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UK’s Persimmon’s forward sales rise 9% from pre-pandemic levels By Reuters

(Reuters) - Persimmon (LON:PSN), Britain's No. 2 homebuilder, said on Wednesday current forward sales are up about 9% from pre-pandemic levels, allaying some fears of a cooling housing market after the partial removal of a temporary tax break. The company said its current forward sales position stood at 2.23 billion pounds ($3.06 billion), compared with 2.48 billion pounds in the COVID-19 pandemic-hit 2020 period and 2.05 billion pounds in the comparable period in 2019. As part of a forward sale, a buyer and the builder enter into a purchase and sale agreement for a...

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Dollar stands tall as COVID stalks kiwi By Reuters

By Tom Westbrook SINGAPORE (Reuters) - The dollar hit a nine-month high against the euro and held broad gains elsewhere on Wednesday as investors have cut exposure to riskier currencies, mostly on virus concerns, while the kiwi was sent on a loop when central bank held fire on rate hikes. The euro touched $1.1702 early in the Asia session, its lowest since November 2020, before recovering slightly to $1.1718. The kiwi, heavily sold on Tuesday, fell further to also make a nine-month trough at $0.6868 after the Reserve Bank of New Zealand held off on raising...

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Hong Kong police arrest four students for ‘advocating terrorism’ By Reuters

By Jessie Pang HONG KONG (Reuters) - Hong Kong police said on Wednesday four students were arrested for "advocating terrorism" after their student union passed a motion last month mourning the death of a 50-year-old who stabbed a policeman before killing himself. Police have said an officer was stabbed from behind on July 1, while on duty with other policemen preventing protest gatherings on the anniversary of the former British colony's return to Chinese rule in 1997. The man then stabbed himself in the chest with the knife and died later in the hospital. The policeman,...

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Asian shares pinned at lows after Wall St falls, NZ holds rates steady By Reuters

By Alun John HONG KONG (Reuters) - Asian shares held near year-to-date lows on Wednesday as overnight declines on Wall Street reinforced worries about the economic impact of the Delta coronavirus variant sweeping through the region. The dollar stayed strong against most peers, while New Zealand's central bank held off on a widely expected decision to raise interest rates after the discovery of a Delta variant case sent the country into lockdown. The Reserve Bank of New Zealand would have been the first G10 central bank to begin hiking interest rates, but said the decision...

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Australia’s Coles posts profit jump, warns of pandemic ‘volatility’ By Reuters

(Reuters) - Australia's No. 2 supermarket chain Coles Group on Wednesday reported a near 3% rise in full-year profit, but said conditions early in the first quarter remained volatile amid lockdowns fuelled by COVID-19 Delta variant outbreaks. In supermarkets, sales growth in the first seven weeks of the quarter was about 1% higher than last year on a headline basis and 12% above fiscal 2019, Coles said. Supermarkets like Coles and Woolworths benefited during last year's lockdowns as customers went into a buying frenzy. With Australia reinstating restrictions to battle a resurgence in cases, investors are...

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Australia’s Woodside shares drop on BHP petroleum merger By Reuters

By Sonali Paul (Reuters) -Australia's Woodside Petroleum Ltd shares fell more than 4% on Wednesday in the market's first verdict on a merger with BHP Group's petroleum business that will turn it into a global top 10 oil and gas producer. The deal, announced after the market closed on Tuesday, involves Woodside doubling its share base to acquire BHP's oil and gas arm in a nil-premium merger to create a roughly A$40 billion ($29 billion) company. Woodside shareholders will own 52% of the merged group, with BHP shareholders owning 48%. The merger, expected to be completed...

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JPMorgan Moves Up U.K. Rate Hike Forecast After Strong Jobs Data By Bloomberg

(Bloomberg) -- JPMorgan Chase & Co. (NYSE:JPM) brought forward its forecast for when the Bank of England may raise interest rates, saying the strength of the U.K. labor market makes a move likely in the second quarter of 2022. Economist Allan Monks said the first 15 basis-point increase to 0.25% will come six months earlier than he previously expected, and more tightening will follow every six to nine months after that. He moved after official data showed record wage growth and job vacancies.  “The market is showing strong demand for new net job creation, which is...

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Forget Taper, Real Deal for Bonds at Jackson Hole Is Inequality By Bloomberg

(Bloomberg) -- What policy makers say about economic inequality at this month’s Jackson Hole symposium is potentially a bigger deal for bond investors than any taper talk, according to one market veteran. HSBC Holdings (NYSE:HSBC) Plc’s head of fixed-income research Steven Major said measures to address the growing gap between rich and poor could upend a key driver behind a multi-decade bull run for debt: that the well-off are more likely to invest their excess cash in bonds than spend it. It’s a risk that many investors appear to be overlooking ahead of the annual conference...

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Fed’s Powell Says Pandemic Is Molding ‘Extraordinary Generation’ By Bloomberg

(Bloomberg) -- Federal Reserve Chair Jerome Powell predicted U.S. students who have been forced to cope with the Covid-19 pandemic will become an “extraordinary generation” that will mature faster and have a bigger impact on society. “This is an extraordinary time, and I believe that it will result in an extraordinary generation,” Powell said in prepared remarks for a town hall Tuesday with educators and students. “You will see the world differently than your predecessors. You have been forced, sooner than most people, to consider what in life is truly important.” Powell didn’t address the...

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Judge questions Fox News bid to shake $2.7 billion Smartmatic election suit By Reuters

By Jan Wolfe (Reuters) -A New York state judge on Tuesday signaled skepticism toward Fox Corp's bid to dismiss Smartmatic's $2.7 billion lawsuit that accused Fox News hosts and guests of making defamatory claims about the voting technology firm during the network's coverage of the 2020 U.S. presidential election. During an oral argument held virtually, Judge David Cohen made comments sympathetic toward Smartmatic, which in February sued Fox https://www.reuters.com/article/us-smartmatic-lawsuit-fox-corp/smartmatic-sues-fox-news-giuliani-over-election-rigging-claims-idUSKBN2A42JO and two of Donald Trump's former lawyers, Sidney Powell and Rudy Giuliani, after the attorneys falsely accused it of rigging votes against the former president. Smartmatic is...

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