ECONOMY

Asian and European markets diverged Thursday after minutes from the Federal Reserve's most recent policy meeting indicated officials would keep interest rates elevated for some time as they struggle to bring inflation down to target.

Britain's annual inflation rate slowed to a near three-year low in April as energy prices cooled further, official data showed Wednesday, boosting the governing Conservatives before this year's general election.

Equities rose Monday, extending a rally in New York that saw the Dow close at a record high, with sentiment boosted by China's plan to support its struggling property sector and hopes for a US interest rate cut.

China cut the minimum down payment rate for first-time homebuyers on Friday and suggested the government could buy up commercial real estate, in some of Beijing's most ambitious moves yet to lift the ailing housing market out of an unprecedented debt crisis.

Japan's economy suffered a worse-than-expected contraction in the first quarter, official data showed Thursday, in further bad news for its unpopular government.

The central government will begin issuing some 30-year bonds on Friday as part of a planned sale of more than $138 billion of debt, according to a notice posted to the ministry's website.

The US Federal Reserve is expected to hold interest rates steady for a sixth straight meeting Wednesday, with a summer start to cuts looking less likely owing to stubborn inflation.

The yen surged after diving to a new 34-year low past 160 per dollar on Monday as a forecast-beating US inflation reading dented expectations for Federal Reserve interest rate cuts this year.

The Bank of Japan kept its ultra-low interest rates unchanged Friday and stopped short of signalling another hike, pushing the yen to a fresh 34-year low against the dollar.

The US economy cooled markedly in the first three months this year, expanding less than anticipated as consumer spending and exports decelerated, according to government data released on Thursday.

Equities were mixed Thursday as investors turned cautious after the past three days' sizeable gains, with Meta's warning that it will spend far more than expected this year fuelling worries that the latest tech-led rally may have gone too far.

London's FTSE 100 stocks index hit record highs Tuesday, catching up with major global peers which have struck all-time peaks this year as inflation cools.

Asian markets rose Monday, clawing back some of last week's losses, as Middle East worries subsided and traders looked ahead to the release of key US inflation data and corporate earnings.

Economies in the Middle East and North Africa face a "shadow of uncertainty" from ongoing tensions in the region, a senior IMF official told AFP on Thursday.

China's economy expanded far more than expected in the first quarter of 2024, data showed Tuesday, but disappointing retail and industrial figures suggested leaders face severe headwinds to hit their annual growth target.

China's economy is expected to have slowed in the first three months of the year as it continues to be buffeted by a debilitating property sector crisis and flagging consumer activity.

Asian markets fell Friday as traders struggled to build on Wall Street's positive lead, with hopes for a June interest rate cut fading, while earnings season gets underway in the United States amid optimism for companies' profit outlooks.

Asian and European stock markets mostly fell Thursday before the European Central Bank's latest interest rate decision, after hotter-than-expected US inflation dented hopes for Federal Reserve rate reduction any time soon.

Yellen arrived in the southern city of Guangzhou on Thursday for several days of talks with Chinese officials on her second visit to the world's second-largest economy in less than a year.

The Abu Dhabi Department of Economic Development (ADDED) held the second Al Multaqa quarterly meetings in collaboration with the Abu Dhabi Investment Office (ADIO) on Thursday, where the growth of the private sector was discussed.

Asian markets tumbled Wednesday as investors grow increasingly sceptical that the Federal Reserve will cut interest rates as much as hoped this year, while a massive earthquake in Taiwan added to the sense of gloom.

Hong Kong stocks rallied Tuesday as traders returned from an extended weekend break to forecast-beating Chinese factory data that lifted hopes for the world's number-two economy, though other Asian markets were mixed.

Asian markets were mixed while gold hit a record high Monday after data showed a slight uptick in US inflation that Federal Reserve boss Jerome Powell said was "in line with expectations".

The Bank of England on Thursday held its key interest rate at a 16-year high, opting against a reduction as inflation remains elevated despite recent slowdowns.

Asian markets mostly fell Friday after data pointing to a still-strong US economy raised fresh concerns about inflation and dampened optimism that the Federal Reserve will slash interest rates as much as it expected this year.

The Swiss National Bank cut interest rates on Thursday -- the first to do so among the major central banks, saying the battle against inflation was working almost two years after launching its monetary tightening campaign.

The Bank of England is widely expected to keep its main interest rate at a 16-year high Thursday, rejecting a cut as inflation remains well above target despite recent slowing.

Asian markets mostly rose Wednesday as traders tracked another record day on Wall Street, with focus squarely on the Federal Reserve's policy meeting.

The Bank of Japan announced a seismic change in direction on Tuesday, hiking interest rates for the first time in 17 years.