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Global economy

October 20, 2023 | 8:33am
Location: NORTH KOREA, SOUTH CHINA SEA, SOUTH KOREA, PHILIPPINES, CHINA, UNITED STATES
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Global economy
October 20, 2023

Japanese annual consumer price inflation slows in September to 2.8%, slightly above market expectations of a 2.7% rise, government data show Friday. 

The figure, which excludes volatile fresh food prices, compares to a 3.1-percent rise in prices recorded in August in the world's number-three economy.

Stripping out fresh food and energy, Japan's prices rose 4.2%, after a 4.3-percent rise in August, data published by the internal affairs ministry showed. — AFP

October 13, 2023

JPMorgan Chase reports another quarter of strong profit growth Friday, but warns inflation could persist and pointed to Middle East turmoil as another source of major uncertainty.

The lender, the biggest US bank in terms of assets, reported third-quarter profits of $13.2 billion, up 35 percent from the year-ago period behind the lift from higher interest rates on earnings. — AFP

October 13, 2023

Preliminary government estimates show that Singapore's economy grew faster than expected in the third quarter, as construction and services made up for a continued slump in manufacturing.

Gross domestic product expanded 0.7% year-on-year in the three months ending September, beating forecasts of around 0.4%, and extending the 0.5% growth in the previous quarter, the trade ministry says.

Construction and services expanded 6.0% and 1.9% year-on-year, respectively, offsetting a 5.0% contraction in manufacturing, extending its decline since the first quarter, according to the data. — AFP

October 10, 2023

The International Monetary Fund has cut its 2023 economic growth forecast for China to 5.0% from 5.2%, according to a report published on Tuesday.

With an unprecedented property crisis stifling economic activity and weighing on household confidence, the IMF also slashed its 2024 estimate to 4.2% from 4.5%.

"China's growth momentum is fading following a Covid-19 reopening surge in early 2023," the IMF's twice-yearly World Economic Outlook says. — AFP

October 3, 2023

Official data show that Turkey's annual inflation rate held steady near 60% last month, offering the first evidence that President Recep Tayyip Erdogan's economic policy U-turn was working.

The TUIK state statistics agency says consumer prices rose 61.5% over the 12-month period ending in September.

The annual rate stood at 58.9% in August and 47.8% in July. — AFP

September 28, 2023

Italy's government has lowered its economic growth forecasts for 2023 and 2024 and warned the deficit will be higher than expected, according to a roadmap adopted by ministers.

The economy ministry expects gross domestic product (GDP) to increase 0.8% year on year in 2023 and 1.2% in 2024, slower than the 1.0% and 1.5% respectively forecast in April.

It forecasts a deficit of 5.3% of GDP in 2023, up from 4.5% expected previously. For 2024, it forecasts a deficit of 4.3%, up from 3.7%. — AFP

September 27, 2023

The European Bank for Reconstruction and Development says it expected Russia's economy to grow in 2023 thanks to rising oil prices, having forecast a contraction earlier this year.

The EBRD expects growth of 1.5 percent after predicting contraction of 1.5% in an estimate made in May.

"The outlook for 2024 will depend heavily on how the war on Ukraine and the related economic sanctions evolve; at this stage growth of 1.0 percent is projected," the bank says. — AFP

September 22, 2023

Japan inflation flat at 3.1% in August, the government says.

September 21, 2023

New Zealand's government hails new figures Thursday showing a technical recession earlier this year never happened -- offering some political cheer as it lags in the polls ahead of October 14 elections.

The country narrowly avoided a recession in the first quarter of 2023, revised figures from Stats NZ showed. 

Quarterly economic output was actually flat in the January-March period -- rather than shrinking 0.1% as earlier estimated, it said. The economy had already contracted in the final quarter of 2022. — AFP

September 20, 2023

Official data shows that Britain's inflation rate eased in August, on the eve of an expected Bank of England interest rate hike to tackle elevated consumer prices.

The Consumer Prices Index rose by 6.7% last month from 6.8% in July, the Office for National Statistics (ONS) says in a statement. — AFP

September 9, 2023

Official data released on Saturday show that China's consumer price index rebounded in August as the world's second-largest economy emerged from deflation, official data released Saturday showed, despite sluggish domestic consumption that is complicating the country's post-Covid economic recovery.

Last month's CPI, the main gauge of inflation, rose 0.1% year on year, the National Bureau of Statistics says.

China briefly slipped into deflation in July for the first time in over two years, with prices falling 0.3%, year on year. — AFP

September 4, 2023

Official data show that Turkey's annual inflation approached 60 percent last month, putting pressure on the central bank to further hike interest rates at the risk of angering President Recep Tayyip Erdogan.

The state statistic agency says prices rose by 58.9% over 12 months ending in August compared to 47.8% in July.

The latests data will test the limits of how much leeway Erdogan's new market-friendly team has to raise borrowing costs. — AFP

September 1, 2023

Official figures show inflation in crisis-hit Sri Lanka eased to 4.0% in August, the lowest since before last year's unprecedented financial crisis.

The island nation endured months of food, fuel and medicine shortages after a foreign exchange crunch that sparked widespread protests culminating in the ouster of its president.

But the crisis has since eased, with headline inflation down from 6.3 percent in July and 69.8 percent at its peak last September. — AFP

August 18, 2023

Government data show Japan's consumer price inflation eased to 3.1 percent year on year in July, in line with market expectations.

The figure for the world's third-largest economy, which excludes volatile fresh food prices, followed a 3.3-percent reading in June. — AFP

August 15, 2023

Official data show Japan's economy grew 1.5% in the three months to June, beating expectations on the back of strong exports.

The average forecast for quarter-on-quarter growth in the world's third-largest economy had been 0.8%, according to Bloomberg News.

The data, released by the Cabinet Office, means the economy grew an annualised 6.0%, compared with the market expectation of 2.9%, giving Japan three straight quarters of growth. — AFP

August 11, 2023

Official data show Britain's economy expanded slightly over the second quarter thanks to strong output in June and despite inflation remaining high.

Gross domestic product grew 0.2% in the April to June period after output expanded 0.1 percent in the first quarter, the Office for National Statistics (ONS) says in a statement.

"Across the quarter as a whole, GDP grew a little with widespread growth across manufacturing, aided by falling raw material prices," says Darren Morgan, director of economic statistics at the ONS. — AFP

August 8, 2023

Official data show that China last month suffered its biggest fall in exports for more than three years, as the world's second-largest economy is battered by sluggish global demand and a domestic slowdown.

The data will likely ramp up calls for leaders to do more to revive growth, having laid out a series of stimulus measures in recent weeks focusing on consumers and the troubled property sector.

Sales of Chinese products to foreign markets sank 14.5 percent on-year last month, a third consecutive drop, according to the customs authority. — AFP

July 28, 2023

Official data show German inflation slowed again in July, but remained at levels that will trouble policymakers at the European Central Bank as they battle stubbornly high prices.

The annual inflation rate in Europe's largest economy fell to 6.2%, down from 6.4 percent in June, federal statistics office Destatis said in preliminary figures.  —  AFP

July 21, 2023

Government data show that Japan's consumer prices rose 3.3% year-on-year in June, with the pace of inflation accelerating from the 3.2% recorded in May.

The latest data -- which was higher than market expectations of 3.2% -- comes ahead of the Bank of Japan's monetary policy meeting next week. — AFP

July 19, 2023

Official data reveal that Britain's annual inflation rate stood at 7.9% in June, down from 8.7% in May.

The larger-than-expected slowdown sent the British pound sliding against the dollar and euro, although the Bank of England is still expected to keep on raising interest rates to combat elevated prices. — AFP

July 17, 2023

China's economy showed further signs of weakness in the second quarter as data Monday showed growth missed expectations and consumers remained cautious, adding pressure on leaders to unveil further stimulus.

The disappointing figures follow a string of below-par readings in recent months indicating the post-Covid recovery was already going off the rails and highlighting the tough work authorities face reviving momentum.

The National Statistics Bureau said the world's number two economy grew 6.3 percent on-year in April-June, faster than the previous three months but much weaker than the 7.1 percent predicted in an AFP survey of analysts.

That came despite having a very low base of comparison with last year when the country was hit by a series of Covid lockdowns in major cities. — AFP

July 17, 2023

G20 finance and central bank chiefs begin talks on Monday to discuss debt restructuring deals and fairer international tax agreements, aiming to bolster a sagging global economy.

Chaired by India's Finance Minister Nirmala Sitharaman, broad areas for debate include the health of the global economy and "sustainable finance and infrastructure", hosts said.

Key on the two-day agenda will be efforts to tackle debt distress, with the world's poorest countries bearing the brunt of the global debt crisis -- at a time when they need more cash than ever to fight climate change. — AFP

July 15, 2023

China's economic growth is expected to have surged in the second quarter, an AFP survey has forecast, but analysts say Monday's figures will be misleadingly inflated given the low base of comparison with pandemic-wracked 2022.

A year ago, with restrictions such as sudden lockdowns, travel curbs and factory shutdowns the norm, China posted 0.4 percent on-year growth, one of its lowest quarterly readings in recent years.

This year, an average of predictions from a group of 13 experts interviewed by AFP suggested the economy expanded 7.1 percent in April-June. — AFP

July 11, 2023

UK unemployment rose back to four percent in the three months to the end of May, official data shows, as the economy struggles with stubbornly-high inflation.

The unemployment rate increased from 3.8 percent in the three months to the end of April, the Office for National Statistics (ONS) said in a statement.

The rate was back at four percent for the first time since the start of 2022. Analysts' consensus had been for unemployment to remain at 3.8 percent. — AFP

July 10, 2023

Chinese inflation was flat last month while producer prices sank more than expected, official data shows, in the latest sign of weakness in the world's second-largest economy.

The consumer price index for June was down from the 0.2 percent seen in May, according to the National Bureau of Statistics, and was worse than expected as domestic demand slowed.

A 7.2 percent annual drop in the cost of pork, the staple meat in China, as well as falling oil prices that made transportation cheap, dragged down the cost of the essential goods basket, the NBS said.

Producer prices -- which measure the cost of goods at the factory gate -- tumbled 5.4 percent on-year, following a 4.6 percent slide in May. — AFP

July 8, 2023

Hiring in the United States slowed in June, the Labor Department says, providing a much-needed signal that the American economy is cooling ahead of another interest rate decision later this month. 

The figures came in below analysts' expectations, providing some respite for the US Federal Reserve as it mulls a return to interest rate hikes later this month to tackle inflation still well above its long-term target of two percent.

The world's biggest economy added 209,000 jobs last month, down from a revised figure of 306,000 in May, the Labor Department says. — AFP  

July 1, 2023

Official data show that Sri Lanka's inflation eased to 12% in June, the lowest figures since the island nation careened into an unprecedented economic crisis last year. 

Sri Lanka defaulted on its $46 billion foreign debt in April 2022 and the public endured months of food, fuel and medicine shortages. 

The crisis has eased since, with the government securing a $2.9 billion bailout from the International Monetary Fund in March. — AFP

June 29, 2023

Sri Lanka's central bank has unveiled its domestic debt restructuring plan, envisaging a 30 percent haircut on dollar-denominated bonds, including international sovereign bonds.

The bank said ISB holders can opt to accept a 30 percent reduction in their capital in exchange for getting the rest of their money back in six years at a 4.0 percent interest rate. The same terms were offered to Sri Lankan nationals holding dollar bonds.

Sri Lanka defaulted on its $46 billion foreign debt in April last year after running out of foreign exchange to finance even the most essential food, fuel and medicines.

Months of protest over economic mismanagement led to the toppling of then-president Gotabaya Rajapaksa in July last year. — AFP

June 27, 2023

China is on course to achieve its five percent target for economic growth in 2023 set by Beijing earlier this year, premier Li Qiang says.

"For the whole year, we are expected to achieve the target of about five percent economic growth set at the beginning of this year," Li says in the opening of a meeting of global political and business leaders in northern China.

"Recently, some international organisations and institutions have also raised their forecasts for China's economic growth this year, showing their confidence in China's development prospects," Li adds at the World Economic Forum.

China is grappling with a slowing post-Covid recovery, with a number of lacklustre indicators in recent weeks signalling the rebound is running out of steam. — AFP

June 16, 2023

The German economy is set to shrink in 2023 after a weak start to the year and as consumers continue to rein in spending because of stubbornly high inflation, Bundesbank president Joachim Nagel says Friday.

Europe's largest economy is projected to contract by 0.3% in 2023, according to the central bank's newest forecasts. 

Back in December, the Bundesbank was still expecting a 0.5-percent contraction, but it said falling energy prices had slightly improved the outlook. — AFP

June 15, 2023

New Zealand entered a technical recession at the start of the year, registering its second consecutive quarterly contraction with a dip of 0.1 percent, figures from statistics agency Stats NZ showed Thursday.

The drop in gross domestic product for the first three months followed a 0.7 percent fall in the December 2022 quarter, meeting the technical definition of a recession. — AFP

June 12, 2023

The European Central Bank will almost certainly deliver another interest rate hike on Thursday, pressing ahead with its fight against inflation even as the eurozone slides into a recession.

Analysts predict that ECB policymakers will copy May's move and again raise borrowing costs by 25 basis points, taking the closely watched deposit rate to 3.50 percent.

It would be the Frankfurt institution's eighth-consecutive hike since last July, when it kicked off an unprecedented campaign of monetary tightening after Russia's war in Ukraine sent food and energy costs surging.

Eurozone inflation slowed to 6.1 percent year-on-year in May after hitting a peak of 10.6 percent last October, suggesting the ECB's efforts were having an impact. — AFP

June 9, 2023

Official figures show that Chinese inflation came in flat again in May, as the country's economy sputters owing to softening demand and falling exports, leading to calls for a rate cut and a bigger government stimulus.

The consumer price index (CPI) rose 0.2% on-year, from 0.1% in April, the National Bureau of Statistics (NBS), says.

The figure was in line with expectations of analysts polled by Bloomberg. — AFP

June 8, 2023

The eurozone entered into a technical recession at the start of the year, shrinking by 0.1 percent for a second consecutive quarter, figures from the EU's statistic agency showed Thursday.

Eurostat revised down an earlier forecast that had predicted slight growth, after economic powerhouse Germany said last month it had fallen into recession.

The worse-than-expected figures come as inflation and higher interest rates have curbed demand in Europe's largest economy. 

Eurostat cut its earlier estimate of 0 percent growth in the final quarter of 2022 and 0.1 percent growth in the first quarter of 2023 to 0.1 percent contractions in both periods. — AFP

June 8, 2023

Japan's economy expanded 0.7 percent in the January-March quarter, up from an initial estimate of 0.4 percent, government data showed Thursday.

The latest figure -- which also beat market expectations of 0.5 percent growth -- reflects strong corporate investments, data released by the Cabinet Office showed.

The first-quarter number is much stronger than the 0.1 percent seen in the final quarter of 2022.

"Exports declined sharply, reflecting slowing in economies overseas while domestic demand such as individual consumption and corporate investment grew, leading to economic growth as a whole," Saisuke Sakai, chief economist of Mizuho Research & Technologies, said in a note ahead of the data's release.

"Given that the economy saw contraction in the July-September quarter... the Japanese economy's recovery is still not enough" to match pre-Covid pandemic levels in 2019, he said. — AFP

June 7, 2023

The OECD slightly raised its growth outlook for the world economy on Wednesday as inflation eases and China has dropped Covid restrictions, but it warned the recovery faces a "long road".

The Paris-based organisation forecast an economic expansion of 2.7 percent, up from 2.6 percent in its previous report in March, with upgrades for the United States, China and the eurozone.

But it is still under the 3.3 percent growth recorded in 2022. — AFP

June 6, 2023

German industrial orders unexpectedly fell again in April following a sharp drop the month before, official data showed Tuesday, adding to concerns about the health of Europe's biggest economy.

New orders, closely watched as a foretaste of future industrial activity, declined 0.4 percent in April compared with the previous month, federal statistics agency Destatis said.

The drop surprised analysts surveyed by FactSet who had predicted a four-percent increase.

It comes after orders plummeted 10.9-percent in March, the biggest fall since April 2020 when the coronavirus pandemic forced widespread lockdowns. — AFP

June 5, 2023

Turkey's annual inflation rate dropped below 40 percent in May for the first time in 16 months, pushed down by a temporary offer of free gas to households, official data showed on Monday.

Consumer prices rose by 39.6 percent on an annual basis and were almost stable, at 0.04 percent, compared to the previous month, according to the country's statistics agency.

However, these official figures -- the first since President Recep Tayyip Erdogan was re-elected on May 28 -- are challenged by independent economists from Turkey's Inflation Research Group (ENAG).

The latter say annual inflation stands at between 105 and 109 percent, depending on whether or not the free gas offer is taken into account. — AFP

June 2, 2023

The International Monetary Fund says cash-strapped Sri Lanka's economy showed "tentative signs of improvement" but recovery remains challenging and Colombo must pursue painful reforms.

IMF's Deputy Managing Director Kenji Okamura says the country was emerging from its unprecedented crisis thanks to reforms including the doubling of taxes, spending cuts and the scrapping of subsidies.

A currency crisis since late 2021 led to severe shortages of food, fuel and medicines and triggered months of protests that led to the toppling of former president Gotabaya Rajapaksa in July. — AFP

June 1, 2023

Eurozone inflation in May fell to 6.1 percent, coming down from a surprise rise recorded in April, according to the latest estimate from the EU's Eurostat office Thursday.

While showing a slower pace than the 7.0 percent recorded a month earlier, the reading remains well above the European Central Bank's target of 2.0 percent. — AFP

May 31, 2023

Britain's biggest business lobby group on Wednesday said it was mulling options, reportedly including bankruptcy, after it was rocked by allegations of sexual harassment by staff.

The Confederation of British Industry has been mired in a scandal over the claims that sparked an exodus of companies and overhaul of the organisation.

"Following a series of member resignations, we know that the CBI will need to be smaller and refocused in the future," a spokesperson told AFP.

"The board has sought advice on matters of restructuring as may be appropriate, as any responsible board would." — AFP

May 30, 2023

Turkey's economy is in a double bind: analysts see its current policies leading to imminent peril and the prescriptions incurring massive pain.

President Recep Tayyip Erdogan campaigned round the clock to win the toughest election of his two decades in power in a historic runoff last weekend.

He also poured billions of dollars into campaign pledges -- and tens of billions more into keeping the lira from suffering politically sensitive falls before the vote. — AFP

May 29, 2023

President Joe Biden and Republican leader McCarthy said Sunday that a final bipartisan deal to raise the US debt ceiling -- and avoid a cataclysmic default -- now heads to Congress, which will need to pass the agreement before the government starts running out of money.

The compromise after weeks of intense talks offers a path back from the precipice, even as the clock is still ticking down to the June 5 "X-date" when the Treasury estimates there might not be enough cash to pay bills and debts.

"I think it's a really important step forward," Biden said in a brief appearance before media at the White House, urging "both chambers (of Congress) to pass that agreement."

"It takes the threat of a catastrophic default off the table, protects our hard-earned and historic economic recovery, and... represents a compromise that means no one got everything they want," Biden added. — AFP

May 28, 2023

France is in "very close talks" with debt rating agency Standard and Poor's, Prime Minister Elisabeth Borne said Sunday, after a downgrade from rival Fitch reignited government finance concerns in the EU's second-largest economy.

Finance Minister Bruno Le Maire had offered "detailed explanations to Standard and Poor's of everything we're doing to get our public finances under control" ahead of their rating decision in early June, Borne told Jewish community broadcaster Radio J.

Citing "relatively large fiscal deficits and only modest progress with fiscal consolidation," Fitch last month downgraded France's debt rating to AA-, several notches below the top AAA class awarded to countries including Germany and the Netherlands.

Such ratings help determine borrowing conditions when governments go to financial markets to raise money. — AFP

May 28, 2023

Democrats and Republicans seemed within grasping distance Saturday of a deal to end the US debt ceiling standoff, with both sides playing hardball in the final race for an agreement to avert a potentially catastrophic default.

President Joe Biden gave the strongest sign yet on Friday night that the drama in Washington might be drawing to an end -- saying an agreement was "very close."

And Republican congressional leader Kevin McCarthy sounded positive as negotiators reconvened Saturday morning, telling reporters on Capitol Hill: "I feel we can get there."

As the clock toward a calamitous national default ticked down, Biden spoke directly with McCarthy early Saturday evening, as well as with the top Democrats in both houses of Congress, according to a source familiar with the negotiations. — AFP

May 25, 2023

Official figures published Thursday show Germany fell into a recession around the turn of the year, as Europe's largest economy contracted by 0.3% over the first three months of 2023.

The negative growth figure was revised down by the federal statistics agency from an initial estimate of zero percent.

The poor performance was the second consecutive quarter of negative growth, following a 0.5-percent contraction in the last three months of 2022, as Germany battled an energy crisis unleashed by Russia's invasion of Ukraine. — AFP

May 25, 2023

Official data show Singapore's economy posted better-than-expected results in the first quarter of 2023, but the government warned that the global outlook remains gloomy.

The Southeast Asian city-state's economic performance is often seen as a barometer of the global environment because of its reliance on international trade.

Its economy expanded by 0.4 on-year in the quarter starting January, slower than the 2.1% on-year growth in the previous quarter but better than an advance estimate released last month, according to figures released by the Ministry of Trade and Industry (MTI). — AFP

May 21, 2023

President Joe Biden was intervening personally Sunday to try and break the US debt ceiling deadlock with a call to the top Republican leader before the clock ticks down on a feared national default.

The White House said that Biden, winding up a three-day G7 meeting in Hiroshima, Japan, would call Speaker Kevin McCarthy as soon as the summit ended.

"President Biden has continued to closely track negotiations on a bipartisan budget framework and the pressing need for Congress to act to avert default," the official said.

"He received an update from his team both last night and this morning on the status of negotiations. The president directed his team to coordinate with Speaker McCarthy to schedule a call."

The call will happen once Biden has given a closing press conference set to start around 6:15 pm in Hiroshima (0915 GMT), or early morning in Washington, the official said. It wasn't clear if this would be on the ground or once Biden was on the way home aboard Air Force One. — AFP

May 19, 2023

Government data show Japan's consumer prices rose 3.4% on-year in April, in line with market expectations.

The figure, which excludes volatile fresh food prices, followed a 3.1 percent rise recorded in both March and February. — AFP

May 16, 2023

China's economic data for April missed expectations last month, official figures showed Tuesday, as low demand and high youth unemployment led to a patchy recovery after lifting strict Covid rules.

Retail sales -- a key indicator of domestic consumer activity -- grew 18.4 percent on-year, data released by the National Bureau of Statistics (NBS) showed.

The reading was short of the 21.9 percent forecast in a survey of economists by Bloomberg, even as shoppers and diners returned to malls and restaurants.

Low domestic demand despite low inflation has slowed China's economic recovery. — AFP

May 15, 2023

Europe's economy rode out the energy price crisis triggered by Russia's war on Ukraine with better than expected economic growth, Brussels says, as it boosted its forecast.

The European Commission revised upwards its 2023 economic outlook, but also warned that inflation remains higher than hoped, maintaining pressure for higher interest rates.

The commission raised its 2023 growth outlook by 0.2 points to 1.1 percent for the 20-country eurozone single currency bloc, and to 1.0 percent for the EU as a whole.

It also raised the 2024 growth forecast for the eurozone by 0.1 points to 1.6 percent. — AFP

May 11, 2023

Official figures show that China's inflation rate edged up 0.1% year-on-year in April, the slowest rate recorded since 2021, signalling a weak recovery after lifting pandemic curbs.

Producer prices fell for the seventh consecutive month due to sluggish domestic demand and lower commodity costs, data released by Beijing's National Bureau of Statistics (NBS) show. 

April's consumer price index (CPI), the main gauge of inflation, was the lowest level recorded since February 2021 and fell below the 0.3% increase forecast by analysts polled by Bloomberg. 

In March, China's CPI was 0.7%. — AFP

May 2, 2023

Hong Kong's city leader says its economy grew in the first quarter of 2023, ending a disastrous year-long spell in which the finance hub was effectively closed for business due to pandemic restrictions.

Chief Executive John Lee says the city's quarterly gross domestic product had grown 2.7% on-year, reversing contractions in the previous four quarters, including a 4.1% drop in the last stretch of 2022. 

"A series of large-scale promotional events have boosted tourism and consumption and improved the economy," Lee says at a press briefing. — AFP  

April 27, 2023

US economic growth lost steam in the first quarter this year, says the Commerce Department on Thursday, as the possibility of a mild recession brews while consumer spending weakens.

Consumption has provided a boost to the world's biggest economy, giving it a strong start to 2023, but recent banking sector turmoil and rising interest rates are likely to weigh on the outlook.

US gross domestic product rose at an annual rate of 1.1% in the January to March period, down from 2.6 percent in the fourth quarter last year. — AFP

April 23, 2023

Pummelled by a housing crisis that caused a record-breaking slump last year, some Chinese property developers are starting to see light at the end of the tunnel, but analysts warn the sector is still on course to slow down in the long term.

The real estate industry grew at lightning speed after restrictions were eased in 1998 across China, a country where buying a home is a common prerequisite for marriage, as well as an investment.

For two decades, developers have been able to build at breakneck speed thanks to easy bank loans, but their debts swelled so much that authorities put a stop to that access to cash from 2020.

Since then, availability of credit has been slashed and demand for property has fallen as a result of the economic downturn and a crisis of confidence. — AFP

April 22, 2023

Inflation in the United States has become "broad-based," a top Federal Reserve official says, suggesting the US central bank's fight against price rises through interest rate hikes has some road left to run.

The Fed has raised its benchmark lending rate nine times in a row since March last year to tackle inflation, which remains well above its long-term target of two percent. 

Several senior Fed officials have suggested in recent weeks that interest rates may need to increase further, and remain high, to control inflation. — AFP 

April 21, 2023

Government data show Japan's consumer prices rose 3.1% in March, matching last month's figure and roughly in line with expectations, as inflation slows from four-decade highs.

The figure, which excludes volatile fresh food prices, was marginally higher than market expectations of a 3.0 percent rise and even with February numbers.

Friday's figure comes a week before the Bank of Japan's first policy decision under new governor Kazuo Ueda, who has said the central bank's longstanding monetary easing policy is "appropriate." —  AFP

April 16, 2023

Saudi Arabia has put a second four-percent chunk of shares of the Aramco energy giant, worth tens of billions of dollars, under the control of the country's sovereign wealth fund, state media says.

The move underscores Crown Prince Mohammed bin Salman's campaign to use the Gulf kingdom's vast energy resources to open up the economy under his "Vision 2030" domestic reform agenda.

The official Saudi Press Agency says the shares had been transferred to Sanabil Investments, a firm controlled by the kingdom's Public Investment Fund (PIF), one of the world's biggest sovereign wealth funds with more than $620 billion in assets.

Last year, four percent of Aramco shares, estimated at the time to be worth $80 billion, were transferred directly to PIF.

The latest shares are worth nearly $80 billion, based on the current market capitalisation of Aramco, one of the world's most valuable companies. — AFP

April 13, 2023

Customs data show that China's exports rose in March for the first time in six months, as the world's second-largest economy continued its recovery following the end of onerous coronavirus curbs late last year.

The 14.8% surge in overseas shipments marked the first since September, according to the General Administration of Customs, and will provide a boost to hopes for a lasting rebound.

Beijing long maintained some of the world's strictest Covid curbs, persisting with snap lockdowns and lengthy quarantines despite their increasingly dire economic consequences. — AFP

April 11, 2023

China's consumer price inflation fell below one percent in March, official figures showed Tuesday, a sign of weak demand as the world's second largest economy tries to recover from its pandemic-driven slump.

The March consumer price index (CPI) -- the main gauge of inflation -- came in at 0.7 percent, down from the one percent seen a month earlier, according to the country's National Bureau of Statistics (NBS). 

Beijing is targeting an average inflation rate of three percent for 2023, which is still far below the current rates of many developed economies. — AFP

April 11, 2023

Official figures show China's consumer price inflation fell below 1% in March, a sign of weak demand as the world's second largest economy tries to recover from its pandemic-driven slump.

The March consumer price index (CPI) -- the main gauge of inflation -- came in at 0.7%, down from the 1% seen a month earlier, according to the country's National Bureau of Statistics (NBS). 

Beijing is targeting an average inflation rate of 3% percent for 2023, which is still far below the current rates of many developed economies. — AFP

April 10, 2023

The World Bank and International Monetary Fund's spring meetings get underway later this week with an ambitious reform and fundraising agenda likely to be overshadowed by concerns over high inflation, rising geopolitical tension and financial stability.

"Growth remains historically weak -— now and in the medium term," IMF managing director Kristalina Georgieva said during a speech last week.

The fund now expects global growth to fall below three percent this year, and to remain at close to three percent for the next half a decade -- its lowest medium-term prediction since the 1990s. — AFP

April 8, 2023

US Treasury Secretary Janet Yellen expects the world's biggest economy will continue to grow, despite heightened recession concerns following recent turmoil in the banking sector.

"I continue to anticipate that the US economy will grow and the labor market will remain strong, and inflation will come down," Yellen tells AFP in an interview.

April 5, 2023

New Zealand's central bank hikes interest rates Wednesday for the 11th time in a row as it fights to bear down on "high and persistent" inflation.

The Reserve Bank of New Zealand boosted the key official cash rate by a larger-than-expected half a percentage point to 5.25%, and it left any future move in the balance.

"Inflation is still too high and persistent, and employment is beyond its maximum sustainable level," the bank says in a statement after the decision. — AFP

April 4, 2023

The Asian Development Bank raises its 2023 growth forecast for developing Asia on Tuesday, after China's abrupt loosening of COVID-19 restrictions and reopening of its borders brightened the region's prospects.

The Philippines-based lender expects economic growth of 4.8% this year, up from its 4.6 % projection in December. That compares with growth of 4.2% last year.

Developing Asia refers to 46 members of the ADB, stretching from Kazakhstan in Central Asia to the Cook Islands in the Pacific. — AFP

April 3, 2023

Major oil powers led by Saudi Arabia announce a surprise production cut of more than one million barrels per day on Sunday, calling it a "precautionary" move aimed at stabilising the market.

The reductions, on top of a Russian decision to extend a cut of 500,000 barrels per day, and despite US calls to increase production, risk stoking inflation and pressure to raise interest rates.

Cuts by Saudi Arabia, Iraq, the UAE, Kuwait, Algeria and Oman from May to the end of the year will top one million barrels per day -- the biggest reduction since the OPEC+ cartel slashed two million barrels per day in October. — AFP

March 31, 2023

Revised official data show the British economy performed slightly better than previously estimated in the final quarter of last year as it expanded by 0.1%.

The Office for National Statistics (ONS) initially said growth had been flat in the October-December period.

Either way, the UK narrowly avoided falling into recession at the end of 2022. — AFP

March 30, 2023

Official data show Spain's budget deficit narrowed to 4.8% of gross domestic product last year, beating forecasts from the government which expects a further reduction this year.

"Spain has once again managed to respect its commitments," Budget Minister Maria Jesus Montero tells a news conference.

Her Socialist-led government had targeted with the European Union a budget gap of 5.0% in 2022, down from 6.7% in 2021.  — AFP

March 30, 2023

China's economy is showing "strong momentum" despite a challenging global environment, Premier Li Qiang says Thursday, promising to bolster support for business as the country emerges from strict Covid controls that hammered GDP.

Li's speech at the Boao Forum, a high-profile meeting on China's southern Hainan island, was his first to an international conference since being appointed Beijing's number-two official in early March.

"China's economic growth shows strong momentum," Li tells top politicians and business leaders. — AFP

March 29, 2023

Authorities say Vietnam's economic growth slowed in the first quarter of the year as exports slumped due to reduced consumer demand.

The communist manufacturing hub's economy expanded by 3.32% in the January-March period, down from 5.05% in the same period of 2022.

Vietnam is one of the world's largest exporters of clothing, footwear and furniture but in the first quarter of 2023 the country faced "unstable and complicated developments in the world economy", the General Statistics Office (GSO) says in a statement. — AFP

March 21, 2023

Sri Lanka's roughly $3 billion loan agreement with the International Monetary Fund (IMF) will look to protect the poorest while tackling deep-rooted economic issues, a senior IMF official tells AFP.

The "progressive" agreement will be disbursed more or less evenly over four years and look to ensure that "those who can pay actually pay more, and those who need protection are protected," the Director of the IMF Asia and Pacific Department, Krishna Srinivasan, says in an interview. 

"It is targeted at the people who are going to be hurt the most," he says. "The rich and the wealthy will be paying more." — AFP

March 19, 2023

US central bankers face an unenviable task when they gather in Washington next week: tackling persistent inflation without adding to financial sector turmoil after Silicon Valley Bank's rapid collapse.

The Federal Reserve has raised rates eight times since last year in the face of decades-high inflation as it looks to cool the economy without tipping it into a recession.

While Fed Chair Jerome Powell earlier signaled willingness to speed up interest rate hikes if needed, most analysts and traders see a small rise of 25 basis points as the most likely outcome on Wednesday at the end of the Fed's two-day meeting.

A quarter-percentage-point hike would match the magnitude of the Fed's last increase in February. — AFP

March 17, 2023

The OECD raises its global economic growth forecast on Friday as inflation eases and China emerges from Covid restrictions, but warns of vulnerabilities as seen in the US bank sector turmoil.

The Organization for Economic Co-operation and Development says it now expects the global economy to grow by 2.6% this year compared to 2.2% in its previous forecast in November.

But it remains under the 3.2-percent expansion seen in 2022, the Paris-based OECD says in its updated economic outlook titled "A Fragile Recovery". — AFP

March 13, 2023

US authorities have unveiled sweeping measures to ease fears over the health of the banking system following the failure of Silicon Valley Bank, as regulators took over a second troubled lender.

Regulators stepped in to ensure depositors still had access to their funds at SVB and promised other institutions help in meeting customers' needs after markets were rattled by the bank's sudden collapse.

In Britain, banking giant HSBC bought SVB's UK division for just £1 ($1.2) in a rescue deal overseen by the Bank of England and the government.

Amid fears over the wider sector, President Joe Biden vows to hold "fully accountable" the people responsible for "this mess" and said he would deliver remarks on Monday morning on maintaining a resilient banking system.

"The American people and American businesses can have confidence that their bank deposits will be there when they need them," Biden says. — AFP

March 7, 2023

Customs records show China's exports and imports fell during the first two months of 2023, hit by sluggish overseas demand, a massive Covid wave and market concerns over rising US tensions.

The country's exports in January and February tumbled 6.8% on-year, though that was an improvement on the 9.9% drop in December, customs records reveal.

Imports fell 10.2% during the same period -- worse than the 7.5% drop recorded in December. — AFP

March 6, 2023

South Korea says it would halt its complaint at the World Trade Organization over Japanese export curbs, as Tokyo and Seoul plan to launch talks on lifting the 2019 measures.

"The two governments have decided to swiftly carry out bilateral consultations related to the current issues on export regulations to return to the way things were before July 2019," Seoul's trade ministry says in a statement. — AFP

March 5, 2023

China sets an economic growth target of "around 5 percent" for 2023, one of the lowest in decades, as its annual National People's Congress opened in Beijing.

The target was announced in a work report delivered by outgoing Premier Li Keqiang as the rubber-stamp parliament opened at the capital's Great Hall of the People.

The figure was slightly lower than the average forecasts of economists surveyed by AFP, who predicted a goal of around 5.3%.

Li says China would aim to add "around 12 million new urban jobs" this year and bring the urban unemployment rate to around 5.5 percent. — AFP

March 3, 2023

Official data show Turkey's inflation rate slowed for a fourth consecutive month in February, ahead of May elections in which President Recep Tayyip Erdogan's economic record will be a key issue for voters.

The inflation report comes as the government prepares to pour billions of dollars into rebuilding huge swathes of Turkey following the massive earthquake that struck on February 6.

Scores of cities were devastated and more than 50,000 people were killed in Turkey and neighbouring Syria, leaving millions needing urgent need. — AFP  

March 3, 2023

China will likely set one of the country's lowest growth goals in decades at the annual National People's Congress next week, experts tell AFP, hit by long-running property woes, a sluggish global economy and geopolitical tensions.

Thousands of party delegates from across China will converge on Beijing for a rubber stamp conclave set to confirm key personnel appointments and make policy for the coming year.

Among the first declarations is expected to be a target for gross domestic product growth  over the coming 12 months, announced by outgoing Premier Li Keqiang at Sunday's opening ceremony.

February 28, 2023

UK food price inflation has soared to a record peak as Britons suffer under a cost-of-living crisis, according to a survey Tuesday.

Prices accelerated 17.1% in the four weeks to February 19 compared with a year earlier, data provider Kantar says after tracking the cost of more than 75,000 products.

That was the highest increase recorded by Kantar, which began its survey in 2008. — AFP

February 23, 2023

South Korea's central bank freezes benchmark interest rates at 3.5% owing to concerns over the slowing economy, ending a year-long run of hikes.

The Bank of Korea decision comes after the economy shrank in the last three months of 2022 -- the first time since the second quarter of 2020 as the pandemic kicked in. 

The reading prompted speculation that the BOK would have to adjust its pace of monetary tightening. — AFP 

February 19, 2023

After a year of record sales and profits despite slowing global growth the luxury sector is looking to the reopening of China to deliver further expansion in 2023.

The world's largest luxury group LVMH posted a 23-percent jump in sales to a record of 79 billion euros ($86 billion) in 2022 and saw profits climb 17 percent to 14 billion.

The company's chief executive, Bernard Arnault, wants to continue along that path in 2023, "at the risk of becoming boring".

LVMH's rivals also managed blistering growth in sales and profits last year. — AFP

February 14, 2023

Japan's economy expanded just 0.2% in the last quarter of 2022, a smaller rebound than expected despite the long-awaited reopening of the country to tourists, government data shows.

The figure for the three months to December fell short of the 0.5% growth forecast by analysts surveyed by Bloomberg, with the world's third-largest economy growing 1.1% for the calendar year.

Japan reopened its doors to tourists in October after two-and-a-half years of tough Covid-19 restrictions, lifting a cap on the number of arrivals and ending a rule requiring visitors to come on package tours. — AFP

February 13, 2023

Singapore says it will stick to its economic growth forecast for 2023 despite the slowdown last year, encouraged by China's rapid reopening after years of crushing zero-Covid policies.

The city-state's economic performance is often seen as a useful barometer of the global environment because of its reliance on trade with the rest of the world.

Singapore's Ministry of Trade and Industry says in a statement that it would maintain its growth forecast of 0.5 to 2.5%.

"Growth in China is projected to pick up in tandem with the faster-than-expected easing of its Covid-19 restrictions," the Ministry of Trade and Industry (MTI) says in a statement.

"This has led to improvements in the growth outlook of regional economies." — AFP

February 10, 2023

Britain's economy avoided recession after flatlining in the last three months of 2022, but finance minister Jeremy Hunt warns it was "not out of the woods yet" over surging inflation.

Gross domestic product registered zero growth in the fourth quarter, in line with expectations after shrinking 0.3 percent in the previous three months, the Office for National Statistics (ONS) says in a statement.

The economy expanded by 4.1% last year overall, shrugging off decades-high inflation, after growth of 7.4% in 2021, the ONS adds.

Sky-high consumer prices have sparked a cost-of-living crisis and widespread industrial action across Britain. — AFP

February 8, 2023

Sri Lanka's president says the island nation will remain bankrupt for at least three more years as he works to repair battered government finances following an unprecedented economic crisis.

Ranil Wickremesinghe took office last year at the peak of national unrest sparked by months of food, fuel and medicine shortages. 

He has since pushed through tax hikes and negotiated with international creditors after a default on Sri Lanka's foreign debt to clear the way for a sorely needed IMF bailout. — AFP 

February 3, 2023

China's economy is expected to contribute a quarter of global growth this year, the International Monetary Fund says, although uncertainty around COVID-19 and the property sector could stifle momentum.

After almost three years of stringent health restrictions, Beijing in December abruptly ended the zero-Covid policy that had battered the economy and provoked widespread protests. 

The Asian giant posted growth of just three percent in 2022, hammered by stringent lockdowns and a deepening crisis in the key property sector. — AFP

January 31, 2023

Pakistan is gripped by a major economic crisis, with the rupee plummeting, inflation soaring and energy in short supply as IMF officials visit to discuss a vital cash injection.

Prime Minister Shehbaz Sharif for months held out against the tax rises and subsidy slashing demanded by the International Monetary Fund, fearful of backlash ahead of elections due in October.

But in recent days, with the prospect of national bankruptcy looming and no friendly countries willing to offer less painful bailouts, Islamabad has started to bow to pressure. — AFP

January 31, 2023

Global growth is set to be higher than expected this year, the IMF says, raising its forecast on surprisingly strong consumption and investment while China's lifting of zero-Covid restrictions provides another boost.

World growth has been bogged down by fallout from Russia's invasion of Ukraine last year, economic downturns and efforts to rein in spiraling costs of living.

Against this backdrop, the International Monetary Fund expects the global economy to expand 2.9 percent this year, slowing from 2022 to a rate that remains weak by historical standards.

But "adverse risks have moderated" since last October's forecast, says the IMF in the latest update to its World Economic Outlook report.

"The year ahead will still be challenging... but it could well represent a turning point with growth bottoming out and inflation declining," IMF chief economist Pierre-Olivier Gourinchas tells reporters. — AFP

January 30, 2023

The European Central Bank is expected to push on with its inflation fight Thursday with a fresh rate hike, even as signs grow the eurozone might have passed the worst of an economic shock.

After Russia's invasion of Ukraine sent energy and food costs soaring across the single currency area, the ECB embarked on the most aggressive cycle of monetary policy tightening in its history.

Since July, it has lifted interest rates by 2.5 percentage points to tame consumer price growth -- which peaked at 10.6 percent in October, over five times the bank's target.

While still high, inflation has started slowing, fuelling hopes that the Frankfurt-based institution's efforts are bearing fruit.

A flurry of recent data, including a key survey showing Europe's economy has started growing again, have even raised hopes that the eurozone will avoid a sharp downturn. — AFP

January 26, 2023

The US economy is forecast to have grown but at a slower pace in the final months of 2022, helped by consumption and business investment although recession fears loom.

Economic activity has been easing as the US central bank hiked the benchmark lending rate seven times last year, in hopes of cooling demand and reining in costs as inflation surged.

The property sector has slumped, followed by declines in manufacturing and retail sales.

Against this backdrop, the world's biggest economy is seen to expand 2.6 percent in the October to December period, according to a consensus forecast of analysts, down from 3.2 percent in the third quarter last year. — AFP

January 26, 2023

South Korea's economy shrank in October-December for the first time since the second quarter of 2020, as exports tumbled while consumer spending dipped in reaction to rising interest rates, the country's central bank says.

Gross domestic product in the final period of last year contracted 0.4 percent from the previous quarter, the Bank of Korea says. 

The reading comes after the BoK hiked borrowing costs for the tenth time in 18 months in early January, as part of its drive to tame inflation.

The figures could provide monetary policymakers room to slow their pace of hikes, as central banks around the world look to tone down their tightening moves as the effects of last year's moves kick in.

Still, consumer inflation, which hit five percent in December, continues to be a major concern for the BoK. — AFP

January 24, 2023

German consumer confidence improved at the start of the new year, a key survey shows, as government support measures help keep the lid on energy costs.

Pollster GfK says its forward-looking survey of around 2,000 people climbed 3.7 points to reach minus 33.9 points for February, the fourth consecutive monthly increase.

"Falling prices for energy, such as gasoline and heating oil, have ensured that consumer sentiment is less gloomy," says GfK's consumer expert Rolf Buerkl.

But he warned that the indicator was still at a "very low level" overall and that the months ahead would remain "difficult" for Europe's top economy.

"Private consumption will not be able to make a positive contribution" to economic growth this year, he says. — AFP

January 20, 2023

UK retail sales slid one percent in December, the key Christmas trading period, with consumers hit by sky-high inflation, official data shows.

Sales by volume dropped for a second month running after a fall of 0.5 percent in November, the Office for National Statistics says in a statement.

"Retail sales dropped again in December, with feedback suggesting consumers cut back on their Christmas shopping due to affordability concerns," says Heather Bovill, ONS deputy director for surveys and economic indicators.

Official data Wednesday showed UK annual inflation slowed to 10.5 percent in December.

However it remains close to a four-decade high that is causing a cost-of-living crisis and mass strikes by workers, including nurses, teachers and the railway sector. — AFP

January 20, 2023

Japan inflation at 4% in December, highest since 1981.

January 18, 2023

Official data show that the UK annual inflation slowed to 10.5% in December, but remained close to historically high levels.

The Consumer Prices Index rate compared with 10.7% in November, the Office for National Statistics says in statement. — AFP

January 17, 2023

Official data released on Tuesday show China's economy grew 3% in 2022, one of the weakest rates in 40 years owing to the COVID-19 pandemic and a real estate crisis.

Beijing had set itself a target of 5.5%, a rate already much lower than the performance of 2021 when the country's GDP increased more than 8%. — AFP

October 28, 2022

China's "sharp and uncharacteristic" economic slowdown is expected to drag on growth across Asia through the end of next year, the International Monetary Fund (IMF) warns, darkening an already gloomy global outlook.

Worldwide economic prospects have dimmed this year as countries have faced higher living costs, tighter financial conditions and increased uncertainty following Russia's invasion of Ukraine.

The crises have dulled the rebound from the Covid-19 pandemic, even as Asia has remained a "relative bright spot" compared with other parts of the globe, the IMF says in its Regional Economic Outlook.

But growth in the region faces headwinds from a Chinese economy weighed down by a hardline zero-Covid policy and a crisis in the property sector, the organisation says. — AFP

April 29, 2020

The decade of US economic expansion ended dramatically in the first quarter when GDP shrank 4.8% as the coronavirus hit, according to government data released Wednesday 

It was the biggest decline in GDP in 12 years, as the pandemic forced businesses to close, halting purchases and investment, the Commerce Department reports.

But the report on the January-March quarter noted it could not quantify the full economic effects of the virus. — AFP

April 22, 2020

A day after its historic slide into negative territory amid a supply glut, US oil futures finish in positive territory although the market remains under heavy pressure.

Futures of US benchmark contract West Texas Intermediate for delivery in May end at $10.01 a barrel after finishing Monday's session at -$37.63 a barrel.

But WTI futures for delivery in June plunged 43 percent to $11.57 a barrel, the lowest ever since the contract was established in 1983. — AFP

April 21, 2020

The US benchmark crude oil price collapses, falling to one cent a barrel amid an epic supply glut caused largely by the coronavirus pandemic's hit to demand.

After beating the record low multiple times, West Texas Intermediate (WTI) for May delivery continues to sink to the unheard of price of a penny a barrel, before inching up to $0.27 at about 1815 GMT in New York.

Sellers of the May contract have just one more day to find buyers, but with storage in short supply, they are struggling to find takers.

The WTI contract for June delivery is trading at a still low $22 a barrel. — AFP

February 11, 2020

The US central bank is keeping watch for any impact from the virus outbreak in China that could spread beyond its borders, Federal Reserve Chairman Jerome Powell says.

The Fed is "closely monitoring the emergence of the coronavirus, which could lead to disruptions in China that spill over to the rest of the global economy," Powell says in testimony to Congress.

Speaking the day after US President Donald Trump presented to Congress his $4.8 trillion budget proposal that has large deficits continuing for at least 15 years, Powell again argues for a "more sustainable budget." — AFP

February 3, 2020

Sterling slid 1% versus the dollar on Monday, hit by worries over Brexit trade deal negotiations following Britain's exit from the European Union, dealers say.

Shortly after 1000 GMT, the pound sank 1.0% to $1.3071. The European single currency meanwhile jumped 0.8% to 84.67 pence, as Britain got down to work on tricky trade deals worldwide after leaving the EU on Friday. — AFP

February 2, 2020

China's central bank says it will pump 1.2 trillion yuan ($173 billion) into the economy as it ramps up support for a nationwide fight against a deadly virus that is expected to hit growth.

The People's Bank of China says in a statement it will launch a 1.2 trillion yuan reverse repurchase operation on Monday to maintain "reasonable and abundant liquidity" in the banking system, as well as a stable currency market, during the epidemic. — AFP

January 30, 2020

The Bank of England has kept its main interest rate at 0.75% while slashing its estimate for UK growth this year, it says Thursday, one day before the country exits the European Union.

The BoE says the British economy will expand by only 0.8% this year, down sharply on its previous 1.2% forecast. — AFP

January 20, 2020

Improving US-China trade tensions have eased uncertainty and the world economy may have hit bottom but a sharp slowdown in India is creating a drag worldwide, the International Monetary Fund says.

In the latest update to the World Economic Outlook, the IMF cut the global growth estimate for 2020 by one-tenth compared to the October report, dropping it to 3.3%, and lowered the 2021 forecast by a bit more, to 3.4%.

The sharp drop for India "accounts for the lion's share of the downward revisions," the IMF says. — AFP

December 30, 2019

Hong Kong stocks rose Monday morning, building on last week's gains fuelled by easing trade tensions and positive sentiment on Wall Street.

The Hang Seng index added 1.30%, or 361.21 points, to 28,225.42 in early trade.

The benchmark Shanghai Composite Index opened 0.23%, or 6.87 points lower, at 2,998.17 on Monday.

The Shenzhen Composite Index, which tracks stocks on China's second exchange, lost 0.37%, or 6.26 points, to open at 1,691.65. — AFP

November 22, 2019

Asian markets rise Friday as a sense of optimism return to trading floors after a report saying China's point man on the US tariffs talks offered to host a meeting to help push through their crucial mini pact.

However, investors are nervous that the deal could collapse at any minute after US lawmakers passed a bill supporting Hong Kong rights, causing anger in Beijing.

Expectations that the economic superpowers would be able to sign off on the agreement soon helped fan a rally across world markets for weeks, though a lack of detail or signs of progress of late is becoming unsettling for many.

Key figures around 10:30 a.m. Friday, November 22:

  • Tokyo - Nikkei 225: UP 0.6 percent at 23,180.18 (break)
  • Hong Kong - Hang Seng: UP 0.6 percent at 26,612.67
  • Shanghai - Composite: UP 0.7 percent at 2,922.79
  • Euro/dollar: UP at $1.1063 from $1.1059 at 2140 GMT
  • Pound/dollar: UP at $1.2921 from $1.2907
  • Euro/pound: DOWN at 85.62 pence from 85.67 pence
  • Dollar/yen: UP at 108.68 yen from 108.60 yen
  • West Texas Intermediate: DOWN 34 cents at $58.24 per barrel
  • Brent North Sea crude: DOWN 29 cents at $63.68 per barrel
  • New York - Dow: DOWN 0.2 percent at 27,766.29 (close)
  • London - FTSE 100: DOWN 0.3 percent at 7,238.55 (close)

— AFP

October 28, 2019

Asian markets rallied Monday after China and the US said they were close to agreeing a mini trade deal, but the pound extended losses on fresh Brexit uncertainty while EU leaders consider extending a deadline for Britain to leave the bloc.

Investors tracked a strong lead from Wall Street, where the S&P 500 flirted with another record, after the US Trade Representative's office said the top-level negotiators had held talks Friday and were "close to finalising" an agreement.

And the Chinese Commerce Ministry said both sides agreed to "properly address each other's core concerns", fuelling hopes the economic superpowers are on course to a resolution to their long-running and painful tariffs spat. 

Key figures around 10:30 a.m. (Manila time)

  • Tokyo - Nikkei 225: UP 0.3% at 22,861.59 (break)
  • Hong Kong - Hang Seng: UP 0.7% at 26,851.96
  • Shanghai - Composite: UP 0.3% at 2,963.80
  • Pound/dollar: DOWN at $1.2819 from $1.2823 at 2030 GMT on Friday
  • Euro/pound: UP at 86.42 pence from 86.39 pence 
  • Dollar/yen: UP at 108.75 yen from 108.67 yen
  • Euro/dollar: DOWN at $1.1077 from $1.1079
  • West Texas Intermediate: DOWN eight cents at $56.58 per barrel
  • Brent North Sea crude: DOWN six cents at $61.96 per barrel
  • New York - Dow: UP 0.6% at 26,958.06 (close)
  • London - FTSE 100: DOWN 0.1% at 7,324.47 (close)

— AFP

October 22, 2019

Hong Kong stocks ticked higher in the first few minutes of trade Tuesday, tracking gains on Wall Street and boosted by signs of further progress in the China-US trade talks.

The Hang Seng Index added 0.33%, or 88.13 points, to 26,813.18.

The benchmark Shanghai Composite Index rose 0.20%, or 5.98 points, to 2,945.60 and the Shenzhen Composite Index, which tracks stocks on China's second exchange, gained 0.17%, or 2.78 points, to 1,617.65. — AFP

October 21, 2019

Tokyo stocks close higher on Monday after British Prime Minister Boris Johnson's latest failure to break the Brexit deadlock, with focus shifting to Japanese corporate earnings season starting this week.

The benchmark Nikkei 225 index is up 0.25%, or 56.22 points, to end at 22,548.90, while the broader Topix index gained 0.41%, or 6.61 points, to 1,628.60. — AFP

October 18, 2019

Facebook's proposed digital currency must have legal and regulatory issues worked out in key economies before it can be put into use, the Group of Seven economies says.

In a new report on stablecoins — a type of digital currency backed by reserves assets — the G7 also urged regulators to coordinate their work to prevent issuers from seeking out the most favorable country from which to operate.

"For stablecoin developers, a sound legal basis in all relevant jurisdictions... is an absolute prerequisite," according to the report from the G7 working group led by Benoit Coeure.  — AFP

October 11, 2019

Tokyo's benchmark Nikkei index gains more than 1% on growing hopes for progress in a planned high-level meeting between US and Chinese trade officials later in the day.

The Nikkei 225 index rose 1.15%, or 246.89 points, to close at 21,798.87, while the broader Topix index was up 0.88%, or 13.85 points, at 1,595.27. — AFP

September 30, 2019

European stock markets slip at the start of trading on Monday following losses in Asia.

London's benchmark FTSE 100 index dips 0.1% to 7,421.50 points, compared with the close on Friday.

In the eurozone, Frankfurt's DAX 30 index sheds 0.2% to 12,356.01 points and the Paris CAC 40 loses 0.2% to 5,629.87. — AFP

September 16, 2019

Saudi Arabia, the world's top oil exporter, is expected to restore at least a third of the production lost to weekend attacks on two major oil facilities, according to experts and reports.

The Saturday strikes on national energy giant Aramco's Abqaiq processing plant and Khurais oil field knocked 5.7 million barrels per day off production, over half of the OPEC kingpin's output, sending shockwaves through markets.

Saudi Energy Minister Prince Abdulaziz bin Salman said Sunday the kingdom would use its vast inventories to partially compensate for the lost production, and the US also authorized the release of its reserves.

But oil prices saw a record surge on Monday, with key contracts more than 10% higher as finger-pointing at Iran fuelled fresh geopolitical fears.

The Energy Intelligence specialist newsletter cited industry sources as saying Aramco was "close to restoring as much as 40 percent" of the lost production, or about 2.3 million bpd. — AFP

September 15, 2019

Saudi shares slumped at the start of trading Sunday, the first session after drone attacks on two major oil facilities knocked out more than half the OPEC kingpin's production.

The Tadawul All-Shares Index, which tracks the Arab world's largest capital market, sank three percent, shedding some 200 points in the first few minutes before regaining some of the losses.

Just under one hour into the session, TASI was down 1.50% at 7,715 points.

The key energy sector plunged 4.7%, while the telecom and banking sectors each slid 3%.

The market was also affected by an announcement from the Saudi Basic Industries Co., one of the world's largest petrochemicals producers, that the industry faced a shortage of raw materials. It did not name the reason but said the issue arose on Saturday — the day of the drone attack. — AFP

September 9, 2019

Saudi Arabia's new energy minister Prince Abdulaziz bin Salman reportedly endorses curbing oil output to address an oversupply, as major producing nations prepare to deliberate fresh cuts.

In his first comments since being appointed by his father King Salman on Sunday, the minister signals no major change in approach in Saudi Arabia, the de facto leader of OPEC which pumps about a third of the cartel's oil.

"The pillars of our oil policy are pre-determined and will not change," he says according to Saudi broadcaster Al-Arabiya.

The prince is in Abu Dhabi to attend the World Energy Congress, followed by a meeting on Thursday of the OPEC+ alliance's Joint Ministerial Monitoring Committee (JMMC), which monitors a supply cut deal reached last year. — AFP

September 5, 2019

Tokyo shares jump Thursday, September 5, extending rallies on Wall Street on easing worries over Brexit and the crisis in Hong Kong.

The benchmark Nikkei 225 index rose 2.12%, or 436.80 points, to 21,085.94, while the broader Topix index added 1.84%, or 27.65 points, to 1,534.46. — AFP

August 21, 2019

Tokyo stocks fall Wednesday, August 21, tracking losses on Wall Street as investors locked in profits following a three-session winning streak.

The benchmark Nikkei 225 index slid 0.28%, or 58.65 points, to close at 20,618.57 while the broader Topix index fell 0.61%, or 9.26 points, to 1,497.51.

"Today's decline was mainly due to the US loss," says Yoshihiro Okumura, general manager at Chibagin Asset Management.

On Wall Street, stocks slid further on Tuesday after President Donald Trump once again said he was not ready to reach a trade deal with China. — AFP

August 20, 2019

Most Asian markets rose on the back of hopes for central bank and government stimulus measures around the world, while investors were also cheered by further signs of easing tensions in the China-US trade war.

Trading floors have been tense for several weeks owing to concerns about a number of factors including the trade war, Brexit, a global economic slowdown and tensions in the Middle East.

However, while markets remain on edge, equities have enjoyed a positive start to the week, with Germany reportedly planning government support to avert a recession in Europe's biggest economy and central banks elsewhere looking to ease monetary policy.

Among the key events this week is a speech by Federal Reserve boss Jerome Powell at the annual Jackson Hole symposium of central bankers in Wyoming.

Key figures around 4:10 p.m. Tuesday, August 20 (Manila time):

  • Tokyo - Nikkei 225: UP 0.6 percent at 20,677.22 (close)
  • Hong Kong - Hang Seng: DOWN 0.2 percent at 26,231.54 (close)
  • Shanghai - Composite: DOWN 0.1 percent at 2,880.00 (close)
  • London - FTSE 100: UP 0.1 percent at 7,193.74
  • Euro/dollar: DOWN at $1.1077 from $1.1078 at 2015 GMT
  • Pound/dollar: DOWN at $1.2092 from $1.2134
  • Euro/pound: UP at 91.62 pence from 91.30 pence 
  • Dollar/yen: DOWN at 106.43 yen from 106.66 yen
  • West Texas Intermediate: FLAT at $56.11 per barrel
  • Brent North Sea crude: DOWN eight cents at $59.66 per barrel
  • New York - Dow: UP 1.0 percent to 26,135.79 (close)

— AFP

August 19, 2019

A majority of economists expect a US recession in the next two years, but have pushed back the onset amid Federal Reserve actions, according to a survey released Monday.

The survey came out after President Donald Trump pushed back against talk of a looming recession as a raft of US data reports last week showed a mixed picture on the economy.

"I'm prepared for everything. I don't think we're having a recession. We're doing tremendously well. Our consumers are rich," Trump told reporters Sunday.

"I gave a tremendous tax cut, and they're loaded up with money. They're buying. I saw the Wal-Mart numbers, they were through the roof," he said.

"And most economists actually say that we're not going to have a recession. But the rest of the world is not doing well like we're doing." — AFP

August 15, 2019

Stock markets and the dollar slid Thursday after Wall Street suffered its worst showing this year, as mounting fears of a possible global recession saw investors flee equities for havens such as bonds, the yen and gold.

"The slew of negative news has seen a huge shake down in global equity markets, and money has poured into government bonds," notes David Madden, analyst at CMC Markets UK.

The yield on the 10-year US Treasury bond slid Wednesday below the yield on the two-year note, a so-called "inversion" that has been a reliable harbinger of recession for decades.  — AFP

August 8, 2019

Asian markets rise on bargain-hunting by investors following a week of heavy losses due to anxiety over the deepening US-China trade war.

But tensions remained high, prompting a rush on safe-haven assets such as bonds, gold and the Japanese yen.

Bond yields plunged on Wednesday as prices climbed, with the benchmark US government 10-year note dropping to multi-year lows, while French and German bond yields, already in negative territory, set new record lows.

Key figures around 3 p.m. Thursday, August 8.

  • Tokyo - Nikkei 225: UP 0.4 percent at 20,593.35 (close)
  • Hong Kong - Hang Seng: UP 0.7 percent at 26,178.39
  • Shanghai - Composite: UP 0.9 percent at 2,794.55 (close)
  • London - FTSE 100: UP 0.5 percent at 7,232.04 
  • Pound/dollar: UP at $1.2178 from $1.2140 around 2100 GMT
  • Euro/pound: DOWN at 92.10 pence from 92.26 pence 
  • Euro/dollar: UP at $1.1215 from $1.1203
  • Dollar/yen: DOWN at 106.13 yen from 106.23 yen
  • Brent North Sea crude: UP $1.53 at $57.76 per barrel
  • West Texas Intermediate: UP $1.58 at $52.67 per barrel
  • New York - Dow: DOWN 0.1 percent at 26,007.07 (close)

 — AFP

August 7, 2019

The price of gold briefly rose above $1,500 per ounce, a key level last breached six years ago, as investors sought shelter from the fallout of a raging US-China trade war.

At about 9:35 p.m. (Philippine time), gold jumped to $1,500.25 per ounce, the highest point since April 2013 and 1.7% higher than late Tuesday.

August 7, 2019

Eurozone stock markets climb in initial deals on Wednesday, while London flattens, approaching the half-way mark in a choppy trading week.

Frankfurt's DAX 30 index jumps 0.7% to 11,652.03 points and the CAC 40 in Paris rose 0.4% to 5,253.38.

London's benchmark FTSE 100 index is almost unchanged at 7,169.40 points, compared with the close on Tuesday.

August 6, 2019

The Federal Reserve has set US interest rates "in the right neighborhood," but will watch how the economy reacts to factors like the trade war, James Bullard, a key member of the central bank policy board, says.

However, Bullard, president of St Louis Federal Reserve Bank, says the Fed "can't realistically move monetary policy in a tit-for-tat trade war." 

Still, policymakers have "already done quite a bit" to help the economy and account for the uncertainty surrounding President Donald Trump's trade wars.

And despite Trump's campaign of relentless political pressure on the Fed, Bullard says in an interview that the central bank's decision making has not changed. — AFP

July 31, 2019

Tokyo stocks closed lower with investors discouraged by US President Donald Trump's negative tweets on China as the world's two biggest economies resumed trade talks.

The benchmark Nikkei 225 index fell 0.86%, or 187.78 points, to 21,521.53 while the broader Topix index was down 0.66%, or 10.44 points, at 1,565.14.

— AFP

July 30, 2019

Europe's main stock markets waver at the start of trade, with London ahead but eurozone counterparts nudging into negative territory.

In initial deals, London's benchmark FTSE 100 index of top British companies rises 0.2% to 7,702.15 points compared with the closing level on Monday.

In the eurozone, Frankfurt's DAX 30 index declines 0.2% to 12,397.31 points and the Paris erases just under 0.1% to stand at 5,597.87.

July 25, 2019

Asian markets are tempered after two days of gains as doubts emerged over next week's US-China trade meeting and beleaguered Japanese carmaker Nissan announced massive job cuts.

Key figures around 3:10 p.m. Philippine time

  • Tokyo - Nikkei 225: UP 0.2 percent at 21,756.55 (close)
  • Hong Kong - Hang Seng: UP 0.3 percent at 28,612.36
  • Shanghai - Composite: UP 0.5 percent at 2,937.36 (close)
  • London - FTSE 100: DOWN 0.1 percent at 7,497.77
  • Pound/dollar: UP at $1.2485 from $1.2476 at 2050 GMT
  • Euro/pound: DOWN at 89.17 pence from 89.25 pence
  • Euro/dollar: DOWN at $1.1134 from $1.1136
  • Dollar/yen: DOWN at 108.09 yen from 108.21 yen
  • West Texas Intermediate: UP 31 cents at $56.19 per barrel
  • Brent North Sea crude: UP 30 cents at $63.48 per barrel
  • New York - Dow: DOWN 0.3 percent at 27,269.97 (close)

— AFP

July 23, 2019

Global trade tensions and continued uncertainty are sapping the strength of the world economy which faces a "precarious" 2020, the International Monetary Fund warns.

In its quarterly update of its World Economic Outlook the IMF trimmed the global forecast issued in April by 0.1 this year and next, with growth expected to hit 3.2% in 2019 and 3.5% in 2020.

The IMF raised the US GDP forecast by three tenths to 2.6% for 2019 but the American economy is expected to slow to 1.9% in 2020. — AFP

July 21, 2019

British finance minister Philip Hammond says he will make a point of resigning before Boris Johnson became prime minister as he can never agree to his Brexit strategy.

"I'm sure I'm not going to be sacked because I'm going to resign before we get to that point," he tells BBC television, assuming that Johnson will be named prime minister on Wednesday.

July 18, 2019

G7 finance ministers and central bankers have made significant progress on agreeing an international tax regime for digital companies but more work needs to be done, US Treasury Secretary Steven Mnuchin says.

"We made some significant progress at this meeting, there is more work to be done," Mnuchin says, adding that ministers had made a "big step in the right direction" on the controversial issue while cautioning against regarding it as a breakthrough. — AFP

July 17, 2019

Rising concerns about a no-deal Brexit hit the pound once more while stock markets retreated amid renewed trade war worries and uncertainty over the outlook for US interest rates.

The pound dropped to $1.2382, a new low since April 2017.

The euro jumped to a fresh six-month high at 90.51 pence.

Key figures around 7:30 p.m. Manila time:

  • Pound/dollar: DOWN at $1.2406 from $1.2408 at 2040 GMT
  • Euro/pound: UP at 90.45 pence from 90.32 pence 
  • Euro/dollar: UP at $1.1218 from $1.1211
  • Dollar/yen: UP at 108.27 yen from 108.26 yen
  • London - FTSE 100: DOWN 0.3 percent at 7,558.35 points
  • Frankfurt - DAX 30: DOWN 0.2 percent at 12,408.06
  • Paris - CAC 40: DOWN 0.2 percent at 5,604.60
  • EURO STOXX 50: FLAT at 3,520.15
  • Tokyo - Nikkei 225: DOWN 0.3 percent at 21,469.18 (close)
  • Hong Kong - Hang Seng: DOWN 0.1 percent at 28,593.17 (close)
  • Shanghai - Composite: DOWN 0.2 percent at 2,931.69 (close)
  • New York - Dow: DOWN 0.1 percent at 27,335.63 (close)
  • Brent North Sea crude: UP 1.0 percent at $65.01 per barrel
  • West Texas Intermediate: UP 0.6 percent at $57.96 per barrel
July 15, 2019

The Bank of England says World War II code-breaker Alan Turing had been chosen to feature on the back of Britain's new £50 bank note ($63, 56 euros).

"Alan Turing was an outstanding mathematician whose work has had an enormous impact on how we live today," Bank of England governor Mark Carney says as he unveiled the note at the Science and Industry Museum in Manchester, northwest England.

"As the father of computer science and artificial intelligence, as well as war hero, Alan Turing's contributions were far ranging and path breaking. Turing is a giant on whose shoulders so many now stand," the BoE chief adds.

July 15, 2019

Asian markets recover after an early stumble on Monday as data showed China's economy growing at its weakest pace in nearly three decades, hit by the US trade war, while investors debated the depth of an expected Fed rate cut.

The world's number-two economy expanded 6.2 percent in April-June, the worst reading since the early 1990s but in line with forecasts and within the government's target range.

Key figures around 4 p.m. Manila time

  • Hong Kong - Hang Seng: UP 0.3 percent at 28,554.88 (close)
  • Shanghai - Composite: UP 0.4 percent at 2,942.89 (close)
  • Tokyo - Nikkei 225: Closed for a holiday
  • Euro/dollar: UP at $1.1277 from $1.1270 at 2100 GMT on Friday
  • Pound/dollar: DOWN at $1.2558 from $1.2576
  • Dollar/yen: UP at 107.96 yen from 107.89 yen
  • West Texas Intermediate: DOWN five cents at $60.16 per barrel
  • Brent North Sea crude: FLAT at $66.72 per barrel
  • London - FTSE 100: FLAT at 7,508.15
  • New York - Dow: UP 0.9 percent at 27,332.03 (close)
July 14, 2019

Facebook's planned virtual unit Libra, already under heavy attack from US President Donald Trump and global regulators, faces skepticism among the wider cryptocurrency community as well.

One theme — besides Brexit — dominated discussion among the movers and shakers from London's financial technology or FinTech industry as gathered for their annual get-together: the future of virtual currencies.

July 9, 2019

Tokyo's benchmark Nikkei index edges up Tuesday on a cheaper yen in sluggish trade, with the market focused on the Federal Reserve's interest rate stance after strong US jobs figures.

The Nikkei 225 index rises 0.14%, or 30.80 points, to close at 21,565.15, but the broader Topix index lost 0.22% or 3.51 points, to 1,574.89.

July 5, 2019

Tokyo stocks open flat on Friday in cautious trade ahead of closely watched US jobs data.

The benchmark Nikkei 225 index is down just 0.01% or 2.36 points at 21,700.09 in early trade, while the broader Topix index is up just 0.02% or 0.29 points at 1,590.07.

July 4, 2019

Tokyo stocks close higher on Thursday, taking a positive lead from record-setting gains on Wall Street, with investors waiting for the release of US unemployment figures.

The benchmark Nikkei 225 index climbs 0.30%, or 64.29 points, to 21,702.45, while the broader Topix index is up 0.65%, or 10.24 points, at 1,589.78.

"The New York Dow's renewing its record was certainly positive news for Tokyo," says Toshikazu Horiuchi, a broker at IwaiCosmo Securities.

July 4, 2019

Former British finance minister George Osborne is lining up a bid to replace Christine Lagarde as head of the International Monetary Fund, UK newspapers report.

Making his interest known to friends, Osborne says the job required a "skilled political communicator and operator... not a technocrat," the Financial Times reports.

July 4, 2019

Tokyo stocks open higher on Thursday, taking a positive lead from record-setting gains on Wall Street.

The benchmark Nikkei 225 index climbs 0.48% or 104.23 points to 21,742.39 in early trade while the broader Topix index was up 0.47 percent or 7.49 points at 1,587.03.

"Tokyo shares will likely bounce back, lifted by the New York Dow's renewing its record and a breather in the yen's rise," Okasan Online Securities chief strategist Yoshihiro Ito says in a note.

July 2, 2019

France is "not yet ready to ratify" the blockbuster trade deal sealed by the European Union and the South American bloc Mercosur after 20 years of talks, the government's spokeswoman says.

Citing the EU-Canada trade deal which took years to ratify, spokeswoman Sibeth Ndiaye tells the BFM news channel: "We will do the same thing with the Mercosur countries... We will look at it in detail and depending on the details we will decide.... France is not yet ready to ratify (the deal)."

July 1, 2019

Asian markets surge Monday after Donald Trump and Xi Jinping agreed to restart trade talks, reviving hopes of an end to their tariffs war, while oil prices also rallied on news that Saudi Arabia and Russia will extend their output caps.

June 27, 2019

Tokyo stocks closes higher on Thursday boosted by a halt in the yen's appreciation, with investors focused on this week's Group of 20 summit and key US-China trade talks.

The benchmark Nikkei 225 index gained 1.19 percent or 251.58 points to end at 21,338.17, while the broader Topix index rose 1.23 percent or 18.93 points at 1,553.27.

June 26, 2019

San Francisco becomes the first major US city to effectively ban the sale and manufacture of electronic cigarettes.

The city's board of supervisors unanimously endorsed legislation which backers said was necessary due to the "significant public health consequences" of a "dramatic surge" in vaping among youths.

The ordinance says e-cigarette products sold in shops or online in San Francisco would need approval by the US Food and Drug Administration, which none currently has. 

The city's mayor has 10 days to sign the legislation, which she has said she will do. — AFP

June 26, 2019

Current economic warning signs could prove temporary and the US central bank should seek confirmation before taking any policy action, Federal Reserve Chairman Jerome Powell says.

"It's important not to overreact in the short term to things which may turn out to be temporary," he says at a Council on Foreign Relations event in New York. — AFP

June 26, 2019

America's grinding trade wars are darkening the economic horizon and could justify a decrease in interest rates, Federal Reserve Chairman Jerome Powell says.

"The question my colleagues and I are grappling with is whether these uncertainties will continue to weigh on the outlook and thus call for additional policy accommodation," Powell says, according to remarks prepared for a speech in New York.

But he also insists the central bank is "insulated" from political pressures despite persistent antagonism from President Donald Trump, including sharp criticism from the Republican leader. — AFP

June 20, 2019

Premier Li Keqiang vows to further open up China's economy during a meeting with CEOs of top global companies amid simmering trade tensions with the United States.

Washington and other trade partners have long complained about the uneven playing field foreign companies encounter in China, theft of intellectual property and entry barriers that allow state-backed companies to dominate crucial sectors of the economy. — AFP

June 20, 2019

US Federal Reserve chief Jerome Powell says the central bank does not use interest rate policy to effect the American currency.

President Donald Trump bashed European Central Bank chief Mario Draghi, saying his signal of more stimulus ahead would put the US dollar at a disadvantage against a weaker euro.

Powell declines to comment on the exchange rate but says "we don't target the dollar... we will target our domestic economic and financial conditions and not our exchange rate."

— AFP

June 19, 2019

President Donald Trump touts the American economy as the "envy of the world" as he launches his 2020 reelection bid at a rally in Florida.

"Our country is now thriving, prosperous and booming and it's soaring to incredible new heights," Trump tells the cheering crowd. 

"Our economy is the envy of the world. Perhaps the greatest economy we've had in the history of our country," says the US leader, who is betting that a strong economy will help persuade the country to give him a second term.

June 18, 2019

Asian markets mostly rise but gains are limited with investors treading uneasily as they await the conclusion of a crucial Federal Reserve meeting this week.

Key figures around 10:50 a.m. on Tuesday (Manila time):

  • Tokyo - Nikkei 225: DOWN 0.3 percent at 21,067.95 (break)
  • Hong Kong - Hang Seng: UP 0.5 percent at 27,358.68
  • Shanghai - Composite: UP 0.3 percent at 2,894.55
  • Euro/dollar: UP at $1.1233 from $1.1217 at 2050 GMT
  • Pound/dollar: DOWN at $1.2528 from $1.2532
  • Dollar/yen: DOWN at 108.35 yen from 108.53 yen
  • Oil - West Texas Intermediate: DOWN 14 cents at $51.79 per barrel
  • Oil - Brent North Sea: DOWN 13 cents at $60.81 per barrel
  • New York - Dow: UP 0.1 percent at 26,112.53 (close)
  • London - FTSE 100: DOWN 0.2 percent at 7,357.31 (close) 

— AFP

June 6, 2019

India's central bank cuts interest rates in a boost to newly re-elected Prime Minister Narendra Modi, as he grapples with sluggish economic growth and decades-high unemployment.

The Reserve Bank of India says that the benchmark repo rate — the level at which it lends to commercial banks — will be reduced by 25 basis points to 5.75%. — AFP

May 10, 2019

Britain's economy grew by an expected 0.5% in the first quarter, boosted by companies stockpiling ahead of Brexit, official data shows.

Gross domestic product expanded from output 0.2% in the final three months of 2018, the Office for National Statistics said in a statement, adding that manufacturing jumped 2.2% with recent surveys showing Brexit-facing companies building inventories. — AFP

March 27, 2019

The US trade deficit dropped nearly 15 percent in January compared to December, as imports of goods and services fell, the US Commerce Department reports.

The drop reversed most of the growth in the trade gap posted in the final month of 2018, a year that saw the deficit surge to a 10-year record, despite President Donald Trump's aggressive tariff policies.

US imports fell 2.6 percent of $258.5 billion while exports rose just under 1 percent to $207.3 billion, for a deficit of $51.1 billion. And the deficit with China — the primary foe in Trump's trade wars — fell by $5.5 billion in the month, according to the report. — AFP

March 26, 2019

German Chancellor Angela Merkel urges Chinese President Xi Jinping to offer more "reciprocity" in terms of trade and investments between China and Europe, in particular with regards to Beijing's huge Belt and Road infrastructure initiative.

The initiative is a "very important project" and "we, Europeans, want to play a role," Merkel said at a press conference in Paris.

"That must lead to reciprocity and we're having a bit of trouble in finding it," Merkel said after talks with Xi alongside France's Emmanuel Macron and EU Commission President Jean-Claude Juncker. — AFP

March 6, 2019

Global trade tensions and political uncertainty are weighing on the world's economy, the OECD warns, cutting its global growth forecast for this year to 3.3 percent, down from the 3.5 percent it predicted in November.

"High policy uncertainty, ongoing trade tensions, and a further erosion of business and consumer confidence are all contributing to the slowdown," the Organisation for Economic Co-operation and Development said in an interim version of its Economic Outlook. — AFP

The Economist Intelligence Unit launches a new report which identifies an outbreak of hostilities in the South China Sea due to territorial disputes and a major military confrontation on the Korean Peninsula as among the top 10 risks to the global political and economic order.

The EIU report also cites that the two top risks are a prolonged fall in major stock markets that destabilizes the global economy and a trade war provoked by US protectionism.

The report details how the various risks could morph into threats that may destabilize large parts of the world. 

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