Janet Yellen News

Wall Street is shifting between small gains and losses as the corporate earnings season kicks into high gear

BEIJING — Henry Kissinger, a former U.S. secretary of State, met with China's defense minister, Li Shangfu, in Beijing on Tuesday, the ministry said in a statement.

Bonds rallied for a second day as traders bet global central banks are nearing the end of an aggressive streak of rate increases.

China's economy was on track to recover relatively quickly after being closed off to the world during the pandemic. Consumers were spending again. Exports picked up.

earnings. Banking stocks will be in focus throughout the week with some heavyweights set to report their results during the week. On the global front, investors will keep an eye on the release of US macro data. Option data suggests a shift trading range in between 19400 to 20000 zones while an immediate trading range in between 19550 to 19900 zones. Here's breaking down the pre-market actions:STATE OF THE MARKETSGIFT Nifty (Earlier SGX Nifty) signals a muted startGIFT Nifty on the NSE IX traded 5.5 points, or 0.03 per cent, lower at 19,774, signaling that Dalal Street was headed for muted start on Tuesday.

multilateral development banks (MDBs) should be explored only after making further progress on reforms in the areas of their vision, incentive structures, operational approaches and financial capacity. Treasury secretary Janet Yellen also said the US is working with India to develop ways to lower the cost of capital and increase private investment to fast track its energy transition.

GANDHINAGAR : India and the US have agreed to collaborate on a range of issues, including strengthening multilateral development banks (MDBs), promoting climate action, and facilitating energy transition, Union finance minister Nirmala Sitharaman said. After a meeting with US treasury secretary Janet Yellen at a G20 event on Monday, Sitharaman said the two countries would also work to smoothen the consensus on indebtedness of low- and middle-income countries and harness opportunities presented by crypto assets and digital public infrastructure for financial inclusion.

WASHINGTON—U.S.-based companies won relief from two pieces of the global minimum tax deal, and the changes will delay or reduce the taxes they are set to pay to foreign countries. Under the updated agreement negotiated by the Treasury Department, companies will have an extra year—through 2025—before foreign countries can start imposing new taxes on any U.S. companies deemed to pay too little tax in the U.S.

Chinese Foreign Minister Qin Gang has remained wholly out of the public eye for the past month, sparking intense debate about his whereabouts. His last public appearance was on June 25 for a meeting with Sri Lankan Foreign Minister Ali Sabry in Beijing. While officials indicate that he missed the recent ASEAN Foreign Ministers’ meeting due to health reasons people have remained skeptical.

Piper Sandler chief global economist Nancy Lazar details her economic expectations for the second half of the fiscal year on ‘Mornings with Maria.’ 

GANDHINAGAR : Harnessing private capital is a key challenge for multilateral development banks (MDBs) as the risk-return ratio is not feasible, says NK Singh, who along with former US treasury secretary Lawrence Summers is the co-convenor of a G20 expert group on strengthening MDBs. The first part of the report on developing MDBs by the expert committee will be made public today. India is trying to leverage the G20, of which it holds the rotating presidency this year, to make MDBs more effective for loans to developing countries.

Janet Yellen said China’s economic slowdown risks causing ripple effects across the global economy, though she doesn’t expect a recession in the US. “Many countries do depend on strong Chinese growth to promote growth in their own economies, particularly countries in Asia — and slow growth in China can have some negative spillovers for the United States,” Yellen said in a Bloomberg Television interview Monday hours after a raft of Chinese economic data came in weaker than expected. In the US, “growth has slowed, but our labor market continues to be quite strong — I don’t expect a recession,” Yellen said.

GANDHINAGAR : The US and its allies are building on actions to crack down on efforts by Russia to evade sanctions, US treasury secretary Janet Yellen said on Sunday. "One of our core goals this year is to combat Russia’s efforts to evade our sanctions. Our coalition is building on the actions we have taken in recent months to crack down on these efforts," Yellen said during a press conference at the sidelines of the third G20 Finance and Central Bank Deputies (FCBD) meeting.

Nirmala Sitharaman and the Indian delegation for hosting the G20 ministerial. “I would like to thank Finance Minister Sitharaman and the Indian delegation for hosting the G20 ministerial," she said.

Bloomberg, the G-7 nations are convening before the Group of 20 meetings in Gandhinagar, Gujarat, with a focus on providing assistance to Ukraine, reforming multilateral development banks, and reevaluating global supply chains. On Sunday, Treasury Secretary Janet Yellen expressed her commitment to collaborating with China on shared areas of interest.

Janet Yellen said on Sunday she was «eager» to work with China on areas of mutual interest, including debt restructurings for poorer countries, and that multilateral development banks needed reforms before capital increases could be considered. In remarks prepared for a press conference before a meeting of Group of 20 finance ministers and central bankers in India, Yellen said her visit to Beijing last week helped put the U.S.-China relationship on «surer footing» and that the world's two biggest economies had an obligation to the world «to cooperate on areas of mutual concern».

By David Lawder and Aftab Ahmed

Treasury Secretary Janet Yellen is visiting two of China’s neighbors where she has pushed firms to move their operations—just a week after she reassured officials in Beijing that the U.S. wasn’t out to sever trade and investment ties. The trip to India and Vietnam underlines a central tension in the U.S.-China economic relationship: Yellen and the Biden administration must figure out how to promote alternatives to China without further upsetting relations with Beijing.

Also read: China takes 'appropriate' action over ‘unfair’ treatment to journalists in India China emphasised its commitment to addressing economic and trade concerns through communication and dialogue, while promoting constructive and practical cooperation.  “China will remain committed to addressing economic and trade concerns through communication and dialogue, while promoting constructive and practical cooperation," Shu stated. In March, Raimondo had mentioned that the Biden administration was considering a pilot program to address investment risks in China.

Gold prices held steady on Thursday after advancing more than 1% in the previous session, as U.S. inflation data raised hopes that the Federal Reserve would soon stop tightening its monetary policy. * Spot gold was almost unchanged at $1,957.48 per ounce by 0039 GMT.

Antony Blinken will meet top Chinese diplomat Wang Yi on Thursday as officials gather in Indonesia for ASEAN meetings, the State Department said in announcing the latest in series of interactions between the rival superpowers. Wang is representing China at the Jakarta meetings involving the Association of Southeast Asian Nations (ASEAN) and partner countries after Beijing said Foreign Minister Qin Gang would not attend due to health reasons. Blinken met Qin and Wang in Beijing last month, marking the first visit to China by a U.S. secretary of state in five years. It was aimed at bringing stability to intense rivalry between the superpowers, which are also the world's two largest economies U.S. Treasury Secretary Janet Yellen visited China earlier this month and climate envoy John Kerry is to visit next week. Wang, who is the foreign policy chief for the Chinese Communist Party, ranks above Qin, who as the foreign minister is the government's foreign policy chief.