&L Industries:

  • QTRLY NET INCOME ATTRIBUTABLE 779.9 MILLION PESOS VERSUS 694.9 MILLION PESOS

  • QTRLY GROSS REVENUE 10 BILLION PESOS VERSUS 7 BILLION PESOS

Source text for Eikon: ID:nPSX9lJLr4

Further company coverage: DNL.PS

((Reuters.Briefs@thomsonreuters.com;))

BRIEF-Figaro Coffee Says Qtrly Net Income Attributable 65.3 Million Pesos

May 12 (Reuters) – Figaro Coffee:

  • QTRLY NET INCOME ATTRIBUTABLE 65.3 MILLION PESOS VERSUS 39.4 MILLION PESOS

  • QTRLY GROSS REVENUE 528 MILLION PESOS VERSUS 295.2 MILLION PESOS

Source text for Eikon: ID:nPSX8GszRz

Further company coverage: FCG.PS

((Reuters.Briefs@thomsonreuters.com;))

BRIEF-Doubledragon Corp Says FY Consol Net Income Grew 87.2% Year-On-Year To 11.3 Billion Pesos

May 12 (Reuters) – DoubleDragon:

  • FY CONSOL NET INCOME GREW 87.2% YEAR-ON-YEAR TO 11.3 BILLION PESOS

  • FY CONSOL REVENUES GREW 11.7% YEAR-ON-YEAR TO 15.9 BILLION PESOS

Source text for Eikon: ID:nPSX7yN237

Further company coverage: DD.PS

((Reuters.Briefs@thomsonreuters.com;))

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