National Australia Bank on Thursday reported a rise in annual cash profit as it benefited from higher interest rates, but cautioned elevated competition and inflationary pressures that crimped second-half earnings by 10% would persist. The country's second-largest lender reported stronger annual earnings on deposits and capital against the backdrop of higher interest rates, which has allowed Australian lenders to widen their margins and capitalise on higher borrowing costs. But for the half-year ended Sept. 30, cash earnings sank as the impact of monetary policy tightening and inflationary pressures crippled households and the economy.
The Japanese Yen (JPY) trades in a range against the US Dollar (USD) on Tuesday after the Minneapolis Federal Reserve President Neel Kashkari was reported as saying he believed the Fed had more work to do to bring down inflation.
(Bloomberg) Wage growth for Japanese workers was slower than expected in August, reinforcing the Bank of Japan’s need to wait for further signs of strength in the labor market before moving toward normalizing policy.Most Read from BloombergAlmost Anyone Can Become the House Speaker, Except Donald TrumpOzempic Is Making People Buy Less Food, Walmart SaysThe Moral Case for No Longer Engaging With Elon Musk’s XIt's Done. The Future Is Battery-Powered Electric CarsOnly an Equities Crash Can Rescu