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The yen held its line against the dollar on Tuesday after making sharp gains the previous day in moves that traders said were sparked by suspected intervention by Japanese authorities. The Japanese currency was trading a touch lower 0.16 per cent at 156.56 per dollar, but was well off its 34-year low of 160.245 hit on Monday when traders say yen-buying intervention by Tokyo drove a sizeable rebound of nearly six yen.

Japanese authorities haven't confirmed that they had stepped into the currency market in support of the yen, but markets remain on heightened intervention alert ahead of the Federal Reserve's monetary policy review this week.

Japan's top currency diplomat Masato Kanda said on Tuesday that authorities were ready to deal with foreign exchange matters "24 hours", but declined again to comment on whether the finance ministry had intervened.

"There is clearly a possibility that the sharp and sudden lifts in the JPY were sparked by intervention. But the reality is no one knows for sure if the MOF did step into the FX markets yesterday," said Carol Kong, a currency strategist at the Commonwealth Bank of Australia.

Trading in Asia was thinner than normal on Monday due to Japan's Golden Week holiday as the yen saw its biggest one-day gain this year on the dollar. Official figures that would reveal whether intervention did in fact occur won't be available until late May. Markets in Japan will be closed again on Friday for the holiday.

The Japanese currency still sits lower than it was before the Bank of Japan's policy announcement last week. That could bode ill for the yen as the Fed begins its two-day monetary policy meeting on Tuesday, where it's expected to holds rates at 5.25 per cent-5.5 per cent, with U.S. inflation proving to be sticky. The Fed is expected to strike a hawkish message, meaning more yen selling is likely, CBA's Kong said.

"The implication is the MOF will likely be forced to step in more than once to slow the rise in USD/JPY." The BOJ's go-slow approach on interest rate increases, following its landmark decision to ditch negative rates in March, has traders betting that Japanese bond yields will remain low for an extended period. In contrast, U.S. rates are still relatively high and provide enough latitude for yen bears.

A fragile economic recovery is also likely to constrain BOJ's options as any over-tightening in policy could tip Japan into recession. Data showed Japan's factory output rose at a better than expected 3.8 per cent pace in March from the previous month, though retail sales for the same month undershot market forecasts.

The dollar consolidated around 105.73 against a basket of currencies ahead of the Fed's meeting, after slipping 0.25 per cent in the previous session. Traders have continued to pare back bets of Fed rate cuts this year amid the hotter-than-expected U.S. economic data and stubborn inflation numbers.

A rate cut in September was looking like a close call at just 44 per cent, according to CME Group's FedWatch tool. However, other major central banks such as the European Central Bank (ECB) and the Bank of England may begin to cut rates in the near future.

Markets could glean more clues on the timing of ECB's rate-easing cycle from European inflation data this week due later on Tuesday. The euro was down 0.05 per cent at $1.0714. Sterling was last trading at $1.2558, little changed on the day.

The yen held its line against the dollar on Tuesday after making sharp gains the previous day in moves that traders said were sparked by suspected intervention by Japanese authorities.


Yen clings to sharp gains after suspected intervention, Fed in focus

Brent crude oil price news: Oil edged down in early trade on Tuesday after Israel-Hamas ceasefire talks in Cairo helped quell market fears of an expanded conflict in the Middle East, while worries about the outlook for US interest rates weighed on the market.

Brent crude futures dipped 5 cents, or 0.06 per cent, to $88.35 a barrel at 0006 GMT, and US West Texas Intermediate crude futures slipped 12 cents, or 0.15 per cent, to $82.51 a barrel.

The front-month contract of both benchmarks lost more than 1 per cent on Monday. Hamas negotiators left Cairo late on Monday to consult with the group's leadership after talks with Qatari and Egyptian mediators on a response to a phased truce proposal that Israel presented on the weekend.

The delegation was expected to report back within two days, two Egyptian security sources said. While Hamas leaders visited Cairo, Israeli airstrikes killed dozens of Palestinians on Monday, with more than half the dead in the southern Gaza city of Rafah, which foreign leaders have urged Israel not to invade.

Continued attacks by Yemen's Houthis on maritime traffic south of the key Suez Canal trading route have kept a floor under oil prices and could prompt higher risk premiums if players anticipate crude supply disruptions.

Houthis targeted two US destroyers and the vessel Cyclades in the Red Sea as well as the MSC Orion in the Indian Ocean, the Iran-aligned group's military spokesman Yahya Sarea said in a televised speech early on Tuesday.

On the economic front, investors are on watch this week for the US Federal Reserve's May 1 policy review, with stubborn inflation pushing out market expectations for any rate cuts, which could bolster the US dollar and hamper oil demand.

Some investors are cautiously pricing a higher probability that the Fed could hike interest rates by a quarter percentage point this year and next as inflation and the labor market remain resilient.

Brent crude oil price news:&nbsp;Oil edged down in early trade on Tuesday after Israel-Hamas ceasefire talks in Cairo helped quell market fears of an expanded conflict in the Middle East, while worries about the outlook for&nbsp;US&nbsp;interest rates weighed on the market.


Oil dips as investors eye Israel-Gaza truce talks, US Fed policy review

China will send a robotic spacecraft in coming days on a round trip to the moon's far side in the first of three technically demanding missions that will pave the way for an inaugural Chinese crewed landing and a base on the lunar south pole. Since the first Chang'e mission in 2007, named after the mythical Chinese moon goddess, China has made leaps forward in its lunar exploration, narrowing the technological chasm with the United States and Russia.

In 2020, China brought back samples from the moon's near side in the first sample retrieval in more than four decades, confirming for the first time it could safely return an uncrewed spacecraft to Earth from the lunar surface. This week, China is expected to launch Chang'e-6 using the backup spacecraft from the 2020 mission, and collect soil and rocks from the side of the moon that permanently faces away from Earth.

With no direct line of sight with the Earth, Chang'e-6 must rely on a recently deployed relay satellite orbiting the moon during its 53-day mission, including a never-before attempted ascent from the moon's "hidden" side on its return journey home. 
The same relay satellite will support the uncrewed Chang'e-7 and 8 missions in 2026 and 2028, respectively, when China starts to explore the south pole for water and build a rudimentary outpost with Russia. China aims to put its astronauts on the moon by 2030.

Beijing's polar plans have worried NASA, whose administrator, Bill Nelson, has repeatedly warned that China would claim any water resources as its own. Beijing says it remains committed to cooperation with all nations on building a "shared" future. On Chang'e-6, China will carry payloads from France, Italy, Sweden and Pakistan, and on Chang'e-7, payloads from Russia, Switzerland and Thailand. NASA is banned by U.S. law from any collaboration, direct or indirect, with China.

Under the separate NASA-led Artemis programme, U.S. astronauts will land near the south pole in 2026, the first humans on the moon since 1972. 
"International cooperation is key (to lunar exploration)," Clive Neal, professor of planetary geology at the University of Notre Dame, told Reuters. "It's just that China and the U.S. aren't cooperating right now. I hope that will happen."

<h2>SOUTH POLE AMBITIONS</h2>

Chang'e 6 will attempt to land on the northeastern side of the vast South Pole-Aitkin Basin, the oldest known impact crater in the solar system. The southernmost landing ever was carried out in February by IM-1, a joint mission between NASA and the Texas-based private firm Intuitive Machines. After touchdown at Malapert A, a site near the south pole that was believed to be relatively flat, the spacecraft tilted sharply to one side amid a host of technical problems, reflecting the high-risk nature of lunar landings.

The south pole has been described by scientists as the "golden belt" for lunar exploration. Polar ice could sustain long-term research bases without relying on expensive resources transported from Earth. India's Chandrayaan-1 launched in 2008 confirmed the existence of ice inside polar craters. Chang'e-6's sample return could also shed more light on the early evolution of the moon and the inner solar system.

The lack of volcanic activity on the moon's far side means there are more craters not covered by ancient lava flows, preserving materials from the moon's early formation. So far, all lunar samples taken by the United States and the former Soviet Union in the 1970s and China in 2020 were from the moon's near side, where volcanism had been far more active. Chang'e-6, after a successful landing, will collect about 2 kilogrammes (4.4 pounds) of samples with a mechanical scoop and a drill. "If successful, China's Chang'e-6 mission would be a milestone-making event," Leonard David, author of "Moon Rush: The New Space Race", told Reuters. "The robotic reach to the Moon's far side, and bringing specimens back to Earth, helps fill in the blanks about the still-murky origin of our Moon."

&nbsp;

&nbsp;

China brought back samples from the moon's near side in the first sample retrieval in more than four decades, confirming for the first time it could safely return an uncrewed spacecraft to Earth from the lunar surface.&nbsp;


China set to launch high-stakes mission to moon's 'hidden' side

US dollar rate index news: The US dollar was a shade softer in early deals on Monday, thinned by a holiday in Japan, though the yen, euro and sterling stayed near the bottom of the ranges hit during Friday's volatile session.

Japan's yen was at 158.05 per dollar, up nearly 0.2 per cent in quiet trading with Tokyo markets closed for the first of the country's Golden Week holidays.

It had moved nearly 3.5 yen between 158.445 and 154.97 on Friday as traders vented their disappointment after the Bank of Japan kept policy settings unchanged and offered few clues on reducing its Japanese government bond (JGB) purchases - a move that might have put a floor under the yen.

The Federal Reserve's May 1 policy review is the prime focus for markets this week, with investors already anticipating a delay in its rate cuts after a batch of sticky US inflation and as officials including Chair Jerome Powell emphasise even those plans are dependent on data.

Vishnu Varathan, head of Asia economics and strategy at Mizuho Bank in Singapore, expects the dollar-yen pair will see more two-way action until the Federal Open Market Committee (FOMC) meeting, unlike in the past few weeks when hawkish Fed expectations had kept the dollar steadily rising against most other currencies.

"The bar is pretty high for a sustained hawkish surprise, which would in turn lift yields," he said, referring to the Fed. 
"So, from a yield-spread perspective between US Treasuries and JGBs, for that to continue to fuel further yen depreciation, the bar is really high because the Fed may not be tilting as hawkish as markets expect either." 
"The BOJ disappointment might be transcribed onto the FOMC insofar that they may be more undecided than decidedly hawkish."

The Fed is seen holding its benchmark interest rate steady at 5.25 per cent-to-5.5 per cent at the April 30-May 1 meeting. Investors now see perhaps only a single cut this year, currently anticipated by November, according to the CME's FedWatch tool. 
Markets are also on guard for any intervention by Japanese authorities to contain the yen's nearly 11 per cent fall this year. 
While the yen had its biggest drop in six months on Friday, it also briefly surged to 154.97 to the dollar, triggering speculation that Japanese authorities may have checked currency rates ahead of likely intervention. It was not immediately clear what caused the move.

Sterling was at $1.2509, up 0.15 per cent, but still some distance from Friday's $1.2541 highs.

US dollar rate index news:&nbsp;The&nbsp;US&nbsp;dollar was a shade softer in early deals on Monday, thinned by a holiday in Japan, though the yen, euro and sterling stayed near the bottom of the ranges hit during Friday's volatile session.


Dollar a tad softer as markets wait for Fed

Brent crude oil price news: Oil prices fell in early Asian trading on Monday, reversing gains from Friday as US inflation data further dimmed the prospects of interest rate cuts anytime soon and boosted the dollar, which hurts oil demand.

Brent crude futures fell 75 cents, or 0.84 per cent, to $88.75 a barrel while West Texas Intermediate (WTI) futures were down 65 cents, or 0.78 per cent, to $83.20 a barrel by 1221 GMT. "The sticky US inflation sparks concerns for 'higher-for-longer' interest rates", leading to a stronger US dollar and putting pressure on commodity prices, independent market analyst Tina Teng said.

US inflation rose 2.7 per cent in the 12 months through March, data on Friday showed, above the US Federal Reserve target of 2 per cent. Lower inflation would have increased the likelihood of interest rate cuts, which would stimulate economic growth and oil demand.

The dollar strengthened on the prospect of higher-for-longer interest rates. A stronger dollar makes oil more expensive for those holding other currencies.

But oil prices could swing higher again if US inventory data and China's PMI index show improvements this week, Teng said. Brent had settled up 49 cents and WTI up 28 cents on Friday on concerns about disruptions to supply from events in the Middle East.

The market brushed aside potential supply disruptions stemming from Ukranian drone strikes on the Ilsky and Slavyansk oil refineries in Russia's Krasnodar region over the weekend. The Slavyansk refinery had to suspend some operations after the attack, a plant executive said.

Brent crude oil price news:&nbsp;Oil prices fell in early Asian trading on Monday, reversing gains from Friday as US inflation data further dimmed the prospects of interest rate cuts anytime soon and boosted the dollar, which hurts oil demand.


Oil prices pare gains on US inflation concerns

Indian spice maker MDH said its products are safe for consumption, and the company has not received any communication from regulators and authorities in Hong Kong or Singapore about alleged contamination in its products.

Hong Kong this month suspended sales of three MDH spice blends and an Everest spice mix for fish curries. Singapore ordered a recall of the Everest spice mix as well, saying it contains high levels of ethylene oxide, which is unfit for human consumption and a cancer risk with long exposure.

"We reassure our buyers and consumers that we do not use ethylene oxide at any stage of storing, processing, or packing our spices," MDH said in a statement on Sunday.

Reuters on Saturday reported the U.S. Food and Drug Administration was gathering information on products of MDH and Everest. MDH and Everest spices are among the most popular in India and are also sold in Europe, Asia and North America.

<blockquote class="twitter-tweet">
We the manufacturers of MDH spices, we state that amidst speculations doing round that there is presence of ETO in our products, we clarify and state unequivocally that these claims are untrue and lack any substantiating evidence. Additionally, MDH has not received any… <a href="https://t.co/O5H9lvPzJh">pic.twitter.com/O5H9lvPzJh</a>
— MDH Spices Official (@SpicesMdh) <a href="https://twitter.com/SpicesMdh/status/1784567214924030052?ref_src=twsrc%5Etfw">April 28, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Following the moves in Hong Kong and Singapore, the Food Safety and Standards Authority of India (FSSAI) is checking the quality standards of the two companies.

India's Spices Board, the government's regulator for spice exports, has sought data on MDH and Everest exports from authorities in Hong Kong and Singapore and was working with the companies to find the "root cause" of the quality issues as inspections started at their plants.

MDH said India's FSSAI and Spices Board have not received any communication or test report from authorities in Hong Kong or Singapore. This reinforces that allegations against MDH are baseless, unsubstantiated, and not backed by any concrete evidence, the statement said. Everest has previously said its spices are safe for consumption.

Hong Kong this month suspended sales of three MDH spice blends and an Everest spice mix for fish curries. Singapore ordered a recall of the Everest spice mix as well, saying it contains high levels of ethylene oxide, which is unfit for human consumption and a cancer risk with long exposure.


Spice maker MDH says its spices are safe after quality allegations

A humanitarian aid flotilla destined for Gaza was halted after Guinea Bissau decided to remove its flag from two vessels, activist group Freedom Flotilla Coalition said on Saturday. "The Guinea-Bissau International Ships Registry (GBISR), in a blatantly political move, informed the Freedom Flotilla Coalition that it had withdrawn the Guinea Bissau flag from two of the Freedom Flotilla's ships, one of which is our cargo ship," the activists said. The three-strong flotilla had been due to sail on Friday from ports in Turkey with more than 5,000 tonnes of aid on board, the activists said, and described the inspection and request by Guinea Bissau authorities as unusual and political. GBISR was not immediately available for comment.

The Turkish Humanitarian Relief Foundation (IHH) is the primary organizer of the civilian Freedom Flotilla Coalition, which is comprised of human rights activists, including lawyers, doctors and nurses who came together to deliver aid directly to Gaza.

Israel has killed at least 34,305 Palestinians in its assault on Gaza, health authorities in the enclave said on Thursday. Israel is retaliating against an October 7 Hamas attack that killed 1,200 people and led to 253 taken hostage, according to Israeli tallies. On Friday, United Nations experts demanded the safe passage of the flotilla and called on Israel to adhere to international law and orders of the International Court of Justice to allow unimpeded access for humanitarian aid.

"Without a flag, we cannot sail. But, this is not the end. Israel cannot and will not crush our resolve to break its illegal siege and reach the people of Gaza," the activists said.

&nbsp;

&nbsp;

The Turkish Humanitarian Relief Foundation (IHH) is the primary organizer of the civilian Freedom Flotilla Coalition, which is comprised of human rights activists, including lawyers, doctors and nurses who came together to deliver aid directly to Gaza.


Gaza aid flotilla halted after vessels flag removed, activists say

The U.S. Department of Justice has closed its probe into the Mercedes-Benz diesel emissions scandal and the car manufacturer is no longer facing charges, the company said on Saturday. Mercedes-Benz cooperated fully with the DOJ, Renata Jungo Bruengger, board member for integrity, governance and sustainability at Mercedes, said in an emailed statement. 
"With the DOJ's decision, we are taking another important step towards legal certainty in connection with various diesel proceedings," she said, confirming an earlier report in the German newspaper Handelsblatt about the DOJ decision.

In 2016, the U.S. DOJ called on Mercedes-Benz to conduct an internal investigation into possible manipulated emissions, values in diesel vehicles. The car maker was accused of deceiving consumers with false representations of its BlueTEC vehicles, which it marketed as "the world's cleanest and most advanced diesel."

In 2016, the U.S. DOJ called on Mercedes-Benz to conduct an internal investigation into possible manipulated emissions, values in diesel vehicles.&nbsp;


Mercedes-Benz says US DOJ ended investigation into diesel emissions scandal

India and Chinese Taipei have asked the WTO's dispute settlement body not to adopt any ruling against New Delhi's import duties on certain information and technology products till July 26 as both sides are engaged in resolving the matter, an official said.

The issue came up during a meeting of the dispute settlement body (DSB) in Geneva on April 26.

In the meeting, the two countries asked DSB to delay consideration of a dispute panel's reports until July 26, 2024 in order to help facilitate resolution of the disputes, the Geneva-based official said, adding that the body agreed to that.

Earlier also, DSB had agreed to three previous requests from India and Chinese Taipei to delay consideration of the reports.

As per rules of the WTO, the panel's ruling will have to be adopted by DSB for implementation within 60 days of the release of the order. However, countries can mutually request DSB for delay in adoption of the ruling.

In its report, a dispute panel of WTO on April 17, 2023 said import duties imposed by India on certain information and technology products violate global trading norms.

The ruling followed a case filed by the EU, Japan and Taiwan against these duties in WTO.

In May 2019, Chinese Taipei had filed a case against India in the WTO over the import duties imposed on certain electronic goods, including telephones for cellular networks; machines for reception, conversion and transmission or regeneration of voice, images or other data; and parts of telephone sets.

India has stated that these ICT products are part of WTO's Information Technology Products (ITA-2) agreement, and New Delhi is not part of this pact. India is a part of ITA-1, signed in 1997, which did not have any obligation to eliminate customs duties on these products.

Besides formulating norms for global exports and imports, the Geneva-based 164-member multilateral body adjudicates trade disputes among the member countries.

According to WTO rules, a member country can file a case in WTO if they feel that a particular trade measure is against the norms of WTO. 
Bilateral consultation is the first step to resolving a dispute. If both sides are not able to resolve the matter through consultation, either of them can approach the establishment of a dispute settlement panel.

The panel's ruling or report can be challenged at WTO's appellate body.

Interestingly, the appellate body is not functioning because of differences among member countries to appoint its members. Several disputes are already pending with this body. The US has been blocking the appointment of the members.

In its report, a dispute panel of WTO on April 17, 2023 said import duties imposed by India on certain information and technology products violate global trading norms.


India, Chinese Taipei ask WTO body to delay ruling on ICT import duties dispute till July 26

The U.S. Food and Drug Administration (FDA) is gathering information on products of Indian spice makers MDH and Everest after Hong Kong halted sales of some of their products for allegedly containing high levels of a cancer-causing pesticide.

"The FDA is aware of the reports and is gathering additional information about the situation," an FDA spokesperson told Reuters on Friday.

Hong Kong this month suspended sales of three MDH spice blends and an Everest spice mix for fish curries. Singapore ordered a recall of the Everest spice mix, saying it contains high levels of ethylene oxide, which is unfit for human consumption and a cancer risk with long exposure.

MDH and Everest did not immediately respond to Reuters requests for comment. Everest has said its spices are safe for consumption. MDH has not responded so far.

MDH and Everest spices, which are among the most popular names in India and are also sold in Europe, Asia and North America, are also under the Indian regulator's scanner for quality standards, following Hong Kong and Singapore's moves.

Singapore ordered a recall of the Everest spice mix, saying it contains high levels of ethylene oxide, which is unfit for human consumption and a cancer risk with long exposure.


FDA gathering information on MDH and Everest after alleged contamination

China's industrial profits fell in March and slowed gains for the quarter compared to the first two months, official data showed on Saturday, raising doubts about the strength of a recovery for the world's second-biggest economy.

Cumulative profits of China's industrial firms rose 4.3 per cent to 1.5 trillion yuan ($207.0 billion) in the first quarter from a year earlier, National Bureau of Statistics (NBS) data showed, slower than a 10.2 per cent rise in the first two months.

Profits fell 3.5 per cent year-on-year in March. NBS did not break down monthly numbers for Jan-Feb, but said during the release in March that monthly numbers had extended gains since August 2023.

The reading complemented a slew of economic indicators for March such as retail sales and industrial output that pointed to frail domestic demand despite solid first-quarter GDP growth.

Signs of the economy gaining momentum in the opening months were shown to have gradually given way to concerns over lacklustre demand at home.

If profit growth continues to slow, the repair of the asset and liability structure of manufacturing firms and their willingness to expand investment may also be affected，said Bruce Pang, Chief Economist and Head of Research in Greater China at JLL.

High-tech manufacturing industry led the growth with the 29.1 per cent rise in profits in the first quarter, NBS said in a statement, adding the recovery of firms' profits was uneven.

Profits in the automobile manufacturing industry grew 32.0 per cent on year in January-March.

China's largest auto show opened in Beijing on Thursday with the biggest names showing off their latest electric vehicles (EVs), underlining how the world's largest auto market is already in an all-electric state of mind, and is not looking back.

Earlier in April, Chinese electric vehicle battery company CATL (300750.SZ), opens new tab saw its profit swing back to growth in the first quarter, but its revenue slid for the second consecutive quarter amid slowing demand and intensified competition.

Fitch has cut its outlook on China's sovereign credit rating to negative, citing risks to public finances as the economy faces increasing uncertainty in its shift to new growth models.

Pang of JLL said business conditions of manufacturing enterprises are expected to improve as they will benefit from policies such as large-scale equipment renewal. 
"(But) the focus of the future policy should be on the demand side rather than the supply side," he said.

China's industrial profit numbers cover firms with annual revenue of at least 20 million yuan ($2.76 million) from their main operations.

Profits had slumped 21.4 per cent on year in the first quarter of last year in the wake of COVID-19.

NBS did not name any companies whose profits were counted in the tally nor did it say how many companies were part of it.

China's largest auto show opened in Beijing on Thursday with the biggest names showing off their latest electric vehicles (EVs), underlining how the world's largest auto market is already in an all-electric state of mind, and is not looking back.


China Q1 industrial profits' growth pace stirs doubts about economic recovery

Nomura Holdings, Japan's biggest brokerage and investment bank, reported on Friday a 670 per cent jump in quarterly net profit compared to a year earlier as its retail and investment banking income rose to their highest levels in eight years.

January-March net profit was 56.8 billion yen ($363.87 million) compared to 7.3 billion yen a year earlier when worries about a global banking crisis engulfed global markets and hit Nomura's investment banking business.

The results show Nomura's continued recovery after it was forced to slash its profit targets for its three core businesses - retail, wholesale and investment management - last May after the market turmoil.

Nomura's wholesale business, which houses its investment banking and trading arms, had recorded losses in the two quarters to March 2023.

"Our recent results show strong momentum," chief financial officer (CFO) Takumi Kitamura told a press briefing in Tokyo.

The brokerage's full year net profit rose 79 per cent year on year, beating the average estimate of 6 analysts polled by LSEG of 75 per cent.

Nomura has sought to expand its wealth management business to secure more consistent revenue that is less subject to market swings.

Nevertheless Nomura benefited from the Japanese stock market's rally between January and March that pushed the Nikkei 225 index (.N225), opens new tab to a record high. Its retail revenue grew a further 21 per cent on the October-December quarter, which itself was the highest in eight years.

Investment banking revenue from both domestic and international deals rose to the highest since the 2016/17 financial year - the earliest for which comparisons are available - despite a decline in global fee pools.

Assets under management in Nomura's investment management business rose to a record high of 89 trillion yen ($567.96 billion) and was growing at a faster rate than expected, CFO Kitamura said, before adding there was further room to grow.

Nomura's annual pre-tax income of 236.8 billion yen for its three core divisions remains below its target for the fiscal year ending in March 2025 of 288 billion yen, although Kitamura said momentum was growing in each division and its domestic and international arms had performed well.

The results show Nomura's continued recovery after it was forced to slash its profit targets for its three core businesses - retail, wholesale and investment management - last May after the market turmoil.


Nomura net profit leaps as retail income surges

Alphabet quarterly results, Alphabet dividend 2024: Alphabet announced its first-ever dividend on Thursday and a $70 billion stock buyback, cheering investors who sent the stock surging nearly 16 per cent after the bell. The Google parent is returning capital while spending billions of dollars on data centers to catch up with rivals on generative artificial intelligence. The dividend will be 20 cents per share.

Just three months ago, Alphabet's Big Tech rival, Meta Platforms (META.O), announced its own first-ever dividend, a move that lifted the social media company's stock market value by $196 billion the following day. Amazon.com (AMZN.O) remains the lone holdout among Big Tech firms not offering a dividend.

Alphabet beat expectations for the quarter in sales, profit and advertising - metrics that are all closely watched. "Alphabet's announced dividend payouts and buybacks on top of the solid earnings beat are not only a breath of fresh air for the tech market as a whole, but also a very intelligent strategy for the search engine giant going into a tough time of the year," said Thomas Monteiro, senior analyst at Investing.com.

Alphabet's after-hours share surge of nearly 16 per cent following the report increased its stock market value by about $300 billion to over $2 trillion. In a call to discuss results, CEO Sundar Pichai touted Google's AI offerings as a boon to its core search results. "We are encouraged that we are seeing an increase in search usage among people who are using the AI overviews," he said.

Revenue was $80.54 billion for the quarter ended March 31, compared with estimates of $78.59 billion, according to LSEG data. The search firm's beat on first-quarter revenue was powered by rising demand for its cloud services on the back of increasing adoption of artificial intelligence and steady advertising spending.

Google reported advertising sales rose 13 per cent in the quarter to $61.7 billion. That compares with the average estimate of $60.2 billion, according to LSEG data. Alphabet is coming off a fourth quarter in which ad sales missed the mark, sending shares tumbling, amid rising competition from Amazon.com (AMZN.O), Facebook (META.O) and new entrants like TikTok. The latter faces an uncertain future after President Joe Biden signed a bill that would ban the popular app if it is not sold within the next nine to 12 months.

Meanwhile, Google Cloud revenue grew 28 per cent in the first quarter, boosted by a boom in generative AI tools that rely on cloud services to deliver the technology to customers. Alphabet's capital expenditures were $12 billion, a 91 per cent rise from a year prior, a figure Gabelli Funds portfolio manager Hanna Howard called "higher than anticipated." Still, CFO Ruth Porat said on the call with analysts that she expects such expenditures to be at that level or higher throughout the remainder of the year, as the company spends to build artificial-intelligence offerings.

Despite the surge in capital expenditures, Porat said operating margin in 2024 would be higher than last year, without elaborating. Google's cloud services are attractive for venture capital-backed startups developing generative AI technologies due to their pricing and ease of integration with other tools, investors and experts have previously said.

Google has touted its AI-powered chatbot, Gemini, as a panacea for automation, from coding to document creation. The software was widely criticized, however, after it was found to generate historically inaccurate images, including of former US leaders and World War Two-era German soldiers. Google has said it is aware of the issues and is working to address them.

Alphabet quarterly results, Alphabet dividend 2024:&nbsp;Alphabet&nbsp;announced its first-ever dividend on Thursday and a $70 billion stock buyback, cheering investors who sent the stock surging nearly 16&nbsp;per cent&nbsp;after the bell.&nbsp;


Google parent announces first-ever dividend; beats on sales, profit; shares soar

Currency&nbsp;market update:&nbsp;The yen was parked by a 34-year low on the dollar and decade lows on other crosses ahead of a Bank of Japan meeting where interest rates are expected to stay low, while the dollar dipped elsewhere on softer-than-expected US growth data.

The euro rose 0.3 per cent overnight to a two-week high of $1.0728 following data showing the US had grown at its slowest pace in nearly two years in the first quarter. The annualised rate of 1.6 per cent missed economist forecasts for 2.4 per cent.

The Australian dollar, which has been boosted by a hotter-than-expected inflation reading this week, briefly topped its 200-day moving average to hit $0.6539, before settling to $0.6522 in Asia trade on Friday.

The yen , however, fell to its weakest since 1990 at 155.75 per dollar, tracking a sharp rise in US yields as separate figures showed a surge in an inflation measure. That opened - at the 10 year tenor - a 380 basis point gap over Japanese yields that it can be expected to stay wide with US rate cut expectations evaporating and markets now pricing only 34 basis points of cuts in 2024.

The size and persistence of the yield gap has encouraging short yen positions and drives Japanese money into dollar assets such as Treasuries, weighing on the currency. The yen has slipped past levels at 152 and 155 to the dollar where traders had been wary of pushback or intervention from officials and was last trading at 155.58 per dollar.

Japanese Finance Minister Shunichi Suzuki said on Friday he was closely watching currency moves and prepared to take full steps in response. Short yen positions hit their largest for 17 years last week.&nbsp;

On Thursday the yen made a near 16-year low of 167.06 per euro and was near those levels in the Asia morning on Friday, and it touched a nine-and-a-half year low of 101.64 to the Aussie dollar.

The Bank of Japan already hiked rates at a landmark meeting in March where it ended years of negative interest rates. Market expectations are low for any fresh policy shift on Friday, but are keenly watching for changes to inflation projections - which would broadcast an intent to hike rates - or to any guidance on the interest rate outlook.

On Thursday the yen made a near 16-year low of 167.06 per euro and was near those levels in the Asia morning on Friday, and it touched a nine-and-a-half year low of 101.64 to the Aussie dollar.&nbsp;

"The market is not pricing in much from this meeting but it's important to watch where they set official inflation targets, and whether they revise their forecast," said Nathan Swami, Citi's Asia-Pacific head of FX trading in Singapore.

"I'm expecting them to, which then opens up the summer meetings as live." Sterling rose 0.4 per cent overnight and was last at $1.2507. The New Zealand dollar was a touch firmer in Asia morning trade at $0.5960 and has gained in the previous four sessions.

Currency&nbsp;market update:&nbsp;The yen was parked by a 34-year low on the dollar and decade lows on other crosses ahead of a Bank of Japan meeting where interest rates are expected to stay low, while the dollar dipped elsewhere on softer-than-expected&nbsp;US&nbsp;growth data.


Yen at its weakest in decades as BOJ meets

Asian Markets News: Shares rose cautiously on Friday as markets sobered up to the idea that U.S. rate cuts were most likely some time away, while the yen and Japanese government bonds struggled ahead of a closely watched policy decision by the Bank of Japan.

U.S. stock futures jumped after tech giants Alphabet and Microsoft reported quarterly results that beat Wall Street estimates. Nasdaq futures advanced more than 1 per cent, while S&amp;P 500 futures rose 0.7 per cent.

The highlight of the Asia day was on the BOJ's rate decision at the conclusion of its two-day monetary policy meeting, as well as Governor Kazuo Ueda's news conference thereafter.

Ahead of the outcome, the yen languished near a 34-year low and was little changed at 155.62 per dollar, while the 10-year JGB yield rose to a five-month high of 0.93 per cent.

Other yields across the curve also notched fresh milestones, with some hitting multi-year peaks. Bond yields move inversely to prices. [JP/]

Although expectations are for the BOJ to maintain its accommodative monetary policy stance, focus will be on whether the central bank makes any adjustments to its bond buying amounts - seen as a way to deliver a more hawkish stance without an outright rate rise.

Jiji news agency reported on Thursday, without citing sources, that the central bank is set to consider measures to reduce its government bond purchases.

That comes as the yen has been battered by a resurgent dollar, even after the BOJ's landmark exit from negative rates last month. Aggressive jawboning from Japanese authorities has also done little to stem the yen's decline, leaving traders on alert for any signs of intervention from Tokyo.

"There is a near consensus that the BOJ will stand pat on its policy rate today, though it could signal an impending reduction in JGB purchases in the future," said Alvin Tan, head of Asia FX strategy at RBC Capital Markets. "I expect Ueda to remain noncommittal on the timing of the next rate hike, but he could repeat his previous point that the bank would consider the impact of exchange rates on inflation."

Complicating matters for the BOJ, data on Friday showed core inflation in Tokyo slowed much more than expected in April and fell below the central bank's 2 per cent target.

In stocks, Japan's Nikkei edged a marginal 0.02 per cent higher.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.27 per cent, while Australia's S&amp;P/ASX 200 index fell more than 1 per cent.

Shares of BHP Group fell 4 per cent in the first day of trading of its Australian-listed stock since revealing a $38.8 billion bid for smaller rival Anglo American in a deal that would forge the world's largest copper miner.

Hong Kong's Hang Seng Index gained 0.3 per cent.

<h2>FED OUTLOOK</h2>

Elsewhere, investors were digesting the implications of Thursday's data which showed the U.S. economy grew at its slowest pace in nearly two years in the first quarter, though inflation accelerated.

That reinforced expectations that the Federal Reserve would not cut interest rates before September.

"The U.S. Q1 GDP report delivered the worst of both worlds, softer than expected growth and higher than expected inflation," said Rodrigo Catril, senior FX strategist at National Australia Bank.

U.S. Treasury yields surged to five-month highs in the previous session and remained elevated in Asia. [US/]

The two-year yield hovered near the 5 per cent level, while the benchmark 10-year yield steadied at 4.7019 per cent.

The dollar, however, slipped on the back of the weaker U.S. growth, and was nursing some of those losses on Friday.

Sterling dipped 0.09 per cent to $1.2502 after touching a two-week high on Thursday, while the euro edged 0.04 per cent lower to $1.0726. [FRX]

Focus now turns to March's core PCE price index data due later on Friday - the Fed's preferred measure of inflation - for further clues on the U.S. rate outlook.

"We don't think inflation will give the Fed reason to tighten," said James Reilly, a markets economist at Capital Economics.

"Granted, the PCE data... could present another 'bump' in the road, extending a succession of stronger-than-expected U.S. inflation and activity prints; but the Fed has already acknowledged that these would come," Reilly added. "We continue to think that the disinflationary trend will reassert itself soon and that Fed cuts have therefore been delayed, not cancelled."

In commodities, Brent rose 0.38 per cent to $89.35 a barrel, while U.S. crude gained 0.35 per cent to $83.86 per barrel. [O/R]

Gold eased 0.08 per cent to $2,329.50 an ounce. [GOL/]

Asian Markets News:&nbsp;The highlight of the Asia day was on the BOJ's rate decision at the conclusion of its two-day monetary policy meeting, as well as Governor Kazuo Ueda's news conference thereafter.


Reuters