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Asia Stocks Rise as Earnings Awaited, Won Weakens: Markets Wrap

Asian equities edged higher ahead of the start of the region’s earnings season this week, with investors betting that the outlook for economic growth and profits is strong enough to support record-high stock prices. The Korean won fell. Shares from Sydney to Seoul climbed with markets in Tokyo closed Monday for a holiday. Samsung Electronics Co. and a slew of Japanese retailers and manufacturers are among companies giving profit updates this week. South Korea’s currency reversed gains as authorities said they would take action to stem one-sided moves in the won. Oil…

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Goldman Sees Crypto, Credit Shadowing Robust 2018 U.S. Economy

Financial imbalances including those in credit markets and cryptocurrencies will shadow an otherwise robust 2018 U.S. economy, said Goldman Sachs Group Inc. economist Jan Hatzius. Hatzius has already made some predictions for the new year: four Federal Reserve quickening to an average of 2.6 percent, the jobless rate not inverting. In a new report, Hatzius reiterated his expectation for overall economic strength, while flagging some concerns. “Asset valuations in some areas — especially credit — have risen to high levels by historical standards,” Hatzius said in the “10 Questions for…

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The Strange Case of the Look-Alike Credit Cards

First National Bank of Marin was a small Las Vegas lender with an image problem. Federal investigators accused it of issuing credit cards to strapped consumers, then piling on so many fees and obligations that some new clients couldn’t buy a sandwich without hitting their credit limit. But by 2006, it had settled the claims and was ready to expand. It changed its name to Source: Credit One Bank If that looks familiar, there’s a good reason. In 2008, credit-card titan Source: Capital One Financial Corp. And so began the improbable story of…

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Taylor Has Complex History to Overcome If Picked as Fed Chair

John Taylor has a complicated history with the U.S. Federal Reserve that could force him into a hard pivot if he’s selected as its next leader. The Stanford University economist, who is on President Donald Trump’s short list to lead the central bank, wrote the monetary policy rule that Fed officials use as a constant reference, and many of the institution’s own economists are schooled in his ideas. On the other hand, he’s been a vocal critic of recent Fed policy, arguing that the institution should hew closer to the…

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Yellen Calls Inflation the ‘Biggest Surprise’ in the Economy

Federal Reserve Chair Janet Yellen said that the U.S. central bank expects to continue to raise interest rates gradually as solid growth, a strong labor market and a healthy global economy lift prices even as she recognized that inflation has been surprisingly low.  “My best guess is that these soft readings will not persist, and with the ongoing strengthening of labor markets, I expect inflation to move higher next year,” Yellen said Sunday at the Group of Thirty’s Annual International Banking Seminar in Washington. Yellen’s term expires in February and…

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