28 August

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Chinese social media platforms to “rectify” financial self-media accounts By Reuters

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SHANGHAI (Reuters) - China's top social media platforms, Wechat, Douyin, Sina Weibo and Kuaishou, said on Saturday they would begin to rectify irregular practices of "self-media" accounts that publish financial information, reported state media Global Times. This follows an announcement by China's cyberspace regulator, the Cyberspace Administration of China (CAC), that it would look into accounts that have repeatedly released financial news illegally, distorted economic policy interpretation, badmouthed financial markets, spread rumours and disrupted network communications. The term "self-media" is mostly used on Chinese social media to describe independently operated accounts that produce original content...

28 August

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Powell Says Taper Could Start in 2021, With No Rush on Rate Hike By Bloomberg

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(Bloomberg) -- Federal Reserve Chair Jerome Powell said the central bank could begin reducing its monthly bond purchases this year, though it won’t be in a hurry to begin raising interest rates thereafter. The economy has now met the test of “substantial further progress” toward the Fed’s inflation objective that Powell and his colleagues said would be a precondition for tapering the bond purchases, while the labor market has also made “clear progress,” the Fed chief said Friday in the prepared text of a virtual speech at the Kansas City Fed’s annual Jackson Hole symposium. At...

28 August

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U.S. Consumer Sentiment Remains Depressed in Late August By Bloomberg

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(Bloomberg) -- U.S. consumer sentiment remained weak in late August amid ongoing concerns over inflation and the coronavirus pandemic. The University of Michigan’s final sentiment index fell to a near-decade low of 70.3 during the month from 81.2 in July, data released Friday showed. The figure was in line with the preliminary reading and just below the median estimate of 70.8 in a Bloomberg survey of economists. “Consumers’ extreme reactions were due to the surging Delta variant, higher inflation, slower wage growth, and smaller declines in unemployment,” Richard Curtin, director of the survey, said in...

28 August

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Treasuries Rise as Powell Signals Taper on Course for This Year By Bloomberg

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(Bloomberg) -- Treasuries gained even in the wake of comments from Federal Reserve Chair Jerome Powell signaling that the central bank could begin paring its monthly bond purchases this year. The remarks Friday at the Kansas Fed’s virtual Jackson Hole symposium kept intact the message traders already garnered from past comments by Powell and from the minutes of the central bank’s last policy meeting, in July -- that most officials judged that it probably would be appropriate to begin paring the buying in 2021. Ten-year yields fell 2 basis points to about 1.33% and the...

28 August

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S&P 500, Nasdaq Hit Records as Powell Tees Up ‘Soft’ Taper, Slow Hikes By Investing.com

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By Yasin Ebrahim Investing.com – The S&P 500 and Nasdaq hit record highs Friday, as Federal Reserve Chairman Jerome Powell signaled the taper is likely to get underway this year, but stressed that the threshold for rate hikes would be far higher. The S&P 500 rose 0.9%, to remain close to its earlier intraday record of 4,512.03. The Dow Jones Industrial Average gained 0.65%, or 227 points, the Nasdaq climbed 0.1%, after hitting an intraday record of 15,136.8. The Fed chief said he had backed plans at the July meeting for the Fed to taper this...

28 August

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Canada shares higher at close of trade; S&P/TSX Composite up 0.69% By Investing.com

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Investing.com – Canada equities were higher at the close on Friday, as gains in the Materials, Energy and IT sectors propelled shares higher. At the close in Toronto, the S&P/TSX Composite added 0.69% to hit a new all time high. The biggest gainers of the session on the S&P/TSX Composite were OceanaGold Corporation (TSX:OGC), which rose 6.59% or 0.145 points to trade at 2.345 at the close. Endeavour Silver Corp. (TSX:EDR) added 6.43% or 0.350 points to end at 5.790 and Silvercorp Metals Inc (TSX:SVM) was up 5.88% or 0.31 points to...

28 August

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UK mulls easing post-Brexit immigration rules to end truck driver shortage -The Times By Reuters

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(Reuters) - British ministers will consider easing post-Brexit immigration rules to help end a shortage of truck drivers amid mounting pressure from supermarket chains, The Times newspaper reported. A review of the shortage occupation list, which gives employers more flexibility to hire overseas recruits, could be brought forward to tackle an estimated shortfall of 100,000 drivers, the newspaper said, citing an unnamed government source. The review was due next year but may be fast-tracked to add heavy goods vehicle (HGV) drivers to the list, the report added. The Financial Times newspaper reported earlier on Friday that...

28 August

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Keeping monetary policy loose can help labor reallocation -paper By Reuters

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WASHINGTON (Reuters) - Global central banks could do well to keep interest rates low for as long as possible in order to provide the optimal environment for people to move from industries that have been curtailed by the COVID-19 pandemic to those that have thrived, according to an academic paper presented to a premier economic policy conference on Friday. "We have shown that a desire to facilitate the reallocation process can lead to favor a more expansionary monetary policy," wrote lead author Veronica Guerrieri, a professor of economics at the University of Chicago, and her team...

28 August

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UK’s Queen Elizabeth will attend climate conference -palace By Reuters

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LONDON (Reuters) -Britain's Queen Elizabeth will attend the United Nations Climate Change Conference (COP26) which is due to be hosted in Glasgow in November, organisers said on Friday. World leaders are due to meet at the summit to try to flesh out commitments made in Paris in 2015 aimed at stabilising the planet's climate and to speed up action to limit climate change. Buckingham Palace's website showed Queen Elizabeth was due to attend a reception at the conference. She said in 2019 that she was impressed by young people's dynamism towards fighting environmental destruction....

28 August

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Pound hits over 1-week high as Powell comments knock dollar By Reuters

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By Ritvik Carvalho LONDON (Reuters) -Britain's pound jumped half a percent to the dollar to more than a week's high on Friday and was set for a 1% weekly gain as the greenback fell after U.S. Federal Reserve chair Jerome Powell stopped short of signalling the timing for a policy shift. In prepared remarks for a speech to the Jackson Hole economic conference, Powell signalled the U.S. central bank will remain patient as it tries to nurse the economy back to full employment, repeating that he wants to avoid chasing "transitory" inflation. The lack of...

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Chinese social media platforms to “rectify” financial self-media accounts By Reuters

Powell Says Taper Could Start in 2021, With No Rush on Rate Hike By Bloomberg

U.S. Consumer Sentiment Remains Depressed in Late August By Bloomberg

Treasuries Rise as Powell Signals Taper on Course for This Year By Bloomberg

S&P 500, Nasdaq Hit Records as Powell Tees Up ‘Soft’ Taper, Slow Hikes By Investing.com

Canada shares higher at close of trade; S&P/TSX Composite up 0.69% By Investing.com

UK mulls easing post-Brexit immigration rules to end truck driver shortage -The Times By Reuters

Keeping monetary policy loose can help labor reallocation -paper By Reuters

UK’s Queen Elizabeth will attend climate conference -palace By Reuters

Pound hits over 1-week high as Powell comments knock dollar By Reuters

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